Sterling
Capital
Behavioral
Large
Cap
Value
Equity
Fund
Schedule
of
Investments
December
31,
2025
-
(Unaudited)
Shares
Fair
Value
COMMON
STOCKS
—
98.79%
Aerospace
&
Defense
—
1.47%
2,343
General
Dynamics
Corp.
$
788,794‌
Automobiles
—
1.61%
10,643
General
Motors
Co.
865,489‌
Banks
—
8.67%
6,515
Citigroup,
Inc.
760,235‌
6,945
JPMorgan
Chase
&
Co.
2,237,818‌
13,601
U.S.
Bancorp
725,749‌
9,913
Wells
Fargo
&
Co.
923,892‌
4,647,694‌
Biotechnology
—
3.62%
1,928
Amgen,
Inc.
631,054‌
3,836
Gilead
Sciences,
Inc.
470,831‌
1,091
Regeneron
Pharmaceuticals,
Inc.
842,109‌
1,943,994‌
Broadline
Retail
—
0.91%
336
Dillard's,
Inc.,
Class
A
203,730‌
12,808
Macy's,
Inc.
282,417‌
486,147‌
Building
Products
—
1.60%
7,173
Johnson
Controls
International
PLC
858,967‌
Capital
Markets
—
9.10%
7,413
Bank
of
New
York
Mellon
Corp.
(The)
860,575‌
8,668
Charles
Schwab
Corp.
(The)
866,020‌
9,243
Franklin
Resources,
Inc.
220,815‌
1,323
Goldman
Sachs
Group,
Inc.
(The)
1,162,917‌
6,146
Morgan
Stanley
1,091,099‌
1,608
Northern
Trust
Corp.
219,637‌
2,048
State
Street
Corp.
264,212‌
5,809
Virtu
Financial,
Inc.,
Class
A
193,556‌
4,878,831‌
Chemicals
—
0.34%
2,369
CF
Industries
Holdings,
Inc.
183,218‌
Communications
Equipment
—
2.36%
16,408
Cisco
Systems,
Inc.
1,263,908‌
Construction
&
Engineering
—
0.42%
556
Valmont
Industries,
Inc.
223,690‌
Consumer
Finance
—
2.28%
3,779
Capital
One
Financial
Corp.
915,878‌
3,676
Synchrony
Financial
306,689‌
1,222,567‌
Consumer
Staples
Distribution
&
Retail
—
1.24%
1,812
Dollar
General
Corp.
240,579‌
1,685
Dollar
Tree,
Inc.
(a)
207,272‌
Sterling
Capital
Behavioral
Large
Cap
Value
Equity
Fund
Schedule
of
Investments
(continued)
December
31,
2025
-
(Unaudited)
Shares
Fair
Value
COMMON
STOCKS
—
(continued)
Consumer
Staples
Distribution
&
Retail
—
(continued)
2,866
US
Foods
Holding
Corp.
(a)
$
215,867‌
663,718‌
Containers
&
Packaging
—
0.42%
2,175
Crown
Holdings,
Inc.
223,960‌
Diversified
Telecommunication
Services
—
2.52%
39,592
AT&T,
Inc.
983,465‌
9,068
Verizon
Communications,
Inc.
369,340‌
1,352,805‌
Electric
Utilities
—
1.65%
6,587
American
Electric
Power
Co.,
Inc.
759,548‌
1,069
Duke
Energy
Corp.
125,297‌
884,845‌
Electrical
Equipment
—
0.42%
6,785
Sensata
Technologies
Holding
PLC
225,873‌
Energy
Equipment
&
Services
—
0.64%
7,685
TechnipFMC
PLC
342,444‌
Entertainment
—
1.98%
9,349
Walt
Disney
Co.
(The)
1,063,636‌
Financial
Services
—
0.50%
9,262
MGIC
Investment
Corp.
270,636‌
Food
Products
—
0.77%
4,089
Lamb
Weston
Holdings,
Inc.
171,288‌
10,859
Smithfield
Foods
Inc.
242,482‌
413,770‌
Health
Care
Providers
&
Services
—
6.46%
1,928
Cencora,
Inc.
651,182‌
10,587
CVS
Health
Corp.
840,184‌
1,759
HCA
Healthcare,
Inc.
821,207‌
862
McKesson
Corp.
707,090‌
1,028
Tenet
Healthcare
Corp.
(a)
204,284‌
1,081
Universal
Health
Services,
Inc.,
Class
B
235,680‌
3,459,627‌
Health
Care
REITs
—
0.38%
4,590
Omega
Healthcare
Investors,
Inc.
203,521‌
Hotels,
Restaurants
&
Leisure
—
1.23%
32
Booking
Holdings,
Inc.
171,371‌
880
Expedia,
Inc.
249,312‌
3,390
Travel
+
Leisure
Co.
(a)
239,097‌
659,780‌
Household
Products
—
0.65%
1,292
Kimberly-Clark
Corp.
130,350‌
9,620
Reynolds
Consumer
Products,
Inc.
220,490‌
350,840‌
Sterling
Capital
Behavioral
Large
Cap
Value
Equity
Fund
Schedule
of
Investments
(continued)
December
31,
2025
-
(Unaudited)
Shares
Fair
Value
COMMON
STOCKS
—
(continued)
Independent
Power/Renewable
Electricity
Producers
—
0.55%
1,812
Vistra
Energy
Corp.
$
292,330‌
Insurance
—
4.57%
3,484
Allstate
Corp.
725,195‌
2,257
Chubb
Ltd.
704,455‌
5,191
Lincoln
National
Corp.
231,155‌
2,732
Travelers
Cos.,
Inc.
(The)
792,444‌
2,453,249‌
Interactive
Media
&
Services
—
2.54%
232
Alphabet,
Inc.,
Class
A
72,616‌
3,481
Alphabet,
Inc.,
Class
C
1,092,337‌
5,959
Match
Group,
Inc.
192,416‌
1,357,369‌
IT
Services
—
2.28%
4,132
International
Business
Machines
Corp.
1,223,940‌
Machinery
—
4.80%
402
Caterpillar,
Inc.
230,294‌
1,641
Cummins,
Inc.
837,647‌
3,475
Flowserve
Corporation
241,096‌
2,501
Mueller
Industries,
Inc.
287,115‌
1,642
Oshkosh
Corp.
206,284‌
879
Parker-Hannifin
Corp.
772,606‌
2,575,042‌
Media
—
1.52%
3,878
Fox
Corporation,
Class
A
283,365‌
4,556
Fox
Corporation,
Class
B
295,822‌
1,166
Nexstar
Media
Group,
Inc.
236,756‌
815,943‌
Metals
&
Mining
—
3.70%
3,966
Anglogold
Ashanti
PLC
338,220‌
9,123
Newmont
Goldcorp
Corp.
910,932‌
5,117
Southern
Copper
Corp.
734,136‌
1,983,288‌
Mortgage
Real
Estate
Investment
Trusts
(REITs)
—
0.31%
15,388
Rithm
Capital
Corp.
(a)
167,729‌
Multi-Utilities
—
1.43%
8,697
Sempra
Energy
767,858‌
Oil
&
Gas
Producers
—
0.37%
4,343
HF
Sinclair
Corporation
200,125‌
Oil,
Gas
&
Consumable
Fuels
—
5.38%
7,564
Exxon
Mobil
Corp.
910,252‌
3,911
Marathon
Petroleum
Corp.
636,046‌
5,201
Phillips
66
671,137‌
4,100
Valero
Energy
Corp.
667,439‌
2,884,874‌
Sterling
Capital
Behavioral
Large
Cap
Value
Equity
Fund
Schedule
of
Investments
(continued)
December
31,
2025
-
(Unaudited)
Shares
Fair
Value
COMMON
STOCKS
—
(continued)
Passenger
Airlines
—
1.25%
18,263
American
Airlines
Group,
Inc.
(a)
$
279,972‌
1,430
Delta
Air
Lines,
Inc.
99,242‌
2,589
United
Continental
Holdings,
Inc.
(a)
289,502‌
668,716‌
Pharmaceuticals
—
3.75%
11,716
Bristol-Myers
Squibb
Co.
631,961‌
1,441
Jazz
Pharmaceuticals
PLC
(a)
244,970‌
4,238
Johnson
&
Johnson
877,054‌
20,657
Viatris,
Inc.
257,180‌
2,011,165‌
Retail
REITs
—
2.61%
11,710
Realty
Income
Corp.
660,093‌
3,983
Simon
Property
Group,
Inc.
737,293‌
1,397,386‌
Semiconductors
&
Semiconductor
Equipment
—
5.62%
4,471
Lam
Research
Corp.
765,346‌
4,831
Micron
Technology,
Inc.
1,378,815‌
5,117
QUALCOMM,
Inc.
875,263‌
3,019,424‌
Software
—
0.49%
8,559
Teradata
Corporation
(a)
260,536‌
Specialized
REITs
—
0.75%
3,624
EPR
Properties
180,838‌
7,479
Millrose
Properties,
Inc.
223,397‌
404,235‌
Specialty
Retail
—
2.04%
2,998
Best
Buy
Co.,
Inc.
200,656‌
9,132
Gap,
Inc.
(The)
233,779‌
2,140
Ross
Stores,
Inc.
385,499‌
451
Ulta
Beauty,
Inc.
(a)
272,860‌
1,092,794‌
Technology
Hardware,
Storage
&
Peripherals
—
1.51%
5,305
Dell
Technologies,
Inc.,
Class
C
667,794‌
816
Western
Digital
Corp.
(a)
140,572‌
808,366‌
Technology
Services
—
0.44%
8,094
Amentum
Holdings,
Inc.
(a)
234,726‌
Textiles,
Apparel
&
Luxury
Goods
—
0.12%
763
Crocs,
Inc.
(a)
65,252‌
Tobacco
—
1.52%
14,147
Altria
Group,
Inc.
815,716‌
Total
Common
Stocks
(Cost $42,895,218)
52,978,817‌
Sterling
Capital
Behavioral
Large
Cap
Value
Equity
Fund
Schedule
of
Investments
(continued)
December
31,
2025
-
(Unaudited)
Shares
Fair
Value
MONEY
MARKET
FUNDS
—
2.23%
1,197,014‌
Federated
Hermes
Treasury
Obligations
Fund,
Institutional
Shares,
3.67%
(b)
$
1,197,014‌
Total
Money
Market
Funds
(Cost
$1,197,014)
1,197,014‌
Total
Investments—
101.02%
(Cost
$44,092,232)
54,175,831‌
Liabilities
in
Excess
of
Other
Assets 
—
(1.02)%
(544,772)
NET
ASSETS
—
100.00%
$
53,631,059‌
(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
December
31,
2025
(Unaudited)
dl
Shares
Fair
Value
COMMON
STOCKS
—
99.15%
Automobile
Components
—
1.13%
28,190
Dana,
Inc.
$
669,794‌
4,320
LCI
Industries
524,189‌
1,193,983‌
Automotive
—
2.40%
70,290
American
Axle
&
Manufacturing
Holdings,
Inc.
(a)
450,559‌
4,230
Aptiv
Holdings
Ltd.
(a)
321,861‌
7,220
BorgWarner,
Inc.
325,333‌
3,080
Lear
Corp.
352,968‌
9,220
Phinia,
Inc.
578,002‌
5,360
Visteon
Corp.
509,736‌
2,538,459‌
Banking
—
4.23%
58,620
Capitol
Federal
Financial,
Inc.
399,202‌
14,480
CNB
Financial
Corp.
378,942‌
8,520
Enterprise
Financial
Services
Corp.
460,080‌
9,630
First
Mid-Illinois
Bancshares,
Inc.
375,570‌
5,500
Great
Southern
Bancorp,
Inc.
338,580‌
9,160
HomeTrust
Bancshares,
Inc.
(a)
393,330‌
4,730
Metropolitan
Bank
Holding
Corp.
361,183‌
9,990
Orrstown
Financial
Services,
Inc.
353,846‌
25,360
Provident
Financial
Services,
Inc.
500,860‌
22,210
Shore
Bancshares,
Inc.
392,673‌
8,920
Third
Coast
Bancshares
Inc.
(a)
339,049‌
14,330
Valley
National
Bancorp
167,374‌
4,460,689‌
Banks
—
10.77%
6,350
1st
Source
Corp.
396,812‌
3,090
Associated
Banc-Corp.
79,598‌
9,524
Axos
Financial,
Inc.
(a)
820,588‌
12,030
Bank
of
NT
Butterfield
&
Son
Ltd.
(The)
599,335‌
16,071
BankUnited,
Inc.
716,284‌
5,700
Burke
&
Herbert
Financial
Services
Corp.
355,167‌
13,780
Business
First
Bancshares,
Inc.
360,209‌
13,640
Byline
Bancorp,
Inc.
397,606‌
17,930
California
BanCorp
334,753‌
11,594
Cathay
General
Bancorp
561,034‌
14,690
Civista
Bancshares,
Inc.
326,412‌
7,260
Community
Trust
Bancorp,
Inc.
410,190‌
7,520
Customers
Bancorp,
Inc.
(a)
549,862‌
6,052
First
Financial
Corp.
365,662‌
11,640
Hancock
Whitney
Corp.
741,235‌
14,560
Hanmi
Financial
Corp.
393,557‌
5,780
Home
Bancorp,
Inc.
334,084‌
7,999
Mercantile
Bank
Corp.
384,752‌
12,400
Northrim
BanCorp,
Inc.
329,964‌
Sterling
Capital
Behavioral
Small
Cap
Value
Equity
Fund
Schedule
of
Investments
(continued)
December
31,
2025
(Unaudited)
Shares
Fair
Value
COMMON
STOCKS
—
(continued)
Banks
—
(continued)
21,820
Old
Second
Bancorp,
Inc.
$
425,490‌
2,460
Popular,
Inc.
306,319‌
4,432
Preferred
Bank
418,514‌
9,123
South
Plains
Financial,
Inc.
353,972‌
12,150
Trustmark
Corp.
473,243‌
15,780
Univest
Financial
Corp.
516,637‌
6,760
Zions
Bancorp.
395,730‌
11,347,009‌
Biotech
&
Pharma
—
1.50%
33,320
Amneal
Pharmaceuticals,
Inc.
(a)
419,832‌
21,300
Innoviva,
Inc.
(a)
425,787‌
4,030
PTC
Therapeutics,
Inc.
(a)
306,119‌
23,030
Theravance
Biopharma
Inc.
(a)
430,891‌
1,582,629‌
Biotechnology
—
0.77%
5,020
Alkermes
plc
(a)
140,460‌
3,380
Aurinia
Pharmaceuticals,
Inc.
(a)
53,911‌
2,270
Catalyst
Pharmaceuticals,
Inc.
(a)
52,982‌
2,680
Exelixis,
Inc.
(a)
117,464‌
550
Incyte
Corp.
(a)
54,324‌
5,340
Keros
Therapeutics,
Inc.
(a)
108,722‌
12,000
Kura
Oncology,
Inc.
(a)
124,680‌
6,790
Monte
Rosa
Therapeutics,
Inc.
(a)
106,467‌
1,290
Rigel
Pharmaceuticals,
Inc.
(a)
55,251‌
814,261‌
Broadline
Retail
—
0.38%
18,020
Macy's,
Inc.
397,341‌
Chemicals
—
1.56%
3,380
Cabot
Corp.
224,026‌
4,120
CF
Industries
Holdings,
Inc.
318,641‌
49,300
Ecovyst,
Inc.
(a)
479,689‌
5,410
Ingevity
Corp.
(a)
320,164‌
10,730
Intrepid
Potash,
Inc.
(a)
297,543‌
1,640,063‌
Commercial
Services
&
Supplies
—
1.45%
5,080
Cimpress
plc
(a)
338,277‌
28,338
Interface,
Inc.
791,197‌
38,110
Pitney
Bowes
Inc.
402,823‌
1,532,297‌
Commercial
Support
Services
—
0.42%
22,910
Healthcare
Services
Group,
Inc.
(a)
438,039‌
Construction
&
Engineering
—
2.21%
4,240
Granite
Construction,
Inc.
489,084‌
28,790
Great
Lakes
Dredge
&
Dock
Corp.
(a)
377,725‌
5,790
NWPX
Infrastructure,
Inc.
(a)
361,817‌
Sterling
Capital
Behavioral
Small
Cap
Value
Equity
Fund
Schedule
of
Investments
(continued)
December
31,
2025
(Unaudited)
Shares
Fair
Value
COMMON
STOCKS
—
(continued)
Construction
&
Engineering
—
(continued)
16,380
Tutor
Perini
Corp.
(a)
$
1,097,788‌
2,326,414‌
Consumer
Finance
—
1.44%
11,428
Bread
Financial
Holdings,
Inc.
846,014‌
7,999
Synchrony
Financial
667,357‌
1,513,371‌
Consumer
Staples
Distribution
&
Retail
—
0.84%
7,470
Andersons,
Inc.
(The)
397,180‌
14,570
United
Natural
Foods,
Inc.
(a)
490,573‌
887,753‌
Containers
&
Packaging
—
1.03%
87,870
Ardagh
Metal
Packaging
SA
360,267‌
3,140
Crown
Holdings,
Inc.
323,326‌
21,210
Myers
Industries,
Inc.
397,051‌
1,080,644‌
Diversified
Consumer
Services
—
1.26%
630
Graham
Holdings
Co.,
Class
B
692,118‌
21,660
Perdoceo
Education
Corp.
635,288‌
1,327,406‌
Diversified
Telecommunication
Services
—
0.82%
48,730
Liberty
Latin
America
Ltd.,
Class
C
(a)
363,526‌
64,550
Lumen
Technologies,
Inc.
(a)
501,553‌
865,079‌
Electric
Utilities
—
3.38%
23,570
AES
Corp.
337,994‌
11,070
Black
Hills
Corp.
768,479‌
5,740
Edison
International
344,515‌
4,400
Evergy,
Inc.
318,956‌
4,650
Eversource
Energy
313,085‌
8,059
Otter
Tail
Corp.
651,248‌
720
Pinnacle
West
Capital
Corp.
63,864‌
15,747
Portland
General
Electric
Co.
755,699‌
3,553,840‌
Electrical
Equipment
—
0.75%
2,200
EnerSys
322,850‌
16,820
Kimball
Electronics,
Inc.
(a)
467,932‌
790,782‌
Electronic
Equipment,
Instruments
&
Components
—
0.97%
4,450
Sanmina
Corporation
(a)
667,811‌
9,030
ScanSource,
Inc.
(a)
352,712‌
1,020,523‌
Energy
Equipment
&
Services
—
1.63%
1,770
Halliburton
Co.
50,020‌
41,560
ProPetro
Holding
Corp.
(a)
395,236‌
8,370
TechnipFMC
PLC
372,967‌
11,400
Valaris
Ltd
(a)
574,560‌
Sterling
Capital
Behavioral
Small
Cap
Value
Equity
Fund
Schedule
of
Investments
(continued)
December
31,
2025
(Unaudited)
Shares
Fair
Value
COMMON
STOCKS
—
(continued)
Energy
Equipment
&
Services
—
(continued)
4,190
Weatherford
International
plc
(a)
$
327,909‌
1,720,692‌
Engineering
&
Construction
—
0.59%
5,020
Primoris
Services
Corp.
623,183‌
Equity
Real
Estate
Investment
Trusts
(REITs)
—
1.37%
20,680
Alpine
Income
Property
Trust,
Inc.
345,770‌
20,920
American
Assets
Trust,
Inc.
396,016‌
23,446
Essential
Properties
Realty
Trust,
Inc.
695,408‌
1,437,194‌
Financial
Services
—
3.87%
12,440
Banco
Latinoamericano
de
Comercio
Exterior
SA,
Class
E
554,824‌
11,774
Enact
Holdings,
Inc.
466,721‌
12,400
Jackson
Financial
Corp.
1,322,460‌
12,857
MGIC
Investment
Corp.
375,682‌
34,350
Pagseguro
Digital
Ltd.,
Class
A
331,134‌
18,898
Radian
Group,
Inc.
680,139‌
16,910
Velocity
Financial,
Inc.
(a)
351,052‌
4,082,012‌
Food
—
0.31%
24,960
Herbalife
Ltd.
(a)
321,734‌
Food
Products
—
0.37%
10,840
Fresh
Del
Monte
Produce,
Inc.
386,229‌
Gas
Utilities
—
1.31%
5,055
National
Fuel
Gas
Co.
404,703‌
8,520
ONE
Gas,
Inc.
658,170‌
8,430
UGI
Corp.
315,535‌
1,378,408‌
Health
Care
Equipment
&
Supplies
—
0.43%
30,650
Avanos
Medical,
Inc.
(a)
344,200‌
7,170
Inmode
Ltd.
(a)
105,327‌
449,527‌
Health
Care
Facilities
&
Services
—
1.05%
35,760
Pediatrix
Medical
Group,
Inc.
(a)
764,906‌
13,410
Progyny,
Inc.
(a)
344,369‌
1,109,275‌
Health
Care
Providers
&
Services
—
3.12%
40,140
AdaptHealth
Corp.
(a)
399,794‌
2,448
DaVita,
Inc.
(a)
278,117‌
4,430
Encompass
Health
Corp.
470,200‌
36,710
Enhabit,
Inc.
(a)
338,466‌
1,930
Nutex
Health,
Inc.
(a)
317,717‌
9,410
PACS
Group,
Inc.
(a)
361,250‌
3,023
Tenet
Healthcare
Corp.
(a)
600,731‌
Sterling
Capital
Behavioral
Small
Cap
Value
Equity
Fund
Schedule
of
Investments
(continued)
December
31,
2025
(Unaudited)
Shares
Fair
Value
COMMON
STOCKS
—
(continued)
Health
Care
Providers
&
Services
—
(continued)
2,347
Universal
Health
Services,
Inc.,
Class
B
$
511,693‌
3,277,968‌
Health
Care
REITs
—
0.37%
80,710
Diversified
Healthcare
Trust
391,444‌
Health
Care
Technology
—
0.06%
9,590
Teladoc
Health,
Inc.
(a)
67,130‌
Hotel
&
Resort
REITs
—
1.59%
43,940
Apple
Hospitality
REIT,
Inc.
520,690‌
49,646
DiamondRock
Hospitality
Co.
444,828‌
18,030
Host
Hotels
&
Resorts,
Inc.
319,672‌
28,290
Xenia
Hotels
&
Resorts,
Inc.
400,021‌
1,685,211‌
Hotels,
Restaurants
&
Leisure
—
0.82%
10,760
Accel
Entertainment
Inc
(a)
122,772‌
10,280
Dine
Brands
Global,
Inc.
330,399‌
5,810
Travel
+
Leisure
Co.
409,779‌
862,950‌
Household
Products
—
0.33%
11,980
Central
Garden
&
Pet
Co.,
Class
A
(a)
349,696‌
Independent
Power/Renewable
Electricity
Producers
—
0.31%
9,940
Clearway
Energy,
Inc.,
Class
C
330,604‌
Industrial
Intermediate
Prod
—
0.58%
2,990
AZZ,
Inc.
320,468‌
15,480
Mayville
Engineering
Co.,
Inc.
(a)
289,786‌
610,254‌
Industrial
REITs
—
0.82%
8,010
Innovative
Industrial
Properties,
Inc.
379,354‌
9,760
LXP
Industrial
Trust
483,900‌
863,254‌
Industrial
Support
Services
—
0.29%
20,070
Titan
Machinery,
Inc.
(a)
301,853‌
Insurance
—
5.20%
3,500
Assured
Guaranty
Ltd.
314,545‌
5,295
Axis
Capital
Holdings
Ltd.
567,042‌
16,630
CNO
Financial
Group,
Inc.
706,276‌
16,210
Donegal
Group
Inc.,
Class
A
323,876‌
25,670
Heritage
Insurance
Holdings,
Inc.
(a)
751,104‌
19,180
Kingstone
Companies,
Inc.
322,799‌
7,680
Lincoln
National
Corp.
341,990‌
2,610
NMI
Holdings,
Inc.,
Class
A
(a)
106,462‌
1,580
Reinsurance
Group
of
America,
Inc.
321,467‌
1,170
RenaissanceRe
Holdings,
Ltd.
328,957‌
21,450
SiriusPoint
Ltd.
(a)
469,541‌
12,520
United
Fire
Group,
Inc.
455,102‌
Sterling
Capital
Behavioral
Small
Cap
Value
Equity
Fund
Schedule
of
Investments
(continued)
December
31,
2025
(Unaudited)
Shares
Fair
Value
COMMON
STOCKS
—
(continued)
Insurance
—
(continued)
14,080
Universal
Insurance
Holdings,
Inc.
$
475,904‌
5,485,065‌
Internet
Media
&
Services
—
1.12%
11,840
EverQuote,
Inc.
(a)
319,680‌
22,700
Lyft,
Inc.,
Class
A
(a)
439,699‌
21,390
Upwork,
Inc.
(a)
423,950‌
1,183,329‌
Leisure
Products
—
0.53%
8,780
Polaris,
Inc.
555,335‌
Machinery
—
2.34%
2,920
AGCO
Corp.
304,614‌
6,260
Blue
Bird
Corporation
(a)
294,220‌
17,390
Kennametal,
Inc.
494,050‌
26,080
Luxfer
Holdings
plc
352,862‌
6,287
Mueller
Industries,
Inc.
721,748‌
2,430
Oshkosh
Corp.
305,281‌
2,472,775‌
Marine
Transportation
—
0.37%
24,760
Costamare,
Inc.
390,960‌
Media
—
1.08%
6,050
Fox
Corporation,
Class
A
442,073‌
6,430
Fox
Corporation,
Class
B
417,500‌
1,370
Nexstar
Media
Group,
Inc.
278,179‌
1,137,752‌
Metals
&
Mining
—
1.65%
6,690
Alcoa
Corporation
355,507‌
16,980
Compass
Minerals
International,
Inc.
333,487‌
3,440
Kaiser
Aluminum
Corp.
395,118‌
30,140
SSR
Mining,
Inc.
660,669‌
1,744,781‌
Mortgage
Real
Estate
Investment
Trusts
(REITs)
—
0.30%
28,784
Rithm
Capital
Corp.
(a)
313,746‌
Multi-Utilities
—
0.51%
14,030
Avista
Corp.
540,716‌
Office
REITs
—
0.59%
11,298
Cousins
Properties,
Inc.
291,262‌
8,708
Kilroy
Realty
Corp.
325,418‌
616,680‌
Oil
&
Gas
Producers
—
0.66%
6,880
HF
Sinclair
Corporation
317,030‌
26,160
SandRidge
Energy,
Inc.
377,489‌
694,519‌
Oil
&
Gas
Services
&
Equipment
—
1.35%
20,640
Innovex
International,
Inc.
(a)
451,397‌
Sterling
Capital
Behavioral
Small
Cap
Value
Equity
Fund
Schedule
of
Investments
(continued)
December
31,
2025
(Unaudited)
Shares
Fair
Value
COMMON
STOCKS
—
(continued)
Oil
&
Gas
Services
&
Equipment
—
(continued)
65,370
RPC,
Inc.
$
355,613‌
148,040
Transocean
Ltd.
611,405‌
1,418,415‌
Oil,
Gas
&
Consumable
Fuels
—
2.71%
12,824
APA
Corp.
313,675‌
35,830
DHT
Holdings,
Inc.
(a)
437,484‌
28,080
Diversified
Energy
Co
PLC
(a)
406,598‌
11,350
Par
Pacific
Holdings,
Inc.
(a)
398,839‌
8,810
Scorpio
Tankers,
Inc.
447,813‌
39,620
Talos
Energy,
Inc.
(a)
436,612‌
7,780
Teekay
Tankers
Ltd.,
Class
A
415,608‌
2,856,629‌
Passenger
Airlines
—
1.86%
20,650
American
Airlines
Group,
Inc.
(a)
316,565‌
2,903
Copa
Holdings
SA,
Class
A
350,131‌
8,864
SkyWest,
Inc.
(a)
890,034‌
3,610
United
Continental
Holdings,
Inc.
(a)
403,670‌
1,960,400‌
Pharmaceuticals
—
3.09%
14,599
Amphastar
Pharmaceuticals,
Inc.
(a)
390,961‌
3,890
ANI
Pharmaceuticals,
Inc.
(a)
307,077‌
8,910
Collegium
Pharmaceutical,
Inc.
(a)
412,533‌
8,600
Harmony
Biosciences
Holdings,
Inc.
(a)
321,812‌
2,736
Jazz
Pharmaceuticals
PLC
(a)
465,120‌
30,080
Organon
&
Co.
215,674‌
15,780
Pacira
Pharmaceuticals,
Inc./DE
(a)
408,386‌
10,330
Royalty
Pharma
PLC,
Class
A
399,151‌
27,002
Viatris,
Inc.
336,175‌
3,256,889‌
Professional
Services
—
0.42%
11,580
IBEX
Holdings
Ltd
(a)
442,124‌
Real
Estate
Management
&
Development
—
1.23%
15,130
Forestar
Group,
Inc.
(a)
372,651‌
4,170
Howard
Hughes
Holdings,
Inc.
(a)
332,641‌
16,659
RMR
Group,
Inc.
(The),
Class
A
248,219‌
21,450
Tejon
Ranch
Company
(a)
338,267‌
1,291,778‌
Real
Estate
Services
—
0.58%
37,660
Cushman
&
Wakefield
Ltd.
(a)
609,715‌
REIT
—
1.22%
7,460
National
Retail
Properties,
Inc.
295,640‌
21,730
Postal
Realty
Trust,
Inc.,
Class
A
350,721‌
14,800
Rayonier,
Inc.
320,420‌
9,610
Vornado
Realty
Trust
319,821‌
1,286,602‌
Sterling
Capital
Behavioral
Small
Cap
Value
Equity
Fund
Schedule
of
Investments
(continued)
December
31,
2025
(Unaudited)
Shares
Fair
Value
COMMON
STOCKS
—
(continued)
Retail
-
Discretionary
—
1.02%
26,830
Kohl's
Corp.
$
547,601‌
9,680
Rush
Enterprises,
Inc.,
Class
A
522,139‌
1,069,740‌
Retail
REITs
—
0.39%
23,260
NetSTREIT
Corp.
410,306‌
Semiconductors
—
0.29%
15,410
Penguin
Solutions,
Inc.
(a)
301,420‌
Semiconductors
&
Semiconductor
Equipment
—
1.73%
13,776
Amkor
Technology,
Inc.
543,876‌
2,690
Cirrus
Logic,
Inc.
(a)
318,765‌
20,140
Photronics,
Inc.
(a)
644,480‌
5,000
Skyworks
Solutions,
Inc.
317,050‌
1,824,171‌
Software
—
2.53%
32,050
Cerence,
Inc.
(a)
342,615‌
12,370
Computer
Programs
&
Systems,
Inc.
(a)
273,006‌
14,500
Consensus
Cloud
Solutions,
Inc.
(a)
316,390‌
12,270
GigaCloud
Technology
Inc,
Class
A
(a)
481,965‌
14,060
Pagaya
Technologies
Ltd.
(a)
293,854‌
10,890
RingCentral,
Inc.,
Class
A
(a)
314,503‌
10,800
Teradata
Corporation
(a)
328,752‌
3,730
Zoom
Video
Communications,
Inc.
(a)
321,862‌
2,672,947‌
Specialized
REITs
—
1.02%
6,275
EPR
Properties
313,123‌
24,090
Safehold,
Inc.
329,792‌
15,550
VICI
Properties,
Inc.
437,266‌
1,080,181‌
Specialty
Finance
—
0.42%
7,460
Ally
Financial,
Inc.
337,864‌
1,610
Essent
Group
Ltd.
104,666‌
442,530‌
Specialty
Retail
—
2.78%
6,650
Buckle,
Inc.
355,243‌
11,820
Gap,
Inc.
(The)
302,592‌
35,610
Sally
Beauty
Holdings,
Inc.
(a)
507,799‌
12,950
Signet
Jewelers
Ltd.
1,073,295‌
9,280
Urban
Outfitters,
Inc.
(a)
698,413‌
2,937,342‌
Steel
—
0.96%
14,660
Commercial
Metals
Co.
1,014,765‌
Technology
Hardware
—
1.84%
21,520
Daktronics,
Inc.
(a)
425,450‌
5,950
Flex
Ltd.
(a)
359,499‌
17,130
NetScout
Systems,
Inc.
(a)
463,538‌
Sterling
Capital
Behavioral
Small
Cap
Value
Equity
Fund
Schedule
of
Investments
(continued)
December
31,
2025
(Unaudited)
Shares
Fair
Value
COMMON
STOCKS
—
(continued)
Technology
Hardware
—
(continued)
20,140
ViaSat,
Inc.
(a)
$
694,024‌
1,942,511‌
Technology
Hardware,
Storage
&
Peripherals
—
0.32%
4,950
Diebold
Nixdorf,
Inc.
(a)
336,056‌
Technology
Services
—
0.31%
22,460
DXC
Technology
Co.
(a)
329,039‌
Telecommunications
—
1.07%
12,480
Globalstar,
Inc.
(a)
761,779‌
6,630
Millicom
International
Cellular
S.A.
367,567‌
1,129,346‌
Transportation
&
Logistics
—
0.36%
21,650
Navigator
Holdings
Ltd.
374,978‌
Wholesale
-
Discretionary
—
0.77%
34,760
Hudson
Technologies,
Inc.
(a)
238,106‌
19,190
KAR
Auction
Services,
Inc.
(a)
571,478‌
809,584‌
Total
Common
Stocks
(Cost $88,030,148)
104,492,326‌
Shares
Fair
Value
MONEY
MARKET
FUNDS
—
0.76%
798,268‌
Federated
Hermes
Treasury
Obligations
Fund,
Institutional
Shares,
3.67%
(b)
798,268‌
Total
Money
Market
Funds
(Cost
$798,268)
798,268‌
Total
Investments—
99.91%
(Cost
$88,828,416)
105,290,594‌
Other
Assets
in
Excess
of
Liabilities
—
0.09%
96,303‌
NET
ASSETS
—
100.00%
$
105,386,897‌
(a)
Non-income
producing
security.
(b)
Represents
the
current
yield
as
of
report
date.
Sterling
Capital
Special
Opportunities
Fund
Schedule
of
Investments
December
31,
2025
(Unaudited)
Shares
Fair
Value
COMMON
STOCKS
—
98.92%
Asset
Management
—
3.14%
79,994
Apollo
Global
Management,
Inc.
$
11,579,931‌
Biotechnology
—
2.08%
33,530
Natera,
Inc.
(a)
7,681,388‌
Capital
Markets
—
5.15%
120,023
Charles
Schwab
Corp.
(The)
11,991,499‌
13,492
S&P
Global,
Inc.
7,050,784‌
19,042,283‌
Commercial
Services
&
Supplies
—
1.25%
117,590
Copart,
Inc.
(a)
4,603,649‌
Communications
Equipment
—
0.85%
12,370
F5,
Inc.
(a)
3,157,566‌
Construction
Materials
—
4.68%
138,447
CRH
PLC
17,278,186‌
Entertainment
—
1.84%
26,523
Take-Two
Interactive
Software,
Inc.
(a)
6,790,684‌
Health
Care
Equipment
&
Supplies
—
4.06%
47,805
Danaher
Corp.
10,943,520‌
61,103
DexCom,
Inc.
(a)
4,055,406‌
14,998,926‌
Health
Care
Facilities
&
Services
—
2.79%
31,189
UnitedHealth
Group,
Inc.
10,295,801‌
Health
Care
Providers
&
Services
—
1.01%
7,986
HCA
Healthcare,
Inc.
3,728,344‌
Household
Durables
—
2.56%
91,910
Lennar
Corporation,
Class
A
9,448,348‌
Insurance
—
1.33%
61,466
Brown
&
Brown,
Inc.
4,898,840‌
Interactive
Media
&
Services
—
5.04%
59,402
Alphabet,
Inc.,
Class
C
18,640,347‌
Internet
&
Direct
Marketing
Retail
—
4.51%
72,202
Amazon.com,
Inc.
(a)
16,665,666‌
IT
Services
—
5.38%
112,363
Akamai
Technologies,
Inc.
(a)
9,803,672‌
18,860
CACI
International,
Inc.,
Class
A
(a)
10,048,797‌
19,852,469‌
Machinery
—
4.16%
13,246
Deere
&
Co.
6,166,940‌
80,389
Mueller
Industries,
Inc.
9,228,657‌
15,395,597‌
Sterling
Capital
Special
Opportunities
Fund
Schedule
of
Investments
(continued)
December
31,
2025
(Unaudited)
Shares
Fair
Value
COMMON
STOCKS
—
(continued)
Oil
&
Gas
Producers
—
1.49%
74,940
ONEOK,
Inc.
$
5,508,090‌
Pharmaceuticals
—
7.26%
10,791
Eli
Lilly
&
Co.
11,596,872‌
487,937
Teva
Pharmaceutical
Industries
Ltd.
-
ADR
(a)
15,228,513‌
26,825,385‌
Real
Estate
Management
&
Development
—
2.12%
48,809
CBRE
Group,
Inc.,
Class
A
(a)
7,847,999‌
Semiconductors
—
7.18%
55,633
Coherent
Corp.
(a)
10,268,183‌
191,072
Marvell
Technology,
Inc.
16,237,298‌
26,505,481‌
Semiconductors
&
Semiconductor
Equipment
—
10.91%
127,264
NVIDIA
Corp.
23,734,736‌
46,410
NXP
Semiconductors
N.V.
10,073,755‌
55,539
Universal
Display
Corporation
6,485,844‌
40,294,335‌
Software
—
14.75%
17,148
Intuit,
Inc.
11,359,178‌
38,443
Microsoft
Corp.
18,591,803‌
60,860
Oracle
Corp.
11,862,223‌
26,966
Synopsys,
Inc.
(a)
12,666,469‌
54,479,673‌
Technology
Services
—
3.52%
37,053
Visa,
Inc.,
Class
A
12,994,858‌
Wireless
Telecommunication
Services
—
1.86%
33,788
T-Mobile
US,
Inc.
6,860,316‌
Total
Common
Stocks
(Cost $204,007,288)
365,374,162‌
Shares
Fair
Value
MONEY
MARKET
FUNDS
—
1.12%
4,127,302‌
Federated
Hermes
Treasury
Obligations
Fund,
Institutional
Shares,
3.67%
(b)
4,127,302‌
Total
Money
Market
Funds
(Cost
$4,127,302)
4,127,302‌
Total
Investments—
100.04%
(Cost
$208,134,590)
369,501,464‌
Liabilities
in
Excess
of
Other
Assets 
—
(0.04)%
(159,526)
NET
ASSETS
—
100.00%
$
369,341,938‌
(a)
Non-income
producing
security.
(b)
Represents
the
current
yield
as
of
report
date.
Sterling
Capital
Special
Opportunities
Fund
Schedule
of
Investments
(continued)
December
31,
2025
(Unaudited)
ADR
American
Depositary
Receipt
Sterling
Capital
Equity
Income
Fund
Schedule
of
Investments
December
31,
2025
(Unaudited)
Shares
Fair
Value
COMMON
STOCKS
—
98.29%
Beverages
—
3.35%
173,952
PepsiCo,
Inc.
$
24,965,591‌
Biotechnology
—
3.47%
113,381
AbbVie,
Inc.
25,906,425‌
Capital
Markets
—
14.31%
63,238
Ameriprise
Financial,
Inc.
31,008,121‌
328,132
Charles
Schwab
Corp.
(The)
32,783,669‌
13,332
Goldman
Sachs
Group,
Inc.
(The)
11,718,828‌
134,554
Nasdaq,
Inc.
13,069,230‌
112,500
Raymond
James
Financial,
Inc.
18,066,375‌
106,646,223‌
Chemicals
—
4.42%
77,437
New
Linde
PLC
33,018,362‌
Commercial
Support
Services
—
4.46%
150,996
Waste
Management,
Inc.
33,175,331‌
Communications
Equipment
—
2.11%
41,112
Motorola
Solutions,
Inc.
15,759,052‌
Containers
&
Packaging
—
1.05%
42,868
Avery
Dennison
Corp.
7,796,832‌
Electric
Utilities
—
3.13%
267,656
Southern
Co.
(The)
23,339,603‌
Electrical
Equipment
—
3.18%
60,965
Rockwell
Automation,
Inc.
23,719,653‌
Health
Care
Equipment
&
Supplies
—
1.98%
117,680
Abbott
Laboratories
14,744,127‌
Health
Care
Providers
&
Services
—
2.84%
60,339
Elevance
Health,
Inc.
21,151,836‌
Hotels,
Restaurants
&
Leisure
—
3.31%
59,309
Domino's
Pizza,
Inc.
24,721,178‌
Household
Durables
—
2.17%
112,410
DR
Horton,
Inc.
16,190,412‌
Industrial
Conglomerates
—
2.80%
106,995
Honeywell
International,
Inc.
20,873,655‌
Insurance
—
12.22%
219,089
Aflac,
Inc.
24,158,944‌
77,814
Everest
Group,
Ltd.
26,406,181‌
136,714
Marsh
&
McLennan
Cos.,
Inc.
25,363,181‌
191,924
MetLife,
Inc.
15,150,481‌
91,078,787‌
IT
Services
—
3.06%
85,000
Accenture
PLC,
Class
A
22,805,500‌
Sterling
Capital
Equity
Income
Fund
Schedule
of
Investments
(continued)
December
31,
2025
(Unaudited)
Shares
Fair
Value
COMMON
STOCKS
—
(continued)
Machinery
—
2.63%
42,158
Deere
&
Co.
$
19,627,500‌
Oil,
Gas
&
Consumable
Fuels
—
3.66%
1,038,045
Coterra
Energy,
Inc.
27,321,344‌
Pharmaceuticals
—
0.35%
12,679
Johnson
&
Johnson
2,623,919‌
Professional
Services
—
5.74%
109,031
Automatic
Data
Processing,
Inc.
28,046,044‌
174,418
Booz
Allen
Hamilton
Corp.
14,713,902‌
42,759,946‌
Semiconductors
&
Semiconductor
Equipment
—
4.42%
121,580
Analog
Devices,
Inc.
32,972,496‌
Software
—
4.62%
71,202
Microsoft
Corp.
34,434,711‌
Specialized
REITs
—
1.82%
482,767
VICI
Properties,
Inc.
13,575,408‌
Specialty
Retail
—
2.68%
58,010
Home
Depot,
Inc.
(The)
19,961,241‌
Tobacco
—
0.98%
126,690
Altria
Group,
Inc.
7,304,945‌
Trading
Companies
&
Distributors
—
3.53%
118,335
Exagen,
Inc.
26,344,921‌
Total
Common
Stocks
(Cost $522,075,016)
732,818,998‌
Shares
Fair
Value
MONEY
MARKET
FUNDS
—
0.49%
3,677,318‌
Federated
Hermes
Treasury
Obligations
Fund,
Institutional
Shares,
3.67%
(a)
3,677,318‌
Total
Money
Market
Funds
(Cost
$3,677,318)
3,677,318‌
Total
Investments—
98.78%
(Cost
$525,752,334)
736,496,316‌
Other
Assets
in
Excess
of
Liabilities
—
1.22%
9,132,867‌
NET
ASSETS
—
100.00%
$
745,629,183‌
(a)
Represents
the
current
yield
as
of
report
date.
Sterling
Capital
Mid
Cap
Relative
Value
Fund
Schedule
of
Investments
December
31,
2025
(Unaudited)
Shares
Fair
Value
COMMON
STOCKS
—
96.92%
Aerospace
&
Defense
—
3.08%
2,900
Curtiss-Wright
Corp.
$
1,598,683
Automobile
Components
—
1.42%
5,987
Dorman
Products,
Inc.
(a)
737,539
Banks
—
7.32%
9,033
East
West
Bancorp,
Inc.
1,015,219
44,206
Huntington
Bancshares,
Inc.
766,974
6,877
UMB
Financial
Corp.
791,130
8,774
Wintrust
Financial
Corp.
1,226,780
3,800,103
Building
Products
—
2.15%
3,485
Carlisle
Cos.,
Inc.
1,114,712
Capital
Markets
—
2.26%
2,387
Ameriprise
Financial,
Inc.
1,170,442
Chemicals
—
0.94%
15,591
Avient
Corp.
487,063
Construction
&
Engineering
—
5.75%
13,751
MasTec,
Inc.
(a)
2,989,054
Consumer
Staples
Distribution
&
Retail
—
9.96%
13,487
BJ's
Wholesale
Club
Holdings,
Inc.
(a)
1,214,235
4,491
Casey's
General
Stores,
Inc.
2,482,221
16,384
Performance
Food
Group
Co.
(a)
1,473,249
5,169,705
Containers
&
Packaging
—
2.44%
6,974
Avery
Dennison
Corp.
1,268,431
Electrical
Equipment
—
2.81%
2,104
Powell
Industries,
Inc.
670,713
5,622
Regal
Rexnord
Corp.
788,879
1,459,592
Electronic
Equipment,
Instruments
&
Components
—
2.75%
7,546
Arrow
Electronics,
Inc.
(a)
831,419
4,357
CDW
Corp.
593,423
1,424,842
Entertainment
—
3.06%
6,192
Take-Two
Interactive
Software,
Inc.
(a)
1,585,338
Sterling
Capital
Mid
Cap
Relative
Value
Fund
Schedule
of
Investments
(continued)
December
31,
2025
(Unaudited)
Shares
Fair
Value
COMMON
STOCKS
—
(continued)
Financial
Services
—
1.13%
8,743
Fiserv,
Inc.
(a)
$
587,267
Gas
Utilities
—
2.85%
18,462
Southwest
Gas
Corp.
1,477,329
Health
Care
REITs
—
1.90%
51,920
Sabra
Health
Care
REIT,
Inc.
983,365
Household
Durables
—
1.65%
7,294
PulteGroup,
Inc.
855,294
Industrial
REITs
—
2.31%
6,745
EastGroup
Properties,
Inc.
1,201,554
Insurance
—
6.08%
7,043
American
Financial
Group,
Inc.
962,637
14,767
First
American
Financial
Corp.
907,284
7,026
Hanover
Insurance
Group,
Inc.
(The)
1,284,143
3,154,064
Life
Sciences
Tools
&
Services
—
5.63%
5,297
ICON
PLC
(a)
965,219
8,548
Revvity,
Inc.
827,019
1,944
Thermo
Fisher
Scientific,
Inc.
1,126,451
2,918,689
Machinery
—
2.64%
10,909
Oshkosh
Corp.
1,370,498
Multi-Utilities
—
3.34%
41,480
Nisource,
Inc.
1,732,205
Oil,
Gas
&
Consumable
Fuels
—
4.93%
3,692
Gulport
Energy
Corp.
(a)
767,899
13,139
Matador
Resources
Co.
557,619
9,533
Phillips
66
1,230,139
2,555,657
Professional
Services
—
4.66%
4,535
CACI
International,
Inc.,
Class
A
(a)
2,416,293
Residential
REITs
—
1.78%
6,644
Mid-America
Apartment
Communities,
Inc.
922,918
Retail
REITs
—
1.49%
29,427
Brixmor
Property
Group,
Inc.
771,576
Sterling
Capital
Mid
Cap
Relative
Value
Fund
Schedule
of
Investments
(continued)
December
31,
2025
(Unaudited)
Shares
Fair
Value
COMMON
STOCKS
—
(continued)
Semiconductors
&
Semiconductor
Equipment
—
0.60%
4,942
Skyworks
Solutions,
Inc.
$
313,372
Software
—
4.86%
4,439
Commvault
Systems,
Inc.
(a)
556,473
6,611
PTC,
Inc.
(a)
1,151,702
9,431
Zoom
Video
Communications,
Inc.
(a)
813,801
2,521,976
Specialized
REITs
—
1.74%
5,846
Digital
Realty
Trust,
Inc.
904,435
Specialty
Retail
—
1.53%
4,459
Williams-Sonoma,
Inc.
796,333
Trading
Companies
&
Distributors
—
3.86%
2,474
United
Rentals,
Inc.
2,002,258
Total
Common
Stocks
(Cost $30,468,158)
50,290,587
Shares
Fair
Value
MONEY
MARKET
FUNDS
—
3.45%
1,788,310
Federated
Hermes
Treasury
Obligations
Fund,
Institutional
Shares,
3.67%
(b)
1,788,310
Total
Money
Market
Funds
(Cost
$1,788,310)
1,788,310
Total
Investments—
100.37%
(Cost
$32,256,468)
52,078,897
Liabilities
in
Excess
of
Other
Assets 
—
(0.37)%
(193,836)
NET
ASSETS
—
100.00%
$
51,885,061
(a)
Non-income
producing
security.
(b)
Represents
the
current
yield
as
of
report
date.
Sterling
Capital
Real
Estate
Fund
Schedule
of
Investments
December
31,
2025
(Unaudited)
Shares
Fair
Value
COMMON
STOCKS
—
96.94%
Equity
Real
Estate
Investment
Trusts
(REITs)
—
2.16%
45,213
Essential
Properties
Realty
Trust,
Inc.
$
1,341,018
Health
Care
REITs
—
17.76%
88,889
Sabra
Health
Care
REIT,
Inc.
1,683,558
43,564
Ventas,
Inc.
3,370,982
32,099
Welltower,
Inc.
5,957,895
11,012,435
Hotel
&
Resort
REITs
—
2.29%
15,039
Ryman
Hospitality
Properties,
Inc.
1,422,990
Industrial
REITs
—
16.26%
10,896
EastGroup
Properties,
Inc.
1,941,013
29,538
First
Industrial
Realty
Trust,
Inc.
1,691,641
20,299
LXP
Industrial
Trust
1,006,424
29,451
Prologis,
Inc.
3,759,716
43,514
Rexford
Industrial
Realty,
Inc.
1,684,862
10,083,656
Office
REITs
—
3.85%
16,942
Boston
Properties,
Inc.
1,143,246
155,027
Brandywine
Realty
Trust
452,679
30,777
Highwoods
Properties,
Inc.
794,662
2,390,587
Residential
REITs
—
13.00%
7,875
Essex
Property
Trust,
Inc.
2,060,730
61,608
Invitation
Homes,
Inc.
1,712,086
13,900
Mid-America
Apartment
Communities,
Inc.
1,930,849
64,343
UDR,
Inc.
2,360,102
8,063,767
Retail
REITs
—
13.84%
68,865
Brixmor
Property
Group,
Inc.
1,805,640
34,392
InvenTrust
Properties
Corp.
(a)
970,198
83,700
Kite
Realty
Group
Trust
2,006,289
45,909
NetSTREIT
Corp.
(a)
809,835
60,417
Tanger
Factory
Outlet
Centers,
Inc.
2,016,116
52,661
The
Macerich
Co
972,122
8,580,200
Specialized
REITs
—
27.78%
27,079
American
Tower
Corp.,
Class
A
4,754,259
32,414
CubeSmart
1,168,525
Sterling
Capital
Real
Estate
Fund
Schedule
of
Investments
(continued)
December
31,
2025
(Unaudited)
Shares
Fair
Value
COMMON
STOCKS
—
(continued)
Specialized
REITs
—
(continued)
28,079
Digital
Realty
Trust,
Inc.
$
4,344,102
3,608
Equinix,
Inc.
2,764,305
15,996
Extra
Space
Storage,
Inc.
2,082,999
75,105
VICI
Properties,
Inc.
2,111,953
17,226,143
Total
Common
Stocks
(Cost $34,792,937)
60,120,796
Shares
Fair
Value
MONEY
MARKET
FUNDS
—
2.66%
1,651,024
Federated
Hermes
Treasury
Obligations
Fund,
Institutional
Shares,
3.67%
(b)
1,651,024
Total
Money
Market
Funds
(Cost
$1,651,024)
1,651,024
Total
Investments—
99.60%
(Cost
$36,443,961)
61,771,820
Other
Assets
in
Excess
of
Liabilities
—
0.40%
245,323
NET
ASSETS
—
100.00%
$
62,017,143
(a)
Non-income
producing
security.
(b)
Represents
the
current
yield
as
of
report
date.
Sterling
Capital
Small
Cap
Value
Fund
Schedule
of
Investments
December
31,
2025
(Unaudited)
Shares
Fair
Value
COMMON
STOCKS
—
99.45%
Aerospace
&
Defense
—
4.65%
31,496
Moog,
Inc.,
Class
A
$
7,670,851‌
Automobile
Components
—
3.85%
23,115
Dorman
Products,
Inc.
(a)
2,847,537‌
201,642
Garret
Motion,
Inc.
3,514,620‌
6,362,157‌
Banking
—
1.25%
26,950
Metropolitan
Bank
Holding
Corp.
2,057,902‌
Banks
—
17.13%
77,999
Columbia
Banking
System,
Inc.
2,180,072‌
62,824
Community
Bank
System,
Inc.
3,608,611‌
77,644
Glacier
Bancorp,
Inc.
3,420,218‌
105,172
Old
National
Bancorp
2,346,387‌
27,180
QCR
Holdings,
Inc.
2,264,094‌
51,970
Trustmark
Corp.
2,024,232‌
55,080
United
Bankshares,
Inc.
2,115,072‌
66,708
Webster
Financial
Corp.
4,198,602‌
43,620
Wintrust
Financial
Corp.
6,098,947‌
28,256,235‌
Capital
Markets
—
3.60%
20,574
Affiliated
Managers
Group,
Inc.
5,931,073‌
Chemicals
—
1.95%
102,656
Avient
Corp.
3,206,973‌
Construction
&
Engineering
—
4.19%
31,798
MasTec,
Inc.
(a)
6,911,931‌
Consumer
Staples
Distribution
&
Retail
—
9.18%
45,073
BJ's
Wholesale
Club
Holdings,
Inc.
(a)
4,057,922‌
11,426
Casey's
General
Stores,
Inc.
6,315,264‌
53,015
Performance
Food
Group
Co.
(a)
4,767,109‌
15,140,295‌
Electric
Utilities
—
2.23%
76,750
Portland
General
Electric
Co.
3,683,233‌
Electrical
Equipment
—
3.84%
43,090
EnerSys
6,323,458‌
Electronic
Equipment,
Instruments
&
Components
—
6.75%
47,532
Belden,
Inc.
5,539,854‌
41,636
Crane
NXT
Co.
1,959,807‌
41,370
Eplus,
Inc.
3,628,149‌
11,127,810‌
Energy
Equipment
&
Services
—
1.33%
208,380
Select
Energy
Services,
Inc.,
Class
A
2,192,158‌
Entertainment
—
2.37%
15,262
Take-Two
Interactive
Software,
Inc.
(a)
3,907,530‌
Sterling
Capital
Small
Cap
Value
Fund
Schedule
of
Investments
(continued)
December
31,
2025
(Unaudited)
Shares
Fair
Value
COMMON
STOCKS
—
(continued)
Gas
Utilities
—
2.46%
50,680
Southwest
Gas
Corp.
$
4,055,413‌
Household
Durables
—
2.15%
53,764
Meritage
Homes
Corp.
3,537,671‌
Industrial
REITs
—
3.11%
89,358
First
Industrial
Realty
Trust,
Inc.
5,117,532‌
Insurance
—
3.09%
15,931
Hanover
Insurance
Group,
Inc.
(The)
2,911,709‌
26,049
Selective
Insurance
Group,
Inc.
2,179,520‌
5,091,229‌
Life
Sciences
Tools
&
Services
—
2.15%
12,902
West
Pharmaceutical
Services,
Inc.
3,549,856‌
Machinery
—
6.72%
32,126
Crane
Co.
5,924,999‌
40,911
Oshkosh
Corp.
5,139,649‌
11,064,648‌
Office
REITs
—
1.18%
75,602
Highwoods
Properties,
Inc.
1,952,044‌
Oil,
Gas
&
Consumable
Fuels
—
2.92%
16,379
Chord
Energy
Corp.
1,518,333‌
39,891
Matador
Resources
Co.
1,692,974‌
74,772
Northern
Oil
and
Gas,
Inc.
1,605,355‌
4,816,662‌
Professional
Services
—
3.64%
11,266
CACI
International,
Inc.,
Class
A
(a)
6,002,637‌
Retail
REITs
—
1.58%
78,111
Tanger
Factory
Outlet
Centers,
Inc.
2,606,564‌
Semiconductors
&
Semiconductor
Equipment
—
2.71%
52,093
ON
Semiconductor
Corp.
(a)
2,820,836‌
19,476
Qorvo,
Inc.
(a)
1,645,917‌
4,466,753‌
Software
—
1.74%
16,472
PTC,
Inc.
(a)
2,869,587‌
Trading
Companies
&
Distributors
—
3.68%
10,381
Herc
Holdings,
Inc.
1,540,333‌
5,585
United
Rentals,
Inc.
4,520,052‌
6,060,385‌
Total
Common
Stocks
(Cost $51,193,925)
163,962,587‌
Sterling
Capital
Small
Cap
Value
Fund
Schedule
of
Investments
(continued)
December
31,
2025
(Unaudited)
Shares
Fair
Value
MONEY
MARKET
FUNDS
—
0.83%
1,365,531‌
Federated
Hermes
Treasury
Obligations
Fund,
Institutional
Shares,
3.67%
(b)
$
1,365,531‌
Total
Money
Market
Funds
(Cost
$1,365,531)
1,365,531‌
Total
Investments—
100.28%
(Cost
$52,559,456)
165,328,118‌
Liabilities
in
Excess
of
Other
Assets 
—
(0.28)%
(461,809)
NET
ASSETS
—
100.00%
$
164,866,309‌
(a)
Non-income
producing
security.
(b)
Represents
the
current
yield
as
of
report
date.
Sterling
Capital
Ultra
Short
Bond
Fund
Schedule
of
Investments
December
31,
2025
(Unaudited)
+
Principal
Amount
Fair
Value
CORPORATE
BONDS
—
37.00%
ASSET
MANAGEMENT
—
3.55%
$
250,000
Blackstone
Secured
Lending
Fund,
3.63%,
1/15/26
$
249,792
250,000
Hercules
Capital
Inc,
2.63%,
9/16/26
246,597
215,000
Blackstone
Private
Credit
Fund,
2.63%,
12/15/26
211,217
300,000
UBS
Group
AG,
1.31%,
2/02/27
(SOFRINDX
+
98
bps)
(a)(b)
299,090
1,006,696
AUTOMOTIVE
—
1.95%
250,000
Ford
Motor
Credit
Co
LLC,
6.95%,
3/06/26
250,564
300,000
Hyundai
Capital
America,
5.50%,
3/30/26
(a)
300,968
551,532
BANKING
—
3.19%
250,000
Credit
Agricole
SA,
1.25%,
1/26/27
(a)
249,475
400,000
Bank
of
America
Corp,
1.73%,
7/22/27
(SOFRRATE
+
96
bps)
(b)
394,898
260,000
JPMorgan
Chase
&
Co.,
4.57%,
10/22/28
(SOFR
+86
bps)
(b)
261,286
905,659
BANKS
—
0.88%
250,000
Australia
&
New
Zealand
Banking
Group
Ltd.,
4.40%,
5/19/26
(a)
250,262
BEVERAGES
—
0.87%
250,000
Bacardi
Ltd.,
2.75%,
7/15/26
(a)
247,906
CAPITAL
MARKETS
—
1.05%
300,000
Blue
Owl
Capital
Corp.,
3.40%,
7/15/26
297,928
ELECTRIC
UTILITIES
—
0.28%
78,000
Vistra
Operations
Co.
LLC,
5.05%,
12/30/26
(a)
78,556
HEALTH
CARE
FACILITIES
&
SERVICES
—
1.82%
300,000
HCA
Inc.,
5.25%,
6/15/26
300,233
215,000
IQVIA,
Inc.,
5.00%,
10/15/26
(a)
214,878
515,111
INSTITUTIONAL
FINANCIAL
SERVICES
—
0.89%
250,000
Jefferies
Financial
Group
Inc,
4.85%,
1/15/27
251,654
INSURANCE
—
4.35%
250,000
Reliance
Standard
Life
Global
Funding
II,
5.24%,
2/02/26
(a)
250,140
190,000
Brighthouse
Financial
Global
Funding,
1.55%,
5/24/26
(a)
187,949
250,000
F&G
Global
Funding,
1.75%,
6/30/26
(a)
246,911
Sterling
Capital
Ultra
Short
Bond
Fund
Schedule
of
Investments
(continued)
December
31,
2025
(Unaudited)
Principal
Amount
Fair
Value
CORPORATE
BONDS
—
(continued)
INSURANCE
—
(continued)
$
300,000
Athene
Global
Funding,
5.08%,
8/27/26
(SOFRIX
+
103
bps)
(a)(b)
$
301,012
250,000
Marsh
&
McLennan
Cos,
Inc.,
4.41%,
11/08/27
(SOFR
+
70
bps)
(b)
251,458
1,237,470
LEISURE
FACILITIES
&
SERVICES
—
0.25%
71,000
MGM
Resorts
International,
5.50%,
4/15/27
71,632
LEISURE
PRODUCTS
—
0.70%
200,000
Mattel
Inc,
5.88%,
12/15/27
(a)
200,042
MACHINERY
—
0.88%
250,000
Regal
Rexnord
Corp.,
6.05%,
2/15/26
250,479
MORTGAGE
REAL
ESTATE
INVESTMENT
-TRUSTS
(REITS)
—
0.79%
225,000
Starwood
Property
Trust,
Inc.,
3.63%,
7/15/26
(a)
223,898
OIL
&
GAS
PRODUCERS
—
5.99%
300,000
MPLX
LP,
Class
B,
1.75%,
3/01/26
298,817
80,000
Sabine
Pass
Liquefaction
LLC,
5.88%,
6/30/26
80,113
300,000
ONEOK
Inc,
5.55%,
11/01/26
303,230
250,000
Hess
Midstream
Operations
LP,
5.88%,
3/01/28
(a)
254,694
200,000
Civitas
Resources
Inc,
8.38%,
7/01/28
(a)
206,079
275,000
Antero
Resources
Corp,
7.63%,
2/01/29
(a)
279,099
275,000
Expand
Energy
Corp,
6.75%,
4/15/29
(a)
276,611
1,698,643
REIT
—
3.00%
102,000
Vornado
Realty
LP,
2.15%,
6/01/26
100,876
300,000
Tanger
Properties
LP,
3.13%,
9/01/26
297,771
250,000
VICI
Properties
LP
/
VICI
Note
Co.,
Inc.,
4.25%,
12/01/26
(a)
249,958
207,000
Global
Net
Lease
Operating
Partnership
LP,
3.75%,
12/15/27
(a)
201,556
850,161
SOFTWARE
—
0.89%
250,000
Concentrix
Corp.,
6.65%,
8/02/26
252,426
SPECIALTY
FINANCE
—
3.60%
240,000
Air
Lease
Corp.,
2.88%,
1/15/26
239,871
285,000
AerCap
Ireland
Capital
DAC,
1.75%,
1/30/26
284,505
250,000
Aircastle
Ltd.,
4.25%,
6/15/26
249,987
250,000
Ladder
Capital
Finance
Holdings
LLLP,
4.25%,
2/01/27
(a)
248,332
Sterling
Capital
Ultra
Short
Bond
Fund
Schedule
of
Investments
(continued)
December
31,
2025
(Unaudited)
Principal
Amount
Fair
Value
CORPORATE
BONDS
—
(continued)
SPECIALTY
FINANCE
—
(continued)
$
1,022,695
TRANSPORTATION
&
LOGISTICS
—
1.11%
$
148,000
United
Airlines,
Inc.,
4.38%,
4/15/26
(a)
147,815
166,667
American
Airlines
Inc/AAdvantage
Loyalty
IP
Ltd,
5.50%,
4/20/26
(a)
166,904
314,719
TRANSPORTATION
EQUIPMENT
—
0.96%
271,000
Daimler
Truck
Finance
North
America
LLC,
5.19%,
9/25/27
(O/N
SOFR
+
96
bps)
(a)(b)
271,783
Total
(Cost $10,473,650)
10,499,252
Principal
Amount
Fair
Value
ASSET
BACKED
SECURITIES
—
42.99%
4,521
Fannie
Mae,
Series
140
,
Class
BH,
2.50%,
1/25/27
4,503
42,191
Mercedes-Benz
Auto
Lease
Trust,
Series
2024-A
,
Class
A2B,
4.40%,
2/16/27
(SOFR30A
+
42
bps)
(b)
42,197
125,000
Avis
Budget
Rental
Car
Funding
AESOP
LLC,
Series
2A
,
Class
A,
2.02%,
2/20/27
(a)
124,746
200,000
Ford
Credit
Floorplan
Master
Owner
Trust,
Series
1
,
Class
A2,
4.73%,
4/15/27
(SOFR30A
+
75
bps)
(a)(b)
200,376
281
GM
Financial
Consumer
Automobile
Receivables,
Series
3
,
Class
A3,
3.64%,
4/16/27
281
150,000
Hertz
Vehicle
Financing
LLC,
Series
1A
,
Class
A,
5.49%,
6/25/27
(a)
150,487
55,611
Carmax
Select
Receivables
Trust,
Series
2024-A
,
Class
A2A,
5.78%,
9/15/27
55,715
144,273
Bridgecrest
Lending
Auto
Sec.
Trust,
Series
2025-2
,
Class
A2,
4.84%,
1/18/28
144,514
50,000
Carmax
Auto
Owner
Trust
2022-3,
Series
3
,
Class
A4,
4.06%,
2/15/28
50,019
20,934
World
Omni
Select
Auto
Trust,
Series
2024-A
,
Class
A2A,
5.37%,
2/15/28
20,947
104,669
World
Omni
Auto
Receivables
Trust,
Series
2022-D
,
Class
A3,
5.61%,
2/15/28
105,090
300,000
PFS
Financing
Corp.,
Series
C
,
Class
A,
4.78%,
4/17/28
(a)(c)
300,205
230,000
Ally
Auto
Receivables
Trust,
Series
2022-2
,
Class
A4,
4.87%,
4/17/28
230,725
165,000
Avis
Budget
Rental
Car
Funding
AESOP
LLC.,
Series
5A
,
Class
A,
5.78%,
4/20/28
(a)
167,867
250,000
PFS
Financing
Corp.,
Series
B
,
Class
B,
5.71%,
5/15/28
(a)
251,097
200,000
Hertz
Vehicle
Financing
LLC,
Series
2A
,
Class
A,
2.33%,
6/26/28
(a)
195,346
Sterling
Capital
Ultra
Short
Bond
Fund
Schedule
of
Investments
(continued)
December
31,
2025
(Unaudited)
Principal
Amount
Fair
Value
ASSET
BACKED
SECURITIES
—
(continued)
$
30,831
Santander
Drive
Auto
Receivables
Trust,
Series
3
,
Class
B,
5.61%,
7/17/28
$
30,936
160,000
Gracie
Point
International
Funding
2025-1
LLC,
Series
1A
,
Class
B,
6.03%,
8/15/28
(SOFR30A
+
200
bps)
(a)
160,007
115,000
Santander
Drive
Auto
Receivables
Trust,
Series
2023-4
,
Class
B,
5.77%,
12/15/28
116,102
250,000
Bridgecrest
Lending
Auto
Securitization
Trust,
Series
3
,
Class
A3,
4.83%,
1/15/29
251,061
77,000
GreatAmerica
Leasing
Receivables
Funding
LLC,
Series
1
,
Class
A4,
5.06%,
3/15/30
(a)
78,104
106,798
Affirm
Asset
Securitization
Trust,
Series
2025-X1
,
Class
A,
5.08%,
4/15/30
(a)
106,954
285,500
Affirm
Asset
Securitization
Trust
2025-X2
,
4.45%,
10/15/30
(a)
285,772
250,000
Dryden
CLO
Ltd.,
Series
53A
,
Class
BR,
5.21%,
1/15/31
(a)(c)
250,025
110,380
KKR
CLO
Ltd.,
Series
21
,
Class
A,
5.17%,
4/15/31
(TSFR3M
+
126.20
bps)
(a)
110,440
136,193
Dryden
Senior
Loan
Fund,
Series
40A
,
Class
AR2,
5.00%,
8/15/31
(a)
136,269
300,000
Affirm
Master
Trust,
Series
1A
,
Class
A,
4.99%,
2/15/33
(a)
302,985
300,000
Fortress
Credit
BSL
IX
Ltd,
Series
1A
,
Class
A1AR,
5.03%,
10/20/33
(a)
300,119
300,000
Thompson
Park
CLO
Ltd,
Series
1A
,
Class
A1R,
4.96%,
4/15/34
(a)
299,921
250,000
Neuberger
Berman
Loan
Advisers
CLO
41
Ltd.,
Series
41A
,
Class
AR,
4.96%,
4/15/34
(TSFR3M
+
105
bps)
(a)
(b)(c)
249,930
263,000
ARES
XLIV
CLO
Ltd,
Series
44A
,
Class
A1RR,
5.04%,
4/15/34
(TSFR3M
+
113
bps)
(a)(b)(c)
263,224
285,000
Fort
Greene
Park
CLO
LLC,
Series
2A
,
Class
AR,
4.81%,
4/22/34
(TSFR3M
+
95
bps)
(a)
285,063
114,152
OneMain
Financial
Issuance
Trust,
Series
3A
,
Class
A,
5.94%,
5/15/34
(a)
114,562
151,742
SoFi
Consumer
Loan
Program
Trust,
Series
2025-2
,
Class
A,
4.82%,
6/25/34
(a)
152,617
250,000
Magnetite
XXXI
Ltd.,
Series
31A
,
Class
A1R,
–%,
7/15/34
(a)
249,993
292,000
RR
17,
Ltd.,
Series
17A
,
Class
A1AR,
4.98%,
7/15/34
(a)
292,117
250,000
Magnetite
XXXI
Ltd.
,
Class
A1,
5.27%,
7/15/34
(a)
250,035
250,000
Sculptor
CLO
XXVII
Ltd,
Series
27A
,
Class
A1R,
4.94%,
7/20/34
(a)
249,980
275,000
Trinitas
CLO
XVI
Ltd,
Series
16A
,
Class
A1R,
5.01%,
7/20/34
(TSFR3M
+
113BPS)
(a)
275,066
Sterling
Capital
Ultra
Short
Bond
Fund
Schedule
of
Investments
(continued)
December
31,
2025
(Unaudited)
Principal
Amount
Fair
Value
ASSET
BACKED
SECURITIES
—
(continued)
$
265,000
LCM
33
Ltd,
Series
33A
,
Class
AR,
5.06%,
7/20/34
(TSFR3M
+
118.00
bps)
(a)(b)(c)
$
265,390
250,000
Allegany
Park
CLO
Ltd,
Series
1A
,
Class
ARR,
4.98%,
1/20/35
(TSFR3M
+
110
bps)
(a)
250,003
243,455
SoFi
Consumer
Loan
Program
2025-4
Trust,
Series
4
,
Class
A,
4.24%,
8/25/35
(a)
243,712
231,299
Chesapeake
Funding
II
LLC,
Series
1A
,
Class
A1,
5.52%,
5/15/36
(a)
234,043
100,000
OneMain
Financial
Issuance
Trust,
Series
2021-1
,
Class
A2,
4.74%,
6/16/36
(SOFR30A
+
76
bps)
(a)(b)
100,116
164,104
Fannie
Mae
,
6.27%,
7/01/36
(H15T1Y
+
219.40
bps)
(b)
168,816
250,000
OneMain
Financial
Issuance
Trust
2023-2,
Series
2A
,
Class
A2,
5.48%,
9/15/36
(SOFR30A
+
150
bps)
(a)
252,152
100,000
BX
2021-LBA3
Mortgage
Trust,
Series
PAC
,
Class
A,
4.55%,
10/15/36
(a)
99,688
198,759
SMB
Private
Education
Loan
Trust,
Series
B
,
Class
A2B,
4.87%,
6/15/37
(a)
198,863
133,054
Sierra
Timeshare
Rec
Funding
LLC,
Series
2021-1
,
Class
A,
0.99%,
11/20/37
(a)
132,794
33,015
MVW
2019-2
LLC,
Series
2A
,
Class
A,
2.22%,
10/20/38
(a)
32,974
428,309
BX
Commercial
Mortgage
Trust
2021-ACNT
,
4.71%,
11/15/38
(a)
428,051
316,672
BX
Commercial
Mortgage
Trust
2021-CIP
,
4.79%,
12/15/38
(a)
316,717
214,696
Wheels
Fleet
Lease
Funding
1
LLC,
Series
1A
,
Class
A2,
4.56%,
2/18/39
(TSFR1M
+
83
bps)
(a)(b)
215,252
293,642
MVW
2023-1,
LLC.,
Series
1A
,
Class
A,
4.93%,
10/20/40
(a)
296,978
366,501
Tricon
Residential
Trust,
Series
2025-SFR
,
Class
A,
5.06%,
3/17/42
(TSFR1M
+
110
bps)
(a)(b)
366,792
381,816
Freddie
Mac
REMICS,
Series
4571
,
Class
CA,
2.50%,
4/15/43
374,864
400,000
Vantage
Data
Centers
LLC,
Series
2A
,
Class
A2,
1.99%,
9/15/45
(a)
380,841
153,000
Stack
Infrastructure
Issuer
LLC,
Series
1A
,
Class
A2,
1.88%,
3/26/46
(a)
151,876
320,000
Stack
Infrastructure
Issuer
LLC,
Series
3A
,
Class
A2,
5.90%,
10/25/48
(a)
322,723
271,357
SMB
Private
Education
Loan
Trust,
Series
2024-C
,
Class
A1B,
5.07%,
6/17/52
(SOFR30A
+
110
bps)
(a)(b)
270,894
241,016
Nelnet
Student
Loan
Trust,
Series
2025-A
,
Class
A1B,
5.24%,
3/15/57
(a)
240,117
Total
(Cost $12,173,846)
12,199,053
Sterling
Capital
Ultra
Short
Bond
Fund
Schedule
of
Investments
(continued)
December
31,
2025
(Unaudited)
Principal
Amount
Fair
Value
COLLATERALIZED
MORTGAGE
OBLIGATIONS
—
7.72%
$
67,794
Bridgecrest
Lending
Auto
Sec.
Trust,
Series
2025-1,
Class
A2,
5.01%,
9/15/27
$
67,819
92,828
MMAF
Equipment
Finance
LLC,
Series
2022-A,
Class
A3,
3.20%,
1/13/28
(a)
92,705
250,000
Palmer
Square
Loan
Funding
2022-3
Ltd,
Series
3A,
Class
A1BR,
5.31%,
4/15/31
(TSFR3M
+
140BPS)
(a)
250,613
250,000
Riserva
Clo
Ltd.,
Series
3A,
Class
AR3,
–%,
1/18/34
(a)
250,043
135,788
SoFi
Consumer
Loan
Program
Trust,
Series
2025-1,
Class
A,
4.80%,
2/27/34
(a)
136,284
325,000
Barings
CLO
Ltd
2021-II,
Series
2A,
Class
A1R,
4.98%,
7/15/34
(a)
325,103
275,000
Madison
Park
Funding
XLV
Ltd,
Series
45A,
Class
ARR,
4.99%,
7/15/34
(TSFR3M
+
108BPS)
(a)
275,043
210,000
Point
Au
Roche
Park
CLO
Ltd,
Series
1A,
Class
A,
5.23%,
7/20/34
((TSFR3M
+
26.20BPS)
+
108BPS)
(a)(b)
210,416
202,924
Freddie
Mac
REMICS,
Series
4838,
Class
VA,
4.00%,
3/15/36
202,806
100,000
Neuberger
Berman
Loan
Advisers
CLO
45
Ltd.,
4.97%,
10/14/36
(a)
99,940
114,592
Hilton
Grand
Vacations
Trust,
Series
2023-1,
Class
A,
5.72%,
1/25/38
(a)
117,237
165,014
Freddie
Mac
REMICS,
Series
5216,
Class
JA,
3.25%,
5/25/38
164,041
Total
(Cost $2,186,548)
2,192,050
Principal
Amount
Fair
Value
COMMERCIAL
MORTGAGE-BACKED
SECURITIES
—
11.26%
286,490
BX
Trust,
Series
2021-BXMF,
Class
A,
4.50%,
10/15/26
(TSFR1M
+
75.00
bps)
(a)(b)
286,061
338,132
BX
Trust,
Series
2021-RISE,
Class
A,
4.61%,
11/15/36
(TSFR1M
+
86.20
bps)
(a)(b)
337,819
220,791
BX
Commercial
Mortgage
Trust,
Series
2021-CIP,
Class
B,
5.14%,
12/15/38
(a)
220,572
71,521
Citigroup
Commercial
Mortgage
Trust,
Series
P3,
Class
A3,
3.06%,
4/15/49
71,395
332,000
Citigroup
Commercial
Mortgage
Trust,
Series
2016-C1,
3.21%,
5/10/49
330,711
350,000
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series
C29,
Class
A4,
3.33%,
5/15/49
348,132
390,000
Morgan
Stanley
Capital
I
Trust,
Series
BNK2,
Class
A4,
3.05%,
11/15/49
382,662
340,000
CSAIL
Commercial
Mortgage
Trust,
Series
2015-C7,
Class
A5,
3.50%,
11/15/49
337,496
200,000
JPMCC
Commercial
Mortgage
Securities
Trust,
Series
JP5,
Class
A5,
3.72%,
3/15/50
198,831
380,000
COMM
Mortgage
Trust,
Series
COR2,
Class
A3,
3.51%,
9/10/50
375,013
Sterling
Capital
Ultra
Short
Bond
Fund
Schedule
of
Investments
(continued)
December
31,
2025
(Unaudited)
Principal
Amount
Fair
Value
COMMERCIAL
MORTGAGE-BACKED
SECURITIES
—
(continued)
$
133,000
Wells
Fargo
Commercial
Mortgage
Trust
2017-C40,
Series
C40,
Class
A3,
3.32%,
10/15/50
$
131,362
95,000
CFCRE
Commercial
Mortgage
Trust,
Series
C7,
Class
A3,
3.84%,
12/10/54
94,385
80,503
CFCRE
Commercial
Mortgage
Trust
2016-C4,
Series
C4,
Class
A4,
3.28%,
5/10/58
80,383
Total
(Cost $3,150,165)
3,194,822
Shares
Fair
Value
MONEY
MARKET
FUNDS
—
1.20%
339,749
Federated
Hermes
Treasury
Obligations
Fund,
Institutional
Shares,
3.67%
(d)
339,749
Total
Money
Market
Funds
(Cost
$339,749)
339,749
Total
Investments—
100.22%
(Cost
$28,338,958)
28,439,926
Liabilities
in
Excess
of
Other
Assets 
—
(0.22)%
(61,505)
NET
ASSETS
—
100.00%
28,378,421
(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
December
31,
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
as
US
Bank.
The
total
value
of
securities
held
in
a
separate
collateral
account
as
of
the
period
ended
December
31,
2025
is
$620,269,
which
represents
2.2%
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
December
31,
2025
(Unaudited)
Shares
Fair
Value
PREFERRED
STOCKS
—
0.49%
Insurance
—
0.49%
$
7,700
Reinsurance
Group
of
America,
Inc.,
5.97%
(a)
$
191,114
Total
Preferred
Stocks
(Cost $192,885)
191,114
Principal
Amount
Fair
Value
CORPORATE
BONDS
—
53.26%
AEROSPACE
&
DEFENSE
—
2.27%
365,000
Boeing
Co.
(The),
6.26%,
5/01/27
374,497
250,000
Howmet
Aerospace,
Inc.,
6.75%,
1/15/28
263,133
253,000
Lockheed
Martin
Corp,
4.15%,
8/15/28
254,611
892,241
ASSET
MANAGEMENT
—
4.25%
371,000
Blackstone
Private
Credit
Fund,
3.25%,
3/15/27
364,630
268,000
Blue
Owl
Technology
Finance
Corp.,
6.10%,
3/15/28
(b)
269,593
157,000
Golub
Capital
Private
Credit
Fund,
5.45%,
8/15/28
(b)
157,977
139,000
Ares
Strategic
Income
Fund,
5.45%,
9/09/28
(b)
140,162
150,000
FS
KKR
Capital
Corp,
3.13%,
10/12/28
138,414
300,000
Ares
Strategic
Income
Fund,
4.85%,
1/15/29
(b)
296,477
300,000
UBS
Group
AG,
4.15%,
12/23/29
(SOFRRATE
+
84
bps)
(b)
299,691
1,666,944
AUTOMOTIVE
—
0.58%
225,000
Ford
Motor
Credit
Co.
LLC,
5.80%,
3/05/27
227,802
BANKING
—
5.01%
325,000
Nordea
Bank
Abp,
4.38%,
3/17/28
(b)
328,447
325,000
Citigroup
Inc.,
5.06%,
5/07/28
(SOFRRATE
+
114.30
bps)
327,638
250,000
Manufacturers
&
Traders
Trust
Co,
4.76%,
7/06/28
252,270
200,000
Standard
Chartered
PLC,
5.55%,
1/21/29
(H15T1Y
+
105
bps)
(b)(c)
205,216
450,000
Bank
of
America
Corp.,
4.98%,
1/24/29
(SOFRRATE
+
83
bps)
(c)
458,421
375,000
Wells
Fargo
&
Co,
6.30%,
10/23/29
(SOFRRATE
+
179
bps)
(c)
396,222
1,968,214
BANKS
—
3.83%
295,000
Morgan
Stanley,
5.65%,
4/13/28
300,809
497,000
JPMorgan
Chase
&
Co.,
5.57%,
4/22/28
506,886
350,000
Bank
of
Nova
Scotia
(The),
4.40%,
9/08/28
(SOFR
+
100
bps)
(c)
351,791
Sterling
Capital
Short
Duration
Bond
Fund
Schedule
of
Investments
(continued)
December
31,
2025
(Unaudited)
Principal
Amount
Fair
Value
CORPORATE
BONDS
—
(continued)
BANKS
—
(continued)
$
339,000
Barclays
PLC,
4.84%,
9/10/28
(SOFR
+
134
bps)
(c)
$
342,977
1,502,463
BIOTECH
&
PHARMA
—
1.36%
247,000
Eli
Lilly
&
Co.,
4.55%,
2/12/28
251,214
281,000
Zoetis,
Inc.,
4.15%,
8/17/28
282,511
533,725
CAPITAL
MARKETS
—
1.04%
400,000
Blackstone
Secured
Lending
Fund,
5.88%,
11/15/27
408,358
CHEMICALS
—
0.22%
85,000
Ecolab
Inc.,
4.30%,
6/15/28
85,890
COMMERCIAL
SUPPORT
SERVICES
—
0.05%
18,000
Prime
Security
Services
Borrower
LLC,
5.75%,
4/15/26
(b)
18,006
ELECTRIC
UTILITIES
—
3.62%
400,000
FirstEnergy
Corp.,
3.90%,
7/15/27
398,404
184,000
NextEra
Energy
Capital
Holdings
Inc,
4.69%,
9/01/27
186,186
350,000
Entergy
Louisiana
LLC,
3.25%,
4/01/28
345,181
281,000
Dominion
Energy
Inc.,
4.60%,
5/15/28
284,280
100,000
Georgia
Power
Co,
4.00%,
10/01/28
100,553
106,000
Vistra
Operations
Co
LLC,
4.30%,
10/15/28
(b)
106,082
1,420,686
ELECTRICAL
EQUIPMENT
—
0.76%
300,000
Amphenol
Corp,
3.80%,
11/15/27
299,599
FOOD
—
0.88%
337,000
Mars,
Inc.,
4.60%,
3/01/28
(b)
341,617
FORESTRY,
PAPER
&
WOOD
PRODUCTS
—
0.21%
85,000
Georgia-Pacific
LLC,
4.40%,
6/30/28
(b)
86,008
HOME
CONSTRUCTION
—
0.86%
335,000
Meritage
Homes
Corp.,
5.13%,
6/06/27
337,268
INSTITUTIONAL
FINANCIAL
SERVICES
—
0.76%
70,000
LPL
Holdings,
Inc.,
5.70%,
5/20/27
71,341
228,000
Morgan
Stanley,
4.13%,
10/18/29
227,927
299,268
INSURANCE
—
5.80%
400,000
F&G
Global
Funding,
5.88%,
6/10/27
(b)
408,377
425,000
Athene
Global
Funding,
5.35%,
7/09/27
(b)
432,002
Sterling
Capital
Short
Duration
Bond
Fund
Schedule
of
Investments
(continued)
December
31,
2025
(Unaudited)
Principal
Amount
Fair
Value
CORPORATE
BONDS
—
(continued)
INSURANCE
—
(continued)
$
345,000
GA
Global
Funding
Trust,
4.40%,
9/23/27
(b)
$
346,281
96,000
Sammons
Financial
Group
Global
Funding,
5.05%,
1/10/28
(b)
97,491
162,000
Corebridge
Global
Funding,
4.25%,
8/21/28
(b)
162,413
415,000
RGA
Global
Funding,
4.35%,
8/25/28
(b)
416,756
280,000
SBL
Holdings
Inc,
5.90%,
9/26/28
(b)
278,516
140,000
American
National
Global
Funding,
4.63%,
12/15/28
(b)
140,578
2,282,414
INTERNET
MEDIA
&
SERVICES
—
0.19%
75,000
Alphabet,
Inc.,
3.88%,
11/15/28
75,366
LEISURE
FACILITIES
&
SERVICES
—
1.01%
99,000
MGM
Resorts
International,
5.50%,
4/15/27
99,881
292,000
Starbucks
Corp,
4.50%,
5/15/28
294,891
394,772
LEISURE
PRODUCTS
—
0.74%
300,000
Mattel
Inc,
3.75%,
4/01/29
(b)
292,400
MACHINERY
—
0.63%
246,000
John
Deere
Capital
Corp,
4.25%,
6/05/28
248,832
MEDICAL
EQUIPMENT
&
DEVICES
—
0.29%
115,000
GE
HealthCare
Technologies,
Inc.,
4.15%,
12/15/28
115,317
MORTGAGE
REAL
ESTATE
INVESTMENT
-TRUSTS
(REITS)
—
1.24%
489,000
Starwood
Property
Trust,
Inc.,
3.63%,
7/15/26
(b)
486,605
MULTI-UTILITIES
—
0.97%
390,000
Ameren
Corp.,
1.95%,
3/15/27
380,663
OIL
&
GAS
PRODUCERS
—
4.87%
333,000
Permian
Resources
Operating
LLC,
8.00%,
4/15/27
(b)
337,349
340,000
APA
Corp,
4.88%,
11/15/27
(b)
342,904
275,000
ONEOK
Inc.,
5.63%,
1/15/28
(b)
280,560
327,000
Woodside
Finance
Ltd.,
4.90%,
5/19/28
331,615
198,000
Civitas
Resources
Inc,
8.38%,
7/01/28
(b)
204,018
105,000
Targa
Resources
Corp.,
4.35%,
1/15/29
105,292
300,000
Hess
Midstream
Operations
LP,
6.50%,
6/01/29
(b)
309,810
1,911,548
REIT
—
1.15%
73,000
Store
Capital
LLC.,
4.50%,
3/15/28
73,223
64,000
LXP
Industrial
Trust,
6.75%,
11/15/28
67,917
Sterling
Capital
Short
Duration
Bond
Fund
Schedule
of
Investments
(continued)
December
31,
2025
(Unaudited)
Principal
Amount
Fair
Value
CORPORATE
BONDS
—
(continued)
REIT
—
(continued)
$
325,000
CubeSmart
LP,
2.25%,
12/15/28
$
308,340
449,480
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
—
0.57%
220,000
Broadcom,
Inc.,
5.05%,
7/12/27
223,924
SOFTWARE
—
0.81%
312,000
Synopsys,
Inc.,
4.65%,
4/01/28
316,205
SPECIALTY
FINANCE
—
2.79%
325,000
Ladder
Capital
Finance
Holdings
LLLP,
4.25%,
2/01/27
(b)
322,831
113,000
Avolon
Holdings
Funding
Ltd.,
4.95%,
1/15/28
(b)
114,325
251,000
OneMain
Finance
Corp.,
3.88%,
9/15/28
244,631
425,000
AerCap
Ireland
Capital
DAC,
3.00%,
10/29/28
412,033
1,093,820
STEEL
—
0.19%
73,000
Steel
Dynamics,
Inc.,
4.00%,
12/15/28
72,916
TECHNOLOGY
HARDWARE
—
2.30%
300,000
Hewlett
Packard
Enterprise
Co,
4.05%,
9/15/27
300,037
300,000
Motorola
Solutions
Inc.,
4.60%,
2/23/28
303,022
300,000
Dell
International
LLC
/
EMC
Corp,
4.15%,
2/15/29
(d)
299,675
902,734
TECHNOLOGY
SERVICES
—
0.75%
292,000
Fiserv,
Inc.,
5.15%,
3/15/27
295,059
TELECOMMUNICATIONS
—
1.35%
204,750
Sprint
Spectrum
Co.
LLC
/
Sprint
Spectrum
Co.
II
LLC,
5.15%,
3/20/28
(b)
206,503
300,000
Sprint
Capital
Corporation,
6.88%,
11/15/28
322,135
528,638
TOBACCO
&
CANNABIS
—
0.75%
295,000
Philip
Morris
International
Inc.,
4.13%,
4/28/28
296,311
TRANSPORTATION
&
LOGISTICS
—
1.16%
150,000
Delta
Air
Lines
Inc.,
4.95%,
7/10/28
152,697
300,000
Delta
Air
Lines,
Inc.
/
SkyMiles
IP
Ltd.,
4.75%,
10/20/28
(b)
301,822
454,519
Total
(Cost $20,690,673)
20,909,612
Sterling
Capital
Short
Duration
Bond
Fund
Schedule
of
Investments
(continued)
December
31,
2025
(Unaudited)
Principal
Amount
Fair
Value
ASSET
BACKED
SECURITIES
—
31.48%
$
208,868
Americredit
Automobile
Receivables
Trust,
Series
1
,
Class
C,
2.98%,
9/20/27
$
207,888
545,000
AmeriCredit
Automobile
Receivables
Trust,
Series
2
,
Class
C,
5.32%,
4/18/28
548,161
200,000
BANK5
Trust,
Series
2024-5YR5
,
6.27%,
2/15/29
208,591
500,000
PFS
Financing
Corp.,
Series
D
,
Class
A,
5.34%,
4/16/29
(b)
508,684
220,000
Avis
Budget
Rental
Car
Funding
AESOP
LLC,
Series
1A
,
Class
A,
4.80%,
8/20/29
(b)
223,445
392,000
OneMain
Direct
Auto
Receivables
Trust,
Series
1A
,
Class
A,
5.41%,
11/14/29
(b)
394,957
300,000
Avis
Budget
Rental
Car
Funding
AESOP
LLC,
Series
3A
,
Class
A,
4.17%,
2/20/30
(b)
299,675
500,000
Hertz
Vehicle
Financing
III
LLC,
Series
4A
,
Class
A,
6.15%,
3/25/30
(b)
523,383
270,000
PenFed
Auto
Receivables
Owner
Trust
2025-A,
Series
A
,
Class
A3,
4.03%,
7/15/30
(b)
270,660
550,000
Dryden
CLO
Ltd.,
Series
53A
,
Class
BR,
5.21%,
1/15/31
(b)(e)
550,055
450,000
Santander
Drive
Auto
Receivables
Trust,
Series
2025-2
,
4.87%,
5/15/31
454,848
136,082
ARI
Fleet
Lease
Trust,
Series
B
,
Class
A2,
6.05%,
7/15/32
(b)
137,122
424,000
Affirm
Master
Trust,
Series
1A
,
Class
A,
4.99%,
2/15/33
(b)
428,219
400,000
Fortress
Credit
BSL
IX
Ltd,
Series
1A
,
Class
A1AR,
5.03%,
10/20/33
(b)
400,160
414,000
Neuberger
Berman
Loan
Advisers
CLO
41
Ltd.,
Series
41A
,
Class
AR,
4.96%,
4/15/34
(TSFR3M
+
105
bps)
(b)
(c)(e)
413,884
420,000
ARES
XLIV
CLO
Ltd,
Series
44A
,
Class
A1RR,
5.04%,
4/15/34
(TSFR3M
+
113
bps)
(b)(c)(e)
420,357
275,000
Magnetite
XXXI
Ltd.,
Series
31A
,
Class
A1R,
–%,
7/15/34
(b)
274,992
275,000
Magnetite
XXXI
Ltd.
,
Class
A1,
5.27%,
7/15/34
(b)
275,039
417,000
LCM
33
Ltd,
Series
33A
,
Class
AR,
5.06%,
7/20/34
(TSFR3M
+
118.00
bps)
(b)(c)(e)
417,613
331,000
Affirm
Master
Trust
Series
2025-3,
Series
3A
,
Class
A,
4.45%,
10/16/34
(b)
332,037
369,000
Allegany
Park
CLO
Ltd,
Series
1A
,
Class
ARR,
4.98%,
1/20/35
(TSFR3M
+
110
bps)
(b)
369,004
270,501
Fannie
Mae
,
6.27%,
7/01/36
(H15T1Y
+
219.40
bps)
(c)
278,268
364,337
BX
Trust,
Series
2021-RISE
,
Class
C,
5.31%,
11/15/36
(b)
364,000
500,000
Wheels
Fleet
Lease
Funding
1
LLC,
Series
2A
,
Class
A1,
4.41%,
5/18/40
(b)
503,969
Sterling
Capital
Short
Duration
Bond
Fund
Schedule
of
Investments
(continued)
December
31,
2025
(Unaudited)
Principal
Amount
Fair
Value
ASSET
BACKED
SECURITIES
—
(continued)
$
274,957
Hilton
Grand
Vacations
Trust,
Series
2024-3A
,
Class
A,
4.98%,
8/27/40
(b)
$
278,139
217,970
Sierra
Timeshare
Receivables
Funding
LLC,
Series
2024-2A
,
Class
A,
5.14%,
6/20/41
(b)
221,358
118,212
Sierra
Timeshare
Receivables
Funding
LLC,
Series
3A
,
Class
A,
4.83%,
8/20/41
(b)
119,240
525,417
Tricon
Residential
Trust,
Series
2025-SFR
,
Class
A,
5.06%,
3/17/42
(TSFR1M
+
110
bps)
(b)(c)
525,834
389,778
MVW
LLC,
Series
2024-2
,
Class
A,
4.43%,
3/20/42
(b)
390,454
269,678
HINNT
LLC,
Series
2025-A
,
Class
A,
5.01%,
3/15/44
(b)
273,035
350,000
Retained
Vantage
Data
Centers
Issuer
LLC,
Series
1A
,
Class
A2A,
5.00%,
9/15/48
(b)
348,908
357,000
Morgan
Stanley
Bank
of
America,
Series
C31
,
Class
A5,
3.10%,
11/15/49
352,634
367,686
SMB
Private
Education
Loan
Trust,
Series
2021-B
,
Class
A,
1.31%,
7/17/51
(b)(f)
348,272
329,521
Navient
Refinance
Loan
Trust,
Series
A
,
Class
A,
5.15%,
2/16/55
(b)
334,075
403,369
Navient
Private
Education
Refi
Loan
Trust,
Series
2021-F
,
1.11%,
2/18/70
(b)
359,612
Total
(Cost $12,272,223)
12,356,572
Principal
Amount
Fair
Value
COMMERCIAL
MORTGAGE-BACKED
SECURITIES
—
5.98%
78,016
BX
Commercial
Mortgage
Trust,
Series
2021-ACNT,
Class
C,
5.36%,
11/15/38
(b)(e)
77,922
287,204
BX
Commercial
Mortgage
Trust,
Series
2021-CIP,
Class
B,
5.14%,
12/15/38
(b)
286,919
261,884
SMR
Mortgage
Trust,
Series
2022-IND,
Class
A,
5.40%,
2/15/39
(b)(e)
261,839
415,092
CD
Mortgage
Trust,
Series
2016-CD2,
Class
A4,
3.53%,
11/10/49
(c)
405,709
410,000
CD
Mortgage
Trust,
Series
2017-CD3,
Class
A4,
3.63%,
2/10/50
400,182
225,000
JPMCC
Commercial
Mortgage
Securities
Trust,
Series
JP5,
Class
A5,
3.72%,
3/15/50
223,685
160,000
COMM
Mortgage
Trust,
Series
COR2,
Class
A3,
3.51%,
9/10/50
157,900
75,000
Benchmark
Mortgage
Trust,
Series
2023-V2,
Class
A3,
5.81%,
5/15/55
(c)
77,459
228,000
BMO
Mortgage
Trust,
Series
2023-5C1,
7.36%,
8/15/56
240,721
100,000
BANK5
Trust,
Series
2023-5YR3,
Class
AS,
7.56%,
9/15/56
(c)
106,721
Sterling
Capital
Short
Duration
Bond
Fund
Schedule
of
Investments
(continued)
December
31,
2025
(Unaudited)
Principal
Amount
Fair
Value
COMMERCIAL
MORTGAGE-BACKED
SECURITIES
—
(continued)
$
100,000
BANK5
Trust,
Series
2023-5YR4,
Class
AS,
7.27%,
12/15/56
(c)
$
106,613
Total
(Cost $2,306,443)
2,345,670
Principal
Amount
Fair
Value
COLLATERALIZED
MORTGAGE
OBLIGATIONS
—
5.90%
273,642
Palmer
Square
Loan
Funding
2024-1
Ltd.,
Series
1A,
Class
A1,
4.96%,
10/15/32
(b)
273,626
420,000
Point
Au
Roche
Park
CLO
Ltd,
Series
1A,
Class
A,
5.23%,
7/20/34
((TSFR3M
+
26.20
bps)
+
108
bps)
(b)(c)
420,832
4,561
Fannie
Mae,
Series
72,
Class
NA,
2.50%,
8/25/42
4,536
240,635
Fannie
Mae,
Series
35,
Class
CB,
2.00%,
2/25/43
235,021
150,143
Fannie
Mae,
Series
100,
Class
DA,
3.00%,
2/25/43
147,709
164,643
Freddie
Mac,
Series
4828,
Class
QA,
3.50%,
3/15/47
163,330
550,204
Chase
Home
Lending
Mortgage
Trust,
Series
2019-
ATR2,
Class
A3,
3.50%,
8/25/49
(b)
501,894
150,000
CSAIL
Commercial
Mortgage
Trust,
Series
2015-C7,
Class
A5,
3.50%,
11/15/49
148,895
400,000
Benchmark
Mortgage
Trust,
Series
2023-V3,
Class
A3,
6.36%,
7/15/56
(c)
418,247
Total
(Cost $2,377,621)
2,314,090
Principal
Amount
Fair
Value
MUNICIPAL
BONDS
—
0.25%
New
York
—
0.25%
95,000
City
of
New
York
NY
,
4.67
%,
2/1/28
96,754
Total
(Cost $95,000)
96,754
Principal
Amount
Fair
Value
U.S.
GOVERNMENT
&
AGENCIES
—
1.18%
493,600
United
States
Treasury
Note/Bond,
1.00
%
,
7/31/28
463,136
Total
(Cost $459,022)
463,136
Sterling
Capital
Short
Duration
Bond
Fund
Schedule
of
Investments
(continued)
December
31,
2025
(Unaudited)
Shares
Fair
Value
MONEY
MARKET
FUNDS
—
1.46%
$
573,692
Federated
Hermes
Treasury
Obligations
Fund,
Institutional
Shares,
3.67%
(g)
$
573,692
Total
Money
Market
Funds
(Cost
$573,692)
573,692
Total
Investments—
100.07%
(Cost
$38,996,631)
39,279,712
Liabilities
in
Excess
of
Other
Assets 
—
(0.07)%
(26,805)
NET
ASSETS
—
100.00%
39,252,907
(a)
Non-income
producing
security.
(b)
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.
(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
December
31,
2025.
The
maturity
date
reflected
is
the
final
maturity
date.
(d)
The
security
was
purchased
on a
when-issued
of
forward
commitment
basis.
(e)
Security
is
a
fix-to-float
security,
which
carries
a
fixed
coupon
until
a
certain
date,
upon
which
it
switches
to
a
floating
rate.
Rate
shown
is
the
fixed
rate.
(f)
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
December
31,
2025
is
$348,272,
which
represents
1.0%
of
net
assets.
(g)
Represents
the
current
yield
as
of
report
date.
Sterling
Capital
Short
Duration
Bond
Fund
Futures
Schedule
of
Investments
December
31,
2025
(Unaudited)
FUTURES
CONTRACTS
Contracts
Expiration
Date
Notional
Value
Aggregate
Market
Value
of
Contracts
Unrealized
Appreciation
(Depreciation)
CBOT
2
Year
US
Treasury
Note
Future
11
03/31/2026
$
2,297,539
$
2,296,680
$
(859)
Sterling
Capital
Intermediate
U.S.
Government
Fund
Schedule
of
Investments
December
31,
2025
(Unaudited)
wis
Principal
Amount
Fair
Value
ASSET
BACKED
SECURITIES
—
4.43%
$
100,000
BANK5
Trust,
Series
2024-5YR5
,
6.27%,
2/15/29
$
104,296
183,000
Avis
Budget
Rental
Car
Funding
AESOP
LLC,
Series
2023-1A
,
Class
A,
5.36%,
6/20/30
(a)
188,687
100,000
BANK
Trust,
Series
2024-BNK48
,
Class
A5,
5.05%,
9/15/34
101,671
57,988
United
States
Small
Business
Administration,
Series
2015-20G
,
Class
1,
2.88%,
7/01/35
(b)
55,077
89,119
Government
National
Mortgage
Association,
Series
139
,
Class
NA,
5.00%,
8/20/51
89,641
79,393
Government
National
Mortgage
Association,
Series
130
,
Class
AN,
4.75%,
7/16/52
79,988
150,000
BANK5
Trust,
Series
2024-5YR6
,
Class
A3,
6.23%,
5/15/57
158,055
100,000
BANK5
Trust,
Series
2024-5YR6
,
Class
AS,
6.79%,
5/15/57
(c)
106,008
Total
(Cost $872,676)
883,423
Principal
Amount
Fair
Value
COMMERCIAL
MORTGAGE-BACKED
SECURITIES
—
11.72%
210,000
Freddie
Mac
Multifamily
Structured
Pass
Through,
Series
K060,
Class
A2,
3.30%,
10/25/26
208,766
476,376
Freddie
Mac
Multifamily
Structured
Pass
Through,
Series
K061,
Class
A2,
3.35%,
11/25/26
473,721
355,721
Fannie
Mae-Aces,
Series
2017-M7,
Class
A2,
2.96%,
2/25/27
352,242
174,546
Fannie
Mae-Aces,
Series
2017-M8,
Class
A2,
3.06%,
5/25/27
172,861
125,000
Freddie
Mac
Multifamily
Structured
Pass
Through,
Series
K066,
Class
A2,
3.12%,
6/25/27
(Special
footnote)
123,839
169,949
Freddie
Mac
Multifamily
Structured
Pass
Through,
Series
K069,
Class
A2,
3.19%,
9/25/27
168,127
275,000
Freddie
Mac
Multifamily
Structured
Pass
Through,
Series
K079,
Class
A2,
3.93%,
6/25/28
275,402
374,989
Fannie
Mae-Aces,
Series
2018-M10,
Class
A2,
3.47%,
7/25/28
371,966
26,000
BMO
Mortgage
Trust,
Series
2023-5C1,
7.36%,
8/15/56
27,451
150,000
BANK5
Trust,
Series
2023-5YR3,
Class
AS,
7.56%,
9/15/56
(c)
160,081
Total
(Cost $2,359,914)
2,334,456
Principal
Amount
Fair
Value
MORTGAGE-BACKED
SECURITIES
—
34.63%
Fannie
Mae
—
22.70%
121,527
4.00%,
12/01/33,
Pool
#MA1689
120,655
Sterling
Capital
Intermediate
U.S.
Government
Fund
Schedule
of
Investments
(continued)
December
31,
2025
(Unaudited)
Principal
Amount
Fair
Value
MORTGAGE-BACKED
SECURITIES
—
(continued)
Fannie
Mae
—
(continued)
$
31,811
4.00%,
12/01/36,
Pool
#MA2856
$
31,460
30,214
4.00%,
2/01/37,
Pool
#MA2914
29,886
316,639
1.50%,
12/01/40,
Pool
#MA4202
270,853
181,974
5.00%,
8/01/41
187,127
89,900
6.00%,
9/01/43,
Pool
#MA5158
92,634
29,479
4.00%,
5/01/47,
Pool
#BE9598
28,237
95,546
3.50%,
12/01/47,
Pool
#CA0833
89,756
41,584
5.00%,
8/01/48,
Pool
#CA2219
42,243
41,574
3.50%,
9/01/49,
Pool
#BJ9608
38,848
47,722
3.50%,
10/01/49,
Pool
#CA4431
44,521
75,156
3.00%,
3/01/50,
Pool
#FM2714
67,214
166,360
3.00%,
7/01/50,
Pool
#CA6421
147,672
169,278
3.00%,
7/01/50,
Pool
#CA6422
150,289
138,861
2.00%,
8/01/50,
Pool
#CA6799
114,032
153,629
2.50%,
8/01/50,
Pool
#CA6707
132,945
218,651
2.00%,
9/01/50,
Pool
#CA7019
179,547
250,190
2.50%,
9/01/50,
Pool
#BQ2883
212,991
112,697
2.50%,
9/01/50,
Pool
#BQ0538
96,017
377,823
3.50%,
9/01/50,
Pool
#FS5284
352,900
308,012
2.00%,
10/01/50,
Pool
#CA7224
251,909
244,556
2.50%,
10/01/50,
Pool
#FM4638
208,877
228,479
2.50%,
10/01/50,
Pool
#FM4530
195,734
155,838
4.00%,
7/01/52,
Pool
#FS2516
148,737
356,510
4.50%,
11/01/52,
Pool
#FS6858
350,971
115,897
5.00%,
11/01/52,
Pool
#CB5278
116,327
163,907
5.50%,
2/01/54,
Pool
#FA0202
167,101
272,061
6.00%,
5/01/54,
Pool
#FM2472
281,125
155,012
5.50%,
11/01/54,
Pool
#FS9801
157,598
220,284
5.00%,
4/01/55,
Pool
#CC0236
220,180
4,528,386
Federal
Farm
Credit
Banks
Funding
Corp.
—
0.35%
86,000
2.40%,
3/24/36
71,193
Federal
Home
Loan
Banks
—
0.27%
60,000
1.90%,
10/07/31
53,265
Sterling
Capital
Intermediate
U.S.
Government
Fund
Schedule
of
Investments
(continued)
December
31,
2025
(Unaudited)
Principal
Amount
Fair
Value
MORTGAGE-BACKED
SECURITIES
—
(continued)
Freddie
Mac
—
10.80%
$
75,829
4.00%,
12/01/35,
Pool
#ZA2401
$
74,944
45,798
4.00%,
3/01/39,
Pool
#ZA6403
45,032
161,084
2.00%,
12/01/40,
Pool
#RB5090
140,935
109,165
3.50%,
1/01/47,
Pool
#ZT0941
102,591
77,598
3.00%,
12/01/51,
Pool
#SD8184
69,244
96,645
3.50%,
6/01/52,
Pool
#SD2670
90,741
145,377
4.50%,
6/01/52,
Pool
#SD1265
143,377
146,438
4.50%,
8/01/52,
Pool
#SD1515
144,583
222,831
5.00%,
9/01/52,
Pool
#RA7936
224,812
152,849
4.00%,
2/01/53,
Pool
#SD7560
147,446
134,765
5.50%,
2/01/53,
Pool
#QF8052
137,612
160,339
5.00%,
3/01/53,
Pool
#SD2390
161,056
74,983
6.00%,
5/01/53,
Pool
#SD3072
77,588
131,113
6.00%,
7/01/53,
Pool
#SD3223
135,235
169,376
5.50%,
6/01/54,
Pool
#SD5479
173,707
267,106
6.00%,
9/01/54,
Pool
#SD6337
277,231
2,146,134
Ginnie
Mae
II
—
0.51%
23,834
5.00%,
11/20/38,
Pool
#4283
23,938
82,837
4.00%,
7/20/52,
Pool
#786280
78,534
102,472
Total
(Cost $7,295,732)
6,901,450
Principal
Amount
Fair
Value
COLLATERALIZED
MORTGAGE
OBLIGATIONS
—
21.13%
93,567
Freddie
Mac,
Series
3787,
Class
LM,
4.00%,
1/15/31
93,925
50,007
Freddie
Mac,
Series
4151,
Class
PA,
2.00%,
1/15/33
47,727
148,063
Fannie
Mae-Aces,
Series
M1,
Class
1A3,
3.55%,
1/25/33
140,064
175,000
Freddie
Mac,
Series
4172,
Class
KB,
3.00%,
2/15/33
165,434
203,837
Ginnie
Mae,
Series
181,
Class
AV,
5.50%,
2/20/33
207,773
54,768
Fannie
Mae,
Series
2013-44,
Class
DJ,
1.85%,
5/25/33
51,519
22,278
Fannie
Mae,
Series
2003-44,
Class
Q,
3.50%,
6/25/33
21,932
143,480
Ginnie
Mae,
Series
2023-79,
Class
DV,
5.50%,
5/20/34
145,817
78,786
Fannie
Mae,
Series
2005-31,
Class
PB,
5.50%,
4/25/35
81,567
28,034
Ginnie
Mae,
Series
2013-133,
Class
PL,
3.50%,
2/16/37
27,760
483,334
Fannie
Mae-Aces,
Series
M1,
Class
2A1,
4.05%,
12/25/37
472,805
Sterling
Capital
Intermediate
U.S.
Government
Fund
Schedule
of
Investments
(continued)
December
31,
2025
(Unaudited)
Principal
Amount
Fair
Value
COLLATERALIZED
MORTGAGE
OBLIGATIONS
—
(continued)
$
131,052
Freddie
Mac,
Series
4863,
Class
AJ,
3.50%,
7/15/38
$
127,814
49,052
Freddie
Mac,
Series
4122,
Class
BC,
3.00%,
5/15/40
46,986
135,715
Ginnie
Mae,
Series
137,
Class
WA,
5.58%,
7/20/40
140,975
150,000
Ginnie
Mae,
Series
81,
Class
AL,
4.50%,
8/20/40
145,569
99,601
Progress
Residential
Trust,
Series
SFR1,
Class
A,
3.40%,
2/17/42
(a)
95,562
152,539
Fannie
Mae,
Series
2012-87,
Class
MB,
2.00%,
5/25/42
144,990
6,110
Fannie
Mae,
Series
2016-49,
Class
DA,
3.50%,
10/25/42
6,093
110,319
Fannie
Mae,
Series
2012-150,
Class
KA,
1.75%,
1/25/43
93,639
131,888
Freddie
Mac,
Series
4173,
Class
NB,
3.00%,
3/15/43
122,011
315,000
Freddie
Mac,
Series
4669,
Class
QY,
3.50%,
9/15/44
307,579
37,089
Ginnie
Mae,
Series
2015-162,
Class
EB,
2.50%,
9/20/44
35,372
482,205
Freddie
Mac,
Series
4601,
Class
NJ,
1.90%,
9/15/45
434,962
136,769
Fannie
Mae,
Series
2016-49,
Class
PA,
3.00%,
9/25/45
130,175
81,315
Freddie
Mac,
Series
4656,
Class
PA,
3.50%,
10/15/45
79,640
113,038
Fannie
Mae,
Series
2016-24,
Class
CD,
1.75%,
2/25/46
98,937
172,481
Fannie
Mae,
Series
2016-88,
Class
PK,
2.50%,
3/25/46
160,555
65,221
Freddie
Mac,
Series
5380,
Class
A,
5.50%,
9/25/47
65,884
208,321
Fannie
Mae,
Series
2019-25,
Class
PD,
2.50%,
5/25/48
189,222
177,190
Freddie
Mac,
Series
4942,
Class
NC,
2.50%,
10/25/49
156,984
173,862
Ginnie
Mae,
Series
2022-137,
Class
PA,
4.00%,
5/20/52
171,102
Total
(Cost $4,278,056)
4,210,374
Principal
Amount
Fair
Value
CORPORATE
BONDS
—
1.01%
BANKING
—
1.01%
200,000
Federal
Home
Loan
Banks,
5.07%,
11/19/37
200,353
Total
(Cost $199,801)
200,353
Principal
Amount
Fair
Value
MUNICIPAL
BONDS
—
0.20%
Wisconsin
—
0.20%
40,000
State
of
Wisconsin,
TXB,
Revenue
Bonds,
Pension
Fundings
Series
A,
(AGM)
,
5.70
%,
5/1/26
(b)
40,258
Total
(Cost $40,180)
40,258
Sterling
Capital
Intermediate
U.S.
Government
Fund
Schedule
of
Investments
(continued)
December
31,
2025
(Unaudited)
Principal
Amount
Fair
Value
U.S.
GOVERNMENT
&
AGENCIES
—
0.98%
$
200,000
United
States
Treasury
Inflation
Indexed
Bonds,
2.38
%
,
2/15/55
$
195,765
Total
(Cost $197,601)
195,765
Principal
Amount
Fair
Value
U.S.
TREASURY
BONDS
&
NOTES
—
24.58%
1,150,000
United
States
Treasury
Strip,
0.00
%
,
5/15/29
1,016,556
780,200
United
States
Treasury
Note,
1.13
%
,
2/15/31
(b)
686,911
2,400,000
United
States
Treasury
Note,
2.75
%
,
8/15/32
(b)
2,237,156
1,000,000
United
States
Treasury
Strip,
0.00
%
,
11/15/32
756,756
200,000
United
States
Treasury
Note,
4.00
%
,
2/15/34
199,375
Total
(Cost $4,860,483)
4,896,754
Shares
Fair
Value
MONEY
MARKET
FUNDS
—
0.94%
187,055
Federated
Hermes
Treasury
Obligations
Fund,
Institutional
Shares,
3.67%
(d)
187,055
Total
Money
Market
Funds
(Cost
$187,055)
187,055
Total
Investments—
99.62%
(Cost
$20,291,498)
19,849,888
Other
Assets
in
Excess
of
Liabilities
—
0.38%
75,703
NET
ASSETS
—
100.00%
19,925,591
(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
December
31,
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
December
31,
2025
is
$3,019,402,
which
represents
15.2%
of
net
assets.
(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
December
31,
2025
(Unaudited)
Shares
Fair
Value
PREFERRED
STOCKS
—
0.20%
Asset
Management
—
0.20%
117,650
Apollo
Global
Management,
Inc.,
5.97%
(a)
$
3,098,901
Total
Preferred
Stocks
(Cost $3,065,046)
3,098,901
Principal
Amount
Fair
Value
CORPORATE
BONDS
—
25.59%
AEROSPACE
&
DEFENSE
—
0.60%
$
2,390,000
BAE
Systems
PLC,
5.13%,
3/26/29
(b)
$
2,456,939
2,798,000
Boeing
Co.
(The),
5.71%,
5/01/40
2,856,137
2,152,000
Boeing
Co.
(The),
6.30%,
5/01/29
2,284,237
1,415,000
Howmet
Aerospace,
Inc.,
4.55%,
11/15/32
1,421,305
9,018,618
ASSET
MANAGEMENT
—
0.66%
2,744,000
Apollo
Debt
Solutions
BDC,
6.90%,
4/13/29
2,877,163
1,677,000
Ares
Finance
Co.
III
LLC,
4.13%,
6/30/51
(H15T5Y
+
323.70
bps)
(a)(b)(c)
1,655,159
4,264,000
Blackstone
Secured
Lending
Fund,
5.13%,
1/31/31
4,210,909
1,245,000
Goldman
Sachs
Private
Credit
Corp,
5.88%,
1/31/31
(b)
1,246,384
9,989,615
AUTOMOTIVE
—
0.06%
916,000
Hyundai
Capital
America,
5.40%,
6/23/32
(b)
949,601
BANKING
—
2.25%
6,076,000
Bank
of
America
Corp,
5.02%,
7/22/33
(SOFRRATE
+
216
bps)
(c)
6,195,406
3,273,000
Bank
of
America
Corp.,
5.74%,
2/12/36
(SOFRRATE
+
169.70
bps)
(c)
3,410,459
1,959,000
Barclays
PLC,
5.09%,
6/20/30
1,992,333
3,321,000
Fifth
Third
Bancorp,
4.34%,
4/25/33
(c)
3,246,461
1,343,000
Huntington
Bancshares
Inc/OH,
5.71%,
2/02/35
1,402,888
1,450,000
JPMorgan
Chase
&
Co,
5.58%,
7/23/36
(SOFRRATE
+
163.50
bps)
(c)
1,499,951
4,424,000
Macquarie
Group
Ltd,
2.69%,
6/23/32
(b)(c)
4,023,201
2,821,000
Mitsubishi
UFJ
Financial
Group
Inc.,
2.49%,
10/13/32
(H15T1Y
+
97
bps)
(c)
2,526,836
2,092,000
US
Bancorp,
4.84%,
2/01/34
(c)
2,107,371
3,255,000
Wells
Fargo
&
Co.,
4.90%,
7/25/33
(SOFR
+
210
bps)
(c)
3,305,631
4,331,000
Wells
Fargo
&
Co.,
5.61%,
4/23/36
(c)
4,539,372
34,249,909
Sterling
Capital
Total
Return
Bond
Fund
Schedule
of
Investments
(continued)
December
31,
2025
(Unaudited)
Principal
Amount
Fair
Value
CORPORATE
BONDS
—
(continued)
BANKS
—
2.50%
$
2,226,000
Bank
of
America
Corp.,
5.29%,
4/25/34
(c)
$
2,291,770
6,793,000
Citigroup,
Inc.,
2.98%,
11/05/30
(c)
6,469,498
1,682,000
Citizens
Financial
Group,
Inc.,
5.84%,
1/23/30
(c)
1,754,332
1,746,000
Comerica,
Inc.,
5.98%,
1/30/30
(SOFR
+
215.50
bps)
(c)
1,821,458
2,252,000
Huntington
Bancshares,
Inc.,
6.07%,
8/21/29
(c)
2,361,906
3,797,000
JPMorgan
Chase
&
Co.,
4.91%,
7/25/33
(c)
3,868,038
5,573,000
JPMorgan
Chase
&
Co.,
5.01%,
1/23/30
(c)
5,710,653
3,442,000
Sumitomo
Mitsui
Financial
Group,
Inc.,
2.13%,
7/08/30
3,135,073
2,301,000
Toronto-Dominion
Bank
(The),
3.63%,
9/15/31
(USSW5
+
220.50
bps)
(c)
2,287,898
4,050,000
Wells
Fargo
&
Co.,
2.88%,
10/30/30
(c)
3,852,737
4,483,000
Westpac
Banking
Corp.,
4.32%,
11/23/31
(USISOA05
+
224
bps)
(c)
4,479,818
38,033,181
BEVERAGES
—
0.19%
2,871,000
Bacardi
Ltd.
/
Bacardi-Martini
BV,
5.40%,
6/15/33
(b)
2,902,616
BIOTECH
&
PHARMA
—
0.63%
2,660,000
CSL
Finance
PLC,
4.25%,
4/27/32
(b)
2,615,034
782,000
Eli
Lilly
&
Co,
5.55%,
10/15/55
787,167
2,330,000
Eli
Lilly
&
Co.,
Series
X2,
Class
A,
4.90%,
2/12/32
2,408,461
3,762,000
Zoetis,
Inc.,
5.00%,
8/17/35
3,803,220
9,613,882
BIOTECHNOLOGY
—
0.27%
4,011,000
Amgen,
Inc.,
5.25%,
3/02/30
4,160,315
CABLE
&
SATELLITE
—
0.41%
1,345,000
Charter
Communications
Operating
LLC,
6.65%,
2/01/34
1,416,877
1,799,000
Charter
Communications
Operating
LLC,
6.10%,
6/01/29
1,877,578
2,788,000
Charter
Communications
Operating
LLC,
6.55%,
6/01/34
2,932,295
6,226,750
CAPITAL
MARKETS
—
0.65%
1,198,000
Ares
Management
Corp.,
6.38%,
11/10/28
1,267,758
3,678,000
BlackRock,
Inc.,
1.90%,
1/28/31
(d)
3,305,476
5,208,000
Morgan
Stanley,
5.25%,
4/21/34
5,361,955
9,935,189
Sterling
Capital
Total
Return
Bond
Fund
Schedule
of
Investments
(continued)
December
31,
2025
(Unaudited)
Principal
Amount
Fair
Value
CORPORATE
BONDS
—
(continued)
CONSTRUCTION
MATERIALS
—
0.32%
$
2,935,000
CRH
America
Finance,
Inc.,
5.00%,
2/09/36
$
2,945,134
1,927,000
Eagle
Materials,
Inc.,
5.00%,
3/15/36
1,887,557
4,832,691
CONSUMER
SERVICES
—
0.30%
2,317,000
Duke
University,
3.30%,
10/01/46
1,714,223
3,898,000
Lehigh
University,
3.48%,
11/15/46
2,857,998
4,572,221
DIVERSIFIED
TELECOMMUNICATION
SERVICES
—
0.26%
5,069,000
AT&T,
Inc.,
3.50%,
6/01/41
3,987,249
E-COMMERCE
DISCRETIONARY
—
0.32%
2,831,000
Amazon.com
Inc,
2.88%,
5/12/41
2,148,102
2,564,000
Amazon.com,
Inc.,
4.65%,
11/20/35
2,553,630
4,701,732
ELECTRIC
UTILITIES
—
2.33%
2,437,000
CenterPoint
Energy
Houston
Electric
LLC,
5.15%,
3/01/34
2,492,194
3,238,000
DTE
Electric
Co,
5.25%,
5/15/35
3,327,823
2,634,000
Duke
Energy
Florida
LLC,
6.40%,
6/15/38
2,935,192
4,337,000
Duke
Energy
Progress
LLC,
3.60%,
9/15/47
3,226,694
3,407,000
Entergy
Louisiana
LLC,
5.70%,
3/15/54
3,384,091
3,981,000
FirstEnergy
Transmission
LLC,
4.75%,
1/15/33
(b)
3,979,729
3,536,000
Indiana
Michigan
Power
Co.,
4.55%,
3/15/46
3,058,299
673,000
Nevada
Power
Co.,
6.25%,
5/15/55
(H15T5Y
+
193.60
bps)
(c)
680,568
3,950,000
NextEra
Energy
Capital
Holdings,
Inc.,
2.44%,
1/15/32
3,517,644
2,166,000
NRG
Energy
Inc,
5.41%,
10/15/35
(b)(e)
2,163,706
2,479,000
Public
Service
Co
of
Colorado,
5.35%,
5/15/34
2,547,153
2,752,000
Puget
Sound
Energy,
Inc.,
4.22%,
6/15/48
2,239,548
3,000,000
Southwestern
Public
Service
Co.,
3.15%,
5/01/50
1,979,154
35,531,795
ELECTRICAL
EQUIPMENT
—
0.28%
4,410,000
Amphenol
Corp,
4.63%,
2/15/36
4,320,554
FINANCIAL
SERVICES
—
0.10%
1,687,000
KKR
Group
Finance
Co.
III
LLC,
5.13%,
6/01/44
(b)
1,575,821
FOOD
—
0.17%
2,830,000
Kraft
Heinz
Foods
Co.,
5.00%,
6/04/42
2,596,794
Sterling
Capital
Total
Return
Bond
Fund
Schedule
of
Investments
(continued)
December
31,
2025
(Unaudited)
Principal
Amount
Fair
Value
CORPORATE
BONDS
—
(continued)
GAS
&
WATER
UTILITIES
—
0.21%
$
3,137,000
Southern
Co
Gas
Capital
Corp,
5.10%,
9/15/35
$
3,161,033
HEALTH
CARE
EQUIPMENT
&
SUPPLIES
—
0.21%
3,059,000
GE
HealthCare
Technologies,
Inc.,
5.86%,
3/15/30
3,234,935
HEALTH
CARE
FACILITIES
&
SERVICES
—
0.50%
2,632,000
CVS
Health
Corp,
6.05%,
6/01/54
2,616,826
2,706,000
HCA,
Inc.,
5.50%,
6/01/33
2,815,267
2,085,000
IQVIA,
Inc.,
6.25%,
2/01/29
2,197,837
7,629,930
HOME
CONSTRUCTION
—
0.26%
1,540,000
DR
Horton
Inc.,
4.85%,
10/15/30
1,573,336
2,395,000
Meritage
Homes
Corp,
5.65%,
3/15/35
2,446,915
4,020,251
HOUSEHOLD
DURABLES
—
0.11%
1,729,000
Meritage
Homes
Corp.,
3.88%,
4/15/29
(b)
1,698,200
INSTITUTIONAL
FINANCIAL
SERVICES
—
0.30%
5,023,000
Morgan
Stanley,
2.51%,
10/20/32
(SOFRRATE
+
120
bps)
(c)
4,504,922
INSURANCE
—
1.57%
2,274,000
American
National
Group
Inc,
6.00%,
7/15/35
2,305,898
1,456,000
Athene
Holding
Ltd.,
6.63%,
10/15/54
1,453,240
3,826,000
Athene
Holding
Ltd.,
5.88%,
1/15/34
3,966,506
1,802,000
Enstar
Group
Ltd.,
3.10%,
9/01/31
1,619,541
2,385,000
Fortitude
Group
Holdings
LLC,
6.25%,
4/01/30
(b)
2,484,182
2,597,000
GA
Global
Funding
Trust,
5.50%,
1/08/29
(b)
2,669,261
2,043,000
Global
Atlantic
Fin
Co.,
6.75%,
3/15/54
(b)
2,087,038
1,919,000
Lincoln
National
Corp.,
5.35%,
11/15/35
1,935,975
1,515,000
RGA
Global
Funding,
5.50%,
1/11/31
(b)
1,575,739
1,584,000
SBL
Holdings,
Inc.,
7.20%,
10/30/34
(b)
1,533,712
1,863,000
Transatlantic
Holdings,
Inc.,
8.00%,
11/30/39
2,326,891
23,957,983
INTERACTIVE
MEDIA
&
SERVICES
—
0.17%
2,704,000
Meta
Platforms,
Inc.,
5.40%,
8/15/54
2,515,573
INTERNET
MEDIA
&
SERVICES
—
0.41%
3,666,000
Beignet
Investor
LLC,
6.58%,
5/30/49
(b)
3,873,111
2,300,000
Meta
Platforms
Inc,
4.60%,
11/15/32
2,318,490
6,191,601
Sterling
Capital
Total
Return
Bond
Fund
Schedule
of
Investments
(continued)
December
31,
2025
(Unaudited)
Principal
Amount
Fair
Value
CORPORATE
BONDS
—
(continued)
IT
SERVICES
—
0.16%
$
2,503,000
Gartner,
Inc.,
4.50%,
7/01/28
(b)
$
2,494,905
LEISURE
PRODUCTS
—
0.09%
757,000
Mattel
Inc,
3.75%,
4/01/29
(b)
737,822
675,000
Mattel,
Inc.,
5.00%,
11/17/30
679,681
1,417,503
MACHINERY
—
0.16%
2,383,000
Caterpillar
Inc.,
5.20%,
5/15/35
2,470,019
MEDICAL
EQUIPMENT
&
DEVICES
—
0.17%
2,905,000
Baxter
International
Inc,
2.54%,
2/01/32
2,531,456
METALS
&
MINING
—
0.82%
2,449,000
Anglo
American
Capital
PLC,
6.00%,
4/05/54
(b)
2,451,932
4,276,000
Freeport-McMoRan
Inc.,
5.45%,
3/15/43
4,139,344
3,159,000
Glencore
Funding
LLC,
5.67%,
4/01/35
(b)
3,298,203
2,535,000
Steel
Dynamics,
Inc.,
5.38%,
8/15/34
2,626,214
12,515,693
MULTI-UTILITIES
—
0.33%
2,667,000
CMS
Energy
Corp.,
4.70%,
3/31/43
2,324,806
3,125,000
Sempra,
3.80%,
2/01/38
2,685,503
5,010,309
OIL
&
GAS
PRODUCERS
—
0.58%
1,797,000
APA
Corp.,
5.10%,
9/01/40
1,596,766
2,422,000
DT
Midstream
Inc,
4.13%,
6/15/29
(b)
2,390,071
2,200,000
Plains
All
American
Pipeline
LP/PAA
Finance
Corp.,
5.60%,
1/15/36
2,225,445
2,525,000
Woodside
Finance
Ltd.,
6.00%,
5/19/35
2,629,647
8,841,929
OIL,
GAS
&
CONSUMABLE
FUELS
—
0.71%
2,033,000
Aker
BP
ASA,
3.75%,
1/15/30
(b)
1,966,249
1,555,000
Diamondback
Energy,
Inc.,
5.40%,
4/18/34
1,592,202
2,606,000
MPLX
LP,
4.50%,
4/15/38
2,376,086
2,134,000
ONEOK,
Inc.,
7.15%,
1/15/51
2,343,095
2,750,000
Pioneer
Natural
Resources
Co.,
1.90%,
8/15/30
2,490,654
10,768,286
REIT
—
1.30%
3,279,000
American
Tower
Trust,
Series
2018-1,
Class
A,
3.65%,
3/15/28
(b)(d)
3,246,425
2,669,000
Extra
Space
Storage
LP,
4.95%,
1/15/33
2,697,880
Sterling
Capital
Total
Return
Bond
Fund
Schedule
of
Investments
(continued)
December
31,
2025
(Unaudited)
Principal
Amount
Fair
Value
CORPORATE
BONDS
—
(continued)
REIT
—
(continued)
$
1,770,000
Invitation
Homes
Operating
Partnership
LP,
4.15%,
4/15/32
$
1,718,014
2,254,000
LXP
Industrial
Trust,
2.70%,
9/15/30
2,066,929
2,550,000
Phillips
Edison
Grocery
Center,
4.95%,
1/15/35
2,514,479
2,269,000
Prologis
Targeted
US
Logistics
Fund
LP,
5.50%,
4/01/34
(b)
2,357,296
3,371,000
Store
Capital
LLC,
2.75%,
11/18/30
3,069,011
2,396,000
Tanger
Properties
LP,
2.75%,
9/01/31
2,168,158
19,838,192
RETAIL
-
CONSUMER
STAPLES
—
0.12%
1,744,000
Kroger
Co/The,
5.00%,
9/15/34
1,753,634
RETAIL
-
DISCRETIONARY
—
0.16%
2,816,000
Lowe's
Cos
Inc.,
1.70%,
10/15/30
2,501,175
SEMICONDUCTORS
—
0.71%
3,762,000
Foundry
JV
Holdco
LLC,
6.15%,
1/25/32
(b)
3,986,546
935,000
Intel
Corp,
3.73%,
12/08/47
665,340
2,532,000
Intel
Corp,
4.90%,
8/05/52
2,097,426
3,859,000
Microchip
Technology
Inc.,
5.05%,
2/15/30
3,937,682
10,686,994
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
—
0.26%
3,981,000
Broadcom,
Inc.,
4.93%,
5/15/37
(b)
3,929,280
SOFTWARE
—
0.53%
3,699,000
Oracle
Corp,
5.88%,
9/26/45
3,340,655
2,837,000
Oracle
Corp.,
6.13%,
8/03/65
2,512,427
2,228,000
Synopsys,
Inc.,
5.00%,
4/01/32
2,275,036
8,128,118
SPECIALTY
FINANCE
—
0.89%
1,322,000
AerCap
Ireland
Capital
DAC,
6.15%,
9/30/30
1,413,356
3,115,000
Aircastle
Ltd
/
Aircastle
Ireland
DAC,
5.00%,
9/15/30
(b)
3,143,806
3,033,000
Ally
Financial
Inc.,
5.54%,
1/17/31
(SOFRINDX
+
173
bps)
(c)
3,103,320
2,933,000
American
Express
Co.,
5.44%,
1/30/36
(SOFRINDX
+
132
bps)
(c)
3,046,418
2,700,000
Ladder
Capital
Finance
Holdings
LLLP,
7.00%,
7/15/31
(b)
2,862,683
13,569,583
TECHNOLOGY
HARDWARE
—
0.68%
1,959,000
Dell
International
LLC
/
EMC
Corp,
4.75%,
10/06/32
(e)
1,956,426
Sterling
Capital
Total
Return
Bond
Fund
Schedule
of
Investments
(continued)
December
31,
2025
(Unaudited)
Principal
Amount
Fair
Value
CORPORATE
BONDS
—
(continued)
TECHNOLOGY
HARDWARE
—
(continued)
$
2,846,000
Dell
International
LLC
/
EMC
Corp.,
5.50%,
4/01/35
$
2,932,459
2,717,000
Hewlett
Packard
Enterprise
Co,
4.40%,
10/15/30
2,708,688
2,749,000
Motorola
Solutions
Inc.,
4.85%,
8/15/30
2,804,816
10,402,389
TECHNOLOGY
HARDWARE,
STORAGE
&
PERIPHERALS
—
0.13%
1,962,000
Hewlett
Packard
Enterprise
Co.,
6.35%,
10/15/45
2,011,419
TECHNOLOGY
SERVICES
—
0.19%
558,000
S&P
Global,
Inc.,
4.80%,
12/04/35
(b)
556,280
2,264,000
Verisk
Analytics,
Inc.,
5.25%,
3/15/35
2,303,950
2,860,230
TELECOMMUNICATIONS
—
0.67%
2,622,000
AT&T,
Inc.,
4.30%,
2/15/30
2,625,312
2,646,000
Sprint
Capital
Corp.,
8.75%,
3/15/32
3,199,957
3,356,000
T-Mobile
USA,
Inc.,
6.00%,
6/15/54
3,412,360
1,035,000
Verizon
Communications
Inc,
5.88%,
11/30/55
1,022,581
10,260,210
TOBACCO
&
CANNABIS
—
0.36%
2,870,000
BAT
Capital
Corp.,
6.42%,
8/02/33
3,166,861
2,357,000
Philip
Morris
International,
Inc.,
5.13%,
2/15/30
2,436,374
5,603,235
TRANSPORTATION
&
LOGISTICS
—
0.53%
2,545,000
Burlington
Northern
Santa
Fe
LLC,
4.95%,
9/15/41
2,457,802
2,740,000
Delta
Air
Lines
Inc.,
5.25%,
7/10/30
2,815,532
2,875,000
United
Airlines
Inc,
4.63%,
4/15/29
(b)
2,862,530
8,135,864
Total
(Cost $388,333,385)
389,843,384
Principal
Amount
Fair
Value
MUNICIPAL
BONDS
—
1.06%
Alabama
—
0.18%
2,675,000
Alabama
Economic
Settlement
Authority,
Economic
Imports,
Taxable
BP
-
Settlement
Revenue
Series
B
,
4.26
%,
9/15/32
(d)
2,672,977
California
—
0.09%
1,145,000
State
of
California,
Build
America
Bonds,
School
Improvements
G.O.
,
7.63
%,
3/1/40
(d)
1,380,448
New
York
—
0.79%
5,000,000
City
of
New
York
NY
,
5.68
%,
10/1/33
5,357,281
Sterling
Capital
Total
Return
Bond
Fund
Schedule
of
Investments
(continued)
December
31,
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
$
318,532
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
6,422,820
Total
(Cost $16,446,494)
16,152,058
Principal
Amount
Fair
Value
ASSET
BACKED
SECURITIES
—
17.53%
4,543,000
Avis
Budget
Rental
Car
Funding
AESOP
LLC,
Series
8A
,
Class
A,
6.02%,
2/20/30
(b)
$
4,760,763
3,127,000
Avis
Budget
Rental
Car
Funding
AESOP
LLC,
Series
2023-1A
,
Class
A,
5.36%,
6/20/30
(b)
3,224,182
8,664,000
BANK5
2025-5YR17,
Series
5YR17
,
Class
A3,
5.23%,
11/15/58
(e)
8,932,623
8,974,000
BANK5
2025-5YR18,
Series
5YR18
,
Class
A3,
5.15%,
12/15/58
9,224,477
6,618,000
BANK5
2025-5YR19,
Series
5YR19
,
Class
A3,
5.27%,
12/15/30
6,839,816
5,741,000
BANK5
Trust,
Series
2024-5YR5
,
6.27%,
2/15/29
5,987,608
5,192,000
BANK5
Trust,
Series
2024-5YR6
,
Class
A3,
6.23%,
5/15/57
5,470,811
9,377,000
BANK5
Trust,
Series
2024-5YR6
,
Class
AS,
6.79%,
5/15/57
9,940,399
7,303,000
BBCMS
Mortgage
Trust
2025-5C38,
Series
5C38
,
Class
A3,
5.15%,
11/15/58
7,512,839
13,134,000
Benchmark
2025-V18
Mortgage
Trust,
Series
V18
,
Class
A3,
5.18%,
10/15/30
13,525,438
3,691,000
Benchmark
2025-V19
Mortgage
Trust,
Series
V19
,
Class
A3,
5.25%,
1/15/58
3,812,528
4,382,000
BMO
2025-5C13
Mortgage
Trust,
Series
5C13
,
Class
A3,
5.23%,
12/15/58
4,510,437
2,863,975
BX
Trust,
Series
2021-RISE
,
Class
C,
5.31%,
11/15/36
(b)
2,861,327
11,500,335
CARLYLE
US
CLO
Ltd.,
Series
2017-3A
,
Class
A1R2,
5.27%,
10/21/37
(b)(f)
11,542,771
6,622,510
Carvana
Auto
Receivables
Trust,
Series
P2
,
Class
B,
1.27%,
3/10/27
6,599,246
15,000,000
CIFC
Funding
Ltd.,
Series
2017-3A
,
Class
AR,
5.42%,
4/20/37
(TSFR3M
+
154
bps)
(b)(c)(f)
15,036,150
9,600,000
Dryden
CLO
Ltd.,
Series
53A
,
Class
BR,
5.21%,
1/15/31
(b)(f)
9,600,960
17,494,000
Hertz
Vehicle
Financing
III
LLC,
Series
2A
,
Class
A,
5.48%,
1/27/31
(b)
18,014,437
Sterling
Capital
Total
Return
Bond
Fund
Schedule
of
Investments
(continued)
December
31,
2025
(Unaudited)
Principal
Amount
Fair
Value
ASSET
BACKED
SECURITIES
—
(continued)
$
14,967,000
LCM
33
Ltd,
Series
33A
,
Class
AR,
5.06%,
7/20/34
(TSFR3M
+
118.00
bps)
(b)(c)(f)
$
14,989,002
7,798,000
Morgan
Stanley
Bank
of
America
Merrill
Lynch,
Series
5C2
,
Class
A3,
5.11%,
11/15/30
7,992,388
3,123,826
MVW
LLC,
Series
2024-2
,
Class
A,
4.43%,
3/20/42
(b)
3,129,240
13,027,000
Neuberger
Berman
Loan
Advisers
CLO
41
Ltd.,
Series
41A
,
Class
AR,
4.96%,
4/15/34
(TSFR3M
+
105
bps)
(b)
(c)(f)
13,023,352
225,182
New
Century
Home
Equity
Loan
Trust,
Series
4
,
Class
M1,
5.19%,
10/25/33
(d)
224,954
13,050,000
OneMain
Direct
Auto
Receivables
Trust,
Series
1A
,
Class
A,
5.41%,
11/14/29
(b)
13,148,437
20,805,000
OneMain
Financial
Issuance
Trust,
Series
1A
,
Class
A1,
1.55%,
6/16/36
(b)
20,247,418
11,353,379
SMB
Private
Education
Loan
Trust,
Series
2024-E
,
Class
A-1A,
5.09%,
10/16/56
(b)
11,529,635
6,991,000
Stack
Infrastructure
Issuer
LLC,
Series
1A
,
Class
A2,
5.00%,
5/25/50
(b)
6,906,973
13,303,000
Toyota
Auto
Loan
Extended
Note
Trust,
Series
2025-1A
,
Class
A,
4.65%,
5/25/38
(b)
13,569,637
7,342,000
Vantage
Data
Centers
Issuer,
LLC.,
Series
2A
,
Class
A2,
5.24%,
11/15/55
(b)
7,271,463
2,234,000
VDCM
Commercial
Mortgage
Trust
2025-AZ,
Series
AZ
,
Class
C,
6.03%,
7/13/44
(b)(c)
2,273,374
5,197,000
Wells
Fargo
Commercial
Mortgage
Trust
2025-5C7,
Series
5C7
,
Class
A3,
5.20%,
12/15/58
(b)
5,345,931
Total
(Cost $265,712,203)
267,048,616
Principal
Amount
Fair
Value
COMMERCIAL
MORTGAGE-BACKED
SECURITIES
—
9.45%
3,607,000
BANK5
Trust,
Series
2023-5YR3,
Class
AS,
7.56%,
9/15/56
$
3,849,420
5,789,000
BANK5
Trust,
Series
2023-5YR4,
Class
AS,
7.27%,
12/15/56
$
6,171,842
2,940,000
BBCMS
Mortgage
Trust,
Series
5C25,
Class
A3,
5.95%,
3/15/57
$
3,075,171
2,002,000
BBCMS
Mortgage
Trust,
Series
5C25,
Class
AS,
6.36%,
3/15/57
$
2,086,696
5,293,000
Benchmark
Mortgage
Trust,
Series
V6,
Class
AS,
6.38%,
3/15/29
$
5,532,041
8,434,000
Benchmark
Mortgage
Trust,
Series
V5,
Class
A3,
5.81%,
1/10/57
$
8,776,545
1,396,000
Benchmark
Mortgage
Trust,
Series
V6,
Class
A3,
5.93%,
3/15/29
$
1,458,518
6,548,000
Benchmark
Mortgage
Trust,
Series
2024-V7,
Class
AS,
6.53%,
5/15/56
$
6,891,555
Sterling
Capital
Total
Return
Bond
Fund
Schedule
of
Investments
(continued)
December
31,
2025
(Unaudited)
Principal
Amount
Fair
Value
COMMERCIAL
MORTGAGE-BACKED
SECURITIES
—
(continued)
8,156,000
Benchmark
Mortgage
Trust,
Series
2024-V7,
Class
A3,
6.23%,
5/15/56
$
8,607,836
3,127,000
Benchmark
Mortgage
Trust,
Series
V2,
Class
AS,
6.54%,
5/15/55
$
3,251,921
6,847,000
BMO
2025-5C12
Mortgage
Trust,
Series
5C12,
Class
A3,
5.18%,
10/15/58
$
7,028,834
2,002,000
BMO
Mortgage
Trust,
Series
2023-5C1,
7.36%,
8/15/56
$
2,113,699
2,665,814
BX
Commercial
Mortgage
Trust,
Series
2021-ACNT,
Class
C,
5.36%,
11/15/38
(b)(f)
$
2,662,598
2,614,305
BX
Commercial
Mortgage
Trust,
Series
2021-CIP,
Class
B,
5.14%,
12/15/38
(b)
$
2,611,711
4,314,000
CD
Mortgage
Trust,
Series
2016-CD2,
Class
A4,
3.53%,
11/10/49
$
4,216,487
530,000
CD
Mortgage
Trust,
Series
2017-CD3,
Class
A4,
3.63%,
2/10/50
$
517,309
3,447,000
CFCRE
Commercial
Mortgage
Trust,
Series
C7,
Class
A3,
3.84%,
12/10/54
$
3,424,692
35,475
CHL
Mortgage
Pass-Through
Trust,
Series
3,
Class
A4,
5.75%,
4/25/34
$
35,409
1,337,000
Citigroup
Commercial
Mortgage
Trust,
Series
P7,
Class
A4,
3.71%,
4/14/50
$
1,325,471
8,955
Citigroup
Mortgage
Loan
Trust,
Inc.,
Series
NCM2,
Class
3CB2,
6.50%,
8/25/34
$
8,950
7,241,000
COMM
Mortgage
Trust,
Series
COR2,
Class
A3,
3.51%,
9/10/50
$
7,145,969
16,831
CSFB
Mortgage-Backed
Pass-Through
Certificates,
Series
1,
Class
2A1,
6.50%,
2/25/34
$
16,864
1,252,791
Fannie
Mae-Aces,
Series
2019-M9,
Class
A2,
2.94%,
6/25/29
$
1,219,461
3,386,000
Freddie
Mac
Multifamily
Structured
Pass
Through,
Series
K153,
Class
A3,
3.12%,
10/25/31
$
3,213,019
8,536,000
Freddie
Mac
Multifamily
Structured
Pass
Through,
Series
K155,
Class
A3,
3.75%,
4/25/33
$
8,219,943
4,048,697
FRESB
Mortgage
Trust,
Series
SB52,
Class
A10F,
3.48%,
6/25/28
$
3,986,251
2,209,000
GS
Mortgage
Securities
Trust,
Series
2016-GS4,
Class
A4,
3.44%,
11/15/49
$
2,195,223
1,517,000
JP
Morgan
Chase
Commercial
Mortgage,
Series
JP4,
Class
A4,
3.65%,
12/15/49
(f)
$
1,504,634
961,311
JP
Morgan
Chase
Commercial
Mortgage,
Series
C3,
Class
B,
5.01%,
2/15/46
(b)
$
940,724
3,742,000
JPMCC
Commercial
Mortgage
Securities
Trust,
Series
JP5,
Class
A5,
3.72%,
3/15/50
$
3,720,132
5,198,000
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series
C32,
Class
A4,
3.72%,
12/15/49
$
5,156,483
Sterling
Capital
Total
Return
Bond
Fund
Schedule
of
Investments
(continued)
December
31,
2025
(Unaudited)
Principal
Amount
Fair
Value
COMMERCIAL
MORTGAGE-BACKED
SECURITIES
—
(continued)
8,910,000
Morgan
Stanley
Capital
I,
Series
HR2,
Class
A4,
3.59%,
12/15/50
$
8,803,926
2,562,000
Morgan
Stanley
Capital
I
Trust,
Series
BNK2,
Class
A4,
3.05%,
11/15/49
$
2,513,792
9,850,000
Morgan
Stanley
Capital
I
Trust,
Series
H3,
Class
A5,
4.18%,
7/15/51
$
9,834,697
2,597,776
SMR
Mortgage
Trust,
Series
2022-IND,
Class
A,
5.40%,
2/15/39
(b)(f)
$
2,597,331
723,000
Wells
Fargo
Commercial
Mortgage
Trust,
Series
C37,
Class
A5,
3.79%,
12/15/49
$
720,037
8,591,000
Wells
Fargo
Commercial
Mortgage
Trust,
Series
C40,
Class
A4,
3.58%,
10/15/50
$
8,509,524
Total
(Cost $145,918,732)
$
143,944,715
Principal
Amount
Fair
Value
COLLATERALIZED
MORTGAGE
OBLIGATIONS
—
6.17%
2,107,000
BANK5,
Series
2023-5YR4,
Class
B,
7.86%,
12/15/28
$
2,259,980
5,728,000
BBCMS
Mortgage
Trust
2025-5C36,
Series
5C36,
Class
A3,
5.52%,
8/15/58
$
5,974,979
2,854,000
Benchmark
2025-V16
Mortgage
Trust,
Series
V16,
Class
A3,
5.44%,
8/15/57
$
2,965,842
891,000
Fannie
Mae,
Series
2013-70,
Class
CY,
3.50%,
7/25/43
$
781,094
407,254
Fannie
Mae,
Series
2011-38,
Class
D,
4.50%,
5/25/41
(d)
$
411,740
128,882
Freddie
Mac,
Series
3632,
Class
PK,
5.00%,
2/15/40
$
131,518
4,134,900
Freddie
Mac,
Series
5499,
Class
A,
5.50%,
10/25/52
$
4,199,496
3,483,525
Freddie
Mac,
Series
5427,
Class
HZ,
3.50%,
8/15/42
$
2,913,086
7,235,095
Freddie
Mac,
Series
5300,
Class
AB,
5.50%,
1/25/49
$
7,333,463
1,013,121
Freddie
Mac,
Series
4427,
Class
KA,
2.25%,
7/15/44
$
963,075
12,906,254
Freddie
Mac,
1.50%,
7/25/50
$
10,302,474
324,000
Freddie
Mac,
Series
4160,
Class
HH,
2.50%,
12/15/32
$
309,031
361,236
Freddie
Mac,
Series
4136,
Class
HZ,
3.50%,
11/15/27
$
359,684
6,956,976
Freddie
Mac,
Series
4112,
Class
PB,
4.00%,
9/15/42
$
6,726,307
719,767
Freddie
Mac,
Series
3762,
Class
LN,
4.00%,
11/15/40
$
693,356
214,784
Freddie
Mac,
Series
4328,
Class
KD,
3.00%,
8/15/43
$
209,079
92,058
Ginnie
Mae,
Series
2008-51,
Class
PG,
5.00%,
6/20/38
$
94,731
2,203,296
Ginnie
Mae,
Series
2014-2,
Class
AG,
2.30%,
3/20/40
$
2,003,552
9,810,982
Ginnie
Mae,
Series
154,
Class
GA,
6.00%,
4/20/50
$
10,080,086
7,775,958
Ginnie
Mae,
Series
132,
Class
DV,
6.00%,
7/20/34
$
7,925,735
9,317,666
Progress
Residential
Trust,
Series
SFR1,
Class
A,
3.40%,
2/17/42
(b)
$
8,939,835
7,364,000
Vantage
Data
Centers
LLC,
Series
1A,
Class
A2,
5.13%,
8/15/55
b)
$
7,278,252
Sterling
Capital
Total
Return
Bond
Fund
Schedule
of
Investments
(continued)
December
31,
2025
(Unaudited)
Principal
Amount
Fair
Value
COLLATERALIZED
MORTGAGE
OBLIGATIONS
—
(continued)
4,651,000
Wells
Fargo
Commercial
Mortgage
Trust
2025-5C5,
Series
5C5,
Class
A3,
5.59%,
7/15/58
$
4,857,371
6,180,000
Wells
Fargo
Commercial
Mortgage
Trust
2025-5C6,
Series
5C6,
Class
A3,
5.19%,
10/15/58
(e)
$
6,355,534
Total
(Cost $92,827,690)
$
94,069,300
Principal
Amount
Fair
Value
MORTGAGE-BACKED
SECURITIES
—
29.08%
Fannie
Mae
—
17.49%
155,432
4.50%,
12/01/40,
Pool
#AH1100
156,609
12,322,838
3.50%,
4/01/52,
Pool
#FS1475
11,529,306
7,196,981
4.50%,
6/01/52,
Pool
#FS2157
7,118,276
5,666,525
4.50%,
11/01/52,
Pool
#FS3809
5,594,508
6,123,994
5.50%,
3/01/53,
Pool
#FS3925
6,285,049
12,950,088
3.50%,
9/01/50,
Pool
#FS5284
12,095,800
8,212,866
5.50%,
5/01/53,
Pool
#FS4571
8,400,959
13,233,599
5.00%,
5/01/53,
Pool
#FS4929
(d)
13,400,633
9,379,572
5.50%,
7/01/53,
Pool
#FS5589
9,591,027
7,921,271
6.00%,
6/01/53,
Pool
#FS6616
8,150,409
23,464,926
,
Series
23.00%,
6/01/52,
Pool
#FS8022
(d)
21,024,413
3,977,357
4.00%,
8/01/51,
Pool
#FS8708
3,828,474
6,308,109
5.50%,
11/01/54,
Pool
#FS9801
6,413,360
9,689,316
3.50%,
4/01/52,
Pool
#FS1185
8,984,891
160,045
5.50%,
8/01/37,
Pool
#995082
166,928
347,852
3.50%,
6/01/42,
Pool
#AB5373
331,843
282,525
3.50%,
5/01/43,
Pool
#AB9368
269,258
48,746
4.50%,
10/01/39,
Pool
#AC2645
48,831
667,153
4.00%,
12/01/33,
Pool
#MA1689
662,362
530,763
4.00%,
6/01/46,
Pool
#MA2653
513,167
393,606
4.00%,
6/01/34,
Pool
#MA1922
391,598
140,345
4.50%,
11/01/44,
Pool
#MA2100
140,087
520,003
4.50%,
1/01/45,
Pool
#MA2158
519,046
363,524
4.00%,
3/01/35,
Pool
#MA2211
360,465
590,405
4.00%,
3/01/45,
Pool
#MA2217
(d)
571,933
649,703
4.00%,
11/01/46,
Pool
#MA2808
628,162
9,989,230
1.50%,
12/01/40,
Pool
#MA4202
8,544,802
96,932
4.50%,
3/01/41,
Pool
#AB2467
97,522
1,566,539
4.00%,
5/01/52,
Pool
#FS1790
1,492,490
Sterling
Capital
Total
Return
Bond
Fund
Schedule
of
Investments
(continued)
December
31,
2025
(Unaudited)
Principal
Amount
Fair
Value
MORTGAGE-BACKED
SECURITIES
—
(continued)
Fannie
Mae
—
(continued)
4,037,791
4.00%,
8/01/40,
Pool
#FM4673
4,008,650
9,935,542
3.00%,
3/01/50,
Pool
#FM2870
8,981,770
172,514
4.50%,
5/01/41,
Pool
#AI1023
172,188
120,846
4.50%,
11/01/41,
Pool
#AJ4994
121,594
135,097
4.50%,
12/01/41,
Pool
#AJ7696
135,878
593,018
3.50%,
5/01/43,
Pool
#AL3605
561,331
480,829
4.50%,
7/01/46,
Pool
#AS7568
479,350
785,505
3.50%,
8/01/43,
Pool
#AU0613
748,354
815,649
4.00%,
5/01/47,
Pool
#BE9598
781,288
1,096,478
4.00%,
8/01/47,
Pool
#BH5117
1,059,951
2,742,821
4.00%,
4/01/48,
Pool
#BM3900
2,647,367
2,541,150
3.00%,
11/01/48,
Pool
#BM5822
2,300,676
8,614,987
4.50%,
11/01/48,
Pool
#BM7046
8,615,103
7,097,262
2.50%,
9/01/50,
Pool
#BQ0538
6,046,825
1,017,978
5.00%,
8/01/48,
Pool
#CA2219
1,034,110
3,481,141
3.50%,
10/01/49,
Pool
#CA4431
3,247,679
5,884,460
2.00%,
7/01/50,
Pool
#CA6301
4,826,599
2,937,665
3.00%,
10/01/50,
Pool
#CA7381
2,607,212
4,158,473
2.50%,
11/01/50,
Pool
#CA7684
3,564,443
3,677,562
3.00%,
11/01/51,
Pool
#CB2170
3,263,496
5,481,946
5.00%,
11/01/52,
Pool
#CB5278
5,502,252
13,125,423
6.00%,
9/01/53,
Pool
#CB7124
(d)
13,742,141
6,840,304
4.50%,
5/01/53,
Pool
#CB6304
6,756,429
12,681,208
6.00%,
6/01/54,
Pool
#CB8755
13,070,162
12,587,653
2.50%,
6/01/52,
Pool
#FA0543
10,880,328
10,236,316
6.00%,
4/01/54,
Pool
#FA0566
10,573,118
6,888,267
5.00%,
5/01/55,
Pool
#FA1475
6,888,503
1,848,733
3.50%,
8/01/38,
Pool
#FM2472
1,791,937
5,108,268
3.00%,
3/01/50,
Pool
#FM2714
4,568,475
75,771
5.00%,
6/01/40,
Pool
#AD4927
77,920
82,058
5.00%,
6/01/40,
Pool
#AD8718
84,385
$
266,451,722
Federal
Farm
Credit
Banks
Funding
Corp.
—
0.29%
5,325,000
2.40%,
3/24/36
4,408,224
—
Sterling
Capital
Total
Return
Bond
Fund
Schedule
of
Investments
(continued)
December
31,
2025
(Unaudited)
Principal
Amount
Fair
Value
MORTGAGE-BACKED
SECURITIES
—
(continued)
Freddie
Mac
—
10.98%
27,082
5.00%,
2/01/37,
Pool
#ZI5759
27,849
7,896,690
4.50%,
8/01/52,
Pool
#SD1515
7,796,617
10,242,788
4.50%,
4/01/53,
Pool
#SD2639
10,099,169
9,971,883
3.50%,
6/01/52,
Pool
#SD2670
9,362,645
2,603,585
5.00%,
3/01/53,
Pool
#SD2390
2,615,225
13,371,208
5.50%,
3/01/53,
Pool
#SD2774
(d)
13,693,245
10,040,380
4.00%,
3/01/53,
Pool
#SD3107
9,582,921
3,954,754
5.50%,
12/01/54,
Pool
#SD6940
4,058,313
188,807
3.00%,
1/01/51,
Pool
#SD8123
167,802
1,035,759
3.00%,
12/01/51,
Pool
#SD8184
924,263
8,434,543
4.00%,
8/01/52,
Pool
#SD3617
8,135,807
7,887,441
5.00%,
10/01/52,
Pool
#SD1710
7,904,459
9,136,347
5.00%,
8/01/53,
Pool
#SD3814
9,143,533
2,072,015
3.00%,
11/01/49,
Pool
#QA4336
1,859,444
7,758,587
5.50%,
2/01/53,
Pool
#QF8052
7,922,514
1,836,418
3.50%,
6/01/50,
Pool
#RA2794
1,714,453
7,610,822
2.50%,
7/01/50,
Pool
#RA2970
6,507,950
4,289,896
3.50%,
4/01/52,
Pool
#RA7191
3,983,349
8,310,630
4.00%,
5/01/52,
Pool
#RA7306
7,932,617
8,192,772
5.00%,
9/01/52,
Pool
#RA7936
8,265,571
3,587,624
3.00%,
5/01/40,
Pool
#RB5049
3,351,565
5,012,938
2.00%,
12/01/40,
Pool
#RB5090
4,385,912
3,384,521
6.00%,
3/01/55,
Pool
#SL0528
3,476,739
1,433,594
5.00%,
9/01/53,
Pool
#SD4220
1,447,680
426,926
4.00%,
2/01/48,
Pool
#ZT1639
412,770
407,079
4.00%,
6/01/48,
Pool
#ZT0541
393,517
112,505
3.50%,
7/01/30,
Pool
#ZS8575
111,705
25,297
4.50%,
10/01/39,
Pool
#ZI9349
25,354
201,772
5.00%,
7/01/40,
Pool
#ZJ0194
207,495
19,986
2.50%,
1/01/28,
Pool
#ZK4918
19,714
227,445
3.50%,
5/01/43,
Pool
#ZL5915
216,765
1,223,380
3.50%,
1/01/45,
Pool
#ZL8964
1,164,391
111,713
4.00%,
9/01/44,
Pool
#ZL8439
107,118
1,794,594
3.50%,
9/01/47,
Pool
#ZM4305
1,690,822
504,380
3.50%,
1/01/48,
Pool
#ZM5375
474,374
82,082
5.00%,
6/01/40,
Pool
#ZA1049
84,410
Sterling
Capital
Total
Return
Bond
Fund
Schedule
of
Investments
(continued)
December
31,
2025
(Unaudited)
Principal
Amount
Fair
Value
MORTGAGE-BACKED
SECURITIES
—
(continued)
Freddie
Mac
—
(continued)
24,164
5.00%,
9/01/40,
Pool
#ZA1066
24,849
1,196,999
3.50%,
11/01/36,
Pool
#ZA2439
1,160,758
696,451
4.00%,
4/01/36,
Pool
#ZA2413
688,024
518,975
3.50%,
8/01/36,
Pool
#ZA2425
504,124
1,029,832
4.00%,
5/01/37,
Pool
#ZA2461
1,015,615
115,948
4.00%,
5/01/44,
Pool
#ZA4468
112,392
6,177
5.00%,
7/01/36,
Pool
#ZS1139
6,349
301,577
4.00%,
12/01/42,
Pool
#ZS3671
293,452
21,281
5.00%,
3/01/36,
Pool
#ZS4230
21,861
69,202
6.50%,
9/01/36,
Pool
#ZS4257
73,102
60,266
4.00%,
7/01/44,
Pool
#ZS4573
58,492
1,209,079
3.50%,
5/01/46,
Pool
#ZS4663
1,143,778
342,306
4.00%,
8/01/46,
Pool
#ZS4673
330,958
825,776
3.50%,
9/01/46,
Pool
#ZS4678
783,184
14,070,432
4.50%,
4/01/53,
Pool
#SL1072
(d)
13,832,268
7,608,529
5.50%,
8/01/55,
Pool
#SL1812
7,807,766
$
167,125,049
Ginnie
Mae
I
—
0.00%
39,910
5.00%,
2/15/40,
Pool
#737037
41,016
—
Ginnie
Mae
II
—
0.32%
5,110,712
4.00%,
7/20/52,
Pool
#786280
4,845,214
—
Total
(Cost $448,778,329)
442,871,225
Principal
Amount
Fair
Value
U.S.
TREASURY
BONDS
&
NOTES
—
9.41%
68,657,700
United
States
Treasury
Bond,
2.50
%
,
2/15/45
48,623,597
63,348,000
United
States
Treasury
Bond,
1.38
%
,
8/15/50
31,146,925
6,599,200
United
States
Treasury
Bond,
4.13
%
,
11/15/32
6,674,730
19,109,600
United
States
Treasury
Bond,
4.00
%
,
2/15/34
19,049,883
41,942,200
United
States
Treasury
Bond,
4.25
%
,
8/15/54
37,921,646
Total
(Cost $145,307,821)
143,416,781
Principal
Amount
Fair
Value
U.S.
GOVERNMENT
&
AGENCIES
—
0.96%
14,527,800
United
States
Treasury
Inflation
Indexed
Bonds,
1.88
%
,
7/15/35
14,692,182
Sterling
Capital
Total
Return
Bond
Fund
Schedule
of
Investments
(continued)
December
31,
2025
(Unaudited)
Principal
Amount
Fair
Value
U.S.
GOVERNMENT
&
AGENCIES
—
(continued)
Total
(Cost $14,956,816)
$
14,692,182
Shares
Fair
Value
MONEY
MARKET
FUNDS
—
0.34%
5,251,998
Federated
Hermes
Treasury
Obligations
Fund,
Institutional
Shares,
3.67%
(g)
5,251,998
Total
Money
Market
Funds
(Cost
$5,251,998)
5,251,998
Total
Investments—
99.90%
(Cost
$1,528,323,921)
1,522,114,567
Other
Assets
in
Excess
of
Liabilities
—
0.10%
1,460,690
NET
ASSETS
—
100.00%
$
1,523,575,257
(a)
Non-income
producing
security.
(b)
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.
(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
December
31,
2025.
The
maturity
date
reflected
is
the
final
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
December
31,
2025
is
$87,515,603,
which
represents
5.7%
of
net
assets.
(e)
The
security
was
purchased
on a
when-issued
of
forward
commitment
basis.
(f)
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.
(g)
Represents
the
current
yield
as
of
report
date.
G.O.
-
General
Obligation
Sterling
Capital
Total
Return
Bond
Fund
Futures
Schedule
of
Investments
December
31,
2025
(Unaudited)
FUTURES
CONTRACTS
Contracts
Expiration
Date
Notional
Value
Aggregate
Market
Value
of
Contracts
Unrealized
Appreciation
(Depreciation)
CBOT
2
Year
US
Treasury
Note
Future
375
03/31/2026
$
78,325,200
$
78,295,898
$
(29,302)
CBOT
5
Year
US
Treasury
Note
495
03/31/2026
54,287,640
54,105,821
(181,819)
Total
Futures
Contracts
$
132,612,840
$
132,401,719
$
(211,121
)
Sterling
Capital
Long
Duration
Corporate
Bond
Fund
Schedule
of
Investments
December
31,
2025
(Unaudited)
c
Principal
Amount
Fair
Value
CORPORATE
BONDS
—
94.49%
AEROSPACE
&
DEFENSE
—
3.33%
$
268,000
Boeing
Co.
(The),
5.71%,
5/01/40
$
273,568‌
125,000
Boeing
Co.
(The),
5.93%,
5/01/60
122,570‌
411,000
Boeing
Co.
(The),
6.86%,
5/01/54
461,609‌
34,000
L3Harris
Technologies
Inc,
6.15%,
12/15/40
36,985‌
207,000
L3Harris
Technologies,
Inc.,
5.60%,
7/31/53
205,345‌
194,000
Lockheed
Martin
Corp.,
4.15%,
6/15/53
155,044‌
320,000
RTX
Corp,
4.35%,
4/15/47
271,174‌
212,000
RTX
Corp.,
2.82%,
9/01/51
132,215‌
1,658,510‌
ASSET
MANAGEMENT
—
0.68%
146,000
Ares
Management
Corp.,
5.60%,
10/11/54
138,290‌
95,000
Blue
Owl
Finance
LLC,
Series
C10,
4.13%,
10/07/51
66,585‌
35,000
Brookfield
Asset
Management
Ltd,
6.08%,
9/15/55
35,777‌
148,000
KKR
Group
Finance
Co.
X
LLC,
3.25%,
12/15/51
(a)
98,198‌
338,850‌
AUTOMOTIVE
—
0.56%
173,000
Ford
Motor
Co.,
4.75%,
1/15/43
137,004‌
134,000
General
Motors
Co,
6.75%,
4/01/46
143,540‌
280,544‌
BANKS
—
7.54%
187,000
Bank
of
America
Corp.,
4.24%,
4/24/38
174,398‌
114,000
Bank
of
America
Corp.,
2.48%,
9/21/36
100,042‌
232,000
Bank
of
America
Corp.,
4.33%,
3/15/50
(TSFR3M
+
178
bps)
(b)
194,899‌
471,000
Bank
of
America
Corp.,
2.68%,
6/19/41
347,282‌
204,000
Barclays
PLC,
3.33%,
11/24/42
(H15T1Y
+
130
bps)
(b)
157,395‌
136,000
Charles
Schwab
Corp.
(The),
Series
H,
4.00%,
12/31/49
(H15T10Y
+
307.90
bps)
(b)(c)
126,968‌
114,000
Citigroup,
Inc.,
5.88%,
1/30/42
119,876‌
81,000
Citigroup,
Inc.,
3.88%,
1/24/39
71,658‌
66,000
Citigroup,
Inc.,
5.32%,
3/26/41
66,084‌
96,000
FifthThird
Bancorp,
8.25%,
3/01/38
117,877‌
100,000
HSBC
Holdings
PLC,
6.80%,
6/01/38
111,134‌
315,000
JPMorgan
Chase
&
Co.,
3.16%,
4/22/42
244,677‌
365,000
JPMorgan
Chase
&
Co.,
3.11%,
4/22/41
(TSFR3M
+
246
bps)
(b)
286,575‌
119,000
JPMorgan
Chase
&
Co.,
5.53%,
11/29/45
(b)
120,813‌
161,000
JPMorgan
Chase
&
Co.,
4.26%,
2/22/48
136,660‌
122,000
JPMorgan
Chase
&
Co.,
3.88%,
7/24/38
(TSFR3M
+
162
bps)
(b)
109,527‌
200,000
Lloyds
Banking
Group
PLC,
3.37%,
12/14/46
147,327‌
264,000
Morgan
Stanley,
3.97%,
7/22/38
237,925‌
143,000
Morgan
Stanley,
2.48%,
9/16/36
125,742‌
126,000
S&P
Global,
Inc.,
3.70%,
3/01/52
95,415‌
143,000
Wells
Fargo
&
Co.,
3.07%,
4/30/41
110,909‌
Sterling
Capital
Long
Duration
Corporate
Bond
Fund
Schedule
of
Investments
(continued)
December
31,
2025
(Unaudited)
Principal
Amount
Fair
Value
CORPORATE
BONDS
—
(continued)
BANKS
—
(continued)
$
363,000
Wells
Fargo
&
Co.,
5.38%,
11/02/43
$
352,100‌
117,000
Wells
Fargo
&
Co.
,
5.01%,
4/04/51
(TSFR3M
+
450
bps)
(b)
106,922‌
128,000
Westpac
Banking
Corp.,
2.96%,
11/16/40
97,523‌
3,759,728‌
BEVERAGES
—
2.85%
227,000
Anheuser-Busch
Cos.
LLC,
4.90%,
2/01/46
209,950‌
401,000
Anheuser-Busch
InBev
Worldwide
Inc.,
5.55%,
1/23/49
400,121‌
300,000
Bacardi
Ltd.,
5.30%,
5/15/48
(a)
267,024‌
214,000
Constellation
Brands,
Inc.,
3.75%,
5/01/50
155,817‌
144,000
Diageo
Capital
PLC,
3.88%,
4/29/43
117,909‌
154,000
PepsiCo,
Inc.,
2.75%,
10/21/51
96,623‌
194,000
PepsiCo,
Inc.,
4.65%,
2/15/53
170,867‌
1,418,311‌
BIOTECH
&
PHARMA
—
1.57%
59,000
AbbVie
Inc.,
5.60%,
3/15/55
59,106‌
233,000
CSL
Finance
PLC,
4.75%,
4/27/52
(a)
200,994‌
91,000
CSL
Finance
PLC,
5.42%,
4/03/54
(a)
86,476‌
200,000
Roche
Holdings
Inc.,
5.22%,
3/08/54
(a)
193,792‌
200,000
Roche
Holdings,
Inc.,
2.61%,
12/13/51
(a)
121,981‌
110,000
Wyeth
LLC,
5.95%,
4/01/37
118,345‌
780,694‌
BIOTECHNOLOGY
—
3.18%
131,000
AbbVie,
Inc.,
4.40%,
11/06/42
116,525‌
202,000
AbbVie,
Inc.,
4.45%,
5/14/46
175,575‌
134,000
AbbVie,
Inc.,
4.05%,
11/21/39
119,617‌
116,000
AbbVie,
Inc.,
5.40%,
3/15/54
112,772‌
56,000
Amgen,
Inc.,
5.15%,
11/15/41
54,185‌
114,000
Amgen,
Inc.,
2.77%,
9/01/53
67,639‌
171,000
Amgen,
Inc.,
4.40%,
2/22/62
133,566‌
308,000
Amgen,
Inc.,
5.60%,
3/02/43
309,711‌
218,000
Amgen,
Inc.,
5.65%,
3/02/53
213,465‌
129,000
Baxalta,
Inc.,
5.25%,
6/23/45
123,115‌
213,000
Gilead
Sciences,
Inc.,
2.60%,
10/01/40
157,571‌
1,583,741‌
CABLE
&
SATELLITE
—
2.53%
481,000
Charter
Communications
Operating
LLC,
6.48%,
10/23/45
452,220‌
196,000
Charter
Communications
Operating
LLC,
6.83%,
10/23/55
188,131‌
269,000
Charter
Communications
Operating
LLC,
4.40%,
12/01/61
175,933‌
182,000
Comcast
Corp,
4.00%,
3/01/48
136,900‌
207,000
Time
Warner
Cable
LLC,
6.55%,
5/01/37
211,235‌
103,000
Time
Warner
Cable
LLC,
5.88%,
11/15/40
95,311‌
1,259,730‌
Sterling
Capital
Long
Duration
Corporate
Bond
Fund
Schedule
of
Investments
(continued)
December
31,
2025
(Unaudited)
Principal
Amount
Fair
Value
CORPORATE
BONDS
—
(continued)
CAPITAL
MARKETS
—
1.02%
$
146,000
Goldman
Sachs
Group,
Inc.
(The),
6.75%,
10/01/37
$
162,991‌
215,000
Intercontinental
Exchange,
Inc.,
4.25%,
9/21/48
179,269‌
160,000
Jefferies
Financial
Group,
Inc.,
6.50%,
1/20/43
166,430‌
508,690‌
COMMERCIAL
SERVICES
&
SUPPLIES
—
0.23%
175,000
Republic
Services,
Inc.,
2.95%,
1/15/52
113,310‌
COMMUNICATIONS
EQUIPMENT
—
0.14%
73,000
Cisco
Systems,
Inc.,
5.30%,
2/26/54
69,972‌
CONSTRUCTION
MATERIALS
—
0.45%
60,000
CRH
America
Finance,
Inc.,
5.60%,
2/09/56
59,130‌
88,000
Martin
Marietta
Materials,
Inc.,
4.25%,
12/15/47
72,645‌
106,000
Vulcan
Materials
Co.,
4.50%,
6/15/47
90,688‌
222,463‌
CONTAINERS
&
PACKAGING
—
0.63%
27,000
Packaging
Corp.
of
America,
4.05%,
12/15/49
21,403‌
139,000
Packaging
Corp.
of
America,
3.05%,
10/01/51
90,424‌
200,000
Smurfit
Kappa
Treasury
ULC,
5.78%,
4/03/54
(a)
200,929‌
312,756‌
DIVERSIFIED
FINANCIAL
SERVICES
—
0.46%
116,000
Apollo
Global
Management,
Inc.,
5.80%,
5/21/54
113,890‌
140,000
Corebridge
Financial,
Inc.,
4.40%,
4/05/52
113,576‌
227,466‌
DIVERSIFIED
TELECOMMUNICATION
SERVICES
—
3.08%
287,000
AT&T,
Inc.,
3.50%,
6/01/41
225,753‌
547,000
AT&T,
Inc.,
3.85%,
6/01/60
375,280‌
345,000
AT&T,
Inc.,
3.65%,
9/15/59
227,513‌
150,000
Deutsche
Telekom
AG,
3.63%,
1/21/50
(a)
108,151‌
204,000
Verizon
Communications,
Inc.,
5.25%,
3/16/37
205,340‌
127,000
Verizon
Communications,
Inc.,
2.65%,
11/20/40
90,645‌
275,000
Verizon
Communications,
Inc.,
3.70%,
3/22/61
185,563‌
149,000
Verizon
Communications,
Inc.,
3.40%,
3/22/41
116,669‌
1,534,914‌
E-COMMERCE
DISCRETIONARY
—
0.30%
150,000
Amazon.com,
Inc.,
4.65%,
11/20/35
149,393‌
ELECTRIC
UTILITIES
—
14.15%
229,000
AEP
Transmission
Co.
LLC,
3.65%,
4/01/50
(d)
169,755‌
58,000
Alabama
Power
Co,
5.50%,
3/15/41
57,885‌
100,000
Alabama
Power
Co.,
3.70%,
12/01/47
(d)
76,323‌
106,000
Appalachian
Power
Co,
4.50%,
3/01/49
86,853‌
74,000
Appalachian
Power
Co.,
5.80%,
10/01/35
78,340‌
161,000
Baltimore
Gas
and
Electric
Co.,
2.90%,
6/15/50
102,983‌
113,000
Berkshire
Hathaway
Energy
Co.,
4.25%,
10/15/50
90,359‌
123,000
Berkshire
Hathaway
Energy
Co.,
4.60%,
5/01/53
103,562‌
83,000
CenterPoint
Energy
Houston
Electric
LLC,
4.25%,
2/01/49
68,716‌
Sterling
Capital
Long
Duration
Corporate
Bond
Fund
Schedule
of
Investments
(continued)
December
31,
2025
(Unaudited)
Principal
Amount
Fair
Value
CORPORATE
BONDS
—
(continued)
ELECTRIC
UTILITIES
—
(continued)
$
235,000
CenterPoint
Energy
Houston
Electric
LLC,
2.90%,
7/01/50
(d)
$
151,367‌
66,000
Commonwealth
Edison
Co.,
5.90%,
3/15/36
70,873‌
155,000
Commonwealth
Edison
Co.,
3.13%,
3/15/51
102,792‌
113,000
Connecticut
Light
and
Power
Co.
(The),
4.00%,
4/01/48
89,976‌
184,000
Consolidated
Edison
Co.
of
New
York,
Inc.,
4.45%,
3/15/44
160,403‌
79,000
Consolidated
Edison
Co.
of
New
York,
Inc.,
4.65%,
12/01/48
68,384‌
145,000
Dominion
Energy
South
Carolina,
Inc.,
5.10%,
6/01/65
128,469‌
97,000
DTE
Electric
Co.,
5.85%,
5/15/55
99,549‌
118,000
DTE
Electric
Co.,
3.75%,
8/15/47
90,470‌
147,000
DTE
Electric
Co.,
3.65%,
3/01/52
108,222‌
124,000
Duke
Energy
Carolinas
LLC,
6.10%,
6/01/37
133,518‌
117,000
Duke
Energy
Carolinas
LLC,
5.35%,
1/15/53
112,241‌
178,000
Duke
Energy
Corp.,
5.00%,
8/15/52
157,144‌
92,000
Duke
Energy
Corp.,
6.10%,
9/15/53
95,296‌
74,000
Duke
Energy
Florida
LLC,
6.35%,
9/15/37
82,129‌
285,000
Duke
Energy
Indiana
LLC,
3.75%,
5/15/46
222,024‌
120,000
Duke
Energy
Ohio,
Inc.,
3.70%,
6/15/46
91,352‌
178,000
Duke
Energy
Progress
LLC,
2.90%,
8/15/51
112,012‌
184,000
Duke
Energy
Progress
LLC,
5.55%,
3/15/55
181,497‌
240,000
Entergy
Louisiana
LLC,
5.70%,
3/15/54
238,385‌
35,000
Entergy
Mississippi
LLC,
5.80%,
4/15/55
35,207‌
245,000
Entergy
Texas,
Inc.,
3.55%,
9/30/49
174,670‌
81,000
Entergy
Texas,
Inc.,
5.80%,
9/01/53
80,826‌
76,000
Exelon
Corp.,
5.10%,
6/15/45
70,272‌
125,000
Exelon
Corp.,
4.45%,
4/15/46
104,861‌
154,000
FirstEnergy
Corp.,
4.85%,
7/15/47
135,572‌
80,000
FirstEnergy
Transmission
LLC,
4.55%,
4/01/49
(a)
67,954‌
120,000
Florida
Power
&
Light
Co.,
5.80%,
3/15/65
121,902‌
68,000
Florida
Power
&
Light
Co.,
5.85%,
5/01/37
71,882‌
100,000
Florida
Power
&
Light
Co.,
4.13%,
2/01/42
86,873‌
85,000
Florida
Power
&
Light
Co.,
5.60%,
2/15/66
83,667‌
290,000
Georgia
Power
Co.,
3.70%,
1/30/50
216,782‌
150,000
Indiana
Michigan
Power
Co.,
5.63%,
4/01/53
148,422‌
107,000
Massachusetts
Electric
Co.,
5.90%,
11/15/39
(a)
112,181‌
110,000
MidAmerican
Energy
Co.,
4.80%,
9/15/43
100,027‌
109,000
MidAmerican
Energy
Co.,
2.70%,
8/01/52
66,610‌
197,000
NextEra
Energy
Capital
Holdings,
Inc.,
5.55%,
3/15/54
190,282‌
55,000
Northern
States
Power
Co.,
4.50%,
6/01/52
46,718‌
109,000
Oncor
Electric
Delivery
Co.
LLC,
4.95%,
9/15/52
97,074‌
159,000
PECO
Energy
Co.,
2.85%,
9/15/51
99,105‌
140,000
Public
Service
Electric
&
Gas
Co.
,
5.38%,
11/01/39
141,944‌
78,000
Public
Service
Electric
and
Gas
Co.,
5.45%,
8/01/53
76,169‌
91,000
Public
Service
Electric
and
Gas
Co.,
5.50%,
3/01/55
89,232‌
Sterling
Capital
Long
Duration
Corporate
Bond
Fund
Schedule
of
Investments
(continued)
December
31,
2025
(Unaudited)
Principal
Amount
Fair
Value
CORPORATE
BONDS
—
(continued)
ELECTRIC
UTILITIES
—
(continued)
$
65,000
Puget
Sound
Energy,
Inc.,
5.64%,
4/15/41
$
64,937‌
133,000
Puget
Sound
Energy,
Inc.,
2.89%,
9/15/51
84,356‌
141,000
San
Diego
Gas
&
Electric
Co.,
4.10%,
6/15/49
111,572‌
132,000
San
Diego
Gas
&
Electric
Co.,
3.32%,
4/15/50
90,927‌
137,000
Union
Electric
Co.,
3.25%,
10/01/49
93,576‌
70,000
Union
Electric
Co.,
5.45%,
3/15/53
67,469‌
61,000
Virginia
Electric
and
Power
Co,
5.60%,
9/15/55
59,246‌
161,000
Virginia
Electric
and
Power
Co.,
4.00%,
1/15/43
131,782‌
189,000
Virginia
Electric
and
Power
Co.,
5.65%,
3/15/55
185,049‌
584,000
Xcel
Energy,
Inc.,
3.50%,
12/01/49
418,413‌
7,056,438‌
ELECTRICAL
EQUIPMENT
—
0.50%
76,000
Amphenol
Corp,
4.63%,
2/15/36
74,459‌
185,000
Amphenol
Corp,
5.30%,
11/15/55
176,733‌
251,192‌
ENERGY
EQUIPMENT
&
SERVICES
—
0.17%
84,000
Halliburton
Co.,
4.85%,
11/15/35
82,880‌
ENTERTAINMENT
—
0.10%
77,000
Walt
Disney
Co.
(The),
2.75%,
9/01/49
48,880‌
EQUITY
REAL
ESTATE
-INVESTMENT
TRUSTS
-(REITS)
—
0.23%
161,000
NNN
REIT,
Inc.,
3.50%,
4/15/51
113,373‌
FINANCIAL
SERVICES
—
1.09%
75,000
BlackRock
Funding,
Inc.,
5.35%,
1/08/55
73,097‌
37,000
BlackRock
Funding,
Inc.,
5.25%,
3/14/54
35,461‌
101,000
Blackstone
Holdings
Finance
Co.
LLC,
6.25%,
8/15/42
(a)
106,583‌
69,000
Carlyle
Holdings
II
Finance
LLC,
5.63%,
3/30/43
(a)
67,708‌
70,000
KKR
Group
Finance
Co.
III
LLC,
5.13%,
6/01/44
(a)
65,387‌
200,000
UBS
Group
AG,
5.38%,
9/06/45
(USISSO01
+
186
bps)
(a)(b)
196,206‌
544,442‌
FOOD
—
1.61%
71,000
Cargill,
Inc.,
4.76%,
11/23/45
(a)
64,137‌
118,000
Cargill,
Inc.,
4.38%,
4/22/52
(a)
97,853‌
69,000
Kraft
Heinz
Foods
Co.,
5.00%,
6/04/42
63,314‌
182,000
Kraft
Heinz
Foods
Co.,
4.88%,
10/01/49
156,583‌
424,000
Mars,
Inc.,
5.70%,
5/01/55
(a)
422,359‌
804,246‌
FOOD
&
STAPLES
RETAILING
—
0.23%
157,000
Kenvue
,
Inc.,
2.50%,
9/22/41
113,758‌
GAS
&
WATER
UTILITIES
—
0.52%
61,000
Atmos
Energy
Corp,
5.45%,
1/15/56
(e)
59,014‌
309,000
Southern
Co
Gas
Capital
Corp.,
3.15%,
9/30/51
200,338‌
259,352‌
Sterling
Capital
Long
Duration
Corporate
Bond
Fund
Schedule
of
Investments
(continued)
December
31,
2025
(Unaudited)
Principal
Amount
Fair
Value
CORPORATE
BONDS
—
(continued)
GAS
UTILITIES
—
0.15%
$
88,000
Atmos
Energy
Corp.,
4.13%,
10/15/44
$
74,203‌
HEALTH
CARE
EQUIPMENT
&
SUPPLIES
—
0.50%
70,000
Abbott
Laboratories,
4.90%,
11/30/46
(d)
65,909‌
100,000
GE
HealthCare
Technologies,
Inc.,
6.38%,
11/22/52
109,046‌
84,000
Stryker
Corp.,
4.63%,
3/15/46
75,004‌
249,959‌
HEALTH
CARE
FACILITIES
&
SERVICES
—
1.29%
69,000
CVS
Health
Corp.,
6.20%,
9/15/55
70,059‌
196,000
HCA,
Inc.,
5.50%,
6/15/47
185,222‌
162,000
HCA,
Inc.,
3.50%,
7/15/51
109,804‌
116,000
HCA,
Inc.,
6.00%,
4/01/54
115,321‌
218,000
UnitedHealth
Group
Inc.,
2.75%,
5/15/40
163,035‌
643,441‌
HEALTH
CARE
PROVIDERS
&
SERVICES
—
1.70%
229,000
CVS
Health
Corp.,
5.13%,
7/20/45
206,742‌
70,000
CVS
Health
Corp.,
5.88%,
6/01/53
67,970‌
194,000
Elevance
Health,
Inc.,
4.38%,
12/01/47
161,028‌
154,000
UnitedHealth
Group,
Inc.,
3.75%,
10/15/47
117,586‌
226,000
UnitedHealth
Group,
Inc.,
3.50%,
8/15/39
188,181‌
123,000
UnitedHealth
Group,
Inc.,
4.95%,
5/15/62
106,489‌
847,996‌
HOTELS,
RESTAURANTS
&
LEISURE
—
0.98%
191,000
McDonald's
Corp.,
4.88%,
12/09/45
174,060‌
196,000
McDonald's
Corp.,
3.63%,
9/01/49
144,234‌
242,000
Starbucks
Corp.,
3.50%,
11/15/50
169,843‌
488,137‌
HOUSEHOLD
PRODUCTS
—
0.39%
250,000
Haleon
US
Capital
LLC,
4.00%,
3/24/52
196,302‌
INDEPENDENT
POWER/RENEWABLE
ELECTRICITY
PRODUCERS
—
0.12%
70,000
Tennessee
Valley
Authority,
4.25%,
9/15/52
59,502‌
INSTITUTIONAL
FINANCIAL
SERVICES
—
0.24%
107,000
Morgan
Stanley,
6.38%,
7/24/42
119,084‌
INSURANCE
—
5.04%
122,000
Aon
Corp
/
Aon
Global
Holdings
PLC,
3.90%,
2/28/52
91,273‌
134,000
Athene
Holding
Ltd.,
3.45%,
5/15/52
84,727‌
165,000
Athene
Holding
Ltd.,
6.63%,
10/15/54
164,687‌
301,000
Athene
Holding
Ltd.,
6.25%,
4/01/54
292,714‌
76,000
Berkshire
Hathaway
Finance
Corp.,
4.20%,
8/15/48
63,425‌
60,000
Berkshire
Hathaway
Finance
Corp.,
3.85%,
3/15/52
46,170‌
164,000
Corebridge
Financial,
Inc.,
6.38%,
9/15/54
(H15T5Y
+
264.60
bps)
(b)
165,253‌
123,000
Enstar
Finance
LLC,
5.50%,
1/15/42
(H15T5Y
+
400.60
bps)
(b)
121,140‌
122,000
Fidelity
National
Financial,
Inc.,
3.20%,
9/17/51
77,101‌
Sterling
Capital
Long
Duration
Corporate
Bond
Fund
Schedule
of
Investments
(continued)
December
31,
2025
(Unaudited)
Principal
Amount
Fair
Value
CORPORATE
BONDS
—
(continued)
INSURANCE
—
(continued)
$
140,000
Global
Atlantic
Fin
Co.,
6.75%,
3/15/54
(a)
$
143,018‌
125,000
Global
Atlantic
Fin
Co.,
7.25%,
3/01/56
(a)
125,586‌
76,000
Guardian
Life
Insurance
Co.
of
America
(The),
4.88%,
6/19/64
(a)
64,995‌
91,000
New
York
Life
Insurance
Co.,
6.75%,
11/15/39
(a)
103,855‌
115,000
New
York
Life
Insurance
Co.,
4.45%,
5/15/69
(a)
89,585‌
93,000
New
York
Life
Insurance
Co.,
3.75%,
5/15/50
(a)
68,931‌
124,000
Northwestern
Mutual
Life
Insurance
Co.
(The),
3.45%,
3/30/51
(a)
86,450‌
36,000
Northwestern
Mutual
Life
Insurance
Co.
(The),
6.17%,
5/29/55
(a)
38,207‌
132,000
Pacific
LifeCorp
,
3.35%,
9/15/50
(a)
90,903‌
130,000
Prudential
Financial,
Inc.,
3.70%,
10/01/50
(H15T5Y
+
303.50
bps)
(b)
120,918‌
119,000
SBL
Holdings,
Inc.,
7.20%,
10/30/34
(a)
115,222‌
76,000
Securian
Financial
Group,
Inc.,
4.80%,
4/15/48
(a)
66,028‌
116,000
Teachers
Insurance
&
Annuity
Ass.
of
America,
6.85%,
12/16/39
(a)
133,016‌
57,000
Transatlantic
Holdings,
Inc.,
8.00%,
11/30/39
71,193‌
150,000
W
R
Berkley
Corp.,
3.15%,
9/30/61
88,675‌
2,513,072‌
INTERACTIVE
MEDIA
&
SERVICES
—
0.88%
89,000
Meta
Platforms,
Inc.,
5.75%,
5/15/63
85,476‌
194,000
Meta
Platforms,
Inc.,
5.40%,
8/15/54
180,481‌
213,000
Meta
Platforms,
Inc.,
4.45%,
8/15/52
173,341‌
439,298‌
INTERNET
&
DIRECT
MARKETING
RETAIL
—
0.77%
225,000
Amazon.com,
Inc.,
2.50%,
6/03/50
134,478‌
445,000
Amazon.com,
Inc.,
2.70%,
6/03/60
251,572‌
386,050‌
INTERNET
MEDIA
&
SERVICES
—
0.92%
134,000
Alphabet,
Inc.,
5.35%,
11/15/45
133,154‌
204,000
Beignet
Investor
LLC,
6.58%,
5/30/49
(a)
215,525‌
115,000
Meta
Platforms
Inc,
5.50%,
11/15/45
111,667‌
460,346‌
IT
SERVICES
—
0.60%
237,000
Fiserv,
Inc.,
4.40%,
7/01/49
185,953‌
129,000
Visa,
Inc.,
4.30%,
12/14/45
112,608‌
298,561‌
LEISURE
PRODUCTS
—
0.35%
185,000
Mattel,
Inc.,
5.45%,
11/01/41
173,952‌
MACHINERY
—
0.69%
73,000
Caterpillar
Inc.,
5.50%,
5/15/55
73,627‌
111,000
Caterpillar,
Inc.,
3.80%,
8/15/42
93,226‌
87,000
Cummins,
Inc.,
5.45%,
2/20/54
85,720‌
Sterling
Capital
Long
Duration
Corporate
Bond
Fund
Schedule
of
Investments
(continued)
December
31,
2025
(Unaudited)
Principal
Amount
Fair
Value
CORPORATE
BONDS
—
(continued)
MACHINERY
—
(continued)
$
108,000
Deere
&
Co.,
3.90%,
6/09/42
$
92,894‌
345,467‌
MEDIA
—
0.89%
229,000
Comcast
Corp.,
3.25%,
11/01/39
178,924‌
182,000
Comcast
Corp.,
2.80%,
1/15/51
105,435‌
180,000
Comcast
Corp.,
5.50%,
5/15/64
160,947‌
445,306‌
METALS
&
MINING
—
2.10%
242,000
Anglo
American
Capital
PLC,
6.00%,
4/05/54
(a)
242,290‌
256,000
Freeport-McMoRan
Inc.,
5.45%,
3/15/43
247,819‌
107,000
Nucor
Corp.,
2.98%,
12/15/55
66,536‌
267,000
Rio
Tinto
Finance
USA
PLC,
5.75%,
3/14/55
272,250‌
95,000
Southern
Copper
Corp.,
5.88%,
4/23/45
97,574‌
181,000
Steel
Dynamics,
Inc.,
3.25%,
10/15/50
124,025‌
1,050,494‌
MULTI-UTILITIES
—
1.43%
121,000
CMS
Energy
Corp.,
3.75%,
12/01/50
111,574‌
126,000
CMS
Energy
Corp.,
4.70%,
3/31/43
109,833‌
93,000
Dominion
Energy,
Inc.,
4.85%,
8/15/52
79,999‌
169,000
Dominion
Energy,
Inc.,
3.30%,
4/15/41
128,297‌
117,000
NiSource,
Inc.,
4.80%,
2/15/44
105,266‌
207,000
Sempra,
3.80%,
2/01/38
177,888‌
712,857‌
OIL
&
GAS
PRODUCERS
—
4.41%
150,000
Aker
BP
ASA,
5.80%,
10/01/54
(a)
136,379‌
132,000
APA
Corp.,
5.25%,
2/01/42
(a)
112,045‌
165,000
APA
Corp.,
5.35%,
7/01/49
(a)
137,140‌
94,000
BP
Capital
Markets
America,
Inc.,
3.06%,
6/17/41
71,547‌
100,000
Cheniere
Corpus
Christi
Holdings
LLC,
2.74%,
12/31/39
85,266‌
80,000
ConocoPhillips
Co.,
4.03%,
3/15/62
58,122‌
97,000
DCP
Midstream
Operating
LP,
5.60%,
4/01/44
93,576‌
80,000
Eastern
Gas
Transmission
&
Storage,
Inc.,
4.80%,
11/01/43
70,676‌
227,000
Enterprise
Products
Operating
LLC,
3.30%,
2/15/53
151,577‌
84,000
Enterprise
Products
Operating
LLC,
6.45%,
9/01/40
93,472‌
110,000
Enterprise
Products
Operating
LLC,
6.13%,
10/15/39
118,409‌
134,000
ONEOK,
Inc.,
5.85%,
11/01/64
125,721‌
109,000
Plains
All
American
Pipeline
LP/PAA
Finance
Corp.,
4.70%,
6/15/44
92,748‌
200,000
Saudi
Arabian
Oil
Co.,
5.88%,
7/17/64
(a)
194,240‌
105,000
Shell
Finance
US,
Inc.,
4.55%,
8/12/43
93,918‌
167,000
TotalEnergies
Capital
SA,
5.43%,
9/10/64
(FIXED)
156,297‌
89,000
TransCanada
PipeLines
Ltd.,
6.20%,
10/15/37
94,811‌
121,000
Williams
Cos
Inc/The,
6.00%,
3/15/55
122,996‌
158,000
Woodside
Finance
Ltd.,
5.70%,
9/12/54
148,295‌
Sterling
Capital
Long
Duration
Corporate
Bond
Fund
Schedule
of
Investments
(continued)
December
31,
2025
(Unaudited)
Principal
Amount
Fair
Value
CORPORATE
BONDS
—
(continued)
OIL
&
GAS
PRODUCERS
—
(continued)
$
40,000
Woodside
Finance
Ltd.,
6.00%,
5/19/35
$
41,658‌
2,198,893‌
OIL,
GAS
&
CONSUMABLE
FUELS
—
3.46%
72,000
Diamondback
Energy,
Inc.,
5.90%,
4/18/64
67,966‌
211,000
Energy
Transfer
LP,
5.00%,
5/15/44
182,896‌
56,000
Energy
Transfer
LP,
7.50%,
7/01/38
64,834‌
70,000
Energy
Transfer
LP,
5.95%,
5/15/54
66,336‌
63,000
Energy
Transfer
LP,
5.00%,
5/15/50
52,709‌
126,000
Energy
Transfer
LP,
5.35%,
5/15/45
113,951‌
43,000
Equinor
ASA,
5.10%,
8/17/40
42,713‌
229,000
Exxon
Mobil
Corp.,
4.23%,
3/19/40
210,039‌
158,000
Kinder
Morgan
Energy
Partners
LP,
5.63%,
9/01/41
155,734‌
72,000
Kinder
Morgan,
Inc.,
5.55%,
6/01/45
69,611‌
88,000
Kinder
Morgan,
Inc.,
5.45%,
8/01/52
81,814‌
120,000
MPLX
LP,
4.50%,
4/15/38
109,413‌
82,000
MPLX
LP,
4.70%,
4/15/48
68,152‌
93,000
MPLX
LP,
5.20%,
12/01/47
82,908‌
80,000
MPLX
LP,
4.95%,
3/14/52
67,249‌
117,000
Ovintiv
,
Inc.,
7.10%,
7/15/53
124,329‌
86,000
Targa
Resources
Corp.,
6.25%,
7/01/52
86,349‌
73,000
Williams
Cos.
Inc.
(The),
6.30%,
4/15/40
78,637‌
1,725,640‌
PHARMACEUTICALS
—
1.07%
166,000
Bristol-Myers
Squibb
Co.,
4.25%,
10/26/49
135,632‌
158,000
Bristol-Myers
Squibb
Co.,
2.35%,
11/13/40
112,382‌
207,000
Bristol-Myers
Squibb
Co.,
2.55%,
11/13/50
122,408‌
88,000
Merck
&
Co.,
Inc.,
2.75%,
12/10/51
54,456‌
119,000
Zoetis,
Inc.,
4.70%,
2/01/43
109,227‌
534,105‌
REIT
—
2.08%
146,000
American
Homes
4
Rent
LP,
4.30%,
4/15/52
115,985‌
157,000
American
Tower
Trust,
Series
2018-1,
Class
A,
3.65%,
3/15/28
(a)
155,441‌
135,000
Kimco
Realty
OP
LLC,
4.25%,
4/01/45
113,541‌
83,000
Kimco
Realty
OP
LLC,
4.45%,
9/01/47
70,755‌
40,000
Mid-America
Apartments
LP,
2.88%,
9/15/51
25,417‌
95,000
Prologis
LP,
3.00%,
4/15/50
62,675‌
108,000
Prologis
LP,
5.25%,
6/15/53
102,624‌
70,000
Public
Storage
Operating
Co.,
5.35%,
8/01/53
67,686‌
94,000
Realty
Income
Corp.,
5.38%,
9/01/54
90,636‌
88,000
Simon
Property
Group
LP,
3.25%,
9/13/49
60,616‌
113,000
UDR,
Inc.,
3.10%,
11/01/34
97,838‌
77,000
VICI
Properties
LP,
6.13%,
4/01/54
76,711‌
1,039,925‌
RETAIL
-
CONSUMER
STAPLES
—
0.44%
232,000
Kroger
Co/The,
5.50%,
9/15/54
220,934‌
Sterling
Capital
Long
Duration
Corporate
Bond
Fund
Schedule
of
Investments
(continued)
December
31,
2025
(Unaudited)
Principal
Amount
Fair
Value
CORPORATE
BONDS
—
(continued)
RETAIL
-
CONSUMER
STAPLES
—
(continued)
RETAIL
-
DISCRETIONARY
—
0.32%
$
135,000
ERAC
USA
Finance
LLC.,
4.50%,
2/15/45
(a)
$
117,597‌
69,000
Lowe's
Cos
Inc,
3.00%,
10/15/50
43,736‌
161,333‌
ROAD
&
RAIL
—
1.32%
87,000
CSX
Corp.,
4.30%,
3/01/48
72,579‌
92,000
CSX
Corp.,
6.00%,
10/01/36
99,818‌
143,000
CSX
Corp.,
4.50%,
11/15/52
121,334‌
88,000
Norfolk
Southern
Corp.,
3.95%,
10/01/42
72,944‌
56,000
Norfolk
Southern
Corp.,
3.40%,
11/01/49
39,568‌
105,000
Union
Pacific
Corp.,
3.60%,
9/15/37
93,381‌
212,000
Union
Pacific
Corp.,
2.95%,
3/10/52
135,193‌
31,000
Union
Pacific
Corp.,
3.38%,
2/14/42
24,379‌
659,196‌
SEMICONDUCTORS
—
1.65%
64,000
Broadcom
Inc,
3.75%,
2/15/51
48,249‌
373,000
Broadcom
Inc,
3.50%,
2/15/41
303,429‌
177,000
Foundry
JV
Holdco
LLC,
6.40%,
1/25/38
(a)
188,802‌
59,000
Intel
Corp,
3.73%,
12/08/47
41,984‌
86,000
Intel
Corp,
4.90%,
8/05/52
71,240‌
48,000
Intel
Corp,
3.25%,
11/15/49
30,664‌
151,000
Intel
Corp.,
5.70%,
2/10/53
140,575‌
824,943‌
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
—
0.48%
122,000
KLA
Corp.,
4.95%,
7/15/52
110,711‌
201,000
Lam
Research
Corp.,
2.88%,
6/15/50
130,381‌
241,092‌
SOFTWARE
—
3.58%
285,000
Microsoft
Corp.,
2.53%,
6/01/50
174,007‌
409,000
Microsoft
Corp.,
2.68%,
6/01/60
235,529‌
240,000
Oracle
Corp,
6.10%,
9/26/65
211,678‌
171,000
Oracle
Corp.,
3.60%,
4/01/50
106,518‌
65,000
Oracle
Corp.,
6.13%,
8/03/65
57,564‌
86,000
Oracle
Corp.,
4.38%,
5/15/55
59,394‌
361,000
Oracle
Corp.,
4.00%,
7/15/46
250,242‌
129,000
Oracle
Corp.,
3.85%,
4/01/60
78,825‌
133,000
Oracle
Corp.,
3.65%,
3/25/41
97,026‌
162,000
Oracle
Corp.,
3.95%,
3/25/51
106,589‌
135,000
Oracle
Corp.,
6.90%,
11/09/52
133,397‌
173,000
Salesforce,
Inc.,
2.90%,
7/15/51
109,479‌
78,000
Salesforce,
Inc.,
3.05%,
7/15/61
47,081‌
114,000
Synopsys,
Inc.,
5.70%,
4/01/55
113,087‌
1,780,416‌
SPECIALTY
FINANCE
—
0.49%
296,000
AerCap
Ireland
Capital
DAC,
3.85%,
10/29/41
241,887‌
Sterling
Capital
Long
Duration
Corporate
Bond
Fund
Schedule
of
Investments
(continued)
December
31,
2025
(Unaudited)
Principal
Amount
Fair
Value
CORPORATE
BONDS
—
(continued)
SPECIALTY
RETAIL
—
1.22%
$
141,000
Home
Depot,
Inc.
(The),
3.13%,
12/15/49
$
96,104‌
291,000
Home
Depot,
Inc.
(The),
2.75%,
9/15/51
179,766‌
152,000
Lowe's
Cos,
Inc.,
5.00%,
4/15/40
147,057‌
262,000
Lowe's
Cos,
Inc.,
3.50%,
4/01/51
181,841‌
604,768‌
STEEL
—
0.10%
50,000
Steel
Dynamics
Inc,
5.75%,
5/15/55
49,781‌
TECHNOLOGY
HARDWARE
—
0.36%
141,000
Dell
International
LLC
/
EMC
Corp.,
3.45%,
12/15/51
96,018‌
79,000
Dell
International
LLC
/
EMC
Corp.,
5.40%,
4/15/34
81,127‌
177,145‌
TECHNOLOGY
HARDWARE,
STORAGE
&
PERIPHERALS
—
1.34%
248,000
Apple,
Inc.,
2.70%,
8/05/51
154,358‌
191,000
Apple,
Inc.,
3.85%,
5/04/43
161,331‌
203,000
Apple,
Inc.,
3.85%,
8/04/46
164,492‌
180,000
Apple,
Inc.,
2.65%,
5/11/50
112,525‌
76,000
Hewlett
Packard
Enterprise
Co.,
6.35%,
10/15/45
77,914‌
670,620‌
TECHNOLOGY
SERVICES
—
0.19%
120,000
Kyndryl
Holdings,
Inc.,
4.10%,
10/15/41
95,048‌
TELECOMMUNICATIONS
—
2.74%
350,000
AT&T
Inc,
5.15%,
11/15/46
320,011‌
216,000
AT&T
Inc,
3.65%,
6/01/51
151,785‌
65,000
AT&T
Inc,
5.55%,
11/01/45
62,597‌
73,000
Telefonica
Emisiones
SA,
5.21%,
3/08/47
64,269‌
339,000
T-Mobile
USA,
Inc.,
4.38%,
4/15/40
304,100‌
169,000
T-Mobile
USA,
Inc.,
3.60%,
11/15/60
112,277‌
159,000
T-Mobile
USA,
Inc.,
5.65%,
1/15/53
153,706‌
173,000
T-Mobile
USA,
Inc.,
5.80%,
9/15/62
170,278‌
30,000
Verizon
Communications
Inc,
5.88%,
11/30/55
29,640‌
1,368,663‌
TOBACCO
—
0.71%
123,000
Altria
Group,
Inc.,
3.88%,
9/16/46
92,441‌
291,000
Philip
Morris
International,
Inc.,
4.38%,
11/15/41
259,106‌
351,547‌
TOBACCO
&
CANNABIS
—
0.79%
58,000
Altria
Group
Inc,
4.25%,
8/09/42
48,398‌
130,000
BAT
Capital
Corp.,
7.08%,
8/02/53
147,390‌
90,000
BAT
Capital
Corp.,
4.39%,
8/15/37
82,904‌
141,000
BAT
Capital
Corp.,
4.54%,
8/15/47
116,963‌
395,655‌
TRANSPORTATION
&
LOGISTICS
—
1.12%
172,000
Burlington
Northern
Santa
Fe
LLC,
4.90%,
4/01/44
161,856‌
252,000
Burlington
Northern
Santa
Fe
LLC,
5.20%,
4/15/54
237,161‌
100,000
Burlington
Northern
Santa
Fe
LLC.,
4.15%,
12/15/48
81,858‌
Sterling
Capital
Long
Duration
Corporate
Bond
Fund
Schedule
of
Investments
(continued)
December
31,
2025
(Unaudited)
Principal
Amount
Fair
Value
CORPORATE
BONDS
—
(continued)
TRANSPORTATION
&
LOGISTICS
—
(continued)
$
72,943
Polar
Tankers,
Inc.,
5.95%,
5/10/37
(a)
$
77,902‌
558,777‌
WIRELESS
TELECOMMUNICATION
SERVICES
—
0.43%
200,000
America
Movil
SAB
de
CV,
6.13%,
3/30/40
212,645‌
Total
(Cost $49,549,907)
47,110,673‌
Principal
Amount
Fair
Value
U.S.
TREASURY
BONDS
&
NOTES
—
3.21%
2,181,600‌
United
States
Treasury
Bond,
2.50
%
,
2/15/45
1,545,016‌
82,900‌
United
States
Treasury
Bond,
2.00
%
,
11/15/41
57,858‌
Total
(Cost $1,590,862)
1,602,874‌
Shares
Fair
Value
MONEY
MARKET
FUNDS
—
0.94%
471,068‌
Federated
Hermes
Treasury
Obligations
Fund,
Institutional
Shares,
3.67%
(f)
471,068‌
Total
Money
Market
Funds
(Cost
$471,068)
471,068‌
Total
Investments—
98.74%
(Cost
$51,661,837)
49,234,615‌
Other
Assets
in
Excess
of
Liabilities
—
1.26%
628,433‌
NET
ASSETS
—
100.00%
$
49,863,048‌
(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
December
31,
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
December
31,
2025
is
$467,354,
which
represents
0.9%
of
net
assets.
(e)
The
security
was
purchased
on a
when-issued
of
forward
commitment
basis.
(f)
Represents
the
current
yield
as
of
report
date.
Sterling
Capital
Quality
Income
Fund
Schedule
of
Investments
December
31,
2025
(Unaudited)
Principal
Amount
Fair
Value
ASSET
BACKED
SECURITIES
—
15.24%
$
1,466,000
Allegany
Park
CLO
Ltd,
Series
1A
,
Class
ARR,
4.98%,
1/20/35
(TSFR3M
+
110
bps)
(a)(c)
$
1,466,015
825,000
ARES
XLIV
CLO
Ltd,
Series
44A
,
Class
A1RR,
5.04%,
4/15/34
(TSFR3M
+
113
bps)
(a)(b)(c)
825,701
1,250,000
Avis
Budget
Rental
Car
Funding
AESOP
LLC,
Series
4A
,
Class
A,
5.49%,
6/20/29
(a)
1,281,552
1,000,000
Avis
Budget
Rental
Car
Funding
AESOP
LLC,
Series
8A
,
Class
A,
6.02%,
2/20/30
(a)
1,047,934
928,000
BANK5
2025-5YR17,
Series
5YR17
,
Class
A3,
5.23%,
11/15/58
(d)
956,772
1,309,000
BANK5
Trust,
Series
2024-5YR5
,
6.27%,
2/15/29
1,365,229
252,000
BANK5
Trust,
Series
2024-5YR6
,
Class
A3,
6.23%,
5/15/57
265,532
240,000
BANK5
Trust,
Series
2024-5YR6
,
Class
AS,
6.79%,
5/15/57
254,420
1,413,000
Benchmark
2025-V18
Mortgage
Trust,
Series
V18
,
Class
A3,
5.18%,
10/15/30
1,455,112
232,466
BX
Trust,
Series
2021-RISE
,
Class
C,
5.31%,
11/15/36
(a)
232,251
600,000
Carvana
Auto
Receivables
Trust,
Series
P3
,
Class
B,
1.42%,
8/10/27
587,835
1,009,000
Dryden
CLO
Ltd.,
Series
53A
,
Class
BR,
5.21%,
1/15/31
(a)(b)
1,009,101
1,420,471
Government
National
Mortgage
Association,
Series
27
,
Class
AW,
5.91%,
2/20/51
1,470,494
633,728
Government
National
Mortgage
Association,
Series
71
,
Class
BZ,
3.50%,
6/20/49
410,554
1,212,000
Hertz
Vehicle
Financing
III
LLC,
Series
4A
,
Class
A,
6.15%,
3/25/30
(a)
1,268,679
994,000
Hertz
Vehicle
Financing
III
LLC,
Series
2A
,
Class
A,
5.48%,
1/27/31
(a)
1,023,571
1,038,725
Hilton
Grand
Vacations
Trust,
Series
2024-3A
,
Class
A,
4.98%,
8/27/40
(a)
1,050,749
1,582,000
LCM
33
Ltd,
Series
33A
,
Class
AR,
5.06%,
7/20/34
(TSFR3M
+
118.00
bps)
(a)(b)(c)
1,584,326
774,658
MVW
LLC,
Series
2024-2
,
Class
A,
4.43%,
3/20/42
(a)
776,001
1,581,000
Neuberger
Berman
Loan
Advisers
CLO
41
Ltd.,
Series
41A
,
Class
AR,
4.96%,
4/15/34
(TSFR3M
+
105
bps)
(a)
(b)(c)
1,580,557
415,000
OneMain
Direct
Auto
Receivables
Trust,
Series
1A
,
Class
A,
5.41%,
11/14/29
(a)
418,130
1,012,000
OneMain
Financial
Issuance
Trust,
Series
2A
,
Class
A,
3.14%,
10/14/36
(a)(e)
997,683
346,820
Sierra
Timeshare
Receivables
Funding
LLC,
Series
3A
,
Class
A,
4.83%,
8/20/41
(a)
349,835
Sterling
Capital
Quality
Income
Fund
Schedule
of
Investments
(continued)
December
31,
2025
(Unaudited)
Principal
Amount
Fair
Value
ASSET
BACKED
SECURITIES
—
(continued)
$
1,345,012
SMB
Private
Education
Loan
Trust,
Series
2024-F
,
Class
A1A,
5.06%,
3/16/54
(a)
$
1,361,257
144,219
SoFi
Professional
Loan
Program
Trust,
Series
A
,
Class
A2FX,
2.54%,
5/15/46
(a)(e)
139,527
1,845,415
Tricon
Residential
Trust,
Series
2025-SFR
,
Class
A,
5.06%,
3/17/42
(TSFR1M
+
110
bps)
(a)(c)
1,846,880
24,580
United
States
Small
Business
Administration,
Series
20D
,
Class
1,
4.36%,
4/01/30
(e)
24,689
242,000
VDCM
Commercial
Mortgage
Trust
2025-AZ,
Series
AZ
,
Class
C,
6.03%,
7/13/44
(a)(c)
246,265
Total
(Cost $25,144,888)
25,296,651
Principal
Amount
Fair
Value
CORPORATE
BONDS
—
0.15%
REIT
—
0.15%
250,000
American
Tower
Trust,
Series
2018-1,
Class
A,
3.65%,
3/15/28
(a)(e)
$
247,516
Total
(Cost $250,000)
247,516
Principal
Amount
Fair
Value
COMMERCIAL
MORTGAGE-BACKED
SECURITIES
—
7.89%
250,000
BANK
Trust,
Series
2020-BNK29,
Class
A4,
2.00%,
11/15/53
$
221,084
178,000
BANK5
Trust,
Series
2023-5YR3,
Class
AS,
7.56%,
9/15/56
$
189,963
1,000,000
BANK5
Trust,
Series
2023-5YR4,
Class
AS,
7.27%,
12/15/56
$
1,066,133
325,000
BBCMS
Mortgage
Trust,
Series
C7,
Class
A5,
2.04%,
4/15/53
$
293,085
75,000
BBCMS
Mortgage
Trust,
Series
5C25,
Class
A3,
5.95%,
3/15/57
$
78,448
51,000
BBCMS
Mortgage
Trust,
Series
5C25,
Class
AS,
6.36%,
3/15/57
$
53,158
553,000
Benchmark
Mortgage
Trust,
Series
V6,
Class
AS,
6.38%,
3/15/29
$
577,974
85,000
Benchmark
Mortgage
Trust,
Series
V6,
Class
A3,
5.93%,
3/15/29
$
88,807
220,000
Benchmark
Mortgage
Trust,
Series
V5,
Class
A3,
5.81%,
1/10/57
$
228,935
80,000
Benchmark
Mortgage
Trust,
Series
V2,
Class
AS,
6.54%,
5/15/55
$
83,196
1,250,000
Benchmark
Mortgage
Trust,
Series
B21,
Class
A5,
1.98%,
12/17/53
(e)
$
1,105,815
589,492
Benchmark
Mortgage
Trust,
Series
B18,
Class
A5,
1.93%,
7/15/53
$
523,554
Sterling
Capital
Quality
Income
Fund
Schedule
of
Investments
(continued)
December
31,
2025
(Unaudited)
Principal
Amount
Fair
Value
COMMERCIAL
MORTGAGE-BACKED
SECURITIES
—
(continued)
167,000
Benchmark
Mortgage
Trust,
Series
2024-V7,
Class
AS,
6.53%,
5/15/56
$
175,762
209,000
Benchmark
Mortgage
Trust,
Series
2024-V7,
Class
A3,
6.23%,
5/15/56
$
220,578
737,000
BMO
2025-5C12
Mortgage
Trust,
Series
5C12,
Class
A3,
5.18%,
10/15/58
(d)
$
756,572
51,000
BMO
Mortgage
Trust,
Series
2023-5C1,
7.36%,
8/15/56
$
53,845
216,105
BX
Commercial
Mortgage
Trust,
Series
2021-ACNT,
Class
C,
5.36%,
11/15/38
(a)(b)
$
215,844
589,000
CD
Mortgage
Trust,
Series
2016-CD2,
Class
A4,
3.53%,
11/10/49
(c)(e)
$
575,686
700,000
CD
Mortgage
Trust,
Series
2017-CD3,
Class
A4,
3.63%,
2/10/50
$
683,238
100,000
CFCRE
Commercial
Mortgage
Trust,
Series
C7,
Class
A3,
3.84%,
12/10/54
$
99,353
21,285
CHL
Mortgage
Pass-Through
Trust,
Series
3,
Class
A4,
5.75%,
4/25/34
$
21,245
8,932
Citigroup
Mortgage
Loan
Trust,
Inc.,
Series
NCM2,
Class
3CB2,
6.50%,
8/25/34
$
8,928
250,000
COMM
Mortgage
Trust,
Series
COR2,
Class
A3,
3.51%,
9/10/50
(e)
$
246,719
7,308
CSFB
Mortgage-Backed
Pass-Through
Certificates,
Series
1,
Class
2A1,
6.50%,
2/25/34
$
7,322
140,000
Freddie
Mac
Multifamily
Structured
Pass
Through,
Series
K159,
Class
A2,
3.95%,
11/25/30
(b)
$
139,403
1,000,000
Freddie
Mac
Multifamily
Structured
Pass
Through,
Series
K1522,
Class
A2,
2.36%,
10/25/36
$
807,418
291,664
FRESB
Mortgage
Trust,
Series
2017-SB36,
Class
A10F,
2.88%,
7/25/27
(e)
$
286,615
64,000
GS
Mortgage
Securities
Trust,
Series
GC47,
Class
A5,
2.38%,
5/12/53
$
58,884
500,000
GS
Mortgage
Securities
Trust,
Series
GSA2,
Class
A5,
2.01%,
12/12/53
(e)
$
441,351
500,000
GS
Mortgage
Securities
Trust,
Series
2016-GS4,
Class
A4,
3.44%,
11/15/49
(e)
$
496,882
185,000
JP
Morgan
Chase
Commercial
Mortgage,
Series
JP4,
Class
A4,
3.65%,
12/15/49
(b)
$
183,492
67,432
JP
Morgan
Chase
Commercial
Mortgage,
Series
C3,
Class
B,
5.01%,
2/15/46
(a)
$
65,988
500,000
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series
C32,
Class
A4,
3.72%,
12/15/49
(e)
$
496,006
659,333
Morgan
Stanley
Capital
I
Trust,
Series
HR8,
Class
A4,
2.04%,
7/15/53
$
597,485
435,000
Morgan
Stanley
Capital
I
Trust,
Series
H3,
Class
A5,
4.18%,
7/15/51
$
434,324
Sterling
Capital
Quality
Income
Fund
Schedule
of
Investments
(continued)
December
31,
2025
(Unaudited)
Principal
Amount
Fair
Value
COMMERCIAL
MORTGAGE-BACKED
SECURITIES
—
(continued)
232,582
SMR
Mortgage
Trust,
Series
2022-IND,
Class
A,
5.40%,
2/15/39
(a)(b)
$
232,542
50,000
Wells
Fargo
Commercial
Mortgage
Trust,
Series
C37,
Class
A5,
3.79%,
12/15/49
$
49,795
300,000
Wells
Fargo
Commercial
Mortgage
Trust,
Series
C40,
Class
A4,
3.58%,
10/15/50
$
297,155
220,800
Wells
Fargo
Commercial
Mortgage
Trust,
Series
C56,
Class
A5,
2.45%,
6/15/53
$
204,638
300,000
Wells
Fargo
Commercial
Mortgage
Trust,
Series
C58,
Class
A4,
2.09%,
7/15/53
$
269,202
500,000
Wells
Fargo
Commercial
Mortgage
Trust,
Series
C57,
Class
A4,
2.12%,
8/15/53
$
454,922
Total
(Cost $13,790,622)
$
13,091,346
Principal
Amount
Fair
Value
COLLATERALIZED
MORTGAGE
OBLIGATIONS
—
29.40%
1,500,000
BANK
Trust,
Series
2023-BNK46,
Class
A4,
5.75%,
8/15/56
$
1,581,585
1,500,000
BANK
Trust,
Series
2024-BNK47,
Class
A5,
5.72%,
6/15/57
$
1,591,232
208,000
BANK5,
Series
2023-5YR4,
Class
B,
7.86%,
12/15/28
$
223,102
589,000
BBCMS
Mortgage
Trust
2025-5C36,
Series
5C36,
Class
A3,
5.52%,
8/15/58
$
614,397
295,000
Benchmark
2025-V16
Mortgage
Trust,
Series
V16,
Class
A3,
5.44%,
8/15/57
$
306,560
1,495,000
Benchmark
Mortgage
Trust,
Series
2023-B39,
Class
A5,
5.75%,
7/15/56
$
1,581,959
1,500,000
BMO
Mortgage
Trust,
Series
2023-C7,
Class
A5,
6.16%,
12/15/56
$
1,608,408
275,607
Chase
Home
Lending
Mortgage
Trust,
Series
2019-
ATR2,
Class
A3,
3.50%,
8/25/49
(a)
$
251,407
825,833
Fannie
Mae,
Series
2010-150,
Class
YL,
4.00%,
1/25/41
$
761,853
500,935
Fannie
Mae,
Series
2009-28,
Class
HX,
5.00%,
5/25/39
$
512,018
539,756
Fannie
Mae,
Series
2008-2,
Class
PH,
5.50%,
2/25/38
$
552,246
540,030
Fannie
Mae,
Series
59,
Class
DH,
6.50%,
7/25/36
$
580,472
103,692
Fannie
Mae,
Series
2003-21,
Class
OW,
4.00%,
3/25/33
$
103,140
640,903
Fannie
Mae,
Series
20,
Class
KL,
3.50%,
1/25/48
$
535,376
662,399
Fannie
Mae,
Series
2015-65,
Class
BL,
3.50%,
9/25/49
$
545,838
1,888,921
Fannie
Mae,
Series
56,
Class
AQ,
2.00%,
8/25/50
$
1,537,181
24,674
Fannie
Mae,
Series
2003-19,
Class
AR,
5.50%,
3/25/33
$
25,445
301,209
Fannie
Mae,
Series
2020-10,
Class
Q,
3.00%,
3/25/50
$
263,828
423,355
Fannie
Mae,
Series
12,
Class
LC,
2.00%,
3/25/50
$
357,607
Sterling
Capital
Quality
Income
Fund
Schedule
of
Investments
(continued)
December
31,
2025
(Unaudited)
Principal
Amount
Fair
Value
COLLATERALIZED
MORTGAGE
OBLIGATIONS
—
(continued)
711,755
Fannie
Mae,
Series
5,
Class
MG,
3.50%,
2/25/50
$
656,038
1,495,000
Fannie
Mae,
Series
2017-42,
Class
HL,
3.00%,
6/25/47
$
1,403,283
1,091,870
Fannie
Mae,
Series
73,
Class
DZ,
3.00%,
10/25/46
(e)
$
976,752
3,156,922
Fannie
Mae,
Series
2015-65,
Class
CZ,
3.50%,
9/25/45
$
2,762,388
776,808
Fannie
Mae,
Series
2011-131,
Class
PB,
4.50%,
12/25/41
$
783,784
590,000
Fannie
Mae
REMICS,
Series
22,
Class
DY,
2.50%,
4/25/50
$
431,860
895,072
Freddie
Mac,
Series
4795,
Class
JB,
4.00%,
5/15/48
$
864,890
697,581
Freddie
Mac,
Series
5067,
Class
DP,
2.00%,
1/25/51
$
601,816
2,013,092
Freddie
Mac,
Series
4841,
Class
PZ,
4.50%,
9/15/48
$
1,962,189
3,171,017
Freddie
Mac,
Series
4938,
Class
KA,
2.50%,
10/25/49
$
2,787,586
673,062
Freddie
Mac,
Series
4941,
Class
MB,
3.00%,
7/25/49
$
609,935
332,968
Freddie
Mac,
Series
5115,
Class
G,
2.50%,
9/25/50
$
286,054
94,770
Freddie
Mac,
Series
2768,
Class
PC,
4.00%,
3/15/34
$
92,363
2,423,791
Freddie
Mac,
Series
5427,
Class
HZ,
3.50%,
8/15/42
$
2,026,887
39,481
Freddie
Mac,
Series
2485,
Class
WG,
6.00%,
8/15/32
$
41,310
130,996
Freddie
Mac,
Series
3042,
Class
PZ,
5.75%,
9/15/35
$
138,583
59,425
Freddie
Mac,
Series
3440,
Class
EM,
5.00%,
4/15/38
$
61,325
475,000
Freddie
Mac,
Series
4650,
Class
JE,
3.00%,
7/15/46
$
424,735
1,731,063
Freddie
Mac,
Series
5419,
Class
Z,
4.00%,
4/15/44
$
1,522,485
1,000,000
Freddie
Mac,
Series
4507,
Class
GB,
3.00%,
9/15/45
$
899,307
392,911
Freddie
Mac,
Series
4136,
Class
HZ,
3.50%,
11/15/27
$
391,223
22,741
Freddie
Mac,
Series
4293,
Class
MH,
3.00%,
12/15/41
$
22,085
28,626
Freddie
Mac,
Series
4215,
Class
LD,
2.00%,
7/15/41
$
28,057
92,322
Freddie
Mac,
Series
4173,
Class
NB,
3.00%,
3/15/43
$
85,408
119,000
Freddie
Mac,
Series
4160,
Class
HH,
2.50%,
12/15/32
(e)
$
113,502
628,000
Freddie
Mac,
Series
4135,
Class
AY,
2.00%,
11/15/42
$
527,961
724,000
Freddie
Mac,
Series
4125,
Class
JC,
2.50%,
11/15/42
$
580,138
215,000
Freddie
Mac,
Series
4097,
Class
CU,
1.50%,
8/15/27
$
210,759
208,728
Freddie
Mac,
Series
4094,
Class
ME,
2.50%,
8/15/42
$
189,733
515,500
Freddie
Mac,
Series
4088,
Class
CD,
3.00%,
8/15/42
$
428,330
849,728
Freddie
Mac,
Series
3895,
Class
PW,
4.50%,
7/15/41
$
858,340
77,800
Freddie
Mac,
Series
3816,
Class
HM,
4.50%,
5/15/40
$
78,623
200,000
Freddie
Mac,
Series
3815,
Class
TB,
4.50%,
2/15/41
$
194,728
500,000
Freddie
Mac,
Series
3714,
Class
PB,
4.75%,
8/15/40
(e)
$
501,554
71,852
Freddie
Mac,
Series
4352,
Class
ZX,
4.00%,
4/15/44
$
69,288
Sterling
Capital
Quality
Income
Fund
Schedule
of
Investments
(continued)
December
31,
2025
(Unaudited)
Principal
Amount
Fair
Value
COLLATERALIZED
MORTGAGE
OBLIGATIONS
—
(continued)
707,964
Freddie
Mac
Principal
Strips,
Series
236,
–%,
4/01/36
$
589,182
124,345
Freddie
Mac
Principal
Strips,
Series
219,
–%,
3/01/32
$
113,883
37,622
Ginnie
Mae,
Series
2004-69,
Class
GC,
5.50%,
4/20/34
$
37,998
304,102
Ginnie
Mae,
Series
2005-60,
Class
WZ,
5.50%,
9/20/35
$
312,170
136,432
Ginnie
Mae,
Series
2007-57,
Class
ZA,
5.75%,
10/20/37
$
138,777
712,000
Ginnie
Mae,
Series
2017-75,
Class
DL,
3.00%,
3/20/47
$
609,667
750,000
Ginnie
Mae,
Series
2011-135,
Class
PG,
3.00%,
10/16/41
$
680,112
461,404
Ginnie
Mae,
Series
126,
Class
A,
2.50%,
11/16/46
$
442,166
258,008
Ginnie
Mae,
Series
79,
Class
V,
2.80%,
3/16/29
$
252,553
863,000
Ginnie
Mae,
Series
2019-6,
Class
JK,
3.50%,
1/20/49
$
777,450
1,000,000
Ginnie
Mae,
Series
81,
Class
AL,
4.50%,
8/20/40
$
970,459
3,558,967
Government
National
Mortgage
Association,
Series
90,
Class
AB,
3.00%,
7/20/49
$
3,223,757
785,000
Vantage
Data
Centers
LLC,
Series
1A,
Class
A2,
5.13%,
8/15/55
(a)
$
775,859
1,500,000
Wells
Fargo
Commercial
Mortgage
Trust,
Series
2024-
C63,
Class
A5,
5.31%,
8/15/57
$
1,551,375
477,163
Wells
Fargo
Commercial
Mortgage
Trust
2025-5C5,
Series
5C5,
Class
A3,
5.59%,
7/15/58
$
498,335
665,000
Wells
Fargo
Commercial
Mortgage
Trust
2025-5C6,
Series
5C6,
Class
A3,
5.19%,
10/15/58
(d)
$
683,889
Total
(Cost $48,973,819)
$
48,804,585
Principal
Amount
Fair
Value
MORTGAGE-BACKED
SECURITIES
—
39.50%
Fannie
Mae
—
25.20%
84,298
4.00%,
3/01/41,
Pool
#AH4008
82,835
564,233
3.50%,
4/01/52,
Pool
#FS1260
526,504
1,019,323
4.00%,
8/01/51,
Pool
#FS1976
985,257
510,599
4.50%,
6/01/52,
Pool
#FS2157
505,016
456,545
5.50%,
3/01/53,
Pool
#FS3925
468,551
1,541,579
6.00%,
10/01/41,
Pool
#FS4183
1,629,606
771,068
3.50%,
9/01/50,
Pool
#FS5284
720,202
853,917
4.00%,
5/01/53
820,587
1,067,971
6.00%,
6/01/53,
Pool
#FS6616
1,098,864
2,632,844
6.00%,
5/01/54,
Pool
#FM2472
2,720,567
3,456,150
4.50%,
9/01/53,
Pool
#FS8829
3,395,171
3,232,904
5.50%,
11/01/54,
Pool
#FS9455
3,306,677
3,249,390
5.00%,
10/01/54,
Pool
#FS9535
3,247,859
Sterling
Capital
Quality
Income
Fund
Schedule
of
Investments
(continued)
December
31,
2025
(Unaudited)
Principal
Amount
Fair
Value
MORTGAGE-BACKED
SECURITIES
—
(continued)
Fannie
Mae
—
(continued)
1,628,186
5.00%,
4/01/55,
Pool
#CC0236
1,627,421
41,198
5.50%,
6/01/38,
Pool
#984277
(e)
43,012
23,579
5.50%,
8/01/38,
Pool
#995072
24,589
30,221
4.50%,
9/01/39,
Pool
#AC1830
30,482
22,214
4.50%,
6/01/41,
Pool
#AC9298
22,306
32,675
4.50%,
10/01/44,
Pool
#MA2066
32,615
92,270
4.00%,
12/01/44,
Pool
#MA2127
89,420
96,507
4.50%,
1/01/45,
Pool
#MA2158
96,330
66,333
4.00%,
11/01/46,
Pool
#MA2808
64,134
1,422,149
2.00%,
12/01/41,
Pool
#MA4501
1,236,107
646,067
3.50%,
2/01/52,
Pool
#MA4550
601,700
637,589
3.00%,
8/01/50,
Pool
#FS0973
575,859
426,652
6.00%,
8/01/43,
Pool
#MA5129
441,192
1,583,935
3.00%,
9/01/51,
Pool
#FM8821
1,413,432
265,232
3.00%,
5/01/51,
Pool
#FM7346
236,683
53,142
3.50%,
2/01/41,
Pool
#AH5646
51,173
58,114
5.00%,
7/01/41,
Pool
#AI5595
59,721
102,002
4.00%,
9/01/41,
Pool
#AJ1717
99,780
95,897
4.00%,
10/01/45,
Pool
#AL7487
92,808
109,095
3.50%,
3/01/45,
Pool
#AS4552
103,620
690,648
3.00%,
10/01/46,
Pool
#BC4764
626,375
89,800
3.00%,
2/01/47,
Pool
#BE2329
81,420
45,771
4.00%,
5/01/47,
Pool
#BE9598
43,842
42,086
4.50%,
11/01/47,
Pool
#BM3286
42,073
2,778,190
4.00%,
12/01/47,
Pool
#BM5019
2,704,806
724,425
3.00%,
3/01/52,
Pool
#BV4143
647,408
2,971,034
4.50%,
10/01/52,
Pool
#BW9905
2,921,144
48,497
4.50%,
5/01/48,
Pool
#CA1711
48,038
185,817
4.50%,
3/01/34,
Pool
#CA3294
188,568
1,204,486
3.50%,
6/01/50,
Pool
#CA6097
1,122,318
166,359
3.00%,
7/01/50,
Pool
#CA6421
147,672
169,278
3.00%,
7/01/50,
Pool
#CA6422
150,289
251,696
3.00%,
11/01/51,
Pool
#CB2170
223,357
2,812,498
3.50%,
5/01/52,
Pool
#CB3593
2,620,020
401,778
5.00%,
11/01/52,
Pool
#CB5278
403,266
1,153,842
5.50%,
2/01/54,
Pool
#FA0202
1,176,325
Sterling
Capital
Quality
Income
Fund
Schedule
of
Investments
(continued)
December
31,
2025
(Unaudited)
Principal
Amount
Fair
Value
MORTGAGE-BACKED
SECURITIES
—
(continued)
Fannie
Mae
—
(continued)
1,095,816
6.00%,
4/01/54,
Pool
#FA0566
1,131,871
380,480
2.50%,
3/01/51,
Pool
#FM6523
326,009
868,026
2.50%,
8/01/51,
Pool
#FM8438
748,696
29,526
4.50%,
10/01/40,
Pool
#AE4855
29,721
$
41,833,298
Federal
Home
Loan
Banks
—
0.29%
550,000
1.90%,
10/07/31
488,259
—
Freddie
Mac
—
13.78%
14,568
5.50%,
10/01/39,
Pool
#ZI9359
15,179
541,651
5.00%,
1/01/53,
Pool
#RA8382
543,657
861,333
3.00%,
2/01/52,
Pool
#RA6664
766,742
770,083
5.50%,
2/01/53,
Pool
#QF8052
786,354
531,478
2.50%,
7/01/51,
Pool
#QC4230
459,116
826,517
3.00%,
8/01/51,
Pool
#SD8162
731,571
3,206,719
5.50%,
11/01/54,
Pool
#SD6622
3,285,255
2,348,140
6.00%,
9/01/54,
Pool
#SD6558
2,432,558
1,319,935
4.00%,
12/01/52,
Pool
#SD5808
1,264,941
635,158
5.50%,
6/01/54,
Pool
#SD5479
651,400
1,041,191
6.00%,
7/01/53,
Pool
#SD3223
1,073,929
813,289
5.50%,
6/01/53,
Pool
#SD3136
830,873
845,400
5.00%,
6/01/53,
Pool
#SD3128
849,434
975,792
4.50%,
5/01/53,
Pool
#SD2952
963,325
3,253,543
5.00%,
2/01/53,
Pool
#SD2473
3,245,466
915,240
4.50%,
8/01/52,
Pool
#SD1515
903,641
581,506
4.50%,
6/01/52,
Pool
#SD1265
573,509
650,175
5.00%,
10/01/52,
Pool
#SD1710
651,578
25,042
5.00%,
4/01/40,
Pool
#ZI9910
25,752
48,497
4.00%,
12/01/40,
Pool
#ZJ0811
47,655
46,629
4.00%,
11/01/40,
Pool
#ZJ0654
45,715
121,891
3.50%,
8/01/42,
Pool
#ZL3508
116,281
77,140
4.00%,
4/01/46,
Pool
#ZM1015
74,599
75,348
3.50%,
12/01/47,
Pool
#ZM5123
70,782
137,256
2.00%,
8/01/40,
Pool
#RB5076
121,924
18,258
5.00%,
8/01/40,
Pool
#ZA1056
18,776
111,369
4.00%,
5/01/37,
Pool
#ZA2461
109,832
Sterling
Capital
Quality
Income
Fund
Schedule
of
Investments
(continued)
December
31,
2025
(Unaudited)
Principal
Amount
Fair
Value
MORTGAGE-BACKED
SECURITIES
—
(continued)
Freddie
Mac
—
(continued)
73,122
3.00%,
1/01/46,
Pool
#ZS4646
66,658
22,709
4.00%,
11/01/32,
Pool
#ZS8993
22,614
1,514,780
4.00%,
6/01/48,
Pool
#ZT0541
1,464,316
151,124
3.50%,
3/01/43,
Pool
#ZT1107
143,531
92,686
3.50%,
3/01/45,
Pool
#ZT1164
88,027
42,310
5.50%,
4/01/40,
Pool
#ZA1042
44,225
370,569
6.00%,
2/01/43,
Pool
#RB5221
382,120
$
22,871,335
Ginnie
Mae
II
—
0.23%
399,781
4.00%,
7/20/52,
Pool
#786280
379,013
6,140
4.00%,
12/20/40,
Pool
#755678
5,936
384,949
Total
(Cost $65,539,369)
65,577,841
Principal
Amount
Fair
Value
U.S.
GOVERNMENT
&
AGENCIES
—
1.76%
2,910,978
Freddie
Mac
Pool,
5.00
%
,
4/01/55
2,928,712
Total
(Cost $2,932,752)
2,928,712
Principal
Amount
Fair
Value
U.S.
TREASURY
BONDS
&
NOTES
—
4.04%
2,158,200
United
States
Treasury
Bond,
1.88
%
,
11/15/51
(e)
1,192,911
2,644,100
United
States
Treasury
Bond,
2.38
%
,
2/15/42
(e)
1,946,305
1,500,000
United
States
Treasury
Note,
1.13
%
,
2/15/31
1,320,645
2,251,000
United
States
Treasury
Note,
4.00
%
,
2/15/34
2,243,966
Total
(Cost $7,314,431)
6,703,827
Shares
Fair
Value
MONEY
MARKET
FUNDS
—
1.63%
2,704,728
Federated
Hermes
Treasury
Obligations
Fund,
Institutional
Shares,
3.67%
(f)
2,704,728
Total
Money
Market
Funds
(Cost
$2,704,728)
2,704,728
Total
Investments—
99.66%
(Cost
$166,730,609)
165,435,206
Other
Assets
in
Excess
of
Liabilities
—
0.34%
565,833
NET
ASSETS
—
100.00%
$
166,001,039
Sterling
Capital
Quality
Income
Fund
Schedule
of
Investments
(continued)
December
31,
2025
(Unaudited)
(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)
Security
is
a
fix-to-float
security,
which
carries
a
fixed
coupon
until
a
certain
date,
upon
which
it
switches
to
a
floating
rate.
Rate
shown
is
the
fixed
rate.
(c)
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
December
31,
2025.
The
maturity
date
reflected
is
the
final
maturity
date.
(d)
The
security
was
purchased
on a
when-issued
of
forward
commitment
basis
(Note
3)
(e)
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
December
31,
2025
is
$9,832,525,
which
represents
5.9%
of
net
assets.
(f)
Represents
the
current
yield
as
of
report
date.
Sterling
Capital
North
Carolina
Intermediate
Tax-Free
Fund
Schedule
of
Investments
December
31,
2025
(Unaudited)
Principal
Amount
Fair
Value
MUNICIPAL
BONDS
—
98.50%
North
Carolina
—
98.50%
$
575,000
Brunswick
County,
NC,
Enterprise
Systems
Revenue,
Callable
2/1/33
@
100
,
5.00
%,
2/1/41
$
624,080
500,000
Brunswick
County,
NC,
Enterprise
Systems
Revenue,
Callable
2/1/33
@
100
,
5.00
%,
2/1/42
537,887
1,100,000
Cabarrus
County,
NC,
Refunding
Revenue
Bonds
Series
A
,
5.00
%,
6/1/31
1,241,653
2,000,000
Charlotte,
NC,
Current
Refunding
G.O.
Series
A,
Callable
6/1/29
@
100
,
5.00
%,
6/1/34
2,148,102
2,000,000
Charlotte,
NC,
Public
Facilities,
Certification
of
Participation
Series
B,
Callable
12/1/31
@
100
,
5.00
%,
12/1/32
2,260,073
2,275,000
Charlotte,
NC,
Recreational
Facilities
Improvements
Revenue,
Callable
12/1/28
@
100
,
5.00
%,
12/1/33
2,415,664
1,520,000
Charlotte,
NC,
Recreational
Facilities
Improvements
Revenue,
Callable
12/1/28
@
100
,
5.00
%,
12/1/34
1,610,696
2,650,000
Charlotte,
NC,
Water
&
Sewer
System
Revenue,
Refunding
Revenue
Bonds
Series
A,
Callable
7/1/32
@
100
,
5.00
%,
7/1/39
2,934,827
1,130,000
Chatham
County,
NC,
Refunding
Revenue
(County
Guaranteed)
,
5.00
%,
12/1/28
1,172,734
1,760,000
City
of
Asheville
NC
Water
System
Revenue
,
5.00
%,
8/1/42
1,922,499
1,500,000
City
of
Charlotte
NC
Water
&
Sewer
System
Revenue
,
5.00
%,
7/1/31
1,699,785
1,720,000
City
of
Fayetteville
NC
Public
Works
Comm.
Rev.
,
5.00
%,
3/1/40
1,895,067
2,000,000
City
of
Greensboro
NC
,
5.00
%,
4/1/41
2,169,967
850,000
City
of
Winston-Salem
NC
,
5.00
%,
6/1/31
962,224
2,100,000
Concord,
NC,
Recreational
Facility
Improvements
G.O.,
Callable
9/1/33
@
100
,
5.00
%,
9/1/34
2,439,853
720,000
County
of
Ashe
NC
,
5.00
%,
6/1/38
816,278
500,000
County
of
Ashe
NC
,
5.00
%,
6/1/39
563,293
2,210,000
County
of
Forsyth,
NC
,
5.00
%,
6/1/30
2,450,373
2,060,000
County
of
Guilford
NC
,
5.00
%,
3/1/39
2,362,437
2,000,000
County
of
Guilford
NC
,
5.00
%,
3/1/32
2,290,676
2,000,000
County
of
Iredell
NC
,
5.00
%,
4/1/37
2,331,665
2,000,000
County
of
Mecklenburg
NC
,
5.00
%,
2/1/31
2,250,313
2,185,000
County
of
Orange
NC
,
5.00
%,
10/1/38
2,520,817
1,795,000
County
of
Transylvania,
NC
,
5.00
%,
4/1/30
1,981,079
1,450,000
County
of
Wake
NC
,
5.00
%,
4/1/39
1,664,726
1,150,000
Currituck
County,
NC,
Callable
4/1/33
@
100
,
5.00
%,
4/1/36
1,302,837
Sterling
Capital
North
Carolina
Intermediate
Tax-Free
Fund
Schedule
of
Investments
(continued)
December
31,
2025
(Unaudited)
Principal
Amount
Fair
Value
MUNICIPAL
BONDS
—
(continued)
North
Carolina
—
(continued)
$
1,150,000
Currituck
County,
NC,
Callable
4/1/33
@
100
,
5.00
%,
4/1/37
$
1,295,060
1,000,000
Currituck
County,
NC,
Callable
4/1/33
@
100
,
5.00
%,
4/1/38
1,118,142
1,000,000
Durham
County,
NC,
Current
Refunding
G.O.
,
5.00
%,
6/1/29
1,085,662
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
1,031,961
1,690,000
Fayetteville,
NC,
Public
Works
Commission,
Electric
Light
&
Power
Improvements
Revenue,
Callable
3/1/24
@
100
,
5.00
%,
3/1/29
1,779,337
1,180,000
Fuquay-Varina
NC
Combined
Utilities
Revenue
,
5.00
%,
2/1/38
1,333,864
2,000,000
Greensboro,
NC,
Recreational
Facility
Improvements
G.O.
Series
B,
Callable
4/1/32
@
100
,
5.00
%,
4/1/40
2,186,978
880,000
Johnston
County,
NC,
Water
Utility
Improvements
Revenue
Bonds,
Callable
4/1/33
@
100
,
5.00
%,
4/1/39
979,186
1,000,000
Macon
County,
NC
,
5.00
%,
10/1/41
1,096,963
1,100,000
Mecklenburg
County,
NC,
Limited
Obligations
,
5.00
%,
2/1/38
1,261,410
1,100,000
Nash
Health
Care
Systems
,
5.00
%,
2/1/32
1,218,287
1,000,000
North
Carolina
Agricultural
&
Technical
State
University,
Refunding
Revenue
Series
A
,
5.00
%,
10/1/52
1,034,705
500,000
North
Carolina
Agricultural
&
Technical
State
University,
Refunding
Revenue
Series
A
,
5.00
%,
10/1/48
520,762
500,000
North
Carolina
Agricultural
&
Technical
State
University,
Refunding
Revenue
Series
A
,
5.00
%,
10/1/43
532,418
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
2,356,274
1,000,000
North
Carolina
Central
University,
University
&
College
Improvements,
Revenue
Bonds,
Callable
4/1/29
@
100
,
5.00
%,
4/1/37
1,045,006
1,205,000
North
Carolina
Central
University,
University
&
College
Improvements,
Revenue
Bonds,
Callable
4/1/29
@
100
,
5.00
%,
4/1/33
1,276,946
1,000,000
North
Carolina
Housing
Finance
Agency
,
6.25
%,
1/1/56
1,124,102
1,000,000
North
Carolina
Medical
Care
Commission
,
5.00
%,
6/1/55
1,091,236
Sterling
Capital
North
Carolina
Intermediate
Tax-Free
Fund
Schedule
of
Investments
(continued)
December
31,
2025
(Unaudited)
Principal
Amount
Fair
Value
MUNICIPAL
BONDS
—
(continued)
North
Carolina
—
(continued)
$
2,500,000
North
Carolina
Medical
Care
Commission
,
5.00
%,
2/1/51
$
2,504,138
2,000,000
North
Carolina
Medical
Care
Commission,
Advance
Refunding
Revenue
Bonds,
Vidant
Health,
Callable
6/1/25
@
100
,
5.00
%,
6/1/40
(a)
2,001,421
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
1,625,718
3,000,000
North
Carolina
State,
Advance
Refunding
Revenue
Bonds
Series
B,
Callable
5/1/27
@
100
,
5.00
%,
5/1/30
(a)
3,096,355
1,100,000
North
Carolina
State,
Advance
Refunding
Revenue
Bonds
Series
B,
Callable
5/1/27
@
100
,
5.00
%,
5/1/28
1,136,141
2,000,000
North
Carolina
State,
Build
North
Carolina
Bonds,
Highway
Improvements
Revenue
Bonds
Series
A,
Callable
5/1/29
@
100
,
5.00
%,
5/1/31
2,152,672
1,100,000
North
Carolina
Turnpike
Authority,
Senior
Lien,
Advance
Refunding
Revenue,
Callable
1/1/27
@
100
(AGM)
,
5.00
%,
1/1/28
1,123,346
1,060,000
Pitt
County,
NC,
Advance
Refunding
Revenue
Bonds
Series
B,
Callable
10/1/26
@
100
,
5.00
%,
4/1/30
1,078,947
2,000,000
Raleigh,
NC,
Combined
Enterprise
System
Revenue,
Current
Refunding
Revenue
Bonds,
Callable
9/1/33
@
100
,
5.00
%,
9/1/48
2,110,507
2,200,000
Raleigh,
NC,
Refunding
Notes
G.O.
Series
A,
Callable
4/1/33
@
100
,
5.00
%,
4/1/40
2,437,839
1,025,000
Raleigh,
NC,
Refunding
Notes
G.O.
Series
A,
Callable
4/1/33
@
100
,
5.00
%,
4/1/36
1,170,418
1,000,000
State
of
North
Carolina
,
5.00
%,
3/1/33
1,068,931
1,470,000
Town
of
Apex,
NC,
Callable
2/1/33
@
100
,
5.00
%,
2/1/35
(a)
1,686,996
1,195,000
Town
of
Fuquay-Varina
NC,
Multi-Utility
Improvements
G.O.
,
5.00
%,
8/1/31
1,356,140
1,080,000
Town
of
Garner
NC,
Public
Improvements
G.O.
,
5.00
%,
2/1/31
1,213,518
1,080,000
Town
of
Garner
NC,
Public
Improvements
G.O.,
Callable
2/1/33
@
100
,
5.00
%,
2/1/34
1,241,442
1,730,000
Town
of
Holly
Springs
NC
,
5.00
%,
2/1/33
(a)
2,004,702
1,005,000
Town
of
Huntersville,
NC
,
5.00
%,
12/1/28
1,078,660
1,030,000
Union
County,
NC,
Public
Improvements
Bonds
G.O.,
Callable
3/1/32
@
100
,
5.00
%,
3/1/34
1,168,352
740,000
University
of
North
Carolina
at
Chapel
Hill
,
5.00
%,
12/1/33
838,372
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
1,667,607
Sterling
Capital
North
Carolina
Intermediate
Tax-Free
Fund
Schedule
of
Investments
(continued)
December
31,
2025
(Unaudited)
Principal
Amount
Fair
Value
MUNICIPAL
BONDS
—
(continued)
North
Carolina
—
(continued)
$
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
$
1,184,609
1,585,000
Wake
County,
NC,
Public
Improvements,
G.O.
Series
A,
Callable
3/1/28
@
100
,
5.00
%,
3/1/30
1,671,511
1,725,000
Wake
County,
NC,
Refunding
Revenue
Bonds
Series
A,
Callable
8/1/28
@
100
,
5.00
%,
8/1/32
1,826,903
350,000
Watauga
Public
Facilities
Corp.,
School
Improvements
Revenue
Bonds,
Callable
6/1/32
@
100
,
5.25
%,
6/1/40
386,657
375,000
Watauga
Public
Facilities
Corp.,
School
Improvements
Revenue
Bonds,
Callable
6/1/32
@
100
,
5.00
%,
6/1/37
416,712
375,000
Watauga
Public
Facilities
Corp.,
School
Improvements
Revenue
Bonds,
Callable
6/1/32
@
100
,
5.00
%,
6/1/38
414,399
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
704,329
2,060,000
Wilmington,
NC,
Public
Improvements
G.O.
Series
A
,
5.00
%,
5/1/31
2,327,343
1,365,000
Winston-Salem,
NC,
Public
Improvements
G.O.
Series
B,
Callable
6/1/33
@
100
,
5.00
%,
6/1/35
1,571,621
Total
(Cost $112,224,127)
114,204,210
Shares
Fair
Value
MONEY
MARKET
FUNDS
—
0.71%
823,749
Federated
Hermes
Treasury
Obligations
Fund,
Institutional
Shares,
3.67%
(b)
823,749
Total
Money
Market
Funds
(Cost
$823,749)
823,749
Total
Investments—
99.21%
(Cost
$113,047,876)
115,027,959
Other
Assets
in
Excess
of
Liabilities
—
0.79%
915,750
NET
ASSETS
—
100.00%
$
115,943,709
(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
December
31,
2025
is
$8,789,474,
which
represents
7.6%
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
December
31,
2025
(Unaudited)
Principal
Amount
Fair
Value
MUNICIPAL
BONDS
—
95.09%
South
Carolina
—
95.09%
$
500,000
Aiken
County,
SC,
Consolidated
School
District,
Special
Obligation
Bonds,
School
Improvements
Revenue,
Callable
6/1/29
@
100
,
4.00
%,
6/1/33
$
514,762
500,000
Anderson
County
School
District
No
4/SC
,
5.00
%,
3/1/38
575,368
500,000
Charleston,
SC,
Waterworks
&
Sewer
System
Revenue,
Water
Utility
Improvements
Revenue
Bonds,
Callable
1/1/30
@
100
,
5.00
%,
1/1/38
536,356
750,000
Charleston,
SC,
Waterworks
&
Sewer
System
Revenue,
Water
Utility
Improvements
Revenue
Bonds,
Callable
7/1/32
@
100
,
5.00
%,
1/1/52
783,027
500,000
Clemson
University
,
5.00
%,
5/1/47
530,120
500,000
Columbia,
SC,
Waterworks
&
Sewer
System
Revenue,
Water
&
Sewer
Utility
Improvements
Revenue,
Callable
2/1/28
@
100
,
5.00
%,
2/1/48
525,680
500,000
Columbia,
SC,
Waterworks
&
Sewer
System
Revenue,
Water
&
Sewer
Utility
Improvements
Revenue,
Callable
2/1/33
@
100
,
5.25
%,
2/1/52
529,714
700,000
County
of
Beaufort
SC
,
5.00
%,
3/1/31
786,640
500,000
County
of
Dorchester
SC
,
5.00
%,
10/1/36
575,238
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
834,342
500,000
Florence,
SC,
Combined
Waterworks
&
Sewerage
System
Revenue,
Water
Utility
Improvements
Revenue
Bonds,
Callable
9/1/33
@
100
,
5.00
%,
9/1/37
563,111
500,000
Greenville
Health
System,
Hospital
System
Board
Series
B,
Callable
5/1/24
@
100
,
5.00
%,
5/1/31
501,084
500,000
Greenwood
County,
SC
,
5.00
%,
10/1/32
553,394
500,000
Lancaster
County,
SC,
School
District,
School
Improvements
G.O.
Series
A,
Callable
3/1/27
@
100
(SCSDE)
,
4.00
%,
3/1/30
506,722
635,000
Lexington
&
Richland
Counties,
SC,
School
District
No.
5,
School
Improvements
G.O.
(SCSDE)
,
5.00
%,
3/1/33
733,888
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
642,716
500,000
Lexington
County,
SC,
School
District
No.
2,
G.O.
Series
C,
Callable
3/1/27
@
100
(SCSDE)
,
5.00
%,
3/1/31
513,048
585,000
Lugoff-Elgin
Water
Authority,
Refunding
Revenue
Series
B,
Callable
7/1/26
@
100
,
5.00
%,
7/1/30
(a)
591,253
500,000
Newberry
Investing
in
Children's
Education
,
5.00
%,
12/1/30
549,551
Sterling
Capital
South
Carolina
Intermediate
Tax-Free
Fund
Schedule
of
Investments
(continued)
December
31,
2025
(Unaudited)
Principal
Amount
Fair
Value
MUNICIPAL
BONDS
—
(continued)
South
Carolina
—
(continued)
$
500,000
Oconee
County,
SC
,
5.00
%,
4/1/41
$
543,147
500,000
Orangeburg
County,
SC,
Correctional
Facilities
Improvements,
Installment
Purchase
Revenue
Bonds,
Callable
12/1/27
@
100
,
5.00
%,
12/1/29
514,556
715,000
Patriots
Energy
Group
Financing
Agency
,
5.25
%,
2/1/54
772,953
500,000
,
DC,
School
District
No.
2,
Refunding
Bonds
G.O.
Series
B,
Callable
3/1/27
@
100
(SCSDE)
,
4.00
%,
3/1/29
506,657
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)
901,148
415,000
South
Carolina
Jobs-Economic
Development
Auth
Series
2025-B-2
,
5.00
%,
11/1/49
461,206
645,000
South
Carolina
Jobs-Economic
Development
Authority
,
5.00
%,
11/1/34
736,794
400,000
South
Carolina
Jobs-Economic
Development
Authority
,
5.00
%,
11/1/33
(a)
456,718
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)
851,322
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
509,852
750,000
South
Carolina
Public
Service
Authority,
Callable
12/1/32
@
100
,
5.25
%,
12/1/36
846,152
500,000
South
Carolina
Transportation
Infrastructure
Bank,
Advance
Refunding
Revenue
Series
A,
Callable
10/1/27
@
100
(AGM)
,
5.00
%,
10/1/38
514,520
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
541,547
500,000
Spartanburg
County
School
District
No.
5,
SC,
School
Improvements
G.O.,
Callable
3/1/32
(SCSDE)
,
5.00
%,
3/1/37
556,205
750,000
State
of
South
Carolina,
University
&
College
Improvements
G.O.
Series
A,
Callable
4/1/32
@
100
,
5.00
%,
4/1/39
826,722
Total
(Cost $20,636,009)
20,885,513
Shares
Fair
Value
MONEY
MARKET
FUNDS
—
3.78%
830,638
Federated
Hermes
Treasury
Obligations
Fund,
Institutional
Shares,
3.67%
(b)
830,638
Sterling
Capital
South
Carolina
Intermediate
Tax-Free
Fund
Schedule
of
Investments
(continued)
December
31,
2025
(Unaudited)
Shares
Fair
Value
MONEY
MARKET
FUNDS
—
3.78%
-
continued
Total
Money
Market
Funds
(Cost
$830,638)
$
830,638
Total
Investments—
98.87%
(Cost
$21,466,647)
21,716,151
Other
Assets
in
Excess
of
Liabilities
—
1.13%
247,273
NET
ASSETS
—
100.00%
$
21,963,424
(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
December
31,
2025
is
$2,800,441,
which
represents
12.8%
of
net
assets.
(b)
Represents
the
current
yield
as
of
report
date.
AGM
Assured
Guaranty
Municipal
Corp.
G.O.
General
Obligation
SCSDE
South
Carolina
School
District
Enhancement
Sterling
Capital
Virginia
Intermediate
Tax-Free
Fund
Schedule
of
Investments
December
31,
2025
(Unaudited)
Principal
Amount
Fair
Value
MUNICIPAL
BONDS
—
98.09%
Virginia
—
98.09%
$
750,000
Albemarle
County,
VA,
School
Improvements
G.O.,
(State
Aid
Withholding)
,
5.00
%,
6/1/26
$
757,697
550,000
Arlington
County
Industrial
Development
Authority
,
5.00
%,
7/1/30
601,780
750,000
Arlington
County,
VA,
Public
Improvements
G.O.,
Callable
8/15/27
@
100
,
5.00
%,
8/15/30
779,771
500,000
Chesapeake
Bay
Bridge
&
Tunnel
District,
First
Tier
General
Resolution,
Highway
Improvements,
Revenue
Bonds,
Callable
7/1/26
@
100
(AGM)
,
5.00
%,
7/1/41
502,330
750,000
Chesapeake,
VA,
Chesapeake
Expressway,
Callable
7/15/34
@
100
,
5.00
%,
7/15/41
830,386
750,000
Chesapeake,
VA,
Public
Improvements,
Refunding
G.O.
Series
A,
Callable
18/1/27
@
100
,
5.00
%,
8/1/30
779,082
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
1,029,882
500,000
Chesterfield
County,
VA,
School
Improvements
G.O.,
(State
Aid
Withholding),
Callable
1/1/33
@
100
,
5.00
%,
1/1/40
548,482
600,000
City
of
Alexandria,
VA
,
5.00
%,
12/15/33
702,380
500,000
City
of
Hampton
VA
,
5.00
%,
10/1/39
573,300
500,000
County
of
Greene
VA
Water
&
Sewer
System
Revenue
,
5.00
%,
5/1/37
559,681
500,000
Culpeper
County,
VA,
Economic
Development
Authority,
VA
Capital
Projects,
Refunding
Revenue,
Callable
6/1/24
@
100
,
4.00
%,
6/1/26
500,390
500,000
Fairfax
County
Industrial
Development
Authority
,
5.00
%,
5/15/35
558,455
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)
1,265,267
1,000,000
Fairfax
County,
VA,
Sewer
Revenue
,
5.00
%,
7/15/54
1,052,148
1,000,000
Hampton
Roads
Transp.
Accountability
Comm.
,
5.00
%,
7/1/31
1,105,694
500,000
Henrico
County
Economic
Development
Authority
,
5.00
%,
11/1/35
577,018
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
1,108,701
1,000,000
Lynchburg
Economic
Development
Authority
,
5.00
%,
1/1/35
1,091,935
1,000,000
Manassas,
VA,
Public
Improvements,
Public
Facilities
G.O.
(State
Aid
Withholding),
Callable
7/1/29
@
100
,
4.00
%,
7/1/33
1,046,285
Sterling
Capital
Virginia
Intermediate
Tax-Free
Fund
Schedule
of
Investments
(continued)
December
31,
2025
(Unaudited)
Principal
Amount
Fair
Value
MUNICIPAL
BONDS
—
(continued)
Virginia
—
(continued)
$
1,000,000
Norfolk,
VA,
Callable
8/1/28
@
100
,
5.00
%,
8/1/47
$
1,063,573
500,000
Norfolk,
VA,
Water
Revenue,
Callable
11/1/33
@
100
,
5.00
%,
11/1/44
535,761
750,000
Norfolk,
VA,
Water
Revenue,
Callable
11/1/33
@
100
,
5.00
%,
11/1/40
834,106
1,000,000
Roanoke,
VA,
School
Improvements
G.O.,
Callable
4/1/32
@
100
,
5.00
%,
4/1/34
(a)
1,132,772
500,000
Salem
Economic
Development
Authority
,
5.00
%,
4/1/40
517,972
1,000,000
Salem,
VA,
School
Improvements
G.O.,
Current
Refunding
,
5.00
%,
5/1/28
1,056,386
750,000
Spotsylvania
County,
VA,
School
Improvements
G.O.,
Callable
7/15/32
@
100
,
5.00
%,
1/15/37
839,105
500,000
Spotsylvania
County,
VA,
School
Improvements
G.O.,
Callable
7/15/32
@
100
,
5.00
%,
1/15/38
555,870
1,085,000
Suffolk,
VA,
Callable
2/1/32
@
100
,
5.00
%,
2/1/43
(a)
1,159,025
1,000,000
Upper
Occoquan
Sewage
Authority
,
5.00
%,
7/1/37
1,159,926
1,000,000
Virginia
College
Building
Authority,
University
&
College
Improvements
Revenue
Bonds
(State
Intercept)
Series
C
,
5.00
%,
9/1/29
1,089,312
1,000,000
Virginia
Housing
Development
Authority,
Callable
4/1/26
@
100
,
3.00
%,
10/1/29
1,000,341
585,000
Virginia
Port
Authority
,
5.00
%,
7/1/32
665,383
750,000
Virginia
Port
Authority
Commonwealth
Port
Fund,
Airport
&
Marina
Improvements
Revenue
Bonds
Series
A
,
5.00
%,
7/1/41
815,988
1,035,000
Virginia
Public
School
Authority,
School
Improvements
Revenue
Bonds
(State
Aid
Withholding)
,
5.00
%,
8/15/30
1,152,345
1,000,000
Virginia
Public
School
Authority,
School
Improvements
Revenue
Bonds
(State
Aid
Withholding)
,
5.00
%,
1/15/30
1,100,072
600,000
Virginia
Small
Business
Financing
Authority
,
5.00
%,
10/1/32
657,017
750,000
Winchester
Economic
Development
Authority,
Callable
1/1/34
@
100
,
5.00
%,
1/1/42
800,665
Total
(Cost $31,735,438)
32,106,283
Shares
Fair
Value
MONEY
MARKET
FUNDS
—
0.62%
202,839
Federated
Hermes
Treasury
Obligations
Fund,
Institutional
Shares,
3.67%
(b)
202,839
Sterling
Capital
Virginia
Intermediate
Tax-Free
Fund
Schedule
of
Investments
(continued)
December
31,
2025
(Unaudited)
Shares
Fair
Value
MONEY
MARKET
FUNDS
—
0.62%
-
continued
Total
Money
Market
Funds
(Cost
$202,839)
$
202,839
Total
Investments—
98.71%
(Cost
$31,938,277)
32,309,122
Other
Assets
in
Excess
of
Liabilities
—
1.29%
423,813
NET
ASSETS
—
100.00%
$
32,732,935
(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
December
31,
2025
is
$3,557,064,
which
represents
10.9%
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
December
31,
2025
(Unaudited)
Principal
Amount
Fair
Value
MUNICIPAL
BONDS
—
98.16%
West
Virginia
—
98.16%
$
500,000
Berkeley
County
Public
Service
Sewer
,
5.00
%,
6/1/40
$
534,902
1,000,000
Berkeley
County,
Board
of
Education,
School
Improvements
G.O.
(West
Virginia
Board
Commission)
,
4.00
%,
6/1/28
1,032,025
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)
1,833,440
1,000,000
Berkeley
County,
WV,
Public
Service
Sewer
District,
Miscellaneous
Purposes
Revenue
Series
C,
Callable
10/30/23
@
100
(BAM)
,
4.50
%,
10/1/32
1,001,082
1,000,000
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)
1,007,672
610,000
Fairmont
State
University
,
5.00
%,
6/1/26
614,942
1,000,000
Hancock
County
Board
of
Education
,
5.00
%,
6/1/35
1,116,049
1,360,000
Marshall
University,
WV,
University
&
College
Improvements
Revenue
Bonds
Series
A
(AGM)
,
5.00
%,
5/1/30
1,480,864
705,000
Morgantown
Utility
Board,
WV,
Combined
Water
Utility
Improvements
Revenue
Series
B,
Callable
6/1/28
@
100
,
5.00
%,
12/1/34
739,736
1,140,000
Morgantown
Utility
Board,
WV,
Water
Utility
Improvements
Revenue
Bonds
Series
B,
Callable
6/1/28
@
100
,
5.00
%,
12/1/36
1,190,735
750,000
Ohio
County,
WV,
Board
of
Education,
School
Improvements
G.O.
(West
Virginia
Board
Commission)
,
3.00
%,
6/1/28
750,658
1,000,000
Ohio
County,
WV,
Board
of
Education,
School
Improvements
G.O.
(West
Virginia
Board
Commission)
,
4.00
%,
6/1/29
1,039,675
1,275,000
Ohio
County,
WV,
Callable
6/1/34
@
100
,
5.25
%,
6/1/44
1,293,341
1,000,000
Putnam
County
Board
of
Education/WV
,
5.00
%,
6/1/32
1,127,999
1,500,000
Putnam
County
Board
of
Education/WV
,
5.00
%,
6/1/37
1,701,178
765,000
School
Building
Authority
of
West
Virginia,
Lottery
Capital
Improvements
Revenue
Series
A,
Callable
7/1/24
@
100
,
5.00
%,
7/1/28
766,431
1,000,000
State
of
West
Virginia,
Callable
6/1/29
@
100
,
5.00
%,
6/1/44
1,033,229
1,505,000
State
of
West
Virginia,
Callable
6/1/31
@
100
,
5.00
%,
6/1/45
1,574,277
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
1,068,984
Sterling
Capital
West
Virginia
Intermediate
Tax-Free
Fund
Schedule
of
Investments
(continued)
December
31,
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
%,
6/1/36
$
1,147,576
1,000,000
Taylor
County,
WV,
Board
of
Education,
Callable
6/1/34
@
100
,
5.00
%,
6/1/35
1,153,568
850,000
West
Virginia
Commissioner
of
Highways,
Callable
9/1/27
@
100
,
5.00
%,
9/1/28
883,169
500,000
West
Virginia
Economic
Development
Authority
,
3.38
%,
3/1/40
505,562
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
1,186,555
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
1,639,294
1,125,000
West
Virginia
Hospital
Finance
Authority
,
5.00
%,
6/1/39
1,227,515
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
1,505,188
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
1,069,924
905,000
West
Virginia
Housing
Development
Fund,
Revenue
Bonds
Series
A
,
3.30
%,
11/1/29
915,862
1,070,000
West
Virginia
Housing
Development
Fund,
Revenue
Bonds
Series
A
,
3.25
%,
5/1/29
1,080,976
735,000
West
Virginia
Lottery
Excess
Lottery
Revenue
,
5.00
%,
7/1/39
804,015
1,980,000
West
Virginia
Parkways
Authority,
Highway
Improvements,
Senior
Lien
Revenue
Bonds,
Callable
6/1/31
@
100
,
5.00
%,
6/1/47
2,048,106
1,105,000
West
Virginia
Parkways
Authority,
Senior
Turnpike
Toll
Revenue,
Highway
Improvements,
Callable
6/1/28
@
100
,
5.00
%,
6/1/39
1,145,877
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
1,059,982
1,610,000
West
Virginia
University,
University
Projects,
University
&
College
Improvements
Revenue
Series
A,
Callable
10/1/31
@
100
,
5.00
%,
10/1/43
1,688,313
1,015,000
West
Virginia
Water
Development
Authority
,
5.00
%,
11/1/35
1,049,478
Sterling
Capital
West
Virginia
Intermediate
Tax-Free
Fund
Schedule
of
Investments
(continued)
December
31,
2025
(Unaudited)
Principal
Amount
Fair
Value
MUNICIPAL
BONDS
—
(continued)
West
Virginia
—
(continued)
$
1,000,000
West
Virginia
Water
Development
Authority,
Loan
Program
II,
Refunding
Revenue
Series
A-II,
Callable
11/1/23
@
100
,
5.00
%,
11/1/26
(a)
$
1,001,617
600,000
West
Virginia
Water
Development
Authority,
West
Virginia
Infrastructure
&
Jobs,
Current
Refunding
Revenue
Bonds,
Callable
10/1/26
@
100
,
5.00
%,
10/1/31
608,924
1,500,000
Wood
County,
WV,
Board
of
Education,
Callable
6/1/33
@
100
,
4.50
%,
6/1/34
1,634,867
1,000,000
Wood
County,
WV,
Board
of
Education,
Callable
6/1/33
@
100
,
4.50
%,
6/1/35
1,079,415
1,000,000
Wyoming
County,
WV,
Board
of
Education,
Callable
6/1/34
@
100
,
5.00
%,
6/1/35
1,143,944
1,000,000
Wyoming
County,
WV,
Board
of
Education,
Callable
6/1/34
@
100
,
5.00
%,
6/1/36
1,135,634
Total
(Cost $47,160,253)
47,622,580
Shares
Fair
Value
MONEY
MARKET
FUNDS
—
0.93%
452,859
Federated
Hermes
Treasury
Obligations
Fund,
Institutional
Shares,
3.67%
(b)
452,859
Total
Money
Market
Funds
(Cost
$452,859)
452,859
Total
Investments—
99.09%
(Cost
$47,613,112)
48,075,439
Other
Assets
in
Excess
of
Liabilities
—
0.91%
439,074
NET
ASSETS
—
100.00%
$
48,514,513
(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
December
31,
2025
is
$3,842,729,
which
represents
7.9%
of
net
assets.
(b)
Represents
the
current
yield
as
of
report
date.
Sterling
Capital
Multi-Strategy
Income
ETF
Schedule
of
Investments
December
31,
2025
-
(Unaudited)
Asset
Backed
Securities
—
33.28%
Principal
Amount
Fair
Value
Exeter
Automobile
Receivables
Trust
2024-5,
Series
5A,
5.06%,
2/18/2031
$
150,000
$
150,707
Hertz
Vehicle
Financing
III,
LLC,
Series
6A,
4.89%,
5/25/2032
(a)
200,000
201,007
PFS
Financing
Corp.,
Series
B,
5.71%,
5/15/2028
(a)
100,000
100,439
Retained
Vantage
Data
Centers
Issuer,
LLC,
Series
1A,
4.99%,
9/15/2049
(a)
125,000
124,005
Sierra
Timeshare
2024-1
Receivables
Funding,
LLC,
Series
1A,
5.15%,
1/20/2043
(a)
109,118
110,437
SMB
Private
Education
Loan
Trust
2024-C,
Series
C,
5.50%,
6/17/2052
(a)
130,890
134,378
SoFi
Consumer
Loan
Program
2025-1
Trust,
Series
1,
5.12%,
2/27/2034
(a)
250,000
252,801
Stack
Infrastructure
Issuer,
LLC,
Series
2A,
5.90%,
7/25/2048
(a)
125,000
125,629
Tricon
Residential
2024-SFR1
Trust,
Series
SFR1,
4.65%,
4/17/2041
(a)
127,819
128,079
Vantage
Data
Centers,
LLC,
Series
1A,
5.13%,
8/15/2055
(a)
250,000
247,297
Harbor
Park
CLO
Ltd.,
Series
1A,
5.53%,
1/20/2031
(a)
250,000
249,680
Madison
Park
Funding
XXXVII
Ltd.,
Series
37A,
6.51%,
4/15/2037
(a)
250,000
250,762
Neuberger
Berman
Loan
Advisers
CLO
26
Ltd.,
Series
26A,
5.88%,
10/18/2038
(a)
250,000
250,149
RR
16
Ltd.,
Series
16A,
5.71%,
7/15/2036
(a)
250,000
249,109
BPR
Trust
2023-BRK2,
Series
BRK2,
6.90%,
10/5/2038
(a)(b)
260,000
271,437
BX
Trust
2021-BXMF,
Series
BXMF,
5.70%,
10/15/2026
(a)
107,434
107,273
BX
Trust
2024-VLT4,
Series
VLT4,
5.89%,
6/15/2041
(a)
275,000
274,488
SREIT
Trust
2021-MFP2,
Series
MFP2,
5.24%,
11/15/2036
(a)
100,000
99,970
TOTAL
ASSET
BACKED
SECURITIES
    (Cost $3,327,962)
3,327,647
Corporate
Bonds
—
49.24%
Principal
Amount
Fair
Value
Communications
—
3.69%
APLD
ComputeCo
,
LLC,
9.25%,
12/15/2030
(a)
76,000
74,686
CCO
Holdings,
LLC
/
CCO
Holdings
Capital,
7.38%,
3/3/2031
(a)
96,000
97,967
Cipher
Compute,
LLC,
7.13%,
11/15/2030
(a)
97,000
98,793
WULF
Compute,
LLC,
7.75%,
10/15/2030
(a)
95,000
97,873
369,319
Consumer
Discretionary
—
8.15%
Adient
Global
Holdings,
7.50%,
2/15/2033
(a)
95,000
98,045
American
Axle
&
Manufacturing,
Inc.,
5.00%,
10/1/2029
104,000
100,181
Bath
&
Body
Works,
Inc.,
6.88%,
11/1/2035
98,000
99,143
Builders
FirstSource
,
Inc.,
6.75%,
5/15/2035
(a)
71,000
74,232
Macy's
Retail
Holdings,
LLC,
6.13%,
3/15/2032
(a)
73,000
73,897
NCL
Corporation
Ltd.,
6.25%,
3/1/2030
(a)
97,000
98,514
Sterling
Capital
Multi-Strategy
Income
ETF
Schedule
of
Investments
(continued)
December
31,
2025
-
(Unaudited)
Corporate
Bonds
—
49.24%-
continued
Principal
Amount
Fair
Value
Consumer
Discretionary
—
8.15%
-
continued
New
Home
Company,
Inc.
(The),
9.25%,
10/1/2029
(a)
$
94,000
$
98,105
Newell
Brands,
Inc.,
8.50%,
6/1/2028
(a)
71,000
74,446
Phinia
,
Inc.,
6.63%,
10/15/2032
(a)
95,000
98,367
814,930
Consumer
Staples
—
0.99%
Albertsons
Cos
Inc,
6.25%,
3/15/2033
(a)
96,000
98,689
Energy
—
9.57%
Antero
Midstream
Partners,
L.P.
/
Antero
Midstream,
5.75%,
10/15/2033
(a)
98,000
98,593
Ascent
Resources
Utica
Holdings,
LLC
/
ARU
Finance,
6.63%,
10/15/2032
(a)
72,000
74,436
Buckeye
Partners,
L.P.,
6.75%,
2/1/2030
(a)
70,000
73,481
Civitas
Resources,
Inc.,
9.63%,
6/15/2033
(a)
88,000
94,932
Crescent
Energy
Finance,
LLC,
7.63%,
4/1/2032
(a)
100,000
96,952
Energy
Transfer,
L.P.,
8.00%,
5/15/2054
(H15T5Y
+
4bps)
(b)
93,000
99,272
Global
Partners,
L.P.
/
GLP
Finance
Corporation,
8.25%,
1/15/2032
(a)
92,000
96,902
Permian
Resources
Operating,
LLC,
7.00%,
1/15/2032
(a)
70,000
72,932
Sunoco,
L.P.,
7.25%,
5/1/2032
(a)
70,000
74,014
Venture
Global
LNG
Inc.,
9.00%,
3/30/2174
(H15T5Y
+
5bps)
(a)(b)
64,000
50,543
Venture
Global
Plaquemines
LNG,
LLC,
6.13%,
12/15/2030
(a)
50,000
50,934
Wildfire
Intermediate
Holdings,
LLC,
7.50%,
10/15/2029
(a)
73,000
73,664
956,655
Financials
—
11.86%
American
National
Group,
Inc.,
7.00%,
12/1/2055
(H15T5Y
+
3bps)
(b)
99,000
99,093
Apollo
Debt
Solutions
BDC,
6.90%,
4/13/2029
71,000
74,499
Citigroup,
Inc.,
6.63%,
5/15/2174
(H15T5Y
+
3bps)
(b)
124,000
125,860
Corebridge
Financial,
Inc.,
6.88%,
12/1/2174
(H15T5Y
+
3bps)
(b)
97,000
99,797
Global
Atlantic
Fin
Company,
7.95%,
10/15/2054
(H15T5Y
+
4bps)
(a)(b)
95,000
98,093
Jane
Street
Group
/
JSG
Finance,
Inc.,
6.75%,
5/1/2033
(a)
95,000
99,161
OneMain
Finance
Corporation,
7.88%,
3/15/2030
93,000
98,306
Panther
Escrow
Issuer,
LLC,
7.13%,
6/1/2031
(a)
93,000
96,371
PennyMac
Financial
Services,
Inc.,
5.75%,
9/15/2031
(a)
97,000
97,401
SBL
Holdings,
Inc.,
6.50%,
11/13/2174
(H15T5Y
+
6bps)
(a)(b)
104,000
98,486
Starwood
Property
Trust,
Inc.,
6.50%,
10/15/2030
(a)
95,000
99,047
Stonebriar
A.B.F
Issuer,
LLC,
8.13%,
12/15/2030
(a)
97,000
99,645
1,185,759
Sterling
Capital
Multi-Strategy
Income
ETF
Schedule
of
Investments
(continued)
December
31,
2025
-
(Unaudited)
Corporate
Bonds
—
49.24%-
continued
Principal
Amount
Fair
Value
Health
Care
—
2.92%
Amneal
Pharmaceuticals,
LLC,
6.88%,
8/1/2032
(a)
$
92,000
$
97,067
Prime
Healthcare
Services,
Inc.,
9.38%,
9/1/2029
(a)
92,000
96,600
Star
Parent,
Inc.,
9.00%,
10/1/2030
(a)
92,000
98,191
291,858
Industrials
—
6.61%
ADT
Security
Corporation
(The),
5.88%,
10/15/2033
(a)
98,000
99,215
American
Airlines,
Inc./AAdvantage
Loyalty
IP
Ltd.,
5.75%,
4/20/2029
(a)
73,000
74,334
Bombardier,
Inc.,
6.75%,
6/15/2033
(a)
91,000
96,197
GFL
Environmental,
Inc.,
6.75%,
1/15/2031
(a)
93,000
97,572
Herc
Holdings,
Inc.,
7.25%,
6/15/2033
(a)
91,000
96,688
Stonepeak
Nile
Parent,
LLC,
7.25%,
3/15/2032
(a)
93,000
98,419
TransDigm
,
Inc.,
6.00%,
1/15/2033
(a)
96,000
98,253
660,678
Materials
—
2.73%
Cleveland-Cliffs,
Inc.,
7.38%,
5/1/2033
(a)
95,000
98,803
Commercial
Metals
Company,
5.75%,
11/15/2033
(a)
98,000
100,208
Quikrete
Holdings,
Inc.,
6.38%,
3/1/2032
(a)
71,000
73,904
272,915
Technology
—
0.99%
Iron
Mountain
Information
Management
Services,,
5.00%,
7/15/2032
(a)
104,000
99,285
Utilities
—
1.73%
Alpha
Generation,
LLC,
6.25%,
1/15/2034
(a)
98,000
98,865
Vistra
Operations
Company,
LLC,
7.75%,
10/15/2031
(a)
70,000
74,142
173,007
TOTAL
CORPORATE
BONDS
    (Cost $4,921,975)
4,923,095
U.S.
Government
&
Agencies
—
16.43%
Principal
Amount
Fair
Value
Fannie
Mae
Pool,
5.00%,
12/1/2045
248,468
250,085
Fannie
Mae
Pool,
5.50%,
8/1/2053
244,907
249,460
Fannie
Mae
Pool,
5.50%,
1/1/2055
242,696
247,053
Freddie
Mac
Pool,
5.00%,
8/1/2053
249,513
249,991
Freddie
Mac
Pool,
6.00%,
2/1/2055
240,276
250,743
Freddie
Mac
Pool,
6.00%,
4/1/2055
237,319
245,425
Sterling
Capital
Multi-Strategy
Income
ETF
Schedule
of
Investments
(continued)
December
31,
2025
-
(Unaudited)
U.S.
Government
&
Agencies
—
16.43%-
continued
Principal
Amount
Fair
Value
United
States
Treasury
Bill,
0.00%,
3/12/2026
$
151,300
$
150,272
TOTAL
U.S.
GOVERNMENT
&
AGENCIES
    (Cost $1,641,386)
1,643,029
Description
Number
of
Contracts
Notional
Amount
Exercise
Price
Expiration
Date
Fair
Value
PURCHASED
PUT
OPTIONS
—
0.05%
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
125
$1,007,875
$79.00
March
2026
5,250
TOTAL
PURCHASED
PUT
OPTIONS
    (Cost
$7,176)
5,250
TOTAL  OPTIONS
    (Cost
$7,176)
5,250
Money
Market
Funds
—
0.37%
Shares
Fair
Value
Federated
Hermes
Treasury
Obligations
Fund,
,
3.67%
(c)
37,397
37,397
TOTAL
MONEY
MARKET
FUNDS
    (Cost
$37,397)
37,397
Total
Investments
—
99.37%
    (Cost
$9,935,896)
9,936,418
Other
Assets
in
Excess
of
Liabilities 
—
 0.63%
63,072
Net
Assets
—
100.00%
$
9,999,490
(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
December
31,
2025.
The
maturity
date
reflected
is
the
final
maturity
date.
(c)
Represents
the
current
yield
as
of
report
date.
Sterling
Capital
Multi-Strategy
ETF
Schedule
of
Open
Written
Options
Contracts
December
31,
2025
-
(Unaudited)
Description
Number
of
Contracts
Notional
Amount
Exercise
Price
Expiration
Date
Fair
Value
WRITTEN
OPTIONS
(0.04)%
WRITTEN
PUT
OPTIONS
(0.04)%
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
(125)
$
(1,007,875)
$
77.00
March
2026
$
(4,250)
Total
Written
Put
Options
(Premiums
Received
$3,301)
(4,250)
Total
Written
Options
(Premiums
Received
$3,301)
$(4,250)
Sterling
Capital
National
Municipal
Bond
ETF
Schedule
of
Investments
December
31,
2025
-
(Unaudited)
Principal
Amount
Fair
Value
MUNICIPAL
BONDS
—
98.64%
Alabama
—
10.47%
$
275,000
Black
Belt
Energy
Gas
Dist
Alagas
Project
Revenue,
Series
D-1
,
5.50%,
6/1/49
$
290,134
115,000
County
of
Jefferson
AL
Sewer
Revenue
,
5.00
%,
10/1/38
125,770
250,000
Southeast
Energy
Authority
Coop
Dist
Ala
Energy,
Series
2025-E
,
5.00
%,
10/1/30
268,586
150,000
Southeast
Energy
Authority
A
Cooperative
District
,
4.00
%,
12/1/51
151,517
200,000
Southeast
Energy
Authority
A
Cooperative
District
,
5.00
%,
1/1/56
208,385
California
—
12.33%
265,000
California
Community
Choice
Financing
Authority
,
5.00
%,
1/1/56
289,994
270,000
Central
Valley
Energy
Authority
,
5.00
%,
12/1/55
294,110
150,000
City
of
Los
Angeles
Department
of
Airports
,
5.25
%,
5/15/50
156,344
200,000
Los
Angeles
Department
of
Water
&
Power
,
5.00
%,
7/1/49
201,758
90,000
Los
Angeles
Unified
School
District/CA
,
5.00
%,
7/1/45
97,920
175,000
University
of
California
,
5.00
%,
5/15/43
189,477
Colorado
—
3.11%
100,000
City
&
County
of
Denver
CO
Airport
System
Revenue
,
5.00
%,
11/15/53
101,286
115,000
Colorado
Health
Facilities
Authority
,
5.00
%,
8/1/36
120,831
80,000
Colorado
Health
Facilities
Authority
,
5.00
%,
5/15/37
88,065
Connecticut
—
0.71%
70,000
State
of
Connecticut
Special
Tax
Revenue
,
5.00
%,
9/1/26
71,154
District
of
Columbia
—
1.59%
100,000
Metropolitan
Washington
Airports
Authority
,
5.00
%,
10/1/50
102,425
50,000
Washington
Metropolitan
Area
Transit
Authority
,
5.00
%,
7/15/38
55,530
Florida
—
6.98%
150,000
County
of
Miami-Dade
FL
,
4.00
%,
7/1/34
156,454
100,000
County
of
Miami-Dade
FL
Aviation
Revenue
,
5.25
%,
10/1/55
104,944
220,000
Greater
Orlando
Aviation
Authority
,
5.25
%,
10/1/49
228,993
95,000
Hillsborough
County
Aviation
Authority
,
5.50
%,
10/1/54
100,133
100,000
School
District
of
Broward
County/FL
,
5.00
%,
7/1/29
107,585
Georgia
—
4.46%
140,000
City
of
Atlanta
GA
Airport
Passenger
Facility
,
5.25
%,
7/1/43
149,035
Sterling
Capital
National
Municipal
Bond
ETF
Schedule
of
Investments
(continued)
December
31,
2025
-
(Unaudited)
Principal
Amount
Fair
Value
MUNICIPAL
BONDS
—
(continued)
Georgia
—
(continued)
$
290,000
Main
Street
Natural
Gas,
Inc.
,
4.00
%,
9/1/52
$
296,991
Illinois
—
8.51%
100,000
Chicago
O'Hare
International
Airport
,
5.50
%,
1/1/59
103,547
150,000
City
of
Chicago
IL
Wastewater
Transmission
Revenue
,
5.00
%,
1/1/40
164,301
165,000
Illinois
Finance
Authority
,
5.00
%,
5/15/37
183,276
180,000
Illinois
State
Toll
Highway
Authority
,
5.00
%,
1/1/26
180,000
100,000
State
of
Illinois
,
5.00
%,
3/1/32
111,071
100,000
State
of
Illinois
,
5.25
%,
5/1/45
104,434
Kansas
—
0.73%
70,000
State
of
Kansas
Department
of
Transportation
,
5.00
%,
9/1/27
72,886
Maryland
—
3.36%
115,000
County
of
Baltimore
MD
,
5.00
%,
3/1/29
123,591
200,000
Maryland
Health
&
Higher
Educational
Facilities
,
5.25
%,
5/15/55
211,065
Massachusetts
—
2.21%
110,000
Massachusetts
Development
Finance
Agency
,
5.25
%,
7/1/50
113,247
100,000
Massachusetts
Educational
Financing
Authority
,
5.00
%,
7/1/33
108,174
Nebraska
—
1.07%
100,000
Omaha
Public
Power
District
,
5.00
%,
2/1/33
106,788
New
Jersey
—
0.99%
95,000
New
Jersey
Economic
Development
Authority
,
5.00
%,
11/1/27
99,159
New
York
—
9.51%
100,000
City
of
New
York
NY
,
5.00
%,
8/1/38
110,303
135,000
City
of
New
York
NY
,
5.00
%,
3/1/42
144,762
100,000
Metropolitan
Transportation
Authority
,
5.25
%,
11/15/55
104,523
115,000
New
York
City
Municipal
Water
Finance
Authority
,
5.00
%,
6/15/31
119,099
100,000
New
York
City
Municipal
Water
Finance
Authority
,
5.00
%,
6/15/52
103,260
90,000
New
York
City
Transitional
Finance
Authority
,
5.00
%,
11/1/34
104,754
140,000
New
York
City
Transitional
Finance
Authority
,
5.00
%,
11/1/30
155,537
100,000
Port
Authority
of
New
York
&
New
Jersey
,
5.00
%,
7/15/29
106,768
North
Carolina
—
4.16%
115,000
City
of
Charlotte
NC
Airport
Revenue
,
5.25
%,
7/1/53
121,431
Sterling
Capital
National
Municipal
Bond
ETF
Schedule
of
Investments
(continued)
December
31,
2025
-
(Unaudited)
Principal
Amount
Fair
Value
MUNICIPAL
BONDS
—
(continued)
North
Carolina
—
(continued)
$
135,000
Nash
Health
Care
Systems
,
5.75
%,
2/1/50
$
145,195
145,000
North
Carolina
Turnpike
Authority
,
5.00
%,
1/1/58
148,083
Ohio
—
3.06%
180,000
State
of
Ohio
,
5.00
%,
5/1/37
200,830
100,000
State
of
Ohio
,
5.00
%,
1/1/28
104,627
Oregon
—
1.08%
100,000
City
of
Portland
OR
Sewer
System
Revenue
,
5.00
%,
3/1/33
108,125
Pennsylvania
—
6.45%
175,000
City
of
Philadelphia
PA
,
5.00
%,
5/1/36
192,190
100,000
Northampton
County
General
Purpose
Authority
,
5.00
%,
8/15/34
112,587
115,000
Pennsylvania
Economic
Development
Financing
,
5.00
%,
5/15/29
122,989
100,000
Pennsylvania
Turnpike
Commission
,
5.25
%,
12/1/55
106,735
100,000
Pittsburgh
Water
&
Sewer
Authority
,
5.00
%,
9/1/34
109,477
South
Carolina
—
3.13%
185,000
South
Carolina
Jobs-Economic
Development
Authority
,
5.25
%,
11/1/44
197,645
110,000
South
Carolina
Transportation
Infrastructure
Bank
,
5.00
%,
10/1/27
114,688
Texas
—
13.68%
180,000
Austin
Independent
School
District
,
5.00
%,
8/1/36
201,218
100,000
City
of
Houston
TX
,
5.00
%,
3/1/34
113,504
150,000
City
of
Houston
TX
Airport
System
Revenue
,
5.50
%,
7/1/50
158,564
135,000
Dallas
Area
Rapid
Transit
,
5.00
%,
12/1/31
146,642
100,000
Dallas
Fort
Worth
International
Airport
,
5.00
%,
11/1/34
112,004
185,000
Lamar
Consolidated
Independent
School
District
,
5.00
%,
2/15/41
200,549
120,000
Spring
Independent
School
District
,
5.25
%,
8/15/55
127,844
175,000
Texas
Municipal
Gas
Acquisition
&
Supply
,
5.50
%,
1/1/32
194,573
100,000
Texas
Public
Finance
Authority
,
5.00
%,
2/1/39
110,218
Washington
—
1.05%
95,000
State
of
Washington
,
5.00
%,
2/1/38
104,535
Total
(Cost $9,856,048)
9,842,219
Shares
Fair
Value
MONEY
MARKET
FUNDS
—
0.21%
21,071
Federated
Hermes
Treasury
Obligations
Fund,
3.67%
(a)
21,071
Sterling
Capital
National
Municipal
Bond
ETF
Schedule
of
Investments
(continued)
December
31,
2025
-
(Unaudited)
Shares
Fair
Value
MONEY
MARKET
FUNDS
—
0.21%
-
continued
Total
Money
Market
Funds
(Cost
$21,071)
$
21,071
Total
Investments—
98.85%
(Cost
$9,877,119)
9,863,290
Other
Assets
in
Excess
of
Liabilities
—
1.15%
114,940
NET
ASSETS
—
100.00%
$
9,978,230
(a)
Represents
the
current
yield
as
of
report
date.
Sterling
Capital
Hedged
Equity
Premium
Income
ETF
Schedule
of
Investments
December
31,
2025
-
(Unaudited)
COMMON
STOCKS
—
97.04%
Shares
Fair
Value
Communications
—
10.30%
Alphabet,
Inc.,
Class
A
2,079
$
650,727
Meta
Platforms,
Inc.,
Class
A
525
346,547
Netflix,
Inc.
(a)
1,603
150,298
1,147,572
Consumer
Discretionary
—
10.08%
Amazon.com,
Inc.
(a)
2,216
511,497
Booking
Holdings,
Inc.
20
107,106
Darden
Restaurants,
Inc.
627
115,381
Home
Depot,
Inc.
(The)
487
167,577
McDonald's
Corp.
362
110,638
TJX
Companies,
Inc.
(The)
722
110,906
1,123,105
Consumer
Staples
—
3.07%
Costco
Wholesale
Corp.
128
110,380
Procter
&
Gamble
Co.
(The)
804
115,221
Walmart,
Inc.
1,044
116,312
341,913
Energy
—
1.76%
Williams
Companies,
Inc.
(The)
3,265
196,259
Financials
—
15.85%
Aflac,
Inc.
1,194
131,662
Chubb
Ltd.
379
118,294
Hartford
Insurance
Group,
Inc.
(The)
1,292
178,038
JPMorgan
Chase
&
Co.
1,237
398,586
MasterCard,
Inc.,
Class
A
574
327,685
Moody's
Corp.
506
258,490
Visa,
Inc.,
Class
A
1,006
352,814
1,765,569
Health
Care
—
8.40%
AbbVie,
Inc.
525
119,957
Amgen,
Inc.
356
116,523
Boston
Scientific
Corp.
(a)
1,213
115,659
Eli
Lilly
&
Co.
202
217,085
Insulet
Corp.
(a)
380
108,011
Intuitive
Surgical,
Inc.
(a)
201
113,839
Sterling
Capital
Hedged
Equity
Premium
Income
ETF
Schedule
of
Investments
(continued)
December
31,
2025
-
(Unaudited)
COMMON
STOCKS
—
97.04%
-
continued
Shares
Fair
Value
Health
Care
—
8.40%
-
continued
Johnson
&
Johnson
697
$
144,244
935,318
Industrials
—
12.06%
AMETEK,
Inc.
663
136,121
Amphenol
Corp.,
Class
A
1,738
234,873
Emerson
Electric
Co.
1,049
139,223
Illinois
Tool
Works,
Inc.
865
213,050
Parker-Hannifin
Corp.
178
156,455
Republic
Services,
Inc.
541
114,654
Vertiv
Holdings
Co.,
Class
A
618
100,122
W.W.
Grainger,
Inc.
130
131,177
Waste
Management,
Inc.
537
117,984
1,343,659
Materials
—
2.82%
Air
Products
&
Chemicals,
Inc.
721
178,101
Sherwin-Williams
Co.
(The)
421
136,417
314,518
Real
Estate
—
1.09%
Equinix,
Inc.
159
121,819
Technology
—
29.30%
Apple,
Inc.
2,388
649,202
Broadcom,
Inc.
1,027
355,445
Cadence
Design
Systems,
Inc.
(a)
331
103,464
Lam
Research
Corp.
941
161,080
Microsoft
Corp.
1,391
672,715
Monolithic
Power
Systems,
Inc.
114
103,325
Motorola
Solutions,
Inc.
302
115,762
Nvidia
Corp.
3,623
675,690
Oracle
Corp.
504
98,235
Palantir
Technologies,
Inc.,
Class
A
(a)
598
106,295
Palo
Alto
Networks,
Inc.
(a)
582
107,204
ServiceNow,
Inc.
(a)
753
115,352
3,263,769
Utilities
—
2.31%
Vistra
Corp.
680
109,705
Sterling
Capital
Hedged
Equity
Premium
Income
ETF
Schedule
of
Investments
(continued)
December
31,
2025
-
(Unaudited)
COMMON
STOCKS
—
97.04%
-
continued
Shares
Fair
Value
Utilities
—
2.31%
-
continued
WEC
Energy
Group,
Inc.
1,405
$
148,171
257,876
Total
Common
Stocks
(Cost $10,890,246)
10,811,377
Description
Number
of
Contracts
Notional
Amount
Exercise
Price
Expiration
Date
Fair
Value
PURCHASED
OPTIONS
—
2.00%
PURCHASED
PUT
OPTIONS
—
2.00%
SPDR
S&P
500
ETF
Trust
40
$
2,727,680
$
620.00
March
2026
$
17,720
SPDR
S&P
500
ETF
Trust
40
2,727,680
620.00
June
2026
44,360
SPDR
S&P
500
ETF
Trust
40
2,727,680
620.00
September
2026
69,040
SPDR
S&P
500
ETF
Trust
40
2,727,680
620.00
December
2026
91,200
Total
Purchased
Put
Options
(Cost
$238,001)
222,320
Total
Purchased
Options
(Cost
$238,001)
222,320
Total
Investments
—
99.04%
(Cost
$11,128,247)
11,033,697
Other
Assets
in
Excess
of
Liabilities — 0.96%
107,119
NET
ASSETS
—
100.00%
$
11,140,816
(a)
Non-income
producing
security.
Sterling
Capital
Hedged
Equity
Premium
Income
ETF
Schedule
of
Open
Written
Options
Contracts
December
31,
2025
-
(Unaudited)
Description
Number
of
Contracts
Notional
Amount
Exercise
Price
Expiration
Date
Fair
Value
WRITTEN
OPTIONS
(0.56)%
WRITTEN
CALL
OPTIONS
(0.04)%
AbbVie,
Inc.
(4)
$
(91,396)
$
240.00
January
2026
$
(280)
Aflac,
Inc.
(8)
(88,216)
115.00
January
2026
(160)
Air
Products
and
Chemicals,
Inc.
(5)
(123,510)
270.00
January
2026
(185)
Alphabet,
Inc.
(14)
(438,200)
350.00
January
2026
(196)
Amazon.com,
Inc.
(15)
(346,230)
260.00
January
2026
(135)
AMETEK,
Inc.
(4)
(82,124)
220.00
January
2026
(90)
Amgen,
Inc.
(2)
(65,462)
345.00
January
2026
(238)
Amphenol
Corporation
(7)
(94,598)
155.00
January
2026
(70)
Apple,
Inc.
(16)
(434,976)
300.00
January
2026
(80)
Boston
Scientific
Corporation
(8)
(76,280)
105.00
January
2026
(72)
Broadcom,
Inc.
(7)
(242,270)
480.00
January
2026
(14)
Cadence
Design
Systems,
Inc.
(2)
(62,516)
375.00
January
2026
(220)
Chubb
Ltd.
(2)
(62,424)
325.00
January
2026
(74)
Costco
Wholesale
Corporation
(1)
(86,234)
975.00
January
2026
(13)
Darden
Restaurants,
Inc.
(4)
(73,608)
210.00
January
2026
(4)
Eli
Lilly
&
Company
(1)
(107,468)
1,160.00
January
2026
(330)
Emerson
Electric
Company
(7)
(92,904)
150.00
January
2026
(35)
Equinix,
Inc.
(1)
(76,616)
820.00
January
2026
(148)
Hartford
Insurance
Group,
Inc.
(The)
(9)
(124,020)
145.00
January
2026
(117)
Home
Depot,
Inc.
(The)
(3)
(103,230)
395.00
January
2026
(59)
Illinois
Tool
Works,
Inc.
(6)
(147,780)
270.00
January
2026
(105)
Insulet
Corporation
(3)
(85,272)
340.00
January
2026
(720)
Intuitive
Surgical,
Inc.
(1)
(56,636)
615.00
January
2026
(395)
Johnson
&
Johnson
(5)
(103,475)
230.00
January
2026
(15)
JPMorgan
Chase
&
Company
(8)
(257,776)
340.00
January
2026
(1,064)
Lam
Research
Corporation
(6)
(102,708)
195.00
January
2026
(372)
Mastercard,
Inc.
(4)
(228,352)
595.00
January
2026
(452)
McDonald's
Corporation
(2)
(61,126)
330.00
January
2026
(14)
Meta
Platforms,
Inc.
(4)
(264,036)
715.00
January
2026
(344)
Microsoft
Corporation
(9)
(435,258)
525.00
January
2026
(117)
Monolithic
Power
Systems,
Inc.
(1)
(90,636)
1,160.00
January
2026
(100)
Moody's
Corporation
(3)
(153,255)
520.00
January
2026
(1,545)
Motorola
Solutions,
Inc.
(2)
(76,664)
410.00
January
2026
(90)
Netflix,
Inc.
(11)
(103,136)
112.00
January
2026
(33)
NVIDIA
Corporation
(25)
(466,250)
210.00
January
2026
(650)
Oracle
Corporation
(3)
(58,473)
250.00
January
2026
(30)
Palantir
Technologies,
Inc.
(4)
(71,100)
230.00
January
2026
(28)
Palo
Alto
Networks,
Inc.
(4)
(73,680)
220.00
January
2026
(12)
Parker-Hannifin
Corporation
(1)
(87,896)
950.00
January
2026
(240)
Procter
&
Gamble
Company
(The)
(5)
(71,655)
155.00
January
2026
(35)
Republic
Services,
Inc.
(4)
(84,772)
220.00
January
2026
(340)
ServiceNow,
Inc.
(5)
(76,595)
194.00
January
2026
(75)
Sherwin-Williams
Company
(The)
(3)
(97,209)
350.00
January
2026
(75)
Sterling
Capital
Hedged
Equity
Premium
Income
ETF
Schedule
of
Open
Written
Options
Contracts
(continued)
December
31,
2025
-
(Unaudited)
Description
Number
of
Contracts
Notional
Amount
Exercise
Price
Expiration
Date
Fair
Value
WRITTEN
OPTIONS
(0.56)%
(continued)
WRITTEN
CALL
OPTIONS
(0.04)%
(continued)
TJX
Companies,
Inc.
(The)
(5)
$
(76,805)
$
165.00
January
2026
$
(45)
Vertiv
Holdings
Company
(4)
(64,804)
210.00
January
2026
(20)
Visa,
Inc.
(7)
(245,497)
365.00
January
2026
(322)
Vistra
Corporation
(5)
(80,665)
205.00
January
2026
(45)
Walmart,
Inc.
(7)
(77,987)
125.00
January
2026
(28)
Waste
Management,
Inc.
(4)
(87,884)
230.00
January
2026
(148)
WEC
Energy
Group,
Inc.
(9)
(94,914)
115.00
January
2026
(23)
Williams
Companies,
Inc.
(The)
(12)
(72,132)
65.00
January
2026
(72)
WW
Grainger,
Inc.
(1)
(100,905)
1,080.00
January
2026
(100)
Total
Written
Call
Options
(Premiums
Received
$39,286)
(10,174)
WRITTEN
PUT
OPTIONS
(0.52)%
SPDR
S&P
500
ETF
Trust
(40)
$(2,717,680)
480.00
March
2026
(2,520)
SPDR
S&P
500
ETF
Trust
(40)
(2,717,680)
480.00
June
2026
(10,000)
SPDR
S&P
500
ETF
Trust
(40)
(2,717,680)
480.00
September
2026
(17,840)
SPDR
S&P
500
ETF
Trust
(40)
(2,717,680)
480.00
December
2026
(26,000)
Total
Written
Put
Options
(Premiums
Received
$64,506)
(56,360)
Total
Written
Options
(Premiums
Received
$103,792)
$(66,534)