Sterling

Capital

Quality

Income

Fund

1

Schedule

of

Portfolio

Investments

December

31,

2020

(Unaudited)

See

accompanying

Notes

to

the

Schedule

of

Portfolio

Investments.

Principal

Amount

Fair

Value

ASSET

BACKED

SECURITIES

—

18

.8

%

$

341,114‌

Aegis

Asset

Backed

Securities

Trust

,

Series

2005-5,

Class

1A4

,

0.848

%

,

(LIBOR

USD

1-Month

plus

0.70%)

,

12/25/35

(a)

$

338,319‌

230,000‌

AmeriCredit

Automobile

Receivables

Trust

,

Series

2019-2,

Class

B

,

2.540

%

,

7/18/24

.......................

236,485‌

168,000‌

AmeriCredit

Automobile

Receivables

Trust

,

Series

2019-1,

Class

B

,

3.130

%

,

2/18/25

.......................

173,885‌

351,000‌

AmeriCredit

Automobile

Receivables

Trust

,

Series

2019-2,

Class

C

,

2.740

%

,

4/18/25

.......................

365,585‌

225,000‌

AmeriCredit

Automobile

Receivables

Trust

,

Series

2020-3,

Class

B

,

0.760

%

,

12/18/25

.......................

225,579‌

41,102‌

Argent

Securities,

Inc.

Asset-Backed

Pass-

Through

Certificates

,

Series

2005-W3,

Class

A2D

,

0.828

%

,

(LIBOR

USD

1-Month

plus

0.68%)

,

11/25/35

(a)

....

41,019‌

350,000‌

ARI

Fleet

Lease

Trust

,

Series

2018-A,

Class

A3

,

2.840

%

,

10/15/26

(b)

.......

354,548‌

500,000‌

Avis

Budget

Rental

Car

Funding

AESOP,

LLC

,

Series

2017-1A,

Class

A

,

3.070

%

,

9/20/23

(b)

.....................

516,379‌

300,000‌

Avis

Budget

Rental

Car

Funding

AESOP,

LLC

,

Series

2017-2A,

Class

A

,

2.970

%

,

3/20/24

(b)

.....................

311,726‌

44,718‌

Bear

Stearns

Asset

Backed

Securities

I

Trust

,

Series

2004-HE11,

Class

M2

,

1.723

%

,

(LIBOR

USD

1-Month

plus

1.58%)

,

12/25/34

(a)

..............

44,829‌

355,000‌

Capital

Auto

Receivables

Asset

Trust

,

Series

2018-1,

Class

B

,

3.090

%

,

8/22/22

(b)

.....................

359,728‌

54,735‌

Chesapeake

Funding

II,

LLC

,

Series

2018-

3A,

Class

A1

,

3.390

%

,

1/15/31

(b)

....

56,316‌

450,000‌

Citibank

Credit

Card

Issuance

Trust

,

Series

2007-A3,

Class

A3

,

6.150

%

,

6/15/39

..

674,106‌

10,692‌

Citicorp

Residential

Mortgage

Trust

,

STEP,

Series

2007-2,

Class

A6

,

4.972

%

,

6/25/37

.......................

10,905‌

119,287‌

Encore

Credit

Receivables

Trust

,

Series

2005-4,

Class

M2

,

0.808

%

,

(LIBOR

USD

1-Month

plus

0.66%)

,

1/25/36

(a)

.

119,229‌

352,306‌

Enterprise

Fleet

Financing,

LLC

,

Series

2019-2,

Class

A2

,

2.290

%

,

2/20/25

(b)

..

358,173‌

350,000‌

Ford

Credit

Auto

Owner

Trust

2020-

REV1

,

Series

2020-1,

Class

A

,

2.040

%

,

8/15/31

(b)

.....................

368,965‌

480,000‌

Ford

Credit

Auto

Owner

Trust

2020-

REV2

,

Series

2020-2,

Class

A

,

1.060

%

,

4/15/33

(b)

.....................

484,603‌

75,956‌

GSAMP

Trust

,

Series

2006-SEA1,

Class

M1

,

0.648

%

,

(LIBOR

USD

1-Month

plus

0.50%)

,

5/25/36

(a)

(b)

..........

75,768‌

Principal

Amount

Fair

Value

ASSET

BACKED

SECURITIES

—

(continued)

$

144,506‌

Home

Equity

Asset

Trust

,

Series

2005-

7,

Class

M1

,

0.598

%

,

(LIBOR

USD

1-Month

plus

0.45%)

,

1/25/36

(a)

.....

$

144,168‌

53,728‌

Home

Equity

Asset

Trust

,

Series

2005-

8,

Class

M1

,

0.578

%

,

(LIBOR

USD

1-Month

plus

0.43%)

,

2/25/36

(a)

.....

53,624‌

138,730‌

JP

Morgan

Mortgage

Acquisition

Corp.

,

Series

2005-OPT1,

Class

M2

,

0.853

%

,

(LIBOR

USD

1-Month

plus

0.71%)

,

6/25/35

(a)

.....................

138,681‌

45,339‌

New

Century

Home

Equity

Loan

Trust

,

Series

2005-4,

Class

M2

,

0.913

%

,

(LIBOR

USD

1-Month

plus

0.77%)

,

9/25/35

(a)

.....................

45,550‌

140,502‌

Park

Place

Securities,

Inc.

Asset-Backed

Pass

Through

Certificates

,

Series

2005-

WHQ2,

Class

M2

,

0.838

%

,

(LIBOR

USD

1-Month

plus

0.69%)

,

5/25/35

(a)

.

140,166‌

133,355‌

Park

Place

Securities,

Inc.

Asset-Backed

Pass

Through

Certificates

,

Series

2005-

WCW3,

Class

M1

,

0.868

%

,

(LIBOR

USD

1-Month

plus

0.72%)

,

8/25/35

(a)

.

132,952‌

400,000‌

Santander

Drive

Auto

Receivables

Trust

,

Series

2020-3,

Class

B

,

0.690

%

,

3/17/25

400,992‌

300,000‌

Santander

Drive

Auto

Receivables

Trust

,

Series

2020-4,

Class

B

,

0.730

%

,

3/17/25

300,947‌

221,111‌

Saxon

Asset

Securities

Trust

,

Series

2004-

3,

Class

M1

,

1.048

%

,

(LIBOR

USD

1-Month

plus

0.90%)

,

12/26/34

(a)

....

217,033‌

500,000‌

SoFi

Professional

Loan

Program

Trust

,

Series

2020-A,

Class

A2FX

,

2.540

%

,

5/15/46

(b)

.....................

516,638‌

93,681‌

U.S.

Small

Business

Administration

,

Series

2010-20D,

Class

1

,

4.360

%

,

4/1/30

....

102,241‌

Total

Asset

Backed

Securities

(Cost

$

7,036,608

)

................

7,309,139‌

COLLATERALIZED

MORTGAGE

OBLIGATIONS

—

17

.4

%

82,695‌

Alternative

Loan

Trust

,

Series

2004-22CB,

Class

1A1

,

6.000

%

,

10/25/34

........

85,792‌

40,689‌

Banc

of

America

Mortgage

Trust

,

Series

2005-3,

Class

1A24

,

5.500

%

,

4/25/35

..

42,009‌

48,491‌

Citicorp

Mortgage

Securities,

Inc.

,

Series

2005-1,

Class

1A4

,

5.500

%

,

2/25/35

...

49,911‌

9,975‌

Citigroup

Mortgage

Loan

Trust,

Inc.

,

Series

2004-NCM2,

Class

3CB2

,

6.500

%

,

8/25/19

.......................

9,958‌

47,439‌

Countrywide

Home

Loan

Mortgage

Pass-

Through

Trust

,

Series

2004-3,

Class

A4

,

5.750

%

,

4/25/34

.................

48,435‌

83,884‌

Credit

Suisse

First

Boston

Mortgage-

Backed

Pass-Through

Certificates

,

Series

2004-1,

Class

2A1

,

6.500

%

,

2/25/34

...

86,564‌

Sterling

Capital

Quality

Income

Fund

2

Schedule

of

Portfolio

Investments

—

(continued)

December

31,

2020

(Unaudited)

Continued

Principal

Amount

Fair

Value

COLLATERALIZED

MORTGAGE

OBLIGATIONS

—

(continued)

$

192,600‌

Fannie

Mae

,

Series

2003-21,

Class

OW

,

4.000

%

,

3/25/33

.................

$

215,333‌

55,379‌

Fannie

Mae

,

Series

2003-19,

Class

AR

,

5.500

%

,

3/25/33

.................

62,987‌

500,000‌

Fannie

Mae

,

Series

2011-74,

Class

QM

,

4.500

%

,

11/25/40

................

529,976‌

380,000‌

Fannie

Mae

,

Series

2011-131,

Class

PB

,

4.500

%

,

12/25/41

................

447,829‌

585,000‌

Fannie

Mae

,

Series

2013-30,

Class

PY

,

3.000

%

,

4/25/43

.................

630,456‌

54,453‌

FirstKey

Mortgage

Trust

,

Series

2014-1,

Class

A12

,

3.500

%

,

11/25/44

(b)

(c)

....

55,581‌

21,912‌

Freddie

Mac

,

Series

4079,

Class

WV

,

3.500

%

,

3/15/27

.................

22,240‌

195,000‌

Freddie

Mac

,

Series

4097,

Class

CU

,

1.500

%

,

8/15/27

.................

199,682‌

376,711‌

Freddie

Mac

,

Series

4136,

Class

HZ

,

3.500

%

,

11/15/27

................

418,541‌

101,691‌

Freddie

Mac

,

Series

4230,

Class

VB

,

2.500

%

,

12/15/31

................

101,963‌

113,823‌

Freddie

Mac

,

Series

2485,

Class

WG

,

6.000

%

,

8/15/32

.................

130,805‌

339,000‌

Freddie

Mac

,

Series

4160,

Class

HH

,

2.500

%

,

12/15/32

................

344,117‌

170,650‌

Freddie

Mac

,

Series

3440,

Class

EM

,

5.000

%

,

4/15/38

.................

193,791‌

288,182‌

Freddie

Mac

,

Series

3816,

Class

HM

,

4.500

%

,

5/15/40

.................

316,927‌

500,000‌

Freddie

Mac

,

Series

3714,

Class

PB

,

4.750

%

,

8/15/40

.................

613,097‌

33,640‌

Freddie

Mac

,

Series

3803,

Class

PJ

,

4.250

%

,

1/15/41

.................

35,349‌

200,000‌

Freddie

Mac

,

Series

3815,

Class

TB

,

4.500

%

,

2/15/41

.................

238,436‌

83,130‌

Freddie

Mac

,

Series

4293,

Class

MH

,

3.000

%

,

12/15/41

................

88,604‌

400,000‌

Freddie

Mac

,

Series

3989,

Class

JW

,

3.500

%

,

1/15/42

.................

443,273‌

500,000‌

Freddie

Mac

,

Series

4650,

Class

BC

,

3.500

%

,

5/15/43

.................

527,649‌

293,547‌

Freddie

Mac

,

Series

4508,

Class

UZ

,

3.000

%

,

7/15/43

.................

291,333‌

43,527‌

Galton

Funding

Mortgage

Trust

,

Series

2018-1,

Class

A43

,

3.500

%

,

11/25/57

(b)

(c)

..................

43,854‌

93,300‌

Galton

Funding

Mortgage

Trust

,

Series

2018-2,

Class

A41

,

4.500

%

,

10/25/58

(b)

(c)

..................

94,996‌

85,954‌

Ginnie

Mae

,

Series

2004-69,

Class

GC

,

5.500

%

,

4/20/34

.................

98,938‌

25,688‌

Ginnie

Mae

,

Series

2010-85,

Class

DQ

,

3.000

%

,

12/20/39

................

26,382‌

184,529‌

MASTR

Alternative

Loan

Trust

,

Series

2003-5,

Class

8A1

,

5.500

%

,

6/25/33

...

190,857‌

Principal

Amount

Fair

Value

COLLATERALIZED

MORTGAGE

OBLIGATIONS

—

(continued)

$

37,298‌

MASTR

Alternative

Loan

Trust

,

Series

2004-13,

Class

3A1

,

6.500

%

,

1/25/35

..

$

35,683‌

25,933‌

RBSGC

Mortgage

Loan

Trust

,

Series

2007-

B,

Class

3A1

,

4.174

%

,

7/25/35

(c)

.....

26,382‌

Total

Collateralized

Mortgage

Obligations

(Cost

$

6,329,295

)

................

6,747,730‌

COMMERCIAL

MORTGAGE-BACKED

SECURITIES

—

24

.1

%

500,000‌

CD

Mortgage

Trust

,

Series

2016-CD2,

Class

A4

,

3.526

%

,

11/10/49

(c)

.......

566,117‌

300,000‌

Citigroup

Commercial

Mortgage

Trust

,

Series

2013-GC17,

Class

AS

,

4.544

%

,

11/10/46

.......................

324,400‌

492,148‌

COMM

2012-CCRE1

Mortgage

Trust

,

Series

2012-CR1,

Class

A3

,

3.391

%

,

5/15/45

.......................

502,021‌

75,000‌

COMM

2013-CCRE11

Mortgage

Trust

,

Series

2013-CR11,

Class

A4

,

4.258

%

,

8/10/50

.......................

81,874‌

75,000‌

Comm

2013-CCRE13

Mortgage

Trust

,

Series

2013-CR13,

Class

A4

,

4.194

%

,

11/10/46

(c)

.....................

82,215‌

270,000‌

Comm

Mortgage

Trust

,

Series

2014-UBS2,

Class

A5

,

3.961

%

,

3/10/47

..........

295,031‌

75,000‌

COMM

Mortgage

Trust

,

Series

2012-CR1,

Class

AM

,

3.912

%

,

5/15/45

.........

77,477‌

250,000‌

COMM

Mortgage

Trust

,

Series

2017-

COR2,

Class

A3

,

3.510

%

,

9/10/50

....

283,667‌

500,000‌

CSAIL

Commercial

Mortgage

Trust

,

Series

2015-C3,

Class

A4

,

3.718

%

,

8/15/48

..

556,359‌

200,000‌

DBUBS

Mortgage

Trust

,

Series

2011-

LC1A,

Class

C

,

5.565

%

,

11/10/46

(b)

(c)

200,493‌

444,141‌

FRESB

Mortgage

Trust

,

Series

2017-SB36,

Class

A10F

,

2.880

%

,

7/25/27

(c)

......

466,578‌

175,000‌

GS

Mortgage

Securities

Trust

,

Series

2010-

C1,

Class

B

,

5.148

%

,

8/10/43

(b)

.....

168,947‌

550,000‌

GS

Mortgage

Securities

Trust

,

Series

2012-

GCJ7,

Class

AS

,

4.085

%

,

5/10/45

.....

567,207‌

300,000‌

GS

Mortgage

Securities

Trust

,

Series

2013-

GC14,

Class

A5

,

4.243

%

,

8/10/46

....

324,885‌

85,000‌

GS

Mortgage

Securities

Trust

,

Series

2014-

GC24,

Class

A5

,

3.931

%

,

9/10/47

....

93,964‌

500,000‌

GS

Mortgage

Securities

Trust

,

Series

2016-

GS4,

Class

A4

,

3.442

%

,

11/10/49

(c)

...

558,614‌

272,000‌

GS

Mortgage

Securities

Trust

,

Series

2020-

GC47,

Class

A5

,

2.377

%

,

5/12/53

....

291,700‌

250,000‌

JP

Morgan

Chase

Commercial

Mortgage

Securities

Trust

,

Series

2011-C3,

Class

B

,

5.013

%

,

2/15/46

(b)

(c)

...........

240,144‌

100,000‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

,

Series

2014-C18,

Class

A4

,

3.923

%

,

10/15/47

................

110,238‌

Sterling

Capital

Quality

Income

Fund

3

Schedule

of

Portfolio

Investments

—

(continued)

December

31,

2020

(Unaudited)

Continued

Principal

Amount

Fair

Value

COMMERCIAL

MORTGAGE-BACKED

SECURITIES

—

(continued)

$

500,000‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

,

Series

2016-C32,

Class

A4

,

3.720

%

,

12/15/49

................

$

572,404‌

81,709‌

Morgan

Stanley

Capital

I

Trust

,

Series

2011-C2,

Class

A4

,

4.661

%

,

6/15/44

(b)

82,183‌

517,295‌

UBS-Barclays

Commercial

Mortgage

Trust

,

Series

2012-C3,

Class

A4

,

3.091

%

,

8/10/49

.................

534,872‌

300,000‌

Wells

Fargo

Commercial

Mortgage

Trust

,

Series

2015-P2,

Class

A4

,

3.809

%

,

12/15/48

.......................

340,818‌

458,395‌

WFRBS

Commercial

Mortgage

Trust

,

Series

2011-C3,

Class

A4

,

4.375

%

,

3/15/44

(b)

.....................

459,030‌

536,000‌

WFRBS

Commercial

Mortgage

Trust

,

Series

2011-C4,

Class

A4

,

4.902

%

,

6/15/44

(b)

(c)

...................

539,052‌

176,040‌

WFRBS

Commercial

Mortgage

Trust

,

Series

2011-C5,

Class

A4

,

3.667

%

,

11/15/44

.......................

178,156‌

350,000‌

WFRBS

Commercial

Mortgage

Trust

,

Series

2012-C7,

Class

A2

,

3.431

%

,

6/15/45

.......................

361,076‌

200,000‌

WFRBS

Commercial

Mortgage

Trust

,

Series

2012-C8,

Class

AS

,

3.660

%

,

8/15/45

.......................

207,244‌

84,695‌

WFRBS

Commercial

Mortgage

Trust

,

Series

2013-UBS1,

Class

A4

,

4.079

%

,

3/15/46

(c)

.....................

91,847‌

164,000‌

WFRBS

Commercial

Mortgage

Trust

,

Series

2014-C23,

Class

A5

,

3.917

%

,

10/15/57

.......................

181,536‌

Total

Commercial

Mortgage-Backed

Securities

(Cost

$

9,096,354

)

................

9,340,149‌

CORPORATE

BONDS

—

1

.7

%

Diversified

Telecommunication

Services

—

1

.0

%

350,000‌

Sprint

Spectrum

Co.,

LLC/Sprint

Spectrum

Co.

II,

LLC/Sprint

Spectrum

Co.

III,

LLC

,

4.738

%

,

3/20/25

(b)

...........

379,081‌

Equity

Real

Estate

Investment

Trusts

(REITS)

—

0

.7

%

250,000‌

American

Tower

Trust

,

3.652

%

,

3/23/28

(b)

274,815‌

Total

Corporate

Bonds

(Cost

$

618,493

)

.................

653,896‌

MORTGAGE-BACKED

SECURITIES

—

37

.7

%

Fannie

Mae

—

22

.0

%

241,982‌

3.000

%

,

1/1/31

,

Pool

#BA6574

........

254,430‌

560,020‌

4.500

%

,

3/1/34

,

Pool

#CA3294

........

624,183‌

447,934‌

2.500

%

,

11/1/35

,

Pool

#CA7939

.......

467,531‌

Principal

Amount

Fair

Value

MORTGAGE-BACKED

SECURITIES

—

(continued)

Fannie

Mae

—

(continued)

$

94,366‌

5.500

%

,

6/1/38

,

Pool

#984277

.........

$

110,937‌

54,477‌

5.500

%

,

8/1/38

,

Pool

#995072

.........

64,045‌

71,504‌

4.500

%

,

9/1/39

,

Pool

#AC1830

........

80,008‌

66,024‌

4.500

%

,

10/1/40

,

Pool

#AE4855

.......

74,135‌

119,476‌

3.500

%

,

2/1/41

,

Pool

#AH5646

........

131,997‌

196,000‌

4.000

%

,

3/1/41

,

Pool

#AH4008

........

215,023‌

50,125‌

4.500

%

,

6/1/41

,

Pool

#AC9298

........

55,560‌

166,928‌

5.000

%

,

7/1/41

,

Pool

#AI5595

.........

193,139‌

223,289‌

4.000

%

,

9/1/41

,

Pool

#AJ1717

........

246,113‌

235,177‌

3.500

%

,

6/1/42

,

Pool

#AB5373

........

255,051‌

59,976‌

4.500

%

,

10/1/44

,

Pool

#MA2066

.......

66,024‌

209,577‌

4.000

%

,

12/1/44

,

Pool

#MA2127

.......

229,859‌

217,021‌

4.500

%

,

1/1/45

,

Pool

#MA2158

........

239,731‌

236,052‌

3.500

%

,

3/1/45

,

Pool

#AS4552

........

256,292‌

307,387‌

4.000

%

,

10/1/45

,

Pool

#AL7487

.......

334,055‌

190,775‌

4.000

%

,

11/1/46

,

Pool

#MA2808

.......

207,034‌

185,778‌

3.000

%

,

2/1/47

,

Pool

#BE2329

........

195,736‌

154,170‌

4.000

%

,

5/1/47

,

Pool

#BE9598

........

166,055‌

144,419‌

4.500

%

,

11/1/47

,

Pool

#BM3286

.......

157,528‌

298,214‌

3.500

%

,

12/1/47

,

Pool

#CA0833

.......

316,605‌

177,351‌

4.500

%

,

5/1/48

,

Pool

#CA1711

........

192,795‌

252,286‌

3.500

%

,

9/1/49

,

Pool

#BJ9608

.........

266,510‌

485,957‌

3.500

%

,

6/1/50

,

Pool

#CA6097

........

518,527‌

499,876‌

2.500

%

,

7/1/50

,

Pool

#CA6307

........

528,983‌

481,287‌

3.000

%

,

7/1/50

,

Pool

#CA6421

........

506,343‌

482,015‌

3.000

%

,

7/1/50

,

Pool

#CA6422

........

506,095‌

494,265‌

2.500

%

,

8/1/50

,

Pool

#FM4055

........

522,130‌

495,705‌

2.500

%

,

10/1/50

,

Pool

#FM4530

.......

525,306‌

8,507,760‌

Freddie

Mac

—

11

.7

%

491,808‌

3.000

%

,

5/1/29

,

Pool

#G18512

........

517,099‌

82,600‌

4.000

%

,

11/1/32

,

Pool

#ZS8993

.......

90,185‌

370,294‌

3.500

%

,

5/1/35

,

Pool

#C91829

........

400,391‌

262,292‌

4.000

%

,

5/1/37

,

Pool

#ZA2461

........

283,639‌

32,950‌

5.500

%

,

10/1/39

,

Pool

#A89387

.......

38,266‌

57,767‌

5.000

%

,

4/1/40

,

Pool

#A91812

........

67,191‌

108,193‌

5.500

%

,

4/1/40

,

Pool

#C03467

........

127,229‌

48,896‌

5.000

%

,

8/1/40

,

Pool

#C03491

........

56,873‌

118,083‌

4.000

%

,

11/1/40

,

Pool

#A94742

.......

130,523‌

121,728‌

4.000

%

,

12/1/40

,

Pool

#A95447

.......

133,645‌

269,210‌

3.500

%

,

8/1/42

,

Pool

#Q10324

........

292,062‌

384,955‌

3.500

%

,

3/1/43

,

Pool

#U99045

........

420,715‌

305,484‌

3.500

%

,

1/1/45

,

Pool

#Q30876

........

332,231‌

243,569‌

3.500

%

,

3/1/45

,

Pool

#U99124

........

265,945‌

195,858‌

3.000

%

,

1/1/46

,

Pool

#G08686

........

206,111‌

224,161‌

4.000

%

,

4/1/46

,

Pool

#Q40048

........

242,375‌

198,841‌

3.500

%

,

12/1/47

,

Pool

#Q52955

.......

211,034‌

435,780‌

2.500

%

,

11/1/49

,

Pool

#QA4396

.......

459,777‌

284,702‌

3.000

%

,

1/1/50

,

Pool

#QA6230

........

299,009‌

4,574,300‌

Ginnie

Mae

—

0.0

%

12,697‌

4.000

%

,

12/20/40

,

Pool

#755678

.......

14,214‌

Sterling

Capital

Quality

Income

Fund

4

Schedule

of

Portfolio

Investments

—

(continued)

December

31,

2020

(Unaudited)

Continued

Principal

Amount

Fair

Value

MORTGAGE-BACKED

SECURITIES

—

(continued)

UMBS

(TBA)

—

4

.0

%

$

1,500,000‌

2.000

%

,

1/1/51

...................

$

1,558,184‌

Total

Mortgage-Backed

Securities

(Cost

$

14,227,718

)

...............

14,654,458‌

Shares

MONEY

MARKET

FUND

—

4

.2

%

1,634,244‌

Federated

Treasury

Obligations

Fund

,

Institutional

Shares

,

0.01

%

(d)

.......

1,634,244‌

Total

Money

Market

Fund

(Cost

$

1,634,244

)

................

1,634,244‌

Total

Investments

—

103

.9

%

(Cost

$

38,942,712

)

............................

40,339,616‌

Net

Other

Assets

(Liabilities)

—

(

3

.9

)

%

..............

(

1,510,431‌

)

NET

ASSETS

—

100.0%

.......................

$

38,829,185‌

(a)

The

interest

rate

for

this

floating

rate

note,

which

will

change

periodically,

is

based

either

on

the

prime

rate

or

an

index

of

market

rates.

The

reflected

rate

is

in

effect

as

of

December

31,

2020.

The

maturity

date

reflected

is

the

final

maturity

date.

(b)

Rule

144A,

Section

4(2)

or

other

security

that

is

restricted

as

to

resale

to

qualified

institutional

investors.

The

Advisor,

using

Board

approved

procedures,

has

deemed

these

securities

or

a

portion

of

these

securities

to

be

liquid.

(c)

The

interest

rate

for

this

variable

rate

note,

which

will

change

periodically,

is

based

either

on

the

prime

rate

or

an

index

of

market

rates.

The

reflected

rate

is

in

effect

as

of

December

31,

2020.

The

maturity

date

reflected

is

the

final

maturity

date.

(d)

Represents

the

current

yield

as

of

report

date.

STEP

Step

Coupon

Bond

TBA

To

Be

Announced

5

Sterling

Capital

Funds

Notes

to

Schedule

of

Portfolio

Investments

-

Sterling

Capital

Quality

Income

Fund

December

31,

2020

(Unaudited)

Organization:

Sterling

Capital

Funds

(the

“Trust”)

commenced

operations

on

October

5,

1992

and

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(“the

1940

Act”),

as

an

open-end

investment

company

established

as

a

Massachusetts

business

trust.

The

Trust

offers

shares

of

Sterling

Capital

Quality

Income

Fund

(referred

to

as

a

“Fund”).

The

Fund

is

a

“diversified”

fund

as

defined

in

the

1940

Act.

Significant

Accounting

Policies:

The

Fund

is

an

investment

company

and

accordingly

follows

the

investment

company

accounting

and

reporting

guidance

of

the

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standard

Codification

Topic

946

Financial

Services-

Investment

Companies.

The

following

is

a

summary

of

significant

accounting

policies

followed

by

the

Fund.

The

policies

are

in

conformity

with

United

States

generally

accepted

accounting

principles

(“U.S.

GAAP”).

The

preparation

of

this

schedule

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

schedule

and

the

reported

amount

of

income

and

expense

for

the

reporting

period.

Actual

result

could

differ

from

those

estimates.

Securities

Valuation

—

Investments

of

the

Fund

in

securities

traded

on

a

national

securities

exchange

or

in

the

over-the-

counter

market

are

valued

at

the

closing

price

on

the

principal

exchange

or

market

(including

the

NASDAQ

Closing

Price

for

securities

traded

on

NASDAQ),

typically

4:00

PM

ET

or,

absent

such

a

price,

by

reference

to

the

latest

available

bid

prices

in

the

principal

market

in

which

such

securities

are

normally

traded.

The

Fund

may

also

use

an

independent

pricing

service

approved

by

the

Board

of

Trustees

(the

“Board”)

to

value

certain

securities,

including

the

use

of

electronic

and

matrix

techniques.

Investments

in

open-end

investment

companies

are

valued

at

their

respective

net

asset

values

as

reported

by

such

companies.

Investments

in

closed-end

investment

companies

and

exchange-traded

funds

are

valued

at

their

market

values

based

upon

the

latest

available

sale

price

or,

absent

such

a

price,

by

reference

to

the

latest

available

bid

prices

in

the

principal

market

in

which

such

securities

are

normally

traded.

The

differences

between

cost

and

fair

value

of

investments

are

reflected

as

either

unrealized

appreciation

or

depreciation.

Securities

for

which

market

quotations

are

not

readily

available

or

deemed

unreliable

(e.g.,

an

approved

pricing

service

does

not

provide

a

price,

a

furnished

price

is

in

error,

certain

stale

prices,

or

an

event

occurs

that

materially

affects

the

furnished

price)

will

be

fair

valued

in

accordance

with

procedures

established

in

good

faith

under

the

general

supervision

of

the

Board.

Fair

Value

Measurements

—

The

objective

of

a

fair

value

measurement

is

to

determine

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date

(an

exit

price).

Accordingly,

the

fair

value

hierarchy

gives

the

highest

priority

to

quoted

prices

(unadjusted)

in

active

markets

for

identical

assets

or

liabilities

(Level

1)

and

the

lowest

priority

to

unobservable

inputs

(Level

3).

The

three

levels

of

the

fair

value

hierarchy

are

described

as

follows:

Level

1

–

quoted

prices

in

active

markets

for

identical

securities

Level

2

–

based

on

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

–

based

on

significant

unobservable

inputs

(including

a

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

The

inputs

or

methodology

used

for

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

During

the

period

ended

December

31,

2020

,

there

were

no

significant

changes

to

the

valuation

policies

and

procedures.

6

Sterling

Capital

Funds

Notes

to

Schedule

of

Portfolio

Investments

-

Sterling

Capital

Quality

Income

Fund

—

(continued)

December

31,

2020

(Unaudited)

Cash

and

Cash

Equivalents

—

The

Fund

considers

liquid

assets

deposited

with

a

bank,

and

certain

short

term

debt

instruments

with

original

maturities

of

three

months

or

less

to

be

cash

equivalents.

These

investments

represent

amounts

held

with

financial

institutions

that

are

readily

accessible

to

pay

Fund

expenses

or

investments.

The

Fund

may

invest

its

excess

cash

in

the

Federated

Treasury

Obligations

Fund

or

a

similar

money

market

fund

or

other

short-term

investment.

Credit

Enhancements

—

Certain

obligations

held

in

the

Fund

have

credit

enhancement

or

liquidity

features

that

may,

under

certain

circumstances,

provide

for

repayment

of

principal

and

interest

on

the

obligation

upon

demand

date,

interest

rate

reset

date

or

final

maturity.

These

enhancements

may

include:

letters

of

credit;

liquidity

guarantees;

security

purchase

agreements;

tender

option

purchase

agreements;

and

third

party

insurance

(i.e.,

AMBAC).

Mortgage

Dollar

Rolls

—

The

Fund

may

sell

mortgage-backed

securities

for

delivery

in

the

current

month

and

simultaneously

contract

to

repurchase

substantially

similar

(same

type,

coupon

and

maturity)

securities

on

a

specific

future

date

at

an

agreed-upon

price.

The

market

value

of

the

securities

that

a

Fund

is

required

to

purchase

may

decline

below

the

agreed

upon

repurchase

price

of

those

securities.

Pools

of

mortgages

collateralizing

those

securities

may

have

different

prepayment

histories

than

those

sold.

During

the

period

between

the

sale

and

repurchase,

a

Fund

will

not

be

entitled

to

receive

interest

and

principal

payments

on

the

securities

sold.

Proceeds

of

the

sale

will

be

invested

in

additional

instruments

for

a

Fund,

and

the

income

from

these

investments

will

generate

income

for

a

Fund.

If

such

income

does

not

exceed

the

income,

capital

appreciation

and

gain

or

loss

that

would

have

been

realized

on

the

securities

sold

as

part

of

the

dollar

roll,

the

use

of

this

technique

will

diminish

the

investment

performance

of

a

Fund

compared

with

what

the

performance

would

have

been

without

the

use

of

dollar

rolls.

The

Fund

accounts

for

mortgage

dollar

roll

transactions

as

purchases

and

sales.

The

Fund

did

not

hold

any

mortgage

dollar

rolls

during

the

period.

Risks

Associated

with

Foreign

Securities

and

Currencies

—

Investments

in

securities

of

foreign

issuers

carry

certain

risks

not

ordinarily

associated

with

investments

in

securities

of

domestic

issuers.

Such

risks

include

future

political

and

economic

developments

and

the

possible

imposition

of

exchange

controls

or

other

foreign

governmental

laws

and

restrictions.

In

addition,

with

respect

to

certain

countries,

there

is

the

possibility

of

expropriation

of

assets,

confiscatory

taxation,

political

or

social

instability

or

diplomatic

developments

which

could

adversely

affect

investments

in

those

countries.

Certain

foreign

investments

may

also

be

subject

to

foreign

withholding

taxes.

When-Issued

—

The

Fund

may

purchase

securities

on

a

“when-issued”

basis.

The

Fund

records

when-issued

securities

on

the

trade

date

and

pledge

assets

with

a

value

at

least

equal

to

the

purchase

commitment

for

payment

of

the

securities

purchased.

The

value

of

the

securities

underlying

when-issued

to

purchase

securities,

and

any

subsequent

fluctuation

in

their

value,

is

taken

into

account

when

determining

the

net

asset

value

of

the

Fund

commencing

with

the

date

the

Fund

agrees

to

purchase

the

securities.

The

Fund

does

not

accrue

interest

or

dividends

on

“when-issued”

securities

until

the

underlying

securities

are

received.

The

summary

of

inputs

used

to

determine

the

fair

value

of

each

Fund’s

investments

as

of

December

31,

2020

is

as

follows:

Level

1-

Quoted

Prices

Level

2-

Other

Significant

Observable

Inputs

Level

3-

Significant

Unobservable

Inputs

Total

Asset:

Investments

in

Securities

Sterling

Capital

Quality

Income

Fund

.................

$

1,634,244

(a)

$

38,705,372

(b)

$

—

$

40,339,616

(a)

Represents

money

market

funds

and/or

certain

preferred

stocks.

(b)

Industries,

countries

or

security

types

are

disclosed

in

the

Schedule

of

Portfolio

Investments.