Sterling

Capital

Total

Return

Bond

Fund

1

Schedule

of

Portfolio

Investments

June

30,

2021

(Unaudited)

See

accompanying

Notes

to

the

Schedule

of

Portfolio

Investments.

Principal

Amount

Fair

Value

ASSET

BACKED

SECURITIES

—

14.2%

$

898,169‌

Aegis

Asset

Backed

Securities

Trust,

Series

2005-5,

Class

1A4,

0.792%,

(LIBOR

USD

1-Month

plus

0.70%),

12/25/35(a)

$

898,051‌

8,200,000‌

AmeriCredit

Automobile

Receivables

Trust,

Series

2020-3,

Class

B,

0.760%,

12/18/25

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

8,220,092‌

16,500,000‌

AmeriCredit

Automobile

Receivables

Trust,

Series

2021-1,

Class

B,

0.680%,

10/19/26

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

16,526,484‌

74,105‌

Argent

Securities,

Inc.

Asset-Backed

Pass-

Through

Certificates,

Series

2005-W3,

Class

A2D,

0.772%,

(LIBOR

USD

1-Month

plus

0.68%),

11/25/35(a)

....

74,027‌

10,215,000‌

ARI

Fleet

Lease

Trust,

Series

2019-A,

Class

A3,

2.530%,

11/15/27(b)

.......

10,506,440‌

2,143,000‌

Avis

Budget

Rental

Car

Funding

AESOP,

LLC,

Series

2017-2A,

Class

A,

2.970%,

3/20/24(b)

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

2,224,157‌

8,000,000‌

Avis

Budget

Rental

Car

Funding

AESOP,

LLC,

Series

2019-2A,

Class

A,

3.350%,

9/22/25(b)

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

8,581,170‌

2,030,000‌

Avis

Budget

Rental

Car

Funding

AESOP,

LLC,

Series

2019-3A,

Class

A,

2.360%,

3/20/26(b)

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

2,124,502‌

3,000,000‌

Avis

Budget

Rental

Car

Funding

AESOP,

LLC,

Series

2020-2A,

Class

A,

2.020%,

2/20/27(b)

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

3,090,540‌

6,250,000‌

Avis

Budget

Rental

Car

Funding

AESOP,

LLC,

Series

2021-1A,

Class

A,

1.380%,

8/20/27(b)

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

6,243,553‌

1,928,982‌

Capital

Auto

Receivables

Asset

Trust,

Series

2017-1,

Class

C,

2.700%,

9/20/22(b)

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

1,931,105‌

12,034,000‌

Capital

One

Multi-Asset

Execution

Trust,

Series

2019-A3,

Class

A3,

2.060%,

8/15/28

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

12,626,667‌

1,318,670‌

Chesapeake

Funding

II,

LLC,

Series

2020-

1A,

Class

A1,

0.870%,

8/16/32(b)

....

1,325,660‌

2,361,000‌

Citibank

Credit

Card

Issuance

Trust,

Series

2007-A3,

Class

A3,

6.150%,

6/15/39

..

3,324,735‌

54,616‌

Citicorp

Residential

Mortgage

Trust,

STEP,

Series

2007-2,

Class

A6,

4.948%,

6/25/37

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

55,195‌

35,308‌

Encore

Credit

Receivables

Trust,

Series

2005-4,

Class

M2,

0.752%,

(LIBOR

USD

1-Month

plus

0.66%),

1/25/36(a)

.

35,306‌

6,198,964‌

Enterprise

Fleet

Financing,

LLC,

Series

2018-1,

Class

A3,

3.100%,

10/20/23(b)

.

6,220,052‌

11,438,000‌

Enterprise

Fleet

Financing,

LLC,

Series

2018-2,

Class

A3,

3.340%,

2/20/24(b)

..

11,635,809‌

6,041,000‌

Enterprise

Fleet

Financing,

LLC,

Series

2020-1,

Class

A3,

1.860%,

12/22/25(b)

.

6,219,617‌

6,943,000‌

Enterprise

Fleet

Funding,

LLC,

Series

2021-1,

Class

A3,

0.700%,

12/21/26(b)

.

6,927,511‌

2,247,000‌

Ford

Credit

Auto

Owner

Trust,

Series

2017-2,

Class

A,

2.360%,

3/15/29(b)

..

2,280,380‌

Principal

Amount

Fair

Value

ASSET

BACKED

SECURITIES

—

(continued)

$

19,805,000‌

Ford

Credit

Auto

Owner

Trust

2020-

REV2,

Series

2020-2,

Class

A,

1.060%,

4/15/33(b)

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

$

19,791,491‌

6,000,000‌

GreatAmerica

Leasing

Receivables

Funding,

LLC,

Series

2021-1,

Class

A3,

0.340%,

8/15/24(b)

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

5,984,712‌

24,179‌

GSAMP

Trust,

Series

2006-SEA1,

Class

M1,

0.842%,

(LIBOR

USD

1-Month

plus

0.75%),

5/25/36(a)(b)

..........

24,169‌

15,735,000‌

Hertz

Vehicle

Financing

III

L.P.,

Series

2021-2A,

Class

A,

1.680%,

12/27/27(b)

15,714,002‌

481,544‌

JP

Morgan

Mortgage

Acquisition

Corp.,

Series

2005-OPT1,

Class

M2,

0.797%,

(LIBOR

USD

1-Month

plus

0.71%),

6/25/35(a)

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

481,562‌

591,844‌

New

Century

Home

Equity

Loan

Trust,

Series

2003-4,

Class

M1,

1.217%,

(LIBOR

USD

1-Month

plus

1.13%),

10/25/33(a)

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

591,159‌

18,790,000‌

OneMain

Financial

Issuance

Trust

2021-1,

Series

2021-1A,

Class

A1,

1.550%,

6/16/36(b)

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

18,872,759‌

607,907‌

Park

Place

Securities,

Inc.

Asset-Backed

Pass

Through

Certificates,

Series

2005-

WHQ2,

Class

M2,

0.782%,

(LIBOR

USD

1-Month

plus

0.69%),

5/25/35(a)

.

608,362‌

14,077,000‌

Santander

Drive

Auto

Receivables

Trust,

Series

2020-3,

Class

B,

0.690%,

3/17/25

14,117,666‌

8,583,000‌

Santander

Drive

Auto

Receivables

Trust,

Series

2020-4,

Class

B,

0.730%,

3/17/25

8,619,690‌

3,192,515‌

Saxon

Asset

Securities

Trust,

Series

2004-

3,

Class

M1,

0.992%,

(LIBOR

USD

1-Month

plus

0.90%),

12/26/34(a)

....

3,177,803‌

100,759‌

Sofi

Professional

Loan

Program,

LLC,

Series

2016-E,

Class

A1,

0.942%,

(LIBOR

USD

1-Month

plus

0.85%),

7/25/39(a)(b)

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

100,934‌

8,405,000‌

Toyota

Auto

Loan

Extended

Note

Trust,

Series

2019-1A,

Class

A,

2.560%,

11/25/31(b)

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

8,863,910‌

5,150,000‌

Toyota

Auto

Loan

Extended

Note

Trust

2020-1,

Series

2020-1A,

Class

A,

1.350%,

5/25/33(b)

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

5,237,423‌

3,404,000‌

Wheels

SPV

2,

LLC,

Series

2018-1A,

Class

A4,

3.410%,

4/20/27(b)

........

3,447,032‌

8,242,000‌

Wheels

SPV

2,

LLC,

Series

2019-1A,

Class

A3,

2.350%,

5/22/28(b)

........

8,420,830‌

Total

Asset

Backed

Securities

(Cost

$221,814,364)

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

225,124,557‌

COLLATERALIZED

MORTGAGE

OBLIGATIONS

—

3.5%

84,067‌

Adjustable

Rate

Mortgage

Trust,

Series

2004-5,

Class

4A1,

2.853%,

4/25/35(c)

.

85,727‌

Sterling

Capital

Total

Return

Bond

Fund

2

Schedule

of

Portfolio

Investments

—

(continued)

June

30,

2021

(Unaudited)

Continued

Principal

Amount

Fair

Value

COLLATERALIZED

MORTGAGE

OBLIGATIONS

—

(continued)

$

251,469‌

Alternative

Loan

Trust,

Series

2004-22CB,

Class

1A1,

6.000%,

10/25/34

........

$

259,256‌

577,010‌

Banc

of

America

Funding

Trust,

Series

2004-C,

Class

4A1,

0.753%,

(LIBOR

USD

1-Month

plus

0.66%),

12/20/34(a)

575,672‌

303,775‌

Banc

of

America

Funding

Trust,

Series

2006-2,

Class

3A1,

6.000%,

3/25/36

...

308,403‌

9,855‌

Citigroup

Mortgage

Loan

Trust,

Inc.,

Series

2004-NCM2,

Class

3CB2,

6.500%,

8/25/19

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

9,842‌

73,286‌

Countrywide

Home

Loan

Mortgage

Pass-

Through

Trust,

Series

2004-3,

Class

A4,

5.750%,

4/25/34

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

76,291‌

178,951‌

Credit

Suisse

First

Boston

Mortgage-

Backed

Pass-Through

Certificates,

Series

2004-1,

Class

2A1,

6.500%,

2/25/34

...

183,752‌

1,015,922‌

Fannie

Mae,

Series

2011-38,

Class

D,

4.500%,

5/25/41

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

1,140,166‌

531,019‌

Fannie

Mae,

Series

2013-133,

Class

AV,

4.000%,

12/25/26

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

537,883‌

5,889,937‌

Fannie

Mae,

Series

2013-16,

Class

A,

1.750%,

1/25/40

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

5,963,476‌

891,000‌

Fannie

Mae,

Series

2013-70,

Class

CY,

3.500%,

7/25/43

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

959,055‌

1,198,642‌

Fannie

Mae,

Series

2014-39,

Class

VP,

3.000%,

8/25/27

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

1,237,556‌

272,973‌

Fannie

Mae,

Series

2017-64,

Class

PD,

2.500%,

7/25/47

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

281,492‌

503,341‌

FirstKey

Mortgage

Trust,

Series

2014-1,

Class

A12,

3.500%,

11/25/44(b)(c)

....

512,878‌

547,206‌

Freddie

Mac,

Series

3632,

Class

PK,

5.000%,

2/15/40

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

605,565‌

730,000‌

Freddie

Mac,

Series

3762,

Class

LN,

4.000%,

11/15/40

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

845,013‌

475,608‌

Freddie

Mac,

Series

3768,

Class

V,

4.000%,

11/15/23

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

491,471‌

883,327‌

Freddie

Mac,

Series

4077,

Class

PJ,

3.500%,

11/15/40

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

927,066‌

1,954,209‌

Freddie

Mac,

Series

4100,

Class

PA,

3.000%,

1/15/42

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

2,068,418‌

507,000‌

Freddie

Mac,

Series

4120,

Class

YK,

2.000%,

10/15/32

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

491,635‌

397,124‌

Freddie

Mac,

Series

4136,

Class

HZ,

3.500%,

11/15/27

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

432,517‌

588,000‌

Freddie

Mac,

Series

4160,

Class

HH,

2.500%,

12/15/32

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

601,205‌

1,006,463‌

Freddie

Mac,

Series

4287,

Class

V,

4.500%,

10/15/26

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

1,063,469‌

601,225‌

Freddie

Mac,

Series

4328,

Class

KD,

3.000%,

8/15/43

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

632,876‌

1,688,309‌

Freddie

Mac,

Series

4331,

Class

V,

4.000%,

11/15/28

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

1,722,162‌

2,829,853‌

Freddie

Mac,

Series

4427,

Class

KA,

2.250%,

7/15/44

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

2,916,041‌

Principal

Amount

Fair

Value

COLLATERALIZED

MORTGAGE

OBLIGATIONS

—

(continued)

$

255,990‌

Freddie

Mac,

Series

4508,

Class

UZ,

3.000%,

7/15/43

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

$

264,233‌

1,155,539‌

Freddie

Mac,

Series

4648,

Class

E,

3.500%,

8/15/43

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

1,167,281‌

2,072,075‌

Freddie

Mac,

Series

4654,

Class

KA,

3.000%,

6/15/45

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

2,158,916‌

8,910,000‌

Freddie

Mac,

Series

4655,

Class

GV,

3.500%,

12/15/36

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

9,148,804‌

4,901,000‌

Freddie

Mac,

Series

4657,

Class

VT,

3.500%,

6/15/37

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

4,987,323‌

1,036,710‌

Freddie

Mac,

Series

4710,

Class

GA,

3.000%,

3/15/44

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

1,059,551‌

2,961,276‌

Freddie

Mac,

Series

4752,

Class

HB,

3.500%,

4/15/44

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

2,982,102‌

2,272,180‌

Freddie

Mac,

Series

4776,

Class

DW,

4.000%,

9/15/44

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

2,284,326‌

146,827‌

Galton

Funding

Mortgage

Trust,

Series

2018-1,

Class

A43,

3.500%,

11/25/57(b)

(c)

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

147,056‌

587,504‌

Galton

Funding

Mortgage

Trust,

Series

2018-2,

Class

A41,

4.500%,

10/25/58(b)

(c)

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

589,605‌

120,400‌

Galton

Funding

Mortgage

Trust,

Series

2019-1,

Class

A41,

4.500%,

2/25/59(b)

(c)

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

120,303‌

225,486‌

Ginnie

Mae,

Series

2008-51,

Class

PG,

5.000%,

6/20/38

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

248,951‌

4,683,030‌

Ginnie

Mae,

Series

2014-2,

Class

AG,

2.371%,

3/20/40(c)

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

4,820,406‌

452,446‌

MASTR

Alternative

Loan

Trust,

Series

2003-5,

Class

8A1,

5.500%,

6/25/33

...

462,336‌

287,698‌

MASTR

Alternative

Loan

Trust,

Series

2004-13,

Class

3A1,

6.500%,

1/25/35

..

263,981‌

140‌

RAAC

Trust,

Series

2004-SP3,

Class

AI5,

4.890%,

12/25/32(c)

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

142‌

190,725‌

RAAC

Trust,

STEP,

Series

2004-SP1,

Class

AI3,

6.118%,

3/25/34

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

192,898‌

119,105‌

Residential

Asset

Securitization

Trust,

Series

2004-IP2,

Class

4A,

3.256%,

12/25/34(c)

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

122,310‌

Total

Collateralized

Mortgage

Obligations

(Cost

$55,150,968)

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

55,949,411‌

COMMERCIAL

MORTGAGE-BACKED

SECURITIES

—

14.0%

14,468,000‌

BANK

2020-BNK27,

Series

2020-BN27,

Class

A5,

2.144%,

4/15/63

..........

14,667,026‌

1,880,000‌

BANK

2020-BNK29,

Series

2020-BN29,

Class

A4,

1.997%,

11/15/53

.........

1,878,112‌

3,186,000‌

BBCMS

Mortgage

Trust,

Series

2020-C7,

Class

A5,

2.037%,

4/15/53

..........

3,210,563‌

5,389,000‌

Benchmark

Mortgage

Trust,

Series

2020-

B18,

Class

A5,

1.925%,

7/15/53

......

5,365,152‌

Sterling

Capital

Total

Return

Bond

Fund

3

Schedule

of

Portfolio

Investments

—

(continued)

June

30,

2021

(Unaudited)

Continued

Principal

Amount

Fair

Value

COMMERCIAL

MORTGAGE-BACKED

SECURITIES

—

(continued)

$

3,603,000‌

Benchmark

Mortgage

Trust,

Series

2020-

B21,

Class

A5,

1.978%,

12/17/53

.....

$

3,588,556‌

4,314,000‌

CD

Mortgage

Trust,

Series

2016-CD2,

Class

A4,

3.526%,

11/10/49(c)

.......

4,743,873‌

3,447,000‌

CFCRE

Commercial

Mortgage

Trust,

Series

2016-C7,

Class

A3,

3.839%,

12/10/54

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

3,826,192‌

1,337,000‌

Citigroup

Commercial

Mortgage

Trust,

Series

2017-P7,

Class

A4,

3.712%,

4/14/50

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

1,483,634‌

5,806,000‌

Citigroup

Commercial

Mortgage

Trust,

Series

2018-B2,

Class

A4,

4.009%,

3/10/51

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

6,587,642‌

891,000‌

COMM

Mortgage

Trust,

Series

2012-CR1,

Class

AM,

3.912%,

5/15/45

.........

908,934‌

3,159,000‌

COMM

Mortgage

Trust,

Series

2013-

CR12,

Class

A4,

4.046%,

10/10/46

....

3,376,103‌

795,000‌

COMM

Mortgage

Trust,

Series

2014-

CR16,

Class

A4,

4.051%,

4/10/47

.....

858,429‌

1,643,000‌

COMM

Mortgage

Trust,

Series

2014-

CR20,

Class

A4,

3.590%,

11/10/47

....

1,769,342‌

1,208,000‌

COMM

Mortgage

Trust,

Series

2014-

LC17,

Class

A5,

3.917%,

10/10/47

....

1,317,609‌

1,070,000‌

COMM

Mortgage

Trust,

Series

2014-

UBS4,

Class

A5,

3.694%,

8/10/47

....

1,151,897‌

7,155,000‌

COMM

Mortgage

Trust,

Series

2017-

COR2,

Class

A3,

3.510%,

9/10/50

....

7,898,387‌

1,337,000‌

CSAIL

Commercial

Mortgage

Trust,

Series

2015-C4,

Class

A4,

3.808%,

11/15/48

..

1,472,533‌

3,639,000‌

DBJPM

20-C9

Mortgage

Trust,

Series

2020-C9,

Class

A5,

1.926%,

9/15/53

..

3,623,700‌

2,228,000‌

Fannie

Mae-Aces,

Series

2019-M9,

Class

A2,

2.937%,

4/25/29

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

2,463,488‌

2,985,000‌

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K068,

Class

A2,

3.244%,

8/25/27

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

3,325,325‌

3,493,000‌

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K069,

Class

A2,

3.187%,

9/25/27(c)

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

3,884,259‌

7,569,000‌

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K099,

Class

A2,

2.595%,

9/25/29

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

8,220,530‌

3,386,000‌

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K153,

Class

A3,

3.117%,

10/25/31(c)

...........

3,829,879‌

8,536,000‌

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K155,

Class

A3,

3.750%,

4/25/33

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

10,225,515‌

5,709,711‌

FRESB

Mortgage

Trust,

Series

2018-SB52,

Class

A10F,

3.480%,

6/25/28(c)

......

6,121,703‌

199,404‌

GS

Mortgage

Securities

Trust,

Series

2010-

C1,

Class

A2,

4.592%,

8/10/43(b)

.....

199,403‌

2,673,000‌

GS

Mortgage

Securities

Trust,

Series

2010-

C1,

Class

B,

5.148%,

8/10/43(b)

.....

2,686,401‌

Principal

Amount

Fair

Value

COMMERCIAL

MORTGAGE-BACKED

SECURITIES

—

(continued)

$

1,010,000‌

GS

Mortgage

Securities

Trust,

Series

2012-

GCJ7,

Class

AS,

4.085%,

5/10/45

.....

$

1,029,286‌

2,249,000‌

GS

Mortgage

Securities

Trust,

Series

2014-

GC24,

Class

A5,

3.931%,

9/10/47

....

2,442,453‌

2,044,000‌

GS

Mortgage

Securities

Trust,

Series

2016-

GS4,

Class

A4,

3.442%,

11/10/49(c)

...

2,240,933‌

6,706,000‌

GS

Mortgage

Securities

Trust,

Series

2020-

GC47,

Class

A5,

2.377%,

5/12/53

....

6,927,024‌

3,170,228‌

JP

Morgan

Chase

Commercial

Mortgage

Securities

Trust,

Series

2011-C3,

Class

B,

5.013%,

2/15/46(b)(c)

...........

3,228,158‌

1,497,000‌

JP

Morgan

Chase

Commercial

Mortgage

Securities

Trust,

Series

2013-C10,

Class

AS,

3.372%,

12/15/47

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

1,551,896‌

3,600,000‌

JP

Morgan

Chase

Commercial

Mortgage

Securities

Trust,

Series

2014-C20,

Class

A5,

3.805%,

7/15/47

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

3,862,050‌

1,517,000‌

JP

Morgan

Chase

Commercial

Mortgage

Securities

Trust,

Series

2016-JP4,

Class

A4,

3.648%,

12/15/49(c)

...........

1,676,828‌

1,245,000‌

JPMBB

Commercial

Mortgage

Securities

Trust,

Series

2014-C23,

Class

A5,

3.934%,

9/15/47

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

1,355,077‌

3,742,000‌

JPMCC

Commercial

Mortgage

Securities

Trust,

Series

2017-JP5,

Class

A5,

3.723%,

3/15/50

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

4,157,311‌

2,998,000‌

JPMDB

Commercial

Mortgage

Securities

Trust,

Series

2020-COR7,

Class

A5,

2.180%,

5/13/53

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

3,043,744‌

589,000‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series

2014-C18,

Class

A4,

3.923%,

10/15/47

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

634,684‌

5,198,000‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series

2016-C32,

Class

A4,

3.720%,

12/15/49

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

5,785,161‌

2,562,000‌

Morgan

Stanley

Capital

I

Trust,

Series

2016-BNK2,

Class

A4,

3.049%,

11/15/49

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

2,764,461‌

7,147,000‌

Morgan

Stanley

Capital

I

Trust,

Series

2020-HR8,

Class

A4,

2.041%,

7/15/53

.

7,180,428‌

8,910,000‌

Morgan

Stanley

Capital

I,

Inc.,

Series

2017-HR2,

Class

A4,

3.587%,

12/15/50

9,903,117‌

9,850,000‌

Morgan

Stanley

Capital

I,

Inc.,

Series

2018-H3,

Class

A5,

4.177%,

7/15/51

..

11,387,345‌

2,812,000‌

Wells

Fargo

Commercial

Mortgage

Trust,

Series

2015-P2,

Class

A4,

3.809%,

12/15/48

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

3,107,146‌

723,000‌

Wells

Fargo

Commercial

Mortgage

Trust,

Series

2016-C37,

Class

A5,

3.794%,

12/15/49

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

806,995‌

8,591,000‌

Wells

Fargo

Commercial

Mortgage

Trust,

Series

2017-C40,

Class

A4,

3.581%,

10/15/50

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

9,510,529‌

Sterling

Capital

Total

Return

Bond

Fund

4

Schedule

of

Portfolio

Investments

—

(continued)

June

30,

2021

(Unaudited)

Continued

Principal

Amount

Fair

Value

COMMERCIAL

MORTGAGE-BACKED

SECURITIES

—

(continued)

$

4,724,000‌

Wells

Fargo

Commercial

Mortgage

Trust,

Series

2020-C56,

Class

A5,

2.448%,

6/15/53

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

$

4,905,486‌

11,997,000‌

Wells

Fargo

Commercial

Mortgage

Trust,

Series

2020-C57,

Class

A4,

2.118%,

8/15/53

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

12,107,879‌

9,146,020‌

WFRBS

Commercial

Mortgage

Trust,

Series

2012-C7,

Class

A2,

3.431%,

6/15/45

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

9,291,432‌

1,337,000‌

WFRBS

Commercial

Mortgage

Trust,

Series

2012-C8,

Class

AS,

3.660%,

8/15/45

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

1,370,492‌

3,311,000‌

WFRBS

Commercial

Mortgage

Trust,

Series

2014-C22,

Class

A5,

3.752%,

9/15/57

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

3,581,848‌

899,000‌

WFRBS

Commercial

Mortgage

Trust,

Series

2014-C23,

Class

A5,

3.917%,

10/15/57

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

980,207‌

Total

Commercial

Mortgage-Backed

Securities

(Cost

$214,851,411)

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

223,516,157‌

CORPORATE

BONDS

—

40.1%

Aerospace

&

Defense

—

0.8%

3,382,000‌

Boeing

Co.

(The),

5.705%,

5/1/40

......

4,359,112‌

3,499,000‌

L3Harris

Technologies,

Inc.,

3.832%,

4/27/25

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

3,832,607‌

3,280,000‌

Raytheon

Technologies

Corp.,

4.125%,

11/16/28

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

3,777,029‌

11,968,748‌

Automobiles

—

0.9%

3,916,000‌

Daimler

Finance

North

America,

LLC,

1.450%,

3/2/26(b)

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

3,935,820‌

3,844,000‌

General

Motors

Financial

Co.,

Inc.,

2.750%,

6/20/25

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

4,048,742‌

2,382,000‌

General

Motors

Financial

Co.,

Inc.,

4.350%,

4/9/25

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

2,632,944‌

3,936,000‌

Hyundai

Capital

America,

0.800%,

1/8/24(b)

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

3,919,117‌

14,536,623‌

Banks

—

8.4%

2,672,000‌

Australia

&

New

Zealand

Banking

Group,

Ltd.,

2.950%,

(5-Year

Treasury

Constant

Maturity

plus

1.29%),

7/22/30(b)(c)

...

2,781,018‌

4,441,000‌

Bank

of

America

Corp.,

0.715%,

(SOFR

plus

0.69%),

4/22/25(a)

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

4,465,828‌

6,181,000‌

Bank

of

America

Corp.,

3.419%,

(LIBOR

USD

3-Month

plus

1.04%),

12/20/28(d)

6,734,209‌

5,536,000‌

Bank

of

America

Corp.,

MTN,

1.898%,

(SOFR

plus

1.53%),

7/23/31(d)

......

5,388,377‌

2,845,000‌

Bank

of

Montreal,

MTN,

0.949%,

(SOFR

plus

0.60%),

1/22/27(d)

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

2,799,267‌

Principal

Amount

Fair

Value

CORPORATE

BONDS

—

(continued)

Banks

—

(continued)

$

3,593,000‌

Barclays

PLC,

4.338%,

(LIBOR

USD

3-Month

plus

1.36%),

5/16/24(d)

.....

$

3,830,396‌

3,951,000‌

BPCE

SA,

2.375%,

1/14/25(b)

........

4,115,270‌

3,195,000‌

Capital

One

Financial

Corp.,

3.300%,

10/30/24

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

3,441,402‌

5,245,000‌

Citigroup,

Inc.,

0.699%,

(SOFR

plus

0.67%),

5/1/25(a)

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

5,268,578‌

3,073,000‌

Citigroup,

Inc.,

3.106%,

(SOFR

plus

2.84%),

4/8/26(d)

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

3,289,831‌

3,564,000‌

Citigroup,

Inc.,

4.412%,

(SOFR

plus

3.91%),

3/31/31(d)

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

4,167,405‌

3,482,000‌

Citizens

Bank

N.A.,

BKNT,

0.951%,

(LIBOR

USD

3-Month

plus

0.81%),

5/26/22(a)

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

3,504,006‌

3,172,000‌

Cooperatieve

Rabobank

UA,

3.950%,

11/9/22

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

3,320,329‌

3,336,000‌

First

Citizens

BancShares,

Inc.,

3.375%,

(SOFR

plus

2.47%),

3/15/30(d)

......

3,396,477‌

3,558,000‌

Huntington

Bancshares,

Inc.,

2.625%,

8/6/24

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

3,757,819‌

4,487,000‌

JPMorgan

Chase

&

Co.,

0.910%,

(SOFR

plus

0.89%),

4/22/27(a)

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

4,537,621‌

5,066,000‌

JPMorgan

Chase

&

Co.,

2.083%,

(SOFR

plus

1.85%),

4/22/26(d)

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

5,240,311‌

6,754,000‌

JPMorgan

Chase

&

Co.,

2.739%,

(SOFR

plus

1.51%),

10/15/30(d)

...........

7,075,866‌

3,010,000‌

Lloyds

Banking

Group

PLC,

4.582%,

12/10/25

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

3,385,061‌

2,018,000‌

Macquarie

Group,

Ltd.,

1.340%,

(SOFR

plus

1.07%),

1/12/27(b)(d)

..........

2,001,896‌

4,305,000‌

Mitsubishi

UFJ

Financial

Group,

Inc.,

3.761%,

7/26/23

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

4,598,893‌

2,633,000‌

Morgan

Stanley,

0.790%,

(SOFR

plus

0.53%),

5/30/25(d)

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

2,622,521‌

7,395,000‌

NatWest

Markets

PLC,

3.625%,

9/29/22(b)

7,690,418‌

3,039,000‌

PNC

Financial

Services

Group,

Inc.

(The),

2.550%,

1/22/30

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

3,199,980‌

3,758,000‌

PNC

Financial

Services

Group,

Inc.

(The),

Series

O,

6.750%,

(LIBOR

USD

3-Month

plus

3.68%)(d)(e)

.........

3,761,589‌

4,449,000‌

Royal

Bank

of

Canada,

GMTN,

0.596%,

(SOFR

plus

0.57%),

4/27/26(a)

......

4,455,393‌

4,847,000‌

Sumitomo

Mitsui

Financial

Group,

Inc.,

2.130%,

7/8/30

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

4,880,320‌

2,994,000‌

Toronto-Dominion

Bank

(The),

3.625%,

(5

yr.

Swap

Semi

30/360

USD

plus

2.21%),

9/15/31(c)

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

3,318,960‌

2,507,000‌

U.S.

Bancorp,

Series

X,

3.150%,

4/27/27

.

2,743,434‌

5,633,000‌

UBS

Group

AG,

1.106%,

(LIBOR

USD

3-Month

plus

0.95%),

8/15/23(a)(b)

...

5,682,629‌

1,194,000‌

Visa,

Inc.,

2.700%,

4/15/40

...........

1,235,441‌

4,074,000‌

Wells

Fargo

&

Co.,

3.068%,

(SOFR

plus

2.53%),

4/30/41(d)

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

4,169,962‌

Sterling

Capital

Total

Return

Bond

Fund

5

Schedule

of

Portfolio

Investments

—

(continued)

June

30,

2021

(Unaudited)

Continued

Principal

Amount

Fair

Value

CORPORATE

BONDS

—

(continued)

Banks

—

(continued)

$

1,882,000‌

Westpac

Banking

Corp.,

GMTN,

4.322%,

(USD

Swap

Rate

11:00

am

NY

5

plus

2.24%),

11/23/31(c)

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

$

2,089,816‌

132,950,323‌

Beverages

—

0.8%

2,936,000‌

Anheuser-Busch

Cos.,

LLC/Anheuser-

Busch

InBev

Worldwide,

Inc.,

4.700%,

2/1/36

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

3,608,704‌

2,298,000‌

Anheuser-Busch

InBev

Worldwide,

Inc.,

5.800%,

1/23/59

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

3,320,586‌

3,445,000‌

Bacardi,

Ltd.,

4.450%,

5/15/25(b)

......

3,830,168‌

1,756,000‌

PepsiCo,

Inc.,

3.450%,

10/6/46

........

1,976,372‌

12,735,830‌

Capital

Goods

—

0.2%

3,080,000‌

Keysight

Technologies,

Inc.,

4.550%,

10/30/24

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

3,420,885‌

Capital

Markets

—

0.5%

3,818,000‌

Morgan

Stanley,

2.188%,

(SOFR

plus

1.99%),

4/28/26(d)

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

3,965,634‌

2,912,000‌

Morgan

Stanley,

3.971%,

(LIBOR

USD

3-Month

plus

1.46%),

7/22/38(d)

.....

3,422,544‌

7,388,178‌

Chemicals

—

1.0%

3,186,000‌

Albemarle

Corp.,

5.450%,

12/1/44

......

4,031,944‌

3,659,000‌

FMC

Corp.,

3.450%,

10/1/29

.........

3,981,656‌

3,620,000‌

LYB

International

Finance

III,

LLC,

4.200%,

5/1/50

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

4,168,385‌

2,796,000‌

Westlake

Chemical

Corp.,

3.375%,

6/15/30

3,012,196‌

15,194,181‌

Commercial

Services

&

Supplies

—

0.5%

4,130,000‌

Sodexo,

Inc.,

1.634%,

4/16/26(b)

.......

4,161,710‌

2,998,000‌

Waste

Connections,

Inc.,

3.500%,

5/1/29

.

3,302,901‌

446,000‌

Waste

Management,

Inc.,

3.900%,

3/1/35

.

518,410‌

7,983,021‌

Construction

Materials

—

0.2%

3,387,000‌

Vulcan

Materials

Co.,

3.500%,

6/1/30

...

3,737,295‌

Diversified

Financial

Services

—

3.2%

6,540,000‌

AerCap

Ireland

Capital

DAC/AerCap

Global

Aviation

Trust,

4.450%,

10/1/25

.

7,204,039‌

2,481,000‌

Air

Lease

Corp.,

MTN,

2.875%,

1/15/26

.

2,608,280‌

3,830,000‌

Bain

Capital

Specialty

Finance,

Inc.,

2.950%,

3/10/26

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

3,924,216‌

3,509,000‌

BlackRock,

Inc.,

1.900%,

1/28/31

......

3,515,183‌

5,000,000‌

Charles

Schwab

Corp.

(The),

0.554%,

(SOFR

plus

0.52%),

5/13/26(a)

......

5,023,680‌

4,224,000‌

Credit

Suisse

Group

Funding

Guernsey,

Ltd.,

3.800%,

9/15/22

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

4,395,109‌

5,343,000‌

Goldman

Sachs

BDC,

Inc.,

2.875%,

1/15/26

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

5,531,939‌

Principal

Amount

Fair

Value

CORPORATE

BONDS

—

(continued)

Diversified

Financial

Services

—

(continued)

$

2,281,000‌

Goldman

Sachs

Group,

Inc.

(The),

6.250%,

2/1/41

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

$

3,390,185‌

4,203,000‌

Goldman

Sachs

Group,

Inc.

(The),

Series

VAR,

1.093%,

(SOFR

plus

0.79%),

12/9/26(d)

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

4,141,311‌

3,491,000‌

IHS

Markit,

Ltd.,

4.000%,

3/1/26(b)

....

3,869,774‌

2,088,000‌

Jefferies

Group,

LLC/Jefferies

Group

Capital

Finance,

Inc.,

4.150%,

1/23/30

.

2,340,570‌

4,552,000‌

Owl

Rock

Capital

Corp.,

3.400%,

7/15/26

4,746,305‌

50,690,591‌

Diversified

Telecommunication

Services

—

1.3%

2,228,000‌

CommScope,

Inc.,

5.500%,

3/1/24(b)

....

2,292,055‌

3,873,750‌

Sprint

Spectrum

Co.,

LLC/Sprint

Spectrum

Co.

II,

LLC/Sprint

Spectrum

Co.

III,

LLC,

4.738%,

3/20/25(b)

...........

4,155,992‌

3,553,000‌

T-Mobile

USA,

Inc.,

3.500%,

4/15/25

...

3,850,901‌

3,961,000‌

Verizon

Communications,

Inc.,

1.450%,

3/20/26

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

4,000,065‌

2,240,000‌

Verizon

Communications,

Inc.,

2.987%,

10/30/56

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

2,107,644‌

2,805,000‌

Verizon

Communications,

Inc.,

4.812%,

3/15/39

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

3,555,967‌

19,962,624‌

Electric

Utilities

—

1.4%

2,929,000‌

CenterPoint

Energy,

Inc.,

2.950%,

3/1/30

.

3,080,123‌

3,771,000‌

Dominion

Energy,

Inc.,

STEP,

3.071%,

8/15/24

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

3,997,828‌

3,857,000‌

Duke

Energy

Progress,

LLC,

3.600%,

9/15/47

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

4,294,382‌

2,834,000‌

Entergy

Mississippi,

LLC,

3.100%,

7/1/23

2,947,210‌

2,642,000‌

Florida

Power

&

Light

Co.,

3.990%,

3/1/49

3,258,928‌

3,386,000‌

Indiana

Michigan

Power

Co.,

Series

K,

4.550%,

3/15/46

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

4,235,142‌

1,000,000‌

Korea

East-West

Power

Co.,

Ltd.,

1.750%,

5/6/25(b)

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

1,021,230‌

22,834,843‌

Electrical

Equipment

—

0.5%

2,216,000‌

General

Electric

Co.,

3.625%,

5/1/30

....

2,473,503‌

1,261,000‌

Roper

Technologies,

Inc.,

1.000%,

9/15/25

1,252,208‌

3,939,000‌

Vontier

Corp.,

2.950%,

4/1/31(b)

.......

3,953,968‌

7,679,679‌

Energy

Equipment

&

Services

—

1.7%

1,509,000‌

Cheniere

Corpus

Christi

Holdings,

LLC,

3.700%,

11/15/29

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

1,649,120‌

1,919,000‌

Enterprise

Products

Operating,

LLC,

5.950%,

2/1/41

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

2,648,306‌

1,557,000‌

Hess

Corp.,

7.875%,

10/1/29

..........

2,124,577‌

2,990,000‌

Kinder

Morgan,

Inc.,

4.300%,

6/1/25

....

3,330,152‌

2,964,000‌

Midwest

Connector

Capital

Co.,

LLC,

3.900%,

4/1/24(b)

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

3,099,514‌

3,496,000‌

MPLX

L.P.,

4.125%,

3/1/27

..........

3,908,257‌

228,000‌

NuStar

Logistics

L.P.,

6.000%,

6/1/26

...

247,380‌

Sterling

Capital

Total

Return

Bond

Fund

6

Schedule

of

Portfolio

Investments

—

(continued)

June

30,

2021

(Unaudited)

Continued

Principal

Amount

Fair

Value

CORPORATE

BONDS

—

(continued)

Energy

Equipment

&

Services

—

(continued)

$

3,905,000‌

Plains

All

American

Pipeline

LP/PAA

Finance

Corp.,

4.900%,

2/15/45

......

$

4,246,511‌

4,846,000‌

Sabine

Pass

Liquefaction,

LLC,

5.625%,

3/1/25

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

5,540,352‌

26,794,169‌

Equity

Real

Estate

Investment

Trusts

(REITS)

—

3.2%

3,279,000‌

American

Tower

Trust,

3.652%,

3/23/28(b)

3,594,270‌

1,563,000‌

Brixmor

Operating

Partnership

L.P.,

4.050%,

7/1/30

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

1,750,535‌

3,723,000‌

Brixmor

Operating

Partnership

L.P.,

4.125%,

5/15/29

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

4,174,718‌

3,564,000‌

Federal

Realty

Investment

Trust,

3.500%,

6/1/30

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

3,917,550‌

3,229,000‌

Hudson

Pacific

Properties

L.P.,

3.250%,

1/15/30

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

3,410,897‌

2,542,000‌

Jones

Lang

LaSalle,

Inc.,

4.400%,

11/15/22

2,643,804‌

2,154,000‌

Lexington

Realty

Trust,

2.700%,

9/15/30

.

2,191,889‌

2,985,000‌

Ontario

Teachers'

Cadillac

Fairview

Properties

Trust,

3.875%,

3/20/27(b)

...

3,290,585‌

3,541,000‌

Physicians

Realty

L.P.,

4.300%,

3/15/27

..

3,993,321‌

2,673,000‌

Prologis

L.P.,

2.125%,

10/15/50

........

2,283,574‌

3,439,000‌

Sabra

Health

Care

L.P.,

5.125%,

8/15/26

.

3,869,630‌

3,261,000‌

Scentre

Group

Trust

1/Scentre

Group

Trust

2,

4.375%,

5/28/30(b)

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

3,808,822‌

3,119,000‌

Spirit

Realty

L.P.,

2.100%,

3/15/28

.....

3,108,788‌

3,304,000‌

Spirit

Realty

L.P.,

3.400%,

1/15/30

.....

3,525,012‌

515,000‌

Starwood

Property

Trust,

Inc.,

5.000%,

12/15/21

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

517,575‌

1,428,000‌

STORE

Capital

Corp.,

2.750%,

11/18/30

.

1,439,008‌

2,228,000‌

WEA

Finance

LLC/Westfield

UK

&

Europe

Finance

PLC,

4.750%,

9/17/44(b)

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

2,403,072‌

775,000‌

WEA

Finance,

LLC,

2.875%,

1/15/27(b)

.

800,303‌

50,723,353‌

Food

&

Staples

Retailing

—

0.8%

3,028,000‌

AbbVie,

Inc.,

4.875%,

11/14/48

........

3,937,898‌

4,164,000‌

CVS

Health

Corp.,

2.700%,

8/21/40

....

4,042,519‌

483,000‌

CVS

Health

Corp.,

3.700%,

3/9/23

.....

508,615‌

736,000‌

Hershey

Co.

(The),

1.700%,

6/1/30

.....

731,885‌

2,891,000‌

Smithfield

Foods,

Inc.,

5.200%,

4/1/29(b)

3,368,263‌

12,589,180‌

Food,

Beverage

&

Tobacco

—

0.1%

1,159,000‌

PepsiCo,

Inc.,

4.450%,

4/14/46

........

1,493,508‌

Gas

Utilities

—

0.3%

4,120,000‌

Sempra

Energy,

3.800%,

2/1/38

........

4,577,811‌

Health

Care

Equipment

&

Services

—

0.2%

3,497,000‌

HCA,

Inc.,

5.000%,

3/15/24

..........

3,864,187‌

Health

Care

Providers

&

Services

—

0.2%

3,880,000‌

Anthem,

Inc.,

2.250%,

5/15/30

........

3,917,338‌

Principal

Amount

Fair

Value

CORPORATE

BONDS

—

(continued)

Insurance

—

4.5%

$

513,000‌

Alleghany

Corp.,

4.900%,

9/15/44

......

$

645,803‌

3,474,000‌

American

International

Group,

Inc.,

3.900%,

4/1/26

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

3,878,329‌

2,160,000‌

Aspen

Insurance

Holdings,

Ltd.,

4.650%,

11/15/23

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

2,348,115‌

4,489,000‌

Athene

Global

Funding,

2.500%,

1/14/25(b)

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

4,679,975‌

4,117,000‌

Athene

Holding,

Ltd.,

3.950%,

5/25/51

..

4,408,138‌

3,564,000‌

AXIS

Specialty

Finance,

LLC,

3.900%,

7/15/29

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

3,893,053‌

4,657,000‌

Brighthouse

Financial

Global

Funding,

1.550%,

5/24/26(b)

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

4,699,495‌

2,598,000‌

Carlyle

Finance,

LLC,

5.650%,

9/15/48(b)

3,491,584‌

4,148,000‌

F&G

Global

Funding,

1.750%,

6/30/26(b)

4,165,685‌

3,561,000‌

Fidelity

National

Financial,

Inc.,

3.400%,

6/15/30

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

3,837,238‌

2,156,000‌

Global

Atlantic

Fin

Co.,

3.125%,

6/15/31(b)

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

2,170,485‌

2,388,000‌

KKR

Group

Finance

Co.

III,

LLC,

5.125%,

6/1/44(b)

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

3,111,297‌

1,346,000‌

Loews

Corp.,

3.200%,

5/15/30

........

1,461,160‌

3,564,000‌

Meiji

Yasuda

Life

Insurance

Co.,

5.200%,

(5

yr.

Swap

Semi

30/360

USD

plus

4.23%),

10/20/45(b)(c)

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

4,036,943‌

3,239,000‌

Nationwide

Mutual

Insurance

Co.,

4.350%,

4/30/50(b)

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

3,632,448‌

3,946,000‌

Principal

Life

Global

Funding

II,

0.875%,

1/12/26(b)

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

3,877,750‌

3,355,000‌

Reinsurance

Group

of

America,

Inc.,

3.900%,

5/15/29

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

3,753,765‌

4,042,000‌

Sammons

Financial

Group,

Inc.,

3.350%,

4/16/31(b)

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

4,164,704‌

3,846,000‌

SBL

Holdings,

Inc.,

5.000%,

2/18/31(b)

..

4,146,809‌

1,826,000‌

Symetra

Financial

Corp.,

4.250%,

7/15/24

1,977,209‌

1,887,000‌

Transatlantic

Holdings,

Inc.,

8.000%,

11/30/39

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

2,927,687‌

71,307,672‌

Internet

&

Direct

Marketing

Retail

—

0.2%

3,517,000‌

Amazon.com,

Inc.,

2.700%,

6/3/60

.....

3,372,063‌

IT

Services

—

0.2%

3,094,000‌

Fiserv,

Inc.,

3.200%,

7/1/26

...........

3,349,705‌

Machinery

—

0.2%

3,131,000‌

Deere

&

Co.,

3.750%,

4/15/50

.........

3,788,340‌

Media

—

1.9%

3,389,000‌

Comcast

Corp.,

3.700%,

4/15/24

.......

3,675,170‌

3,688,000‌

Comcast

Corp.,

4.600%,

10/15/38

......

4,574,585‌

2,802,000‌

Discovery

Communications,

LLC,

5.200%,

9/20/47

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

3,486,560‌

3,790,000‌

Omnicom

Group,

Inc.,

2.600%,

8/1/31

...

3,857,440‌

4,937,000‌

Time

Warner

Cable,

LLC,

6.550%,

5/1/37

6,730,079‌

3,240,000‌

ViacomCBS,

Inc.,

4.200%,

5/19/32

.....

3,743,690‌

Sterling

Capital

Total

Return

Bond

Fund

7

Schedule

of

Portfolio

Investments

—

(continued)

June

30,

2021

(Unaudited)

Continued

Principal

Amount

Fair

Value

CORPORATE

BONDS

—

(continued)

Media

—

(continued)

$

3,498,000‌

ViacomCBS,

Inc.,

4.375%,

3/15/43

.....

$

4,039,980‌

30,107,504‌

Metals

&

Mining

—

0.6%

3,276,000‌

Nucor

Corp.,

2.979%,

12/15/55(b)

......

3,168,875‌

2,015,000‌

Southern

Copper

Corp.,

3.500%,

11/8/22

.

2,084,719‌

1,076,000‌

Steel

Dynamics,

Inc.,

2.400%,

6/15/25

...

1,125,571‌

2,311,000‌

Teck

Resources,

Ltd.,

6.000%,

8/15/40

...

2,954,961‌

9,334,126‌

Multiline

Retail

—

0.1%

800,000‌

TJX

Cos.,

Inc.

(The),

2.250%,

9/15/26

...

841,712‌

Multi-Utilities

—

0.5%

2,400,000‌

CMS

Energy

Corp.,

4.700%,

3/31/43

....

2,924,792‌

1,696,000‌

Progress

Energy,

Inc.,

3.150%,

4/1/22

...

1,720,356‌

3,056,000‌

Puget

Sound

Energy,

Inc.,

4.223%,

6/15/48

3,756,694‌

8,401,842‌

Oil,

Gas

&

Consumable

Fuels

—

2.1%

4,098,000‌

Cenovus

Energy,

Inc.,

5.375%,

7/15/25

..

4,689,812‌

2,131,000‌

Chevron

USA,

Inc.,

5.050%,

11/15/44

...

2,858,557‌

4,185,000‌

Devon

Energy

Corp.,

5.600%,

7/15/41

...

5,189,288‌

4,875,000‌

Diamondback

Energy,

Inc.,

3.500%,

12/1/29

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

5,223,943‌

1,503,000‌

Hess

Corp.,

5.800%,

4/1/47

...........

1,959,717‌

5,131,000‌

HollyFrontier

Corp.,

5.875%,

4/1/26

....

5,937,726‌

3,260,000‌

Pioneer

Natural

Resources

Co.,

1.900%,

8/15/30

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

3,142,314‌

3,561,000‌

Schlumberger

Investment

SA,

2.650%,

6/26/30

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

3,744,197‌

32,745,554‌

Pharmaceuticals

—

0.4%

2,559,000‌

SC

Johnson

&

Son,

Inc.,

4.750%,

10/15/46(b)

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

3,379,149‌

3,240,000‌

Viatris,

Inc.,

2.700%,

6/22/30(b)

.......

3,279,657‌

6,658,806‌

Road

&

Rail

—

0.4%

2,334,000‌

Burlington

Northern

Santa

Fe,

LLC,

4.950%,

9/15/41

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

3,068,287‌

3,474,000‌

Kansas

City

Southern,

4.200%,

11/15/69

.

4,020,492‌

7,088,779‌

Semiconductors

&

Semiconductor

Equipment

—

0.7%

3,253,000‌

Broadcom,

Inc.,

4.150%,

11/15/30

......

3,651,752‌

3,023,000‌

Intel

Corp.,

4.750%,

3/25/50

..........

4,018,850‌

13,000‌

NVIDIA

Corp.,

3.500%,

4/1/50

........

14,687‌

4,110,000‌

TSMC

Global,

Ltd.,

1.250%,

4/23/26(b)

.

4,076,158‌

11,761,447‌

Software

—

0.2%

3,275,000‌

Dell

International,

LLC/EMC

Corp.,

6.020%,

6/15/26

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

3,933,306‌

Principal

Amount

Fair

Value

CORPORATE

BONDS

—

(continued)

Specialty

Retail

—

0.3%

$

3,331,000‌

ERAC

USA

Finance,

LLC,

4.200%,

11/1/46(b)

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

$

3,958,975‌

Telecommunication

Services

—

0.8%

1,694,000‌

AT&T,

Inc.,

1.650%,

2/1/28

..........

1,682,847‌

7,346,000‌

AT&T,

Inc.,

3.550%,

9/15/55(b)

.......

7,384,640‌

3,858,000‌

AT&T,

Inc.,

3.850%,

6/1/60

..........

4,073,149‌

13,140,636‌

Textiles,

Apparel

&

Luxury

Goods

—

0.1%

2,181,000‌

Ralph

Lauren

Corp.,

1.700%,

6/15/22

...

2,209,958‌

Tobacco

—

0.7%

3,178,000‌

BAT

Capital

Corp.,

4.540%,

8/15/47

....

3,381,832‌

3,355,000‌

BAT

Capital

Corp.,

4.700%,

4/2/27

.....

3,792,969‌

3,952,000‌

Philip

Morris

International,

Inc.,

2.100%,

5/1/30

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

3,936,754‌

11,111,555‌

Total

Corporate

Bonds

(Cost

$603,758,765)

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

638,154,347‌

MORTGAGE-BACKED

SECURITIES

—

17.2%

Fannie

Mae

—

10.6%

23,082‌

5.000%,

9/1/25,

Pool

#255892

.........

25,316‌

1,561,775‌

4.000%,

12/1/33,

Pool

#MA1689

.......

1,686,035‌

950,636‌

4.000%,

6/1/34,

Pool

#MA1922

........

1,035,890‌

63,760‌

6.500%,

1/1/35,

Pool

#809198

.........

74,672‌

892,133‌

4.000%,

3/1/35,

Pool

#MA2211

........

970,434‌

33,872‌

6.500%,

3/1/36,

Pool

#866062

.........

38,944‌

382,748‌

5.500%,

8/1/37,

Pool

#995082

.........

443,801‌

4,407,265‌

3.500%,

8/1/38,

Pool

#FM2472

........

4,715,182‌

188,081‌

4.500%,

10/1/39,

Pool

#AC2645

.......

209,914‌

148,257‌

5.000%,

6/1/40,

Pool

#AD8718

........

170,104‌

149,363‌

5.000%,

6/1/40,

Pool

#AD4927

........

167,820‌

8,791,589‌

4.000%,

8/1/40,

Pool

#FM4673

........

9,587,949‌

15,120,279‌

1.500%,

12/1/40,

Pool

#MA4202

.......

15,037,187‌

381,971‌

4.500%,

12/1/40,

Pool

#AH1100

.......

421,821‌

178,679‌

4.500%,

3/1/41,

Pool

#AB2467

........

199,476‌

378,440‌

4.500%,

5/1/41,

Pool

#AI1023

.........

418,319‌

226,561‌

4.500%,

11/1/41,

Pool

#AJ4994

........

252,410‌

319,816‌

4.500%,

12/1/41,

Pool

#AJ7696

........

355,879‌

723,013‌

3.500%,

6/1/42,

Pool

#AB5373

........

781,375‌

1,092,381‌

3.500%,

5/1/43,

Pool

#AL3605

........

1,184,489‌

626,874‌

3.500%,

5/1/43,

Pool

#AB9368

........

672,362‌

13,253,498‌

3.000%,

8/1/43,

Pool

#AL9500

........

14,240,363‌

1,370,614‌

3.500%,

8/1/43,

Pool

#AU0613

........

1,494,759‌

350,574‌

4.500%,

11/1/44,

Pool

#MA2100

.......

388,563‌

908,223‌

4.500%,

1/1/45,

Pool

#MA2158

........

994,000‌

1,261,752‌

4.000%,

3/1/45,

Pool

#MA2217

........

1,380,918‌

1,130,153‌

4.000%,

6/1/46,

Pool

#MA2653

........

1,221,921‌

1,144,096‌

4.500%,

7/1/46,

Pool

#AS7568

........

1,247,500‌

1,401,609‌

4.000%,

11/1/46,

Pool

#MA2808

.......

1,509,889‌

2,045,595‌

4.000%,

5/1/47,

Pool

#BE9598

........

2,198,361‌

1,792,816‌

4.000%,

8/1/47,

Pool

#BH5117

........

1,922,287‌

Sterling

Capital

Total

Return

Bond

Fund

8

Schedule

of

Portfolio

Investments

—

(continued)

June

30,

2021

(Unaudited)

Continued

Principal

Amount

Fair

Value

MORTGAGE-BACKED

SECURITIES

—

(continued)

Fannie

Mae

—

(continued)

$

5,975,192‌

4.000%,

4/1/48,

Pool

#BM3900

........

$

6,403,791‌

3,043,724‌

5.000%,

8/1/48,

Pool

#CA2219

........

3,350,362‌

4,777,599‌

3.000%,

11/1/48,

Pool

#BM5822

.......

5,023,324‌

8,711,525‌

3.500%,

10/1/49,

Pool

#CA4431

.......

9,171,969‌

2,021,665‌

3.000%,

12/1/49,

Pool

#BO6225

.......

2,112,153‌

10,518,689‌

3.000%,

3/1/50,

Pool

#FM2714

........

11,063,835‌

4,746,208‌

2.500%,

5/1/50,

Pool

#FM3287

........

4,917,693‌

9,161,667‌

2.000%,

7/1/50,

Pool

#CA6301

........

9,303,795‌

8,388,120‌

2.500%,

7/1/50,

Pool

#CA6307

........

8,704,912‌

10,334,734‌

2.000%,

8/1/50,

Pool

#CA6799

........

10,495,060‌

11,462,069‌

2.500%,

9/1/50,

Pool

#BQ0538

........

11,877,312‌

4,764,865‌

2.500%,

9/1/50,

Pool

#BQ2883

........

4,937,475‌

6,980,679‌

3.000%,

9/1/50,

Pool

#CA7051

........

7,296,472‌

6,700,731‌

3.000%,

10/1/50,

Pool

#CA7381

.......

7,033,730‌

166,739,823‌

Freddie

Mac

—

6.6%

985‌

5.500%,

10/1/21,

Pool

#ZS5201

.......

987‌

5,299‌

5.000%,

12/1/21,

Pool

#ZK0490

.......

5,515‌

32,324‌

5.000%,

7/1/25,

Pool

#ZA1892

........

35,451‌

137,244‌

2.500%,

1/1/28,

Pool

#ZK4918

........

144,064‌

414,149‌

3.500%,

7/1/30,

Pool

#ZS8575

........

447,621‌

49,325‌

5.000%,

3/1/36,

Pool

#ZS4230

........

56,597‌

1,538,193‌

4.000%,

4/1/36,

Pool

#ZA2413

........

1,675,728‌

2,039,346‌

3.500%,

6/1/36,

Pool

#ZA2414

........

2,186,579‌

13,692‌

5.000%,

7/1/36,

Pool

#ZS1139

........

15,699‌

1,249,523‌

3.500%,

8/1/36,

Pool

#ZA2425

........

1,345,910‌

142,845‌

6.500%,

9/1/36,

Pool

#ZS4257

........

167,983‌

3,038,247‌

3.500%,

11/1/36,

Pool

#ZA2439

.......

3,224,364‌

46,972‌

5.000%,

2/1/37,

Pool

#ZI5759

.........

53,896‌

2,231,840‌

4.000%,

5/1/37,

Pool

#ZA2461

........

2,424,184‌

51,853‌

4.500%,

10/1/39,

Pool

#ZI9349

........

57,681‌

153,592‌

5.000%,

6/1/40,

Pool

#ZA1049

........

174,524‌

432,541‌

5.000%,

7/1/40,

Pool

#ZJ0194

.........

489,931‌

51,041‌

5.000%,

9/1/40,

Pool

#ZA1066

........

57,999‌

8,145,247‌

2.000%,

12/1/40,

Pool

#RB5090

.......

8,326,166‌

584,394‌

4.000%,

12/1/42,

Pool

#ZS3671

.......

642,644‌

431,979‌

3.500%,

5/1/43,

Pool

#ZL5915

........

466,922‌

257,303‌

4.000%,

5/1/44,

Pool

#ZA4468

........

280,175‌

131,873‌

4.000%,

7/1/44,

Pool

#ZS4573

........

143,588‌

174,492‌

4.000%,

9/1/44,

Pool

#ZL8439

........

191,803‌

2,809,992‌

3.500%,

1/1/45,

Pool

#ZL8964

........

3,032,200‌

2,725,306‌

3.500%,

5/1/46,

Pool

#ZS4663

........

2,930,720‌

780,291‌

4.000%,

8/1/46,

Pool

#ZS4673

........

843,891‌

1,831,581‌

3.500%,

9/1/46,

Pool

#ZS4678

........

1,956,775‌

3,915,328‌

3.500%,

9/1/47,

Pool

#ZM4305

........

4,146,509‌

898,961‌

3.500%,

1/1/48,

Pool

#ZM5375

........

951,755‌

975,924‌

4.000%,

2/1/48,

Pool

#ZT1639

........

1,046,386‌

886,311‌

4.000%,

6/1/48,

Pool

#ZT0541

........

965,492‌

9,728,768‌

2.500%,

11/1/49,

Pool

#QA4396

.......

10,078,937‌

4,570,232‌

3.000%,

11/1/49,

Pool

#QA4336

.......

4,803,690‌

9,824,332‌

3.500%,

3/1/50,

Pool

#QA7838

........

10,719,573‌

4,896,028‌

3.500%,

6/1/50,

Pool

#RA2794

........

5,172,138‌

14,419,467‌

2.500%,

7/1/50,

Pool

#RA2970

........

14,979,691‌

7,957,391‌

2.000%,

8/1/50,

Pool

#RA3328

........

8,050,591‌

Principal

Amount

Fair

Value

MORTGAGE-BACKED

SECURITIES

—

(continued)

Freddie

Mac

—

(continued)

$

14,345,765‌

2.500%,

11/1/50,

Pool

#QB5838

.......

$

14,888,187‌

393,405‌

3.000%,

1/1/51,

Pool

#SD8123

........

411,446‌

107,593,992‌

Ginnie

Mae

—

0.0%

80,222‌

5.000%,

2/15/40,

Pool

#737037

........

92,111‌

Total

Mortgage-Backed

Securities

(Cost

$273,148,186)

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

274,425,926‌

MUNICIPAL

BONDS

—

3.8%

Alabama

—

0.2%

2,675,000‌

Alabama

Economic

Settlement

Authority,

Economic

Imports,

Taxable

BP

-

Settlement

Revenue,

Series

B,

4.263%,

9/15/32

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

3,093,022‌

California

—

0.6%

2,675,000‌

Municipal

Improvement

Corp.

of

Los

Angeles,

Advance

Refunding

Revenue

Bonds,

Series

A,

1.448%,

11/1/27

.....

2,644,345‌

2,230,000‌

Municipal

Improvement

Corp.

of

Los

Angeles,

Advance

Refunding

Revenue

Bonds,

Series

A,

1.648%,

11/1/28

.....

2,199,516‌

2,370,000‌

San

Diego

County

Water

Authority,

Taxable

Green

Bonds,

Advance

Refunding

Revenue

Bonds,

Series

A,

1.531%,

5/1/30

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

2,326,510‌

1,145,000‌

State

of

California,

Build

America

Bonds,

School

Improvements

G.O.,

7.625%,

3/1/40

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

1,928,798‌

9,099,169‌

Florida

—

0.2%

1,905,000‌

Reedy

Creek

Improvement

District,

Advance

Refunding,

Taxable

Revenue

Bonds,

G.O.,

Series

A,

2.147%,

6/1/29

.

1,968,265‌

1,810,000‌

Reedy

Creek

Improvement

District,

Advance

Refunding,

Taxable

Revenue

Bonds,

G.O.,

Series

A,

2.197%,

6/1/30

.

1,861,133‌

3,829,398‌

Illinois

—

0.8%

7,155,000‌

Sales

Tax

Securitization

Corp.,

Second

Lien,

Current

Refunding,

Taxable

Revenue

Bonds,

Series

B,

3.057%,

1/1/34

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

7,559,758‌

1,605,000‌

State

of

Illinois,

Public

Improvements,

Taxable

Building

Revenue,

3.481%,

6/15/26

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

1,713,643‌

2,790,000‌

State

of

Illinois,

Public

Improvements,

Taxable

Revenue,

Series

B,

2.620%,

6/15/26

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

2,866,223‌

12,139,624‌

Sterling

Capital

Total

Return

Bond

Fund

9

Schedule

of

Portfolio

Investments

—

(continued)

June

30,

2021

(Unaudited)

Continued

Principal

Amount

Fair

Value

MUNICIPAL

BONDS

—

(continued)

New

York

—

1.0%

$

4,630,000‌

Metropolitan

Transportation

Authority,

Taxable

Green

Bonds,

Green

Purpose

Revenue

Bonds,

Series

C2,

5.175%,

11/15/49

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

$

6,250,315‌

2,695,000‌

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue,

Public

Improvements,

Taxable

Revenue,

Callable

2/1/27

@

100,

3.330%,

2/1/28

.

2,953,693‌

7,130,000‌

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue

Bonds,

Public

Improvements,

Taxable

Revenue,

Sub

Series

B3,

Callable

11/1/29

@

100,

3.000%,

11/1/33

.....

7,642,718‌

16,846,726‌

North

Carolina

—

0.2%

2,317,000‌

Duke

University,

3.299%,

10/1/46

......

2,562,862‌

Pennsylvania

—

0.4%

2,320,000‌

City

of

Pittsburgh,

PA,

Refunding,

Taxable

Revenue

Bonds,

G.O.,

Series

B,

1.189%,

9/1/26

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

2,322,367‌

3,898,000‌

Lehigh

University,

3.479%,

11/15/46

....

4,308,354‌

6,630,721‌

Texas

—

0.4%

1,580,000‌

Dallas

Area

Rapid

Transit,

Advance

Refunding,

Taxable

Revenue

Bonds,

Series

C,

Callable

12/1/29

@

100,

1.846%,

12/1/30

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

1,602,736‌

4,605,000‌

Tarrant

Regional

Water

District,

Advance

Refunding

Revenue

Bonds,

Series

S,

1.450%,

9/1/29

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

4,532,057‌

6,134,793‌

Total

Municipal

Bonds

(Cost

$57,164,940)

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

60,336,315‌

U.S.

TREASURY

BONDS

—

0.9%

11,789,800‌

2.500%,

2/15/45

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

12,764,761‌

1,609,600‌

1.375%,

8/15/50

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

1,357,849‌

Total

U.S.

Treasury

Bonds

(Cost

$13,785,726)

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

14,122,610‌

U.S.

TREASURY

NOTES

—

4.5%

8,019,000‌

1.875%,

2/28/22

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

8,114,852‌

46,274,000‌

0.125%,

8/31/22

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

46,275,808‌

16,132,400‌

1.625%,

5/15/26

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

16,727,912‌

Total

U.S.

Treasury

Notes

(Cost

$71,079,455)

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

71,118,572‌

Shares

Fair

Value

MONEY

MARKET

FUND

—

1.5%

24,021,944‌

Federated

Treasury

Obligations

Fund,

Institutional

Shares,

0.01%(f)

........

$

24,021,944‌

Total

Money

Market

Fund

(Cost

$24,021,944)

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

24,021,944‌

Total

Investments

—

99.7%

(Cost

$1,534,775,759)

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

1,586,769,839‌

Net

Other

Assets

(Liabilities)

—

0.3%

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

4,134,528‌

NET

ASSETS

—

100.0%

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

$

1,590,904,367‌

(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

June

30,

2021.

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

June

30,

2021.

The

maturity

date

reflected

is

the

final

maturity

date.

(d)

Security

is

a

fix-to-float

security,

which

carries

a

fixed

coupon

until

a

certain

date,

upon

which

it

switches

to

a

floating

rate.

Rate

shown

is

the

fixed

rate.

(e)

Security

is

perpetual

in

nature

and

has

no

stated

maturity

date.

(f)

Represents

the

current

yield

as

of

report

date.

BKNT

Bank

Note

GMTN

Global

Medium

Term

Note

G.O.

General

Obligation

MTN

Medium

Term

Note

STEP

Step

Coupon

Bond

10

Sterling

Capital

Funds

Notes

to

Schedule

of

Portfolio

Investments

-

Sterling

Capital

Total

Return

Bond

Fund

June

30,

2021

(Unaudited)

1.

Organization:

Sterling

Capital

Funds

(the

“Trust”)

commenced

operations

on

October

5,

1992

and

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(“the

1940

Act”),

as

an

open-end

investment

company

established

as

a

Massachusetts

business

trust.

The

Trust

offers

shares

of

Sterling

Capital

Total

Return

Bond

Fund

(referred

to

as

a

“Fund”).

The

Fund

is

a

“diversified”

fund

as

defined

in

the

1940

Act.

2.

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

June

30,

2021

,

there

were

no

significant

changes

to

the

valuation

policies

and

procedures.

11

Sterling

Capital

Funds

Notes

to

Schedule

of

Portfolio

Investments

-

Sterling

Capital

Total

Return

Bond

Fund

—

(continued)

June

30,

2021

(Unaudited)

The

summary

of

inputs

used

to

determine

the

fair

value

of

the

Fund’s

investments

as

of

June

30,

2021

is

as

follows:

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).

Foreign

Currency

Translation

—

The

accounting

records

of

the

Fund

are

maintained

in

U.S.

dollars.

Foreign

currency

amounts

are

translated

into

U.S.

dollars

at

the

latest

foreign

exchange

bid

quotation

(from

an

approved

pricing

vendor)

to

determine

the

fair

value

of

investments,

assets

and

liabilities.

Purchases

and

sales

of

securities,

income

and

expenses

are

translated

at

the

prevailing

rate

of

exchange,

on

the

respective

dates

of

such

transactions.

Such

fluctuations

are

included

with

the

net

realized

and

unrealized

gain

or

loss

from

investments

and

foreign

currencies.

Forward

Foreign

Currency

Exchange

Contracts

—

The

Fund

may

enter

into

forward

foreign

currency

exchange

contracts

(foreign

currency

exchange

risk)

in

connection

with

planned

purchases

or

sales

of

securities

or

to

hedge

the

U.S.

dollar

value

of

Funds

securities

denominated

in

a

particular

currency.

A

foreign

currency

exchange

contract

is

an

agreement

between

two

parties

to

buy

and

sell

a

currency

at

a

set

exchange

rate

on

a

future

date.

The

Fund

can

be

exposed

to

risks

if

the

counterparties

to

the

contracts

are

unable

to

meet

the

terms

of

their

contracts

and

from

unanticipated

movements

in

the

value

of

a

foreign

currency

relative

to

the

U.S.

dollar.

In

the

event

of

default

by

the

counterparty

to

the

transaction,

the

Fund’s

maximum

amount

of

loss,

as

either

the

buyer

or

seller,

is

the

unrealized

gain

of

the

contract.

The

forward

foreign

currency

exchange

contracts

are

adjusted

by

the

daily

exchange

rate

of

the

underlying

currency

and

any

gains

or

losses

are

recorded

for

purposes

of

this

schedule

as

unrealized

gains

or

losses

until

the

contract

settlement

date.

When

the

contract

is

closed,

the

Fund

records

a

realized

gain

(loss)

equal

to

the

difference

between

the

value

at

the

time

it

was

opened

and

the

value

at

the

time

it

was

closed.

Mortgage

Dollar

Rolls

—

The

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

Level

1-

Quoted

Prices

Level

2-

Other

Significant

Observable

Inputs

Level

3-

Significant

Unobservable

Inputs

Total

Assets:

Investments

in

Securities

Sterling

Capital

Total

Return

Bond

Fund

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

$

24,021,944(a)

$

1,562,747,895(b)

$

—

$

1,586,769,839

(a)

Represents

money

market

funds

and/or

certain

preferred

stocks.

(b)

Industries,

countries

or

security

types

are

disclosed

in

the

Schedule

of

Portfolio

Investments.

12

Sterling

Capital

Funds

Notes

to

Schedule

of

Portfolio

Investments

-

Sterling

Capital

Total

Return

Bond

Fund

—

(continued)

June

30,

2021

(Unaudited)

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

or

forward

commitments

to

purchase

securities,

and

any

subsequent

fluctuation

in

their

value,

is

taken

into

account

when

determining

the

net

asset

value

of

the

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.