Sterling

Capital

Intermediate

U.S.

Government

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

—

2.2%

$

265,000‌

Avis

Budget

Rental

Car

Funding

AESOP,

LLC,

Series

2019-3A,

Class

A,

2.360%,

3/20/26(a)

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

$

277,337‌

138,063‌

United

States

Small

Business

Administration,

Series

2015-20G,

Class

1,

2.880%,

7/1/35

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

146,792‌

Total

Asset

Backed

Securities

(Cost

$408,252)

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

424,129‌

COLLATERALIZED

MORTGAGE

OBLIGATIONS

—

10.7%

65,892‌

Fannie

Mae,

Series

2003-44,

Class

Q,

3.500%,

6/25/33

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

70,743‌

291,300‌

Fannie

Mae,

Series

2005-31,

Class

PB,

5.500%,

4/25/35

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

332,015‌

191,914‌

Fannie

Mae,

Series

2016-49,

Class

DA,

3.500%,

10/25/42

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

199,060‌

339,655‌

Fannie

Mae,

Series

2016-49,

Class

PA,

3.000%,

9/25/45

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

356,788‌

118,365‌

Freddie

Mac,

Series

4122,

Class

BC,

3.000%,

5/15/40

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

126,561‌

298,644‌

Freddie

Mac,

Series

4173,

Class

NB,

3.000%,

3/15/43

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

320,050‌

11,993‌

Freddie

Mac,

Series

4281,

Class

GA,

3.000%,

2/15/39

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

12,008‌

27,455‌

Freddie

Mac,

Series

4648,

Class

E,

3.500%,

8/15/43

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

27,734‌

212,720‌

Freddie

Mac,

Series

4656,

Class

PA,

3.500%,

10/15/45

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

224,494‌

300,945‌

Freddie

Mac,

Series

4863,

Class

AJ,

3.500%,

7/15/38

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

328,767‌

25,940‌

Ginnie

Mae,

Series

2011-71,

Class

QE,

3.500%,

9/16/40

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

26,394‌

100,895‌

Ginnie

Mae,

Series

2015-162,

Class

EB,

2.500%,

9/20/44

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

104,023‌

Total

Collateralized

Mortgage

Obligations

(Cost

$2,083,839)

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

2,128,637‌

COMMERCIAL

MORTGAGE-BACKED

SECURITIES

—

18.6%

144,298‌

Citigroup

Commercial

Mortgage

Trust,

Series

2015-GC29,

Class

A3,

2.935%,

4/10/48

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

151,777‌

102,677‌

COMM

2012-CCRE3

Mortgage

Trust,

Series

2012-CR3,

Class

A3,

2.822%,

10/15/45

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

104,341‌

789,364‌

Fannie

Mae-Aces,

Series

2015-M17,

Class

A2,

2.983%,

11/25/25(b)

...........

848,113‌

450,000‌

Fannie

Mae-Aces,

Series

2017-M7,

Class

A2,

2.961%,

2/25/27(b)

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

488,956‌

300,000‌

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K033,

Class

A2,

3.060%,

7/25/23(b)

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

314,605‌

Principal

Amount

Fair

Value

COMMERCIAL

MORTGAGE-BACKED

SECURITIES

—

(continued)

$

140,000‌

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K049,

Class

A2,

3.010%,

7/25/25

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

$

151,165‌

210,000‌

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K060,

Class

A2,

3.300%,

10/25/26

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

233,033‌

210,000‌

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K061,

Class

A2,

3.347%,

11/25/26(b)

...........

233,387‌

160,000‌

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K069,

Class

A2,

3.187%,

9/25/27(b)

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

177,922‌

275,000‌

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K079,

Class

A2,

3.926%,

6/25/28

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

320,190‌

250,000‌

JPMBB

Commercial

Mortgage

Securities

Trust,

Series

2014-C23,

Class

A5,

3.934%,

9/15/47

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

272,104‌

71,000‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series

2014-C18,

Class

A4,

3.923%,

10/15/47

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

76,507‌

250,000‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series

2014-C19,

Class

A4,

3.526%,

12/15/47

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

269,135‌

61,564‌

WFRBS

Commercial

Mortgage

Trust,

Series

2011-C5,

Class

A4,

3.667%,

11/15/44

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

61,677‌

Total

Commercial

Mortgage-Backed

Securities

(Cost

$3,601,814)

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

3,702,912‌

CORPORATE

BONDS

—

2.0%

Banks

—

0.4%

70,000‌

Bank

of

America

Corp.,

GMTN,

3.500%,

4/19/26

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

77,052‌

Electric

Utilities

—

0.4%

75,000‌

Public

Service

Electric

&

Gas

Co.,

MTN,

2.250%,

9/15/26

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

78,811‌

Equity

Real

Estate

Investment

Trusts

(REITS)

—

1.2%

250,000‌

Federal

Realty

Investment

Trust,

1.250%,

2/15/26

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

248,286‌

Total

Corporate

Bonds

(Cost

$406,380)

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

404,149‌

MORTGAGE-BACKED

SECURITIES

—

43.9%

Fannie

Mae

—

33.2%

284,491‌

4.000%,

12/1/33,

Pool

#MA1689

.......

307,126‌

384,041‌

4.500%,

3/1/34,

Pool

#CA3294

........

422,219‌

426,522‌

2.500%,

11/1/35,

Pool

#CA7939

.......

444,765‌

Sterling

Capital

Intermediate

U.S.

Government

Fund

2

Schedule

of

Portfolio

Investments

—

(continued)

June

30,

2021

(Unaudited)

Continued

Principal

Amount

Fair

Value

MORTGAGE-BACKED

SECURITIES

—

(continued)

Fannie

Mae

—

(continued)

$

404,881‌

1.500%,

12/1/35,

Pool

#MA4205

.......

$

410,162‌

79,792‌

4.000%,

12/1/36,

Pool

#MA2856

.......

86,552‌

76,500‌

4.000%,

2/1/37,

Pool

#MA2914

........

83,247‌

479,283‌

1.500%,

12/1/40,

Pool

#MA4202

.......

476,649‌

73,932‌

4.000%,

5/1/47,

Pool

#BE9598

........

79,454‌

175,253‌

3.500%,

12/1/47,

Pool

#CA0833

.......

185,609‌

124,335‌

5.000%,

8/1/48,

Pool

#CA2219

........

136,861‌

112,196‌

3.500%,

9/1/49,

Pool

#BJ9608

.........

118,115‌

132,100‌

3.500%,

10/1/49,

Pool

#CA4431

.......

139,082‌

152,963‌

3.000%,

12/1/49,

Pool

#BO6225

.......

159,810‌

154,757‌

3.000%,

3/1/50,

Pool

#FM2714

........

162,778‌

388,253‌

3.000%,

7/1/50,

Pool

#CA6421

........

405,799‌

380,537‌

3.000%,

7/1/50,

Pool

#CA6422

........

397,510‌

227,357‌

2.000%,

8/1/50,

Pool

#CA6799

........

230,884‌

353,635‌

2.000%,

9/1/50,

Pool

#CA7019

........

357,776‌

403,514‌

2.500%,

9/1/50,

Pool

#BQ2883

........

418,132‌

182,006‌

2.500%,

9/1/50,

Pool

#BQ0538

........

188,599‌

472,369‌

2.000%,

10/1/50,

Pool

#CA7224

.......

478,285‌

471,173‌

2.500%,

10/1/50,

Pool

#FM4638

.......

488,364‌

435,197‌

2.500%,

10/1/50,

Pool

#FM4530

.......

450,834‌

6,628,612‌

Freddie

Mac

—

10.5%

340,011‌

3.000%,

7/1/35,

Pool

#SB0361

........

360,592‌

172,893‌

4.000%,

12/1/35,

Pool

#ZA2401

.......

187,914‌

158,322‌

3.500%,

6/1/36,

Pool

#ZA2414

........

169,752‌

112,107‌

4.000%,

3/1/39,

Pool

#ZA6403

........

119,462‌

261,737‌

2.000%,

12/1/40,

Pool

#RB5090

.......

267,550‌

199,548‌

3.500%,

1/1/47,

Pool

#ZT0941

........

213,102‌

417,450‌

2.000%,

11/1/50,

Pool

#QB4916

.......

422,340‌

315,234‌

2.500%,

11/1/50,

Pool

#QB5838

.......

327,153‌

2,067,865‌

Ginnie

Mae

II

—

0.2%

28,972‌

5.000%,

11/20/38,

Pool

#4283

.........

30,545‌

Total

Mortgage-Backed

Securities

(Cost

$8,736,873)

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

8,727,022‌

MUNICIPAL

BONDS

—

0.9%

Wisconsin

—

0.9%

150,000‌

State

of

Wisconsin,

TXB,

Revenue

Bonds,

Pension

Funding,

Series

A,

(AGM),

5.700%,

5/1/26

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

174,597‌

Total

Municipal

Bonds

(Cost

$158,960)

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

174,597‌

U.S.

GOVERNMENT

AGENCIES

—

10.5%

Fannie

Mae

—

10.5%

1,000,000‌

6.250%,

5/15/29

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

1,362,920‌

Principal

Amount

Fair

Value

U.S.

GOVERNMENT

AGENCIES

—

(continued)

Fannie

Mae

—

(continued)

$

500,000‌

7.125%,

1/15/30

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

$

731,109‌

2,094,029‌

Total

U.S.

Government

Agencies

(Cost

$1,845,749)

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

2,094,029‌

U.S.

TREASURY

NOTES

—

9.1%

1,600,000‌

0.250%,

9/30/25

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

1,566,812‌

250,000‌

1.125%,

2/15/31

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

242,930‌

Total

U.S.

Treasury

Notes

(Cost

$1,818,308)

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

1,809,742‌

Shares

MONEY

MARKET

FUND

—

2.0%

391,522‌

Federated

Treasury

Obligations

Fund,

Institutional

Shares,

0.01%(c)

.......

391,522‌

Total

Money

Market

Fund

(Cost

$391,522)

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

391,522‌

Total

Investments

—

99.9%

(Cost

$19,451,697)

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

19,856,739‌

Net

Other

Assets

(Liabilities)

—

0.1%

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

24,310‌

NET

ASSETS

—

100.0%

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

$

19,881,049‌

(a)

Rule

144A,

Section

4(2)

or

other

security

that

is

restricted

as

to

resale

to

qualified

institutional

investors.

The

Advisor,

using

Board

approved

procedures,

has

deemed

these

securities

or

a

portion

of

these

securities

to

be

liquid.

(b)

The

interest

rate

for

this

variable

rate

note,

which

will

change

periodically,

is

based

either

on

the

prime

rate

or

an

index

of

market

rates.

The

reflected

rate

is

in

effect

as

of

June

30,

2021.

The

maturity

date

reflected

is

the

final

maturity

date.

(c)

Represents

the

current

yield

as

of

report

date.

AGM

Assured

Guaranty

Municipal

Corp.

GMTN

Global

Medium

Term

Note

MTN

Medium

Term

Note

TXB

Taxable

Bond

3

Sterling

Capital

Funds

Notes

to

Schedule

of

Portfolio

Investments

-

Sterling

Capital

Intermediate

U.S.

Government

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

Intermediate

U.S.

Government

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.

4

Sterling

Capital

Funds

Notes

to

Schedule

of

Portfolio

Investments

-

Sterling

Capital

Intermediate

U.S.

Government

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:

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.

Level

1-

Quoted

Prices

Level

2-

Other

Significant

Observable

Inputs

Level

3-

Significant

Unobservable

Inputs

Total

Assets:

Investments

in

Securities

Sterling

Capital

Intermediate

U.S.

Government

Fund

.......

$

391,522(a)

$

19,465,217(b)

$

—

$

19,856,739

(a)

Represents

money

market

funds

and/or

certain

preferred

stocks.

(b)

Industries,

countries

or

security

types

are

disclosed

in

the

Schedule

of

Portfolio

Investments.