Sterling Capital Equity Income Fund (BAEIX) NPORT-P Sterling Capital Behavioral Small Cap Value Fund (Dec 2024 report)

Sterling

Capital

Behavioral

Large

Cap

Value

Equity

Fund

Schedule

of

Investments

December

31,

2024

-

(Unaudited)

Shares

Fair

Value

COMMON

STOCKS

—

97.93%

Aerospace

&

Defense

—

1.76%

5,570

Raytheon

Technologies

Corp.

$

644,560‌

Automobiles

—

1.53%

10,570

General

Motors

Co.

563,064‌

Banks

—

8.52%

1,350

Citigroup,

Inc.

95,027‌

6,285

JPMorgan

Chase

&

Co.

1,506,576‌

3,030

PNC

Financial

Services

Group,

Inc.

584,336‌

2,050

Regions

Financial

Corp.

48,216‌

5,530

U.S.

Bancorp

264,500‌

9,000

Wells

Fargo

&

Co.

632,159‌

3,130,814‌

Biotechnology

—

4.33%

4,050

AbbVie,

Inc.

719,685‌

7,160

Gilead

Sciences,

Inc.

661,369‌

590

United

Therapeutics

Corp.

(a)

208,176‌

1,589,230‌

Broadline

Retail

—

0.72%

280

Dillard's,

Inc.,

Class

A

120,887‌

2,310

eBay,

Inc.

143,105‌

263,992‌

Building

Products

—

0.46%

1,000

Owens

Corning

170,320‌

Capital

Markets

—

8.51%

900

Ameriprise

Financial,

Inc.

479,187‌

7,400

Bank

of

New

York

Mellon

Corp.

(The)

568,542‌

1,190

Goldman

Sachs

Group,

Inc.

(The)

681,418‌

9,600

Invesco

Ltd.

167,808‌

4,615

Janus

Henderson

Group

PLC

196,276‌

5,400

Morgan

Stanley

678,888‌

1,780

State

Street

Corp.

174,707‌

5,050

Virtu

Financial,

Inc.,

Class

A

180,184‌

3,127,010‌

Chemicals

—

0.40%

4,330

Axalta

Coating

Systems

Ltd.

(a)

148,173‌

Communications

Equipment

—

2.25%

13,900

Cisco

Systems,

Inc.

822,880‌

Construction

&

Engineering

—

0.33%

270

EMCOR

Group,

Inc.

122,553‌

Construction

Materials

—

0.06%

220

CRH

PLC

20,354‌

Sterling

Capital

Behavioral

Large

Cap

Value

Equity

Fund

Schedule

of

Investments

(continued)

December

31,

2024

-

(Unaudited)

Shares

Fair

Value

COMMON

STOCKS

—

(continued)

Consumer

Finance

—

0.57%

3,195

Synchrony

Financial

$

207,675‌

Consumer

Staples

Distribution

&

Retail

—

1.72%

8,420

Kroger

Co.

(The)

514,883‌

1,720

US

Foods

Holding

Corp.

(a)

116,031‌

630,914‌

Containers

&

Packaging

—

1.05%

930

Berry

Global

Group,

Inc.

60,143‌

1,890

Crown

Holdings,

Inc.

156,284‌

3,230

Siligan

Holdings,

Inc.

168,122‌

384,549‌

Diversified

Consumer

Services

—

0.37%

2,560

H&R

Block,

Inc.

135,270‌

Diversified

Telecommunication

Services

—

2.80%

31,075

AT&T,

Inc.

707,578‌

8,070

Verizon

Communications,

Inc.

322,719‌

1,030,297‌

Electric

Utilities

—

3.06%

5,810

American

Electric

Power

Co.,

Inc.

535,856‌

5,445

Duke

Energy

Corp.

586,644‌

1,122,500‌

Electrical

Equipment

—

1.88%

510

Acuity

Brands,

Inc.

148,986‌

4,380

Emerson

Electric

Co.

542,814‌

691,800‌

Energy

Equipment

&

Services

—

0.53%

6,680

TechnipFMC

PLC

193,319‌

Financial

Services

—

1.11%

7,180

Corebridge

Financial,

Inc.

214,897‌

8,050

MGIC

Investment

Corp.

190,866‌

405,763‌

Food

Products

—

0.77%

1,200

Ingredion,

Inc.

165,072‌

2,560

Pilgrim's

Pride

Corp.

(a)

116,198‌

281,270‌

Health

Care

Providers

&

Services

—

5.74%

1,965

Cencora,

Inc.

441,496‌

1,640

Cigna

Group

(The)

452,869‌

1,190

DaVita,

Inc.

(a)

177,965‌

830

HCA

Healthcare,

Inc.

249,125‌

884

McKesson

Corp.

503,799‌

1,230

Tenet

Healthcare

Corp.

(a)

155,263‌

700

Universal

Health

Services,

Inc.,

Class

B

125,594‌

2,106,111‌

Sterling

Capital

Behavioral

Large

Cap

Value

Equity

Fund

Schedule

of

Investments

(continued)

December

31,

2024

-

(Unaudited)

Shares

Fair

Value

COMMON

STOCKS

—

(continued)

Health

Care

REITs

—

0.41%

3,990

Omega

Healthcare

Investors,

Inc.

$

151,022‌

Hotels,

Restaurants

&

Leisure

—

2.64%

50

Booking

Holdings,

Inc.

248,421‌

2,290

Royal

Caribbean

Cruises

Ltd.

528,280‌

3,760

Travel

+

Leisure

Co.

189,692‌

966,393‌

Household

Durables

—

0.88%

15,370

Newell

Brands,

Inc.

153,085‌

1,350

Toll

Brothers,

Inc.

170,033‌

323,118‌

Household

Products

—

1.15%

3,225

Kimberly-Clark

Corp.

422,604‌

Industrial

Conglomerates

—

1.56%

4,430

3M

Co.

571,869‌

Insurance

—

5.00%

4,970

Aflac,

Inc.

514,097‌

2,760

Allstate

Corp.

532,101‌

1,260

Axis

Capital

Holdings

Ltd.

111,661‌

4,455

Prudential

Financial,

Inc.

528,051‌

700

Reinsurance

Group

of

America,

Inc.

149,541‌

1,835,451‌

Interactive

Media

&

Services

—

1.14%

715

Meta

Platforms,

Inc.,

Class

A

418,640‌

It

Services

—

2.11%

3,520

International

Business

Machines

Corp.

773,802‌

Machinery

—

4.12%

1,790

Allison

Transmission

Holdings,

Inc.

193,427‌

1,580

Cummins,

Inc.

550,788‌

8,730

Gates

Industrial

Corp.

PLC

(a)

179,576‌

920

Parker-Hannifin

Corp.

585,148‌

1,508,939‌

Marine

Transportation

—

0.40%

1,380

Kirby

Corp.

(a)

146,004‌

Media

—

2.25%

1,460

Charter

Communications,

Inc.,

Class

A

(a)

500,445‌

3,960

Fox

Corporation,

Class

B

181,130‌

2,940

Fox

Corporation,

Class

A

142,825‌

824,400‌

Metals

&

Mining

—

1.33%

13,170

Newmont

Goldcorp

Corp.

490,187‌

Sterling

Capital

Behavioral

Large

Cap

Value

Equity

Fund

Schedule

of

Investments

(continued)

December

31,

2024

-

(Unaudited)

Shares

Fair

Value

COMMON

STOCKS

—

(continued)

Mortgage

Real

Estate

Investment

Trusts

(REITs)

—

0.39%

13,375

Rithm

Capital

Corp.

$

144,851‌

Multi-Utilities

—

2.50%

9,730

Dominion

Resources,

Inc.

524,058‌

4,490

Sempra

Energy

393,863‌

917,921‌

Office

REITs

—

0.49%

5,850

Cousins

Properties,

Inc.

179,244‌

Oil,

Gas

&

Consumable

Fuels

—

6.54%

2,380

Cheniere

Energy,

Inc.

511,391‌

1,260

EOG

Resources,

Inc.

154,451‌

21,560

Kinder

Morgan,

Inc.

590,744‌

5,490

ONEOK,

Inc.

551,196‌

10,990

Williams

Companies,

Inc.

(The)

594,778‌

2,402,560‌

Paper

&

Forest

Products

—

0.21%

730

Louisiana-Pacific

Corp.

75,592‌

Passenger

Airlines

—

0.76%

2,020

Delta

Air

Lines,

Inc.

122,210‌

1,630

United

Continental

Holdings,

Inc.

(a)

158,273‌

280,483‌

Pharmaceuticals

—

3.18%

11,270

Bristol-Myers

Squibb

Co.

637,431‌

1,365

Jazz

Pharmaceuticals

PLC

(a)

168,100‌

13,690

Pfizer,

Inc.

363,196‌

1,168,727‌

Professional

Services

—

0.26%

670

Leidos

Holdings,

Inc.

96,520‌

Retail

REITs

—

2.84%

9,260

Realty

Income

Corp.

494,577‌

3,175

Simon

Property

Group,

Inc.

546,766‌

1,041,343‌

Semiconductors

&

Semiconductor

Equipment

—

2.17%

2,480

NVIDIA

Corp.

333,039‌

3,030

QUALCOMM,

Inc.

465,469‌

798,508‌

Software

—

0.47%

6,340

Gen

Digital,

Inc.

173,589‌

Specialized

REITs

—

1.11%

3,150

EPR

Properties

139,482‌

2,450

Gaming

and

Leisure

Properties,

Inc.

117,992‌

5,175

VICI

Properties,

Inc.

151,162‌

408,636‌

Sterling

Capital

Behavioral

Large

Cap

Value

Equity

Fund

Schedule

of

Investments

(continued)

December

31,

2024

-

(Unaudited)

Shares

Fair

Value

COMMON

STOCKS

—

(continued)

Specialty

Retail

—

0.44%

6,860

Gap,

Inc.

(The)

$

162,102‌

Technology

Hardware,

Storage

&

Peripherals

—

1.14%

7,630

Hewlett

Packard

Enterprise

Co.

162,900‌

4,350

HP,

Inc.

141,941‌

980

NetApp,

Inc.

113,758‌

418,599‌

Textiles,

Apparel

&

Luxury

Goods

—

0.38%

2,140

Tapestry,

Inc.

139,806‌

Tobacco

—

3.59%

11,810

Altria

Group,

Inc.

617,545‌

5,840

Philip

Morris

International,

Inc.

702,845‌

1,320,390‌

Total

Common

Stocks

(Cost $30,686,553)

35,953,718‌

Shares

Fair

Value

MONEY

MARKET

FUNDS

—

1.98%

727,375‌

Federated

Hermes

Treasury

Obligations

Fund,

Institutional

Shares,

4.35%

(b)

727,375‌

Total

Money

Market

Funds

(Cost

$727,375)

727,375‌

Total

Investments—

99.91%

(Cost

$31,413,928)

36,681,093‌

Other

Assets

in

Excess

of

Liabilities

—

0.09%

32,068‌

NET

ASSETS

—

100.00%

$

36,713,161‌

(a)

Non-income

producing

security.

(b)

Represents

the

current

yield

as

of

report

date.

Sterling

Capital

Mid

Value

Fund

Schedule

of

Investments

December

31,

2024

-

(Unaudited)

Shares

Fair

Value

COMMON

STOCKS

—

100.28%

Automobile

Components

—

3.27%

50,231

Gentex

Corp.

$

1,443,137‌

Banks

—

2.47%

9,530

Pinnacle

Financial

Partners,

Inc.

1,090,137‌

Broadline

Retail

—

1.80%

12,776

eBay,

Inc.

791,473‌

Building

Products

—

2.48%

8,359

Allegion

PLC

1,092,354‌

Chemicals

—

3.90%

30,202

Corteva,

Inc.

1,720,306‌

Consumer

Finance

—

3.11%

49,633

SLM

Corp.

1,368,878‌

Consumer

Staples

Distribution

&

Retail

—

5.46%

16,213

Dollar

General

Corp.

1,229,270‌

8,701

Target

Corp.

1,176,201‌

2,405,471‌

Containers

&

Packaging

—

2.60%

13,841

Crown

Holdings,

Inc.

1,144,512‌

Diversified

Reits

—

4.03%

13,531

CBRE

Group,

Inc.,

Class

A

(a)

1,776,485‌

Diversified

Telecommunication

Services

—

0.00%

24,177

GCI

Liberty

Escrow

Shares

(a)

—‌

Electrical

Equipment

—

1.25%

20,108

Sensata

Technologies

Holding

PLC

550,959‌

Electronic

Equipment,

Instruments

&

Components

—

2.38%

9,259

Arrow

Electronics,

Inc.

(a)

1,047,378‌

Entertainment

—

3.37%

8,081

Take-Two

Interactive

Software,

Inc.

(a)

1,487,550‌

Financial

Services

—

9.67%

15,622

Euronet

Worldwide,

Inc.

(a)

1,606,566‌

11,928

Global

Payments,

Inc.

1,336,652‌

41,654

Radian

Group,

Inc.

1,321,265‌

4,264,483‌

Ground

Transportation

—

1.02%

13,919

CSX

Corp.

449,166‌

Health

Care

Providers

&

Services

—

6.59%

20,293

Centene

Corp.

(a)

1,229,350‌

6,610

Humana,

Inc.

1,677,023‌

2,906,373‌

Sterling

Capital

Mid

Value

Fund

Schedule

of

Investments

(continued)

December

31,

2024

-

(Unaudited)

Shares

Fair

Value

COMMON

STOCKS

—

(continued)

Hotels,

Restaurants

&

Leisure

—

3.13%

5,589

Hilton

Worldwide

Holdings,

Inc.

$

1,381,377‌

Household

Durables

—

2.63%

9,732

Mohawk

Industries,

Inc.

(a)

1,159,373‌

Insurance

—

7.02%

15,201

Globe

Life,

Inc.

1,695,215‌

811

Markel

Corp.

(a)

1,399,973‌

3,095,188‌

It

Services

—

2.61%

13,841

ASGN,

Inc.

(a)

1,153,509‌

Life

Sciences

Tools

&

Services

—

0.84%

19,898

Fortrea

Holdings,

Inc.

(a)

371,098‌

Multi-Utilities

—

7.02%

17,440

CMS

Energy

Corp.

1,162,376‌

52,505

Nisource,

Inc.

1,930,084‌

3,092,460‌

Oil,

Gas

&

Consumable

Fuels

—

3.74%

22,184

Devon

Energy

Corp.

726,082‌

64,122

Permian

Resources

Corp.

922,075‌

1,648,157‌

Professional

Services

—

12.33%

2,053

CACI

International,

Inc.,

Class

A

(a)

829,535‌

10,516

Jacobs

Solutions,

Inc.

1,405,148‌

8,442

Paycom

Software,

Inc.

1,730,357‌

19,455

SS&C

Technologies

Holdings,

Inc.

1,474,300‌

5,439,340‌

Software

—

1.95%

62,032

NCR

Voyix

Corp.

(a)

858,523‌

Textiles,

Apparel

&

Luxury

Goods

—

3.03%

15,914

Columbia

Sportswear

Co.

1,335,662‌

Trading

Companies

&

Distributors

—

2.58%

23,547

Air

Lease

Corp.

1,135,201‌

Total

Common

Stocks

(Cost $33,870,299)

44,208,550‌

Sterling

Capital

Mid

Value

Fund

Schedule

of

Investments

(continued)

December

31,

2024

-

(Unaudited)

Shares

Fair

Value

MONEY

MARKET

FUNDS

—

0.89%

3

89,199‌

Federated

Hermes

Treasury

Obligations

Fund,

Institutional

Shares,

4.35%

(b)

$

3

89,199‌

Total

Money

Market

Funds

(Cost

$389,199

)

3

89,199‌

Total

Investments—

101.17%

(Cost

$34,259,498)

44,59

7,749‌

Liabilities

in

Excess

of

Other

Assets 

—

(1.17)%

(514,296)

NET

ASSETS

—

100.00%

$

44,083,453‌

(a)

Non-income

producing

security.

(b)

Represents

the

current

yield

as

of

report

date.

Sterling

Capital

Behavioral

Small

Cap

Value

Equity

Fund

Schedule

of

Investments

December

31,

2024

-

(Unaudited)

dl

Shares

Fair

Value

COMMON

STOCKS

—

98.53%

Automotive

—

0.45%

10,090

Phinia,

Inc.

$

486,035‌

Banking

—

1.15%

8,640

Capital

City

Bank

Group,

Inc.

316,656‌

9,410

Enterprise

Financial

Services

Corp.

530,724‌

10,670

Orrstown

Financial

Services,

Inc.

390,629‌

1,238,009‌

Banks

—

15.44%

6,930

1st

Source

Corp.

404,573‌

12,600

Amalgamated

Financial

Corp.

421,722‌

10,374

Axos

Financial,

Inc.

724,624‌

31,880

Banc

of

California,

Inc.

492,865‌

12,740

Bank

of

NT

Butterfield

&

Son

Ltd.

(The)

465,647‌

7,178

Bank

OZK

319,636‌

17,061

BankUnited,

Inc.

651,218‌

16,313

Business

First

Bancshares,

Inc.

419,244‌

14,860

Byline

Bancorp,

Inc.

430,940‌

12,474

Cathay

General

Bancorp

593,887‌

17,113

Central

Pacific

Financial

Corp.

497,133‌

16,060

Columbia

Banking

System,

Inc.

433,781‌

5,300

Comerica,

Inc.

327,805‌

7,850

Community

Trust

Bancorp,

Inc.

416,286‌

14,460

Eagle

Bancorp,

Inc.

376,394‌

4,130

East

West

Bancorp,

Inc.

395,489‌

6,612

First

Financial

Corp.

305,408‌

12,730

Hancock

Whitney

Corp.

696,586‌

15,980

Hanmi

Financial

Corp.

377,448‌

14,082

Independent

Bank

Corp.

Michigan

490,476‌

8,839

Mercantile

Bank

Corp.

393,247‌

6,422

Northeast

Bank

589,090‌

14,000

Northeast

Community

Bancorp,

Inc.

342,440‌

16,673

OFG

Bancorp

705,601‌

44,510

Old

National

Bancorp

966,089‌

22,440

Old

Second

Bancorp,

Inc.

398,983‌

4,822

Preferred

Bank

416,524‌

6,350

QCR

Holdings,

Inc.

512,064‌

15,706

RBB

Bancorp

321,816‌

9,983

South

Plains

Financial,

Inc.

346,909‌

6,560

UMB

Financial

Corp.

740,361‌

17,290

Univest

Financial

Corp.

510,228‌

4,540

Western

Alliance

Bancorp

379,272‌

3,469

Wintrust

Financial

Corp.

432,619‌

7,390

Zions

Bancorp.

400,908‌

16,697,313‌

Sterling

Capital

Behavioral

Small

Cap

Value

Equity

Fund

Schedule

of

Investments

(continued)

December

31,

2024

-

(Unaudited)

Shares

Fair

Value

COMMON

STOCKS

—

(continued)

Biotech

&

Pharma

—

0.34%

21,300

Innoviva,

Inc.

(a)

$

369,555‌

Broadline

Retail

—

0.30%

750

Dillard's,

Inc.,

Class

A

323,805‌

Building

Products

—

1.85%

6,501

Apogee

Enterprises,

Inc.

464,236‌

1,870

Griffon

Corp.

133,275‌

3,865

Owens

Corning

658,287‌

6,629

UFP

Industries,

Inc.

746,757‌

2,002,555‌

Cable

&

Satellite

—

0.18%

15,380

Liberty

Global

Ltd.,

Class

A

(a)

196,249‌

Capital

Markets

—

0.81%

3,230

Northern

Trust

Corp.

331,075‌

5,550

StoneX

Group,

Inc.

(a)

543,734‌

874,809‌

Chemicals

—

1.75%

3,380

Cabot

Corp.

308,628‌

3,850

CF

Industries

Holdings,

Inc.

328,482‌

54,550

Ecovyst,

Inc.

(a)

416,761‌

2,590

Minerals

Technologies,

Inc.

197,384‌

18,130

Perimeter

Solutions,

Inc.

(a)

231,701‌

50,330

Rayonier

Advanced

Materials,

Inc.

(a)

415,223‌

1,898,179‌

Commercial

Services

&

Supplies

—

2.28%

25,230

CoreCivic,

Inc.

(a)

548,500‌

18,230

Deluxe

Corp.

411,816‌

30,408

Interface,

Inc.

740,435‌

53,510

Pitney

Bowes

Inc.

387,412‌

31,522

Steelcase,

Inc.,

Class

A

372,590‌

2,460,753‌

Commercial

Support

Services

—

0.42%

10,340

Heidrick

&

Struggles

International,

Inc.

458,165‌

Communications

Equipment

—

0.37%

14,440

NETGEAR,

Inc.

(a)

402,443‌

Construction

&

Engineering

—

1.93%

4,670

Argan,

Inc.

639,977‌

4,240

Granite

Construction,

Inc.

371,890‌

3,876

Sterling

Construction

Co.,

Inc.

(a)

652,913‌

17,450

Tutor

Perini

Corp.

(a)

422,290‌

2,087,070‌

Consumer

Finance

—

1.23%

12,438

Bread

Financial

Holdings,

Inc.

759,464‌

Sterling

Capital

Behavioral

Small

Cap

Value

Equity

Fund

Schedule

of

Investments

(continued)

December

31,

2024

-

(Unaudited)

Shares

Fair

Value

COMMON

STOCKS

—

(continued)

Consumer

Finance

—

(continued)

8,739

Synchrony

Financial

$

568,035‌

1,327,499‌

Consumer

Staples

Distribution

&

Retail

—

0.34%

8,989

Andersons,

Inc.

(The)

364,234‌

Containers

&

Packaging

—

0.29%

6,000

Siligan

Holdings,

Inc.

312,300‌

Diversified

Consumer

Services

—

1.58%

45,550

ADT,

Inc.

314,751‌

690

Graham

Holdings

Co.,

Class

B

601,625‌

29,871

Perdoceo

Education

Corp.

790,685‌

1,707,061‌

Diversified

Telecommunication

Services

—

0.69%

139,780

Lumen

Technologies,

Inc.

(a)

742,232‌

Electric

Utilities

—

1.85%

11,040

Black

Hills

Corp.

646,061‌

8,889

Otter

Tail

Corp.

656,364‌

15,817

Portland

General

Electric

Co.

689,937‌

300

TXNM

Energy,

Inc.

14,751‌

2,007,113‌

Electronic

Equipment,

Instruments

&

Components

—

3.74%

6,560

Bel

Fuse,

Inc.,

Class

B

541,003‌

10,490

Benchmark

Electronics,

Inc.

476,246‌

5,950

Eplus,

Inc.

(a)

439,586‌

1,824

Insight

Enterprises,

Inc.

(a)

277,430‌

4,097

Jabil,

Inc.

589,558‌

5,238

PC

Connection,

Inc.

362,836‌

3,650

Plexus

Corp.

(a)

571,152‌

9,030

ScanSource,

Inc.

(a)

428,474‌

2,920

TD

SYNNEX

Corp.

342,458‌

4,028,743‌

Energy

Equipment

&

Services

—

1.72%

45,770

Helix

Energy

Solutions

Group,

Inc.

(a)

426,576‌

46,240

Newpark

Resources,

Inc.

(a)

354,661‌

43,590

ProPetro

Holding

Corp.

(a)

406,695‌

26,380

Select

Energy

Services,

Inc.,

Class

A

349,271‌

11,220

TechnipFMC

PLC

324,707‌

1,861,910‌

Entertainment

—

0.66%

17,517

Cinemark

Holdings,

Inc.

(a)

542,676‌

8,107

Marcus

Corp.

(The)

174,301‌

716,977‌

Equity

Real

Estate

-Investment

Trusts

-(Reits)

—

1.87%

16,690

American

Assets

Trust,

Inc.

438,279‌

Sterling

Capital

Behavioral

Small

Cap

Value

Equity

Fund

Schedule

of

Investments

(continued)

December

31,

2024

-

(Unaudited)

Shares

Fair

Value

COMMON

STOCKS

—

(continued)

Equity

Real

Estate

-Investment

Trusts

-(Reits)

—

(continued)

25,636

Essential

Properties

Realty

Trust,

Inc.

$

801,895‌

27,980

GEO

Group,

Inc.

(The)

(a)

782,880‌

2,023,054‌

Financial

Services

—

3.99%

13,620

Banco

Latinoamericano

de

Comercio

Exterior

SA,

Class

E

484,463‌

15,937

Corebridge

Financial,

Inc.

476,994‌

12,824

Enact

Holdings,

Inc.

415,241‌

13,260

Jackson

Financial

Corp.,

Class

A

1,154,682‌

14,017

MGIC

Investment

Corp.

332,343‌

11,529

Mr.

Cooper

Group,

Inc.

(a)

1,106,899‌

10,668

Radian

Group,

Inc.

338,389‌

4,309,011‌

Food

Products

—

1.70%

8,300

Cal-Maine

Foods,

Inc.

854,236‌

21,975

Dole

PLC

297,542‌

2,620

Ingredion,

Inc.

360,407‌

7,140

Pilgrim's

Pride

Corp.

(a)

324,085‌

1,836,270‌

Gas

Utilities

—

1.23%

18,370

MDU

Resources

Group,

Inc.

331,027‌

5,515

National

Fuel

Gas

Co.

334,650‌

9,510

ONE

Gas,

Inc.

658,568‌

1,324,245‌

Health

Care

Equipment

&

Supplies

—

1.64%

7,170

Inmode

Ltd.

(a)

119,739‌

4,882

Lantheus

Holdings,

Inc.

(a)

436,744‌

11,400

Omnicell,

Inc.

(a)

507,528‌

80,981

OraSure

Technologies,

Inc.

(a)

292,341‌

24,270

Tactile

Systems

Technology,

Inc.

(a)

415,745‌

1,772,097‌

Health

Care

Facilities

&

Services

—

0.46%

37,910

Pediatrix

Medical

Group,

Inc.

(a)

497,379‌

Health

Care

Providers

&

Services

—

2.87%

31,670

AdaptHealth

Corp.

(a)

301,498‌

3,321

Addus

HomeCare

Corp.

(a)

416,287‌

2,678

DaVita,

Inc.

(a)

400,495‌

4,810

Encompass

Health

Corp.

444,204‌

3,574

Ensign

Group,

Inc.

(The)

474,842‌

10,133

Select

Medical

Holdings

Corp.

191,007‌

3,313

Tenet

Healthcare

Corp.

(a)

418,200‌

2,507

Universal

Health

Services,

Inc.,

Class

B

449,806‌

3,096,339‌

Sterling

Capital

Behavioral

Small

Cap

Value

Equity

Fund

Schedule

of

Investments

(continued)

December

31,

2024

-

(Unaudited)

Shares

Fair

Value

COMMON

STOCKS

—

(continued)

Health

Care

REITs

—

1.79%

2,590

Alexandria

Real

Estate

Equities,

Inc.

$

252,655‌

16,260

CareTrust

REIT,

Inc.

439,833‌

12,360

LTC

Properties,

Inc.

427,038‌

1,780

National

Health

Investors,

Inc.

123,354‌

40,020

Sabra

Health

Care

REIT,

Inc.

693,146‌

1,936,026‌

Health

Care

Technology

—

0.75%

15,290

HealthStream,

Inc.

486,222‌

33,280

Veradigm,

Inc.

(a)

324,480‌

810,702‌

Hotel

&

Resort

Reits

—

1.15%

54,356

DiamondRock

Hospitality

Co.

490,834‌

20,825

Park

Hotels

&

Resorts,

Inc.

293,008‌

45,190

RLJ

Lodging

Trust

461,390‌

1,245,232‌

Hotel

&

Resort

REITs

—

0.57%

39,939

Apple

Hospitality

REIT,

Inc.

613,064‌

Household

Durables

—

1.43%

11,866

La-Z-Boy,

Inc.

517,002‌

2,080

Mohawk

Industries,

Inc.

(a)

247,790‌

23,520

Newell

Brands,

Inc.

234,259‌

4,334

Toll

Brothers,

Inc.

545,868‌

1,544,919‌

Household

Products

—

0.48%

6,277

Central

Garden

&

Pet

Co.

(a)

243,548‌

8,350

Central

Garden

&

Pet

Co.,

Class

A

(a)

275,967‌

519,515‌

Independent

Power/Renewable

Electricity

Producers

—

0.60%

13,310

Clearway

Energy,

Inc.,

Class

A

325,430‌

12,480

Clearway

Energy,

Inc.,

Class

C

324,480‌

649,910‌

Industrial

Intermediate

Prod

—

0.25%

17,270

Mayville

Engineering

Co.,

Inc.

(a)

271,484‌

Industrial

REITs

—

0.34%

5,532

Innovative

Industrial

Properties,

Inc.

368,652‌

Industrial

Support

Services

—

0.56%

7,290

DXP

Enterprises,

Inc.

(a)

602,300‌

Insurance

—

4.59%

3,290

Assured

Guaranty

Ltd.

296,133‌

5,735

Axis

Capital

Holdings

Ltd.

508,236‌

7,119

Brighthouse

Financial,

Inc.

341,997‌

7,060

CAN

Financial

Corp.

341,492‌

18,210

CNO

Financial

Group,

Inc.

677,593‌

Sterling

Capital

Behavioral

Small

Cap

Value

Equity

Fund

Schedule

of

Investments

(continued)

December

31,

2024

-

(Unaudited)

Shares

Fair

Value

COMMON

STOCKS

—

(continued)

Insurance

—

(continued)

8,843

Employers

Holdings,

Inc.

$

453,027‌

22,270

Fidelis

Insurance

Holdings

Ltd.

403,755‌

12,550

Old

Republic

International

Corp.

454,185‌

1,831

Reinsurance

Group

of

America,

Inc.

391,157‌

2,085

RenaissanceRe

Holdings,

Ltd.

518,769‌

7,977

Unum

Group

582,560‌

4,968,904‌

Interactive

Media

&

Services

—

0.22%

6,238

Yelp,

Inc.

(a)

241,411‌

Leisure

Facilities

&

Services

—

0.59%

26,290

El

Pollo

Loco

Holdings,

Inc.

(a)

303,387‌

4,220

Monarch

Casino

&

Resort,

Inc.

332,958‌

636,345‌

Leisure

Products

—

0.39%

31,100

Funko,

Inc.,

Class

A

(a)

416,429‌

Machinery

—

0.77%

10,517

Mueller

Industries,

Inc.

834,629‌

Marine

Transportation

—

1.08%

30,830

Costamare,

Inc.

396,166‌

5,726

Matson,

Inc.

772,093‌

1,168,259‌

Media

—

1.27%

6,960

Fox

Corporation,

Class

B

318,350‌

6,550

Fox

Corporation,

Class

A

318,199‌

34,200

Magnite,

Inc.

(a)

544,463‌

8,699

Scholastic

Corp.

185,550‌

1,366,562‌

Metals

&

Mining

—

1.52%

2,007

Alpha

Metallurgical

Resources,

Inc.

(a)

401,641‌

5,705

Olympic

Steel,

Inc.

187,181‌

82,960

SSR

Mining,

Inc.

(a)

577,401‌

44,054

SunCoke

Energy,

Inc.

471,378‌

1,637,601‌

Mortgage

Real

Estate

Investment

Trusts

(REITs)

—

1.34%

28,750

PennyMac

Mortgage

Investment

Trust

361,962‌

59,590

Redwood

Trust,

Inc.

389,123‌

31,784

Rithm

Capital

Corp.

344,221‌

43,110

TPG

RE

Finance

Trust,

Inc.

(a)

366,435‌

1,461,741‌

Multi-Utilities

—

1.07%

15,240

Avista

Corp.

558,241‌

11,110

NorthWestern

Corp.

593,941‌

1,152,182‌

Sterling

Capital

Behavioral

Small

Cap

Value

Equity

Fund

Schedule

of

Investments

(continued)

December

31,

2024

-

(Unaudited)

Shares

Fair

Value

COMMON

STOCKS

—

(continued)

Office

REITs

—

1.05%

12,438

Cousins

Properties,

Inc.

$

381,099‌

23,440

Equity

Commonwealth

(a)

41,489‌

11,734

Highwoods

Properties,

Inc.

358,826‌

8,708

Kilroy

Realty

Corp.

352,239‌

1,133,653‌

Oil

&

Gas

Producers

—

1.52%

20,780

Antero

Midstream

Corp.

313,570‌

22,640

CNX

Resources

Corp.

(a)

830,209‌

16,570

Excelerate

Energy,

Inc.,

Class

A

501,243‌

1,645,022‌

Oil,

Gas

&

Consumable

Fuels

—

3.55%

5,400

Core

Natural

Resources,

Inc.

(a)

576,071‌

13,640

Coterra

Energy,

Inc.

348,366‌

34,470

Crescent

Energy

Co.,

Class

A

503,606‌

9,873

International

Seaways,

Inc.

354,836‌

13,350

Magnolia

Oil

&

Gas

Corp.,

Class

A

312,123‌

19,410

Permian

Resources

Corp.

279,116‌

15,935

SM

Energy

Co.

617,640‌

9,786

Teekay

Tankers

Ltd.

389,385‌

16,160

World

Fuel

Services

Corp.

444,562‌

3,825,705‌

Paper

&

Forest

Products

—

0.88%

14,520

Clearwater

Paper

Corp.

(a)

432,260‌

6,560

Sylvamo

Corp.

518,372‌

950,632‌

Passenger

Airlines

—

1.31%

1,333

Copa

Holdings

SA,

Class

A

117,144‌

9,474

SkyWest,

Inc.

(a)

948,632‌

24,100

Sun

Country

Airlines

Holdings

Inc.

(a)

351,378‌

1,417,154‌

Pharmaceuticals

—

2.50%

9,279

Amphastar

Pharmaceuticals,

Inc.

(a)

344,529‌

8,920

Harmony

Biosciences

Holdings,

Inc.

(a)

306,937‌

2,996

Jazz

Pharmaceuticals

PLC

(a)

368,957‌

15,000

Organon

&

Co.

223,800‌

18,260

Phibro

Animal

Health

Corp.,

Class

A

383,460‌

11,400

Royalty

Pharma

PLC,

Class

A

290,814‌

13,090

Supernus

Pharmaceuticals,

Inc.

(a)

473,335‌

24,822

Viatris,

Inc.

309,034‌

2,700,866‌

Real

Estate

Management

&

Development

—

0.68%

15,130

Forestar

Group,

Inc.

(a)

392,169‌

16,659

RMR

Group,

Inc.

(The),

Class

A

(a)

343,842‌

736,011‌

Sterling

Capital

Behavioral

Small

Cap

Value

Equity

Fund

Schedule

of

Investments

(continued)

December

31,

2024

-

(Unaudited)

Shares

Fair

Value

COMMON

STOCKS

—

(continued)

REIT

—

0.95%

22,780

Alexander

&

Baldwin,

Inc.

$

404,117‌

20,040

COPT

Defense

Properties

620,238‌

1,024,355‌

Retail

-

Discretionary

—

0.21%

16,520

Kohl's

Corp.

231,941‌

Retail

REITs

—

0.59%

27,078

Kimco

Realty

Corp.

634,438‌

Semiconductors

&

Semiconductor

Equipment

—

0.83%

14,936

Amkor

Technology,

Inc.

383,706‌

21,920

Photronics,

Inc.

(a)

516,435‌

900,141‌

Software

—

1.20%

25,233

Adeia,

Inc.

352,757‌

15,920

Consensus

Cloud

Solutions,

Inc.

(a)

379,851‌

6,740

Gen

Digital,

Inc.

184,541‌

11,020

RingCentral,

Inc.,

Class

A

(a)

385,811‌

1,302,960‌

Specialized

REITs

—

2.03%

6,855

EPR

Properties

303,539‌

6,410

Gaming

and

Leisure

Properties,

Inc.

308,706‌

20,630

Safehold,

Inc.

381,242‌

126,979

Uniti

Group,

Inc.

698,386‌

16,940

VICI

Properties,

Inc.

494,817‌

2,186,690‌

Specialty

Finance

—

0.61%

43,530

AG

Mortgage

Investment

Trust,

Inc.

289,475‌

26,530

Chimera

Investment

Corp.

371,420‌

660,895‌

Specialty

Retail

—

2.52%

3,230

Abercrombie

&

Fitch

Co.,

Class

A

(a)

482,788‌

54,440

Arko

Corp

358,760‌

6,520

Buckle,

Inc.

331,281‌

13,830

Gap,

Inc.

(The)

326,803‌

35,610

Sally

Beauty

Holdings,

Inc.

(a)

372,125‌

8,710

Shoe

Carnival,

Inc.

288,127‌

10,240

Urban

Outfitters,

Inc.

(a)

561,970‌

2,721,854‌

Steel

—

0.34%

11,530

Worthington

Steel,

Inc.

366,885‌

Technology

Hardware

—

0.60%

49,020

Cricut,

Inc.,

Class

A

(a)

279,414‌

21,520

Daktronics,

Inc.

(a)

362,827‌

642,241‌

Sterling

Capital

Behavioral

Small

Cap

Value

Equity

Fund

Schedule

of

Investments

(continued)

December

31,

2024

-

(Unaudited)

Shares

Fair

Value

COMMON

STOCKS

—

(continued)

Technology

Hardware,

Storage

&

Peripherals

—

0.05%

6,380

Xerox

Holdings

Corp.

$

53,783‌

Textiles,

Apparel

&

Luxury

Goods

—

1.21%

3,610

Carter's,

Inc.

195,626‌

4,090

Columbia

Sportswear

Co.

343,274‌

13,872

G-III

Apparel

Group

Ltd.

(a)

452,504‌

39,480

Hanesbrands,

Inc.

(a)

321,367‌

1,312,771‌

Trading

Companies

&

Distributors

—

1.76%

5,298

BlueLinx

Holdings,

Inc.

(a)

541,244‌

8,215

Boise

Cascade

Co.

976,435‌

29,210

DNOW,

Inc.

(a)

380,022‌

1,897,701‌

Wireless

Telecommunication

Services

—

0.25%

8,060

Telephone

&

Data

Systems,

Inc.

274,927‌

Total

Common

Stocks

(Cost $86,894,895)

106,487,896‌

Shares

Fair

Value

MONEY

MARKET

FUNDS

—

1.34%

1,445,942‌

Federated

Hermes

Treasury

Obligations

Fund,

Institutional

Shares,

4.35%

(b)

1,445,942‌

Total

Money

Market

Funds

(Cost

$1,445,942)

1,445,942‌

Total

Investments—

99.87%

(Cost

$88,340,837)

107,933,838‌

Other

Assets

in

Excess

of

Liabilities

—

0.13%

135,539‌

NET

ASSETS

—

100.00%

$

108,069,377‌

(a)

Non-income

producing

security.

(b)

Represents

the

current

yield

as

of

report

date.

Sterling

Capital

Special

Opportunities

Fund

Schedule

of

Investments

December

31,

2024

-

(Unaudited)

Shares

Fair

Value

COMMON

STOCKS

—

99.48%

Asset

Management

—

1.86%

48,501

Apollo

Global

Management,

Inc.

$

8,010,425‌

Capital

Markets

—

7.26%

187,525

Brookfield

Corporation

10,773,311‌

158,252

Charles

Schwab

Corp.

(The)

11,712,231‌

17,796

S&P

Global,

Inc.

8,862,942‌

31,348,484‌

Communications

Equipment

—

2.27%

38,977

F5,

Inc.

(a)

9,801,546‌

Construction

Materials

—

3.24%

151,159

CRH

PLC

13,985,231‌

Entertainment

—

3.48%

81,586

Take-Two

Interactive

Software,

Inc.

(a)

15,018,351‌

Health

Care

Equipment

&

Supplies

—

4.82%

52,008

Danaher

Corp.

11,938,436‌

113,854

DexCom,

Inc.

(a)

8,854,426‌

20,792,862‌

Health

Care

Facilities

&

Services

—

3.84%

32,779

UnitedHealth

Group,

Inc.

16,581,585‌

Health

Care

Providers

&

Services

—

1.99%

28,572

HCA

Healthcare,

Inc.

8,575,886‌

Insurance

—

2.51%

106,095

Brown

&

Brown,

Inc.

10,823,812‌

Interactive

Media

&

Services

—

4.26%

96,500

Alphabet,

Inc.,

Class

C

18,377,460‌

Internet

&

Direct

Marketing

Retail

—

5.27%

103,708

Amazon.com,

Inc.

(a)

22,752,498‌

IT

Services

—

9.90%

173,789

Akamai

Technologies,

Inc.

(a)

16,622,918‌

29,789

CACI

International,

Inc.,

Class

A

(a)

12,036,543‌

125,330

Global

Payments,

Inc.

14,044,480‌

42,703,941‌

Machinery

—

1.06%

10,759

Deere

&

Co.

4,558,588‌

Oil

&

Gas

Producers

—

3.82%

164,173

ONEOK,

Inc.

16,482,969‌

Pharmaceuticals

—

6.34%

1,242,455

Teva

Pharmaceutical

Industries

Ltd.

-

ADR

(a)

27,383,708‌

Professional

Services

—

0.98%

15,420

Verisk

Analytics,

Inc.

4,247,131‌

Sterling

Capital

Special

Opportunities

Fund

Schedule

of

Investments

(continued)

December

31,

2024

-

(Unaudited)

Shares

Fair

Value

COMMON

STOCKS

—

(continued)

Real

Estate

Management

&

Development

—

1.96%

64,339

CBRE

Group,

Inc.,

Class

A

(a)

$

8,447,067‌

Semiconductors

—

11.13%

226,234

Coherent

Corp.

(a)

21,431,147‌

240,702

Marvell

Technology,

Inc.

26,585,536‌

48,016,683‌

Semiconductors

&

Semiconductor

Equipment

—

5.11%

115,959

NVIDIA

Corp.

15,572,134‌

31,083

NXP

Semiconductors

N.V.

6,460,602‌

22,032,736‌

Software

—

11.63%

18,036

Intuit,

Inc.

11,335,626‌

50,638

Microsoft

Corp.

21,343,917‌

105,344

Oracle

Corp.

17,554,524‌

50,234,067‌

Technology

Services

—

3.91%

53,436

Visa,

Inc.,

Class

A

16,887,913‌

Wireless

Telecommunication

Services

—

2.84%

55,474

T-Mobile

US,

Inc.

12,244,776‌

Total

Common

Stocks

(Cost $237,009,711)

429,307,719‌

Shares

Fair

Value

MONEY

MARKET

FUNDS

—

0.65%

2,78

3,386‌

Federated

Hermes

Treasury

Obligations

Fund,

,

4.35%

(b)

2,78

3,386‌

Total

Money

Market

Funds

(Cost

$2,783,386

)

2,78

3,386‌

Total

Investments—

100.13%

(Cost

$239,793,097)

432,

091,105‌

Liabilities

in

Excess

of

Other

Assets 

—

(0.13)%

(573,478)

NET

ASSETS

—

100.00%

$

431,517,627‌

(a)

Non-income

producing

security.

(b)

Represents

the

current

yield

as

of

report

date.

Sterling

Capital

Equity

Income

Fund

Schedule

of

Investments

December

31,

2024

-

(Unaudited)

Shares

Fair

Value

COMMON

STOCKS

—

99.35%

Beverages

—

4.02%

414,236

PepsiCo,

Inc.

$

62,988,726‌

Biotechnology

—

2.71%

238,689

AbbVie,

Inc.

42,415,035‌

Capital

Markets

—

18.84%

133,163

Ameriprise

Financial,

Inc.

70,899,976‌

1,124,663

Charles

Schwab

Corp.

(The)

83,236,309‌

48,247

Goldman

Sachs

Group,

Inc.

(The)

27,627,197‌

433,682

Nasdaq,

Inc.

33,527,955‌

511,431

Raymond

James

Financial,

Inc.

79,440,577‌

294,732,014‌

Chemicals

—

0.49%

18,489

New

Linde

PLC

7,740,790‌

Containers

&

Packaging

—

3.42%

285,700

Avery

Dennison

Corp.

53,463,041‌

Electrical

Equipment

—

1.83%

100,303

Rockwell

Automation,

Inc.

28,665,594‌

Food

Products

—

3.63%

335,423

Hershey

Co.

(The)

56,803,885‌

Health

Care

Equipment

&

Supplies

—

3.91%

247,803

Abbott

Laboratories

28,028,997‌

146,149

Becton

Dickinson

and

Co.

33,156,824‌

61,185,821‌

Health

Care

Providers

&

Services

—

9.34%

187,085

Elevance

Health,

Inc.

69,015,657‌

152,110

UnitedHealth

Group,

Inc.

76,946,365‌

145,962,022‌

Insurance

—

9.19%

129,798

Aflac,

Inc.

13,426,305‌

163,869

Everest

Group,

Ltd.

59,395,958‌

177,879

Marsh

&

McLennan

Cos.,

Inc.

37,783,278‌

404,198

MetLife,

Inc.

33,095,732‌

143,701,273‌

It

Services

—

0.62%

27,372

Accenture

PLC,

Class

A

9,629,196‌

Oil,

Gas

&

Consumable

Fuels

—

8.21%

214,827

Chevron

Corp.

31,115,543‌

2,021,518

Coterra

Energy,

Inc.

51,629,569‌

372,137

Valero

Energy

Corp.

45,620,275‌

128,365,387‌

Pharmaceuticals

—

1.35%

26,278

Johnson

&

Johnson

3,800,324‌

Sterling

Capital

Equity

Income

Fund

Schedule

of

Investments

(continued)

December

31,

2024

-

(Unaudited)

Shares

Fair

Value

COMMON

STOCKS

—

(continued)

Pharmaceuticals

—

(continued)

174,777

Merck

&

Co.,

Inc.

$

17,386,816‌

21,187,140‌

Professional

Services

—

6.97%

229,609

Automatic

Data

Processing,

Inc.

67,213,443‌

324,520

Booz

Allen

Hamilton

Corp.

41,765,724‌

108,979,167‌

Semiconductors

&

Semiconductor

Equipment

—

8.07%

325,311

Analog

Devices,

Inc.

69,115,575‌

997,871

Microchip

Technology,

Inc.

57,227,902‌

126,343,477‌

Software

—

4.69%

174,092

Microsoft

Corp.

73,379,778‌

Specialized

REITs

—

2.51%

915,535

CubeSmart

39,230,675‌

Specialty

Retail

—

3.46%

139,031

Home

Depot,

Inc.

(The)

54,081,669‌

Tobacco

—

3.53%

1,054,435

Altria

Group,

Inc.

55,136,406‌

Trading

Companies

&

Distributors

—

2.56%

230,774

Exagen

,

Inc.

40,055,443‌

Total

Common

Stocks

(Cost $1,152,226,610)

1,554,046,539‌

Shares

Fair

Value

MONEY

MARKET

FUNDS

—

0.64%

10,019,638‌

Federated

Hermes

Treasury

Obligations

Fund,

Institutional

Shares,

4.35%

(a)

10,019,638‌

Total

Money

Market

Funds

(Cost

$10,019,638)

10,019,638‌

Total

Investments—

99.99%

(Cost

$1,162,246,248)

1,564,066,177‌

Other

Assets

in

Excess

of

Liabilities

—

0.01%

80,173‌

NET

ASSETS

—

100.00%

$

1,564,146,350‌

(a)

Represents

the

current

yield

as

of

report

date.

Sterling

Capital

Mid

Cap

Relative

Value

Fund

Schedule

of

Investments

December

31,

2024

-

(Unaudited)

Shares

Fair

Value

COMMON

STOCKS

—

98.43%

Aerospace

&

Defense

—

1.61%

1,716

Curtiss-Wright

Corp.

$

608,957

Automobile

Components

—

1.63%

4,731

Dorman

Products,

Inc.

(a)

612,901

Banks

—

6.62%

6,585

East

West

Bancorp,

Inc.

630,580

27,974

Huntington

Bancshares,

Inc.

455,137

5,430

UMB

Financial

Corp.

612,830

6,410

Wintrust

Financial

Corp.

799,390

2,497,937

Building

Products

—

2.49%

2,550

Carlisle

Cos.,

Inc.

940,542

Capital

Markets

—

2.47%

1,755

Ameriprise

Financial,

Inc.

934,415

Chemicals

—

3.12%

11,368

Avient

Corp.

464,496

6,243

Westlake

Corp.

715,760

1,180,256

Communications

Equipment

—

1.91%

8,529

Ciena

Corp.

(a)

723,344

Construction

&

Engineering

—

3.10%

8,599

MasTec,

Inc.

(a)

1,170,668

Consumer

Staples

Distribution

&

Retail

—

9.22%

7,269

BJ's

Wholesale

Club

Holdings,

Inc.

(a)

649,485

3,811

Casey's

General

Stores,

Inc.

1,510,033

15,653

Performance

Food

Group

Co.

(a)

1,323,461

3,482,979

Containers

&

Packaging

—

4.97%

5,085

Avery

Dennison

Corp.

951,556

14,279

Berry

Global

Group,

Inc.

923,423

1,874,979

Electrical

Equipment

—

2.75%

15,267

nVent

Electric

PLC

1,040,599

Electronic

Equipment,

Instruments

&

Components

—

3.11%

5,508

Arrow

Electronics,

Inc.

(a)

623,065

Sterling

Capital

Mid

Cap

Relative

Value

Fund

Schedule

of

Investments

(continued)

December

31,

2024

-

(Unaudited)

Shares

Fair

Value

COMMON

STOCKS

—

(continued)

Electronic

Equipment,

Instruments

&

Components

—

(continued)

3,171

CDW

Corp.

$

551,881

1,174,946

Entertainment

—

2.71%

5,570

Take-Two

Interactive

Software,

Inc.

(a)

1,025,326

Financial

Services

—

4.58%

8,420

Fiserv,

Inc.

(a)

1,729,636

Gas

Utilities

—

2.52%

13,487

Southwest

Gas

Corp.

953,666

Health

Care

Equipment

&

Supplies

—

1.26%

2,101

Becton

Dickinson

and

Co.

476,654

Health

Care

REITs

—

1.86%

40,644

Sabra

Health

Care

REIT,

Inc.

703,954

Household

Durables

—

1.53%

5,325

PulteGroup,

Inc.

579,893

Industrial

REITs

—

2.10%

4,926

EastGroup

Properties,

Inc.

790,574

Insurance

—

5.74%

5,133

American

Financial

Group,

Inc.

702,862

10,786

First

American

Financial

Corp.

673,478

5,133

Hanover

Insurance

Group,

Inc.

(The)

793,869

2,170,209

Life

Sciences

Tools

&

Services

—

5.42%

2,903

ICON

PLC

(a)

608,788

6,246

Revvity,

Inc.

697,116

1,423

Thermo

Fisher

Scientific,

Inc.

740,287

2,046,191

Machinery

—

2.00%

7,961

Oshkosh

Corp.

756,852

Multi-Utilities

—

2.95%

30,268

Nisource,

Inc.

1,112,651

Oil,

Gas

&

Consumable

Fuels

—

5.54%

26,856

Coterra

Energy,

Inc.

685,902

3,753

Diamondback

Energy,

Inc.

614,854

Sterling

Capital

Mid

Cap

Relative

Value

Fund

Schedule

of

Investments

(continued)

December

31,

2024

-

(Unaudited)

Shares

Fair

Value

COMMON

STOCKS

—

(continued)

Oil,

Gas

&

Consumable

Fuels

—

(continued)

6,966

Phillips

66

$

793,637

2,094,393

Professional

Services

—

3.56%

3,326

CACI

International,

Inc.,

Class

A

(a)

1,343,903

Residential

REITs

—

1.98%

4,849

Mid-America

Apartment

Communities,

Inc.

749,510

Retail

REITs

—

1.71%

23,220

Brixmor

Property

Group,

Inc.

646,445

Semiconductors

&

Semiconductor

Equipment

—

0.85%

3,609

Skyworks

Solutions,

Inc.

320,046

Software

—

3.75%

3,499

Commvault

Systems,

Inc.

(a)

528,034

4,836

PTC,

Inc.

(a)

889,196

1,417,230

Specialized

REITs

—

2.00%

4,267

Digital

Realty

Trust,

Inc.

756,667

Trading

Companies

&

Distributors

—

3.37%

1,808

United

Rentals,

Inc.

1,273,628

Total

Common

Stocks

(Cost $16,925,674)

37,189,951

Shares

Fair

Value

MONEY

MARKET

FUNDS

—

1.67%

631,923

Federated

Hermes

Treasury

Obligations

Fund,

Institutional

Shares,

4.35%

(b)

631,923

Total

Money

Market

Funds

(Cost

$631,923)

631,923

Total

Investments—

100.10%

(Cost

$17,557,597)

37,821,874

Liabilities

in

Excess

of

Other

Assets 

—

(0.10)%

(38,308)

NET

ASSETS

—

100.00%

$

37,783,566

(a)

Non-income

producing

security.

(b)

Represents

the

current

yield

as

of

report

date.

Sterling

Capital

Real

Estate

Fund

Schedule

of

Investments

December

31,

2024

-

(Unaudited)

Shares

Fair

Value

COMMON

STOCKS

—

98.34%

Equity

Real

Estate

Investment

Trusts

(REITs)

—

2.20%

48,695

Essential

Properties

Realty

Trust,

Inc.

$

1,523,180

Health

Care

REITs

—

12.63%

95,733

Sabra

Health

Care

REIT,

Inc.

1,658,096

46,919

Ventas,

Inc.

2,763,060

34,315

Welltower,

Inc.

4,324,719

8,745,875

Hotel

&

Resort

REITs

—

3.63%

53,489

Apple

Hospitality

REIT,

Inc.

821,056

16,198

Ryman

Hospitality

Properties,

Inc.

1,690,099

2,511,155

Industrial

REITs

—

11.83%

11,734

EastGroup

Properties,

Inc.

1,883,190

31,812

First

Industrial

Realty

Trust,

Inc.

1,594,736

31,719

Prologis,

Inc.

3,352,698

35,281

Rexford

Industrial

Realty,

Inc.

1,363,963

8,194,587

Office

REITs

—

4.77%

18,248

Boston

Properties,

Inc.

1,356,921

166,956

Brandywine

Realty

Trust

934,954

33,148

Highwoods

Properties,

Inc.

1,013,666

3,305,541

Real

Estate

Management

&

Development

—

1.43%

12,833

Howard

Hughes

Holdings,

Inc.

(a)

987,114

Residential

REITs

—

16.85%

12,836

Camden

Property

Trust

1,489,489

8,480

Essex

Property

Trust,

Inc.

2,420,532

66,353

Invitation

Homes,

Inc.

2,121,305

14,973

Mid-America

Apartment

Communities,

Inc.

2,314,377

22,084

NexPoint

Residential

Trust,

Inc.

922,007

55,281

UDR,

Inc.

2,399,748

11,667,458

Retail

REITs

—

12.10%

74,170

Brixmor

Property

Group,

Inc.

2,064,893

37,042

InvenTrust

Properties

Corp.

1,116,075

90,145

Kite

Realty

Group

Trust

2,275,260

49,446

NETSTREIT

Corp.

699,661

Sterling

Capital

Real

Estate

Fund

Schedule

of

Investments

(continued)

December

31,

2024

-

(Unaudited)

Shares

Fair

Value

COMMON

STOCKS

—

(continued)

Retail

REITs

—

(continued)

65,071

Tanger

Factory

Outlet

Centers,

Inc.

$

2,220,873

8,376,762

Specialized

REITs

—

32.90%

29,163

American

Tower

Corp.,

Class

A

5,348,786

34,912

CubeSmart

1,495,979

30,242

Digital

Realty

Trust,

Inc.

5,362,813

3,884

Equinix,

Inc.

3,662,185

17,230

Extra

Space

Storage,

Inc.

2,577,608

9,697

SBA

Communications

Corp.,

Class

A

1,976,249

80,889

VICI

Properties,

Inc.

2,362,768

22,786,388

Total

Common

Stocks

(Cost $40,975,260)

68,098,060

Shares

Fair

Value

MONEY

MARKET

FUNDS

—

1.36%

940,049

Federated

Hermes

Treasury

Obligations

Fund,

Institutional

Shares,

4.35%

(b)

940,049

Total

Money

Market

Funds

(Cost

$940,049)

940,049

Total

Investments—

99.70%

(Cost

$41,915,309)

69,038,109

Other

Assets

in

Excess

of

Liabilities

—

0.30%

210,411

NET

ASSETS

—

100.00%

$

69,248,520

(a)

Non-income

producing

security.

(b)

Represents

the

current

yield

as

of

report

date.

Sterling

Capital

Small

Cap

Value

Fund

Schedule

of

Investments

December

31,

2024

-

(Unaudited)

Shares

Fair

Value

COMMON

STOCKS

—

98.77%

Aerospace

&

Defense

—

4.16%

37,656

Moog,

Inc.,

Class

A

$

7,412,207‌

Automobile

Components

—

3.00%

26,015

Dorman

Products,

Inc.

(a)

3,370,242‌

218,552

Garret

Motion,

Inc.

(a)

1,973,525‌

5,343,767‌

Banks

—

14.40%

73,789

Columbia

Banking

System,

Inc.

1,993,041‌

70,564

Community

Bank

System,

Inc.

4,352,388‌

87,234

Glacier

Bancorp,

Inc.

4,380,891‌

118,122

Old

National

Bancorp

2,563,838‌

52,210

United

Bankshares,

Inc.

1,960,486‌

74,948

Webster

Financial

Corp.

4,138,629‌

50,510

Wintrust

Financial

Corp.

6,299,101‌

25,688,374‌

Capital

Markets

—

2.39%

23,084

Affiliated

Managers

Group,

Inc.

4,268,693‌

Chemicals

—

2.64%

115,316

Avient

Corp.

4,711,812‌

Construction

&

Engineering

—

3.73%

48,848

MasTec,

Inc.

(a)

6,650,167‌

Consumer

Staples

Distribution

&

Retail

—

10.12%

67,333

BJ's

Wholesale

Club

Holdings,

Inc.

(a)

6,016,204‌

17,666

Casey's

General

Stores,

Inc.

6,999,798‌

59,565

Performance

Food

Group

Co.

(a)

5,036,221‌

18,052,223‌

Electric

Utilities

—

2.11%

86,220

Portland

General

Electric

Co.

3,760,916‌

Electrical

Equipment

—

2.57%

49,550

EnerSys

4,579,907‌

Electronic

Equipment,

Instruments

&

Components

—

7.05%

55,812

Belden,

Inc.

6,284,990‌

47,876

Crane

NXT

Co.

2,787,341‌

47,590

Eplus,

Inc.

(a)

3,515,949‌

12,588,280‌

Energy

Equipment

&

Services

—

1.39%

187,700

Select

Energy

Services,

Inc.,

Class

A

2,485,148‌

Entertainment

—

2.10%

20,312

Take-Two

Interactive

Software,

Inc.

(a)

3,739,033‌

Gas

Utilities

—

2.26%

56,950

Southwest

Gas

Corp.

4,026,935‌

Sterling

Capital

Small

Cap

Value

Fund

Schedule

of

Investments

(continued)

December

31,

2024

-

(Unaudited)

Shares

Fair

Value

COMMON

STOCKS

—

(continued)

Household

Durables

—

2.60%

30,202

Meritage

Homes

Corp.

$

4,645,672‌

Industrial

REITs

—

2.82%

100,378

First

Industrial

Realty

Trust,

Inc.

5,031,949‌

Insurance

—

6.09%

37,661

Hanover

Insurance

Group,

Inc.

(The)

5,824,651‌

53,889

Selective

Insurance

Group,

Inc.

5,039,699‌

10,864,350‌

Life

Sciences

Tools

&

Services

—

2.65%

14,412

West

Pharmaceutical

Services,

Inc.

4,720,795‌

Machinery

—

5.97%

40,336

Crane

Co.

6,120,987‌

47,741

Oshkosh

Corp.

4,538,737‌

10,659,724‌

Office

REITs

—

1.46%

84,922

Highwoods

Properties,

Inc.

2,596,915‌

Oil,

Gas

&

Consumable

Fuels

—

3.99%

16,769

Chord

Energy

Corp.

1,960,631‌

40,841

Matador

Resources

Co.

2,297,715‌

76,542

Northern

Oil

and

Gas,

Inc.

2,844,301‌

7,102,647‌

Professional

Services

—

2.94%

12,956

CACI

International,

Inc.,

Class

A

(a)

5,235,001‌

Retail

REITs

—

1.68%

87,731

Tanger

Factory

Outlet

Centers,

Inc.

2,994,259‌

Semiconductors

&

Semiconductor

Equipment

—

3.21%

59,873

ON

Semiconductor

Corp.

(a)

3,774,992‌

27,876

Qorvo,

Inc.

(a)

1,949,369‌

5,724,361‌

Software

—

3.02%

29,244

PTC,

Inc.

(a)

5,377,094‌

Trading

Companies

&

Distributors

—

4.42%

10,711

Herc

Holdings,

Inc.

2,027,914‌

8,335

United

Rentals,

Inc.

5,871,507‌

7,899,421‌

Total

Common

Stocks

(Cost $51,865,861)

176,159,650‌

Sterling

Capital

Small

Cap

Value

Fund

Schedule

of

Investments

(continued)

December

31,

2024

-

(Unaudited)

Shares

Fair

Value

MONEY

MARKET

FUNDS

—

0.04%

67,298‌

Federated

Hermes

Treasury

Obligations

Fund,

Institutional

Shares,

4.35%

(b)

$

67,298‌

Total

Money

Market

Funds

(Cost

$67,298)

67,298‌

Total

Investments—

98.81%

(Cost

$51,933,159)

176,226,948‌

Other

Assets

in

Excess

of

Liabilities

—

1.19%

2,114,224‌

NET

ASSETS

—

100.00%

$

178,341,172‌

(a)

Non-income

producing

security.

(b)

Represents

the

current

yield

as

of

report

date.

Sterling

Capital

Ultra

Short

Bond

Fund

Schedule

of

Investments

December

31,

2024

-

(Unaudited)

+

Principal

Amount

Fair

Value

CORPORATE

BONDS

—

45.76%

AEROSPACE

&

DEFENSE

—

0.88%

$

250,000

Boeing

Co.

(The),

2.60%,

10/30/25

$

245,210

ASSET

MANAGEMENT

—

3.57%

250,000

Blackstone

Private

Credit

Fund,

2.70%,

1/15/25

249,741

200,000

Blue

Owl

Credit

Income

Corp.,

5.50%,

3/21/25

200,025

250,000

Blackstone

Secured

Lending

Fund,

3.63%,

1/15/26

246,430

300,000

UBS

Group

AG,

2.19%,

6/05/26

(SOFR

+

204.40

bps)

(a)(b)

296,440

992,636

AUTOMOTIVE

—

0.82%

230,000

Ford

Motor

Credit

Co.,

LLC,

2.30%,

2/10/25

229,232

BANKS

—

12.44%

270,000

BNP

Paribas

SA,

3.38%,

1/09/25

(a)

269,932

250,000

Manufacturers

&

Traders

Trust

Co.,

2.90%,

2/06/25

249,443

250,000

Credit

Agricole

SA,

4.38%,

3/17/25

(a)

249,472

250,000

ABN

AMRO

Bank

N.V.,

4.75%,

7/28/25

(a)

248,997

364,000

Lloyds

Banking

Group

PLC,

4.58%,

12/10/25

362,366

250,000

Citizens

Bank

NA,

5.28%,

1/26/26

(SOFR

+102

bps)

(b)

249,978

250,000

Standard

Chartered

PLC,

2.82%,

1/30/26

(a)

249,497

340,000

Bank

of

America

Corp.,

2.02%,

2/13/26

(TSFR3M

+

90.16

bps)

(b)

338,867

345,000

Morgan

Stanley,

2.63%,

2/18/26

(SOFR

+

94

bps)

(b)

343,987

400,000

Wells

Fargo

&

Co.,

3.91%,

4/25/26

(b)

398,775

250,000

Australia

&

New

Zealand

Banking

Group

Ltd,

4.40%,

5/19/26

(a)

248,072

250,000

Cooperative

Rabobank

UA,

1.34%,

6/24/26

(H15T1Y

+

100

bps)

(a)

245,719

3,455,105

CAPITAL

MARKETS

—

3.36%

250,000

Ares

Capital

Corp.,

4.25%,

3/01/25

249,473

250,000

Ares

Capital

Corp.,

3.25%,

7/15/25

247,578

300,000

Blue

Owl

Capital

Corp.,

3.75%,

7/22/25

297,491

140,000

Brightsphere

Investment

Group,

Inc.,

4.80%,

7/27/26

137,992

932,534

COMMERCIAL

SERVICES

&

SUPPLIES

—

0.77%

216,000

GFL

Environmental,

Inc.,

5.13%,

12/15/26

(a)(b)

214,838

Sterling

Capital

Ultra

Short

Bond

Fund

Schedule

of

Investments

(continued)

December

31,

2024

-

(Unaudited)

Principal

Amount

Fair

Value

CORPORATE

BONDS

—

(continued)

ELECTRIC

UTILITIES

—

1.48%

$

85,000

NextEra

Energy

Capital

Holdings,

Inc.,

Series

K,

6.05%,

3/01/25

$

85,151

250,000

Puget

Energy,

Inc.,

3.65%,

5/15/25

248,472

78,000

Vistra

Operations

Co.

LLC,

5.05%,

12/30/26

(a)

78,102

411,725

ENTERTAINMENT

CONTENT

—

0.88%

244,000

Warnermedia

Holdings,

Inc.,

3.79%,

3/15/25

243,263

HEALTH

CARE

FACILITIES

&

SERVICES

—

1.84%

300,000

HCA,

Inc.,

5.38%,

2/01/25

300,058

215,000

IQVIA,

Inc.,

5.00%,

10/15/26

(a)

212,104

512,162

INSURANCE

—

6.40%

250,000

CNO

Global

Funding,

1.65%,

1/06/25

(a)

249,907

300,000

F&G

Global

Funding,

5.15%,

7/07/25

(a)

300,378

250,000

Reliance

Standard

Life

Global

Funding

II,

5.24%,

2/02/26

(a)

250,166

190,000

Brighthouse

Financial

Global

Funding,

1.55%,

5/24/26

(a)

181,226

300,000

Athene

Global

Funding,

5.61%,

8/27/26

(SOFRIX

+

103

bps)

(a)(b)(c)

300,774

250,000

SBL

Holdings,

Inc.,

5.13%,

11/13/26

(a)

245,651

250,000

Marsh

&

McLennan

Cos,

Inc.,

5.55%,

11/08/27

251,915

1,780,017

MACHINERY

—

0.91%

250,000

Regal

Rexnord

Corp.,

6.05%,

2/15/26

252,242

METALS

&

MINING

—

0.39%

107,000

Newmont

Corp.

/

Newcrest

Finance

Pty

Ltd.,

5.30%,

3/15/26

107,748

MORTGAGE

REAL

ESTATE

INVESTMENT

-TRUSTS

(REITS)

—

0.78%

225,000

Starwood

Property

Trust,

Inc.,

3.63%,

7/15/26

(a)

217,149

MULTI-UTILITIES

—

0.97%

271,000

Sempra

Energy,

3.30%,

4/01/25

269,937

OIL

&

GAS

PRODUCERS

—

1.20%

158,000

DCP

Midstream

Operating

LP,

5.38%,

7/15/25

158,196

175,000

NuStar

Logistics

LP,

5.75%,

10/01/25

174,966

333,162

Sterling

Capital

Ultra

Short

Bond

Fund

Schedule

of

Investments

(continued)

December

31,

2024

-

(Unaudited)

Principal

Amount

Fair

Value

CORPORATE

BONDS

—

(continued)

REIT

—

0.88%

$

250,000

VICI

Properties

LP

/

VICI

Note

Co.,

Inc.,

4.25%,

12/01/26

(a)

$

245,852

SEMICONDUCTORS

—

0.94%

260,000

Broadcom

Corp.

/

Broadcom

Cayman

Fin

Ltd.,

3.13%,

1/15/25

259,841

SOFTWARE

—

0.91%

250,000

Concentrix

Corp.,

6.65%,

8/02/26

254,274

SPECIALTY

FINANCE

—

3.35%

108,000

Ladder

Capital

Finance

Holdings

LLLP,

Class

B,

5.25%,

10/01/25

(a)

108,146

300,000

Avolon

Holdings

Funding

Ltd.,

5.50%,

1/15/26

(a)

300,813

275,000

Goldman

Sachs

Group,

Inc.

(The),

0.86%,

2/12/26

273,643

250,000

Capital

One

Financial

Corp.,

2.64%,

3/03/26

(SOFR

+

129.00

bps)

(b)

248,945

931,547

TELECOMMUNICATIONS

—

0.11%

31,251

Sprint

Spectrum

Co.

LLC

/

Sprint

Spectrum

Co.

II

LLC,

4.74%,

3/20/25

(a)

31,233

TRADING

COMPANIES

&

DISTRIBUTORS

—

0.90%

250,000

Air

Lease

Corp.,

2.30%,

2/01/25

(d)

249,386

TRANSPORTATION

&

LOGISTICS

—

1.98%

150,000

Delta

Air

Lines,

Inc.

/

SkyMiles

IP

Ltd.,

4.50%,

10/20/25

(a)

149,059

250,000

Delta

Air

Lines,

Inc.,

7.38%,

1/15/26

255,372

148,000

United

Airlines,

Inc.,

4.38%,

4/15/26

(a)

145,522

549,953

Total

(Cost $12,689,031)

12,719,046

Principal

Amount

Fair

Value

ASSET

BACKED

SECURITIES

—

34.30%

126,956

Carmax

Auto

Owner

Trust,

Series

2023-3

,

Class

A2A,

5.72%,

6/15/25

127,261

144,000

GM

Financial

Consumer

Automobile

Receivables,

Series

4

,

Class

A4,

0.99%,

1/16/26

140,073

317,178

Carmax

Select

Receivables

Trust,

Series

2024-A

,

Class

A2A,

5.78%,

2/15/26

319,013

140,848

GreatAmerica

Leasing

Receivables

Funding

LLC,

Series

1

,

Class

A2,

5.35%,

2/16/26

(a)

141,132

281,810

Mercedes-Benz

Auto

Lease

Trust,

Series

2024-A

,

Class

A2B,

5.02%,

2/17/26

(SOFR30A

+

42

bps)

(b)

281,809

Sterling

Capital

Ultra

Short

Bond

Fund

Schedule

of

Investments

(continued)

December

31,

2024

-

(Unaudited)

Principal

Amount

Fair

Value

ASSET

BACKED

SECURITIES

—

(continued)

$

237,500

Avis

Budget

Rental

Car

Funding

AESOP

LLC,

Series

2019-3A

,

Class

A,

2.36%,

3/20/26

(a)

$

236,751

300,000

World

Omni

Select

Auto

Trust,

Series

2024-A

,

Class

A2A,

5.37%,

5/15/26

301,206

17,582

World

Omni

Auto

Receivables

Trust,

Series

B

,

Class

A3,

0.42%,

6/15/26

17,527

94,909

Freddie

Mac,

Series

4213

,

Class

GV,

3.50%,

6/15/26

94,667

225,000

Hertz

Vehicle

Financing

LLC

,

Class

A,

3.73%,

9/25/26

(a)

223,762

36,111

AmeriCredit

Automobile

Receivables

Trust,

Series

2

,

Class

B,

0.69%,

1/19/27

36,042

75,084

Fannie

Mae,

Series

140

,

Class

BH,

2.50%,

1/25/27

74,115

86,539

Santander

Drive

Auto

Receivables

Trust,

Series

1

,

Class

A2,

5.71%,

2/16/27

86,700

118,688

Santander

Drive

Auto

Receivables

Trust,

Series

5

,

Class

B,

4.43%,

3/15/27

118,627

46,375

World

Omni

Select

Auto

Trust,

Series

A

,

Class

A2A,

5.92%,

3/15/27

46,450

307,115

GM

Financial

Consumer

Automobile

Receivables,

Series

2

,

Class

A2B,

4.99%,

3/16/27

(SOFR30A

+

39

bps)

307,351

200,000

Ford

Credit

Floorplan

Master

Owner

Trust,

Series

1

,

Class

A2,

5.35%,

4/15/27

(SOFR30A

+

75

bps)

(a)(b)

201,222

60,745

GM

Financial

Consumer

Automobile

Receivables,

Series

3

,

Class

A3,

3.64%,

4/16/27

60,506

150,000

Hertz

Vehicle

Financing

LLC,

Series

1A

,

Class

A,

5.49%,

6/25/27

(a)

150,924

350,000

Ford

Credit

Auto

Owner

Trust,

Series

2022-A

,

Class

B,

1.91%,

7/15/27

341,360

63,518

Santander

Drive

Auto

Receivables

Trust,

Series

5

,

Class

A2,

6.31%,

7/15/27

63,640

350,000

Wheels

Fleet

Lease

Funding

1

LLC,

Series

1A

,

Class

A2,

5.21%,

8/18/27

(TSFR1M

+

83

bps)

(a)(b)

351,715

107,141

OneMain

Direct

Auto

Receivables

Trust,

Series

1A

,

Class

A,

3.63%,

9/14/27

(a)

106,552

100,000

OneMain

Financial

Issuance

Trust,

Series

2021-1

,

Class

A2,

5.36%,

9/14/27

(SOFR30A

+

76

bps)

(a)(b)

100,211

350,000

GreatAmerica

Leasing

Receivables

Funding

LLC,

Series

2

,

Class

B,

1.31%,

9/15/27

(a)

340,434

374,464

Chesapeake

Funding

II

LLC,

Series

1A

,

Class

A1,

5.52%,

9/15/27

(a)

378,509

77,465

Santander

Drive

Auto

Receivables

Trust,

Series

2022-4

,

4.42%,

11/15/27

77,375

547,000

Enterprise

Fleet

Financing,

Series

1

,

Class

A3,

3.27%,

1/20/28

(a)

540,723

Sterling

Capital

Ultra

Short

Bond

Fund

Schedule

of

Investments

(continued)

December

31,

2024

-

(Unaudited)

Principal

Amount

Fair

Value

ASSET

BACKED

SECURITIES

—

(continued)

$

327,046

AmeriCredit

Automobile

Receivables

Trust,

Series

2024-1

,

Class

A2A,

5.75%,

2/18/28

$

328,443

395,000

Synchrony

Card

Funding

LLC,

Series

A1

,

Class

A,

3.37%,

4/15/28

393,506

300,000

PFS

Financing

Corp.,

Series

C

,

Class

A,

5.40%,

4/17/28

(a)(c)

301,094

88,023

OneMain

Direct

Auto

Receivables

Trust,

Series

1A

,

Class

A,

0.87%,

7/14/28

(a)

86,729

115,000

Santander

Drive

Auto

Receivables

Trust,

Series

2023-4

,

Class

B,

5.77%,

12/15/28

116,570

73,681

Enterprise

Fleet

Financing,

Series

2

,

Class

A2,

4.65%,

5/21/29

(a)

73,646

95,527

Freddie

Mac,

Series

4841

,

Class

PV,

4.50%,

11/01/29

95,263

263,883

ARI

Fleet

Lease

Trust,

Series

A

,

Class

A3,

3.43%,

1/15/31

(a)

262,450

395,000

Ford

Credit

Auto

Owner

Trust,

Series

1

,

Class

A,

2.04%,

8/15/31

(a)

393,725

275,000

Ford

Credit

Auto

Owner

Trust,

Series

2

,

Class

A,

1.06%,

4/15/33

(a)

267,691

450,000

OneMain

Financial

Issuance

Trust,

Series

3A

,

Class

A,

5.94%,

5/15/34

(a)

453,156

207,240

Fannie

Mae,

Series

80

,

Class

VM,

3.00%,

8/25/34

205,713

199,147

SMB

Private

Education

Loan

Trust,

Series

2017-A

,

Class

A2A,

2.88%,

9/15/34

(a)

197,343

206,903

Fannie

Mae

,

6.90%,

7/01/36

(H15T1Y

+

219.40

bps)

(b)

213,593

122,200

OPG

Trust,

Series

2021-PORT

,

Class

C,

5.34%,

10/15/36

(a)

121,589

312,625

SMB

Private

Education

Loan

Trust,

Series

B

,

Class

A2B,

5.51%,

6/15/37

(a)

312,934

219,123

Sierra

Timeshare

Rec

Funding

LLC,

Series

2021-1

,

Class

A,

0.99%,

11/20/37

(a)

212,286

101,872

Government

National

Mortgage

Association,

Series

144

,

Class

GA,

2.50%,

12/20/40

100,592

130,774

SMB

Private

Education

Loan

Trust,

Series

2024-C

,

Class

A1B,

5.70%,

6/17/52

(SOFR30A

+

110

bps)

(a)(b)

131,100

Total

(Cost $9,455,794)

9,533,080

Principal

Amount

Fair

Value

COMMERCIAL

MORTGAGE-BACKED

SECURITIES

—

16.10%

164,987

Freddie

Mac

Multifamily

Structured

Pass

Through,

Series

K052,

Class

A2,

3.15%,

11/25/25

163,118

323,210

BX

Trust,

Series

2021-BXMF,

Class

A,

5.15%,

10/15/26

(TSFR1M

+

75.00

bps)

(a)(b)

321,796

280,000

PFS

Financing

Corp.,

Series

A,

Class

A,

5.45%,

1/15/28

(a)

280,962

Sterling

Capital

Ultra

Short

Bond

Fund

Schedule

of

Investments

(continued)

December

31,

2024

-

(Unaudited)

Principal

Amount

Fair

Value

COMMERCIAL

MORTGAGE-BACKED

SECURITIES

—

(continued)

338,132

BX

Trust,

Series

2021-RISE,

Class

A,

5.26%,

11/15/36

(TSFR1M

+

86.20

bps)

(a)(b)

336,652

2

Citicorp

Residential

Mortgage

Trust,

Series

2007-2,

Class

A6,

6.77%,

6/25/37

2

191,026

Hilton

Grand

Vacations

Trust,

Series

2023-1,

Class

A,

5.72%,

1/25/38

(a)

193,073

154,820

ELP

Commercial

Mortgage

Trust,

Series

2021-ELP,

Class

C,

5.83%,

11/15/38

(a)(b)

154,626

148,926

BX

Commercial

Mortgage

Trust,

Series

2021-ACNT,

Class

C,

6.01%,

11/15/38

(a)

148,556

95,951

BX

Commercial

Mortgage

Trust,

Series

2021-CIP,

Class

B,

5.78%,

12/15/38

(a)

95,831

5,023

JPMBB

Commercial

Mortgage

Securities

Trust,

Series

2014-C23,

Class

A5,

3.93%,

9/15/47

5,012

8,210

JPMBB

Commercial

Mortgage

Securities

Trust,

3.49%,

1/15/48

8,193

400,000

CSAIL

Commercial

Mortgage

Trust,

Series

2015-C3,

Class

A4,

3.72%,

8/15/48

396,763

400,000

CSAIL

Commercial

Mortgage

Trust,

Series

2015-C4,

Class

A4,

3.81%,

11/15/48

396,479

350,000

Wells

Fargo

Commercial

Mortgage

Trust,

Series

P2,

Class

A4,

3.81%,

12/15/48

346,362

400,000

Citigroup

Commercial

Mortgage

Trust,

Series

P3,

Class

A3,

3.06%,

4/15/49

394,670

170,000

Citigroup

Commercial

Mortgage

Trust,

Series

2016-C1,

3.21%,

5/10/49

166,025

350,000

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series

C29,

Class

A4,

3.33%,

5/15/49

342,791

340,000

CSAIL

Commercial

Mortgage

Trust,

Series

2015-C7,

Class

A5,

3.50%,

11/15/49

328,121

200,000

JPMCC

Commercial

Mortgage

Securities

Trust,

Series

JP5,

Class

A5,

3.72%,

3/15/50

193,966

92,647

GS

Mortgage

Securities

Trust,

Series

2015-GC30,

Class

A3,

3.12%,

5/10/50

92,246

10,262

WFRBS

Commercial

Mortgage

Trust,

Series

C23,

Class

A5,

3.92%,

10/15/57

10,228

100,000

Citigroup

Commercial

Mortgage

Trust,

Series

GC33,

Class

A4,

3.78%,

9/10/58

98,922

Total

(Cost $4,434,943)

$

4,474,394

Principal

Amount

Fair

Value

MUNICIPAL

BONDS

—

0.58%

New

Jersey

—

0.58%

$

160,000

NJ

Transportation

Trust

Fund

Authority

,

5.09

%,

6/15/25

160,340

Total

(Cost $160,000)

160,340

Sterling

Capital

Ultra

Short

Bond

Fund

Schedule

of

Investments

(continued)

December

31,

2024

-

(Unaudited)

Principal

Amount

Fair

Value

U.S.

TREASURY

BONDS

&

NOTES

—

1.29%

360,000

United

States

Treasury

Note,

1.38

%

,

1/31/25

359,152

Total

(Cost $358,964)

$

359,152

Shares

Fair

Value

MONEY

MARKET

FUNDS

—

1.30%

361,233

Federated

Hermes

Treasury

Obligations

Fund,

Institutional

Shares,

4.35%

(e)

361,233

Total

Money

Market

Funds

(Cost

$361,233)

361,233

Total

Investments—

99.33%

(Cost

$27,459,965)

27,607,245

Other

Assets

in

Excess

of

Liabilities

—

0.67%

186,560

NET

ASSETS

—

100.00%

$

27,793,805

(a)

Security

exempt

from

registration

under

Rule

144A

or

Section

4(2)

of

the

Securities

Act

of

1933.

The

security

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

The

Advisor,

using

Board

approved

procedures,

has

deemed

these

securities

or

a

portion

of

these

securities

to

be

liquid.

(b)

The

interest

rate

for

this

variable

rate

note,

which

will

change

periodically,

is

based

either

on

the

prime

rate

or

an

index

of

market

rates.

The

reflected

rate

is

in

effect

as

of

December

31,

2024.

The

maturity

date

reflected

is

the

final

maturity

date.

(c)

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.

(d)

All

or

a

portion

of

the

securities

are

held

in

a

separate

collateral

account

at

US

Bank.

The

total

value

of

securities

held

in

a

separate

collateral

account

as

of

the

period

ended

December

31,

2024

is

$249,385,

which

represents

0.9

%

of

net

assets.

(e)

Represents

the

current

yield

as

of

report

date.

Sterling

Capital

Short

Duration

Bond

Fund

Schedule

of

Investments

December

31,

2024

-

(Unaudited)

Shares

Fair

Value

PREFERRED

STOCKS

—

1.15%

Insurance

—

0.57%

10,000

Athene

Holding

Ltd.

$

250,600

Trading

Companies

&

Distributors

—

0.58%

9,825

WESCO

International,

Inc.,

Series

A

(a)

250,734

Total

Preferred

Stocks

(Cost $505,944)

501,334

Principal

Amount

Fair

Value

CORPORATE

BONDS

—

56.86%

AEROSPACE

&

DEFENSE

—

3.32%

$

408,000

RTX

Corp.,

5.75%,

11/08/26

415,193

400,000

BAE

Systems

PLC,

5.00%,

3/26/27

(b)

401,744

365,000

Boeing

Co.

(The),

6.26%,

5/01/27

373,689

250,000

Howmet

Aerospace,

Inc.,

6.75%,

1/15/28

261,369

1,451,995

ASSET

MANAGEMENT

—

1.78%

426,000

Apollo

Management

Holdings

LP,

4.40%,

5/27/26

(b)

422,638

371,000

Blackstone

Private

Credit

Fund,

3.25%,

3/15/27

355,179

777,817

AUTOMOTIVE

—

1.48%

419,000

Hyundai

Capital

America,

5.25%,

1/08/27

(b)

421,406

225,000

Ford

Motor

Credit

Co.

LLC,

5.80%,

3/05/27

227,141

648,547

BANKS

—

15.27%

275,000

KeyBank

NA,

4.70%,

1/26/26

274,478

400,000

UBS

Group

AG,

4.13%,

4/15/26

(b)

396,111

450,000

NatWest

Markets

PLC,

5.16%,

9/29/26

(b)

450,863

404,000

Canadian

Imperial

Bank

of

Commerce,

5.93%,

10/02/26

412,275

400,000

Citibank

NA,

5.49%,

12/04/26

405,905

414,000

Macquarie

Bank

Ltd.,

5.39%,

12/07/26

(b)

420,350

650,000

Wells

Fargo

Bank

NA,

5.25%,

12/11/26

657,691

342,000

Bank

of

Montreal,

5.37%,

6/04/27

347,097

400,000

National

Australia

Bank

Ltd/New

York,

5.09%,

6/11/27

404,499

345,000

Lloyds

Banking

Group

PLC,

5.99%,

8/07/27

350,126

310,000

ING

Groep

N.V.,

6.08%,

9/11/27

(c)

315,943

500,000

Danske

Bank

A/S,

5.43%,

3/01/28

(b)

504,334

Sterling

Capital

Short

Duration

Bond

Fund

Schedule

of

Investments

(continued)

December

31,

2024

-

(Unaudited)

Principal

Amount

Fair

Value

CORPORATE

BONDS

—

(continued)

BANKS

—

(continued)

$

528,000

Morgan

Stanley,

5.59%,

4/13/28

$

536,969

497,000

JPMorgan

Chase

&

Co.,

5.57%,

4/22/28

505,486

350,000

Bank

of

Nova

Scotia

(The),

4.40%,

9/08/28

(SOFR

+

100

bps)

(d)

346,421

339,000

Barclays

PLC,

4.84%,

9/10/28

(SOFR

+

134

bps)

(d)

336,909

6,665,457

CAPITAL

MARKETS

—

1.47%

237,000

Brightsphere

Investment

Group,

Inc.,

4.80%,

7/27/26

233,601

400,000

Blackstone

Secured

Lending

Fund,

5.88%,

11/15/27

406,283

639,884

COMMERCIAL

SERVICES

&

SUPPLIES

—

1.59%

351,000

GFL

Environmental,

Inc.,

5.13%,

12/15/26

(b)(d)

349,112

339,000

Element

Fleet

Management

Corp.,

5.64%,

3/13/27

(b)

343,871

692,983

COMMERCIAL

SUPPORT

SERVICES

—

0.79%

344,000

Prime

Security

Services

Borrower

LLC,

5.75%,

4/15/26

(b)

343,807

CONSUMER

FINANCE

—

0.91%

396,000

American

Express

Co.,

5.10%,

2/16/28

398,307

DIVERSIFIED

FINANCIAL

SERVICES

—

0.95%

408,000

National

Rural

Utilities

Cooperative

Finance

Corp.,

5.60%,

11/13/26

414,702

ELECTRIC

UTILITIES

—

3.32%

419,000

Southern

California

Edison

Co.,

4.90%,

6/01/26

419,705

126,000

Vistra

Operations

Co.

LLC,

5.05%,

12/30/26

(b)

126,164

380,000

Duke

Energy

Corp.,

4.85%,

1/05/27

(e)

381,177

133,000

Georgia

Power

Co.,

5.00%,

2/23/27

133,991

400,000

FirstEnergy

Corp.,

3.90%,

7/15/27

389,517

1,450,554

ENTERTAINMENT

—

0.95%

415,000

Take-Two

Interactive

Software,

Inc.,

5.00%,

3/28/26

416,068

HOME

CONSTRUCTION

—

0.77%

335,000

Meritage

Homes

Corp.,

5.13%,

6/06/27

335,721

HOTELS,

RESTAURANTS

&

LEISURE

—

0.72%

315,000

Carnival

Corp.,

5.75%,

3/01/27

(b)

314,305

Sterling

Capital

Short

Duration

Bond

Fund

Schedule

of

Investments

(continued)

December

31,

2024

-

(Unaudited)

Principal

Amount

Fair

Value

CORPORATE

BONDS

—

(continued)

INSTITUTIONAL

FINANCIAL

SERVICES

—

0.96%

$

70,000

LPL

Holdings,

Inc.,

5.70%,

5/20/27

$

70,857

350,000

Sumitomo

Mitsui

Trust

Bank

Ltd.,

4.45%,

9/10/27

(b)

346,990

417,847

INSURANCE

—

7.21%

425,000

Reliance

Standard

Life

Global

Funding

II,

5.24%,

2/02/26

(b)

425,282

417,000

Corebridge

Global

Funding,

5.75%,

7/02/26

(b)

422,891

407,000

New

York

Life

Global

Funding,

Class

B,

5.45%,

9/18/26

413,154

439,000

SBL

Holdings,

Inc.,

5.13%,

11/13/26

(b)

431,362

279,000

Aon

North

America,

Inc.,

5.13%,

3/01/27

280,893

400,000

F&G

Global

Funding,

5.88%,

6/10/27

(b)

405,310

425,000

Athene

Global

Funding,

5.35%,

7/09/27

(b)

429,116

345,000

GA

Global

Funding

Trust,

4.40%,

9/23/27

(b)

340,149

3,148,157

MORTGAGE

REAL

ESTATE

INVESTMENT

-TRUSTS

(REITS)

—

1.08%

489,000

Starwood

Property

Trust,

Inc.,

3.63%,

7/15/26

(b)

471,936

MULTI-UTILITIES

—

1.81%

419,000

CenterPoint

Energy,

Inc.,

5.25%,

8/10/26

422,262

390,000

Ameren

Corp.,

1.95%,

3/15/27

366,556

788,818

OIL

&

GAS

PRODUCERS

—

2.18%

343,000

NuStar

Logistics

LP,

5.75%,

10/01/25

342,934

333,000

Permian

Resources

Operating

LLC,

8.00%,

4/15/27

(b)

340,037

274,000

ONEOK,

Inc.,

4.25%,

9/24/27

270,011

952,982

OIL,

GAS

&

CONSUMABLE

FUELS

—

1.98%

408,000

Energy

Transfer

LP,

6.05%,

12/01/26

416,735

109,000

Diamondback

Energy,

Inc.,

5.20%,

4/18/27

110,065

340,000

Apache

Corp.,

4.88%,

11/15/27

337,509

864,309

REIT

—

1.42%

208,000

VICI

Properties

LP

/

VICI

Note

Co.,

Inc.,

4.25%,

12/01/26

(b)

204,549

425,000

Brixmor

Operating

Partnership

LP,

3.90%,

3/15/27

416,259

620,808

Sterling

Capital

Short

Duration

Bond

Fund

Schedule

of

Investments

(continued)

December

31,

2024

-

(Unaudited)

Principal

Amount

Fair

Value

CORPORATE

BONDS

—

(continued)

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

—

0.51%

$

220,000

Broadcom,

Inc.,

5.05%,

7/12/27

$

222,013

SOFTWARE

—

0.78%

333,000

Concentrix

Corp.,

6.65%,

8/02/26

338,692

SPECIALTY

FINANCE

—

3.00%

502,000

Ladder

Capital

Finance

Holdings

LLLP,

Class

B,

5.25%,

10/01/25

(b)

502,680

248,000

OneMain

Finance

Corp.,

3.50%,

1/15/27

236,554

450,000

AerCap

Ireland

Capital

DAC,

6.10%,

1/15/27

460,257

113,000

Avolon

Holdings

Funding

Ltd,

4.95%,

1/15/28

(b)

111,983

1,311,474

TECHNOLOGY

SERVICES

—

0.67%

292,000

Fiserv,

Inc.,

5.15%,

3/15/27

294,312

TELECOMMUNICATIONS

—

0.68%

295,750

Sprint

Spectrum

Co.

LLC

/

Sprint

Spectrum

Co.

II

LLC,

5.15%,

3/20/28

(b)

296,950

TRANSPORTATION

&

LOGISTICS

—

1.26%

258,000

United

Airlines,

Inc.,

4.38%,

4/15/26

(b)

253,681

300,000

Delta

Air

Lines,

Inc.

/

SkyMiles

IP

Ltd,

4.75%,

10/20/28

(b)

295,945

549,626

Total

(Cost $24,618,750)

24,828,071

Principal

Amount

Fair

Value

ASSET

BACKED

SECURITIES

—

29.38%

656,000

Avis

Budget

Rental

Car

Funding

AESOP

LLC,

Series

2A

,

Class

A,

2.02%,

2/20/27

(b)

640,254

427,770

OneMain

Direct

Auto

Receivables

Trust,

Series

1A

,

Class

A,

3.63%,

9/14/27

(b)

425,419

240,000

Americredit

Automobile

Receivables

Trust,

Series

1

,

Class

C,

2.98%,

9/20/27

234,747

1,288,000

Hertz

Vehicle

Financing

III

LP,

Series

2A

,

Class

A,

1.68%,

12/27/27

(b)

1,208,709

590,000

Avis

Budget

Rental

Car

Funding

AESOP

LLC,

Series

3A

,

Class

A,

5.44%,

2/22/28

(b)

596,839

500,000

AmeriCredit

Automobile

Receivables

Trust,

Series

2

,

Class

C,

5.32%,

4/18/28

504,018

850,000

Santander

Drive

Auto

Receivables

Trust,

Series

1

,

Class

B,

5.23%,

12/15/28

854,962

200,000

BANK5

Trust,

Series

2024-5YR5

,

6.27%,

2/15/29

205,137

Sterling

Capital

Short

Duration

Bond

Fund

Schedule

of

Investments

(continued)

December

31,

2024

-

(Unaudited)

Principal

Amount

Fair

Value

ASSET

BACKED

SECURITIES

—

(continued)

$

500,000

PFS

Financing

Corp.,

Series

D

,

Class

A,

5.34%,

4/16/29

(b)(c)

$

506,568

810,000

Synchrony

Card

Funding

LLC,

Series

A1

,

Class

A,

5.54%,

7/15/29

821,199

1,183,000

Enterprise

Fleet

Financing,

Series

1

,

Class

A3,

5.42%,

10/22/29

(b)

1,197,908

392,000

OneMain

Direct

Auto

Receivables

Trust,

Series

1A

,

Class

A,

5.41%,

11/14/29

(b)

396,068

205,000

Ally

Auto

Receivables

Trust,

Series

3

,

Class

A4,

5.07%,

6/15/31

(e)

206,214

326,694

ARI

Fleet

Lease

Trust,

Series

B

,

Class

A2,

6.05%,

7/15/32

(b)

330,188

700,000

OneMain

Financial

Issuance

Trust,

Series

3A

,

Class

A,

5.94%,

5/15/34

(b)

704,909

341,049

Fannie

Mae

,

6.90%,

7/01/36

(H15T1Y

+

219.40

bps)

(d)

352,076

608,400

OPG

Trust,

Series

2021-PORT

,

Class

C,

5.34%,

10/15/36

(b)

605,358

364,337

BX

Trust,

Series

2021-RISE

,

Class

C,

5.96%,

11/15/36

(b)

360,921

433,500

Hilton

Grand

Vacations

Trust,

Series

2024-3A

,

Class

A,

4.98%,

8/27/40

(b)

433,928

384,351

Sierra

Timeshare

2024-2

Receivables

Funding

LLC,

Series

2A

,

Class

A,

5.14%,

6/20/41

(b)

383,751

218,799

Sierra

Timeshare

Receivables

Funding

LLC,

Series

3A

,

Class

A,

4.83%,

8/20/41

(b)

217,577

534,471

MVW

LLC,

Series

2024-2

,

Class

A,

4.43%,

3/20/42

(b)

523,267

357,000

Morgan

Stanley

Bank

of

America,

Series

C31

,

Class

A5,

3.10%,

11/15/49

342,236

501,825

SMB

Private

Education

Loan

Trust

2021-B,

Series

B

,

Class

A,

1.31%,

7/17/51

(b)

461,824

75,000

Benchmark

2023-V2

Mortgage

Trust,

Series

V2

,

Class

A3,

5.81%,

5/15/55

76,530

228,000

BMO

2023-5C1

Mortgage

Trust

,

7.36%,

8/15/56

240,156

Total

(Cost $12,780,859)

12,830,763

Principal

Amount

Fair

Value

COMMERCIAL

MORTGAGE-BACKED

SECURITIES

—

5.61%

1

Citicorp

Residential

Mortgage

Trust,

STEP,

Series

2007-2,

Class

A6,

6.77%,

6/25/37

1

394,041

ELP

Commercial

Mortgage

Trust,

Series

2021-ELP,

Class

C,

5.83%,

11/15/38

(b)

393,549

376,210

BX

Commercial

Mortgage

Trust,

Series

2021-ACNT,

Class

C,

6.01%,

11/15/38

(b)

375,275

310,177

BX

Commercial

Mortgage

Trust,

Series

2021-CIP,

Class

B,

5.78%,

12/15/38

(b)

309,790

Sterling

Capital

Short

Duration

Bond

Fund

Schedule

of

Investments

(continued)

December

31,

2024

-

(Unaudited)

Principal

Amount

Fair

Value

COMMERCIAL

MORTGAGE-BACKED

SECURITIES

—

(continued)

261,884

SMR

Mortgage

Trust,

Series

2022-IND,

Class

A,

6.05%,

2/15/39

(b)

258,698

7,701

GS

Mortgage

Securities

Trust,

Series

2010-C1,

Class

B,

5.15%,

8/10/43

(b)

7,685

6,027

JPMBB

Commercial

Mortgage

Securities

Trust,

Series

2014-C23,

Class

A5,

3.93%,

9/15/47

6,015

98,000

CSAIL

Commercial

Mortgage

Trust,

Series

2015-C3,

Class

A4,

3.72%,

8/15/48

97,207

415,092

CD

Mortgage

Trust,

Series

2016-CD2,

Class

A4,

3.53%,

11/10/49

397,876

410,000

CD

Mortgage

Trust,

Series

2017-CD3,

Class

A4,

3.63%,

2/10/50

387,304

225,000

JPMCC

Commercial

Mortgage

Securities

Trust,

Series

JP5,

Class

A5,

3.72%,

3/15/50

218,212

Total

(Cost $2,444,031)

$

2,451,612

Principal

Amount

Fair

Value

COLLATERALIZED

MORTGAGE

OBLIGATIONS

—

3.77%

6,628

Fannie

Mae,

Series

152,

Class

PC,

1.75%,

8/25/42

6,592

14,748

Fannie

Mae,

Series

72,

Class

NA,

2.50%,

8/25/42

14,514

342,313

Fannie

Mae,

Series

35,

Class

CB,

2.00%,

2/25/43

327,991

194,746

Fannie

Mae,

Series

100,

Class

DA,

3.00%,

2/25/43

188,557

159,428

Fannie

Mae,

Series

71,

Class

PD,

2.50%,

3/25/43

157,108

271,831

Freddie

Mac,

Series

4828,

Class

QA,

3.50%,

3/15/47

265,571

611,134

Chase

Home

Lending

Mortgage

Trust,

Series

2019-

ATR2,

Class

A3,

3.50%,

7/25/49

(b)

541,197

150,000

CSAIL

Commercial

Mortgage

Trust,

Series

2015-C7,

Class

A5,

3.50%,

11/15/49

144,759

Total

(Cost $1,762,517)

1,646,289

Principal

Amount

Fair

Value

MUNICIPAL

BONDS

—

0.32%

Texas

—

0.32%

$

140,000

Dallas

Fort

Worth

International

Airport,

Current

Refunding,

Taxable

Revenue

Bonds

Series

A

,

4.74

%,

11/1/26

(e)

140,812

Total

(Cost $140,000)

140,812

Principal

Amount

Fair

Value

U.S.

TREASURY

BONDS

&

NOTES

—

1.77%

775,000

United

States

Treasury

Note,

4.13

%

,

11/15/27

771,488

Total

(Cost $771,245)

771,488

Sterling

Capital

Short

Duration

Bond

Fund

Schedule

of

Investments

(continued)

December

31,

2024

-

(Unaudited)

Shares

Fair

Value

MONEY

MARKET

FUNDS

—

1.25%

544,859

Federated

Hermes

Treasury

Obligations

Fund,

Institutional

Shares,

4.35%

(f)

544,859

Total

Money

Market

Funds

(Cost

$544,859)

$

544,859

Total

Investments—

100.11%

(Cost

$43,568,205)

43,715,228

Liabilities

in

Excess

of

Other

Assets 

—

(0.11)%

(45,919)

NET

ASSETS

—

100.00%

$

43,669,309

(a)

Security

is

perpetual

in

nature

and

has

no

stated

maturity

date.

(b)

Security

exempt

from

registration

under

Rule

144A

or

Section

4(2)

of

the

Securities

Act

of

1933.

The

security

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

The

Advisor,

using

Board

approved

procedures,

has

deemed

these

securities

or

a

portion

of

these

securities

to

be

liquid.

(c)

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.

(d)

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,

2024.

The

maturity

date

reflected

is

the

final

maturity

date.

(e)

All

or

a

portion

of

the

securities

are

held

in

a

separate

collateral

account

at

US

Bank.

The

total

value

of

securities

held

in

a

separate

collateral

account

as

of

the

period

ended

December

31,

2024

is

$728,177,

which

represents

1.67%

of

net

assets.

(f)

Represents

the

current

yield

as

of

report

date.

Sterling

Capital

Intermediate

U.S.

Government

Fund

Schedule

of

Investments

December

31,

2024

-

(Unaudited)

Principal

Amount

Fair

Value

ASSET

BACKED

SECURITIES

—

5.49%

$

100,000

BANK5

Trust,

Series

2024-5YR5

,

6.27%,

2/15/29

$

102,568

183,000

Avis

Budget

Rental

Car

Funding

AESOP

LLC,

Series

2023-1A

,

Class

A,

5.36%,

6/20/30

(a)(b)

185,515

100,000

BANK

Trust,

Series

2024-BNK48

,

Class

A5,

5.05%,

9/15/34

98,454

100,000

BANK

Trust,

Series

2024-BNK48

,

Class

AS,

5.36%,

10/15/34

98,429

67,581

United

States

Small

Business

Administration,

Series

2015-20G

,

Class

1,

2.88%,

7/01/35

(c)

62,359

150,000

BANK5

Trust,

Series

2023-5YR3

,

Class

AS,

7.56%,

9/15/56

159,697

150,000

BANK5

Trust,

Series

2024-5YR6

,

Class

A3,

6.23%,

5/15/57

155,868

100,000

BANK5

Trust,

Series

2024-5YR6

,

Class

AS,

6.79%,

5/15/57

104,683

Total

(Cost $977,339)

967,573

Principal

Amount

Fair

Value

MORTGAGE-BACKED

SECURITIES

—

37.15%

Fannie

Mae

—

22.96%

144,897

4.00%,

12/01/33,

Pool

#MA1689

140,723

36,589

4.00%,

12/01/36,

Pool

#MA2856

35,270

36,767

4.00%,

2/01/37,

Pool

#MA2914

35,406

344,150

1.50%,

12/01/40,

Pool

#MA4202

274,818

120,129

6.00%,

9/01/43,

Pool

#MA5158

121,659

33,467

4.00%,

5/01/47,

Pool

#BE9598

30,986

100,335

3.50%,

12/01/47,

Pool

#CA0833

90,016

46,617

5.00%,

8/01/48,

Pool

#CA2219

45,859

49,590

3.50%,

9/01/49,

Pool

#BJ9608

44,488

53,266

3.50%,

10/01/49,

Pool

#CA4431

47,722

81,366

3.00%,

3/01/50,

Pool

#FM2714

69,970

183,974

3.00%,

7/01/50,

Pool

#CA6421

158,033

187,528

3.00%,

7/01/50,

Pool

#CA6422

160,871

150,826

2.00%,

8/01/50,

Pool

#CA6799

119,050

169,550

2.50%,

8/01/50,

Pool

#CA6707

141,090

235,740

2.00%,

9/01/50,

Pool

#CA7019

185,815

269,068

2.50%,

9/01/50,

Pool

#BQ2883

221,707

126,917

2.50%,

9/01/50,

Pool

#BQ0538

104,262

422,152

3.50%,

9/01/50,

Pool

#FS5284

378,216

334,642

2.00%,

10/01/50,

Pool

#CA7224

263,482

Sterling

Capital

Intermediate

U.S.

Government

Fund

Schedule

of

Investments

(continued)

December

31,

2024

-

(Unaudited)

Principal

Amount

Fair

Value

MORTGAGE-BACKED

SECURITIES

—

(continued)

Fannie

Mae

—

(continued)

266,370

2.50%,

10/01/50,

Pool

#FM4638

219,549

246,357

2.50%,

10/01/50,

Pool

#FM4530

202,848

173,604

4.00%,

7/01/52,

Pool

#FS2516

159,061

392,170

4.50%,

11/01/52,

Pool

#FS6858

369,478

128,874

5.00%,

11/01/52,

Pool

#CB5278

124,837

296,661

6.00%,

5/01/54,

Pool

#FM2472

300,799

$

4,046,015

Freddie

Mac

—

13.55%

85,845

4.00%,

12/01/35,

Pool

#ZA2401

82,904

82,221

3.50%,

6/01/36,

Pool

#ZA2414

77,713

52,391

4.00%,

3/01/39,

Pool

#ZA6403

50,065

177,072

2.00%,

12/01/40,

Pool

#RB5090

147,800

112,808

3.50%,

1/01/47,

Pool

#ZT0941

102,045

86,871

3.00%,

12/01/51,

Pool

#SD8184

73,961

106,517

3.50%,

6/01/52,

Pool

#SD2670

95,363

163,589

4.50%,

6/01/52,

Pool

#SD1265

154,070

167,457

4.50%,

8/01/52,

Pool

#SD1515

157,830

246,526

5.00%,

9/01/52,

Pool

#RA7936

238,732

169,847

4.00%,

2/01/53,

Pool

#SD7560

157,488

151,615

5.50%,

2/01/53,

Pool

#QF8052

150,297

176,597

5.00%,

3/01/53,

Pool

#SD2390

171,056

89,158

6.00%,

5/01/53,

Pool

#SD3072

90,167

151,394

6.00%,

7/01/53,

Pool

#SD3223

153,485

193,213

5.50%,

6/01/54,

Pool

#SD5479

191,500

295,549

6.00%,

9/01/54,

Pool

#SD6337

298,338

2,392,814

Ginnie

Mae

II

—

0.64%

25,090

5.00%,

11/20/38,

Pool

#4283

24,520

95,839

4.00%,

7/20/52,

Pool

#786280

88,535

113,055

Total

(Cost $7,249,142)

6,551,884

Principal

Amount

Fair

Value

COLLATERALIZED

MORTGAGE

OBLIGATIONS

—

21.21%

126,845

Freddie

Mac,

Series

3787,

Class

LM,

4.00%,

1/15/31

125,315

66,902

Freddie

Mac,

Series

4151,

Class

PA,

2.00%,

1/15/33

62,639

Sterling

Capital

Intermediate

U.S.

Government

Fund

Schedule

of

Investments

(continued)

December

31,

2024

-

(Unaudited)

Principal

Amount

Fair

Value

COLLATERALIZED

MORTGAGE

OBLIGATIONS

—

(continued)

175,000

Freddie

Mac,

Series

4172,

Class

KB,

3.00%,

2/15/33

157,868

226,654

Ginnie

Mae,

Series

181,

Class

AV,

5.50%,

2/20/33

229,712

67,551

Fannie

Mae,

Series

2013-44,

Class

DJ,

1.85%,

5/25/33

61,885

27,950

Fannie

Mae,

Series

2003-44,

Class

Q,

3.50%,

6/25/33

27,038

156,609

Ginnie

Mae,

Series

2023-79,

Class

DV,

5.50%,

5/20/34

156,956

111,186

Fannie

Mae,

Series

2005-31,

Class

PB,

5.50%,

4/25/35

112,947

40,447

Ginnie

Mae,

Series

2013-133,

Class

PL,

3.50%,

2/16/37

39,448

155,381

Freddie

Mac,

Series

4863,

Class

AJ,

3.50%,

7/15/38

147,538

55,687

Freddie

Mac,

Series

4122,

Class

BC,

3.00%,

5/15/40

51,809

151,566

Ginnie

Mae,

Series

137,

Class

WA,

5.59%,

7/20/40

152,938

150,000

Ginnie

Mae,

Series

81,

Class

AL,

4.50%,

8/20/40

142,926

177,126

Fannie

Mae,

Series

2012-87,

Class

MB,

2.00%,

5/25/42

163,565

25,045

Fannie

Mae,

Series

2016-49,

Class

DA,

3.50%,

10/25/42

24,844

122,746

Fannie

Mae,

Series

2012-150,

Class

KA,

1.75%,

1/25/43

99,982

152,284

Freddie

Mac,

Series

4173,

Class

NB,

3.00%,

3/15/43

135,446

315,000

Freddie

Mac,

Series

4669,

Class

QY,

3.50%,

9/15/44

300,675

42,026

Ginnie

Mae,

Series

2015-162,

Class

EB,

2.50%,

9/20/44

39,253

351,739

Freddie

Mac,

Series

4601,

Class

NJ,

1.90%,

9/15/45

305,428

160,192

Fannie

Mae,

Series

2016-49,

Class

PA,

3.00%,

9/25/45

147,867

95,952

Freddie

Mac,

Series

4656,

Class

PA,

3.50%,

10/15/45

91,834

125,709

Fannie

Mae,

Series

2016-24,

Class

CD,

1.75%,

2/25/46

103,597

204,123

Fannie

Mae,

Series

2016-88,

Class

PK,

2.50%,

3/25/46

183,164

104,299

Freddie

Mac,

Series

5380,

Class

A,

5.50%,

9/25/47

104,200

241,262

Fannie

Mae,

Series

2019-25,

Class

PD,

2.50%,

5/25/48

211,379

197,602

Freddie

Mac,

Series

4942,

Class

NC,

2.50%,

10/25/49

167,337

202,443

Ginnie

Mae,

Series

2022-137,

Class

PA,

4.00%,

5/20/52

193,421

Total

(Cost $3,950,029)

$

3,741,011

Principal

Amount

Fair

Value

COMMERCIAL

MORTGAGE-BACKED

SECURITIES

—

14.79%

137,702

Freddie

Mac

Multifamily

Structured

Pass

Through,

Series

K049,

Class

A2,

3.01%,

7/25/25

136,481

319,949

Fannie

Mae-Aces,

Series

2015-M17,

Class

A2,

3.01%,

11/25/25

(b)

315,955

210,000

Freddie

Mac

Multifamily

Structured

Pass

Through,

Series

K060,

Class

A2,

3.30%,

10/25/26

205,275

Sterling

Capital

Intermediate

U.S.

Government

Fund

Schedule

of

Investments

(continued)

December

31,

2024

-

(Unaudited)

Principal

Amount

Fair

Value

COMMERCIAL

MORTGAGE-BACKED

SECURITIES

—

(continued)

487,514

Freddie

Mac

Multifamily

Structured

Pass

Through,

Series

K061,

Class

A2,

3.35%,

11/25/26

(b)

475,822

378,997

Fannie

Mae-Aces,

Series

2017-M7,

Class

A2,

2.96%,

2/25/27

(b)

366,396

200,711

Fannie

Mae-Aces,

Series

2017-M8,

Class

A2,

3.06%,

5/25/27

194,158

125,000

Freddie

Mac

Multifamily

Structured

Pass

Through,

Series

K066,

Class

A2,

3.12%,

6/25/27

(b)

120,876

158,640

Freddie

Mac

Multifamily

Structured

Pass

Through,

Series

K069,

Class

A2,

3.19%,

9/25/27

(b)

153,005

275,000

Freddie

Mac

Multifamily

Structured

Pass

Through,

Series

K079,

Class

A2,

3.93%,

6/25/28

268,381

382,714

Fannie

Mae-Aces,

Series

2018-M10,

Class

A2,

3.47%,

7/25/28

(b)

368,102

5,023

JPMBB

Commercial

Mortgage

Securities

Trust,

Series

2014-C23,

Class

A5,

3.93%,

9/15/47

5,012

Total

(Cost $2,701,654)

$

2,609,463

Principal

Amount

Fair

Value

U.S.

GOVERNMENT

AGENCIES

—

9.92%

1,000,000

Fannie

Mae,

6.25

%

,

5/15/29

1,073,703

500,000

Fannie

Mae,

7.13

%

,

1/15/30

560,088

60,000

Federal

Home

Loan

Banks,

1.90

%

,

10/07/31

50,255

86,000

Federal

Farm

Credit

Banks

Funding

Corp.,

2.40

%

,

3/24/36

66,462

Total

(Cost $1,828,417)

1,750,508

Principal

Amount

Fair

Value

MUNICIPAL

BONDS

—

0.46%

Wisconsin

—

0.46%

$

80,000

State

of

Wisconsin,

TXB,

Revenue

Bonds,

Pension

Fundings

Series

A,

(AGM)

,

5.70

%,

5/1/26

(c)

80,873

Total

(Cost $81,416)

80,873

Principal

Amount

Fair

Value

U.S.

TREASURY

BONDS

&

NOTES

—

10.27%

680,000

United

States

Treasury

Note,

0.63

%

,

8/15/30

552,155

1,150,200

United

States

Treasury

Note,

1.13

%

,

2/15/31

949,094

350,000

United

States

Treasury

Note,

2.75

%

,

8/15/32

(c)

310,393

Total

(Cost $1,929,050)

1,811,642

Sterling

Capital

Intermediate

U.S.

Government

Fund

Schedule

of

Investments

(continued)

December

31,

2024

-

(Unaudited)

Shares

Fair

Value

MONEY

MARKET

FUNDS

—

1.17%

205,985

Federated

Hermes

Treasury

Obligations

Fund,

Institutional

Shares,

4.35%

(d)

205,985

Total

Money

Market

Funds

(Cost

$205,985)

$

205,985

Total

Investments—

100.46%

(Cost

$18,923,032)

17,718,939

Liabilities

in

Excess

of

Other

Assets 

—

(0.46)%

(80,866)

NET

ASSETS

—

100.00%

$

17,638,073

(a)

Security

exempt

from

registration

under

Rule

144A

or

Section

4(2)

of

the

Securities

Act

of

1933.

The

security

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

The

Advisor,

using

Board

approved

procedures,

has

deemed

these

securities

or

a

portion

of

these

securities

to

be

liquid.

(b)

The

interest

rate

for

this

variable

rate

note,

which

will

change

periodically,

is

based

either

on

the

prime

rate

or

an

index

of

market

rates.

The

reflected

rate

is

in

effect

as

of

December

31,

2024.

The

maturity

date

reflected

is

the

final

maturity

date.

(c)

All

or

a

portion

of

the

securities

are

held

in

a

separate

collateral

account

at

US

Bank.

The

total

value

of

securities

held

in

a

separate

collateral

account

as

of

the

period

ended

December

31,

2024

is

$276,264,

which

represents

1.57

%

of

net

assets.

(d)

Represents

the

current

yield

as

of

report

date.

AGM

Assured

Guaranty

Municipal

Corp.

TXB

Taxable

Bond

Sterling

Capital

Total

Return

Bond

Fund

Schedule

of

Investments

December

31,

2024

-

(Unaudited)

Principal

Amount

Fair

Value

CORPORATE

BONDS

—

29.97%

AEROSPACE

&

DEFENSE

—

1.01%

$

2,740,000

BAE

Systems

PLC,

5.13%,

3/26/29

(a)

$

2,745,617

1,667,000

Boeing

Co.

(The),

6.30%,

5/01/29

1,728,104

646,000

Howmet

Aerospace,

Inc.,

4.85%,

10/15/31

634,333

3,856,000

L3Harris

Technologies,

Inc.,

5.40%,

7/31/33

3,847,794

2,573,000

Boeing

Co.,

(The),

5.71%,

5/01/40

2,450,141

3,476,000

RTX

Corp.,

4.50%,

6/01/42

3,011,709

14,417,698

ASSET

MANAGEMENT

—

1.08%

4,073,000

Apollo

Debt

Solutions

BDC,

6.90%,

4/13/29

(a)

4,214,962

3,399,000

Ares

Capital

Corp.,

5.95%,

7/15/29

3,436,955

3,464,000

Blackstone

Private

Credit

Fund,

5.95%,

7/16/29

3,488,175

1,475,000

Ares

Finance

Co.

III

LLC,

4.13%,

6/30/51

(H15T5Y

+

323.70

bps)

(a)(b)

1,413,411

3,890,000

Blue

Owl

Finance

LLC,

Series

C10,

4.13%,

10/07/51

2,838,155

15,391,658

AUTOMOBILES

—

0.15%

2,196,000

Ford

Motor

Co.,

6.10%,

8/19/32

2,186,710

AUTOMOTIVE

—

0.07%

1,049,000

General

Motors

Financial

Co.,

Inc.,

5.85%,

4/06/30

1,071,815

BANKS

—

5.14%

2,800,000

Lloyds

Banking

Group

PLC,

4.58%,

12/10/25

2,787,430

3,659,000

Macquarie

Group

Ltd.,

1.34%,

1/12/27

(SOFR

+

107

bps)

(a)(c)

3,526,420

2,864,000

Fifth

Third

Bancorp,

4.06%,

4/25/28

(b)(c)

2,802,366

2,893,000

Wells

Fargo

&

Co.,

MTN,

4.81%,

7/25/28

(c)

2,882,589

5,994,000

Bank

of

America

Corp.,

3.42%,

12/20/28

(b)(c)

5,744,654

1,823,000

Mitsubishi

UFJ

Financial

Group,

Inc.,

5.42%,

2/22/29

1,848,342

4,275,000

Huntington

Bancshares,

Inc.,

6.21%,

8/21/29

4,413,521

3,845,000

KeyCorp,

2.55%,

10/01/29

3,419,755

6,986,000

JPMorgan

Chase

&

Co.,

5.01%,

1/23/30

6,978,990

2,678,000

Citizens

Financial

Group,

Inc.,

5.84%,

1/23/30

2,719,179

2,487,000

Comerica,

Inc.,

5.98%,

1/30/30

(SOFR

+

215.50

bps)

(b)

2,514,310

3,571,000

First

Citizens

BancShares,

Inc.,

3.38%,

3/15/30

(TSFR3M

+

247

bps)

(c)

3,549,836

4,192,000

Sumitomo

Mitsui

Financial

Group,

Inc.,

2.13%,

7/08/30

3,585,255

7,365,000

Wells

Fargo

&

Co.,

2.88%,

10/30/30

(b)

6,646,282

Sterling

Capital

Total

Return

Bond

Fund

Schedule

of

Investments

(continued)

December

31,

2024

-

(Unaudited)

Principal

Amount

Fair

Value

CORPORATE

BONDS

—

(continued)

BANKS

—

(continued)

$

3,292,000

Citigroup,

Inc.,

2.98%,

11/05/30

(b)

$

2,970,087

3,554,000

Toronto-Dominion

Bank

(The),

3.63%,

9/15/31

(USSW5

+

220.50

bps)

(b)(c)

3,452,063

3,128,000

Westpac

Banking

Corp.,

GMTN,

4.32%,

11/23/31

(USISOA05

+

224

bps)

(b)

3,079,087

4,496,000

JPMorgan

Chase

&

Co.,

4.91%,

7/25/33

4,394,682

1,760,000

US

Bancorp,

Series

AA,

5.85%,

10/21/33

(SOFR

+

209

bps)

(b)(c)

1,799,473

4,433,000

Bank

of

America

Corp.,

5.29%,

4/25/34

(c)

4,403,096

73,517,417

BEVERAGES

—

0.32%

2,641,000

Bacardi

Ltd

/

Bacardi-Martini

BV,

5.40%,

6/15/33

(a)

2,588,731

2,144,000

Anheuser-Busch

InBev

Finance,

Inc.,

4.90%,

2/01/46

1,940,691

4,529,422

BIOTECH

&

PHARMA

—

0.33%

2,059,000

Pfizer

Investment

Enterprises

Pte

Ltd,

4.65%,

5/19/30

2,037,018

2,801,000

CSL

Finance

PLC,

4.25%,

4/27/32

(a)

2,634,192

4,671,210

BIOTECHNOLOGY

—

0.36%

5,111,000

Amgen,

Inc.,

5.25%,

3/02/30

5,159,651

CABLE

&

SATELLITE

—

0.36%

2,082,000

Charter

Communications

Operating

LLC,

6.10%,

6/01/29

2,124,454

2,943,000

Charter

Communications

Operating

LLC,

6.55%,

6/01/34

3,011,223

5,135,677

CAPITAL

MARKETS

—

1.62%

2,125,000

Blue

Owl

Capital

Corp.,

3.40%,

7/15/26

2,058,692

1,515,000

Barings

BDC,

Inc.,

3.30%,

11/23/26

1,453,598

4,031,000

Morgan

Stanley,

3.59%,

7/22/28

3,886,764

1,893,000

Ares

Management

Corp.,

6.38%,

11/10/28

1,980,924

1,805,000

Jefferies

Financial

Group,

Inc.,

4.15%,

1/23/30

1,720,379

3,509,000

BlackRock,

Inc.,

1.90%,

1/28/31

(d)

2,957,387

5,376,000

FactSet

Research

Systems,

Inc.,

3.45%,

3/01/32

4,741,517

4,389,000

Morgan

Stanley,

MTN,

5.25%,

4/21/34

(b)(c)

4,320,313

23,119,574

CHEMICALS

—

0.25%

3,689,000

LYB

International

Finance

III

LLC,

5.50%,

3/01/34

3,624,670

Sterling

Capital

Total

Return

Bond

Fund

Schedule

of

Investments

(continued)

December

31,

2024

-

(Unaudited)

Principal

Amount

Fair

Value

CORPORATE

BONDS

—

(continued)

CHEMICALS

—

(continued)

CONSTRUCTION

MATERIALS

—

0.37%

$

3,274,000

CRH

America

Finance,

Inc.,

5.40%,

5/21/34

$

3,284,123

2,321,000

Vulcan

Materials

Co.,

4.50%,

6/15/47

1,941,801

5,225,924

CONSUMER

SERVICES

—

0.31%

2,317,000

Duke

University,

3.30%,

10/01/46

1,683,964

3,898,000

Lehigh

University,

3.48%,

11/15/46

2,774,805

4,458,769

CONTAINERS

&

PACKAGING

—

0.18%

2,617,000

Smurfit

Kappa

Treasury

ULC,

5.44%,

4/03/34

(a)

2,615,218

DIVERSIFIED

TELECOMMUNICATION

SERVICES

—

0.24%

4,544,000

AT&T,

Inc.,

3.50%,

6/01/41

3,485,232

ELECTRIC

UTILITIES

—

2.41%

4,099,000

NextEra

Energy

Capital

Holdings,

Inc.,

2.44%,

1/15/32

3,418,653

3,881,000

Southern

California

Edison

Co.,

5.95%,

11/01/32

4,048,783

2,683,000

DTE

Electric

Co.,

5.20%,

4/01/33

2,681,132

2,688,000

Georgia

Power

Co.,

4.95%,

5/17/33

2,633,232

2,658,000

CenterPoint

Energy

Houston

Electric

LLC,

5.15%,

3/01/34

2,628,135

763,000

Vistra

Operations

Co.

LLC,

5.70%,

12/30/34

(a)

755,056

2,206,000

Duke

Energy

Florida

LLC,

6.40%,

6/15/38

2,375,813

3,106,000

Indiana

Michigan

Power

Co.,

4.55%,

3/15/46

2,628,847

4,927,000

Duke

Energy

Progress

LLC,

3.60%,

9/15/47

3,588,642

3,916,000

Puget

Sound

Energy,

Inc.,

4.22%,

6/15/48

3,141,634

2,037,000

Entergy

Louisiana

LLC,

5.70%,

3/15/54

2,014,617

2,000,000

Southern

California

Edison

Co.,

5.75%,

4/15/54

1,966,382

2,549,000

Dominion

Energy,

Inc.,

6.63%,

5/15/55

(H15T5Y

+

220.70

bps)

(b)

2,591,456

34,472,382

ENERGY

EQUIPMENT

&

SERVICES

—

0.13%

2,018,000

Halliburton

Co.,

4.85%,

11/15/35

1,918,605

ENTERTAINMENT

—

0.19%

2,653,000

Take-Two

Interactive

Software,

Inc.,

5.00%,

3/28/26

2,659,827

ENTERTAINMENT

CONTENT

—

0.19%

3,114,000

Warnermedia

Holdings,

Inc.,

4.28%,

3/15/32

2,744,972

Sterling

Capital

Total

Return

Bond

Fund

Schedule

of

Investments

(continued)

December

31,

2024

-

(Unaudited)

Principal

Amount

Fair

Value

CORPORATE

BONDS

—

(continued)

FINANCIAL

SERVICES

—

0.13%

$

2,074,000

KKR

Group

Finance

Co.

III

LLC,

5.13%,

6/01/44

(a)

$

1,896,453

FOOD

—

0.23%

3,820,000

Kraft

Heinz

Foods

Co.,

4.88%,

10/01/49

3,270,168

GAS

&

WATER

UTILITIES

—

0.14%

2,396,000

Sempra

Global,

3.25%,

1/15/32

(a)

2,001,311

HEALTH

CARE

EQUIPMENT

&

SUPPLIES

—

0.38%

5,250,000

GE

HealthCare

Technologies,

Inc.,

5.86%,

3/15/30

5,438,830

HEALTH

CARE

FACILITIES

&

SERVICES

—

0.36%

1,446,000

IQVIA,

Inc.,

6.25%,

2/01/29

1,495,073

3,706,000

HCA,

Inc.,

5.50%,

6/01/33

3,667,277

5,162,350

HOTELS,

RESTAURANTS

&

LEISURE

—

0.23%

3,399,000

Carnival

Corp.,

4.00%,

8/01/28

(a)

3,221,558

HOUSEHOLD

DURABLES

—

0.22%

3,335,000

Meritage

Homes

Corp.,

3.88%,

4/15/29

(a)

3,116,238

HOUSEHOLD

PRODUCTS

—

0.14%

2,275,000

SC

Johnson

&

Son,

Inc.,

4.75%,

10/15/46

(a)

1,935,726

INSTITUTIONAL

FINANCIAL

SERVICES

—

0.24%

3,289,000

LPL

Holdings,

Inc.,

6.75%,

11/17/28

3,455,491

INSURANCE

—

2.99%

2,806,000

SBL

Holdings,

Inc.,

5.13%,

11/13/26

(a)

2,757,181

2,147,000

GA

Global

Funding

Trust,

5.50%,

1/08/29

(a)

2,168,237

2,214,000

AXIS

Specialty

Finance

LLC,

3.90%,

7/15/29

2,102,253

2,535,000

RGA

Global

Funding,

5.50%,

1/11/31

(a)

2,561,959

1,793,000

Sammons

Financial

Group,

Inc.,

3.35%,

4/16/31

(a)

1,541,210

3,078,000

Enstar

Group

Ltd.,

3.10%,

9/01/31

2,632,780

5,773,000

Athene

Holding

Ltd.,

5.88%,

1/15/34

5,860,101

2,300,000

F&G

Annuities

&

Life,

Inc.,

6.25%,

10/04/34

2,232,245

2,060,000

SBL

Holdings,

Inc.,

7.20%,

10/30/34

(a)

2,004,004

2,480,000

Transatlantic

Holdings,

Inc.,

8.00%,

11/30/39

3,061,710

3,454,000

Meiji

Yasuda

Life

Insurance

Co.,

5.20%,

10/20/45

(a)

3,445,676

4,411,000

Global

Atlantic

Fin

Co.,

6.75%,

3/15/54

(a)

4,483,355

2,770,000

Nippon

Life

Insurance

Co.,

5.95%,

4/16/54

(a)

2,792,728

Sterling

Capital

Total

Return

Bond

Fund

Schedule

of

Investments

(continued)

December

31,

2024

-

(Unaudited)

Principal

Amount

Fair

Value

CORPORATE

BONDS

—

(continued)

INSURANCE

—

(continued)

$

3,098,000

Corebridge

Financial,

Inc.,

6.38%,

9/15/54

(H15T5Y

+

264.60

bps)

(b)

$

3,081,048

2,071,000

Athene

Holding

Ltd.,

6.63%,

10/15/54

2,059,414

42,783,901

INTERACTIVE

MEDIA

&

SERVICES

—

0.18%

2,677,000

Meta

Platforms,

Inc.,

5.40%,

8/15/54

2,594,102

INTERNET

&

DIRECT

MARKETING

RETAIL

—

0.14%

3,517,000

Amazon.com,

Inc.,

2.70%,

6/03/60

(d)

2,021,623

INTERNET

MEDIA

&

SERVICES

—

0.23%

3,459,000

Uber

Technologies,

Inc.,

4.50%,

8/15/29

(a)

3,347,358

IT

SERVICES

—

0.20%

2,870,000

Gartner,

Inc.,

4.50%,

7/01/28

(a)

2,798,185

METALS

&

MINING

—

0.40%

4,060,000

Newmont

Corp.,

2.80%,

10/01/29

3,700,215

2,088,000

Steel

Dynamics,

Inc.,

5.38%,

8/15/34

2,073,467

5,773,682

MULTI-UTILITIES

—

0.42%

4,084,000

Sempra,

3.80%,

2/01/38

3,376,921

3,070,000

CMS

Energy

Corp.,

4.70%,

3/31/43

2,613,773

5,990,694

OIL

&

GAS

PRODUCERS

—

0.85%

2,236,000

Western

Midstream

Operating

LP,

4.05%,

2/01/30

2,097,264

3,268,000

Antero

Resources

Corp.,

5.38%,

3/01/30

(a)

3,157,657

2,242,000

Energy

Transfer

LP,

3.75%,

5/15/30

2,091,943

2,871,000

EnLink

Midstream

LLC,

6.50%,

9/01/30

(TSFR3M

+

800

bps)

(a)(b)

3,006,684

1,896,000

Transcanada

Trust,

5.60%,

3/07/82

(b)

1,797,879

12,151,427

OIL,

GAS

&

CONSUMABLE

FUELS

—

1.60%

1,010,000

Hess

Corp.,

7.88%,

10/01/29

(d)

1,124,701

5,431,000

Aker

BP

ASA,

3.75%,

1/15/30

(a)

5,046,953

2,415,000

Pioneer

Natural

Resources

Co.,

1.90%,

8/15/30

2,057,387

2,547,000

Ovintiv,

Inc.,

6.25%,

7/15/33

2,608,293

1,896,000

Targa

Resources

Corp.,

6.50%,

3/30/34

2,005,137

2,037,000

Diamondback

Energy,

Inc.,

5.40%,

4/18/34

2,004,771

3,790,000

MPLX

LP,

4.50%,

4/15/38

3,304,280

Sterling

Capital

Total

Return

Bond

Fund

Schedule

of

Investments

(continued)

December

31,

2024

-

(Unaudited)

Principal

Amount

Fair

Value

CORPORATE

BONDS

—

(continued)

OIL,

GAS

&

CONSUMABLE

FUELS

—

(continued)

$

2,583,000

Apache

Corp.,

5.10%,

9/01/40

$

2,250,602

2,318,000

ONEOK,

Inc.,

7.15%,

1/15/51

2,519,679

22,921,803

PERSONAL

PRODUCTS

—

0.16%

2,295,000

Kenvue,

Inc.,

5.00%,

3/22/30

2,313,912

REIT

—

1.80%

3,279,000

American

Tower

Trust

#1,

Series

2018-1,

Class

A,

3.65%,

3/23/28

(a)(d)

3,125,438

2,480,000

Retail

Opportunity

Investments

Partnership

LP,

6.75%,

10/15/28

2,629,391

1,361,000

LXP

Industrial

Trust,

6.75%,

11/15/28

1,425,001

2,764,000

LXP

Industrial

Trust,

2.70%,

9/15/30

2,390,306

2,961,000

Store

Capital

LLC,

2.75%,

11/18/30

2,555,032

2,910,000

Tanger

Properties

LP,

2.75%,

9/01/31

2,455,009

2,964,000

Invitation

Homes

Operating

Partnership

LP,

4.15%,

4/15/32

2,733,131

2,380,000

Prologis

Targeted

US

Logistics

Fund

LP,

5.50%,

4/01/34

(a)

2,383,321

2,728,000

VICI

Properties

LP,

5.75%,

4/01/34

2,752,451

3,492,000

Phillips

Edison

Grocery

Center,

4.95%,

1/15/35

3,284,607

25,733,687

RETAIL

-

DISCRETIONARY

—

0.14%

2,147,000

Home

Depot,

Inc.,

(The),

2.70%,

4/15/30

1,933,133

SEMICONDUCTORS

—

0.34%

2,130,000

Broadcom,

Inc.,

4.15%,

11/15/30

2,037,412

2,815,000

Foundry

JV

Holdco

LLC,

6.15%,

1/25/32

(a)

2,840,818

4,878,230

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

—

0.50%

2,999,000

Marvell

Technology,

Inc.,

2.95%,

4/15/31

2,631,474

1,527,000

Marvell

Technology,

Inc.,

5.95%,

9/15/33

1,586,383

3,093,000

Broadcom,

Inc.,

4.93%,

5/15/37

(a)

2,943,455

7,161,312

SOFTWARE

—

0.45%

3,848,000

Oracle

Corp.,

4.90%,

2/06/33

3,747,748

2,749,000

Concentrix

Corp.,

6.85%,

8/02/33

2,771,536

6,519,284

Sterling

Capital

Total

Return

Bond

Fund

Schedule

of

Investments

(continued)

December

31,

2024

-

(Unaudited)

Principal

Amount

Fair

Value

CORPORATE

BONDS

—

(continued)

SPECIALTY

FINANCE

—

0.87%

$

4,528,000

Avolon

Holdings

Funding

Ltd.,

5.75%,

3/01/29

(a)

$

4,573,528

2,094,000

Radian

Group,

Inc.,

6.20%,

5/15/29

2,149,385

2,330,000

Penske

Truck

Leasing

Co.

Lp,

6.20%,

6/15/30

(a)

2,444,429

3,205,000

AerCap

Ireland

Capital

DAC,

6.15%,

9/30/30

3,348,118

12,515,460

TECHNOLOGY

HARDWARE

—

0.21%

3,046,000

Dell

International

LLC

/

EMC

Corp.,

5.40%,

4/15/34

3,039,449

TECHNOLOGY

SERVICES

—

0.39%

2,762,000

S&P

Global,

Inc.,

4.25%,

5/01/29

2,701,270

3,194,000

Kyndryl

Holdings,

Inc.,

3.15%,

10/15/31

2,767,966

5,469,236

TELECOMMUNICATIONS

—

0.76%

9,688

Sprint

Spectrum

Co.

LLC

/

Sprint

Spectrum

Co.

II

LLC,

4.74%,

3/20/25

(a)

9,682

2,305,000

AT&T,

Inc.,

4.30%,

2/15/30

2,233,432

3,644,000

Sprint

Capital

Corp.,

8.75%,

3/15/32

4,360,778

4,208,000

T-Mobile

USA,

Inc.,

6.00%,

6/15/54

4,273,815

10,877,707

TOBACCO

&

CANNABIS

—

0.36%

2,073,000

Philip

Morris

International,

Inc.,

5.13%,

2/15/30

2,082,800

2,997,000

BAT

Capital

Corp.,

6.42%,

8/02/33

3,167,933

5,250,733

TRANSPORTATION

&

LOGISTICS

—

0.20%

3,094,000

Burlington

Northern

Santa

Fe

LLC,

4.95%,

9/15/41

2,882,259

Total

(Cost $439,014,490)

428,861,733

Principal

Amount

Fair

Value

ASSET

BACKED

SECURITIES

—

12.36%

1,403,000

Avis

Budget

Rental

Car

Funding

AESOP

LLC,

Series

2A

,

Class

A,

2.02%,

2/20/27

(a)

1,369,324

8,720,000

Carvana

Auto

Receivables

Trust,

Series

P2

,

Class

B,

1.27%,

3/10/27

8,381,409

6,250,000

Avis

Budget

Rental

Car

Funding

AESOP

LLC,

Series

1A

,

Class

A,

1.38%,

8/20/27

(a)

5,958,238

5,024,000

BANK5

Trust,

Series

2024-5YR5

,

6.27%,

2/15/29

5,153,033

5,730,000

CarMax

Auto

Owner

Trust,

Series

4

,

Class

A4,

5.96%,

5/15/29

5,884,861

7,101,000

Enterprise

Fleet

Financing,

Series

1

,

Class

A3,

5.42%,

10/22/29

(a)

7,190,484

Sterling

Capital

Total

Return

Bond

Fund

Schedule

of

Investments

(continued)

December

31,

2024

-

(Unaudited)

Principal

Amount

Fair

Value

ASSET

BACKED

SECURITIES

—

(continued)

$

13,050,000

OneMain

Direct

Auto

Receivables

Trust,

Series

1A

,

Class

A,

5.41%,

11/14/29

(a)

$

13,185,417

4,543,000

Avis

Budget

Rental

Car

Funding

AESOP

LLC,

Series

8A

,

Class

A,

6.02%,

2/20/30

(a)

4,709,707

6,364,000

Verizon

Master

Trust,

Series

3

,

Class

A1A,

5.34%,

4/22/30

6,470,589

3,127,000

Avis

Budget

Rental

Car

Funding

AESOP

LLC,

Series

2023-1A

,

Class

A,

5.36%,

6/20/30

(a)(b)

3,169,974

17,494,000

Hertz

Vehicle

Financing

III

LLC,

Series

2A

,

Class

A,

5.48%,

1/27/31

(a)

17,609,079

5,625,000

ARI

Fleet

Lease

Trust,

Series

B

,

Class

A3,

5.89%,

7/15/32

(a)

5,739,184

276,778

New

Century

Home

Equity

Loan

Trust,

Series

4

,

Class

M1,

5.58%,

10/25/33

(d)

274,200

18,422

RAAC

Trust,

STEP,

Series

2004-SP1

,

Class

AI3,

6.12%,

3/25/34

18,244

11,959,000

Ford

Credit

Auto

Owner

Trust,

Series

2

,

Class

A,

1.53%,

5/15/34

(a)

11,294,475

4,226,000

BANK

Trust,

Series

2024-BNK48

,

Class

A5,

5.05%,

9/15/34

4,160,660

3,684,000

BANK

Trust,

Series

2024-BNK48

,

Class

AS,

5.36%,

10/15/34

3,626,119

1,354,459

Saxon

Asset

Securities

Trust,

Series

3

,

Class

M1,

5.35%,

12/26/34

(TSFR1M

+

101

bps)

(b)

1,300,508

3,950,000

OneMain

Financial

Issuance

Trust,

Series

S1

,

Class

A,

4.13%,

5/14/35

(a)

3,925,294

20,805,000

OneMain

Financial

Issuance

Trust,

Series

1A

,

Class

A1,

1.55%,

6/16/36

(a)

19,485,075

4,830,150

OPG

Trust,

Series

2021-PORT

,

Class

C,

5.34%,

10/15/36

(a)

4,805,999

2,863,975

BX

Trust,

Series

2021-RISE

,

Class

C,

5.96%,

11/15/36

(a)

2,837,125

4,283,443

MVW

LLC,

Series

2024-2

,

Class

A,

4.43%,

3/20/42

(a)

4,193,651

1,796,000

BANK5

Trust,

Series

2023-5YR3

,

Class

AS,

7.56%,

9/15/56

1,912,103

14,266,282

SMB

Private

Education

Loan

Trust,

Series

2024-E

,

Class

A-1A,

5.09%,

10/16/56

(a)

14,176,137

9,898,000

BANK5

Trust,

Series

2024-5YR6

,

Class

A3,

6.23%,

5/15/57

10,285,293

9,377,000

BANK5

Trust,

Series

2024-5YR6

,

Class

AS,

6.79%,

5/15/57

9,816,079

Total

(Cost $178,844,365)

176,932,261

Sterling

Capital

Total

Return

Bond

Fund

Schedule

of

Investments

(continued)

December

31,

2024

-

(Unaudited)

Principal

Amount

Fair

Value

MUNICIPAL

BONDS

—

1.08%

Alabama

—

0.18%

$

2,675,000

Alabama

Economic

Settlement

Authority,

Economic

Imports,

Taxable

BP

-

Settlement

Revenue

Series

B

,

4.26

%,

9/15/32

(d)

$

2,557,807

California

—

0.09%

1,145,000

State

of

California,

Build

America

Bonds,

School

Improvements

G.O.

,

7.63

%,

3/1/40

(d)

1,349,193

New

York

—

0.81%

5,000,000

City

of

New

York

NY

,

5.68

%,

10/1/33

5,221,434

345,000

Metropolitan

Transportation

Authority,

Taxable

Green

Bonds,

Green

Purpose

Revenue

Bonds

Series

C2

,

5.18

%,

11/15/49

296,303

7,130,000

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue,

Public

Improvements,

Taxable

Revenue,

Callable

2/1/27

@

100

,

3.00

%,

11/1/33

6,067,789

Total

(Cost $16,453,354)

15,492,526

Principal

Amount

Fair

Value

COMMERCIAL

MORTGAGE-BACKED

SECURITIES

—

11.30%

2,755,220

Fannie

Mae-Aces,

Series

2017-M8,

Class

A2,

3.06%,

5/25/27

2,665,265

4,238,193

FRESB

Mortgage

Trust,

Series

SB52,

Class

A10F,

3.48%,

6/25/28

4,053,513

1,396,000

Benchmark

Mortgage

Trust,

Series

V6,

Class

A3,

5.93%,

3/15/29

1,434,514

5,293,000

Benchmark

Mortgage

Trust,

Series

V6,

Class

AS,

6.38%,

3/15/29

5,461,489

1,820,536

Fannie

Mae-Aces,

Series

2019-M9,

Class

A2,

2.94%,

6/25/29

1,697,507

3,386,000

Freddie

Mac

Multifamily

Structured

Pass

Through,

Series

K153,

Class

A3,

3.12%,

10/25/31

3,038,120

8,536,000

Freddie

Mac

Multifamily

Structured

Pass

Through,

Series

K155,

Class

A3,

3.75%,

4/25/33

7,838,046

40,594

CSFB

Mortgage-Backed

Pass-Through

Certificates,

Series

1,

Class

2A1,

6.50%,

2/25/34

40,648

38,814

CHL

Mortgage

Pass-Through

Trust,

Series

3,

Class

A4,

5.75%,

4/25/34

37,609

9,033

Citigroup

Mortgage

Loan

Trust,

Inc.,

Series

NCM2,

Class

3CB2,

6.50%,

9/01/34

(d)

9,004

8

Citicorp

Residential

Mortgage

Trust,

STEP,

Series

2007-2,

Class

A6,

6.77%,

6/25/37

8

3,080,414

ELP

Commercial

Mortgage

Trust,

Series

2021-ELP,

Class

C,

5.83%,

11/15/38

(a)

3,076,564

2,958,598

BX

Commercial

Mortgage

Trust,

Series

2021-ACNT,

Class

C,

6.01%,

11/15/38

(a)

2,951,245

Sterling

Capital

Total

Return

Bond

Fund

Schedule

of

Investments

(continued)

December

31,

2024

-

(Unaudited)

Principal

Amount

Fair

Value

COMMERCIAL

MORTGAGE-BACKED

SECURITIES

—

(continued)

2,823,421

BX

Commercial

Mortgage

Trust,

Series

2021-CIP,

Class

B,

5.78%,

12/15/38

(a)

2,819,892

2,597,776

SMR

Mortgage

Trust,

Series

2022-IND,

Class

A,

6.05%,

2/15/39

(a)

2,566,179

68,612

GS

Mortgage

Securities

Trust,

Series

2010-C1,

Class

B,

5.15%,

8/10/43

(a)

68,473

82,654

Freddie

Mac,

Series

4710,

Class

GA,

3.00%,

3/15/44

81,953

1,253,210

JP

Morgan

Chase

Commercial

Mortgage,

Series

C3,

Class

B,

5.01%,

2/15/46

(a)(b)

1,185,139

90,042

COMM

Mortgage

Trust,

3.69%,

8/10/47

88,691

99,607

GS

Mortgage

Securities

Trust,

3.93%,

9/01/47

99,022

1,337,000

CSAIL

Commercial

Mortgage

Trust,

Series

2015-C4,

Class

A4,

3.81%,

11/15/48

1,325,229

2,812,000

Wells

Fargo

Commercial

Mortgage

Trust,

Series

P2,

Class

A4,

3.81%,

12/15/48

2,782,772

2,209,000

GS

Mortgage

Securities

Trust,

Series

2016-GS4,

Class

A4,

3.44%,

11/10/49

2,146,842

4,314,000

CD

Mortgage

Trust,

Series

2016-CD2,

Class

A4,

3.53%,

11/10/49

4,135,074

2,562,000

Morgan

Stanley

Capital

I

Trust,

Series

BNK2,

Class

A4,

3.05%,

11/15/49

2,451,159

1,517,000

JP

Morgan

Chase

Commercial

Mortgage,

Series

JP4,

Class

A4,

3.65%,

12/15/49

1,473,995

5,198,000

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series

C32,

Class

A4,

3.72%,

12/15/49

5,054,367

723,000

Wells

Fargo

Commercial

Mortgage

Trust,

Series

C37,

Class

A5,

3.79%,

12/15/49

707,354

530,000

CD

Mortgage

Trust,

Series

2017-CD3,

Class

A4,

3.63%,

2/10/50

500,661

3,742,000

JPMCC

Commercial

Mortgage

Securities

Trust,

Series

JP5,

Class

A5,

3.72%,

3/15/50

3,629,105

1,337,000

Citigroup

Commercial

Mortgage

Trust,

Series

P7,

Class

A4,

3.71%,

4/14/50

1,285,181

7,241,000

COMM

Mortgage

Trust,

Series

COR2,

Class

A3,

3.51%,

9/10/50

6,882,375

8,591,000

Wells

Fargo

Commercial

Mortgage

Trust,

Series

C40,

Class

A4,

3.58%,

10/15/50

8,259,784

8,910,000

Morgan

Stanley

Capital

I,

Series

HR2,

Class

A4,

3.59%,

12/15/50

8,530,001

9,850,000

Morgan

Stanley

Capital

I

Trust,

Series

H3,

Class

A5,

4.18%,

7/15/51

9,561,146

3,447,000

CFCRE

Commercial

Mortgage

Trust,

Series

C7,

Class

A3,

3.84%,

12/10/54

3,351,792

3,127,000

Benchmark

Mortgage

Trust,

Series

V2,

Class

AS,

6.54%,

5/15/55

3,224,859

Sterling

Capital

Total

Return

Bond

Fund

Schedule

of

Investments

(continued)

December

31,

2024

-

(Unaudited)

Principal

Amount

Fair

Value

COMMERCIAL

MORTGAGE-BACKED

SECURITIES

—

(continued)

8,156,000

Benchmark

Mortgage

Trust,

Series

2024-V7,

Class

A3,

6.23%,

5/15/56

8,477,656

6,548,000

Benchmark

Mortgage

Trust,

Series

2024-V7,

Class

AS,

6.53%,

5/15/56

6,789,404

1,210,000

BANK5

Trust,

Series

2023-5YR4,

Class

AS,

7.27%,

12/15/56

1,281,235

8,434,000

Benchmark

Mortgage

Trust,

Series

V5,

Class

A3,

5.81%,

1/10/57

8,642,875

2,940,000

BBCMS

Mortgage

Trust,

Series

5C25,

Class

A3,

5.95%,

3/15/57

3,029,508

2,002,000

BBCMS

Mortgage

Trust,

Series

5C25,

Class

AS,

6.36%,

3/15/57

2,066,022

3,398,000

BBCMS

Mortgage

Trust,

Series

2024-C26,

Class

A5,

5.83%,

5/15/57

3,546,696

3,049,000

BBCMS

Mortgage

Trust,

Series

2024-C26,

Class

AS,

6.09%,

5/15/57

3,130,504

7,717,000

BMO

Mortgage

Trust,

Series

2024-C9,

Class

A5,

5.76%,

7/15/57

7,983,398

6,115,000

BMO

Mortgage

Trust,

Series

2024-C9,

Class

AS,

6.13%,

7/15/57

6,347,355

30,753

WFRBS

Commercial

Mortgage

Trust,

Series

C23,

Class

A5,

3.92%,

10/15/57

30,650

4,185,000

BMO

Mortgage

Trust,

Series

2024-C10,

Class

A5,

5.48%,

11/15/57

4,250,706

1,620,000

BMO

Mortgage

Trust,

Series

2024-C10,

Class

AS,

5.73%,

11/15/57

1,631,189

Total

(Cost $167,263,288)

$

161,721,775

Principal

Amount

Fair

Value

MORTGAGE-BACKED

SECURITIES

—

26.64%

Fannie

Mae

—

15.32%

1,477

5.00%,

9/01/25,

Pool

#255892

1,473

795,443

4.00%,

12/01/33,

Pool

#MA1689

772,532

464,467

4.00%,

6/01/34,

Pool

#MA1922

450,398

425,549

4.00%,

3/01/35,

Pool

#MA2211

411,428

193,062

5.50%,

8/01/37,

Pool

#995082

194,810

2,116,962

3.50%,

8/01/38,

Pool

#FM2472

1,991,039

74,763

4.50%,

10/01/39,

Pool

#AC2645

72,033

83,666

5.00%,

6/01/40,

Pool

#AD4927

83,344

86,084

5.00%,

6/01/40,

Pool

#AD8718

85,752

4,985,360

4.00%,

8/01/40,

Pool

#FM4673

4,806,958

10,857,134

1.50%,

12/01/40,

Pool

#MA4202

8,669,864

Sterling

Capital

Total

Return

Bond

Fund

Schedule

of

Investments

(continued)

December

31,

2024

-

(Unaudited)

Principal

Amount

Fair

Value

MORTGAGE-BACKED

SECURITIES

—

(continued)

Fannie

Mae

—

(continued)

165,155

4.50%,

12/01/40,

Pool

#AH1100

160,065

105,978

4.50%,

3/01/41,

Pool

#AB2467

102,710

180,460

4.50%,

5/01/41,

Pool

#AI1023

173,421

132,525

4.50%,

11/01/41,

Pool

#AJ4994

128,438

153,182

4.50%,

12/01/41,

Pool

#AJ7696

148,461

383,469

3.50%,

6/01/42,

Pool

#AB5373

349,185

337,243

3.50%,

5/01/43,

Pool

#AB9368

306,337

659,906

3.50%,

5/01/43,

Pool

#AL3605

594,343

899,010

3.50%,

8/01/43,

Pool

#AU0613

814,909

184,759

4.50%,

11/01/44,

Pool

#MA2100

177,461

542,027

4.50%,

1/01/45,

Pool

#MA2158

520,615

653,663

4.00%,

3/01/45,

Pool

#MA2217

(d)

607,593

589,760

4.00%,

6/01/46,

Pool

#MA2653

547,403

516,850

4.50%,

7/01/46,

Pool

#AS7568

496,120

707,727

4.00%,

11/01/46,

Pool

#MA2808

656,604

925,976

4.00%,

5/01/47,

Pool

#BE9598

857,337

1,179,002

4.00%,

8/01/47,

Pool

#BH5117

1,092,957

3,014,679

4.00%,

4/01/48,

Pool

#BM3900

2,790,501

1,141,181

5.00%,

8/01/48,

Pool

#CA2219

1,122,618

2,775,244

3.00%,

11/01/48,

Pool

#BM5822

2,404,380

9,430,458

4.50%,

11/01/48,

Pool

#BM7046

9,092,821

3,885,590

3.50%,

10/01/49,

Pool

#CA4431

3,481,181

5,530,383

3.00%,

3/01/50,

Pool

#FM2714

4,755,772

9,620,081

3.00%,

3/01/50,

Pool

#FM2870

8,317,837

6,392,835

2.00%,

7/01/50,

Pool

#CA6301

5,039,850

7,992,794

2.50%,

9/01/50,

Pool

#BQ0538

6,566,056

14,469,479

3.50%,

9/01/50,

Pool

#FS5284

12,963,528

3,328,255

3.00%,

10/01/50,

Pool

#CA7381

2,847,118

4,352,740

4.00%,

8/01/51,

Pool

#FS8708

4,020,456

4,016,244

3.00%,

11/01/51,

Pool

#CB2170

3,422,893

10,631,449

3.50%,

4/01/52,

Pool

#FS1185

9,420,986

13,418,153

3.50%,

4/01/52,

Pool

#FS1475

11,994,578

1,733,208

4.00%,

5/01/52,

Pool

#FS1790

1,585,162

8,293,248

4.50%,

6/01/52,

Pool

#FS2157

7,878,397

6,303,663

4.50%,

11/01/52,

Pool

#FS3809

5,941,277

Sterling

Capital

Total

Return

Bond

Fund

Schedule

of

Investments

(continued)

December

31,

2024

-

(Unaudited)

Principal

Amount

Fair

Value

MORTGAGE-BACKED

SECURITIES

—

(continued)

Fannie

Mae

—

(continued)

6,095,753

5.00%,

11/01/52,

Pool

#CB5278

5,904,789

6,939,896

5.50%,

3/01/53,

Pool

#FS3925

6,882,701

7,244,922

4.50%,

5/01/53,

Pool

#CB6304

6,828,392

15,148,045

5.00%,

5/01/53,

Pool

#FS4929

14,812,129

8,792,227

5.50%,

5/01/53,

Pool

#FS4571

8,715,113

9,165,617

6.00%,

6/01/53,

Pool

#FS6616

9,276,622

11,369,995

5.50%,

7/01/53,

Pool

#FS5589

11,272,719

6,453,390

6.00%,

7/01/53,

Pool

#FS5233

6,523,786

19,297,722

6.00%,

9/01/53,

Pool

#CB7124

19,751,559

$

218,886,811

Freddie

Mac

—

10.94%

1,866

5.00%,

7/01/25,

Pool

#ZA1892

1,858

39,390

2.50%,

1/01/28,

Pool

#ZK4918

38,364

162,138

3.50%,

7/01/30,

Pool

#ZS8575

158,165

25,234

5.00%,

3/01/36,

Pool

#ZS4230

25,039

781,440

4.00%,

4/01/36,

Pool

#ZA2413

754,563

1,059,094

3.50%,

6/01/36,

Pool

#ZA2414

(d)

1,001,029

7,121

5.00%,

7/01/36,

Pool

#ZS1139

7,072

595,980

3.50%,

8/01/36,

Pool

#ZA2425

561,212

79,854

6.50%,

9/01/36,

Pool

#ZS4257

82,926

1,438,206

3.50%,

11/01/36,

Pool

#ZA2439

1,354,701

33,846

5.00%,

2/01/37,

Pool

#ZI5759

33,716

1,203,899

4.00%,

5/01/37,

Pool

#ZA2461

1,155,502

28,845

4.50%,

10/01/39,

Pool

#ZI9349

27,792

3,987,416

3.00%,

5/01/40,

Pool

#RB5049

3,599,396

89,883

5.00%,

6/01/40,

Pool

#ZA1049

89,536

227,900

5.00%,

7/01/40,

Pool

#ZJ0194

227,021

26,776

5.00%,

9/01/40,

Pool

#ZA1066

26,672

5,510,489

2.00%,

12/01/40,

Pool

#RB5090

4,599,521

327,133

4.00%,

12/01/42,

Pool

#ZS3671

306,242

252,895

3.50%,

5/01/43,

Pool

#ZL5915

229,852

128,386

4.00%,

5/01/44,

Pool

#ZA4468

119,494

66,845

4.00%,

7/01/44,

Pool

#ZS4573

62,298

117,898

4.00%,

9/01/44,

Pool

#ZL8439

109,454

1,487,104

3.50%,

1/01/45,

Pool

#ZL8964

1,344,554

Sterling

Capital

Total

Return

Bond

Fund

Schedule

of

Investments

(continued)

December

31,

2024

-

(Unaudited)

Principal

Amount

Fair

Value

MORTGAGE-BACKED

SECURITIES

—

(continued)

Freddie

Mac

—

(continued)

1,330,818

3.50%,

5/01/46,

Pool

#ZS4663

1,193,896

376,882

4.00%,

8/01/46,

Pool

#ZS4673

349,696

903,372

3.50%,

9/01/46,

Pool

#ZS4678

813,776

2,089,864

3.50%,

9/01/47,

Pool

#ZM4305

1,874,962

552,065

3.50%,

1/01/48,

Pool

#ZM5375

495,292

466,956

4.00%,

2/01/48,

Pool

#ZT1639

432,880

454,401

4.00%,

6/01/48,

Pool

#ZT0541

421,826

2,305,086

3.00%,

11/01/49,

Pool

#QA4336

1,990,135

1,988,341

3.50%,

6/01/50,

Pool

#RA2794

1,782,099

8,455,415

2.50%,

7/01/50,

Pool

#RA2970

6,962,008

206,242

3.00%,

1/01/51,

Pool

#SD8123

176,522

1,159,545

3.00%,

12/01/51,

Pool

#SD8184

987,218

4,594,709

3.50%,

4/01/52,

Pool

#RA7191

4,094,871

9,221,163

4.00%,

5/01/52,

Pool

#RA7306

8,467,482

10,990,448

3.50%,

6/01/52,

Pool

#SD2670

9,839,605

9,551,467

4.00%,

8/01/52,

Pool

#SD3617

8,833,349

9,030,123

4.50%,

8/01/52,

Pool

#SD1515

8,510,982

9,063,951

5.00%,

9/01/52,

Pool

#RA7936

8,777,397

8,406,831

5.00%,

10/01/52,

Pool

#SD1710

8,153,530

8,728,700

5.50%,

2/01/53,

Pool

#QF8052

8,652,822

10,968,167

4.00%,

3/01/53,

Pool

#SD3107

10,074,047

2,867,575

5.00%,

3/01/53,

Pool

#SD2390

2,777,601

15,230,622

5.50%,

3/01/53,

Pool

#SD2774

15,115,082

5,394,066

6.00%,

5/01/53,

Pool

#SD3072

5,455,075

10,087,862

5.00%,

8/01/53,

Pool

#SD3814

9,756,652

3,390,344

6.00%,

8/01/53,

Pool

#SD3636

3,427,599

1,571,894

5.00%,

9/01/53,

Pool

#SD4220

1,522,222

5,772,347

6.00%,

10/01/53,

Pool

#SD4222

5,838,046

4,310,569

5.50%,

12/01/54,

Pool

#SD6940

4,274,532

$

156,967,183

Ginnie

Mae

I

—

0.00%

46,436

5.00%,

2/15/40,

Pool

#737037

46,038

—

Ginnie

Mae

II

—

0.38%

5,912,860

4.00%,

7/20/52,

Pool

#786280

5,462,224

Sterling

Capital

Total

Return

Bond

Fund

Schedule

of

Investments

(continued)

December

31,

2024

-

(Unaudited)

Principal

Amount

Fair

Value

MORTGAGE-BACKED

SECURITIES

—

(continued)

Ginnie

Mae

II

—

(continued)

$

—

Total

(Cost $403,521,653)

381,362,256

Principal

Amount

Fair

Value

COLLATERALIZED

MORTGAGE

OBLIGATIONS

—

3.12%

448,797

Freddie

Mac,

Series

4136,

Class

HZ,

3.50%,

11/15/27

440,325

324,000

Freddie

Mac,

Series

4160,

Class

HH,

2.50%,

12/15/32

298,820

8,452,802

Ginnie

Mae,

Series

132,

Class

DV,

6.00%,

7/20/34

8,522,455

110,401

Ginnie

Mae,

Series

2008-51,

Class

PG,

5.00%,

6/20/38

110,784

462,100

Fannie

Mae,

Series

2013-16,

Class

A,

1.75%,

1/25/40

456,495

177,498

Freddie

Mac,

Series

3632,

Class

PK,

5.00%,

2/15/40

178,404

2,484,879

Ginnie

Mae,

Series

2014-2,

Class

AG,

2.28%,

3/20/40

2,154,844

128,204

Freddie

Mac,

Series

4077,

Class

PJ,

3.50%,

11/15/40

127,446

730,000

Freddie

Mac,

Series

3762,

Class

LN,

4.00%,

11/15/40

673,175

524,207

Fannie

Mae,

Series

2011-38,

Class

D,

4.50%,

5/25/41

(d)

515,594

3,363,882

Freddie

Mac,

Series

5427,

Class

HZ,

3.50%,

8/15/42

2,702,668

6,956,976

Freddie

Mac,

Series

4112,

Class

PB,

4.00%,

9/15/42

6,392,527

891,000

Fannie

Mae,

Series

2013-70,

Class

CY,

3.50%,

7/25/43

748,093

271,048

Freddie

Mac,

Series

4328,

Class

KD,

3.00%,

8/15/43

258,127

1,212,684

Freddie

Mac,

Series

4427,

Class

KA,

2.25%,

7/15/44

1,117,365

8,950,248

Freddie

Mac,

Series

5300,

Class

AB,

5.50%,

1/25/49

8,901,333

10,862,736

Ginnie

Mae,

Series

154,

Class

GA,

6.00%,

4/20/50

11,055,606

Total

(Cost $45,91,577)

44,654,061

Principal

Amount

Fair

Value

U.S.

GOVERNMENT

AGENCIES

—

0.29%

5,325,000

Federal

Farm

Credit

Banks

Funding

Corp.,

2.40

%

,

3/24/36

4,115,225

Total

(Cost $4,309,660)

4,115,225

Principal

Amount

Fair

Value

U.S.

TREASURY

BONDS

&

NOTES

—

14.26%

15,157,600

U.S.

Treasury

Note,

2.63

%

,

2/15/29

14,169,396

94,269,400

United

States

Treasury

Note,

4.13

%

,

11/15/32

(d)

91,945,806

87,023,000

United

States

Treasury

Bond,

2.50

%

,

2/15/45

60,450,391

76,831,700

United

States

Treasury

Bond,

1.38

%

,

8/15/50

37,536,487

Total

(Cost $206,987,518)

204,102,080

Sterling

Capital

Total

Return

Bond

Fund

Schedule

of

Investments

(continued)

December

31,

2024

-

(Unaudited)

Shares

Fair

Value

MONEY

MARKET

FUNDS

—

0.50%

7,184,657

Federated

Hermes

Treasury

Obligations

Fund,

Institutional

Shares,

4.35%

(e)

7,184,657

Total

Money

Market

Funds

(Cost

$7,184,657)

$

7,184,657

Total

Investments—

99.52%

(Cost

$1,468,77

0,562)

1,424,426,574

Other

Assets

in

Excess

of

Liabilities

—

0.48%

6,933,106

NET

ASSETS

—

100.00%

$

1,431,359,680

(a)

Security

exempt

from

registration

under

Rule

144A

or

Section

4(2)

of

the

Securities

Act

of

1933.

The

security

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

The

Advisor,

using

Board

approved

procedures,

has

deemed

these

securities

or

a

portion

of

these

securities

to

be

liquid.

(b)

The

interest

rate

for

this

variable

rate

note,

which

will

change

periodically,

is

based

either

on

the

prime

rate

or

an

index

of

market

rates.

The

reflected

rate

is

in

effect

as

of

December

31,

2024.

The

maturity

date

reflected

is

the

final

maturity

date.

(c)

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.

(d)

All

or

a

portion

of

the

securities

are

held

in

a

separate

collateral

account

at

US

Bank.

The

total

value

of

securities

held

in

a

separate

collateral

account

as

of

the

period

ended

December

31,

2024

is

$87,796,808,

which

represents

6.13%

of

net

assets.

(e)

Represents

the

current

yield

as

of

report

date.

GMTN

Global

Medium

Term

Note

G.O.

General

Obligation

MTN

Medium

Term

Note

STEP

Step

Coupon

Bond

Sterling

Capital

Long

Duration

Corporate

Bond

Fund

Schedule

of

Investments

December

31,

2024

-

(Unaudited)

c

Principal

Amount

Fair

Value

CORPORATE

BONDS

—

94.90%

AEROSPACE

&

DEFENSE

—

2.87%

$

172,000

Howmet

Aerospace,

Inc.,

5.95%,

2/01/37

$

178,017‌

160,000

RTX

Corp.,

4.45%,

11/16/38

142,417‌

268,000

Boeing

Co.,

(The),

5.71%,

5/01/40

255,203‌

212,000

RTX

Corp.,

2.82%,

9/01/51

128,805‌

194,000

Lockheed

Martin

Corp.,

4.15%,

6/15/53

155,290‌

205,000

L3Harris

Technologies,

Inc.,

5.60%,

7/31/53

198,904‌

111,000

RTX

Corp.,

6.40%,

3/15/54

120,922‌

131,000

Boeing

Co.,

(The),

6.86%,

5/01/54

139,504‌

1,319,062‌

ASSET

MANAGEMENT

—

0.92%

154,000

Blue

Owl

Finance

LLC,

Series

C10,

4.13%,

10/07/51

112,359‌

97,000

KKR

Group

Finance

Co

X

LLC,

3.25%,

12/15/51

(a)

63,441‌

261,000

Ares

Management

Corp.,

5.60%,

10/11/54

248,528‌

424,328‌

AUTOMOTIVE

—

0.56%

67,000

General

Motors

Financial

Co.,

Inc.,

6.10%,

1/07/34

68,002‌

241,000

Ford

Motor

Co.,

4.75%,

1/15/43

190,187‌

258,189‌

BANKS

—

8.22%

92,000

Morgan

Stanley,

5.42%,

7/21/34

(b)

91,381‌

143,000

Morgan

Stanley,

2.48%,

9/16/36

116,332‌

114,000

Bank

of

America

Corp.,

2.48%,

9/21/36

(b)

93,047‌

96,000

Fifth

Third

Bancorp,

8.25%,

3/01/38

115,134‌

219,000

Bank

of

America

Corp.,

4.24%,

4/24/38

194,953‌

100,000

HSBC

Holdings

PLC,

6.80%,

6/01/38

104,887‌

264,000

Morgan

Stanley,

3.97%,

7/22/38

224,617‌

212,000

JPMorgan

Chase

&

Co.,

3.88%,

7/24/38

(TSFR3M

+

162

bps)

181,018‌

81,000

Citigroup,

Inc.,

3.88%,

1/24/39

67,569‌

128,000

Westpac

Banking

Corp.,

2.96%,

11/16/40

91,165‌

118,000

Citigroup,

Inc.,

5.32%,

3/26/41

113,693‌

365,000

JPMorgan

Chase

&

Co.,

3.11%,

4/22/41

(TSFR3M

+

246

bps)

270,832‌

211,000

Wells

Fargo

&

Co.,

3.07%,

4/30/41

(b)

153,724‌

418,000

Bank

of

America

Corp.,

MTN,

2.68%,

6/19/41

(b)

290,647‌

56,000

Citigroup,

Inc.,

5.88%,

1/30/42

57,265‌

153,000

JPMorgan

Chase

&

Co.,

3.16%,

4/22/42

112,451‌

204,000

Barclays

PLC,

3.33%,

11/24/42

(H15T1Y

+

130

bps)

147,837‌

200,000

UBS

Group

AG,

3.18%,

2/11/43

(a)

144,226‌

363,000

Wells

Fargo

&

Co.,

5.38%,

11/02/43

339,085‌

93,000

JPMorgan

Chase

&

Co.,

5.53%,

11/29/45

90,857‌

200,000

Lloyds

Banking

Group

PLC,

3.37%,

12/14/46

138,488‌

161,000

JPMorgan

Chase

&

Co.,

4.26%,

2/22/48

133,411‌

Sterling

Capital

Long

Duration

Corporate

Bond

Fund

Schedule

of

Investments

(continued)

December

31,

2024

-

(Unaudited)

Principal

Amount

Fair

Value

CORPORATE

BONDS

—

(continued)

BANKS

—

(continued)

$

136,000

Charles

Schwab

Corp.

(The),

Series

H,

4.00%,

12/31/49

(H15T10Y

+

307.90

bps)

(b)(c)

$

117,409‌

232,000

Bank

of

America

Corp.,

MTN,

4.33%,

3/15/50

(TSFR3M

+

178

bps)

190,182‌

117,000

Wells

Fargo

&

Co.,

MTN,

5.01%,

4/04/51

(TSFR3M

+

450

bps)

(b)

104,004‌

113,000

S&P

Global,

Inc.,

3.70%,

3/01/52

84,483‌

3,768,697‌

BEVERAGES

—

2.59%

170,000

Anheuser-Busch

Cos.

LLC,

4.70%,

2/01/36

161,155‌

109,000

Diageo

Capital

PLC,

3.88%,

4/29/43

87,001‌

317,000

Anheuser-Busch

Cos.

LLC,

4.90%,

2/01/46

288,514‌

200,000

Bacardi

Ltd.,

5.30%,

5/15/48

(a)

179,333‌

214,000

Constellation

Brands,

Inc.,

3.75%,

5/01/50

157,150‌

96,000

PepsiCo,

Inc.,

2.75%,

10/21/51

59,972‌

194,000

PepsiCo,

Inc.,

4.65%,

2/15/53

169,687‌

86,000

Anheuser-Busch

InBev

Worldwide,

Inc.,

5.80%,

1/23/59

87,622‌

1,190,434‌

BIOTECH

&

PHARMA

—

1.36%

110,000

Wyeth

LLC,

5.95%,

4/01/37

114,871‌

105,000

Pfizer

Investment

Enterprises

Pte

Ltd.,

5.11%,

5/19/43

98,709‌

200,000

Roche

Holdings,

Inc.,

2.61%,

12/13/51

(a)

119,204‌

190,000

CSL

Finance

PLC,

4.75%,

4/27/52

(a)

164,117‌

136,000

CSL

Finance

PLC,

5.42%,

4/03/54

(a)

128,223‌

625,124‌

BIOTECHNOLOGY

—

2.95%

134,000

AbbVie,

Inc.,

4.05%,

11/21/39

114,611‌

96,000

Gilead

Sciences,

Inc.,

2.60%,

10/01/40

66,613‌

178,000

Amgen,

Inc.,

2.80%,

8/15/41

124,041‌

56,000

Amgen,

Inc.,

5.15%,

11/15/41

52,165‌

131,000

AbbVie,

Inc.,

4.40%,

11/06/42

113,563‌

251,000

Amgen,

Inc.,

5.60%,

3/02/43

244,911‌

117,000

Baxalta,

Inc.,

5.25%,

6/23/45

107,820‌

149,000

AbbVie,

Inc.,

4.45%,

5/14/46

126,820‌

100,000

Amgen,

Inc.,

5.65%,

3/02/53

96,463‌

114,000

Amgen,

Inc.,

2.77%,

9/01/53

66,497‌

116,000

AbbVie,

Inc.,

5.40%,

3/15/54

111,695‌

171,000

Amgen,

Inc.,

4.40%,

2/22/62

132,891‌

1,358,090‌

CABLE

&

SATELLITE

—

2.13%

214,000

Time

Warner

Cable

LLC,

6.55%,

5/01/37

206,836‌

103,000

Time

Warner

Cable

LLC,

5.88%,

11/15/40

92,182‌

384,000

Charter

Communications

Operating

LLC,

6.48%,

10/23/45

363,170‌

Sterling

Capital

Long

Duration

Corporate

Bond

Fund

Schedule

of

Investments

(continued)

December

31,

2024

-

(Unaudited)

Principal

Amount

Fair

Value

CORPORATE

BONDS

—

(continued)

CABLE

&

SATELLITE

—

(continued)

$

139,000

Charter

Communications

Operating

LLC,

6.83%,

10/23/55

$

135,438‌

269,000

Charter

Communications

Operating

LLC,

4.40%,

12/01/61

179,449‌

977,075‌

CAPITAL

MARKETS

—

1.03%

191,000

Goldman

Sachs

Group,

Inc.

(The),

6.75%,

10/01/37

205,295‌

106,000

Jefferies

Financial

Group,

Inc.,

6.50%,

1/20/43

112,654‌

193,000

Intercontinental

Exchange,

Inc.,

4.25%,

9/21/48

156,768‌

474,717‌

CHEMICALS

—

0.39%

111,000

Dow

Chemical

Co.

(The),

4.38%,

11/15/42

91,115‌

120,000

LYB

International

Finance

III

LLC,

4.20%,

5/01/50

89,554‌

180,669‌

COMMERCIAL

SERVICES

&

SUPPLIES

—

0.24%

175,000

Republic

Services,

Inc.,

2.95%,

1/15/52

109,365‌

COMMUNICATIONS

EQUIPMENT

—

0.10%

48,000

Cisco

Systems,

Inc.,

5.30%,

2/26/54

46,693‌

CONSTRUCTION

MATERIALS

—

0.35%

106,000

Vulcan

Materials

Co.,

4.50%,

6/15/47

88,682‌

88,000

Martin

Marietta

Materials,

Inc.,

4.25%,

12/15/47

70,710‌

159,392‌

CONTAINERS

&

PACKAGING

—

0.67%

27,000

Packaging

Corp.

of

America,

4.05%,

12/15/49

20,750‌

139,000

Packaging

Corp.

of

America,

3.05%,

10/01/51

89,307‌

200,000

Smurfit

Kappa

Treasury

ULC,

5.78%,

4/03/54

(a)

197,940‌

307,997‌

DIVERSIFIED

FINANCIAL

SERVICES

—

0.93%

156,000

Voya

Financial,

Inc.,

4.80%,

6/15/46

133,032‌

140,000

Corebridge

Financial,

Inc.,

4.40%,

4/05/52

112,648‌

179,000

Apollo

Global

Management,

Inc.,

5.80%,

5/21/54

179,939‌

425,619‌

DIVERSIFIED

TELECOMMUNICATION

SERVICES

—

3.90%

100,000

Verizon

Communications,

Inc.,

4.40%,

11/01/34

92,673‌

324,000

AT&T,

Inc.,

4.50%,

5/15/35

299,699‌

197,000

Verizon

Communications,

Inc.,

5.25%,

3/16/37

192,337‌

127,000

Verizon

Communications,

Inc.,

2.65%,

11/20/40

86,939‌

149,000

Verizon

Communications,

Inc.,

3.40%,

3/22/41

112,811‌

267,000

AT&T,

Inc.,

3.50%,

6/01/41

204,788‌

150,000

Deutsche

Telekom

AG,

3.63%,

1/21/50

(a)

107,540‌

345,000

AT&T,

Inc.,

3.65%,

9/15/59

229,120‌

547,000

AT&T,

Inc.,

3.85%,

6/01/60

379,170‌

117,000

Verizon

Communications,

Inc.,

3.70%,

3/22/61

79,465‌

1,784,542‌

Sterling

Capital

Long

Duration

Corporate

Bond

Fund

Schedule

of

Investments

(continued)

December

31,

2024

-

(Unaudited)

Principal

Amount

Fair

Value

CORPORATE

BONDS

—

(continued)

ELECTRIC

UTILITIES

—

13.81%

$

88,000

NextEra

Energy

Capital

Holdings,

Inc.,

2.44%,

1/15/32

$

73,394‌

115,000

Appalachian

Power

Co.,

5.80%,

10/01/35

114,863‌

66,000

Commonwealth

Edison

Co.,

5.90%,

3/15/36

68,824‌

68,000

Florida

Power

&

Light

Co.,

5.85%,

5/01/37

69,311‌

124,000

Duke

Energy

Carolinas

LLC,

6.10%,

6/01/37

129,096‌

74,000

Duke

Energy

Florida

LLC,

6.35%,

9/15/37

78,697‌

140,000

Public

Service

Electric

&

Gas

Co.,

MTN,

5.38%,

11/01/39

138,235‌

107,000

Massachusetts

Electric

Co.,

5.90%,

11/15/39

(a)

106,347‌

65,000

Puget

Sound

Energy,

Inc.,

5.64%,

4/15/41

63,869‌

160,000

Florida

Power

&

Light

Co.,

4.13%,

2/01/42

133,715‌

161,000

Virginia

Electric

and

Power

Co.,

4.00%,

1/15/43

128,269‌

110,000

MidAmerican

Energy

Co.,

4.80%,

9/15/43

98,957‌

184,000

Consolidated

Edison

Co.

of

New

York,

Inc.,

4.45%,

3/15/44

157,308‌

76,000

Exelon

Corp.,

5.10%,

6/15/45

68,877‌

125,000

Exelon

Corp.,

4.45%,

4/15/46

104,155‌

271,000

Duke

Energy

Indiana

LLC,

3.75%,

5/15/46

202,250‌

120,000

Duke

Energy

Ohio,

Inc.,

3.70%,

6/15/46

88,659‌

156,000

FirstEnergy

Corp.,

4.85%,

7/15/47

133,048‌

118,000

DTE

Electric

Co.,

3.75%,

8/15/47

88,902‌

100,000

Alabama

Power

Co.,

3.70%,

12/01/47

(d)

74,705‌

113,000

Connecticut

Light

and

Power

Co.

(The),

4.00%,

4/01/48

88,717‌

79,000

Consolidated

Edison

Co.

of

New

York,

Inc.,

4.65%,

12/01/48

67,621‌

83,000

CenterPoint

Energy

Houston

Electric

LLC,

4.25%,

2/01/49

67,055‌

80,000

FirstEnergy

Transmission

LLC,

4.55%,

4/01/49

(a)

67,063‌

141,000

San

Diego

Gas

&

Electric

Co.,

4.10%,

6/15/49

110,605‌

279,000

Entergy

Texas,

Inc.,

3.55%,

9/30/49

196,471‌

137,000

Union

Electric

Co.,

3.25%,

10/01/49

94,536‌

197,000

Xcel

Energy,

Inc.,

3.50%,

12/01/49

135,770‌

332,000

Georgia

Power

Co.,

3.70%,

1/30/50

244,138‌

172,000

AEP

Transmission

Co.

LLC,

3.65%,

4/01/50

(d)

124,434‌

132,000

San

Diego

Gas

&

Electric

Co.,

3.32%,

4/15/50

89,279‌

161,000

Baltimore

Gas

and

Electric

Co.,

2.90%,

6/15/50

100,700‌

266,000

CenterPoint

Energy

Houston

Electric

LLC,

2.90%,

7/01/50

(d)

166,957‌

113,000

Berkshire

Hathaway

Energy

Co.,

4.25%,

10/15/50

89,346‌

178,000

Duke

Energy

Progress

LLC,

2.90%,

8/15/51

110,212‌

320,000

PECO

Energy

Co.,

2.85%,

9/15/51

198,651‌

151,000

Puget

Sound

Energy,

Inc.,

2.89%,

9/15/51

92,343‌

182,000

DTE

Electric

Co.,

3.65%,

3/01/52

133,374‌

118,000

Northern

States

Power

Co.,

3.20%,

4/01/52

79,276‌

55,000

Northern

States

Power

Co.,

4.50%,

6/01/52

46,235‌

Sterling

Capital

Long

Duration

Corporate

Bond

Fund

Schedule

of

Investments

(continued)

December

31,

2024

-

(Unaudited)

Principal

Amount

Fair

Value

CORPORATE

BONDS

—

(continued)

ELECTRIC

UTILITIES

—

(continued)

$

109,000

MidAmerican

Energy

Co.,

2.70%,

8/01/52

$

66,068‌

178,000

Duke

Energy

Corp.,

5.00%,

8/15/52

155,582‌

109,000

Oncor

Electric

Delivery

Co.

LLC,

4.95%,

9/15/52

97,523‌

93,000

Duke

Energy

Carolinas

LLC,

5.35%,

1/15/53

88,574‌

204,000

Southern

California

Edison

Co.,

5.70%,

3/01/53

198,652‌

70,000

Union

Electric

Co.,

5.45%,

3/15/53

67,111‌

150,000

Indiana

Michigan

Power

Co.,

5.63%,

4/01/53

146,368‌

80,000

Berkshire

Hathaway

Energy

Co.,

4.60%,

5/01/53

66,482‌

95,000

Public

Service

Electric

and

Gas

Co.,

5.45%,

8/01/53

92,861‌

81,000

Entergy

Texas,

Inc.,

5.80%,

9/01/53

81,165‌

92,000

Duke

Energy

Corp.,

6.10%,

9/15/53

93,568‌

68,000

Southern

California

Edison

Co.,

5.88%,

12/01/53

67,641‌

69,000

Duke

Energy

Carolinas

LLC,

5.40%,

1/15/54

66,405‌

162,000

NextEra

Energy

Capital

Holdings,

Inc.,

5.55%,

3/15/54

155,391‌

158,000

Entergy

Louisiana

LLC,

5.70%,

3/15/54

156,264‌

68,000

Southern

California

Edison

Co.,

5.75%,

4/15/54

66,857‌

116,000

Dominion

Energy,

Inc.,

6.63%,

5/15/55

(H15T5Y

+

220.70

bps)

(b)

117,932‌

145,000

Dominion

Energy

South

Carolina,

Inc.,

5.10%,

6/01/65

129,875‌

6,338,583‌

ENERGY

EQUIPMENT

&

SERVICES

—

0.39%

84,000

Halliburton

Co.,

4.85%,

11/15/35

79,863‌

111,000

Halliburton

Co.,

5.00%,

11/15/45

99,198‌

179,061‌

ENTERTAINMENT

CONTENT

—

0.46%

180,000

Warnermedia

Holdings,

Inc.,

5.05%,

3/15/42

144,986‌

87,000

Warnermedia

Holdings,

Inc.,

5.14%,

3/15/52

64,949‌

209,935‌

EQUITY

REAL

ESTATE

-INVESTMENT

TRUSTS

-(REITS)

—

0.29%

198,000

NNN

REIT,

Inc.,

3.50%,

4/15/51

134,073‌

FINANCIAL

SERVICES

—

1.22%

97,000

Blackstone

Holdings

Finance

Co.

LLC,

6.25%,

8/15/42

(a)

98,681‌

95,000

Carlyle

Holdings

II

Finance

LLC,

5.63%,

3/30/43

(a)

91,563‌

125,000

KKR

Group

Finance

Co.

III

LLC,

5.13%,

6/01/44

(a)

114,299‌

200,000

UBS

Group

AG,

5.38%,

9/06/45

(USISSO01

+

186

bps)

(a)

190,744‌

37,000

BlackRock

Funding,

Inc.,

5.25%,

3/14/54

35,009‌

33,000

BlackRock

Funding,

Inc.,

5.35%,

1/08/55

31,563‌

561,859‌

FOOD

—

1.28%

225,000

Kraft

Heinz

Foods

Co.,

6.88%,

1/26/39

248,180‌

150,000

Nestle

Holdings,

Inc.,

2.50%,

9/14/41

(a)

101,821‌

96,000

Cargill,

Inc.,

4.76%,

11/23/45

(a)

85,002‌

Sterling

Capital

Long

Duration

Corporate

Bond

Fund

Schedule

of

Investments

(continued)

December

31,

2024

-

(Unaudited)

Principal

Amount

Fair

Value

CORPORATE

BONDS

—

(continued)

FOOD

—

(continued)

$

105,000

Kraft

Heinz

Foods

Co.,

4.88%,

10/01/49

$

89,887‌

76,000

Cargill,

Inc.,

4.38%,

4/22/52

(a)

62,755‌

587,645‌

FOOD

&

STAPLES

RETAILING

—

0.24%

157,000

Kenvue,

Inc.,

2.50%,

9/22/41

108,157‌

GAS

&

WATER

UTILITIES

—

0.44%

309,000

Southern

Co

Gas

Capital

Corp.,

3.15%,

9/30/51

199,911‌

GAS

UTILITIES

—

0.16%

88,000

Atmos

Energy

Corp.,

4.13%,

10/15/44

71,712‌

HEALTH

CARE

EQUIPMENT

&

SUPPLIES

—

0.54%

84,000

Stryker

Corp.,

4.63%,

3/15/46

72,819‌

70,000

Abbott

Laboratories,

4.90%,

11/30/46

(d)

65,410‌

100,000

GE

HealthCare

Technologies,

Inc.,

6.38%,

11/22/52

107,609‌

245,838‌

HEALTH

CARE

FACILITIES

&

SERVICES

—

0.81%

169,000

HCA,

Inc.,

5.50%,

6/15/47

153,930‌

162,000

HCA,

Inc.,

3.50%,

7/15/51

104,962‌

116,000

HCA,

Inc.,

6.00%,

4/01/54

110,668‌

369,560‌

HEALTH

CARE

PROVIDERS

&

SERVICES

—

1.36%

76,000

Cigna

Group

(The),

4.80%,

8/15/38

68,922‌

226,000

UnitedHealth

Group,

Inc.,

3.50%,

8/15/39

178,812‌

154,000

UnitedHealth

Group,

Inc.,

3.75%,

10/15/47

114,920‌

194,000

Elevance

Health,

Inc.,

4.38%,

12/01/47

156,703‌

123,000

UnitedHealth

Group,

Inc.,

4.95%,

5/15/62

106,175‌

625,532‌

HOTELS,

RESTAURANTS

&

LEISURE

—

0.97%

173,000

McDonald's

Corp.,

4.88%,

12/09/45

155,747‌

185,000

McDonald's

Corp.,

3.63%,

9/01/49

133,560‌

224,000

Starbucks

Corp.,

3.50%,

11/15/50

155,095‌

444,402‌

INDEPENDENT

POWER/RENEWABLE

ELECTRICITY

PRODUCERS

—

0.13%

70,000

Tennessee

Valley

Authority,

4.25%,

9/15/52

60,164‌

INSURANCE

—

5.94%

52,000

Enstar

Group

Ltd.,

3.10%,

9/01/31

44,478‌

119,000

SBL

Holdings,

Inc.,

7.20%,

10/30/34

(a)

115,765‌

133,000

New

York

Life

Insurance

Co.,

6.75%,

11/15/39

(a)

147,503‌

57,000

Transatlantic

Holdings,

Inc.,

8.00%,

11/30/39

70,370‌

123,000

Enstar

Finance

LLC,

5.50%,

1/15/42

(H15T5Y

+

400.60

bps)

(b)

117,452‌

76,000

Securian

Financial

Group,

Inc.,

4.80%,

4/15/48

(a)

64,131‌

76,000

Berkshire

Hathaway

Finance

Corp.,

4.20%,

8/15/48

62,976‌

100,000

Nationwide

Mutual

Insurance

Co.,

4.35%,

4/30/50

(a)

74,886‌

Sterling

Capital

Long

Duration

Corporate

Bond

Fund

Schedule

of

Investments

(continued)

December

31,

2024

-

(Unaudited)

Principal

Amount

Fair

Value

CORPORATE

BONDS

—

(continued)

INSURANCE

—

(continued)

$

154,000

New

York

Life

Insurance

Co.,

3.75%,

5/15/50

(a)

$

112,134‌

132,000

Pacific

LifeCorp,

3.35%,

9/15/50

(a)

87,789‌

130,000

Prudential

Financial,

Inc.,

3.70%,

10/01/50

(H15T5Y

+

303.50

bps)

115,652‌

162,000

Northwestern

Mutual

Life

Insurance

Co.

(The),

3.45%,

3/30/51

(a)

111,358‌

96,000

Fidelity

National

Financial,

Inc.,

3.20%,

9/17/51

59,213‌

197,000

Global

Atlantic

Fin

Co.,

4.70%,

10/15/51

(H15T5Y

+

379.60

bps)

(a)(b)

190,257‌

60,000

Berkshire

Hathaway

Finance

Corp.,

3.85%,

3/15/52

45,464‌

185,000

Athene

Holding

Ltd.,

3.45%,

5/15/52

119,309‌

113,000

Aon

North

America,

Inc.,

5.75%,

3/01/54

110,559‌

147,000

Global

Atlantic

Fin

Co.,

6.75%,

3/15/54

(a)

149,411‌

201,000

Athene

Holding

Ltd.,

6.25%,

4/01/54

201,890‌

200,000

Nippon

Life

Insurance

Co.,

5.95%,

4/16/54

(a)

201,641‌

117,000

Corebridge

Financial,

Inc.,

6.38%,

9/15/54

(H15T5Y

+

264.60

bps)

(b)

116,360‌

165,000

Athene

Holding

Ltd.,

6.63%,

10/15/54

164,077‌

150,000

W

R

Berkley

Corp.,

3.15%,

9/30/61

88,407‌

76,000

Guardian

Life

Insurance

Co.

of

America

(The),

4.88%,

6/19/64

(a)

64,269‌

115,000

New

York

Life

Insurance

Co.,

4.45%,

5/15/69

(a)

89,022‌

2,724,373‌

INTERACTIVE

MEDIA

&

SERVICES

—

0.63%

183,000

Meta

Platforms,

Inc.,

4.45%,

8/15/52

154,495‌

48,000

Meta

Platforms,

Inc.,

5.40%,

8/15/54

46,514‌

89,000

Meta

Platforms,

Inc.,

5.75%,

5/15/63

90,022‌

291,031‌

INTERNET

&

DIRECT

MARKETING

RETAIL

—

0.81%

225,000

Amazon.com,

Inc.,

2.50%,

6/03/50

134,466‌

411,000

Amazon.com,

Inc.,

2.70%,

6/03/60

236,249‌

370,715‌

IT

SERVICES

—

0.73%

129,000

Visa,

Inc.,

4.30%,

12/14/45

110,473‌

272,000

Fiserv,

Inc.,

4.40%,

7/01/49

222,409‌

332,882‌

MACHINERY

—

0.58%

108,000

Deere

&

Co.,

3.90%,

6/09/42

90,473‌

111,000

Caterpillar,

Inc.,

3.80%,

8/15/42

90,275‌

87,000

Cummins,

Inc.,

5.45%,

2/20/54

84,793‌

265,541‌

MEDIA

—

1.07%

180,000

Comcast

Corp.,

3.25%,

11/01/39

136,527‌

182,000

Comcast

Corp.,

2.80%,

1/15/51

108,548‌

117,000

Comcast

Corp.,

2.89%,

11/01/51

70,505‌

Sterling

Capital

Long

Duration

Corporate

Bond

Fund

Schedule

of

Investments

(continued)

December

31,

2024

-

(Unaudited)

Principal

Amount

Fair

Value

CORPORATE

BONDS

—

(continued)

MEDIA

—

(continued)

$

190,000

Comcast

Corp.,

5.50%,

5/15/64

$

177,499‌

493,079‌

METALS

&

MINING

—

0.93%

100,000

Newmont

Corp.,

4.88%,

3/15/42

91,436‌

142,000

Southern

Copper

Corp.,

5.88%,

4/23/45

138,647‌

169,000

Steel

Dynamics,

Inc.,

3.25%,

10/15/50

111,160‌

145,000

Nucor

Corp.,

2.98%,

12/15/55

86,258‌

427,501‌

MULTI-UTILITIES

—

1.43%

273,000

Sempra,

3.80%,

2/01/38

225,735‌

55,000

Dominion

Energy,

Inc.,

3.30%,

4/15/41

40,539‌

95,000

CMS

Energy

Corp.,

4.70%,

3/31/43

80,882‌

117,000

NiSource,

Inc.,

4.80%,

2/15/44

103,309‌

147,000

CMS

Energy

Corp.,

3.75%,

12/01/50

128,014‌

93,000

Dominion

Energy,

Inc.,

4.85%,

8/15/52

79,975‌

658,454‌

OIL

&

GAS

PRODUCERS

—

5.77%

89,000

TransCanada

PipeLines

Ltd.,

6.20%,

10/15/37

91,752‌

116,000

Shell

International

Finance

BV,

6.38%,

12/15/38

126,295‌

110,000

Enterprise

Products

Operating

LLC,

6.13%,

10/15/39

114,289‌

100,000

Cheniere

Corpus

Christi

Holdings

LLC,

2.74%,

12/31/39

79,707‌

84,000

Enterprise

Products

Operating

LLC,

6.45%,

9/01/40

90,480‌

186,000

BP

Capital

Markets

America,

Inc.,

3.06%,

6/17/41

134,323‌

105,000

Shell

Finance

US,

Inc.,

4.55%,

8/12/43

91,841‌

80,000

Eastern

Gas

Transmission

&

Storage,

Inc.,

4.80%,

11/01/43

70,002‌

169,000

DCP

Midstream

Operating

LP,

5.60%,

4/01/44

157,941‌

109,000

Plains

All

American

Pipeline

LP/PAA

Finance

Corp.,

4.70%,

6/15/44

90,019‌

108,000

Marathon

Petroleum

Corp.,

4.75%,

9/15/44

89,717‌

244,000

Apache

Corp.,

5.35%,

7/01/49

203,718‌

227,000

Enterprise

Products

Operating

LLC,

3.30%,

2/15/53

149,507‌

212,000

Woodside

Finance

Ltd.,

5.70%,

9/12/54

198,074‌

300,000

Aker

BP

ASA,

5.80%,

10/01/54

(a)

272,287‌

80,000

ConocoPhillips

Co.,

4.03%,

3/15/62

57,879‌

200,000

Saudi

Arabian

Oil

Co.,

5.88%,

7/17/64

(a)

186,516‌

167,000

TotalEnergies

Capital

SA,

5.43%,

9/10/64

155,057‌

306,000

ONEOK,

Inc.,

5.85%,

11/01/64

287,501‌

2,646,905‌

OIL,

GAS

&

CONSUMABLE

FUELS

—

6.30%

100,000

TransCanada

PipeLines

Ltd.,

4.63%,

3/01/34

93,056‌

209,000

MPLX

LP,

4.50%,

4/15/38

182,215‌

85,000

Energy

Transfer

LP,

7.50%,

7/01/38

96,240‌

336,000

Exxon

Mobil

Corp.,

4.23%,

3/19/40

295,050‌

Sterling

Capital

Long

Duration

Corporate

Bond

Fund

Schedule

of

Investments

(continued)

December

31,

2024

-

(Unaudited)

Principal

Amount

Fair

Value

CORPORATE

BONDS

—

(continued)

OIL,

GAS

&

CONSUMABLE

FUELS

—

(continued)

$

73,000

Williams

Cos.,

Inc.

(The),

6.30%,

4/15/40

$

76,082‌

85,000

Equinor

ASA,

5.10%,

8/17/40

81,943‌

138,000

Hess

Corp.,

5.60%,

2/15/41

136,403‌

158,000

Kinder

Morgan

Energy

Partners

LP,

5.63%,

9/01/41

149,074‌

132,000

Apache

Corp.,

5.25%,

2/01/42

114,448‌

211,000

Energy

Transfer

LP,

5.00%,

5/15/44

182,044‌

88,000

Spectra

Energy

Partners

LP,

4.50%,

3/15/45

72,428‌

126,000

Energy

Transfer

LP,

5.35%,

5/15/45

113,551‌

72,000

Kinder

Morgan,

Inc.,

5.55%,

6/01/45

67,274‌

153,000

MPLX

LP,

5.20%,

12/01/47

135,410‌

82,000

MPLX

LP,

4.70%,

4/15/48

67,284‌

63,000

Energy

Transfer

LP,

5.00%,

5/15/50

53,522‌

69,000

ONEOK,

Inc.,

7.15%,

1/15/51

75,003‌

80,000

MPLX

LP,

4.95%,

3/14/52

67,349‌

88,000

Diamondback

Energy,

Inc.,

4.25%,

3/15/52

66,565‌

132,000

Targa

Resources

Corp.,

6.25%,

7/01/52

131,912‌

88,000

Kinder

Morgan,

Inc.,

5.45%,

8/01/52

80,431‌

205,000

Ovintiv,

Inc.,

7.10%,

7/15/53

217,954‌

89,000

ONEOK,

Inc.,

6.63%,

9/01/53

93,683‌

70,000

Energy

Transfer

LP,

5.95%,

5/15/54

67,672‌

189,000

Diamondback

Energy,

Inc.,

5.90%,

4/18/64

177,475‌

2,894,068‌

PERSONAL

PRODUCTS

—

0.29%

144,000

Kenvue,

Inc.,

5.05%,

3/22/53

133,678‌

PHARMACEUTICALS

—

1.09%

158,000

Bristol-Myers

Squibb

Co.,

2.35%,

11/13/40

104,990‌

96,000

Zoetis,

Inc.,

4.70%,

2/01/43

85,420‌

31,000

Bristol-Myers

Squibb

Co.,

5.50%,

2/22/44

30,823‌

166,000

Bristol-Myers

Squibb

Co.,

4.25%,

10/26/49

134,344‌

154,000

Bristol-Myers

Squibb

Co.,

2.55%,

11/13/50

89,247‌

88,000

Merck

&

Co.,

Inc.,

2.75%,

12/10/51

53,429‌

498,253‌

REIT

—

2.42%

157,000

American

Tower

Trust

#1,

Series

2018-1,

Class

A,

3.65%,

3/23/28

(a)

149,647‌

113,000

UDR,

Inc.,

3.10%,

11/01/34

92,053‌

150,000

Kimco

Realty

OP

LLC,

4.25%,

4/01/45

121,510‌

88,000

Simon

Property

Group

LP,

3.25%,

9/13/49

59,207‌

131,000

American

Tower

Corp.,

3.70%,

10/15/49

95,022‌

182,000

Alexandria

Real

Estate

Equities,

Inc.,

3.00%,

5/18/51

111,596‌

40,000

Mid-America

Apartments

LP,

2.88%,

9/15/51

24,722‌

201,000

American

Homes

4

Rent

LP,

4.30%,

4/15/52

156,751‌

71,000

Prologis

LP,

5.25%,

6/15/53

66,361‌

70,000

Public

Storage

Operating

Co.,

5.35%,

8/01/53

66,654‌

Sterling

Capital

Long

Duration

Corporate

Bond

Fund

Schedule

of

Investments

(continued)

December

31,

2024

-

(Unaudited)

Principal

Amount

Fair

Value

CORPORATE

BONDS

—

(continued)

REIT

—

(continued)

$

77,000

VICI

Properties

LP,

6.13%,

4/01/54

$

76,505‌

94,000

Realty

Income

Corp.,

5.38%,

9/01/54

89,373‌

1,109,401‌

RETAIL

-

DISCRETIONARY

—

0.24%

110,000

ERAC

USA

Finance

LLC,

5.63%,

3/15/42

(a)

109,413‌

ROAD

&

RAIL

—

1.41%

92,000

CSX

Corp.,

6.00%,

10/01/36

96,557‌

105,000

Union

Pacific

Corp.,

3.60%,

9/15/37

88,135‌

31,000

Union

Pacific

Corp.,

3.38%,

2/14/42

23,600‌

76,000

Norfolk

Southern

Corp.,

3.95%,

10/01/42

61,103‌

87,000

CSX

Corp.,

4.30%,

3/01/48

71,727‌

56,000

Norfolk

Southern

Corp.,

3.40%,

11/01/49

38,760‌

245,000

Union

Pacific

Corp.,

2.95%,

3/10/52

154,980‌

133,000

CSX

Corp.,

4.50%,

11/15/52

112,341‌

647,203‌

SEMICONDUCTORS

—

0.66%

126,000

NXP

BV

/

NXP

Funding

LLC

/

NXP

USA,

Inc.,

5.00%,

1/15/33

122,638‌

177,000

Foundry

JV

Holdco

LLC,

6.40%,

1/25/38

(a)

178,899‌

301,537‌

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

—

1.34%

145,000

Broadcom,

Inc.,

3.47%,

4/15/34

(a)

125,704‌

205,000

Broadcom,

Inc.,

3.50%,

2/15/41

(a)

160,158‌

201,000

Lam

Research

Corp.,

2.88%,

6/15/50

127,195‌

123,000

Broadcom,

Inc.,

3.75%,

2/15/51

(a)

91,704‌

122,000

KLA

Corp.,

4.95%,

7/15/52

111,049‌

615,810‌

SOFTWARE

—

3.07%

138,000

Oracle

Corp.,

3.80%,

11/15/37

115,317‌

291,000

Oracle

Corp.,

3.65%,

3/25/41

227,144‌

145,000

Oracle

Corp.,

4.00%,

7/15/46

111,708‌

128,000

Oracle

Corp.,

3.60%,

4/01/50

89,756‌

110,000

Microsoft

Corp.,

2.53%,

6/01/50

67,898‌

177,000

Microsoft

Corp.,

2.50%,

9/15/50

107,278‌

121,000

Oracle

Corp.,

3.95%,

3/25/51

89,699‌

173,000

Salesforce,

Inc.,

2.90%,

7/15/51

110,764‌

101,000

Oracle

Corp.,

6.90%,

11/09/52

113,344‌

86,000

Oracle

Corp.,

4.38%,

5/15/55

67,412‌

129,000

Oracle

Corp.,

3.85%,

4/01/60

88,790‌

380,000

Microsoft

Corp.,

2.68%,

6/01/60

223,435‌

1,412,545‌

SPECIALTY

FINANCE

—

0.77%

450,000

AerCap

Ireland

Capital

DAC,

3.85%,

10/29/41

352,766‌

Sterling

Capital

Long

Duration

Corporate

Bond

Fund

Schedule

of

Investments

(continued)

December

31,

2024

-

(Unaudited)

Principal

Amount

Fair

Value

CORPORATE

BONDS

—

(continued)

SPECIALTY

RETAIL

—

1.22%

$

117,000

Lowe's

Cos,

Inc.,

5.00%,

4/15/40

$

109,474‌

141,000

Home

Depot,

Inc.

(The),

3.13%,

12/15/49

94,551‌

262,000

Lowe's

Cos,

Inc.,

3.50%,

4/01/51

178,973‌

291,000

Home

Depot,

Inc.

(The),

2.75%,

9/15/51

177,697‌

560,695‌

TECHNOLOGY

HARDWARE

—

0.36%

79,000

Dell

International

LLC

/

EMC

Corp.,

5.40%,

4/15/34

78,830‌

130,000

Dell

International

LLC

/

EMC

Corp.,

3.45%,

12/15/51

88,340‌

167,170‌

TECHNOLOGY

HARDWARE,

STORAGE

&

PERIPHERALS

—

1.56%

191,000

Apple,

Inc.,

3.85%,

5/04/43

158,430‌

120,000

Hewlett

Packard

Enterprise

Co.,

6.35%,

10/15/45

124,979‌

88,000

Apple,

Inc.,

3.85%,

8/04/46

71,040‌

180,000

Apple,

Inc.,

2.65%,

5/11/50

112,211‌

248,000

Apple,

Inc.,

2.70%,

8/05/51

154,949‌

116,000

Apple,

Inc.,

3.95%,

8/08/52

92,445‌

714,054‌

TELECOMMUNICATIONS

—

1.89%

262,000

T-Mobile

USA,

Inc.,

4.38%,

4/15/40

227,276‌

101,000

Telefonica

Emisiones

SA,

5.21%,

3/08/47

89,947‌

159,000

T-Mobile

USA,

Inc.,

5.65%,

1/15/53

154,236‌

169,000

T-Mobile

USA,

Inc.,

3.60%,

11/15/60

111,925‌

296,000

T-Mobile

USA,

Inc.,

5.80%,

9/15/62

286,174‌

869,558‌

TOBACCO

—

0.74%

294,000

Philip

Morris

International,

Inc.,

4.38%,

11/15/41

250,394‌

123,000

Altria

Group,

Inc.,

3.88%,

9/16/46

89,244‌

339,638‌

TOBACCO

&

CANNABIS

—

0.71%

69,000

BAT

Capital

Corp.,

4.39%,

8/15/37

59,588‌

141,000

BAT

Capital

Corp.,

4.54%,

8/15/47

112,113‌

142,000

BAT

Capital

Corp.,

7.08%,

8/02/53

155,832‌

327,533‌

TRANSPORTATION

&

LOGISTICS

—

0.94%

77,258

Polar

Tankers,

Inc.,

5.95%,

5/10/37

(a)

79,596‌

88,000

Burlington

Northern

Santa

Fe

LLC,

4.95%,

9/15/41

81,978‌

172,000

Burlington

Northern

Santa

Fe

LLC,

4.90%,

4/01/44

157,749‌

119,000

Burlington

Northern

Santa

Fe

LLC,

5.20%,

4/15/54

112,237‌

431,560‌

WIRELESS

TELECOMMUNICATION

SERVICES

—

0.69%

200,000

America

Movil

SAB

de

CV,

6.13%,

3/30/40

205,311‌

145,000

Vodafone

Group

PLC,

4.25%,

9/17/50

112,764‌

318,075‌

Total

(Cost $47,518,251)

43,559,863‌

Sterling

Capital

Long

Duration

Corporate

Bond

Fund

Schedule

of

Investments

(continued)

December

31,

2024

-

(Unaudited)

Principal

Amount

Fair

Value

U.S.

TREASURY

BONDS

&

NOTES

—

3.37%

$

578,800‌

United

States

Treasury

Bond,

2.00

%

,

11/15/41

$

389,085‌

1,666,100‌

United

States

Treasury

Bond,

2.50

%

,

2/15/45

1,157,354‌

Total

(Cost $1,589,810)

1,546,439‌

Shares

Fair

Value

MONEY

MARKET

FUNDS

—

0.70%

322,880‌

Federated

Hermes

Treasury

Obligations

Fund,

Institutional

Shares,

4.35%

(e)

322,880‌

Total

Money

Market

Funds

(Cost

$322,880)

322,880‌

Total

Investments—

98.97%

(Cost

$49,430,941)

45,429,182‌

Other

Assets

in

Excess

of

Liabilities

—

1.03%

474,667‌

NET

ASSETS

—

100.00%

$

45,903,849‌

(a)

Security

exempt

from

registration

under

Rule

144A

or

Section

4(2)

of

the

Securities

Act

of

1933.

The

security

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

The

Advisor,

using

Board

approved

procedures,

has

deemed

these

securities

or

a

portion

of

these

securities

to

be

liquid.

(b)

The

interest

rate

for

this

variable

rate

note,

which

will

change

periodically,

is

based

either

on

the

prime

rate

or

an

index

of

market

rates.

The

reflected

rate

is

in

effect

as

of

December

31,

2024.

The

maturity

date

reflected

is

the

final

maturity

date.

(c)

Security

is

perpetual

in

nature

and

has

no

stated

maturity

date.

(d)

All

or

a

portion

of

the

securities

are

held

in

a

separate

collateral

account

at

US

Bank.

The

total

value

of

securities

held

in

a

separate

collateral

account

as

of

the

period

ended

December

31,

2024

is

$254,144,

which

represents

0.6%

of

net

assets.

(e)

Represents

the

current

yield

as

of

report

date.

MTN

Medium

Term

Note

Sterling

Capital

Quality

Income

Fund

Schedule

of

Investments

December

31,

2024

-

(Unaudited)

Principal

Amount

Fair

Value

CORPORATE

BONDS

—

0.16%

REIT

—

0.16%

$

250,000

American

Tower

Trust

#1,

Series

2018-1,

Class

A,

3.65%,

3/23/28

(a)(b)

$

238,292

Total

(Cost $250,000)

238,292

Principal

Amount

Fair

Value

ASSET

BACKED

SECURITIES

—

9.03%

64,597

Enterprise

Fleet

Financing

LLC,

Series

21-1

,

Class

A3,

0.70%,

12/21/26

(a)

63,902

509,000

Carvana

Auto

Receivables

Trust,

Series

P2

,

Class

B,

1.27%,

3/10/27

489,236

600,000

Carvana

Auto

Receivables

Trust,

Series

P3

,

Class

B,

1.42%,

8/10/27

563,085

309,000

BANK5

Trust,

Series

2024-5YR5

,

6.27%,

2/15/29

316,936

1,250,000

Avis

Budget

Rental

Car

Funding

AESOP

LLC,

Series

4A

,

Class

A,

5.49%,

6/20/29

(a)

1,269,470

544,000

Enterprise

Fleet

Financing,

Series

1

,

Class

A3,

5.42%,

10/22/29

(a)

550,855

415,000

OneMain

Direct

Auto

Receivables

Trust,

Series

1A

,

Class

A,

5.41%,

11/14/29

(a)

419,306

1,000,000

Avis

Budget

Rental

Car

Funding

AESOP

LLC,

Series

8A

,

Class

A,

6.02%,

2/20/30

(a)

1,036,695

23,733

ARI

Fleet

Lease

Trust,

Series

A

,

Class

A3,

0.68%,

3/15/30

(a)

23,707

1,000,000

Hertz

Vehicle

Financing

III

LLC,

Series

4A

,

Class

A,

6.15%,

3/25/30

(a)

1,027,823

32,389

United

States

Small

Business

Administration,

Series

20D

,

Class

1,

4.36%,

4/01/30

(b)

31,527

994,000

Hertz

Vehicle

Financing

III

LLC,

Series

2A

,

Class

A,

5.48%,

1/27/31

(a)

1,000,539

200,000

BANK

Trust,

Series

2024-BNK48

,

Class

A5,

5.05%,

9/15/34

196,908

200,000

BANK

Trust,

Series

2024-BNK48

,

Class

AS,

5.36%,

10/15/34

196,858

93,809

Saxon

Asset

Securities

Trust,

Series

3

,

Class

M1,

5.35%,

12/26/34

(TSFR1M

+

101

bps)

(c)

90,072

480,000

OneMain

Financial

Issuance

Trust,

Series

1A

,

Class

A1,

1.55%,

6/16/36

(a)(b)

449,548

630,000

OneMain

Financial

Issuance

Trust,

Series

2A

,

Class

A,

3.14%,

10/14/36

(a)(b)

602,706

195,000

OPG

Trust,

Series

2021-PORT

,

Class

C,

5.34%,

10/15/36

(a)

194,025

232,466

BX

Trust,

Series

2021-RISE

,

Class

C,

5.96%,

11/15/36

(a)

230,286

Sterling

Capital

Quality

Income

Fund

Schedule

of

Investments

(continued)

December

31,

2024

-

(Unaudited)

Principal

Amount

Fair

Value

ASSET

BACKED

SECURITIES

—

(continued)

$

823,159

Wheels

Fleet

Lease

Funding

1

LLC,

Series

2A

,

Class

A,

6.46%,

8/18/38

(a)

$

838,596

1,637,666

Hilton

Grand

Vacations

Trust,

Series

2024-3A

,

Class

A,

4.98%,

8/27/40

(a)

1,639,282

641,932

Sierra

Timeshare

Receivables

Funding

LLC,

Series

3A

,

Class

A,

4.83%,

8/20/41

(a)

638,345

1,062,225

MVW

LLC,

Series

2024-2

,

Class

A,

4.43%,

3/20/42

(a)

1,039,957

195,692

SoFi

Professional

Loan

Program

Trust,

Series

A

,

Class

A2FX,

2.54%,

5/15/46

(a)(b)

186,205

252,000

BANK5

Trust,

Series

2024-5YR6

,

Class

A3,

6.23%,

5/15/57

261,861

240,000

BANK5

Trust,

Series

2024-5YR6

,

Class

AS,

6.79%,

5/15/57

251,238

Total

(Cost $13,773,454)

13,608,968

Principal

Amount

Fair

Value

COMMERCIAL

MORTGAGE-BACKED

SECURITIES

—

10.64%

323,081

FRESB

Mortgage

Trust,

Series

2017-SB36,

Class

A10F,

2.88%,

7/25/27

(b)

309,950

85,000

Benchmark

Mortgage

Trust,

Series

V6,

Class

A3,

5.93%,

3/15/29

87,345

553,000

Benchmark

Mortgage

Trust,

Series

V6,

Class

AS,

6.38%,

3/15/29

570,603

140,000

Freddie

Mac

Multifamily

Structured

Pass

Through,

Series

K159,

Class

A2,

3.95%,

11/25/30

(d)

134,158

17,626

CSFB

Mortgage-Backed

Pass-Through

Certificates,

Series

1,

Class

2A1,

6.50%,

2/25/34

17,649

23,289

CHL

Mortgage

Pass-Through

Trust,

Series

3,

Class

A4,

5.75%,

4/25/34

22,565

9,011

Citigroup

Mortgage

Loan

Trust,

Inc.,

Series

NCM2,

Class

3CB2,

6.50%,

9/01/34

8,981

1,000,000

Freddie

Mac

Multifamily

Structured

Pass

Through,

Series

K1522,

Class

A2,

2.36%,

10/25/36

760,519

1

Citicorp

Residential

Mortgage

Trust,

STEP,

Series

2007-2,

Class

A6,

6.77%,

6/25/37

1

250,708

ELP

Commercial

Mortgage

Trust,

Series

2021-ELP,

Class

C,

5.83%,

11/15/38

(a)

250,395

239,840

BX

Commercial

Mortgage

Trust,

Series

2021-ACNT,

Class

C,

6.01%,

11/15/38

(a)

239,243

232,582

SMR

Mortgage

Trust,

Series

2022-IND,

Class

A,

6.05%,

2/15/39

(a)

229,753

4,492

GS

Mortgage

Securities

Trust,

Series

2010-C1,

Class

B,

5.15%,

8/10/43

(a)

4,483

87,908

JP

Morgan

Chase

Commercial

Mortgage,

Series

C3,

Class

B,

5.01%,

2/15/46

(a)(c)

83,133

Sterling

Capital

Quality

Income

Fund

Schedule

of

Investments

(continued)

December

31,

2024

-

(Unaudited)

Principal

Amount

Fair

Value

COMMERCIAL

MORTGAGE-BACKED

SECURITIES

—

(continued)

38,289

COMM

Mortgage

Trust,

3.69%,

8/10/47

37,714

3,765

GS

Mortgage

Securities

Trust,

3.93%,

9/01/47

3,743

500,000

CSAIL

Commercial

Mortgage

Trust,

Series

2015-C3,

Class

A4,

3.72%,

8/15/48

(b)

495,955

644,000

Wells

Fargo

Commercial

Mortgage

Trust,

Series

P2,

Class

A4,

3.81%,

12/15/48

637,306

500,000

GS

Mortgage

Securities

Trust,

Series

2016-GS4,

Class

A4,

3.44%,

11/10/49

(b)

485,931

589,000

CD

Mortgage

Trust,

Series

2016-CD2,

Class

A4,

3.53%,

11/10/49

(b)

564,571

185,000

JP

Morgan

Chase

Commercial

Mortgage,

Series

JP4,

Class

A4,

3.65%,

12/15/49

179,755

500,000

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series

C32,

Class

A4,

3.72%,

12/15/49

(b)

486,184

50,000

Wells

Fargo

Commercial

Mortgage

Trust,

Series

C37,

Class

A5,

3.79%,

12/15/49

48,918

700,000

CD

Mortgage

Trust,

Series

2017-CD3,

Class

A4,

3.63%,

2/10/50

661,251

250,000

COMM

Mortgage

Trust,

Series

COR2,

Class

A3,

3.51%,

9/10/50

(b)

237,618

300,000

Wells

Fargo

Commercial

Mortgage

Trust,

Series

C40,

Class

A4,

3.58%,

10/15/50

288,434

435,000

Morgan

Stanley

Capital

I

Trust,

Series

H3,

Class

A5,

4.18%,

7/15/51

422,243

325,000

BBCMS

Mortgage

Trust,

Series

C7,

Class

A5,

2.04%,

4/15/53

278,673

64,000

GS

Mortgage

Securities

Trust,

Series

GC47,

Class

A5,

2.38%,

5/12/53

55,458

220,800

Wells

Fargo

Commercial

Mortgage

Trust,

Series

C56,

Class

A5,

2.45%,

6/15/53

192,658

589,492

Benchmark

Mortgage

Trust,

Series

B18,

Class

A5,

1.93%,

7/15/53

493,176

659,333

Morgan

Stanley

Capital

I

Trust,

Series

HR8,

Class

A4,

2.04%,

7/15/53

560,499

300,000

Wells

Fargo

Commercial

Mortgage

Trust,

Series

C58,

Class

A4,

2.09%,

7/15/53

252,630

500,000

Wells

Fargo

Commercial

Mortgage

Trust,

Series

C57,

Class

A4,

2.12%,

8/15/53

430,161

250,000

BANK

Trust,

Series

2020-BNK29,

Class

A4,

2.00%,

11/15/53

205,492

500,000

GS

Mortgage

Securities

Trust,

Series

GSA2,

Class

A5,

2.01%,

12/12/53

(b)

411,983

1,250,000

Benchmark

Mortgage

Trust,

Series

B21,

Class

A5,

1.98%,

12/17/53

(b)

1,041,060

Sterling

Capital

Quality

Income

Fund

Schedule

of

Investments

(continued)

December

31,

2024

-

(Unaudited)

Principal

Amount

Fair

Value

COMMERCIAL

MORTGAGE-BACKED

SECURITIES

—

(continued)

100,000

CFCRE

Commercial

Mortgage

Trust,

Series

C7,

Class

A3,

3.84%,

12/10/54

97,238

80,000

Benchmark

Mortgage

Trust,

Series

V2,

Class

AS,

6.54%,

5/15/55

82,504

209,000

Benchmark

Mortgage

Trust,

Series

2024-V7,

Class

A3,

6.23%,

5/15/56

217,243

167,000

Benchmark

Mortgage

Trust,

Series

2024-V7,

Class

AS,

6.53%,

5/15/56

173,157

1,000,000

BANK5

Trust,

Series

2023-5YR4,

Class

AS,

7.27%,

12/15/56

1,058,873

220,000

Benchmark

Mortgage

Trust,

Series

V5,

Class

A3,

5.81%,

1/10/57

225,448

75,000

BBCMS

Mortgage

Trust,

Series

5C25,

Class

A3,

5.95%,

3/15/57

77,283

51,000

BBCMS

Mortgage

Trust,

Series

5C25,

Class

AS,

6.36%,

3/15/57

52,631

465,000

BBCMS

Mortgage

Trust,

Series

2024-C26,

Class

A5,

5.83%,

5/15/57

485,348

185,000

BMO

Mortgage

Trust,

Series

2024-C9,

Class

A5,

5.76%,

7/15/57

191,386

156,000

BMO

Mortgage

Trust,

Series

2024-C9,

Class

AS,

6.13%,

7/15/57

161,928

10,331

WFRBS

Commercial

Mortgage

Trust,

Series

C23,

Class

A5,

3.92%,

10/15/57

10,296

1,000,000

BMO

Mortgage

Trust,

Series

2024-C10,

Class

A5,

5.48%,

11/15/57

1,015,700

500,000

BMO

Mortgage

Trust,

Series

2024-C10,

Class

AS,

5.73%,

11/15/57

503,453

500,000

Citigroup

Commercial

Mortgage

Trust,

Series

GC33,

Class

A4,

3.78%,

9/10/58

494,610

Total

(Cost $17,316,267)

$

16,037,289

Principal

Amount

Fair

Value

COLLATERALIZED

MORTGAGE

OBLIGATIONS

—

28.90%

211,575

Fannie

Mae,

Series

2013-91,

Class

DV,

3.00%,

10/25/26

208,807

215,000

Freddie

Mac,

Series

4097,

Class

CU,

1.50%,

8/15/27

203,804

488,150

Freddie

Mac,

Series

4136,

Class

HZ,

3.50%,

11/15/27

478,934

337,815

Ginnie

Mae,

Series

79,

Class

V,

2.80%,

3/16/29

319,462

161,221

Freddie

Mac,

Series

219,

–%,

3/01/32

143,153

49,630

Freddie

Mac,

Series

2485,

Class

WG,

6.00%,

8/15/32

51,015

119,000

Freddie

Mac,

Series

4160,

Class

HH,

2.50%,

12/15/32

(b)

109,752

121,626

Fannie

Mae,

Series

2003-21,

Class

OW,

4.00%,

3/25/33

116,564

Sterling

Capital

Quality

Income

Fund

Schedule

of

Investments

(continued)

December

31,

2024

-

(Unaudited)

Principal

Amount

Fair

Value

COLLATERALIZED

MORTGAGE

OBLIGATIONS

—

(continued)

31,320

Fannie

Mae,

Series

2003-19,

Class

AR,

5.50%,

3/25/33

31,861

118,352

Freddie

Mac,

Series

2768,

Class

PC,

4.00%,

3/15/34

112,430

44,638

Ginnie

Mae,

Series

2004-69,

Class

GC,

5.50%,

4/20/34

45,238

123,693

Freddie

Mac,

Series

3042,

Class

PZ,

5.75%,

9/15/35

125,042

357,289

Ginnie

Mae,

Series

2005-60,

Class

WZ,

5.50%,

9/20/35

362,390

835,034

Freddie

Mac,

Series

236,

–%,

4/01/36

673,459

597,657

Fannie

Mae,

Series

59,

Class

DH,

6.50%,

7/25/36

626,596

157,370

Ginnie

Mae,

Series

2007-57,

Class

ZA,

5.75%,

10/20/37

157,857

643,551

Fannie

Mae,

Series

2008-2,

Class

PH,

5.50%,

2/25/38

640,967

68,180

Freddie

Mac,

Series

3440,

Class

EM,

5.00%,

4/15/38

68,594

527,000

Fannie

Mae,

Series

2009-28,

Class

HX,

5.00%,

5/25/39

516,532

98,175

Freddie

Mac,

Series

3816,

Class

HM,

4.50%,

5/15/40

97,123

500,000

Freddie

Mac,

Series

3714,

Class

PB,

4.75%,

8/15/40

(b)

482,081

1,000,000

Ginnie

Mae,

Series

81,

Class

AL,

4.50%,

8/20/40

952,840

23,141

Fannie

Mae,

Series

74,

Class

QM,

4.50%,

11/25/40

23,028

1,860

Freddie

Mac,

Series

3803,

Class

PJ,

4.25%,

1/15/41

1,852

825,833

Fannie

Mae,

Series

2010-150,

Class

YL,

4.00%,

1/25/41

726,160

200,000

Freddie

Mac,

Series

3815,

Class

TB,

4.50%,

2/15/41

187,354

52,741

Freddie

Mac,

Series

4215,

Class

LD,

2.00%,

7/15/41

50,798

981,005

Freddie

Mac,

Series

3895,

Class

PW,

4.50%,

7/15/41

945,420

750,000

Ginnie

Mae,

Series

2011-135,

Class

PG,

3.00%,

10/16/41

641,359

27,892

Freddie

Mac,

Series

4293,

Class

MH,

3.00%,

12/15/41

26,541

906,057

Fannie

Mae,

Series

2011-131,

Class

PB,

4.50%,

12/25/41

878,480

267,379

Freddie

Mac,

Series

4094,

Class

ME,

2.50%,

8/15/42

230,947

460,000

Freddie

Mac,

Series

4088,

Class

CD,

3.00%,

8/15/42

363,460

1,526,442

Freddie

Mac,

Series

5427,

Class

HZ,

3.50%,

8/15/42

1,226,400

628,000

Freddie

Mac,

Series

4135,

Class

AY,

2.00%,

11/15/42

489,842

724,000

Freddie

Mac,

Series

4125,

Class

JC,

2.50%,

11/15/42

545,216

106,599

Freddie

Mac,

Series

4173,

Class

NB,

3.00%,

3/15/43

94,812

81,639

Freddie

Mac,

Series

4352,

Class

ZX,

4.00%,

4/15/44

77,431

1,000,000

Freddie

Mac,

Series

4507,

Class

GB,

3.00%,

9/15/45

837,985

2,217,088

Fannie

Mae,

Series

2015-65,

Class

CZ,

3.50%,

9/25/45

1,831,330

104,388

Fannie

Mae,

Series

2016-85,

Class

GA,

2.50%,

10/25/45

94,149

Sterling

Capital

Quality

Income

Fund

Schedule

of

Investments

(continued)

December

31,

2024

-

(Unaudited)

Principal

Amount

Fair

Value

COLLATERALIZED

MORTGAGE

OBLIGATIONS

—

(continued)

475,000

Freddie

Mac,

Series

4650,

Class

JE,

3.00%,

7/15/46

397,919

1,215,308

Fannie

Mae,

Series

73,

Class

DZ,

3.00%,

10/25/46

(b)

1,032,726

512,265

Ginnie

Mae,

Series

126,

Class

A,

2.50%,

11/16/46

485,484

712,000

Ginnie

Mae,

Series

2017-75,

Class

DL,

3.00%,

3/20/47

544,231

1,495,000

Fannie

Mae,

Series

2017-42,

Class

HL,

3.00%,

6/25/47

1,317,394

640,903

Fannie

Mae,

Series

20,

Class

KL,

3.50%,

1/25/48

514,866

992,909

Freddie

Mac,

Series

4795,

Class

JB,

4.00%,

5/15/48

916,295

2,084,064

Freddie

Mac,

Series

4841,

Class

PZ,

4.50%,

9/15/48

1,951,141

863,000

Ginnie

Mae,

Series

2019-6,

Class

JK,

3.50%,

1/20/49

742,972

3,939,192

Government

National

Mortgage

Association,

Series

90,

Class

AB,

3.00%,

7/20/49

3,433,222

762,182

Freddie

Mac,

Series

4941,

Class

MB,

3.00%,

7/25/49

669,826

306,127

Chase

Home

Lending

Mortgage

Trust,

Series

2019-

ATR2,

Class

A3,

3.50%,

7/25/49

(a)

271,095

662,399

Fannie

Mae,

Series

2015-65,

Class

BL,

3.50%,

9/25/49

524,768

3,424,232

Freddie

Mac,

Series

4938,

Class

KA,

2.50%,

10/25/49

2,896,021

777,079

Fannie

Mae,

Series

5,

Class

MG,

3.50%,

2/25/50

691,736

460,684

Fannie

Mae,

Series

12,

Class

LC,

2.00%,

3/25/50

370,087

317,881

Fannie

Mae,

Series

2020-10,

Class

Q,

3.00%,

3/25/50

263,360

1,500,000

Fannie

Mae,

Series

56,

Class

AQ,

2.00%,

8/25/50

1,142,881

357,736

Freddie

Mac,

Series

5115,

Class

G,

2.50%,

9/25/50

283,908

1,565,002

SMB

Private

Education

Loan

Trust

2024-F,

Series

F,

Class

A1A,

5.06%,

3/16/54

(a)

1,550,007

1,495,000

Benchmark

Mortgage

Trust,

Series

2023-B39,

Class

A5,

5.75%,

7/15/56

1,545,380

1,500,000

BANK

Trust,

Series

2023-BNK46,

Class

A4,

5.75%,

8/15/56

1,544,510

1,500,000

BMO

Mortgage

Trust,

Series

2023-C7,

Class

A5,

6.16%,

12/15/56

1,588,350

1,500,000

BANK

Trust,

Series

2024-BNK47,

Class

A5,

5.72%,

6/15/57

1,552,157

1,500,000

Wells

Fargo

Commercial

Mortgage

Trust,

Series

2024-

C63,

Class

A5,

5.31%,

8/15/57

1,506,026

Total

(Cost $45,552,926)

$

43,533,427

Principal

Amount

Fair

Value

MORTGAGE-BACKED

SECURITIES

—

47.34%

Fannie

Mae

—

29.06%

250,220

4.50%,

3/01/34,

Pool

#CA3294

246,140

46,381

5.50%,

6/01/38,

Pool

#984277

(b)

46,532

Sterling

Capital

Quality

Income

Fund

Schedule

of

Investments

(continued)

December

31,

2024

-

(Unaudited)

Principal

Amount

Fair

Value

MORTGAGE-BACKED

SECURITIES

—

(continued)

Fannie

Mae

—

(continued)

25,977

5.50%,

8/01/38,

Pool

#995072

26,094

33,525

4.50%,

9/01/39,

Pool

#AC1830

32,492

33,812

4.50%,

10/01/40,

Pool

#AE4855

32,770

60,328

3.50%,

2/01/41,

Pool

#AH5646

55,004

92,378

4.00%,

3/01/41,

Pool

#AH4008

87,132

293,931

2.50%,

5/01/41,

Pool

#MA4334

250,100

26,949

4.50%,

6/01/41,

Pool

#AC9298

26,020

66,333

5.00%,

7/01/41,

Pool

#AI5595

66,022

114,746

4.00%,

9/01/41,

Pool

#AJ1717

108,222

1,811,561

6.00%,

10/01/41,

Pool

#FS4183

1,878,837

1,564,385

2.00%,

12/01/41,

Pool

#MA4501

1,299,306

1,285,722

2.50%,

4/01/42,

Pool

#MA4587

1,093,914

531,213

6.00%,

8/01/43,

Pool

#MA5129

537,978

34,905

4.50%,

10/01/44,

Pool

#MA2066

33,526

102,145

4.00%,

12/01/44,

Pool

#MA2127

95,009

100,595

4.50%,

1/01/45,

Pool

#MA2158

96,621

119,982

3.50%,

3/01/45,

Pool

#AS4552

108,036

108,780

4.00%,

10/01/45,

Pool

#AL7487

100,978

752,240

3.00%,

10/01/46,

Pool

#BC4764

651,126

72,258

4.00%,

11/01/46,

Pool

#MA2808

67,038

97,172

3.00%,

2/01/47,

Pool

#BE2329

84,186

51,962

4.00%,

5/01/47,

Pool

#BE9598

48,110

46,506

4.50%,

11/01/47,

Pool

#BM3286

44,725

3,088,609

4.00%,

12/01/47,

Pool

#BM5019

2,889,827

54,010

4.50%,

5/01/48,

Pool

#CA1711

51,401

1,338,444

3.50%,

6/01/50,

Pool

#CA6097

1,197,477

187,528

3.00%,

7/01/50,

Pool

#CA6422

160,871

183,973

3.00%,

7/01/50,

Pool

#CA6421

158,033

300,298

2.50%,

8/01/50,

Pool

#FM4055

248,431

697,300

3.00%,

8/01/50,

Pool

#FS0973

603,506

861,535

3.50%,

9/01/50,

Pool

#FS5284

771,868

427,127

2.50%,

3/01/51,

Pool

#FM6523

351,703

298,746

3.00%,

5/01/51,

Pool

#FM7346

256,204

946,994

2.50%,

8/01/51,

Pool

#FM8438

781,643

1,122,110

4.00%,

8/01/51,

Pool

#FS1976

1,040,208

Sterling

Capital

Quality

Income

Fund

Schedule

of

Investments

(continued)

December

31,

2024

-

(Unaudited)

Principal

Amount

Fair

Value

MORTGAGE-BACKED

SECURITIES

—

(continued)

Fannie

Mae

—

(continued)

2,942,041

3.00%,

9/01/51,

Pool

#FM8821

2,522,149

274,876

3.00%,

11/01/51,

Pool

#CB2170

234,266

719,547

3.50%,

2/01/52,

Pool

#MA4550

641,261

806,046

3.00%,

3/01/52,

Pool

#BV4143

688,727

616,623

3.50%,

4/01/52,

Pool

#FS1260

549,748

3,059,115

3.50%,

5/01/52,

Pool

#CB3593

2,718,774

588,375

4.50%,

6/01/52,

Pool

#FS2157

558,943

3,550,047

4.50%,

10/01/52,

Pool

#BW9905

3,354,626

446,764

5.00%,

11/01/52,

Pool

#CB5278

432,768

517,370

5.50%,

3/01/53,

Pool

#FS3925

513,106

1,235,738

6.00%,

6/01/53,

Pool

#FS6616

1,250,704

1,531,313

6.00%,

7/01/53,

Pool

#FS5233

1,548,017

3,680,123

4.50%,

9/01/53,

Pool

#FS8829

3,466,815

2,870,910

6.00%,

5/01/54,

Pool

#FM2472

2,910,954

3,433,872

5.00%,

10/01/54,

Pool

#FS9535

3,316,035

3,456,988

5.50%,

11/01/54,

Pool

#FS9455

3,430,014

$

43,763,997

Freddie

Mac

—

18.00%

28,542

4.00%,

11/01/32,

Pool

#ZS8993

27,893

112,766

4.00%,

5/01/37,

Pool

#ZA2461

108,233

16,504

5.50%,

10/01/39,

Pool

#ZI9359

16,572

28,981

5.00%,

4/01/40,

Pool

#ZI9910

28,869

48,564

5.50%,

4/01/40,

Pool

#ZA1042

48,816

151,073

2.00%,

8/01/40,

Pool

#RB5076

126,327

20,522

5.00%,

8/01/40,

Pool

#ZA1056

20,442

52,629

4.00%,

11/01/40,

Pool

#ZJ0654

49,637

55,922

4.00%,

12/01/40,

Pool

#ZJ0811

52,744

1,242,448

2.00%,

3/01/41,

Pool

#RB5105

1,036,815

133,459

3.50%,

8/01/42,

Pool

#ZL3508

121,526

512,298

6.00%,

2/01/43,

Pool

#RB5221

518,814

171,499

3.50%,

3/01/43,

Pool

#ZT1107

155,345

100,590

3.50%,

3/01/45,

Pool

#ZT1164

91,117

79,932

3.00%,

1/01/46,

Pool

#ZS4646

69,497

86,243

4.00%,

4/01/46,

Pool

#ZM1015

80,058

82,190

3.50%,

12/01/47,

Pool

#ZM5123

73,738

Sterling

Capital

Quality

Income

Fund

Schedule

of

Investments

(continued)

December

31,

2024

-

(Unaudited)

Principal

Amount

Fair

Value

MORTGAGE-BACKED

SECURITIES

—

(continued)

Freddie

Mac

—

(continued)

1,690,871

4.00%,

6/01/48,

Pool

#ZT0541

1,569,658

576,904

2.50%,

7/01/51,

Pool

#QC4230

477,628

898,045

3.00%,

8/01/51,

Pool

#SD8162

764,330

940,417

3.00%,

2/01/52,

Pool

#RA6664

804,688

783,211

3.50%,

4/01/52,

Pool

#SD0957

698,221

654,356

4.50%,

6/01/52,

Pool

#SD1265

616,279

1,046,607

4.50%,

8/01/52,

Pool

#SD1515

986,437

692,990

5.00%,

10/01/52,

Pool

#SD1710

672,110

1,446,396

4.00%,

12/01/52,

Pool

#SD5808

1,334,432

627,833

5.00%,

1/01/53,

Pool

#RA8382

608,154

3,592,746

5.00%,

2/01/53,

Pool

#SD2473

3,477,332

866,372

5.50%,

2/01/53,

Pool

#QF8052

858,841

1,090,196

4.50%,

5/01/53,

Pool

#SD2952

1,036,745

423,501

6.00%,

5/01/53,

Pool

#SD3072

428,291

931,739

5.00%,

6/01/53,

Pool

#SD3128

902,573

899,975

5.50%,

6/01/53,

Pool

#SD3136

893,832

1,202,243

6.00%,

7/01/53,

Pool

#SD3223

1,218,849

724,550

5.50%,

6/01/54,

Pool

#SD5479

718,125

2,959,079

6.00%,

9/01/54,

Pool

#SD6558

2,993,203

3,462,673

5.50%,

11/01/54,

Pool

#SD6622

3,431,266

$

27,117,437

Ginnie

Mae

II

—

0.28%

6,494

4.00%,

12/20/40,

Pool

#755678

6,112

462,528

4.00%,

7/20/52,

Pool

#786280

427,278

433,390

Total

(Cost $73,935,210)

71,314,824

Principal

Amount

Fair

Value

U.S.

GOVERNMENT

AGENCIES

—

0.31%

550,000

Federal

Home

Loan

Banks,

1.90

%

,

10/07/31

460,672

Total

(Cost $474,505)

460,672

Principal

Amount

Fair

Value

U.S.

TREASURY

BONDS

&

NOTES

—

2.04%

2,644,100

United

States

Treasury

Bond,

2.38

%

,

2/15/42

(b)

1,884,438

2,158,200

United

States

Treasury

Bond,

1.88

%

,

11/15/51

(b)

1,192,574

Sterling

Capital

Quality

Income

Fund

Schedule

of

Investments

(continued)

December

31,

2024

-

(Unaudited)

Principal

Amount

Fair

Value

U.S.

TREASURY

BONDS

&

NOTES

—

(continued)

Total

(Cost $3,738,781)

$

3,077,012

Shares

Fair

Value

MONEY

MARKET

FUNDS

—

1.27%

1,913,780

Federated

Hermes

Treasury

Obligations

Fund,

Institutional

Shares,

4.35%

(e)

1,913,780

Total

Money

Market

Funds

(Cost

$1,913,780)

1,913,780

Total

Investments—

99.74%

(Cost

$157,03

4,923)

150,264,264

Other

Assets

in

Excess

of

Liabilities

—

0.26%

397,431

NET

ASSETS

—

100.00%

$

150,661,695

(a)

Security

exempt

from

registration

under

Rule

144A

or

Section

4(2)

of

the

Securities

Act

of

1933.

The

security

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

The

Advisor,

using

Board

approved

procedures,

has

deemed

these

securities

or

a

portion

of

these

securities

to

be

liquid.

(b)

All

or

a

portion

of

the

securities

are

held

in

a

separate

collateral

account

at

US

Bank.

The

total

value

of

securities

held

in

a

separate

collateral

account

as

of

the

period

ended

December

31,

2024

is

$9,299,446,

which

represents

6.2%

of

net

assets.

(c)

The

interest

rate

for

this

variable

rate

note,

which

will

change

periodically,

is

based

either

on

the

prime

rate

or

an

index

of

market

rates.

The

reflected

rate

is

in

effect

as

of

December

31,

2024.

The

maturity

date

reflected

is

the

final

maturity

date.

(d)

Security

is

a

fix-to-float

security,

which

carries

a

fixed

coupon

until

a

certain

date,

upon

which

it

switches

to

a

floating

rate.

Rate

shown

is

the

fixed

rate.

(e)

Represents

the

current

yield

as

of

report

date.

STEP

Step

Coupon

Bond

Sterling

Capital

North

Carolina

Intermediate

Tax-Free

Fund

Schedule

of

Investments

December

31,

2024

-

(Unaudited)

Principal

Amount

Fair

Value

MUNICIPAL

BONDS

—

99.30%

North

Carolina

—

99.30%

$

500,000

Brunswick

County,

NC,

Enterprise

Systems

Revenue,

Callable

2/1/33

@

100

,

5.00

%,

2/1/42

$

545,771

575,000

Brunswick

County,

NC,

Enterprise

Systems

Revenue,

Callable

2/1/33

@

100

,

5.00

%,

2/1/41

629,793

1,475,000

Buncombe

County,

NC,

Advance

Refunding

Revenue

Limited

Obligation,

Callable

6/1/25

@

100

,

5.00

%,

6/1/28

1,485,594

2,000,000

Buncombe

County,

NC,

Callable

6/1/34

@

100

,

5.00

%,

6/1/36

2,278,379

1,100,000

Cabarrus

County,

NC,

Refunding

Revenue

Bonds

Series

A

,

5.00

%,

6/1/31

1,225,489

1,000,000

Charlotte,

NC,

Charlotte

Douglas

International

Airport

Refunding

Revenue,

Callable

7/1/24

@

100

,

5.00

%,

7/1/31

1,004,324

1,695,000

Charlotte,

NC,

Current

Refunding

G.O.

Series

A

,

5.00

%,

6/1/29

1,845,473

2,000,000

Charlotte,

NC,

Current

Refunding

G.O.

Series

A,

Callable

6/1/29

@

100

,

5.00

%,

6/1/34

2,152,263

2,000,000

Charlotte,

NC,

Public

Facilities,

Certification

of

Participation

Series

B,

Callable

12/1/31

@

100

,

5.00

%,

12/1/32

2,243,124

2,275,000

Charlotte,

NC,

Recreational

Facilities

Improvements

Revenue,

Callable

12/1/28

@

100

,

5.00

%,

12/1/33

2,421,136

1,520,000

Charlotte,

NC,

Recreational

Facilities

Improvements

Revenue,

Callable

12/1/28

@

100

,

5.00

%,

12/1/34

1,614,119

2,650,000

Charlotte,

NC,

Water

&

Sewer

System

Revenue,

Refunding

Revenue

Bonds

Series

A,

Callable

7/1/32

@

100

,

5.00

%,

7/1/39

2,932,160

2,055,000

Charlotte,

NC,

Water

&

Sewer

System

Revenue,

Refunding

Revenue

Bonds

Series

A

,

5.00

%,

7/1/42

2,295,273

1,590,000

Chatham

County,

NC,

Refunding

Revenue

(County

Guaranteed)

,

5.00

%,

12/1/28

1,653,635

2,100,000

Concord,

NC,

Recreational

Facility

Improvements

G.O.,

Callable

9/1/33

@

100

,

5.00

%,

9/1/34

2,408,897

2,210,000

County

of

Forsyth,

NC

,

5.00

%,

6/1/30

2,445,751

1,795,000

County

of

Transylvania,

NC

,

5.00

%,

4/1/30

1,976,543

1,000,000

Currituck

County,

NC,

Callable

4/1/33

@

100

,

5.00

%,

4/1/38

1,112,016

1,150,000

Currituck

County,

NC,

Callable

4/1/33

@

100

,

5.00

%,

4/1/37

1,283,783

1,150,000

Currituck

County,

NC,

Callable

4/1/33

@

100

,

5.00

%,

4/1/36

1,288,138

1,890,000

Durham

County,

NC,

Current

Refunding

G.O.

,

5.00

%,

6/1/29

2,058,604

Sterling

Capital

North

Carolina

Intermediate

Tax-Free

Fund

Schedule

of

Investments

(continued)

December

31,

2024

-

(Unaudited)

Principal

Amount

Fair

Value

MUNICIPAL

BONDS

—

(continued)

North

Carolina

—

(continued)

$

1,225,000

East

Carolina

University,

University

&

College

Improvements

Revenue

Series

A,

Callable

4/1/26

@

100

,

5.00

%,

10/1/27

$

1,251,828

1,000,000

Elizabeth

City

State

University,

Board

of

Governors

of

NC,

Advance

Refunding

Revenue

Bonds,

Callable

4/1/29

@

100

(AGM)

,

5.00

%,

4/1/40

1,033,584

1,690,000

Fayetteville,

NC,

Public

Works

Commission,

Electric

Light

&

Power

Improvements

Revenue,

Callable

3/1/24

@

100

,

5.00

%,

3/1/29

1,789,083

2,000,000

Greensboro,

NC,

Recreational

Facility

Improvements

G.O.

Series

B,

Callable

4/1/32

@

100

,

5.00

%,

4/1/40

2,199,862

1,500,000

Guilford

County,

NC

,

4.00

%,

3/1/40

1,525,289

1,675,000

Guilford

County,

NC,

Advance

Refunding,

G.O.

Series

A,

Callable

2/1/26

@

100

,

5.00

%,

2/1/28

1,710,828

880,000

Johnston

County,

NC,

Water

Utility

Improvements

Revenue

Bonds,

Callable

4/1/33

@

100

,

5.00

%,

4/1/39

975,780

1,000,000

Macon

County,

NC

,

5.00

%,

10/1/41

1,103,070

1,195,000

Monroe,

NC,

Advanced

Refunding

Revenue

Bonds,

Callable

3/1/26

@

100

,

5.00

%,

3/1/29

1,218,218

1,000,000

North

Carolina

Agricultural

&

Technical

State

University,

Refunding

Revenue

Series

A,

Callable

10/1/25

@

100

,

5.00

%,

10/1/32

1,010,231

1,215,000

North

Carolina

Agricultural

&

Technical

State

University,

Refunding

Revenue

Series

A,

Callable

10/1/25

@

100

,

5.00

%,

10/1/34

1,226,893

500,000

North

Carolina

Agricultural

&

Technical

State

University,

Refunding

Revenue

Series

A

,

5.00

%,

10/1/43

536,439

500,000

North

Carolina

Agricultural

&

Technical

State

University,

Refunding

Revenue

Series

A

,

5.00

%,

10/1/48

529,909

1,000,000

North

Carolina

Agricultural

&

Technical

State

University,

Refunding

Revenue

Series

A

,

5.00

%,

10/1/52

1,054,557

750,000

North

Carolina

Capital

Facilities

Finance

Agency,

Meredith

College

Project,

Refunding

Revenue

,

5.00

%,

6/1/25

754,025

1,045,000

North

Carolina

Capital

Facilities

Finance

Agency,

The

Arc

of

North

Carolina

Project,

Refunding

Revenue

(Housing

and

Urban

Development,

Section

8)

,

5.00

%,

10/1/25

1,045,836

Sterling

Capital

North

Carolina

Intermediate

Tax-Free

Fund

Schedule

of

Investments

(continued)

December

31,

2024

-

(Unaudited)

Principal

Amount

Fair

Value

MUNICIPAL

BONDS

—

(continued)

North

Carolina

—

(continued)

$

2,345,000

North

Carolina

Capital

Facilities

Finance

Agency,

The

Arc

of

North

Carolina

Project,

Refunding

Revenue

(Housing

and

Urban

Development,

Section

8),

Callable

10/1/27

@

100

,

5.00

%,

10/1/34

$

2,356,069

1,000,000

North

Carolina

Central

University,

University

&

College

Improvements,

Revenue

Bonds,

Callable

4/1/29

@

100

,

5.00

%,

4/1/37

1,047,646

1,205,000

North

Carolina

Central

University,

University

&

College

Improvements,

Revenue

Bonds,

Callable

4/1/29

@

100

,

5.00

%,

4/1/33

1,275,407

2,500,000

North

Carolina

Medical

Care

Commission

,

5.00

%,

2/1/51

2,541,528

2,000,000

North

Carolina

Medical

Care

Commission,

Advance

Refunding

Revenue

Bonds,

Vidant

Health,

Callable

6/1/25

@

100

,

5.00

%,

6/1/40

2,007,434

1,500,000

North

Carolina

Medical

Care

Commission,

Health,

Hospital

and

Nursing

Home

Improvements,

Revenue

Bonds

Series

A,

Callable

1/1/30

@

100

,

5.00

%,

7/1/32

1,603,545

1,040,000

North

Carolina

Municipal

Power

Agency

No

1

,

5.00

%,

1/1/29

1,063,336

3,000,000

North

Carolina

State,

Advance

Refunding

Revenue

Bonds

Series

B,

Callable

5/1/27

@

100

,

5.00

%,

5/1/30

(a)

3,126,544

1,100,000

North

Carolina

State,

Advance

Refunding

Revenue

Bonds

Series

B,

Callable

5/1/27

@

100

,

5.00

%,

5/1/28

1,148,966

2,500,000

North

Carolina

State,

Build

North

Carolina

Bonds,

Highway

Improvements

Revenue

Bonds

Series

A,

Callable

5/1/29

@

100

,

5.00

%,

5/1/31

2,697,711

3,000,000

North

Carolina

State,

Highway

Improvements

Revenue

Bonds

Series

N,

Callable

3/1/31

@

100

,

4.00

%,

3/1/34

3,083,529

1,500,000

North

Carolina

Turnpike

Authority,

Senior

Lien,

Advance

Refunding

Revenue

(AGM)

,

5.00

%,

1/1/27

1,555,835

2,100,000

North

Carolina

Turnpike

Authority,

Senior

Lien,

Advance

Refunding

Revenue,

Callable

1/1/27

@

100

(AGM)

,

5.00

%,

1/1/28

2,171,703

1,060,000

Pitt

County,

NC,

Advance

Refunding

Revenue

Bonds

Series

B,

Callable

10/1/26

@

100

,

5.00

%,

4/1/30

1,090,354

3,000,000

Raleigh,

NC,

Combined

Enterprise

System

Revenue,

Current

Refunding

Revenue

Bonds,

Callable

9/1/33

@

100

,

5.00

%,

9/1/48

3,264,474

2,000,000

Raleigh,

NC,

Refunding

Notes

G.O.

Series

A,

Callable

4/1/33

@

100

,

5.00

%,

4/1/35

2,274,761

1,025,000

Raleigh,

NC,

Refunding

Notes

G.O.

Series

A,

Callable

4/1/33

@

100

,

5.00

%,

4/1/36

1,161,561

Sterling

Capital

North

Carolina

Intermediate

Tax-Free

Fund

Schedule

of

Investments

(continued)

December

31,

2024

-

(Unaudited)

Principal

Amount

Fair

Value

MUNICIPAL

BONDS

—

(continued)

North

Carolina

—

(continued)

$

2,200,000

Raleigh,

NC,

Refunding

Notes

G.O.

Series

A,

Callable

4/1/33

@

100

,

5.00

%,

4/1/40

$

2,449,505

1,985,000

Sampson

County,

NC,

Refunding

Revenue,

Callable

12/1/25

@

100

,

5.00

%,

12/1/26

(a)

2,015,048

1,025,000

Surry

County,

NC,

School

Improvements,

Revenue

Bonds,

Callable

6/1/29

@

100

,

4.00

%,

6/1/35

1,036,219

1,470,000

Town

of

Apex,

NC,

Callable

2/1/33

@

100

,

5.00

%,

2/1/35

(a)

1,667,181

1,425,000

Town

of

Fuquay-Varina

NC,

Multi-Utility

Improvements

G.O.

,

5.00

%,

8/1/37

1,609,099

1,195,000

Town

of

Fuquay-Varina

NC,

Multi-Utility

Improvements

G.O.

,

5.00

%,

8/1/31

1,345,485

1,080,000

Town

of

Garner

NC,

Public

Improvements

G.O.

,

5.00

%,

2/1/31

1,206,361

1,080,000

Town

of

Garner

NC,

Public

Improvements

G.O.,

Callable

2/1/33

@

100

,

5.00

%,

2/1/34

1,229,949

1,010,000

Town

of

Holly

Springs,

NC,

Public

Improvements

Revenue,

Callable

10/1/24

@

100

,

5.00

%,

10/1/27

1,011,261

1,005,000

Town

of

Huntersville,

NC

,

5.00

%,

12/1/28

1,084,977

1,150,000

Town

of

Huntersville,

NC

,

4.00

%,

12/1/38

1,192,708

870,000

Town

of

Oak

Island

Combined

Enterprise

System,

Advance

Refunding

Revenue

(AGM)

,

5.00

%,

6/1/25

876,427

1,030,000

Union

County,

NC,

Public

Improvements

Bonds

G.O.,

Callable

3/1/32

@

100

,

5.00

%,

3/1/34

1,160,220

1,720,000

Union

County,

NC,

School

Improvements

G.O.,

Callable

9/1/33

@

100

,

5.00

%,

9/1/42

1,901,879

1,500,000

University

of

North

Carolina

at

Chapel

Hill,

Current

Refunding

Revenue

Bonds

Series

B,

Callable

12/1/31

@

100

,

5.00

%,

12/1/36

1,666,683

1,100,000

University

of

North

Carolina

at

Wilmington,

Current

Refunding

Revenue

Bonds

Series

B,

Callable

10/1/29

@

100

,

5.00

%,

10/1/34

1,184,526

1,585,000

Wake

County,

NC,

Public

Improvements,

G.O.

Series

A,

Callable

3/1/28

@

100

,

5.00

%,

3/1/30

1,683,091

1,725,000

Wake

County,

NC,

Refunding

Revenue

Bonds

Series

A,

Callable

8/1/28

@

100

,

5.00

%,

8/1/32

1,837,439

350,000

Watauga

Public

Facilities

Corp.,

School

Improvements

Revenue

Bonds,

Callable

6/1/32

@

100

,

5.25

%,

6/1/40

386,553

325,000

Watauga

Public

Facilities

Corp.,

School

Improvements

Revenue

Bonds,

Callable

6/1/32

@

100

,

5.00

%,

6/1/35

360,656

400,000

Watauga

Public

Facilities

Corp.,

School

Improvements

Revenue

Bonds,

Callable

6/1/32

@

100

,

5.00

%,

6/1/36

442,450

375,000

Watauga

Public

Facilities

Corp.,

School

Improvements

Revenue

Bonds,

Callable

6/1/32

@

100

,

5.00

%,

6/1/37

413,461

Sterling

Capital

North

Carolina

Intermediate

Tax-Free

Fund

Schedule

of

Investments

(continued)

December

31,

2024

-

(Unaudited)

Principal

Amount

Fair

Value

MUNICIPAL

BONDS

—

(continued)

North

Carolina

—

(continued)

$

375,000

Watauga

Public

Facilities

Corp.,

School

Improvements

Revenue

Bonds,

Callable

6/1/32

@

100

,

5.00

%,

6/1/38

$

412,037

650,000

Watauga

Public

Facilities

Corp.,

School

Improvements

Revenue

Bonds,

Callable

6/1/32

@

100

,

5.25

%,

6/1/42

711,273

2,060,000

Wilmington,

NC,

Public

Improvements

G.O.

Series

A

,

5.00

%,

5/1/31

2,312,745

1,365,000

Winston-Salem,

NC,

Public

Improvements

G.O.

Series

B,

Callable

6/1/33

@

100

,

5.00

%,

6/1/35

1,552,702

1,875,000

Winston-Salem,

NC,

Water

&

Sewer

System,

Refunding

Revenue

Series

A,

Callable

6/1/24

@

100

,

5.00

%,

6/1/25

(a)

1,877,891

Total

(Cost $124,615,921)

123,963,926

Shares

Fair

Value

MONEY

MARKET

FUNDS

—

0.21%

256,742

Federated

Hermes

Treasury

Obligations

Fund,

Institutional

Shares,

4.35%

(b)

256,742

Total

Money

Market

Funds

(Cost

$256,742)

256,742

Total

Investments—

99.51%

(Cost

$124,872,663)

124,220,668

Other

Assets

in

Excess

of

Liabilities

—

0.49%

605,840

NET

ASSETS

—

100.00%

$

124,826,508

(a)

All

or

a

portion

of

the

securities

are

held

in

a

separate

collateral

account

at

US

Bank.

The

total

value

of

securities

held

in

a

separate

collateral

account

as

of

the

period

ended

December

31,

2024

is

$8,686,666,

which

represents

7.0

%

of

net

assets.

(b)

Represents

the

current

yield

as

of

report

date.

AGM

Assured

Guaranty

Municipal

Corp.

G.O.

General

Obligation

Sterling

Capital

South

Carolina

Intermediate

Tax-Free

Fund

Schedule

of

Investments

December

31,

2024

-

(Unaudited)

Principal

Amount

Fair

Value

MUNICIPAL

BONDS

—

97.70%

South

Carolina

—

97.70%

$

750,000

Aiken

County,

SC,

Consolidated

School

District,

Special

Obligation

Bonds,

School

Improvements

Revenue,

Callable

6/1/29

@

100

,

4.00

%,

6/1/33

$

766,672

1,000,000

Charleston,

SC,

Waterworks

&

Sewer

System

Revenue,

Water

Utility

Improvements

Revenue

Bonds,

Callable

1/1/30

@

100

,

5.00

%,

1/1/38

1,075,541

750,000

Charleston,

SC,

Waterworks

&

Sewer

System

Revenue,

Water

Utility

Improvements

Revenue

Bonds,

Callable

7/1/32

@

100

,

5.00

%,

1/1/52

(a)

796,876

1,000,000

Columbia,

SC,

Waterworks

&

Sewer

System

Revenue,

Water

&

Sewer

Utility

Improvements

Revenue,

Callable

2/1/28

@

100

,

5.00

%,

2/1/48

1,063,402

1,000,000

Columbia,

SC,

Waterworks

&

Sewer

System

Revenue,

Water

&

Sewer

Utility

Improvements

Revenue,

Callable

2/1/33

@

100

,

5.25

%,

2/1/52

1,085,127

780,000

Dorchester

County

School

District

No.

4,

School

Improvements

G.O.

Series

A,

Callable

9/1/33

@

100

(SCSDE)

,

5.00

%,

3/1/43

850,721

830,000

Florence,

SC,

Combined

Waterworks

&

Sewerage

System

Revenue,

Water

Utility

Improvements

Revenue

Bonds,

Callable

9/1/33

@

100

,

5.00

%,

9/1/37

929,808

1,000,000

Greenville

Health

System,

Hospital

System

Board

Series

B,

Callable

5/1/24

@

100

,

5.00

%,

5/1/31

1,001,697

1,000,000

Greenwood

County,

SC

,

5.00

%,

10/1/32

1,079,988

1,000,000

Lancaster

County,

SC,

School

District,

School

Improvements

G.O.

Series

A,

Callable

3/1/27

@

100

(SCSDE)

,

4.00

%,

3/1/30

1,011,210

600,000

Lexington

County,

SC,

School

District

No.

1,

School

Improvements

G.O.

Series

B,

Callable

2/1/29

@

100

(SCSDE)

,

5.00

%,

2/1/31

645,329

1,000,000

Lexington

County,

SC,

School

District

No.

2,

G.O.

Series

C,

Callable

3/1/27

@

100

(SCSDE)

,

5.00

%,

3/1/31

1,037,927

1,085,000

Lugoff-Elgin

Water

Authority,

Refunding

Revenue

Series

B,

Callable

7/1/26

@

100

,

5.00

%,

7/1/30

(a)

1,109,166

1,000,000

Oconee

County,

SC

,

5.00

%,

4/1/41

1,096,956

1,000,000

Orangeburg

County,

SC,

Correctional

Facilities

Improvements,

Installment

Purchase

Revenue

Bonds,

Callable

12/1/27

@

100

,

5.00

%,

12/1/29

1,032,660

715,000

Patriots

Energy

Group

Financing

Agency

,

5.25

%,

2/1/54

764,368

500,000

Richland

County,

DC,

School

District

No.

2,

Refunding

Bonds

G.O.

Series

B,

Callable

3/1/27

@

100

(SCSDE)

,

4.00

%,

3/1/29

505,762

Sterling

Capital

South

Carolina

Intermediate

Tax-Free

Fund

Schedule

of

Investments

(continued)

December

31,

2024

-

(Unaudited)

Principal

Amount

Fair

Value

MUNICIPAL

BONDS

—

(continued)

South

Carolina

—

(continued)

$

805,000

Richland

County,

SC,

School

District

No.

2,

School

Improvements

G.O.

Series

A,

Callable

3/1/32

@

100

(SCSDE)

,

5.00

%,

3/1/36

$

892,818

625,000

SCAGO

Educational

Facilities

Corp.

for

Spartanburg

School

District

No.

1,

Refunding

Revenue

Series

B

,

5.00

%,

6/1/25

628,766

490,000

SCAGO

Educational

Facilities

Corp.

for

Sumter

County

School

17,

Refunding

Revenue

,

5.00

%,

12/1/25

497,067

645,000

South

Carolina

Jobs-Economic

Development

Authority

,

5.00

%,

11/1/34

724,389

400,000

South

Carolina

Jobs-Economic

Development

Authority

,

5.00

%,

11/1/33

(a)

450,884

850,000

South

Carolina

Jobs-Economic

Development

Authority,

AnMed

Health

Project,

Advanced

Refunding

Revenue

Bonds,

Callable

2/1/26

@

100

,

5.00

%,

2/1/29

862,774

1,000,000

South

Carolina

Jobs-Economic

Development

Authority,

Wofford

College

Project,

University

&

College

Improvements

Revenue,

Callable

4/1/29

@

100

,

5.00

%,

4/1/44

1,030,504

750,000

South

Carolina

Public

Service

Authority,

Callable

12/1/32

@

100

,

5.25

%,

12/1/36

835,992

1,000,000

South

Carolina

Transportation

Infrastructure

Bank,

Advance

Refunding

Revenue

Series

A,

Callable

10/1/27

@

100

(AGM)

,

5.00

%,

10/1/38

1,036,955

1,000,000

Spartanburg

County

School

District

No.

4,

SC,

School

Improvements

G.O.

(SCSDE)

Series

A,

Callable

3/1/32

@

100

(SCSDE)

,

5.00

%,

3/1/40

1,088,979

500,000

Spartanburg

County

School

District

No.

5,

SC,

School

Improvements

G.O.,

Callable

3/1/32

(SCSDE)

,

5.00

%,

3/1/37

552,244

750,000

State

of

South

Carolina,

University

&

College

Improvements

G.O.

Series

A,

Callable

4/1/32

@

100

,

5.00

%,

4/1/39

828,481

Total

(Cost $25,321,512)

25,283,063

Shares

Fair

Value

MONEY

MARKET

FUNDS

—

1.22%

315,345

Federated

Hermes

Treasury

Obligations

Fund,

Institutional

Shares,

4.35%

(b)

315,345

Sterling

Capital

South

Carolina

Intermediate

Tax-Free

Fund

Schedule

of

Investments

(continued)

December

31,

2024

-

(Unaudited)

Shares

Fair

Value

MONEY

MARKET

FUNDS

—

1.22%

-

continued

Total

Money

Market

Funds

(Cost

$315,345)

$

315,345

Total

Investments—

98.92%

(Cost

$25,636,857)

25,598,408

Other

Assets

in

Excess

of

Liabilities

—

1.08%

278,700

NET

ASSETS

—

100.00%

$

25,877,108

(a)

All

or

a

portion

of

the

securities

are

held

in

a

separate

collateral

account

at

US

Bank.

The

total

value

of

securities

held

in

a

separate

collateral

account

as

of

the

period

ended

December

31,

2024

is

$2,356,922,

which

represents

9.1%

of

net

assets.

(b)

Represents

the

current

yield

as

of

report

date.

AGM

Assured

Guaranty

Municipal

Corp.

G.O.

General

Obligation

SCAGO

South

Carolina

Association

of

Governmental

Organizations

SCSDE

South

Carolina

School

District

Enhancement

Sterling

Capital

Virginia

Intermediate

Tax-Free

Fund

Schedule

of

Investments

December

31,

2024

-

(Unaudited)

Principal

Amount

Fair

Value

MUNICIPAL

BONDS

—

97.70%

Virginia

—

97.70%

$

1,000,000

Albemarle

County,

VA,

Economic

Development

Authority,

Public

Improvements

Revenue

,

5.00

%,

6/1/27

$

1,049,744

1,000,000

Albemarle

County,

VA,

School

Improvements

G.O.,

(State

Aid

Withholding)

,

5.00

%,

6/1/26

1,029,008

1,000,000

Arlington

County,

VA,

Public

Improvements

G.O.,

Callable

8/15/27

@

100

,

5.00

%,

8/15/30

1,048,228

1,085,000

Chesapeake

Bay

Bridge

&

Tunnel

District,

First

Tier

General

Resolution,

Highway

Improvements,

Revenue

Bonds,

Callable

7/1/26

@

100

(AGM)

,

5.00

%,

7/1/41

1,101,588

1,000,000

Chesapeake,

VA,

Chesapeake

Expressway,

Callable

7/15/34

@

100

,

5.00

%,

7/15/41

1,105,192

1,000,000

Chesapeake,

VA,

Public

Improvements,

Refunding

G.O.

Series

A,

Callable

18/1/27

@

100

,

5.00

%,

8/1/30

1,047,620

1,000,000

Chesterfield

County,

VA,

School

Improvements

G.O.,

(State

Aid

Withholding)

Series

A,

Callable

1/1/28

@

100

,

4.00

%,

1/1/31

1,030,347

1,000,000

Chesterfield

County,

VA,

School

Improvements

G.O.,

(State

Aid

Withholding),

Callable

1/1/33

@

100

,

5.00

%,

1/1/40

1,111,177

1,000,000

City

of

Alexandria,

VA

,

5.00

%,

12/15/33

1,155,084

1,145,000

Culpeper

County,

VA,

Economic

Development

Authority,

VA

Capital

Projects,

Refunding

Revenue,

Callable

6/1/24

@

100

,

4.00

%,

6/1/26

1,145,547

1,145,000

Fairfax

County,

VA,

School

Improvements

G.O.,

Current

Refunding

Series

A,

Callable

4/1/30

@

100

,

5.00

%,

10/1/30

(a)

1,261,951

1,000,000

Fairfax

County,

VA,

Sewer

Revenue

,

5.00

%,

7/15/54

1,076,880

1,000,000

Fredericksburg

Economic

Development

Authority,

Mary

Washington

Healthcare

Obligation

Group,

Refunding

Revenue,

Callable

6/15/24

@

100

,

5.00

%,

6/15/26

1,000,362

1,320,000

Loudoun

County

Economic

Development

Authority,

Loudoun

County

Public

Improvements

Projects,

Revenue

Bonds

Series

A,

Callable

12/1/31

@

100

,

5.00

%,

12/1/36

1,457,407

1,000,000

Loudoun

County,

VA,

Miscellaneous

Purposes

Revenue

G.O.

(State

Aid

Withholding)

Series

A

,

5.00

%,

12/1/29

1,097,286

1,000,000

Manassas,

VA,

Public

Improvements,

Public

Facilities

G.O.

(State

Aid

Withholding),

Callable

7/1/29

@

100

,

4.00

%,

7/1/33

1,038,081

1,000,000

Norfolk,

VA,

Callable

8/1/28

@

100

,

5.00

%,

8/1/47

1,074,277

1,135,000

Norfolk,

VA,

Water

Revenue,

Callable

11/1/33

@

100

,

5.00

%,

11/1/44

1,243,811

Sterling

Capital

Virginia

Intermediate

Tax-Free

Fund

Schedule

of

Investments

(continued)

December

31,

2024

-

(Unaudited)

Principal

Amount

Fair

Value

MUNICIPAL

BONDS

—

(continued)

Virginia

—

(continued)

$

1,000,000

Norfolk,

VA,

Water

Revenue,

Callable

11/1/33

@

100

,

5.00

%,

11/1/40

$

1,114,656

1,375,000

Rappahannock

Regional

Jail

Authority,

Refunding

Revenue,

Callable

10/1/25

@

100

,

5.00

%,

10/1/26

1,392,642

1,295,000

Richmond,

VA,

Public

Utility

Advance

Refunding

Revenue

Bonds,

Callable

1/15/26

@

100

,

5.00

%,

1/15/27

1,321,151

1,265,000

Roanoke,

VA,

School

Improvements

G.O.,

Callable

4/1/32

@

100

,

5.00

%,

4/1/34

(a)

1,420,232

1,000,000

Salem,

VA,

School

Improvements

G.O.,

Current

Refunding

,

5.00

%,

5/1/28

1,065,319

1,000,000

Spotsylvania

County,

VA,

School

Improvements

G.O.,

Callable

7/15/32

@

100

,

5.00

%,

1/15/37

1,115,466

1,000,000

Spotsylvania

County,

VA,

School

Improvements

G.O.,

Callable

7/15/32

@

100

,

5.00

%,

1/15/38

1,110,662

2,085,000

Suffolk,

VA,

Callable

2/1/32

@

100

,

5.00

%,

2/1/43

(a)

2,259,956

1,000,000

Upper

Occoquan

Sewage

Authority

,

5.00

%,

7/1/37

1,148,219

1,000,000

Virginia

Beach,

VA,

Storm

Water

Utility

Revenue,

Public

Improvements

Revenue

Bonds

Series

A,

Callable

11/15/30

@

100

,

5.00

%,

11/15/31

1,109,503

1,000,000

Virginia

College

Building

Authority,

University

&

College

Improvements

Revenue

Bonds

(State

Intercept)

Series

C

,

5.00

%,

9/1/29

1,089,498

1,000,000

Virginia

College

Building

Authority,

University

&

College

Improvements

Revenue

Bonds,

Callable

2/1/32

@

100

,

5.25

%,

2/1/41

1,100,574

1,215,000

Virginia

Commonwealth

Transportation

Board,

Federal

Highway

Transportation

Grant,

Callable

9/15/26

@

100

,

5.00

%,

9/15/30

1,249,890

1,000,000

Virginia

Commonwealth

Transportation

Board,

Federal

Transporation

Grant,

Anticipation

Advance

Refunding

Revenue,

Callable

9/15/27

@

100

,

5.00

%,

9/15/31

1,048,875

1,000,000

Virginia

Housing

Development

Authority,

Callable

4/1/26

@

100

,

3.00

%,

10/1/29

963,397

1,000,000

Virginia

Port

Authority

Commonwealth

Port

Fund,

Airport

&

Marina

Improvements

Revenue

Bonds

Series

A

,

5.00

%,

7/1/41

1,097,992

1,000,000

Virginia

Public

School

Authority,

School

Improvements

Revenue

Bonds

(State

Aid

Withholding)

,

5.00

%,

1/15/30

1,098,972

1,035,000

Virginia

Public

School

Authority,

School

Improvements

Revenue

Bonds

(State

Aid

Withholding)

,

5.00

%,

8/15/30

1,145,748

Sterling

Capital

Virginia

Intermediate

Tax-Free

Fund

Schedule

of

Investments

(continued)

December

31,

2024

-

(Unaudited)

Principal

Amount

Fair

Value

MUNICIPAL

BONDS

—

(continued)

Virginia

—

(continued)

$

1,000,000

Winchester

Economic

Development

Authority,

Callable

1/1/34

@

100

,

5.00

%,

1/1/42

$

1,088,267

Total

(Cost $43,108,203)

43,014,609

Shares

Fair

Value

MONEY

MARKET

FUNDS

—

1.26%

556,823

Federated

Hermes

Treasury

Obligations

Fund,

Institutional

Shares,

4.35%

(b)

556,823

Total

Money

Market

Funds

(Cost

$556,823

)

556,823

Total

Investments—

98.96%

(Cost

$43,665,026)

43,571,432

Other

Assets

in

Excess

of

Liabilities

—

1.04%

458,181

NET

ASSETS

—

100.00%

$

44,029,613

(a)

All

or

a

portion

of

the

securities

are

held

in

a

separate

collateral

account

at

US

Bank.

The

total

value

of

securities

held

in

a

separate

collateral

account

as

of

the

period

ended

December

31,

2024

is

$3,766,088,

which

represents

8.6%

of

net

assets.

(b)

Represents

the

current

yield

as

of

report

date.

AGM

Assured

Guaranty

Municipal

Corp.

G.O.

General

Obligation

Sterling

Capital

West

Virginia

Intermediate

Tax-Free

Fund

Schedule

of

Investments

December

31,

2024

-

(Unaudited)

Principal

Amount

Fair

Value

MUNICIPAL

BONDS

—

98.53%

West

Virginia

—

98.53%

$

1,000,000

Berkeley

County,

Board

of

Education,

School

Improvements

G.O.

(West

Virginia

Board

Commission)

,

4.00

%,

6/1/28

$

1,029,327

1,750,000

Berkeley

County,

Board

of

Education,

School

Improvements

G.O.

(West

Virginia

Board

Commission),

Callable

6/1/33

@

100

,

4.00

%,

6/1/36

(a)

1,789,105

1,500,000

Berkeley

County,

WV,

Public

Service

Sewer

District,

Miscellaneous

Purposes

Revenue

Series

C,

Callable

10/30/23

@

100

(BAM)

,

4.50

%,

10/1/32

1,499,911

1,080,000

Braxton

County,

WV,

Board

of

Education,

Public

School,

Advance

Refunding

G.O.

(West

Virginia

Board

Commission),

Callable

5/1/26

@

100

,

5.00

%,

5/1/28

(a)

1,106,542

610,000

Fairmont

State

University

,

5.00

%,

6/1/26

623,263

1,860,000

Marshall

University,

WV,

University

&

College

Improvements

Revenue

Bonds

Series

A

(AGM)

,

5.00

%,

5/1/30

2,013,284

705,000

Morgantown

Utility

Board,

WV,

Combined

Water

Utility

Improvements

Revenue

Series

B,

Callable

6/1/28

@

100

,

5.00

%,

12/1/34

743,381

1,140,000

Morgantown

Utility

Board,

WV,

Water

Utility

Improvements

Revenue

Bonds

Series

B,

Callable

6/1/28

@

100

,

5.00

%,

12/1/36

1,197,048

1,075,000

Ohio

County,

WV,

Board

of

Education,

School

Improvements

G.O.

(West

Virginia

Board

Commission)

,

3.00

%,

6/1/28

1,051,355

1,000,000

Ohio

County,

WV,

Board

of

Education,

School

Improvements

G.O.

(West

Virginia

Board

Commission)

,

4.00

%,

6/1/29

1,023,348

1,275,000

Ohio

County,

WV,

Callable

6/1/34

@

100

,

5.25

%,

6/1/44

1,314,148

1,265,000

School

Building

Authority

of

West

Virginia,

Lottery

Capital

Improvements

Revenue

Series

A,

Callable

7/1/24

@

100

,

5.00

%,

7/1/28

1,267,157

1,000,000

State

of

West

Virginia,

Callable

6/1/29

@

100

,

5.00

%,

6/1/44

1,042,721

1,505,000

State

of

West

Virginia,

Callable

6/1/31

@

100

,

5.00

%,

6/1/45

1,598,433

1,000,000

State

of

West

Virginia,

Fuel

Sales

Tax

Revenue,

Group

1

Highway

Improvements,

G.O.

Series

S,

Callable

6/1/29

@

100

,

5.00

%,

12/1/35

1,063,555

1,100,000

State

of

West

Virginia,

Fuel

Sales

Tax

Revenue,

Group

2

Highway

Improvements,

G.O.

Series

S,

Callable

6/1/29

@

100

,

5.00

%,

12/1/43

1,148,717

Sterling

Capital

West

Virginia

Intermediate

Tax-Free

Fund

Schedule

of

Investments

(continued)

December

31,

2024

-

(Unaudited)

Principal

Amount

Fair

Value

MUNICIPAL

BONDS

—

(continued)

West

Virginia

—

(continued)

$

1,000,000

Taylor

County,

WV,

Board

of

Education,

Callable

6/1/34

@

100

,

5.00

%,

6/1/35

$

1,129,827

1,000,000

Taylor

County,

WV,

Board

of

Education,

Callable

6/1/34

@

100

,

5.00

%,

6/1/36

1,125,380

850,000

West

Virginia

Commissioner

of

Highways,

Callable

9/1/27

@

100

,

5.00

%,

9/1/28

889,942

500,000

West

Virginia

Economic

Development

Authority

,

3.38

%,

3/1/40

493,697

1,000,000

West

Virginia

Economic

Development

Authority,

Callable

11/25/24

@

100

,

5.00

%,

6/1/26

1,005,319

1,145,000

West

Virginia

Economic

Development

Authority,

Lottery

Recreational

Facilities

Improvements

Revenue

Series

A,

Callable

7/1/27

@

100

,

5.00

%,

7/1/28

1,200,569

1,500,000

West

Virginia

Economic

Development

Authority,

Provident

Group

-

Marshall

Properties

L.L.C,

Current

Refunding

Revenue

Bonds

Series

A-1,

Callable

7/1/33

@

100

,

5.00

%,

7/1/37

1,631,200

1,015,000

West

Virginia

Economic

Development

Authority,

State

Office

Building

3,

Public

Improvements

Revenue

Series

D,

Callable

6/1/5

@

100

,

5.00

%,

6/1/26

1,022,530

1,470,000

West

Virginia

Hospital

Finance

Authority,

Charleston

Area

Medical

Center

Inc.,

Health,

Hospital,

Nursing

Home

Improvements,

Refunding

Revenue,

Callable

9/1/29

@

100

,

5.00

%,

9/1/39

1,498,634

1,000,000

West

Virginia

Hospital

Finance

Authority,

Health

Care

Facilities

Revenue

Bonds

Series

A,

Callable

6/1/33

@

100

,

5.00

%,

6/1/41

1,071,045

1,385,000

West

Virginia

Hospital

Finance

Authority,

United

Health

System

Obligation,

Health,

Hospital,

Nursing

Home

Improvements

Refunding

Revenue

Bonds

,

5.00

%,

6/1/26

1,417,042

1,070,000

West

Virginia

Housing

Development

Fund,

Revenue

Bonds

Series

A

,

3.25

%,

5/1/29

1,047,489

905,000

West

Virginia

Housing

Development

Fund,

Revenue

Bonds

Series

A

,

3.30

%,

11/1/29

891,474

1,980,000

West

Virginia

Parkways

Authority,

Highway

Improvements,

Senior

Lien

Revenue

Bonds,

Callable

6/1/31

@

100

,

5.00

%,

6/1/47

2,087,144

1,105,000

West

Virginia

Parkways

Authority,

Senior

Turnpike

Toll

Revenue,

Highway

Improvements,

Callable

6/1/28

@

100

,

5.00

%,

6/1/39

1,151,973

1,000,000

West

Virginia

State

School

Building

Authority,

Lottery

Revenue,

School

Improvements

Revenue

Series

A,

Callable

7/1/28

@

100

,

5.00

%,

7/1/29

1,066,399

Sterling

Capital

West

Virginia

Intermediate

Tax-Free

Fund

Schedule

of

Investments

(continued)

December

31,

2024

-

(Unaudited)

Principal

Amount

Fair

Value

MUNICIPAL

BONDS

—

(continued)

West

Virginia

—

(continued)

$

2,000,000

West

Virginia

University,

University

Projects,

University

&

College

Improvements

Revenue

Series

A,

Callable

10/1/31

@

100

,

5.00

%,

10/1/44

$

2,124,372

1,685,000

West

Virginia

University,

University

Projects,

University

&

College

Improvements

Revenue

Series

A,

Callable

10/1/31

@

100

,

5.00

%,

10/1/43

1,795,198

1,015,000

West

Virginia

Water

Development

Authority

,

5.00

%,

11/1/35

1,055,095

1,050,000

West

Virginia

Water

Development

Authority,

Loan

Program

II,

Refunding

Revenue

Series

A-II,

Callable

11/1/23

@

100

,

5.00

%,

11/1/26

(a)

1,051,413

740,000

West

Virginia

Water

Development

Authority,

West

Virginia

Infrastructure

&

Jobs,

Current

Refunding

Revenue

Bonds,

Callable

10/1/26

@

100

,

5.00

%,

10/1/30

759,528

1,100,000

West

Virginia

Water

Development

Authority,

West

Virginia

Infrastructure

&

Jobs,

Current

Refunding

Revenue

Bonds,

Callable

10/1/26

@

100

,

5.00

%,

10/1/31

1,127,145

1,500,000

Wood

County,

WV,

Board

of

Education,

Callable

6/1/33

@

100

,

4.50

%,

6/1/34

1,600,421

1,000,000

Wood

County,

WV,

Board

of

Education,

Callable

6/1/33

@

100

,

4.50

%,

6/1/35

1,057,620

1,550,000

Wyoming

County,

WV,

Board

of

Education,

Callable

6/1/34

@

100

,

5.00

%,

6/1/35

1,722,167

1,000,000

Wyoming

County,

WV,

Board

of

Education,

Callable

6/1/34

@

100

,

5.00

%,

6/1/36

1,105,876

Total

(Cost $52,197,461)

51,639,794

Shares

Fair

Value

MONEY

MARKET

FUNDS

—

0.73%

382,150

Federated

Hermes

Treasury

Obligations

Fund,

Institutional

Shares,

4.35%

(b)

382,150

Total

Money

Market

Funds

(Cost

$382,150)

382,150

Total

Investments—

99.26%

(Cost

$52,579,611)

52,021,944

Other

Assets

in

Excess

of

Liabilities

—

0.74%

389,170

NET

ASSETS

—

100.00%

$

52,411,114

Sterling

Capital

West

Virginia

Intermediate

Tax-Free

Fund

Schedule

of

Investments

(continued)

December

31,

2024

-

(Unaudited)

(a)

All

or

a

portion

of

the

securities

are

held

in

a

separate

collateral

account

at

US

Bank.

The

total

value

of

securities

held

in

a

separate

collateral

account

as

of

the

period

ended

December

31,

2024

is

$3,815,043,

which

represents

7.3%

of

net

assets.

(b)

Represents

the

current

yield

as

of

report

date.

AGM

Assured

Guaranty

Municipal

Corp.

BAM

Build

America

Mutual

G.O.

General

Obligation