Sterling

Capital

Short

Duration

Bond

Fund

1

Schedule

of

Portfolio

Investments

June

30,

2024

(Unaudited)

See

accompanying

Notes

to

the

Schedule

of

Portfolio

Investments.

Principal

Amount

Fair

Value

ASSET

BACKED

SECURITIES

—

22.3%

$

205,000‌

Ally

Auto

Receivables

Trust,

Series

2022-3,

Class

A4,

5.070%,

6/15/31

..........

$

204,151‌

240,000‌

AmeriCredit

Automobile

Receivables

Trust,

Series

2022-1,

Class

C,

2.980%,

9/20/27

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

229,299‌

500,000‌

AmeriCredit

Automobile

Receivables

Trust,

Series

2022-2,

Class

C,

5.320%,

4/18/28

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

498,484‌

425,000‌

ARI

Fleet

Lease

Trust,

Series

2023-B,

Class

A2,

6.050%,

7/15/32(a)

........

426,591‌

656,000‌

Avis

Budget

Rental

Car

Funding

AESOP,

LLC,

Series

2020-2A,

Class

A,

2.020%,

2/20/27(a)

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

622,743‌

590,000‌

Avis

Budget

Rental

Car

Funding

AESOP,

LLC,

Series

2023-3A,

Class

A,

5.440%,

2/22/28(a)

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

589,563‌

33,452‌

Carvana

Auto

Receivables

Trust,

Series

2021-P2,

Class

A3,

0.490%,

3/10/26

...

33,387‌

206,883‌

Chesapeake

Funding

II,

LLC,

Series

2021-

1A,

Class

A1,

0.470%,

4/15/33(a)

.....

204,308‌

51‌

Citicorp

Residential

Mortgage

Trust,

STEP,

Series

2007-2,

Class

A6,

4.543%,

6/25/37

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

50‌

1,183,000‌

Enterprise

Fleet

Financing,

LLC,

Series

2023-1,

Class

A3,

5.420%,

10/22/29(a)

.

1,182,339‌

750,000‌

Ford

Credit

Auto

Owner

Trust

2020-

REV2,

Series

2020-2,

Class

A,

1.060%,

4/15/33(a)

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

708,352‌

1,288,000‌

Hertz

Vehicle

Financing

III

L.P.,

Series

2021-2A,

Class

A,

1.680%,

12/27/27(a)

1,175,525‌

392,000‌

OneMain

Direct

Auto

Receivables

Trust,

Series

2023-1A,

Class

A,

5.410%,

11/14/29(a)

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

391,566‌

827,508‌

OneMain

Direct

Auto

Receivables

Trust

2019-1,

Series

2019-1A,

Class

A,

3.630%,

9/14/27(a)

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

815,758‌

700,000‌

OneMain

Financial

Issuance

Trust

2022-

3,

Series

2022-3A,

Class

A,

5.940%,

5/15/34(a)

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

701,847‌

500,000‌

PFS

Financing

Corp.,

Series

2024-D,

Class

A,

5.340%,

4/15/29(a)

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

501,464‌

850,000‌

Santander

Drive

Auto

Receivables

Trust,

Series

2024-1,

Class

B,

5.230%,

12/15/28

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

845,327‌

810,000‌

Synchrony

Card

Funding,

LLC,

Series

2023-A1,

Class

A,

5.540%,

7/15/29

...

815,416‌

1,400,000‌

World

Omni

Select

Auto

Trust,

Series

2023-A,

Class

A3,

5.650%,

7/17/28

...

1,400,033‌

Total

Asset

Backed

Securities

(Cost

$11,354,239)

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

11,346,203‌

Principal

Amount

Fair

Value

COLLATERALIZED

MORTGAGE

OBLIGATIONS

—

3.4%

$

634,523‌

Chase

Home

Lending

Mortgage

Trust,

Series

2019-ATR2,

Class

A3,

3.500%,

7/25/49(a)(b)

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

$

558,499‌

21,400‌

Fannie

Mae,

Series

2012-152,

Class

PC,

1.750%,

8/25/42

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

21,052‌

401,431‌

Fannie

Mae,

Series

2013-35,

Class

CB,

2.000%,

2/25/43

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

378,539‌

21,102‌

Fannie

Mae,

Series

2013-72,

Class

NA,

2.500%,

8/25/42

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

20,498‌

222,073‌

Fannie

Mae,

Series

2015-71,

Class

PD,

2.500%,

3/25/43

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

216,297‌

222,662‌

Fannie

Mae,

Series

2016-100,

Class

DA,

3.000%,

2/25/43

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

211,290‌

335,976‌

Freddie

Mac,

Series

4828,

Class

QA,

3.500%,

3/15/47

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

321,823‌

Total

Collateralized

Mortgage

Obligations

(Cost

$1,877,620)

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

1,727,998‌

COMMERCIAL

MORTGAGE-BACKED

SECURITIES

—

7.6%

409,811‌

BX

Commercial

Mortgage

Trust,

Series

2021-ACNT,

Class

C,

6.943%,

(TSFR1M

plus

1.61%),

11/15/38(a)(c)

.

403,923‌

326,500‌

BX

Commercial

Mortgage

Trust,

Series

2021-CIP,

Class

B,

6.714%,

(TSFR1M

plus

1.39%),

12/15/38(a)(c)

.........

322,217‌

395,241‌

BX

Trust,

Series

2021-RISE,

Class

C,

6.893%,

(TSFR1M

plus

1.56%),

11/15/36(a)(c)

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

387,954‌

415,092‌

CD

Mortgage

Trust,

Series

2016-CD2,

Class

A4,

3.526%,

11/10/49(b)

.......

387,157‌

394,041‌

ELP

Commercial

Mortgage

Trust,

Series

2021-ELP,

Class

C,

6.763%,

(TSFR1M

plus

1.43%),

11/15/38(a)(c)

.........

388,641‌

16,884‌

GS

Mortgage

Securities

Trust,

Series

2010-

C1,

Class

B,

5.148%,

8/10/43(a)

......

16,855‌

202,260‌

JPMBB

Commercial

Mortgage

Securities

Trust,

Series

2014-C23,

Class

A5,

3.934%,

9/15/47

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

201,354‌

660,214‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series

2014-C18,

Class

A4,

3.923%,

10/15/47

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

656,870‌

608,400‌

OPG

Trust,

Series

2021-PORT,

Class

C,

6.275%,

(TSFR1M

plus

0.95%),

10/15/36(a)(c)

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

597,183‌

265,329‌

SMR

Mortgage

Trust,

Series

2022-IND,

Class

A,

6.979%,

(TSFR1M

plus

1.65%),

2/15/39(a)(c)

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

258,808‌

Sterling

Capital

Short

Duration

Bond

Fund

2

Schedule

of

Portfolio

Investments

—

(continued)

June

30,

2024

(Unaudited)

Continued

Principal

Amount

Fair

Value

COMMERCIAL

MORTGAGE-BACKED

SECURITIES

—

(continued)

$

235,017‌

WFRBS

Commercial

Mortgage

Trust,

Series

2014-C21,

Class

A5,

3.678%,

8/15/47

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

$

233,917‌

Total

Commercial

Mortgage-Backed

Securities

(Cost

$3,860,730)

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

3,854,879‌

CORPORATE

BONDS

—

62.7%

Aerospace

&

Defense

—

3.2%

400,000‌

BAE

Systems

PLC,

5.000%,

3/26/27(a)

..

397,119‌

440,000‌

Boeing

Co.

(The),

2.700%,

2/1/27

......

405,697‌

161,000‌

Boeing

Co.

(The),

6.259%,

5/1/27(a)

....

162,136‌

250,000‌

Howmet

Aerospace,

Inc.,

6.750%,

1/15/28

261,868‌

408,000‌

RTX

Corp.,

5.750%,

11/8/26

..........

412,345‌

1,639,165‌

Automobiles

—

3.4%

425,000‌

Ford

Motor

Credit

Co.,

LLC,

5.800%,

3/5/27

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

425,071‌

412,000‌

General

Motors

Financial

Co.,

Inc.,

5.400%,

4/6/26

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

411,045‌

419,000‌

Hyundai

Capital

America,

5.250%,

1/8/27(a)

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

417,354‌

460,000‌

Mercedes-Benz

Finance

North

America,

LLC,

4.800%,

3/30/26(a)

...........

455,966‌

1,709,436‌

Banks

—

13.6%

450,000‌

Bank

of

Montreal,

5.370%,

6/4/27

......

451,990‌

417,000‌

Bank

of

New

York

Mellon

Corp.

(The),

4.947%,

(SOFR

plus

1.03%),

4/26/27(d)

414,408‌

404,000‌

Canadian

Imperial

Bank

of

Commerce,

5.926%,

10/2/26

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

409,160‌

400,000‌

Citibank

NA,

5.488%,

12/4/26

.........

402,104‌

300,000‌

Cooperatieve

Rabobank

UA,

5.500%,

10/5/26

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

301,871‌

500,000‌

Danske

Bank

A/S,

5.427%,

(1-Year

Treasury

Constant

Maturity

plus

0.95%),

3/1/28(a)(b)

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

500,431‌

285,000‌

Fifth

Third

Bank

NA,

5.852%,

(SOFRINDX

plus

1.23%),

10/27/25(d)

.

284,751‌

310,000‌

ING

Groep

NV,

6.083%,

(SOFR

plus

1.56%),

9/11/27(d)

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

313,453‌

525,000‌

KeyBank

NA,

4.700%,

1/26/26

........

514,523‌

414,000‌

Macquarie

Bank,

Ltd.,

5.391%,

12/7/26(a)

414,930‌

400,000‌

National

Australia

Bank,

Ltd.,

5.087%,

6/11/27

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

400,694‌

450,000‌

NatWest

Markets

PLC,

6.136%,

(SOFR

plus

0.76%),

9/29/26(a)(c)

..........

448,389‌

424,000‌

PNC

Financial

Services

Group,

Inc.

(The),

4.758%,

(SOFRINDX

plus

1.09%),

1/26/27(d)

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

418,810‌

125,000‌

Royal

Bank

of

Canada,

GMTN,

4.875%,

1/12/26(e)

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

124,068‌

Principal

Amount

Fair

Value

CORPORATE

BONDS

—

(continued)

Banks

—

(continued)

$

350,000‌

Sumitomo

Mitsui

Trust

Bank,

Ltd.,

5.650%,

3/9/26(a)

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

$

352,095‌

494,000‌

Svenska

Handelsbanken

AB,

5.250%,

6/15/26(a)

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

494,604‌

650,000‌

Wells

Fargo

Bank

NA,

5.254%,

12/11/26

.

650,652‌

6,896,933‌

Beverages

—

0.8%

400,000‌

Diageo

Capital

PLC,

5.375%,

10/5/26

...

402,112‌

Commercial

Services

&

Supplies

—

2.0%

561,000‌

GFL

Environmental,

Inc.,

5.125%,

12/15/26(a)

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

554,688‌

458,000‌

Prime

Security

Services

Borrower

LLC/

Prime

Finance,

Inc.,

5.750%,

4/15/26(a)

454,556‌

1,009,244‌

Consumer

Staples

Distribution

&

Retail

—

0.8%

423,000‌

Cargill,

Inc.,

4.500%,

6/24/26(a)

.......

417,700‌

Diversified

REITs

—

1.4%

502,000‌

Ladder

Capital

Finance

Holdings

LLLP/

Ladder

Capital

Finance

Corp.,

5.250%,

10/1/25(a)

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

497,679‌

208,000‌

VICI

Properties

L.P./VICI

Note

Co.,

Inc.,

4.250%,

12/1/26(a)

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

200,599‌

698,278‌

Diversified

Telecommunication

Services

—

2.0%

622,500‌

Sprint

Spectrum

Co.,

LLC/Sprint

Spectrum

Co.

II,

LLC/Sprint

Spectrum

Co.

III,

LLC,

5.152%,

3/20/28(a)

...........

619,680‌

408,000‌

Sprint,

LLC,

7.625%,

3/1/26

..........

419,243‌

1,038,923‌

Electric

Utilities

—

4.7%

263,000‌

Ameren

Corp.,

5.700%,

12/1/26

.......

265,058‌

419,000‌

CenterPoint

Energy,

Inc.,

5.250%,

8/10/26

417,987‌

380,000‌

Duke

Energy

Corp.,

4.850%,

1/5/27(e)

...

377,115‌

400,000‌

FirstEnergy

Corp.,

Series

B,

4.150%,

7/15/27

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

383,800‌

133,000‌

Georgia

Power

Co.,

5.004%,

2/23/27

....

132,601‌

420,000‌

NextEra

Energy

Capital

Holdings,

Inc.,

5.749%,

9/1/25

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

420,921‌

419,000‌

Southern

California

Edison

Co.,

4.900%,

6/1/26

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

415,571‌

2,413,053‌

Energy

Equipment

&

Services

—

3.4%

408,000‌

Energy

Transfer

L.P.,

6.050%,

12/1/26

...

413,212‌

421,000‌

Enterprise

Products

Operating,

LLC,

4.600%,

1/11/27

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

416,935‌

496,000‌

NuStar

Logistics

L.P.,

5.750%,

10/1/25

..

492,897‌

420,000‌

Williams

Cos.,

Inc.

(The),

5.400%,

3/2/26

419,579‌

1,742,623‌

Sterling

Capital

Short

Duration

Bond

Fund

3

Schedule

of

Portfolio

Investments

—

(continued)

June

30,

2024

(Unaudited)

Continued

Principal

Amount

Fair

Value

CORPORATE

BONDS

—

(continued)

Entertainment

—

0.8%

$

436,000‌

Mattel,

Inc.,

3.375%,

4/1/26(a)

........

$

418,560‌

Equity

Real

Estate

Investment

Trusts

(REITS)

—

1.0%

549,000‌

Starwood

Property

Trust,

Inc.,

3.625%,

7/15/26(a)

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

516,363‌

Financial

Services

—

8.6%

450,000‌

AerCap

Ireland

Capital

DAC/AerCap

Global

Aviation

Trust,

6.100%,

1/15/27

.

456,713‌

396,000‌

American

Express

Co.,

5.098%,

(SOFR

plus

1.00%),

2/16/28(d)

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

394,267‌

480,000‌

Blackstone

Private

Credit

Fund,

3.250%,

3/15/27

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

443,157‌

400,000‌

Blackstone

Secured

Lending

Fund,

5.875%,

11/15/27

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

397,200‌

413,000‌

Charles

Schwab

Corp.

(The),

5.875%,

8/24/26

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

417,750‌

421,000‌

Element

Fleet

Management

Corp.,

5.643%,

3/13/27(a)

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

422,088‌

497,000‌

JPMorgan

Chase

&

Co.,

5.571%,

(SOFR

plus

0.93%),

4/22/28(d)

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

501,102‌

345,000‌

Lloyds

Banking

Group

PLC,

5.985%,

(1-Year

Treasury

Constant

Maturity

plus

1.48%),

8/7/27(b)

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

347,024‌

70,000‌

LPL

Holdings,

Inc.,

5.700%,

5/20/27

....

70,288‌

528,000‌

Morgan

Stanley,

MTN,

5.652%,

(SOFR

plus

1.01%),

4/13/28(d)

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

533,305‌

400,000‌

UBS

Group

AG,

4.125%,

4/15/26(a)

....

389,844‌

4,372,738‌

Gas

Utilities

—

0.8%

408,000‌

National

Rural

Utilities

Cooperative

Finance

Corp.,

MTN,

5.600%,

11/13/26

411,615‌

Hotels,

Restaurants

&

Leisure

—

0.6%

315,000‌

Carnival

Corp.,

5.750%,

3/1/27(a)

......

311,207‌

Insurance

—

6.3%

279,000‌

Aon

North

America,

Inc.,

5.125%,

3/1/27

.

278,664‌

426,000‌

Apollo

Management

Holdings

L.P.,

4.400%,

5/27/26(a)

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

417,742‌

420,000‌

Athene

Global

Funding,

5.684%,

2/23/26(a)

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

420,945‌

417,000‌

Corebridge

Global

Funding,

5.750%,

7/2/26(a)

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

418,473‌

400,000‌

F&G

Global

Funding,

5.875%,

6/10/27(a)

398,024‌

407,000‌

New

York

Life

Global

Funding,

5.450%,

9/18/26(a)

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

408,913‌

425,000‌

Reliance

Standard

Life

Global

Funding

II,

5.243%,

2/2/26(a)

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

420,436‌

439,000‌

SBL

Holdings,

Inc.,

5.125%,

11/13/26(a)

.

422,422‌

3,185,619‌

IT

Services

—

0.6%

292,000‌

Fiserv,

Inc.,

5.150%,

3/15/27

..........

292,164‌

Principal

Amount

Fair

Value

CORPORATE

BONDS

—

(continued)

Media

—

0.5%

$

273,000‌

Charter

Communications

Operating,

LLC/

Charter

Communications

Operating

Capital,

6.150%,

11/10/26

..........

$

275,612‌

Multi-Utilities

—

0.6%

291,000‌

Newmont

Corp./Newcrest

Finance

Pty,

Ltd.,

5.300%,

3/15/26(a)

...........

290,859‌

Oil,

Gas

&

Consumable

Fuels

—

2.6%

340,000‌

Apache

Corp.,

4.875%,

11/15/27

.......

330,088‌

109,000‌

Diamondback

Energy,

Inc.,

5.200%,

4/18/27

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

109,067‌

467,000‌

Permian

Resources

Operating,

LLC,

8.000%,

4/15/27(a)

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

477,557‌

413,000‌

Pioneer

Natural

Resources

Co.,

5.100%,

3/29/26

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

412,074‌

1,328,786‌

Retail

REITs

—

0.8%

425,000‌

Brixmor

Operating

Partnership

L.P.,

3.900%,

3/15/27

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

408,268‌

Semiconductors

&

Semiconductor

Equipment

—

1.7%

429,000‌

Microchip

Technology,

Inc.,

4.250%,

9/1/25

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

422,328‌

421,000‌

NXP

BV/NXP

Funding,

LLC,

5.350%,

3/1/26

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

419,876‌

842,204‌

Software

—

1.7%

440,000‌

Concentrix

Corp.,

6.650%,

8/2/26

......

444,571‌

415,000‌

Take-Two

Interactive

Software,

Inc.,

5.000%,

3/28/26

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

412,248‌

856,819‌

Specialty

Retail

—

0.8%

416,000‌

Lowe's

Cos.,

Inc.,

4.800%,

4/1/26

......

412,538‌

Total

Corporate

Bonds

(Cost

$31,902,517)

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

31,890,819‌

MUNICIPAL

BONDS

—

1.9%

Illinois

—

1.6%

805,000‌

Sales

Tax

Securitization

Corp.,

Current

Refunding,

Taxable

Revenue

Bonds,

Series

B,

4.558%,

1/1/26

...........

796,789‌

Texas

—

0.3%

140,000‌

Dallas

Fort

Worth

International

Airport,

Current

Refunding,

Taxable

Revenue

Bonds,

Series

A,

4.738%,

11/1/26(e)

...

138,692‌

Total

Municipal

Bonds

(Cost

$945,000)

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

935,481‌

Sterling

Capital

Short

Duration

Bond

Fund

4

Schedule

of

Portfolio

Investments

—

(continued)

June

30,

2024

(Unaudited)

Continued

Shares

Fair

Value

PREFERRED

STOCKS

—

0.5%

Trading

Companies

&

Distributors

—

0.5%

9,825‌

WESCO

International,

Inc.,

Series

A,

10.625%(f)

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

$

254,762‌

Total

Preferred

Stocks

(Cost

$253,681)

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

254,762‌

MONEY

MARKET

FUND

—

0.9%

471,384‌

Federated

Treasury

Obligations

Fund,

Institutional

Shares,

5.17%(g)

.......

471,384‌

Total

Money

Market

Fund

(Cost

$471,384)

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

471,384‌

Total

Investments

—

99.3%

(Cost

$50,665,171)

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

50,481,526‌

Net

Other

Assets

(Liabilities)

—

0.7%

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

364,133‌

NET

ASSETS

—

100.0%

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

$

50,845,659‌

(a)

Rule

144A,

Section

4(a)(2)

or

other

security

that

is

restricted

as

to

resale

to

qualified

institutional

investors.

The

Advisor,

using

Board

approved

procedures,

has

deemed

these

securities

or

a

portion

of

these

securities

to

be

liquid.

(b)

The

interest

rate

for

this

variable

rate

note,

which

will

change

periodically,

is

based

either

on

the

prime

rate

or

an

index

of

market

rates.

The

reflected

rate

is

in

effect

as

of

June

30,

2024.

The

maturity

date

reflected

is

the

final

maturity

date.

(c)

The

interest

rate

for

this

floating

rate

note,

which

will

change

periodically,

is

based

either

on

the

prime

rate

or

an

index

of

market

rates.

The

reflected

rate

is

in

effect

as

of

June

30,

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)

All

or

a

portion

of

the

securities

are

held

in

a

separate

collateral

account

at

US

Bank.

(f)

Security

is

perpetual

in

nature

and

has

no

stated

maturity

date.

(g)

Represents

the

current

yield

as

of

report

date.

GMTN

Global

Medium

Term

Note

MTN

Medium

Term

Note

STEP

Step

Coupon

Bond

5

Sterling

Capital

Funds

Notes

to

Schedule

of

Portfolio

Investments

-

Sterling

Capital

Short

Duration

Bond

Fund

June

30,

2024

(Unaudited)

1.

Organization:

Sterling

Capital

Funds

(the

“Trust”)

commenced

operations

on

October

5,

1992

and

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(“the

1940

Act”),

as

an

open-end

investment

company

established

as

a

Massachusetts

business

trust.

The

Trust

offers

shares

of

Sterling

Capital

Short

Duration

Bond

Fund

(referred

to

as

a

“Fund”).

The

Fund

is

a

“diversified”

fund

as

defined

in

the

1940

Act.

2.

Significant

Accounting

Policies:

The

Fund

is

an

investment

company

and

accordingly

follows

the

investment

company

accounting

and

reporting

guidance

of

the

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standard

Codification

Topic

946

Financial

Services-

Investment

Companies.

The

following

is

a

summary

of

significant

accounting

policies

followed

by

the

Fund.

The

policies

are

in

conformity

with

United

States

generally

accepted

accounting

principles

(“U.S.

GAAP”).

The

preparation

of

this

schedule

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

schedule

and

the

reported

amount

of

income

and

expense

for

the

reporting

period.

Actual

result

could

differ

from

those

estimates.

Securities

Valuation

—

Investments

of

the

Fund

in

securities

traded

on

a

national

securities

exchange

or

in

the

over-the-

counter

market

are

valued

at

the

closing

price

on

the

principal

exchange

or

market

(including

the

NASDAQ

Closing

Price

for

securities

traded

on

NASDAQ),

typically

4:00

PM

ET

or,

absent

such

a

price,

by

reference

to

the

latest

available

bid

prices

in

the

principal

market

in

which

such

securities

are

normally

traded.

The

Fund

may

also

use

an

independent

pricing

service

approved

by

the

Board

of

Trustees

(the

“Board”)

to

value

certain

securities,

including

the

use

of

electronic

and

matrix

techniques.

Investments

in

open-end

investment

companies

are

valued

at

their

respective

net

asset

values

as

reported

by

such

companies.

Investments

in

closed-end

investment

companies

and

exchange-traded

funds

are

valued

at

their

market

values

based

upon

the

latest

available

sale

price

or,

absent

such

a

price,

by

reference

to

the

latest

available

bid

prices

in

the

principal

market

in

which

such

securities

are

normally

traded.

The

differences

between

cost

and

fair

value

of

investments

are

reflected

as

either

unrealized

appreciation

or

depreciation.

Securities

for

which

market

quotations

are

not

readily

available

or

deemed

unreliable

(e.g.,

an

approved

pricing

service

does

not

provide

a

price,

a

furnished

price

is

in

error,

certain

stale

prices,

or

an

event

occurs

that

materially

affects

the

furnished

price)

will

be

fair

valued

in

accordance

with

procedures

established

in

good

faith

under

the

general

supervision

of

the

Board.

Fair

Value

Measurements

—

The

objective

of

a

fair

value

measurement

is

to

determine

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date

(an

exit

price).

Accordingly,

the

fair

value

hierarchy

gives

the

highest

priority

to

quoted

prices

(unadjusted)

in

active

markets

for

identical

assets

or

liabilities

(Level

1)

and

the

lowest

priority

to

unobservable

inputs

(Level

3).

The

three

levels

of

the

fair

value

hierarchy

are

described

as

follows:

Level

1

–

quoted

prices

in

active

markets

for

identical

securities

Level

2

–

based

on

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

–

based

on

significant

unobservable

inputs

(including

a

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

The

inputs

or

methodology

used

for

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

During

the

period

ended

June

30,

2024

,

there

were

no

significant

changes

to

the

valuation

policies

and

procedures.

6

Sterling

Capital

Funds

Notes

to

Schedule

of

Portfolio

Investments

-

Sterling

Capital

Short

Duration

Bond

Fund

—

(continued)

June

30,

2024

(Unaudited)

The

summary

of

inputs

used

to

determine

the

fair

value

of

the

Fund’s

investments

as

of

June

30,

2024

is

as

follows:

Cash

and

Cash

Equivalents

—

The

Fund

considers

liquid

assets

deposited

with

a

bank,

and

certain

short

term

debt

instruments

with

original

maturities

of

three

months

or

less

to

be

cash

equivalents.

These

investments

represent

amounts

held

with

financial

institutions

that

are

readily

accessible

to

pay

Fund

expenses

or

investments.

The

Fund

may

invest

its

excess

cash

in

the

Federated

Treasury

Obligations

Fund

or

a

similar

money

market

fund

or

other

short-term

investment.

Credit

Enhancements

—

Certain

obligations

held

in

the

Fund

have

credit

enhancement

or

liquidity

features

that

may,

under

certain

circumstances,

provide

for

repayment

of

principal

and

interest

on

the

obligation

upon

demand

date,

interest

rate

reset

date

or

final

maturity.

These

enhancements

may

include:

letters

of

credit;

liquidity

guarantees;

security

purchase

agreements;

tender

option

purchase

agreements;

and

third

party

insurance

(i.e.,

AMBAC).

Foreign

Currency

Translation

—

The

accounting

records

of

the

Fund

are

maintained

in

U.S.

dollars.

Foreign

currency

amounts

are

translated

into

U.S.

dollars

at

the

latest

foreign

exchange

bid

quotation

(from

an

approved

pricing

vendor)

to

determine

the

fair

value

of

investments,

assets

and

liabilities.

Purchases

and

sales

of

securities,

income

and

expenses

are

translated

at

the

prevailing

rate

of

exchange,

on

the

respective

dates

of

such

transactions.

Such

fluctuations

are

included

with

the

net

realized

and

unrealized

gain

or

loss

from

investments

and

foreign

currencies.

Forward

Foreign

Currency

Exchange

Contracts

—

The

Fund

may

enter

into

forward

foreign

currency

exchange

contracts

(foreign

currency

exchange

risk)

in

connection

with

planned

purchases

or

sales

of

securities

or

to

hedge

the

U.S.

dollar

value

of

Funds

securities

denominated

in

a

particular

currency.

A

foreign

currency

exchange

contract

is

an

agreement

between

two

parties

to

buy

and

sell

a

currency

at

a

set

exchange

rate

on

a

future

date.

The

Fund

can

be

exposed

to

risks

if

the

counterparties

to

the

contracts

are

unable

to

meet

the

terms

of

their

contracts

and

from

unanticipated

movements

in

the

value

of

a

foreign

currency

relative

to

the

U.S.

dollar.

In

the

event

of

default

by

the

counterparty

to

the

transaction,

the

Fund’s

maximum

amount

of

loss,

as

either

the

buyer

or

seller,

is

the

unrealized

gain

of

the

contract.

The

forward

foreign

currency

exchange

contracts

are

adjusted

by

the

daily

exchange

rate

of

the

underlying

currency

and

any

gains

or

losses

are

recorded

for

purposes

of

this

schedule

as

unrealized

gains

or

losses

until

the

contract

settlement

date.

When

the

contract

is

closed,

the

Fund

records

a

realized

gain

(loss)

equal

to

the

difference

between

the

value

at

the

time

it

was

opened

and

the

value

at

the

time

it

was

closed.

Mortgage

Dollar

Rolls

—

The

Fund

may

sell

mortgage-backed

securities

for

delivery

in

the

current

month

and

simultaneously

contract

to

repurchase

substantially

similar

(same

type,

coupon

and

maturity)

securities

on

a

specific

future

date

at

an

agreed-upon

price.

The

market

value

of

the

securities

that

a

Fund

is

required

to

purchase

may

decline

below

the

agreed

upon

repurchase

price

of

those

securities.

Pools

of

mortgages

collateralizing

those

securities

may

have

different

prepayment

histories

than

those

sold.

During

the

period

between

the

sale

and

repurchase,

a

Fund

will

not

be

entitled

to

receive

interest

and

principal

payments

on

the

securities

sold.

Proceeds

of

the

sale

will

be

invested

in

additional

instruments

for

a

Fund,

and

the

income

from

these

investments

will

generate

income

for

a

Fund.

If

such

income

does

not

exceed

the

income,

capital

appreciation

and

gain

or

loss

that

would

have

been

realized

on

the

securities

sold

as

part

of

the

dollar

roll,

the

use

of

this

technique

will

diminish

the

investment

performance

of

a

Fund

compared

with

what

the

performance

would

have

been

without

the

use

of

dollar

rolls.

The

Fund

accounts

for

mortgage

dollar

roll

transactions

as

purchases

and

sales.

The

Fund

did

not

hold

any

mortgage

dollar

rolls

during

the

period.

Risks

Associated

with

Foreign

Securities

and

Currencies

—

Investments

in

securities

of

foreign

issuers

carry

certain

risks

not

ordinarily

associated

with

investments

in

securities

of

domestic

issuers.

Such

risks

include

future

political

and

economic

developments

and

the

possible

imposition

of

exchange

controls

or

other

foreign

governmental

laws

and

restrictions.

In

Level

1-

Quoted

Prices

Level

2-

Other

Significant

Observable

Inputs

Level

3-

Significant

Unobservable

Inputs

Total

Assets:

Investments

in

Securities

Sterling

Capital

Short

Duration

Bond

Fund

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

$

726,146(a)

$

49,755,380(b)

$

—

$

50,481,526

(a)

Represents

money

market

funds

and/or

certain

preferred

stocks.

(b)

Industries,

countries

or

security

types

are

disclosed

in

the

Schedule

of

Portfolio

Investments.

7

Sterling

Capital

Funds

Notes

to

Schedule

of

Portfolio

Investments

-

Sterling

Capital

Short

Duration

Bond

Fund

—

(continued)

June

30,

2024

(Unaudited)

addition,

with

respect

to

certain

countries,

there

is

the

possibility

of

expropriation

of

assets,

confiscatory

taxation,

political

or

social

instability

or

diplomatic

developments

which

could

adversely

affect

investments

in

those

countries.

Certain

foreign

investments

may

also

be

subject

to

foreign

withholding

taxes.

When-Issued

—

The

Fund

may

purchase

securities

on

a

“when-issued”

basis.

The

Fund

records

when-issued

securities

on

the

trade

date

and

pledge

assets

with

a

value

at

least

equal

to

the

purchase

commitment

for

payment

of

the

securities

purchased.

The

value

of

the

securities

underlying

when-issued

to

purchase

securities,

and

any

subsequent

fluctuation

in

their

value,

is

taken

into

account

when

determining

the

net

asset

value

of

the

Fund

commencing

with

the

date

the

Fund

agrees

to

purchase

the

securities.

The

Fund

does

not

accrue

interest

or

dividends

on

“when-issued”

securities

until

the

underlying

securities

are

received.