Sterling
Capital
Behavioral
Small
Cap
Value
Equity
Fund
1
Schedule
of
Portfolio
Investments
December
31,
2023
(Unaudited)
See
accompanying
Notes
to
the
Schedule
of
Portfolio
Investments.
Shares
Fair
Value
COMMON
STOCKS
—
98
.9
%
Banks
—
13
.7
%
12,600
Amalgamated
Financial
Corp.
.........
$
339,444
10,374
Axos
Financial,
Inc.
(a)
..............
566,420
7,178
Bank
OZK
.......................
357,680
17,061
BankUnited,
Inc.
..................
553,288
16,313
Business
First
Bancshares,
Inc.
........
402,116
14,860
Byline
Bancorp,
Inc.
...............
350,102
12,474
Cathay
General
Bancorp
.............
555,966
15,003
Central
Pacific
Financial
Corp.
........
295,259
7,850
Community
Trust
Bancorp,
Inc.
........
344,301
11,156
Customers
Bancorp,
Inc.
(a)
...........
642,809
4,130
East
West
Bancorp,
Inc.
.............
297,154
6,612
First
Financial
Corp.
................
284,514
30,170
Fulton
Financial
Corp.
..............
496,598
12,730
Hancock
Whitney
Corp.
.............
618,551
17,910
Hanmi
Financial
Corp.
..............
347,454
38,793
Hope
Bancorp,
Inc.
................
468,619
12,982
Independent
Bank
Corp.
.............
337,792
5,209
Mercantile
Bank
Corp.
..............
210,339
11,840
Midland
States
Bancorp,
Inc.
.........
326,310
24,490
New
York
Community
Bancorp,
Inc.
....
250,533
6,422
Northeast
Bank
...................
354,430
19,347
Northeast
Community
Bancorp,
Inc.
....
343,216
16,673
OFG
Bancorp
....................
624,904
39,660
Old
National
Bancorp
...............
669,857
22,339
Old
Second
Bancorp,
Inc.
............
344,914
11,590
Peoples
Bancorp,
Inc.
...............
391,278
4,214
Popular,
Inc.
.....................
345,843
4,822
Preferred
Bank
....................
352,247
15,170
Premier
Financial
Corp.
.............
365,597
6,350
QCR
Holdings,
Inc.
................
370,777
12,586
RBB
Bancorp
....................
239,637
9,983
South
Plains
Financial,
Inc.
...........
289,108
5,840
Webster
Financial
Corp.
.............
296,438
4,540
Western
Alliance
Bancorp
............
298,687
3,469
Wintrust
Financial
Corp.
.............
321,750
13,653,932
Beverages
—
0
.2
%
2,605
Molson
Coors
Beverage
Co.
,
Class
B
....
159,452
Broadline
Retail
—
0
.6
%
1,516
Dillard's,
Inc.
,
Class
A
..............
611,933
Building
Products
—
3
.8
%
4,731
American
Woodmark
Corp.
(a)
.........
439,273
6,501
Apogee
Enterprises,
Inc.
.............
347,219
3,097
Builders
FirstSource,
Inc.
(a)
..........
517,013
26,189
JELD-WEN
Holding,
Inc.
(a)
..........
494,448
14,650
Masterbrand,
Inc.
(a)
................
217,553
3,865
Owens
Corning
...................
572,909
11,983
Quanex
Building
Products
Corp.
.......
366,320
6,629
UFP
Industries,
Inc.
................
832,271
3,787,006
Capital
Markets
—
0
.4
%
5,849
StoneX
Group,
Inc.
(a)
..............
431,795
Shares
Fair
Value
COMMON
STOCKS
—
(continued)
Chemicals
—
0
.1
%
1,690
CF
Industries
Holdings,
Inc.
..........
$
134,355
Commercial
Services
&
Supplies
—
0
.8
%
30,408
Interface,
Inc.
....................
383,749
31,522
Steelcase,
Inc.
,
Class
A
..............
426,177
809,926
Construction
&
Engineering
—
1
.0
%
7,480
Limbach
Holdings,
Inc.
(a)
...........
340,115
7,846
Sterling
Infrastructure,
Inc.
(a)
.........
689,899
1,030,014
Consumer
Finance
—
1
.2
%
12,438
Bread
Financial
Holdings,
Inc.
........
409,708
24,813
Navient
Corp.
....................
462,018
8,739
Synchrony
Financial
................
333,742
1,205,468
Consumer
Staples
Distribution
&
Retail
—
1
.4
%
8,989
Andersons,
Inc.
(The)
...............
517,227
4,039
PriceSmart,
Inc.
...................
306,075
12,683
Sprouts
Farmers
Market,
Inc.
(a)
.......
610,179
1,433,481
Diversified
Consumer
Services
—
0
.5
%
29,871
Perdoceo
Education
Corp.
............
524,535
Diversified
REITs
—
1
.5
%
16,690
American
Assets
Trust,
Inc.
...........
375,692
30,642
Broadstone
Net
Lease,
Inc.
...........
527,655
21,656
Essential
Properties
Realty
Trust,
Inc.
...
553,527
1,456,874
Diversified
Telecommunication
Services
—
0
.4
%
52,326
Liberty
Latin
America,
Ltd.
,
Class
C
(a)
..
384,073
Electric
Utilities
—
2
.5
%
9,269
ALLETE,
Inc.
....................
566,892
20,411
Hawaiian
Electric
Industries,
Inc.
.......
289,632
6,878
NRG
Energy,
Inc.
..................
355,593
8,889
Otter
Tail
Corp.
...................
755,298
12,177
Portland
General
Electric
Co.
.........
527,751
2,495,166
Electrical
Equipment
—
1
.8
%
2,917
Atkore,
Inc.
(a)
....................
466,720
3,911
Encore
Wire
Corp.
.................
835,389
5,047
Powell
Industries,
Inc.
...............
446,155
1,748,264
Electronic
Equipment,
Instruments
&
Components
—
2
.7
%
6,560
Bel
Fuse,
Inc.
,
Class
B
..............
438,011
1,824
Insight
Enterprises,
Inc.
(a)
...........
323,195
4,097
Jabil,
Inc.
.......................
521,958
5,238
PC
Connection,
Inc.
................
352,046
28,266
TTM
Technologies,
Inc.
(a)
...........
446,885
Sterling
Capital
Behavioral
Small
Cap
Value
Equity
Fund
2
Schedule
of
Portfolio
Investments
—
(continued)
December
31,
2023
(Unaudited)
Continued
Shares
Fair
Value
COMMON
STOCKS
—
(continued)
Electronic
Equipment,
Instruments
&
Components
—
(continued)
24,813
Vishay
Intertechnology,
Inc.
..........
$
594,768
2,676,863
Energy
Equipment
&
Services
—
0
.5
%
27,820
Liberty
Energy,
Inc.
................
504,655
Entertainment
—
0
.5
%
17,517
Cinemark
Holdings,
Inc.
(a)
...........
246,814
19,427
Marcus
Corp.
(The)
................
283,246
530,060
Financial
Services
—
4
.6
%
13,620
Banco
Latinoamericano
de
Comercio
Exterior
SA
,
Class
E
..............
336,959
15,937
Corebridge
Financial,
Inc.
............
345,195
12,824
Enact
Holdings,
Inc.
................
370,485
13,260
Jackson
Financial,
Inc.
,
Class
A
........
678,912
14,017
MGIC
Investment
Corp.
.............
270,388
11,529
Mr
Cooper
Group,
Inc.
(a)
............
750,769
37,821
Pagseguro
Digital,
Ltd.
,
Class
A
(a)
.....
471,628
26,428
Radian
Group,
Inc.
.................
754,519
37,018
StoneCo,
Ltd.
,
Class
A
(a)
............
667,435
4,646,290
Food
Products
—
0
.3
%
21,975
Dole
PLC
.......................
270,073
Gas
Utilities
—
0
.3
%
5,515
National
Fuel
Gas
Co.
..............
276,688
Ground
Transportation
—
0
.1
%
420
ArcBest
Corp.
....................
50,488
Health
Care
Equipment
&
Supplies
—
1
.8
%
3,276
Haemonetics
Corp.
(a)
...............
280,131
7,198
Inmode,
Ltd.
(a)
...................
160,084
4,882
Lantheus
Holdings,
Inc.
(a)
...........
302,684
6,810
Omnicell,
Inc.
(a)
..................
256,260
51,101
OraSure
Technologies,
Inc.
(a)
.........
419,028
16,865
Varex
Imaging
Corp.
(a)
.............
345,732
1,763,919
Health
Care
Providers
&
Services
—
4
.0
%
3,321
Addus
HomeCare
Corp.
(a)
...........
308,355
3,103
AMN
Healthcare
Services,
Inc.
(a)
......
232,353
15,791
Cross
Country
Healthcare,
Inc.
(a)
......
357,508
2,678
DaVita,
Inc.
(a)
....................
280,547
4,810
Encompass
Health
Corp.
.............
320,923
3,574
Ensign
Group,
Inc.
(The)
............
401,039
10,991
Fulgent
Genetics,
Inc.
(a)
.............
317,750
22,131
Owens
&
Minor,
Inc.
(a)
.............
426,464
14,288
PetIQ,
Inc.
(a)
.....................
282,188
7,389
Premier,
Inc.
,
Class
A
...............
165,218
10,133
Select
Medical
Holdings
Corp.
........
238,126
3,313
Tenet
Healthcare
Corp.
(a)
............
250,363
Shares
Fair
Value
COMMON
STOCKS
—
(continued)
Health
Care
Providers
&
Services
—
(continued)
2,507
Universal
Health
Services,
Inc.
,
Class
B
..
$
382,167
3,963,001
Health
Care
REITs
—
0
.2
%
49,082
Medical
Properties
Trust,
Inc.
.........
240,993
Health
Care
Technology
—
0
.8
%
15,290
HealthStream,
Inc.
.................
413,289
38,441
Veradigm,
Inc.
(a)
..................
403,246
816,535
Hotel
&
Resort
REITs
—
2
.6
%
34,129
Apple
Hospitality
REIT,
Inc.
..........
566,883
47,506
DiamondRock
Hospitality
Co.
.........
446,081
15,719
Host
Hotels
&
Resorts,
Inc.
...........
306,049
20,825
Park
Hotels
&
Resorts,
Inc.
...........
318,623
37,599
RLJ
Lodging
Trust
.................
440,660
43,320
Sunstone
Hotel
Investors,
Inc.
.........
464,824
2,543,120
Household
Durables
—
7
.3
%
13,543
Beazer
Homes
USA,
Inc.
(a)
..........
457,618
6,015
Century
Communities,
Inc.
...........
548,207
9,770
Dream
Finders
Homes,
Inc.
,
Class
A
(a)
..
347,128
9,331
Green
Brick
Partners,
Inc.
(a)
..........
484,652
10,390
KB
Home
.......................
648,959
11,866
La-Z-Boy,
Inc.
....................
438,093
6,058
M/I
Homes,
Inc.
(a)
.................
834,429
10,108
MDC
Holdings,
Inc.
................
558,467
4,877
Meritage
Homes
Corp.
..............
849,573
14,082
Taylor
Morrison
Home
Corp.
(a)
.......
751,275
4,334
Toll
Brothers,
Inc.
.................
445,492
15,404
TRI
Pointe
Homes,
Inc.
(a)
...........
545,302
6,194
Worthington
Industries,
Inc.
..........
356,465
7,265,660
Household
Products
—
0
.7
%
6,277
Central
Garden
&
Pet
Co.
(a)
..........
314,540
9,193
Central
Garden
&
Pet
Co.
,
Class
A
(a)
....
404,860
719,400
Independent
Power
and
Renewable
Electricity
Producers
—
0
.6
%
15,430
AES
Corp.
(The)
..................
297,027
10,311
Brookfield
Renewable
Corp.
,
Class
A
...
296,854
593,881
Industrial
REITs
—
0
.6
%
5,532
Innovative
Industrial
Properties,
Inc.
....
557,736
Insurance
—
4
.3
%
24,325
Ambac
Financial
Group,
Inc.
(a)
........
400,876
12,024
American
Equity
Investment
Life
Holding
Co.
(a)
........................
670,939
5,735
Axis
Capital
Holdings,
Ltd.
...........
317,547
5,839
Brighthouse
Financial,
Inc.
(a)
.........
309,000
7,060
CNA
Financial
Corp.
...............
298,709
Sterling
Capital
Behavioral
Small
Cap
Value
Equity
Fund
3
Schedule
of
Portfolio
Investments
—
(continued)
December
31,
2023
(Unaudited)
Continued
Shares
Fair
Value
COMMON
STOCKS
—
(continued)
Insurance
—
(continued)
8,843
Employers
Holdings,
Inc.
............
$
348,414
79,700
Genworth
Financial,
Inc.
,
Class
A
(a)
....
532,396
12,550
Old
Republic
International
Corp.
.......
368,970
1,831
Reinsurance
Group
of
America,
Inc.
....
296,219
2,085
RenaissanceRe
Holdings,
Ltd.
.........
408,660
7,977
Unum
Group
.....................
360,720
4,312,450
Interactive
Media
&
Services
—
0
.7
%
14,312
Cargurus,
Inc.
(a)
..................
345,778
6,238
Yelp,
Inc.
(a)
......................
295,307
641,085
IT
Services
—
0
.2
%
5,800
DXC
Technology
Co.
(a)
.............
132,646
Machinery
—
2
.1
%
14,976
Blue
Bird
Corp.
(a)
.................
403,753
13,957
Mueller
Industries,
Inc.
..............
658,072
18,812
REV
Group,
Inc.
..................
341,814
23,970
Titan
International,
Inc.
(a)
...........
356,674
11,337
Wabash
National
Corp.
..............
290,454
2,050,767
Marine
Transportation
—
0
.6
%
5,726
Matson,
Inc.
.....................
627,570
Media
—
0
.7
%
8,699
Scholastic
Corp.
...................
327,952
17,390
Thryv
Holdings,
Inc.
(a)
.............
353,887
681,839
Metals
&
Mining
—
4
.1
%
2,437
Alpha
Metallurgical
Resources,
Inc.
.....
825,948
3,190
Arch
Resources,
Inc.
...............
529,349
5,705
Olympic
Steel,
Inc.
.................
380,523
20,370
Ramaco
Resources,
Inc.
,
Class
A
.......
349,957
994
Reliance
Steel
&
Aluminum
Co.
.......
278,002
10,597
Ryerson
Holding
Corp.
..............
367,504
44,054
SunCoke
Energy,
Inc.
...............
473,140
15,358
Warrior
Met
Coal,
Inc.
..............
936,377
4,140,800
Mortgage
Real
Estate
Investment
Trusts
(REITs)
—
2
.3
%
34,721
Arbor
Realty
Trust,
Inc.
.............
527,065
36,263
Invesco
Mortgage
Capital,
Inc.
........
321,290
36,738
Ladder
Capital
Corp.
...............
422,854
38,790
Orchid
Island
Capital,
Inc.
...........
327,000
37,058
Ready
Capital
Corp.
................
379,845
31,784
Rithm
Capital
Corp.
................
339,453
2,317,507
Multi-Utilities
—
0
.3
%
7,930
Avista
Corp.
.....................
283,418
Shares
Fair
Value
COMMON
STOCKS
—
(continued)
Office
REITs
—
1
.7
%
12,438
Cousins
Properties,
Inc.
.............
$
302,865
23,440
Equity
Commonwealth
..............
450,048
11,734
Highwoods
Properties,
Inc.
...........
269,413
8,708
Kilroy
Realty
Corp.
................
346,927
11,363
Vornado
Realty
Trust
...............
321,005
1,690,258
Oil,
Gas
&
Consumable
Fuels
—
8
.4
%
48,014
Berry
Corp.
......................
337,538
10,191
California
Resources
Corp.
...........
557,244
4,670
Chord
Energy
Corp.
................
776,294
24,063
CNX
Resources
Corp.
(a)
............
481,260
5,310
CONSOL
Energy,
Inc.
..............
533,814
9,734
CVR
Energy,
Inc.
..................
294,940
15,662
Dorian
LPG,
Ltd.
..................
687,092
51,217
Equitrans
Midstream
Corp.
...........
521,389
3,207
Gulfport
Energy
Corp.
(a)
............
427,172
9,873
International
Seaways,
Inc.
...........
449,024
6,770
Ovintiv,
Inc.
......................
297,338
12,364
Par
Pacific
Holdings,
Inc.
(a)
..........
449,679
20,990
Peabody
Energy
Corp.
..............
510,477
1,108
REX
American
Resources
Corp.
(a)
.....
52,408
8,460
Scorpio
Tankers,
Inc.
...............
514,368
15,935
SM
Energy
Co.
...................
617,003
9,786
Teekay
Tankers,
Ltd.
,
Class
A
.........
489,007
15,040
Vitesse
Energy,
Inc.
................
329,226
8,325,273
Paper
&
Forest
Products
—
0
.3
%
5,960
Sylvamo
Corp.
....................
292,696
Passenger
Airlines
—
0
.6
%
1,333
Copa
Holdings
SA
,
Class
A
..........
141,711
9,474
SkyWest,
Inc.
(a)
...................
494,543
636,254
Pharmaceuticals
—
2
.0
%
65,130
Amneal
Pharmaceuticals,
Inc.
(a)
.......
395,339
9,279
Amphastar
Pharmaceuticals,
Inc.
(a)
.....
573,906
8,166
Corcept
Therapeutics,
Inc.
(a)
..........
265,232
8,920
Harmony
Biosciences
Holdings,
Inc.
(a)
..
288,116
1,876
Jazz
Pharmaceuticals
PLC
(a)
.........
230,748
24,822
Viatris,
Inc.
......................
268,822
2,022,163
Real
Estate
Management
&
Development
—
0
.8
%
15,130
Forestar
Group,
Inc.
(a)
..............
500,349
11,559
RMR
Group,
Inc.
(The)
,
Class
A
.......
326,311
826,660
Retail
REITs
—
1
.4
%
24,421
Acadia
Realty
Trust
................
414,913
27,078
Kimco
Realty
Corp.
................
577,032
32,791
Whitestone
REIT
..................
403,001
1,394,946
Sterling
Capital
Behavioral
Small
Cap
Value
Equity
Fund
4
Schedule
of
Portfolio
Investments
—
(continued)
December
31,
2023
(Unaudited)
Continued
Shares
Fair
Value
COMMON
STOCKS
—
(continued)
Semiconductors
&
Semiconductor
Equipment
—
1
.7
%
31,516
Amkor
Technology,
Inc.
.............
$
1,048,537
21,920
Photronics,
Inc.
(a)
.................
687,631
1,736,168
Software
—
0
.8
%
25,233
Adeia,
Inc.
.......................
312,637
2,847
InterDigital,
Inc.
..................
309,013
10,592
NCR
Voyix
Corp.
(a)
................
179,110
800,760
Specialized
REITs
—
1
.3
%
6,855
EPR
Properties
...................
332,125
86,099
Uniti
Group,
Inc.
..................
497,652
16,940
VICI
Properties,
Inc.
...............
540,047
1,369,824
Specialty
Retail
—
2
.0
%
5,030
Abercrombie
&
Fitch
Co.
,
Class
A
(a)
....
443,747
25,260
American
Eagle
Outfitters,
Inc.
........
534,502
13,830
Gap,
Inc.
(The)
...................
289,185
508
Group
1
Automotive,
Inc.
............
154,808
10,364
ODP
Corp.
(The)
(a)
................
583,493
2,005,735
Technology
Hardware,
Storage
&
Peripherals
—
0
.7
%
39,132
Immersion
Corp.
..................
276,272
25,330
Xerox
Holdings
Corp.
..............
464,299
740,571
Textiles,
Apparel
&
Luxury
Goods
—
0
.8
%
13,872
G-III
Apparel
Group,
Ltd.
(a)
..........
471,371
4,680
Skechers
USA,
Inc.
,
Class
A
(a)
........
291,751
763,122
Trading
Companies
&
Distributors
—
3
.6
%
7,150
Beacon
Roofing
Supply,
Inc.
(a)
........
622,193
5,298
BlueLinx
Holdings,
Inc.
(a)
...........
600,317
11,125
Boise
Cascade
Co.
.................
1,439,130
5,931
GMS,
Inc.
(a)
.....................
488,892
9,090
Textainer
Group
Holdings,
Ltd.
........
447,228
3,597,760
Total
Common
Stocks
(Cost
$
80,622,602
)
...............
98,675,908
Shares
Fair
Value
MONEY
MARKET
FUND
—
0
.9
%
854,161
Federated
Treasury
Obligations
Fund
,
Institutional
Shares
,
5.22
%
(b)
.......
$
854,161
Total
Money
Market
Fund
(Cost
$
854,161
)
.................
854,161
Total
Investments
—
99
.8
%
(Cost
$
81,476,763
)
............................
99,530,069
Net
Other
Assets
(Liabilities)
—
0
.2
%
...............
181,352
NET
ASSETS
—
100.0%
.......................
$
99,711,421
(a)
Represents
non-income
producing
security.
(b)
Represents
the
current
yield
as
of
report
date.
5
Sterling
Capital
Funds
Notes
to
Schedule
of
Portfolio
Investments
-
Sterling
Capital
Behavioral
Small
Cap
Value
Equity
Fund
December
31,
2023
(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
Behavioral
Small
Cap
Value
Equity
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
December
31,
2023
,
there
were
no
significant
changes
to
the
valuation
policies
and
procedures.
6
Sterling
Capital
Funds
Notes
to
Schedule
of
Portfolio
Investments
-
Sterling
Capital
Behavioral
Small
Cap
Value
Equity
Fund
—
(continued)
December
31,
2023
(Unaudited)
The
summary
of
inputs
used
to
determine
the
fair
value
of
the
Fund’s
investments
as
of
December
31,
2023
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.
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.
Risks
Associated
with
Foreign
Securities
and
Currencies
—
Investments
in
securities
of
foreign
issuers
carry
certain
risks
not
ordinarily
associated
with
investments
in
securities
of
domestic
issuers.
Such
risks
include
future
political
and
economic
developments
and
the
possible
imposition
of
exchange
controls
or
other
foreign
governmental
laws
and
restrictions.
In
addition,
with
respect
to
certain
countries,
there
is
the
possibility
of
expropriation
of
assets,
confiscatory
taxation,
political
or
social
instability
or
diplomatic
developments
which
could
adversely
affect
investments
in
those
countries.
Certain
foreign
investments
may
also
be
subject
to
foreign
withholding
taxes.
When-Issued
and
Forward
Commitments
—
The
Fund
may
purchase
securities
on
a
“when-issued”
basis.
The
Fund
may
also
purchase
or
sell
securities
on
a
forward
commitment
basis.
The
Fund
records
when-issued
securities
on
the
trade
date
and
pledge
assets
with
a
value
at
least
equal
to
the
purchase
commitment
for
payment
of
the
securities
purchased.
The
value
of
the
securities
underlying
when-issued
or
forward
commitments
to
purchase
securities,
and
any
subsequent
fluctuation
in
their
value,
is
taken
into
account
when
determining
the
net
asset
value
of
the
Fund
commencing
with
the
date
the
Fund
agrees
to
purchase
the
securities.
The
Fund
does
not
accrue
interest
or
dividends
on
“when-issued”
securities
until
the
underlying
securities
are
received.
Level
1-
Quoted
Prices
Level
2-
Other
Significant
Observable
Inputs
Level
3-
Significant
Unobservable
Inputs
Total
Assets:
Investments
in
Securities
Sterling
Capital
Behavioral
Small
Cap
Value
Equity
Fund
...
$
99,530,069(a)
$
—
$
—
$
99,530,069
(a)
Industries,
countries
or
security
types
are
disclosed
in
the
Schedule
of
Portfolio
Investments.