Sterling
Capital
Behavioral
International
Equity
Fund
1
Schedule
of
Portfolio
Investments
June
30,
2024
(Unaudited)
See
accompanying
Notes
to
the
Schedule
of
Portfolio
Investments.
Shares
Fair
Value
COMMON
STOCKS
—
97
.4
%
Australia
—
5
.4
%
85,525
ANZ
Group
Holdings,
Ltd.
...........
$
1,611,197
87,522
BlueScope
Steel,
Ltd.
...............
1,192,825
74,000
Computershare,
Ltd.
................
1,300,285
85,500
Fortescue,
Ltd.
....................
1,221,163
174,550
Origin
Energy,
Ltd.
.................
1,264,563
33,000
Westpac
Banking
Corp.
.............
599,449
7,189,482
Austria
—
0
.6
%
19,725
OMV
AG
.......................
858,922
Belgium
—
1
.8
%
27,550
Ageas
SA/NV
....................
1,259,259
33,314
Solvay
SA
.......................
1,172,724
2,431,983
Bermuda
—
1
.0
%
36,075
Aegon,
Ltd.
......................
222,844
32,500
Jardine
Matheson
Holdings,
Ltd.
.......
1,149,850
1,372,694
Cayman
Islands
—
0
.9
%
262,500
CK
Hutchison
Holdings,
Ltd.
.........
1,257,195
Denmark
—
2
.1
%
9,393
Carlsberg
AS
,
Class
B
..............
1,127,068
10,125
Danske
Bank
A/S
..................
301,690
8,698
Pandora
A/S
......................
1,312,712
2,741,470
Finland
—
1
.3
%
32,375
Fortum
OYJ
......................
473,273
110,896
Nordea
Bank
Abp
..................
1,320,063
1,793,336
France
—
13
.1
%
17,850
Amundi
SA
(a)
....................
1,151,767
48,744
AXA
SA
........................
1,595,827
4,226
BNP
Paribas
SA
...................
269,423
66,925
Bollore
SE
.......................
392,770
6,956
Capgemini
SE
....................
1,383,377
29,525
Carrefour
SA
.....................
417,381
19,909
Cie
de
Saint-Gobain
SA
.............
1,548,370
11,675
Cie
Generale
des
Etablissements
Michelin
SCA
.......................
451,496
44,627
Credit
Agricole
SA
.................
608,886
12,642
Eiffage
SA
.......................
1,161,100
77,223
Engie
SA
........................
1,102,831
8,278
Ipsen
SA
........................
1,015,080
75,259
Orange
SA
......................
753,920
13,572
Publicis
Groupe
SA
................
1,444,482
26,757
Renault
SA
......................
1,370,875
21,200
Sanofi
SA
.......................
2,042,010
8,725
Sodexo
SA
......................
784,899
17,494,494
Germany
—
6
.5
%
48,750
Bayer
AG
.......................
1,377,269
Shares
Fair
Value
COMMON
STOCKS
—
(continued)
Germany
—
(continued)
1,925
Brenntag
SE
.....................
$
129,797
92,325
Deutsche
Bank
AG
.................
1,474,035
73,885
Deutsche
Telekom
AG
..............
1,857,905
44,960
Fresenius
SE
&
Co.
KGaA
(b)
.........
1,342,420
14,220
Heidelberg
Materials
AG
............
1,474,463
31,925
Traton
SE
.......................
1,044,507
8,700,396
Hong
Kong
—
1
.8
%
406,000
Henderson
Land
Development
Co.,
Ltd.
..
1,089,211
142,000
Swire
Pacific,
Ltd.
,
Class
A
...........
1,254,698
2,343,909
Ireland
—
0
.4
%
6,600
CRH
PLC
.......................
494,868
Israel
—
1
.6
%
4,952
Check
Point
Software
Technologies,
Ltd.
(b)
817,080
83,722
Teva
Pharmaceutical
Industries,
Ltd.
,
ADR
(b)
.....................
1,360,483
2,177,563
Italy
—
4
.6
%
186,975
Enel
SpA
........................
1,300,364
499,493
Intesa
Sanpaolo
SpA
...............
1,856,749
92,750
Poste
Italiane
SpA
(a)
...............
1,181,538
47,896
UniCredit
SpA
....................
1,775,036
6,113,687
Japan
—
20
.8
%
15,400
Central
Japan
Railway
Co.
...........
332,427
2,300
Disco
Corp.
......................
872,596
284,700
ENEOS
Holdings,
Inc.
..............
1,462,695
201,500
Idemitsu
Kosan
Co.,
Ltd.
............
1,304,383
85,800
Inpex
Corp.
......................
1,262,282
40,747
ITOCHU
Corp.
...................
1,989,104
83,900
JFE
Holdings,
Inc.
.................
1,207,474
83,100
Kawasaki
Kisen
Kaisha,
Ltd.
..........
1,208,615
74,465
Marubeni
Corp.
...................
1,377,156
86,384
Mitsubishi
Corp.
..................
1,690,204
77,046
Mitsui
&
Co.,
Ltd.
.................
1,748,368
53,600
Nippon
Steel
Corp.
.................
1,133,033
42,100
Nippon
Yusen
KK
.................
1,225,137
84,800
Ono
Pharmaceutical
Co.,
Ltd.
.........
1,157,705
137,200
Panasonic
Holdings
Corp.
............
1,123,080
78,214
Renesas
Electronics
Corp.
............
1,462,775
31,800
Shionogi
&
Co.,
Ltd.
...............
1,240,653
56,400
Subaru
Corp.
.....................
1,195,376
59,785
Sumitomo
Corp.
..................
1,492,674
77,700
Sumitomo
Electric
Industries,
Ltd.
......
1,208,554
3,700
Tokyo
Electron,
Ltd.
................
802,598
64,200
Toyota
Tsusho
Corp.
................
1,249,763
27,746,652
Luxembourg
—
0
.7
%
61,975
Tenaris
SA
.......................
952,440
Sterling
Capital
Behavioral
International
Equity
Fund
2
Schedule
of
Portfolio
Investments
—
(continued)
June
30,
2024
(Unaudited)
Continued
Shares
Fair
Value
COMMON
STOCKS
—
(continued)
Netherlands
—
4
.7
%
71,577
ABN
AMRO
Bank
NV
(a)
............
$
1,176,660
20,500
Koninklijke
Ahold
Delhaize
NV
.......
605,724
14,349
Koninklijke
Philips
NV
(b)
...........
362,509
30,471
NN
Group
NV
....................
1,417,900
67,052
Stellantis
NV
.....................
1,326,319
33,346
STMicroelectronics
NV
.............
1,316,519
6,205,631
Norway
—
0
.7
%
45,707
DNB
Bank
ASA
...................
897,701
Singapore
—
1
.7
%
54,200
Jardine
Cycle
&
Carriage,
Ltd.
........
1,063,215
223,600
Singapore
Airlines,
Ltd.
.............
1,137,788
2,201,003
Spain
—
3
.9
%
159,507
Banco
Bilbao
Vizcaya
Argentaria
SA
....
1,597,546
275,149
CaixaBank
SA
....................
1,456,558
70,751
Repsol
SA
.......................
1,116,482
251,375
Telefonica
SA
....................
1,066,072
5,236,658
Sweden
—
4
.6
%
47,975
Essity
AB
,
Class
B
.................
1,228,457
130,976
Securitas
AB
,
Class
B
...............
1,299,998
58,750
SKF
AB
,
Class
B
..................
1,179,545
62,632
Swedbank
AB
,
Class
A
..............
1,288,804
386,550
Volvo
Car
AB
,
Class
B
(b)
............
1,195,683
6,192,487
Switzerland
—
7
.2
%
7,775
Cie
Financiere
Richemont
SA
.........
1,213,695
19,177
Holcim
AG
......................
1,699,452
13,617
Logitech
International
SA
............
1,317,368
28,815
Novartis
AG
......................
3,084,355
3,093
Roche
Holding
AG
.................
858,928
11,403
Swiss
Re
AG
.....................
1,415,142
9,588,940
United
Kingdom
—
12
.0
%
32,975
3i
Group
PLC
....................
1,278,022
38,775
Associated
British
Foods
PLC
.........
1,212,643
207,775
Aviva
PLC
.......................
1,251,782
54,025
British
American
Tobacco
PLC
........
1,659,520
18,327
Coca-Cola
Europacific
Partners
PLC
....
1,335,489
86,700
GSK
PLC
.......................
1,676,293
108,450
HSBC
Holdings
PLC
...............
937,570
59,725
Imperial
Brands
PLC
...............
1,528,087
11,425
Next
PLC
.......................
1,305,010
358,577
Tesco
PLC
.......................
1,387,028
1,479,733
Vodafone
Group
PLC
...............
1,304,882
129,375
WPP
PLC
.......................
1,184,705
16,061,031
Total
Common
Stocks
(Cost
$
113,379,091
)
..............
130,052,542
Shares
Fair
Value
PREFERRED
STOCKS
—
1
.0
%
Germany
—
1
.0
%
15,150
Henkel
AG
&
Co.
KGaA
............
$
1,350,235
Total
Preferred
Stocks
(Cost
$
1,242,343
)
................
1,350,235
MONEY
MARKET
FUND
—
0
.3
%
United
States
—
0
.3
%
447,399
Federated
Treasury
Obligations
Fund
,
Institutional
Shares
,
5.17
%
(c)
.....
447,399
Total
Money
Market
Fund
(Cost
$
447,399
)
.................
447,399
Total
Investments
—
98
.8
%
(Cost
$
115,068,833
)
...........................
131,850,176
Net
Other
Assets
(Liabilities)
—
1
.2
%
...............
1,657,174
NET
ASSETS
-
100.0%
........................
$
133,507,350
(a)
Rule
144A,
Section
4(a)(2)
or
other
security
that
is
restricted
as
to
resale
to
qualified
institutional
investors.
Sterling
Capital
Management
LLC
(the
“Advisor”),
using
Board
approved
procedures,
has
deemed
these
securities
or
a
portion
of
these
securities
to
be
liquid.
(b)
Represents
non-income
producing
security.
(c)
Represents
the
current
yield
as
of
report
date.
ADR
American
Depositary
Receipt
Sterling
Capital
Behavioral
International
Equity
Fund
3
Schedule
of
Portfolio
Investments
—
(continued)
June
30,
2024
(Unaudited)
Continued
Industry
Percentage
of
net
assets
Automobile
Components
.......................
1
.2
%
Automobiles
................................
3
.8
%
Banks
.....................................
11
.7
%
Beverages
..................................
1
.9
%
Broadline
Retail
..............................
1
.0
%
Building
Products
............................
1
.2
%
Capital
Markets
..............................
3
.0
%
Chemicals
..................................
0
.9
%
Commercial
Services
&
Supplies
..................
1
.0
%
Construction
&
Engineering
.....................
0
.9
%
Construction
Materials
.........................
2
.8
%
Consumer
Staples
Distribution
&
Retail
.............
1
.7
%
Diversified
Telecommunication
Services
............
2
.8
%
Electric
Utilities
..............................
2
.2
%
Energy
Equipment
&
Services
....................
0
.7
%
Entertainment
...............................
0
.3
%
Food
Products
...............................
0
.9
%
Ground
Transportation
.........................
0
.3
%
Health
Care
Equipment
&
Supplies
................
0
.3
%
Health
Care
Providers
&
Services
.................
1
.0
%
Hotels,
Restaurants
&
Leisure
....................
0
.6
%
Household
Durables
...........................
0
.8
%
Household
Products
...........................
1
.9
%
Industrial
Conglomerates
.......................
2
.5
%
Insurance
...................................
6
.3
%
IT
Services
.................................
1
.0
%
Machinery
..................................
1
.7
%
Marine
Transportation
.........................
1
.8
%
Media
.....................................
2
.0
%
Metals
&
Mining
.............................
3
.6
%
Money
Market
Fund
...........................
0
.3
%
Multi-Utilities
...............................
0
.8
%
Oil,
Gas
&
Consumable
Fuels
....................
4
.5
%
Passenger
Airlines
............................
0
.9
%
Pharmaceuticals
..............................
10
.3
%
Professional
Services
..........................
1
.0
%
Real
Estate
Management
&
Development
............
1
.8
%
Semiconductors
&
Semiconductor
Equipment
........
3
.4
%
Software
...................................
0
.6
%
Technology
Hardware,
Storage
&
Peripherals
.........
1
.0
%
Textiles,
Apparel
&
Luxury
Goods
.................
1
.9
%
Tobacco
...................................
2
.3
%
Trading
Companies
&
Distributors
................
7
.2
%
Wireless
Telecommunication
Services
..............
1
.0
%
98
.8
%
4
Sterling
Capital
Funds
Notes
to
Schedule
of
Portfolio
Investments
-
Sterling
Capital
Behavioral
International
Equity
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
Behavioral
International
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
pricing
may
be
used
if
events
materially
affecting
the
value
of
foreign
securities
occur
between
the
time
when
the
exchange
on
which
they
are
traded
closes
and
the
time
when
the
Fund’s
net
asset
value
is
calculated;
such
securities
may
be
valued
at
fair
value
in
accordance
with
procedures
adopted
by
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)
5
Sterling
Capital
Funds
Notes
to
Schedule
of
Portfolio
Investments
-
Sterling
Capital
Behavioral
International
Equity
Fund
—
(continued)
June
30,
2024
(Unaudited)
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.
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.
The
Fund
does
not
isolate
that
portion
of
the
results
of
operations
resulting
from
changes
in
foreign
exchange
rates
on
investments
from
fluctuations
arising
from
changes
in
market
prices
of
securities
held.
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
Level
1-
Quoted
Prices
Level
2-
Other
Significant
Observable
Inputs
Level
3-
Significant
Unobservable
Inputs
Total
Assets:
Investments
in
Securities
Sterling
Capital
Behavioral
International
Equity
Fund
......
$
131,850,176
(a)
$
—
$
—
$
131,850,176
(a)
Represents
money
market
funds
and/or
certain
preferred
stocks.
6
Sterling
Capital
Funds
Notes
to
Schedule
of
Portfolio
Investments
-
Sterling
Capital
Behavioral
International
Equity
Fund
—
(continued)
June
30,
2024
(Unaudited)
without
the
use
of
dollar
rolls.
The
Fund
accounts
for
mortgage
dollar
roll
transactions
as
purchases
and
sales.
The
Fund
did
not
hold
any
mortgage
dollar
rolls
during
the
period.
Risks
Associated
with
Foreign
Securities
and
Currencies
—
Investments
in
securities
of
foreign
issuers
carry
certain
risks
not
ordinarily
associated
with
investments
in
securities
of
domestic
issuers.
Such
risks
include
future
political
and
economic
developments
and
the
possible
imposition
of
exchange
controls
or
other
foreign
governmental
laws
and
restrictions.
In
addition,
with
respect
to
certain
countries,
there
is
the
possibility
of
expropriation
of
assets,
confiscatory
taxation,
political
or
social
instability
or
diplomatic
developments
which
could
adversely
affect
investments
in
those
countries.
Certain
foreign
investments
may
also
be
subject
to
foreign
withholding
taxes.
When-Issued
—
The
Fund
may
purchase
securities
on
a
“when-issued”
basis.
The
Fund
records
when-issued
securities
on
the
trade
date
and
pledge
assets
with
a
value
at
least
equal
to
the
purchase
commitment
for
payment
of
the
securities
purchased.
The
value
of
the
securities
underlying
when-issued
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.