Sterling
Capital
Quality
Income
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
—
14
.0
%
$
93,334
ARI
Fleet
Lease
Trust
,
Series
2021-A,
Class
A3
,
0.680
%
,
3/15/30
(a)
........
$
92,117
470,000
ARI
Fleet
Lease
Trust
,
Series
2022-A,
Class
A3
,
3.430
%
,
1/15/31
(a)
........
461,357
1,250,000
Avis
Budget
Rental
Car
Funding
AESOP,
LLC
,
Series
2023-4A,
Class
A
,
5.490
%
,
6/20/29
(a)
.....................
1,252,662
509,000
Carvana
Auto
Receivables
Trust
,
Series
2021-P2,
Class
B
,
1.270
%
,
3/10/27
....
473,724
600,000
Carvana
Auto
Receivables
Trust
,
Series
2021-P3,
Class
B
,
1.420
%
,
8/10/27
....
547,239
620,000
Citibank
Credit
Card
Issuance
Trust
,
Series
2007-A3,
Class
A3
,
6.150
%
,
6/15/39
(b)
663,874
31
Citicorp
Residential
Mortgage
Trust
,
STEP,
Series
2007-2,
Class
A6
,
4.543
%
,
6/25/37
.......................
31
410,000
Enterprise
Fleet
Financing,
LLC
,
Series
2021-3,
Class
A3
,
1.220
%
,
8/20/27
(a)
..
393,378
544,000
Enterprise
Fleet
Financing,
LLC
,
Series
2023-1,
Class
A3
,
5.420
%
,
10/22/29
(a)
.
543,696
332,864
Enterprise
Fleet
Funding,
LLC
,
Series
2021-1,
Class
A3
,
0.700
%
,
12/21/26
(a)
.
327,483
415,000
Ford
Credit
Auto
Owner
Trust
,
Series
2021-2,
Class
A
,
1.530
%
,
5/15/34
(a)
...
381,190
130,356
GreatAmerica
Leasing
Receivables
Funding,
LLC
,
Series
2021-1,
Class
A4
,
0.550
%
,
12/15/26
(a)
..............
128,412
1,295,000
Hertz
Vehicle
Financing
III
L.P.
,
Series
2021-2A,
Class
A
,
1.680
%
,
12/27/27
(a)
1,181,914
1,315,000
OneMain
Direct
Auto
Receivables
Trust
,
Series
2023-1A,
Class
A
,
5.410
%
,
11/14/29
(a)
.....................
1,313,545
630,000
OneMain
Financial
Issuance
Trust
,
Series
2019-2A,
Class
A
,
3.140
%
,
10/14/36
(a)
(b)
..................
593,147
480,000
OneMain
Financial
Issuance
Trust
,
Series
2021-1A,
Class
A1
,
1.550
%
,
6/16/36
(a)
(b)
...................
436,639
950,000
Santander
Drive
Auto
Receivables
Trust
,
Series
2023-3,
Class
B
,
5.610
%
,
7/17/28
950,758
105,964
Saxon
Asset
Securities
Trust
,
Series
2004-
3,
Class
M1
,
6.360
%
,
(TSFR1M
plus
1.01%)
,
12/26/34
(c)
..............
101,485
225,517
SoFi
Professional
Loan
Program
Trust
,
Series
2020-A,
Class
A2FX
,
2.540
%
,
5/15/46
(b)
.....................
211,226
561,000
Synchrony
Card
Funding,
LLC
,
Series
2023-A1,
Class
A
,
5.540
%
,
7/15/29
...
564,751
1,000,000
Toyota
Auto
Loan
Extended
Note
Trust
,
Series
2022-1A,
Class
A
,
3.820
%
,
4/25/35
(a)
.....................
967,145
35,867
U.S.
Small
Business
Administration
,
Series
2010-20D,
Class
1
,
4.360
%
,
4/1/30
(b)
..
34,594
Principal
Amount
Fair
Value
ASSET
BACKED
SECURITIES
—
(continued)
$
1,000,000
Wheels
Fleet
Lease
Funding
1,
LLC
,
Series
2023-2A,
Class
A
,
6.460
%
,
8/18/38
(a)
.
$
1,007,926
Total
Asset
Backed
Securities
(Cost
$
13,088,762
)
...............
12,628,293
COLLATERALIZED
MORTGAGE
OBLIGATIONS
—
23
.9
%
317,844
Chase
Home
Lending
Mortgage
Trust
,
Series
2019-ATR2,
Class
A3
,
3.500
%
,
7/25/49
(a)
(d)
...................
279,762
9,057
Citigroup
Mortgage
Loan
Trust,
Inc.
,
Series
2004-NCM2,
Class
3CB2
,
6.500
%
,
8/25/19
.......................
9,003
24,426
Countrywide
Home
Loan
Mortgage
Pass-
Through
Trust
,
Series
2004-3,
Class
A4
,
5.750
%
,
4/25/34
.................
23,146
26,259
Credit
Suisse
First
Boston
Mortgage-
Backed
Pass-Through
Certificates
,
Series
2004-1,
Class
2A1
,
6.500
%
,
2/25/34
...
25,969
34,281
Fannie
Mae
,
Series
2003-19,
Class
AR
,
5.500
%
,
3/25/33
.................
34,693
133,646
Fannie
Mae
,
Series
2003-21,
Class
OW
,
4.000
%
,
3/25/33
.................
126,980
682,000
Fannie
Mae
,
Series
2008-2,
Class
PH
,
5.500
%
,
2/25/38
.................
677,701
527,000
Fannie
Mae
,
Series
2009-28,
Class
HX
,
5.000
%
,
5/25/39
.................
516,507
825,833
Fannie
Mae
,
Series
2010-150,
Class
YL
,
4.000
%
,
1/25/41
.................
732,361
794,862
Fannie
Mae
,
Series
2011-131,
Class
PB
,
4.500
%
,
12/25/41
................
777,601
61,878
Fannie
Mae
,
Series
2011-74,
Class
QM
,
4.500
%
,
11/25/40
................
61,102
932,404
Fannie
Mae
,
Series
2013-30,
Class
PY
,
3.000
%
,
4/25/43
.................
875,535
270,367
Fannie
Mae
,
Series
2013-91,
Class
DV
,
3.000
%
,
10/25/26
................
263,367
953,174
Fannie
Mae
,
Series
2015-65,
Class
CZ
,
3.500
%
,
9/25/45
.................
794,160
506,368
Fannie
Mae
,
Series
2016-11,
Class
GA
,
2.500
%
,
3/25/46
.................
457,665
114,019
Fannie
Mae
,
Series
2016-85,
Class
GA
,
2.500
%
,
10/25/45
................
102,040
1,495,000
Fannie
Mae
,
Series
2017-42,
Class
HL
,
3.000
%
,
6/25/47
.................
1,308,329
325,714
Fannie
Mae
,
Series
2020-10,
Class
Q
,
3.000
%
,
3/25/50
.................
271,896
798,560
Fannie
Mae
,
Series
2020-5,
Class
MG
,
3.500
%
,
2/25/50
.................
715,522
662,399
Fannie
Mae
,
Series
2023-65,
Class
BL
,
3.500
%
,
9/25/49
.................
532,214
640,903
Fannie
Mae
,
Series
2024-20,
Class
KL
,
3.500
%
,
1/25/48
.................
525,115
55,256
Freddie
Mac
,
Series
2485,
Class
WG
,
6.000
%
,
8/15/32
.................
56,502
Sterling
Capital
Quality
Income
Fund
2
Schedule
of
Portfolio
Investments
—
(continued)
June
30,
2024
(Unaudited)
Continued
Principal
Amount
Fair
Value
COLLATERALIZED
MORTGAGE
OBLIGATIONS
—
(continued)
$
132,551
Freddie
Mac
,
Series
2768,
Class
PC
,
4.000
%
,
3/15/34
.................
$
124,925
120,196
Freddie
Mac
,
Series
3042,
Class
PZ
,
5.750
%
,
9/15/35
.................
121,900
76,060
Freddie
Mac
,
Series
3440,
Class
EM
,
5.000
%
,
4/15/38
.................
76,185
500,000
Freddie
Mac
,
Series
3714,
Class
PB
,
4.750
%
,
8/15/40
(b)
...............
484,499
3,699
Freddie
Mac
,
Series
3803,
Class
PJ
,
4.250
%
,
1/15/41
.................
3,656
200,000
Freddie
Mac
,
Series
3815,
Class
TB
,
4.500
%
,
2/15/41
.................
187,432
105,690
Freddie
Mac
,
Series
3816,
Class
HM
,
4.500
%
,
5/15/40
.................
103,762
990,000
Freddie
Mac
,
Series
3895,
Class
PW
,
4.500
%
,
7/15/41
.................
952,746
460,000
Freddie
Mac
,
Series
4088,
Class
CD
,
3.000
%
,
8/15/42
.................
367,216
300,000
Freddie
Mac
,
Series
4094,
Class
ME
,
2.500
%
,
8/15/42
.................
258,521
215,000
Freddie
Mac
,
Series
4097,
Class
CU
,
1.500
%
,
8/15/27
.................
198,905
724,000
Freddie
Mac
,
Series
4125,
Class
JC
,
2.500
%
,
11/15/42
................
551,110
628,000
Freddie
Mac
,
Series
4135,
Class
AY
,
2.000
%
,
11/15/42
................
488,329
479,694
Freddie
Mac
,
Series
4136,
Class
HZ
,
3.500
%
,
11/15/27
................
462,634
119,000
Freddie
Mac
,
Series
4160,
Class
HH
,
2.500
%
,
12/15/32
(b)
..............
107,969
110,991
Freddie
Mac
,
Series
4173,
Class
NB
,
3.000
%
,
3/15/43
.................
98,681
61,835
Freddie
Mac
,
Series
4215,
Class
LD
,
2.000
%
,
7/15/41
.................
58,490
30,185
Freddie
Mac
,
Series
4293,
Class
MH
,
3.000
%
,
12/15/41
................
28,440
86,660
Freddie
Mac
,
Series
4352,
Class
ZX
,
4.000
%
,
4/15/44
.................
82,210
1,000,000
Freddie
Mac
,
Series
4507,
Class
GB
,
3.000
%
,
9/15/45
.................
849,751
475,000
Freddie
Mac
,
Series
4650,
Class
JE
,
3.000
%
,
7/15/46
.................
399,899
1,070,991
Freddie
Mac
,
Series
4795,
Class
JB
,
4.000
%
,
5/15/48
.................
993,555
816,580
Freddie
Mac
,
Series
4941,
Class
MB
,
3.000
%
,
7/25/49
.................
707,539
370,135
Freddie
Mac
,
Series
5115,
Class
G
,
2.500
%
,
9/25/50
.................
295,659
178,018
Freddie
Mac
Strips
,
Series
219,
Class
PO
,
0.699
%
,
3/1/32
..................
156,219
921,554
Freddie
Mac
Strips
,
Series
236,
Class
PO
,
2.740
%
,
4/1/36
..................
739,998
47,488
Ginnie
Mae
,
Series
2004-69,
Class
GC
,
5.500
%
,
4/20/34
.................
47,670
Principal
Amount
Fair
Value
COLLATERALIZED
MORTGAGE
OBLIGATIONS
—
(continued)
$
386,422
Ginnie
Mae
,
Series
2005-60,
Class
WZ
,
5.500
%
,
9/20/35
.................
$
388,830
166,673
Ginnie
Mae
,
Series
2007-57,
Class
ZA
,
5.750
%
,
10/20/37
................
167,391
750,000
Ginnie
Mae
,
Series
2011-135,
Class
PG
,
3.000
%
,
10/16/41
................
639,554
712,000
Ginnie
Mae
,
Series
2017-75,
Class
DL
,
3.000
%
,
3/20/47
.................
578,079
830,000
Ginnie
Mae
,
Series
2019-6,
Class
JK
,
3.500
%
,
1/20/49
.................
720,618
1,000,000
Ginnie
Mae
,
Series
2023-81,
Class
AL
,
4.500
%
,
8/20/40
.................
957,025
Total
Collateralized
Mortgage
Obligations
(Cost
$
23,078,092
)
...............
21,566,567
COMMERCIAL
MORTGAGE-BACKED
SECURITIES
—
18
.6
%
250,000
BANK
2020-BNK29
,
Series
2020-BN29,
Class
A4
,
1.997
%
,
11/15/53
.........
200,383
252,000
BANK5
Trust
,
Series
2024-5YR6,
Class
A3
,
6.225
%
,
5/15/57
..............
260,473
240,000
BANK5
Trust
,
Series
2024-5YR6,
Class
AS
,
6.790
%
,
5/15/57
(d)
............
250,118
325,000
BBCMS
Mortgage
Trust
,
Series
2020-C7,
Class
A5
,
2.037
%
,
4/15/53
..........
273,695
75,000
BBCMS
Mortgage
Trust
,
Series
2024-
5C25,
Class
A3
,
5.946
%
,
3/15/57
.....
76,877
51,000
BBCMS
Mortgage
Trust
,
Series
2024-
5C25,
Class
AS
,
6.358
%
,
3/15/57
(d)
...
52,240
165,000
BBCMS
Mortgage
Trust
,
Series
2024-C26,
Class
A5
,
5.829
%
,
5/15/57
..........
172,087
589,492
Benchmark
Mortgage
Trust
,
Series
2020-
B18,
Class
A5
,
1.925
%
,
7/15/53
......
480,551
1,250,000
Benchmark
Mortgage
Trust
,
Series
2020-
B21,
Class
A5
,
1.978
%
,
12/17/53
(b)
...
1,020,016
80,000
Benchmark
Mortgage
Trust
,
Series
2023-
V2,
Class
AS
,
6.537
%
,
5/15/55
(d)
....
81,946
220,000
Benchmark
Mortgage
Trust
,
Series
2024-
V5,
Class
A3
,
5.805
%
,
1/10/57
.......
223,596
85,000
Benchmark
Mortgage
Trust
,
Series
2024-
V6,
Class
A3
,
5.926
%
,
3/15/29
.......
86,876
323,000
Benchmark
Mortgage
Trust
,
Series
2024-
V6,
Class
AS
,
6.384
%
,
3/15/29
......
331,596
209,000
Benchmark
Mortgage
Trust
,
Series
2024-
V7,
Class
A3
,
6.228
%
,
5/15/56
(d)
....
215,924
167,000
Benchmark
Mortgage
Trust
,
Series
2024-
V7,
Class
AS
,
6.533
%
,
5/15/56
(d)
....
172,677
185,000
BMO
Mortgage
Trust
,
Series
2024-C9,
Class
A5
,
5.759
%
,
7/15/57
(e)
........
190,549
156,000
BMO
Mortgage
Trust
,
Series
2024-C9,
Class
AS
,
6.127
%
,
7/15/57
(d)
(e)
.....
160,680
Sterling
Capital
Quality
Income
Fund
3
Schedule
of
Portfolio
Investments
—
(continued)
June
30,
2024
(Unaudited)
Continued
Principal
Amount
Fair
Value
COMMERCIAL
MORTGAGE-BACKED
SECURITIES
—
(continued)
$
261,261
BX
Commercial
Mortgage
Trust
,
Series
2021-ACNT,
Class
C
,
6.943
%
,
(TSFR1M
plus
1.61%)
,
11/15/38
(a)
(c)
.
$
257,507
252,184
BX
Trust
,
Series
2021-RISE,
Class
C
,
6.893
%
,
(TSFR1M
plus
1.56%)
,
11/15/36
(a)
(c)
...................
247,535
589,000
CD
Mortgage
Trust
,
Series
2016-CD2,
Class
A4
,
3.526
%
,
11/10/49
(b)
(d)
.....
549,361
700,000
CD
Mortgage
Trust
,
Series
2017-CD3,
Class
A4
,
3.631
%
,
2/10/50
..........
649,340
100,000
CFCRE
Commercial
Mortgage
Trust
,
Series
2016-C7,
Class
A3
,
3.839
%
,
12/10/54
.......................
95,279
500,000
Citigroup
Commercial
Mortgage
Trust
,
Series
2015-GC33,
Class
A4
,
3.778
%
,
9/10/58
.......................
484,303
266,000
COMM
Mortgage
Trust
,
Series
2014-
CR20,
Class
A4
,
3.590
%
,
11/10/47
....
264,222
455,000
COMM
Mortgage
Trust
,
Series
2014-
UBS4,
Class
A5
,
3.694
%
,
8/10/47
....
453,933
250,000
COMM
Mortgage
Trust
,
Series
2017-
COR2,
Class
A3
,
3.510
%
,
9/10/50
(b)
..
234,008
500,000
CSAIL
Commercial
Mortgage
Trust
,
Series
2015-C3,
Class
A4
,
3.718
%
,
8/15/48
(b)
486,698
250,708
ELP
Commercial
Mortgage
Trust
,
Series
2021-ELP,
Class
C
,
6.763
%
,
(TSFR1M
plus
1.43%)
,
11/15/38
(a)
(c)
.........
247,272
1,000,000
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
,
Series
K1522,
Class
A2
,
2.361
%
,
10/25/36
.........
768,125
140,000
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
,
Series
K159,
Class
A2
,
3.950
%
,
11/25/30
(d)
...........
133,877
327,177
FRESB
Mortgage
Trust
,
Series
2017-SB36,
Class
A10F
,
2.880
%
,
7/25/27
(b)
(d)
....
309,312
536,980
Ginnie
Mae
,
Series
2014-126,
Class
A
,
2.500
%
,
11/16/46
................
501,895
376,890
Ginnie
Mae
,
Series
2019-79,
Class
V
,
2.800
%
,
3/16/29
.................
351,424
9,849
GS
Mortgage
Securities
Trust
,
Series
2010-
C1,
Class
B
,
5.148
%
,
8/10/43
(a)
......
9,832
77,189
GS
Mortgage
Securities
Trust
,
Series
2014-
GC24,
Class
A5
,
3.931
%
,
9/10/47
....
76,877
500,000
GS
Mortgage
Securities
Trust
,
Series
2016-
GS4,
Class
A4
,
3.442
%
,
11/10/49
(b)
(d)
474,878
64,000
GS
Mortgage
Securities
Trust
,
Series
2020-
GC47,
Class
A5
,
2.377
%
,
5/12/53
....
54,436
500,000
GS
Mortgage
Securities
Trust
,
Series
2020-
GSA2,
Class
A5
,
2.012
%
,
12/12/53
(b)
.
402,076
109,804
JP
Morgan
Chase
Commercial
Mortgage
Securities
Trust
,
Series
2011-C3,
Class
B
,
5.013
%
,
2/15/46
(a)
(d)
...........
102,775
Principal
Amount
Fair
Value
COMMERCIAL
MORTGAGE-BACKED
SECURITIES
—
(continued)
$
185,000
JP
Morgan
Chase
Commercial
Mortgage
Securities
Trust
,
Series
2016-JP4,
Class
A4
,
3.648
%
,
12/15/49
(d)
...........
$
174,772
272,691
Med
Trust
,
Series
2021-MDLN,
Class
C
,
7.243
%
,
(TSFR1M
plus
1.91%)
,
11/15/38
(a)
(c)
...................
272,606
58,895
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
,
Series
2014-C18,
Class
A4
,
3.923
%
,
10/15/47
(b)
..............
58,597
300,167
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
,
Series
2014-C19,
Class
A4
,
3.526
%
,
12/15/47
................
297,479
500,000
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
,
Series
2016-C32,
Class
A4
,
3.720
%
,
12/15/49
(b)
..............
478,303
435,000
Morgan
Stanley
Capital
I
Trust
,
Series
2018-H3,
Class
A5
,
4.177
%
,
7/15/51
..
413,595
659,333
Morgan
Stanley
Capital
I
Trust
,
Series
2020-HR8,
Class
A4
,
2.041
%
,
7/15/53
.
550,231
195,000
OPG
Trust
,
Series
2021-PORT,
Class
C
,
6.275
%
,
(TSFR1M
plus
0.95%)
,
10/15/36
(a)
(c)
...................
191,405
235,642
SMR
Mortgage
Trust
,
Series
2022-IND,
Class
A
,
6.979
%
,
(TSFR1M
plus
1.65%)
,
2/15/39
(a)
(c)
...................
229,850
600,000
Wells
Fargo
Commercial
Mortgage
Trust
,
Series
2014-LC18,
Class
A5
,
3.405
%
,
12/15/47
.......................
592,196
644,000
Wells
Fargo
Commercial
Mortgage
Trust
,
Series
2015-P2,
Class
A4
,
3.809
%
,
12/15/48
.......................
626,639
50,000
Wells
Fargo
Commercial
Mortgage
Trust
,
Series
2016-C37,
Class
A5
,
3.794
%
,
12/15/49
.......................
47,898
300,000
Wells
Fargo
Commercial
Mortgage
Trust
,
Series
2017-C40,
Class
A4
,
3.581
%
,
10/15/50
.......................
283,049
220,800
Wells
Fargo
Commercial
Mortgage
Trust
,
Series
2020-C56,
Class
A5
,
2.448
%
,
6/15/53
.......................
187,492
500,000
Wells
Fargo
Commercial
Mortgage
Trust
,
Series
2020-C57,
Class
A4
,
2.118
%
,
8/15/53
.......................
419,854
300,000
Wells
Fargo
Commercial
Mortgage
Trust
,
Series
2020-C58,
Class
A4
,
2.092
%
,
7/15/53
.......................
247,073
302,000
WFRBS
Commercial
Mortgage
Trust
,
Series
2014-C23,
Class
A5
,
3.917
%
,
10/15/57
.......................
298,545
Total
Commercial
Mortgage-Backed
Securities
(Cost
$
18,422,394
)
...............
16,774,833
Sterling
Capital
Quality
Income
Fund
4
Schedule
of
Portfolio
Investments
—
(continued)
June
30,
2024
(Unaudited)
Continued
Principal
Amount
Fair
Value
CORPORATE
BONDS
—
0
.3
%
Diversified
REITs
—
0
.3
%
$
250,000
American
Tower
Trust
,
3.652
%
,
3/23/28
(a)
(b)
...................
$
235,023
Total
Corporate
Bonds
(Cost
$
250,000
)
.................
235,023
MORTGAGE-BACKED
SECURITIES
—
37
.4
%
Fannie
Mae
—
16
.3
%
86,772
3.000
%
,
1/1/31
,
Pool
#BA6574
........
82,694
274,366
4.500
%
,
3/1/34
,
Pool
#CA3294
........
270,621
244,781
2.500
%
,
11/1/35
,
Pool
#CA7939
.......
221,305
50,737
5.500
%
,
6/1/38
,
Pool
#984277
(b)
.......
50,896
27,753
5.500
%
,
8/1/38
,
Pool
#995072
.........
27,888
36,187
4.500
%
,
9/1/39
,
Pool
#AC1830
........
35,208
35,118
4.500
%
,
10/1/40
,
Pool
#AE4855
.......
34,168
63,992
3.500
%
,
2/1/41
,
Pool
#AH5646
........
58,941
103,873
4.000
%
,
3/1/41
,
Pool
#AH4008
........
98,193
308,067
2.500
%
,
5/1/41
,
Pool
#MA4334
........
266,806
27,486
4.500
%
,
6/1/41
,
Pool
#AC9298
........
26,703
70,275
5.000
%
,
7/1/41
,
Pool
#AI5595
.........
69,522
121,853
4.000
%
,
9/1/41
,
Pool
#AJ1717
........
115,181
582,320
6.000
%
,
8/1/43
,
Pool
#MA5129
........
589,635
35,441
4.500
%
,
10/1/44
,
Pool
#MA2066
.......
34,306
106,858
4.000
%
,
12/1/44
,
Pool
#MA2127
.......
100,235
102,962
4.500
%
,
1/1/45
,
Pool
#MA2158
........
99,667
125,544
3.500
%
,
3/1/45
,
Pool
#AS4552
........
113,997
114,882
4.000
%
,
10/1/45
,
Pool
#AL7487
.......
107,739
784,450
3.000
%
,
10/1/46
,
Pool
#BC4764
.......
685,929
77,092
4.000
%
,
11/1/46
,
Pool
#MA2808
.......
72,259
102,588
3.000
%
,
2/1/47
,
Pool
#BE2329
........
89,625
56,866
4.000
%
,
5/1/47
,
Pool
#BE9598
........
53,147
48,533
4.500
%
,
11/1/47
,
Pool
#BM3286
.......
47,034
56,862
4.500
%
,
5/1/48
,
Pool
#CA1711
........
54,490
1,408,122
3.500
%
,
6/1/50
,
Pool
#CA6097
........
1,261,691
197,103
3.000
%
,
7/1/50
,
Pool
#CA6422
........
169,784
193,235
3.000
%
,
7/1/50
,
Pool
#CA6421
........
166,472
473,537
2.500
%
,
8/1/50
,
Pool
#FM4053
........
394,857
311,973
2.500
%
,
8/1/50
,
Pool
#FM4055
........
258,871
734,117
3.000
%
,
8/1/50
,
Pool
#FS0973
........
639,801
453,861
2.500
%
,
3/1/51
,
Pool
#FM6523
........
375,839
313,792
3.000
%
,
5/1/51
,
Pool
#FM7346
........
270,200
997,940
2.500
%
,
8/1/51
,
Pool
#FM8438
........
830,448
1,178,083
4.000
%
,
8/1/51
,
Pool
#FS1976
........
1,097,537
292,479
3.000
%
,
11/1/51
,
Pool
#CB2170
.......
249,759
769,425
3.500
%
,
2/1/52
,
Pool
#MA4550
........
687,455
878,390
3.000
%
,
3/1/52
,
Pool
#BV4143
........
764,621
687,523
3.500
%
,
4/1/52
,
Pool
#FS1185
........
610,662
641,128
3.500
%
,
4/1/52
,
Pool
#FS1260
........
573,101
617,784
4.500
%
,
6/1/52
,
Pool
#FS2157
........
589,994
476,467
5.000
%
,
11/1/52
,
Pool
#CB5278
.......
461,762
542,974
5.500
%
,
3/1/53
,
Pool
#FS3925
........
539,747
1,332,660
6.000
%
,
6/1/53
,
Pool
#FS6616
........
1,341,719
14,690,509
Principal
Amount
Fair
Value
MORTGAGE-BACKED
SECURITIES
—
(continued)
Freddie
Mac
—
20
.6
%
$
32,210
4.000
%
,
11/1/32
,
Pool
#ZS8993
.......
$
31,246
157,862
3.500
%
,
5/1/35
,
Pool
#ZA2378
........
149,646
119,002
4.000
%
,
5/1/37
,
Pool
#ZA2461
........
114,294
17,351
5.500
%
,
10/1/39
,
Pool
#ZI9359
........
17,436
29,645
5.000
%
,
4/1/40
,
Pool
#ZI9910
.........
29,358
50,213
5.500
%
,
4/1/40
,
Pool
#ZA1042
........
50,458
158,353
2.000
%
,
8/1/40
,
Pool
#RB5076
........
133,896
21,012
5.000
%
,
8/1/40
,
Pool
#ZA1056
........
20,804
54,076
4.000
%
,
11/1/40
,
Pool
#ZJ0654
........
51,116
58,450
4.000
%
,
12/1/40
,
Pool
#ZJ0811
........
55,251
141,201
3.500
%
,
8/1/42
,
Pool
#ZL3508
........
128,832
586,077
6.000
%
,
2/1/43
,
Pool
#RB5221
........
593,438
178,167
3.500
%
,
3/1/43
,
Pool
#ZT1107
........
163,326
753,756
3.500
%
,
1/1/45
,
Pool
#SD1309
........
687,982
105,627
3.500
%
,
3/1/45
,
Pool
#ZT1164
........
95,655
83,614
3.000
%
,
1/1/46
,
Pool
#ZS4646
........
73,335
89,841
4.000
%
,
4/1/46
,
Pool
#ZM1015
........
84,255
87,185
3.500
%
,
12/1/47
,
Pool
#ZM5123
.......
78,899
1,785,709
4.000
%
,
6/1/48
,
Pool
#ZT0541
........
1,669,857
221,299
2.500
%
,
11/1/49
,
Pool
#QA4396
.......
183,184
618,179
2.500
%
,
7/1/51
,
Pool
#QC4230
........
517,720
940,955
3.000
%
,
8/1/51
,
Pool
#SD8162
........
802,341
1,501,158
2.500
%
,
9/1/51
,
Pool
#RA5921
........
1,242,817
416,321
3.000
%
,
2/1/52
,
Pool
#SD8195
........
355,367
841,776
3.500
%
,
4/1/52
,
Pool
#SD0957
........
751,647
695,921
4.500
%
,
6/1/52
,
Pool
#SD1265
........
659,613
1,088,590
4.500
%
,
8/1/52
,
Pool
#SD1515
........
1,029,563
728,516
5.000
%
,
10/1/52
,
Pool
#SD1710
.......
708,774
915,009
5.000
%
,
11/1/52
,
Pool
#SD1727
.......
892,072
678,645
5.000
%
,
1/1/53
,
Pool
#RA8382
........
657,572
889,904
5.500
%
,
2/1/53
,
Pool
#QF8052
........
880,864
936,067
5.000
%
,
3/1/53
,
Pool
#SD2390
........
910,490
1,177,903
4.500
%
,
5/1/53
,
Pool
#SD2952
........
1,126,060
441,942
6.000
%
,
5/1/53
,
Pool
#SD3072
........
444,944
956,614
5.000
%
,
6/1/53
,
Pool
#SD3128
........
930,480
943,467
5.500
%
,
6/1/53
,
Pool
#SD3136
........
937,304
1,272,417
6.000
%
,
7/1/53
,
Pool
#SD3223
........
1,287,643
18,547,539
Ginnie
Mae
—
0
.5
%
6,852
4.000
%
,
12/20/40
,
Pool
#755678
.......
6,514
483,040
4.000
%
,
7/20/52
,
Pool
#786280
........
448,467
454,981
Total
Mortgage-Backed
Securities
(Cost
$
36,226,714
)
...............
33,693,029
U.S.
GOVERNMENT
AGENCIES
—
0
.5
%
Federal
Home
Loan
Banks
—
0
.5
%
550,000
1.900
%
,
10/7/31
...................
455,508
Total
U.S.
Government
Agencies
(Cost
$
469,716
)
.................
455,508
Sterling
Capital
Quality
Income
Fund
5
Schedule
of
Portfolio
Investments
—
(continued)
June
30,
2024
(Unaudited)
Continued
Principal
Amount
Fair
Value
U.S.
TREASURY
BONDS
—
3
.0
%
$
2,250,000
2.375
%
,
2/15/42
.................
$
1,645,576
1,815,000
1.875
%
,
11/15/51
(b)
..............
1,061,208
Total
U.S.
Treasury
Bonds
(Cost
$
3,191,294
)
................
2,706,784
U.S.
TREASURY
NOTES
—
1
.3
%
147,000
0.625
%
,
5/15/30
.................
118,944
200,000
1.375
%
,
11/15/31
................
162,906
1,000,000
1.875
%
,
2/15/32
.................
840,820
Total
U.S.
Treasury
Notes
(Cost
$
1,290,845
)
................
1,122,670
Shares
MONEY
MARKET
FUND
—
1
.0
%
915,836
Federated
Treasury
Obligations
Fund
,
Institutional
Shares
,
5.17
%
(f)
........
915,836
Total
Money
Market
Fund
(Cost
$
915,836
)
.................
915,836
Total
Investments
—
100
.0
%
(Cost
$
96,933,653
)
............................
90,098,543
Net
Other
Assets
(Liabilities)
—
0
.0
%
...............
(
4,093
)
NET
ASSETS
—
100.0%
.......................
$
90,094,450
(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)
Represents
that
all
or
a
portion
of
the
security
was
pledged
as
collateral
for
securities
purchased
on
a
when-issued
basis.
(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)
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.
(e)
Represents
securities
purchased
on
a
when-issued
basis.
At
June
30,
2024,
total
cost
of
investments
purchased
on
a
when-issued
basis
was
$351,229.
(f)
Represents
the
current
yield
as
of
report
date.
STEP
Step
Coupon
Bond
6
Sterling
Capital
Funds
Notes
to
Schedule
of
Portfolio
Investments
-
Sterling
Capital
Quality
Income
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
Quality
Income
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.
7
Sterling
Capital
Funds
Notes
to
Schedule
of
Portfolio
Investments
-
Sterling
Capital
Quality
Income
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).
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
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.
Level
1-
Quoted
Prices
Level
2-
Other
Significant
Observable
Inputs
Level
3-
Significant
Unobservable
Inputs
Total
Assets:
Investments
in
Securities
Sterling
Capital
Quality
Income
Fund
.................
$
915,836
(a)
$
89,182,707
(b)
$
—
$
90,098,543
(a)
Represents
money
market
funds
and/or
certain
preferred
stocks.
(b)
Industries,
countries
or
security
types
are
disclosed
in
the
Schedule
of
Portfolio
Investments.
8
Sterling
Capital
Funds
Notes
to
Schedule
of
Portfolio
Investments
-
Sterling
Capital
Quality
Income
Fund
—
(continued)
June
30,
2024
(Unaudited)
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.