Sterling
Capital
Long
Duration
Corporate
Bond
Fund
1
Schedule
of
Portfolio
Investments
June
30,
2024
(Unaudited)
See
accompanying
Notes
to
the
Schedule
of
Portfolio
Investments.
Principal
Amount
Fair
Value
CORPORATE
BONDS
—
94.7%
Aerospace
&
Defense
—
3.6%
$
200,000
BAE
Systems
PLC,
5.500%,
3/26/54(a)
..
$
196,591
120,000
Boeing
Co.
(The),
3.825%,
3/1/59
......
76,177
116,000
Boeing
Co.
(The),
3.900%,
5/1/49
......
78,011
172,000
Boeing
Co.
(The),
5.705%,
5/1/40
......
159,088
74,000
Boeing
Co.
(The),
6.858%,
5/1/54(a)
....
76,291
212,000
Howmet
Aerospace,
Inc.,
5.950%,
2/1/37
.
218,177
90,000
L3Harris
Technologies,
Inc.,
4.854%,
4/27/35
.......................
85,614
145,000
L3Harris
Technologies,
Inc.,
5.600%,
7/31/53
.......................
144,204
317,000
Lockheed
Martin
Corp.,
4.150%,
6/15/53
.
257,171
215,000
RTX
Corp.,
2.820%,
9/1/51
...........
131,441
245,000
RTX
Corp.,
4.450%,
11/16/38
.........
216,935
111,000
RTX
Corp.,
6.400%,
3/15/54
..........
121,679
1,761,379
Apparel
—
0.2%
150,000
NIKE,
Inc.,
3.375%,
3/27/50
..........
108,577
Automobiles
—
0.9%
85,000
Cummins,
Inc.,
5.450%,
2/20/54
.......
83,770
120,000
Ford
Motor
Co.,
5.291%,
12/8/46
......
105,486
175,000
General
Motors
Co.,
5.150%,
4/1/38
....
161,388
83,000
General
Motors
Financial
Co.,
Inc.,
6.100%,
1/7/34
..................
84,056
434,700
Banks
—
7.4%
120,000
Bank
of
America
Corp.,
2.482%,
(5-Year
Treasury
Constant
Maturity
plus
1.20%),
9/21/36(b)
.....................
95,812
270,000
Bank
of
America
Corp.,
4.244%,
(TSFR3M
plus
2.08%),
4/24/38(c)
............
239,291
455,000
Bank
of
America
Corp.,
MTN,
2.676%,
(SOFR
plus
1.93%),
6/19/41(c)
......
319,173
210,000
Bank
of
America
Corp.,
MTN,
4.330%,
(TSFR3M
plus
1.78%),
3/15/50(c)
....
176,283
95,000
Citigroup,
Inc.,
3.878%,
(TSFR3M
plus
1.43%),
1/24/39(c)
...............
79,813
110,000
Citigroup,
Inc.,
5.316%,
(SOFR
plus
4.55%),
3/26/41(c)
...............
106,308
130,000
Citigroup,
Inc.,
5.875%,
1/30/42
.......
133,794
31,000
Citigroup,
Inc.,
Series
U,
5.000%,
(SOFR
plus
3.81%)(c)(d)
................
30,850
65,000
Fifth
Third
Bancorp,
8.250%,
3/1/38
....
77,114
175,000
Goldman
Sachs
Group,
Inc.
(The),
2.908%,
(SOFR
plus
1.47%),
7/21/42(c)
......
123,383
185,000
Goldman
Sachs
Group,
Inc.
(The),
6.750%,
10/1/37
.......................
200,109
530,000
JPMorgan
Chase
&
Co.,
3.109%,
(TSFR3M
plus
2.46%),
4/22/41(c)
....
398,115
160,000
JPMorgan
Chase
&
Co.,
3.157%,
(SOFR
plus
1.46%),
4/22/42(c)
............
119,604
220,000
JPMorgan
Chase
&
Co.,
3.882%,
(TSFR3M
plus
1.62%),
7/24/38(c)
....
188,972
Principal
Amount
Fair
Value
CORPORATE
BONDS
—
(continued)
Banks
—
(continued)
$
160,000
JPMorgan
Chase
&
Co.,
4.260%,
(TSFR3M
plus
1.84%),
2/22/48(c)
....
$
134,576
135,000
Morgan
Stanley,
2.484%,
(SOFR
plus
1.36%),
9/16/36(c)
...............
106,948
46,000
Morgan
Stanley,
3.217%,
(SOFR
plus
1.49%),
4/22/42(c)
...............
34,560
260,000
Morgan
Stanley,
3.971%,
7/22/38(b)
....
220,750
260,000
Wells
Fargo
&
Co.,
3.068%,
(SOFR
plus
2.53%),
4/30/41(c)
...............
191,453
380,000
Wells
Fargo
&
Co.,
5.375%,
11/2/43
....
357,492
145,000
Wells
Fargo
&
Co.,
MTN,
5.013%,
(TSFR3M
plus
4.50%),
4/4/51(c)
.....
132,771
120,000
Westpac
Banking
Corp.,
2.963%,
11/16/40
84,429
3,551,600
Beverages
—
3.5%
210,000
Anheuser-Busch
Cos.,
LLC/Anheuser-
Busch
InBev
Worldwide,
Inc.,
4.700%,
2/1/36
........................
200,704
350,000
Anheuser-Busch
Cos.,
LLC/Anheuser-
Busch
InBev
Worldwide,
Inc.,
4.900%,
2/1/46
........................
323,969
265,000
Anheuser-Busch
InBev
Worldwide,
Inc.,
4.600%,
6/1/60
..................
232,907
65,000
Anheuser-Busch
InBev
Worldwide,
Inc.,
5.800%,
1/23/59
.................
68,024
300,000
Bacardi,
Ltd.,
5.300%,
5/15/48(a)
......
272,598
230,000
Constellation
Brands,
Inc.,
3.750%,
5/1/50
170,549
135,000
Diageo
Capital
PLC,
3.875%,
4/29/43
...
111,349
120,000
PepsiCo,
Inc.,
2.750%,
10/21/51
.......
76,651
240,000
PepsiCo,
Inc.,
4.650%,
2/15/53
........
217,895
1,674,646
Broadline
Retail
—
0.2%
155,000
Walmart,
Inc.,
2.500%,
9/22/41
........
107,800
Capital
Goods
—
0.4%
120,000
Caterpillar,
Inc.,
3.803%,
8/15/42
......
97,681
140,000
Packaging
Corp.
of
America,
3.050%,
10/1/51
.......................
91,871
189,552
Chemicals
—
0.2%
57,000
Dow
Chemical
Co.
(The),
4.375%,
11/15/42
.......................
47,165
70,000
LYB
International
Finance
III,
LLC,
4.200%,
5/1/50
..................
53,569
100,734
Commercial
Services
&
Supplies
—
0.4%
77,498
Polar
Tankers,
Inc.,
5.951%,
5/10/37(a)
..
78,788
200,000
Waste
Connections,
Inc.,
2.950%,
1/15/52
128,581
207,369
Sterling
Capital
Long
Duration
Corporate
Bond
Fund
2
Schedule
of
Portfolio
Investments
—
(continued)
June
30,
2024
(Unaudited)
Continued
Principal
Amount
Fair
Value
CORPORATE
BONDS
—
(continued)
Construction
Materials
—
0.4%
$
110,000
Martin
Marietta
Materials,
Inc.,
4.250%,
12/15/47
.......................
$
89,778
110,000
Vulcan
Materials
Co.,
4.500%,
6/15/47
..
92,021
181,799
Consumer
Discretionary
Distribution
&
Retail
—
0.9%
300,000
Amazon.com,
Inc.,
2.500%,
6/3/50
.....
184,610
400,000
Amazon.com,
Inc.,
2.700%,
6/3/60
.....
237,009
421,619
Consumer
Staples
Distribution
&
Retail
—
1.2%
155,000
Hershey
Co.
(The),
3.125%,
11/15/49
...
106,373
80,000
Hormel
Foods
Corp.,
3.050%,
6/3/51
....
52,944
91,000
Kraft
Heinz
Foods
Co.,
4.875%,
10/1/49
.
79,680
205,000
Kraft
Heinz
Foods
Co.,
6.875%,
1/26/39
.
228,291
150,000
Nestle
Holdings,
Inc.,
2.500%,
9/14/41(a)
103,783
571,071
Diversified
REITs
—
0.8%
255,000
American
Tower
Corp.,
3.700%,
10/15/49
186,002
157,000
American
Tower
Trust,
3.652%,
3/23/28(a)
147,595
46,000
VICI
Properties
L.P.,
6.125%,
4/1/54
....
44,226
377,823
Diversified
Telecommunication
Services
—
2.4%
200,000
America
Movil
SAB
de
CV,
6.125%,
3/30/40
.......................
207,729
135,000
T-Mobile
USA,
Inc.,
3.600%,
11/15/60
..
91,580
275,000
T-Mobile
USA,
Inc.,
4.375%,
4/15/40
...
239,137
125,000
T-Mobile
USA,
Inc.,
5.650%,
1/15/53
...
123,798
235,000
T-Mobile
USA,
Inc.,
5.800%,
9/15/62
...
234,316
110,000
Vodafone
Group
PLC,
4.250%,
9/17/50
..
86,289
180,000
Warnermedia
Holdings,
Inc.,
5.050%,
3/15/42
.......................
146,935
70,000
Warnermedia
Holdings,
Inc.,
5.141%,
3/15/52
.......................
54,765
1,184,549
Electric
Utilities
—
13.6%
120,000
AEP
Transmission
Co.,
LLC,
Series
M,
3.650%,
4/1/50(e)
................
86,788
125,000
Alabama
Power
Co.,
Series
B,
3.700%,
12/1/47
.......................
93,236
115,000
Appalachian
Power
Co.,
Series
L,
5.800%,
10/1/35
.......................
114,552
200,000
Baltimore
Gas
&
Electric
Co.,
2.900%,
6/15/50
.......................
126,407
110,000
Berkshire
Hathaway
Energy
Co.,
4.250%,
10/15/50
.......................
86,711
100,000
Berkshire
Hathaway
Energy
Co.,
4.600%,
5/1/53
........................
83,479
95,000
CenterPoint
Energy
Houston
Electric,
LLC,
Series
AC,
4.250%,
2/1/49
..........
77,846
240,000
CenterPoint
Energy
Houston
Electric,
LLC,
Series
AD,
2.900%,
7/1/50(e)
........
154,557
Principal
Amount
Fair
Value
CORPORATE
BONDS
—
(continued)
Electric
Utilities
—
(continued)
$
150,000
CMS
Energy
Corp.,
3.750%,
(5-Year
Treasury
Constant
Maturity
plus
2.90%),
12/1/50(b)
.....................
$
125,408
95,000
CMS
Energy
Corp.,
4.700%,
3/31/43
....
82,050
75,000
Commonwealth
Edison
Co.,
5.900%,
3/15/36
.......................
77,868
110,000
Connecticut
Light
&
Power
Co.
(The),
4.000%,
4/1/48
..................
88,162
180,000
Consolidated
Edison
Co.
of
New
York,
Inc.,
4.450%,
3/15/44
.................
153,962
95,000
Consolidated
Edison
Co.
of
New
York,
Inc.,
Series
E,
4.650%,
12/1/48
..........
81,572
110,000
Dominion
Energy
South
Carolina,
Inc.,
5.100%,
6/1/65
..................
97,591
55,000
Dominion
Energy,
Inc.,
Series
B,
3.300%,
4/15/41
.......................
39,867
96,000
Dominion
Energy,
Inc.,
Series
B,
4.850%,
8/15/52
.......................
82,969
135,000
DTE
Electric
Co.,
3.750%,
8/15/47
.....
103,079
175,000
DTE
Electric
Co.,
Series
B,
3.650%,
3/1/52
129,443
88,000
Duke
Energy
Carolinas,
LLC,
5.350%,
1/15/53
.......................
84,118
58,000
Duke
Energy
Carolinas,
LLC,
5.400%,
1/15/54
.......................
55,798
135,000
Duke
Energy
Carolinas,
LLC,
6.100%,
6/1/37
........................
139,432
170,000
Duke
Energy
Corp.,
5.000%,
8/15/52
....
148,410
90,000
Duke
Energy
Corp.,
6.100%,
9/15/53
....
91,801
75,000
Duke
Energy
Florida,
LLC,
6.350%,
9/15/37
.......................
80,036
265,000
Duke
Energy
Indiana,
LLC,
3.750%,
5/15/46
.......................
201,738
110,000
Duke
Energy
Ohio,
Inc.,
3.700%,
6/15/46
81,317
175,000
Duke
Energy
Progress,
LLC,
2.900%,
8/15/51
.......................
109,051
275,000
Entergy
Texas,
Inc.,
3.550%,
9/30/49
....
197,243
65,000
Entergy
Texas,
Inc.,
5.800%,
9/1/53
.....
65,323
95,000
Exelon
Corp.,
4.450%,
4/15/46
........
78,677
95,000
Exelon
Corp.,
5.100%,
6/15/45
........
86,647
160,000
FirstEnergy
Corp.,
Series
C,
5.100%,
7/15/47
.......................
137,788
55,000
FirstEnergy
Transmission,
LLC,
4.550%,
4/1/49(a)
......................
45,695
160,000
Florida
Power
&
Light
Co.,
4.125%,
2/1/42
135,083
45,000
Florida
Power
&
Light
Co.,
5.850%,
5/1/37
46,189
344,000
Georgia
Power
Co.,
Series
B,
3.700%,
1/30/50
.......................
255,261
145,000
Indiana
Michigan
Power
Co.,
5.625%,
4/1/53
........................
141,817
105,000
Massachusetts
Electric
Co.,
5.900%,
11/15/39(a)
.....................
103,997
120,000
MidAmerican
Energy
Co.,
2.700%,
8/1/52
72,511
95,000
MidAmerican
Energy
Co.,
4.800%,
9/15/43
86,055
Sterling
Capital
Long
Duration
Corporate
Bond
Fund
3
Schedule
of
Portfolio
Investments
—
(continued)
June
30,
2024
(Unaudited)
Continued
Principal
Amount
Fair
Value
CORPORATE
BONDS
—
(continued)
Electric
Utilities
—
(continued)
$
110,000
NextEra
Energy
Capital
Holdings,
Inc.,
2.440%,
1/15/32
.................
$
90,311
175,000
NextEra
Energy
Capital
Holdings,
Inc.,
5.550%,
3/15/54
.................
168,214
120,000
Northern
States
Power
Co.,
3.200%,
4/1/52
80,335
55,000
Northern
States
Power
Co.,
4.500%,
6/1/52
46,706
105,000
Oncor
Electric
Delivery
Co.,
LLC,
4.950%,
9/15/52
.......................
95,512
320,000
PECO
Energy
Co.,
2.850%,
9/15/51
....
198,415
95,000
Public
Service
Electric
&
Gas
Co.,
5.450%,
8/1/53
........................
94,056
145,000
Public
Service
Electric
&
Gas
Co.,
MTN,
5.375%,
11/1/39
.................
142,572
150,000
Puget
Sound
Energy,
Inc.,
2.893%,
9/15/51
92,986
80,000
Puget
Sound
Energy,
Inc.,
5.638%,
4/15/41
78,895
155,000
San
Diego
Gas
&
Electric
Co.,
Series
TTT,
4.100%,
6/15/49
.................
122,501
140,000
San
Diego
Gas
&
Electric
Co.,
Series
UUU,
3.320%,
4/15/50
.................
95,754
260,000
Sempra,
3.800%,
2/1/38
.............
213,002
234,000
Southern
California
Edison
Co.,
5.700%,
3/1/53
........................
227,834
60,000
Southern
California
Edison
Co.,
5.750%,
4/15/54
.......................
59,021
65,000
Southern
California
Edison
Co.,
5.875%,
12/1/53
.......................
65,123
140,000
Union
Electric
Co.,
3.250%,
10/1/49
....
95,755
70,000
Union
Electric
Co.,
5.450%,
3/15/53
....
67,711
150,000
Virginia
Electric
&
Power
Co.,
4.000%,
1/15/43
.......................
121,097
150,000
Xcel
Energy,
Inc.,
3.500%,
12/1/49
.....
102,153
6,587,487
Energy
Equipment
&
Services
—
5.8%
100,000
Cheniere
Corpus
Christi
Holdings,
LLC,
2.742%,
12/31/39
................
80,561
175,000
DCP
Midstream
Operating
L.P.,
5.600%,
4/1/44
........................
168,254
100,000
Eastern
Gas
Transmission
&
Storage,
Inc.,
4.800%,
11/1/43
.................
88,147
205,000
Energy
Transfer
L.P.,
5.000%,
5/15/44
...
177,710
140,000
Energy
Transfer
L.P.,
5.000%,
5/15/50
...
119,457
140,000
Energy
Transfer
L.P.,
5.350%,
5/15/45
...
125,652
45,000
Energy
Transfer
L.P.,
5.950%,
5/15/54
...
43,869
105,000
Energy
Transfer
L.P.,
7.500%,
7/1/38
....
119,716
280,000
Enterprise
Products
Operating,
LLC,
3.300%,
2/15/53
.................
189,719
185,000
Enterprise
Products
Operating,
LLC,
5.950%,
2/1/41
..................
190,726
105,000
Enterprise
Products
Operating,
LLC,
6.125%,
10/15/39
................
110,872
120,000
Kinder
Morgan
Energy
Partners
L.P.,
5.625%,
9/1/41
..................
113,525
195,000
Kinder
Morgan,
Inc.,
3.600%,
2/15/51
...
133,519
65,000
Kinder
Morgan,
Inc.,
5.450%,
8/1/52
....
60,097
Principal
Amount
Fair
Value
CORPORATE
BONDS
—
(continued)
Energy
Equipment
&
Services
—
(continued)
$
90,000
Kinder
Morgan,
Inc.,
5.550%,
6/1/45
....
$
84,284
80,000
MPLX
L.P.,
4.700%,
4/15/48
..........
66,116
71,000
MPLX
L.P.,
4.950%,
3/14/52
..........
60,553
160,000
MPLX
L.P.,
5.200%,
12/1/47
..........
141,915
110,000
ONEOK,
Inc.,
6.625%,
9/1/53
.........
117,981
71,000
ONEOK,
Inc.,
7.150%,
1/15/51
........
78,340
135,000
Plains
All
American
Pipeline
L.P./PAA
Finance
Corp.,
4.700%,
6/15/44
......
111,613
110,000
Spectra
Energy
Partners
L.P.,
4.500%,
3/15/45
.......................
90,253
110,000
Targa
Resources
Corp.,
6.250%,
7/1/52
..
111,548
124,000
TransCanada
PipeLines,
Ltd.,
4.625%,
3/1/34
........................
116,460
90,000
Williams
Cos.,
Inc.
(The),
6.300%,
4/15/40
93,538
2,794,425
Entertainment
—
0.1%
52,000
Mattel,
Inc.,
5.450%,
11/1/41
.........
46,689
Financial
Services
—
3.9%
300,000
AerCap
Ireland
Capital
DAC/AerCap
Global
Aviation
Trust,
3.850%,
10/29/41
235,439
185,000
Apollo
Global
Management,
Inc.,
5.800%,
5/21/54
.......................
182,744
200,000
Barclays
PLC,
3.811%,
(1-Year
Treasury
Constant
Maturity
plus
1.70%),
3/10/42(b)
.....................
154,666
46,000
BlackRock
Funding,
Inc.,
5.250%,
3/14/54
44,697
120,000
Blackstone
Holdings
Finance
Co.,
LLC,
6.250%,
8/15/42(a)
...............
124,132
95,000
Blue
Owl
Finance,
LLC,
4.125%,
10/7/51(a)
.....................
68,206
135,000
Charles
Schwab
Corp.
(The),
Series
H,
4.000%,
(10-Year
Treasury
Constant
Maturity
plus
3.08%)(b)(d)
.........
115,256
235,000
CSL
Finance
PLC,
4.750%,
4/27/52(a)
...
208,402
175,000
Intercontinental
Exchange,
Inc.,
4.250%,
9/21/48
.......................
143,650
50,000
Jefferies
Financial
Group,
Inc.,
6.500%,
1/20/43
.......................
52,440
200,000
Lloyds
Banking
Group
PLC,
3.369%,
(5-Year
Treasury
Constant
Maturity
plus
1.50%),
12/14/46(b)
..............
139,598
85,000
Morgan
Stanley,
MTN,
5.424%,
(SOFR
plus
1.88%),
7/21/34(c)
............
84,730
140,000
S&P
Global,
Inc.,
3.700%,
3/1/52
......
106,124
200,000
UBS
Group
AG,
3.179%,
(1-Year
Treasury
Constant
Maturity
plus
1.10%),
2/11/43(a)(b)
...................
143,230
120,000
Visa,
Inc.,
4.300%,
12/14/45
..........
104,528
1,907,842
Gas
Utilities
—
0.3%
148,000
Entergy
Louisiana,
LLC,
5.700%,
3/15/54
146,332
Sterling
Capital
Long
Duration
Corporate
Bond
Fund
4
Schedule
of
Portfolio
Investments
—
(continued)
June
30,
2024
(Unaudited)
Continued
Principal
Amount
Fair
Value
CORPORATE
BONDS
—
(continued)
Ground
Transportation
—
3.2%
$
185,000
Burlington
Northern
Santa
Fe,
LLC,
4.900%,
4/1/44
..................
$
171,328
110,000
Burlington
Northern
Santa
Fe,
LLC,
4.950%,
9/15/41
.................
103,723
220,000
Burlington
Northern
Santa
Fe,
LLC,
5.200%,
4/15/54
.................
212,111
112,000
Canadian
Pacific
Railway
Co.,
3.500%,
5/1/50
........................
81,099
90,000
CSX
Corp.,
4.300%,
3/1/48
...........
75,361
135,000
CSX
Corp.,
4.500%,
11/15/52
.........
116,086
90,000
CSX
Corp.,
6.000%,
10/1/36
..........
95,323
160,000
FedEx
Corp.,
4.550%,
4/1/46
.........
133,862
70,000
Norfolk
Southern
Corp.,
3.400%,
11/1/49
49,191
95,000
Norfolk
Southern
Corp.,
3.950%,
10/1/42
76,450
280,000
Union
Pacific
Corp.,
2.950%,
3/10/52
...
181,391
40,000
Union
Pacific
Corp.,
3.375%,
2/14/42
...
30,928
130,000
Union
Pacific
Corp.,
3.600%,
9/15/37
...
109,586
90,000
United
Parcel
Service,
Inc.,
5.300%,
4/1/50
88,044
1,524,483
Health
Care
Equipment
&
Services
—
0.5%
100,000
GE
HealthCare
Technologies,
Inc.,
6.377%,
11/22/52
.......................
109,083
115,000
HCA,
Inc.,
6.000%,
4/1/54
...........
113,940
223,023
Health
Care
Providers
&
Services
—
10.6%
70,000
Abbott
Laboratories,
4.900%,
11/30/46(e)
66,484
80,000
AbbVie,
Inc.,
4.050%,
11/21/39
........
69,703
125,000
AbbVie,
Inc.,
4.400%,
11/6/42
........
110,190
185,000
AbbVie,
Inc.,
4.450%,
5/14/46
........
161,284
115,000
AbbVie,
Inc.,
5.400%,
3/15/54
........
114,364
95,000
Aetna,
Inc.,
4.500%,
5/15/42
..........
79,372
95,000
Amgen,
Inc.,
2.770%,
9/1/53
..........
57,231
220,000
Amgen,
Inc.,
2.800%,
8/15/41
.........
155,277
135,000
Amgen,
Inc.,
4.400%,
2/22/62
.........
107,855
70,000
Amgen,
Inc.,
5.150%,
11/15/41
........
65,620
155,000
Amgen,
Inc.,
5.600%,
3/2/43
..........
153,323
145,000
Baxalta,
Inc.,
5.250%,
6/23/45
.........
136,818
105,000
Becton
Dickinson
&
Co.,
4.875%,
5/15/44
90,232
195,000
Bristol-Myers
Squibb
Co.,
2.350%,
11/13/40
.......................
129,924
245,000
Bristol-Myers
Squibb
Co.,
2.550%,
11/13/50
.......................
144,229
175,000
Bristol-Myers
Squibb
Co.,
3.700%,
3/15/52
129,005
150,000
Bristol-Myers
Squibb
Co.,
4.250%,
10/26/49
.......................
122,814
38,000
Bristol-Myers
Squibb
Co.,
5.500%,
2/22/44
37,695
90,000
Bristol-Myers
Squibb
Co.,
6.400%,
11/15/63
.......................
98,288
95,000
Cigna
Group
(The),
4.800%,
8/15/38
....
87,586
230,000
CSL
Finance
PLC,
5.417%,
4/3/54(a)
...
223,214
130,000
CVS
Health
Corp.,
2.700%,
8/21/40
....
86,732
85,000
CVS
Health
Corp.,
4.780%,
3/25/38
....
76,091
185,000
CVS
Health
Corp.,
5.050%,
3/25/48
....
160,097
Principal
Amount
Fair
Value
CORPORATE
BONDS
—
(continued)
Health
Care
Providers
&
Services
—
(continued)
$
170,000
CVS
Health
Corp.,
5.125%,
7/20/45
....
$
150,291
135,000
CVS
Health
Corp.,
5.875%,
6/1/53
.....
129,887
170,000
Danaher
Corp.,
2.800%,
12/10/51
......
107,995
240,000
Elevance
Health,
Inc.,
4.375%,
12/1/47
..
200,104
120,000
Elevance
Health,
Inc.,
5.125%,
2/15/53
..
110,932
120,000
Gilead
Sciences,
Inc.,
2.600%,
10/1/40
..
83,031
69,000
Gilead
Sciences,
Inc.,
2.800%,
10/1/50
..
43,462
200,000
HCA,
Inc.,
3.500%,
7/15/51
..........
134,369
165,000
HCA,
Inc.,
5.500%,
6/15/47
..........
153,051
110,000
Merck
&
Co.,
Inc.,
2.750%,
12/10/51
....
69,190
130,000
Pfizer
Investment
Enterprises
Pte,
Ltd.,
5.110%,
5/19/43
.................
124,138
200,000
Roche
Holdings,
Inc.,
2.607%,
12/13/51(a)
123,026
105,000
Stryker
Corp.,
4.625%,
3/15/46
........
92,674
400,000
UnitedHealth
Group,
Inc.,
3.500%,
8/15/39
324,314
190,000
UnitedHealth
Group,
Inc.,
3.750%,
10/15/47
.......................
145,312
275,000
UnitedHealth
Group,
Inc.,
4.950%,
5/15/62
246,120
119,000
Wyeth,
LLC,
5.950%,
4/1/37
..........
125,675
120,000
Zoetis,
Inc.,
4.700%,
2/1/43
..........
107,242
5,134,241
Household
Products
—
0.8%
250,000
Haleon
U.S.
Capital,
LLC,
4.000%,
3/24/52
199,099
175,000
Kenvue,
Inc.,
5.050%,
3/22/53
.........
166,013
365,112
Industrial
REITs
—
0.1%
70,000
Prologis
L.P.,
5.250%,
6/15/53
.........
66,417
Insurance
—
5.3%
114,000
Aon
North
America,
Inc.,
5.750%,
3/1/54
.
112,043
228,000
Athene
Holding,
Ltd.,
3.950%,
5/25/51
..
163,971
115,000
Athene
Holding,
Ltd.,
6.250%,
4/1/54
...
115,646
75,000
Berkshire
Hathaway
Finance
Corp.,
3.850%,
3/15/52
.................
58,281
95,000
Berkshire
Hathaway
Finance
Corp.,
4.200%,
8/15/48
.................
80,145
100,000
Carlyle
Holdings
II
Finance,
LLC,
5.625%,
3/30/43(a)
.....................
95,838
149,000
Corebridge
Financial,
Inc.,
4.400%,
4/5/52
117,904
105,000
Enstar
Finance,
LLC,
5.500%,
(5-Year
Treasury
Constant
Maturity
plus
4.01%),
1/15/42(b)
.....................
101,439
52,000
Enstar
Group,
Ltd.,
3.100%,
9/1/31
.....
42,953
120,000
Fidelity
National
Financial,
Inc.,
3.200%,
9/17/51
.......................
74,326
130,000
Global
Atlantic
Fin
Co.,
4.700%,
(5-Year
Treasury
Constant
Maturity
plus
3.80%),
10/15/51(a)(b)
..................
120,738
121,000
Global
Atlantic
Fin
Co.,
6.750%,
3/15/54(a)
.....................
120,229
95,000
Guardian
Life
Insurance
Co.
of
America
(The),
4.875%,
6/19/64(a)
..........
83,822
Sterling
Capital
Long
Duration
Corporate
Bond
Fund
5
Schedule
of
Portfolio
Investments
—
(continued)
June
30,
2024
(Unaudited)
Continued
Principal
Amount
Fair
Value
CORPORATE
BONDS
—
(continued)
Insurance
—
(continued)
$
130,000
KKR
Group
Finance
Co.
III,
LLC,
5.125%,
6/1/44(a)
......................
$
117,769
100,000
Nationwide
Mutual
Insurance
Co.,
4.350%,
4/30/50(a)
.....................
77,181
138,000
New
York
Life
Insurance
Co.,
3.750%,
5/15/50(a)
.....................
103,608
110,000
New
York
Life
Insurance
Co.,
4.450%,
5/15/69(a)
.....................
89,006
130,000
New
York
Life
Insurance
Co.,
6.750%,
11/15/39(a)
.....................
144,772
200,000
Nippon
Life
Insurance
Co.,
5.950%,
(5-
Year
Treasury
Constant
Maturity
plus
2.59%),
4/16/54(a)(b)
.............
197,584
170,000
Northwestern
Mutual
Life
Insurance
Co.
(The),
3.450%,
3/30/51(a)
..........
117,394
110,000
Pacific
LifeCorp,
3.350%,
9/15/50(a)
....
75,346
135,000
Prudential
Financial,
Inc.,
3.700%,
(5-Year
Treasury
Constant
Maturity
plus
3.04%),
10/1/50(b)
.....................
117,401
95,000
Securian
Financial
Group,
Inc.,
4.800%,
4/15/48(a)
.....................
79,821
95,000
Voya
Financial,
Inc.,
4.800%,
6/15/46
...
80,986
125,000
W
R
Berkley
Corp.,
3.150%,
9/30/61
....
74,383
2,562,586
Internet
&
Direct
Marketing
Retail
—
0.5%
220,000
Meta
Platforms,
Inc.,
4.450%,
8/15/52
...
190,607
73,000
Meta
Platforms,
Inc.,
5.750%,
5/15/63
...
75,471
266,078
IT
Services
—
0.6%
335,000
Fiserv,
Inc.,
4.400%,
7/1/49
...........
273,270
Machinery
—
0.2%
110,000
Deere
&
Co.,
3.900%,
6/9/42
.........
92,148
Media
—
3.7%
255,000
Charter
Communications
Operating,
LLC/
Charter
Communications
Operating
Capital,
4.400%,
12/1/61
...........
167,205
230,000
Charter
Communications
Operating,
LLC/
Charter
Communications
Operating
Capital,
6.484%,
10/23/45
..........
210,787
123,000
Charter
Communications
Operating,
LLC/
Charter
Communications
Operating
Capital,
6.834%,
10/23/55
..........
116,910
175,000
Comcast
Corp.,
2.800%,
1/15/51
.......
108,739
120,000
Comcast
Corp.,
2.887%,
11/1/51
.......
75,280
175,000
Comcast
Corp.,
3.250%,
11/1/39
.......
135,092
135,000
Comcast
Corp.,
3.400%,
7/15/46
.......
98,068
195,000
Comcast
Corp.,
5.500%,
5/15/64
.......
188,730
120,000
Interpublic
Group
of
Cos.,
Inc.
(The),
3.375%,
3/1/41
..................
88,279
95,000
Time
Warner
Cable,
LLC,
5.875%,
11/15/40
.......................
82,695
205,000
Time
Warner
Cable,
LLC,
6.550%,
5/1/37
194,598
Principal
Amount
Fair
Value
CORPORATE
BONDS
—
(continued)
Media
—
(continued)
$
135,000
Walt
Disney
Co.
(The),
2.750%,
9/1/49
..
$
86,352
175,000
Walt
Disney
Co.
(The),
3.500%,
5/13/40
.
140,134
90,000
Walt
Disney
Co.
(The),
6.200%,
12/15/34
98,018
1,790,887
Metal
&
Glass
Containers
—
0.5%
35,000
Packaging
Corp.
of
America,
4.050%,
12/15/49
.......................
27,635
200,000
Smurfit
Kappa
Treasury
ULC,
5.777%,
4/3/54(a)
......................
198,015
225,650
Metals
&
Mining
—
0.9%
80,000
Newmont
Corp.,
4.875%,
3/15/42
......
74,130
135,000
Nucor
Corp.,
2.979%,
12/15/55
........
83,465
100,000
Southern
Copper
Corp.,
7.500%,
7/27/35
.
116,344
110,000
Steel
Dynamics,
Inc.,
3.250%,
10/15/50
..
72,881
97,000
Teck
Resources,
Ltd.,
6.000%,
8/15/40
...
95,650
442,470
Office
REITs
—
0.3%
70,000
Alexandria
Real
Estate
Equities,
Inc.,
3.000%,
5/18/51
.................
42,396
99,000
Alexandria
Real
Estate
Equities,
Inc.,
5.625%,
5/15/54
.................
93,255
135,651
Oil,
Gas
&
Consumable
Fuels
—
4.9%
142,000
Apache
Corp.,
5.250%,
2/1/42
.........
122,112
110,000
Atmos
Energy
Corp.,
4.125%,
10/15/44
..
91,233
185,000
BP
Capital
Markets
America,
Inc.,
2.939%,
6/4/51
........................
118,153
130,000
BP
Capital
Markets
America,
Inc.,
3.060%,
6/17/41
.......................
95,014
100,000
ConocoPhillips
Co.,
4.025%,
3/15/62
....
75,317
88,000
Diamondback
Energy,
Inc.,
4.250%,
3/15/52
.......................
68,545
125,000
Diamondback
Energy,
Inc.,
5.900%,
4/18/64
.......................
121,357
105,000
Equinor
ASA,
5.100%,
8/17/40
........
101,805
95,000
Exxon
Mobil
Corp.,
4.114%,
3/1/46
....
78,701
267,000
Exxon
Mobil
Corp.,
4.227%,
3/19/40
....
235,774
105,000
Halliburton
Co.,
4.850%,
11/15/35
.....
100,031
110,000
Halliburton
Co.,
5.000%,
11/15/45
.....
99,999
137,000
Hess
Corp.,
5.600%,
2/15/41
..........
137,029
105,000
Marathon
Petroleum
Corp.,
6.500%,
3/1/41
109,600
115,000
NiSource,
Inc.,
4.800%,
2/15/44
.......
100,324
95,000
Ovintiv,
Inc.,
7.100%,
7/15/53
.........
104,729
130,000
Shell
International
Finance
BV,
4.550%,
8/12/43
.......................
116,129
190,000
Shell
International
Finance
BV,
6.375%,
12/15/38
.......................
209,938
300,000
Southern
Co.
Gas
Capital
Corp.,
Series
21A,
3.150%,
9/30/51
.............
189,861
Sterling
Capital
Long
Duration
Corporate
Bond
Fund
6
Schedule
of
Portfolio
Investments
—
(continued)
June
30,
2024
(Unaudited)
Continued
Principal
Amount
Fair
Value
CORPORATE
BONDS
—
(continued)
Oil,
Gas
&
Consumable
Fuels
—
(continued)
$
90,000
TotalEnergies
Capital
SA,
5.488%,
4/5/54
$
89,192
2,364,843
Residential
REITs
—
0.8%
183,000
American
Homes
4
Rent
L.P.,
4.300%,
4/15/52
.......................
142,540
40,000
Mid-America
Apartments
L.P.,
2.875%,
9/15/51
.......................
24,905
160,000
NNN
REIT,
Inc.,
3.500%,
4/15/51
......
111,593
110,000
UDR,
Inc.,
3.100%,
11/1/34
..........
88,955
367,993
Retail
REITs
—
0.4%
150,000
Kimco
Realty
OP,
LLC,
4.250%,
4/1/45
..
120,195
110,000
Simon
Property
Group
L.P.,
3.250%,
9/13/49
.......................
74,125
194,320
Semiconductors
&
Semiconductor
Equipment
—
1.9%
75,000
Broadcom,
Inc.,
3.469%,
4/15/34(a)
.....
64,084
190,000
Broadcom,
Inc.,
3.500%,
2/15/41(a)
.....
146,214
120,000
Broadcom,
Inc.,
3.750%,
2/15/51(a)
.....
89,828
100,000
KLA
Corp.,
4.950%,
7/15/52
.........
93,391
210,000
Lam
Research
Corp.,
2.875%,
6/15/50
...
137,160
220,000
NXP
BV
/
NXP
Funding,
LLC/NXP
USA,
Inc.,
3.250%,
11/30/51
............
145,484
155,000
NXP
BV/NXP
Funding,
LLC/NXP
USA,
Inc.,
5.000%,
1/15/33
.............
151,453
95,000
QUALCOMM,
Inc.,
4.300%,
5/20/47
...
81,431
909,045
Software
—
4.8%
175,000
Apple,
Inc.,
2.650%,
5/11/50
..........
112,378
250,000
Apple,
Inc.,
2.700%,
8/5/51
...........
159,767
200,000
Apple,
Inc.,
3.850%,
5/4/43
...........
168,072
110,000
Apple,
Inc.,
3.850%,
8/4/46
...........
90,105
230,000
Apple,
Inc.,
3.950%,
8/8/52
...........
187,953
87,000
Hewlett
Packard
Enterprise
Co.,
6.350%,
10/15/45
.......................
91,735
245,000
Microsoft
Corp.,
2.500%,
9/15/50
......
155,220
120,000
Microsoft
Corp.,
2.525%,
6/1/50
.......
76,227
405,000
Microsoft
Corp.,
2.675%,
6/1/60
.......
248,972
130,000
Oracle
Corp.,
3.600%,
4/1/50
.........
91,244
295,000
Oracle
Corp.,
3.650%,
3/25/41
........
226,581
135,000
Oracle
Corp.,
3.800%,
11/15/37
.......
111,526
120,000
Oracle
Corp.,
3.850%,
4/1/60
.........
83,015
120,000
Oracle
Corp.,
3.950%,
3/25/51
........
89,231
150,000
Oracle
Corp.,
4.000%,
7/15/46
........
114,882
70,000
Oracle
Corp.,
4.375%,
5/15/55
........
54,956
95,000
Oracle
Corp.,
6.900%,
11/9/52
........
106,891
150,000
Salesforce,
Inc.,
2.900%,
7/15/51
.......
97,152
70,000
Salesforce,
Inc.,
3.050%,
7/15/61
.......
43,540
2,309,447
Principal
Amount
Fair
Value
CORPORATE
BONDS
—
(continued)
Specialized
REITs
—
0.1%
$
40,000
Public
Storage
Operating
Co.,
5.350%,
8/1/53
........................
$
38,783
Specialty
Retail
—
2.5%
135,000
ERAC
USA
Finance,
LLC,
5.625%,
3/15/42(a)
.....................
135,422
300,000
Home
Depot,
Inc.
(The),
2.750%,
9/15/51
187,898
175,000
Home
Depot,
Inc.
(The),
3.125%,
12/15/49
119,928
59,000
Home
Depot,
Inc.
(The),
5.300%,
6/25/54
57,893
200,000
Lowe's
Cos.,
Inc.,
3.500%,
4/1/51
......
137,959
145,000
Lowe's
Cos.,
Inc.,
5.000%,
4/15/40
.....
134,745
180,000
McDonald's
Corp.,
MTN,
3.625%,
9/1/49
131,193
185,000
McDonald's
Corp.,
MTN,
4.875%,
12/9/45
166,955
180,000
Starbucks
Corp.,
3.500%,
11/15/50
.....
127,093
1,199,086
Telecommunication
Services
—
4.4%
230,000
AT&T,
Inc.,
3.500%,
6/1/41
..........
176,600
425,000
AT&T,
Inc.,
3.650%,
9/15/59
..........
286,867
540,000
AT&T,
Inc.,
3.850%,
6/1/60
..........
378,883
315,000
AT&T,
Inc.,
4.500%,
5/15/35
..........
290,781
60,000
Cisco
Systems,
Inc.,
5.300%,
2/26/54
...
59,105
150,000
Deutsche
Telekom
AG,
3.625%,
1/21/50(a)
110,708
80,000
Telefonica
Emisiones
SA,
5.213%,
3/8/47
70,942
200,000
Verizon
Communications,
Inc.,
2.650%,
11/20/40
.......................
138,292
335,000
Verizon
Communications,
Inc.,
3.400%,
3/22/41
.......................
257,113
110,000
Verizon
Communications,
Inc.,
3.700%,
3/22/61
.......................
78,126
80,000
Verizon
Communications,
Inc.,
4.400%,
11/1/34
.......................
74,302
195,000
Verizon
Communications,
Inc.,
5.250%,
3/16/37
.......................
193,085
2,114,804
Tobacco
—
1.5%
110,000
Altria
Group,
Inc.,
3.875%,
9/16/46
.....
79,586
87,000
BAT
Capital
Corp.,
4.390%,
8/15/37
....
73,606
80,000
BAT
Capital
Corp.,
4.540%,
8/15/47
....
61,796
123,000
BAT
Capital
Corp.,
7.081%,
8/2/53
.....
131,389
95,000
Cargill,
Inc.,
4.375%,
4/22/52(a)
.......
80,801
120,000
Cargill,
Inc.,
4.760%,
11/23/45(a)
......
108,148
240,000
Philip
Morris
International,
Inc.,
4.375%,
11/15/41
.......................
202,583
737,909
Total
Corporate
Bonds
(Cost
$51,192,207)
...............
45,694,239
Sterling
Capital
Long
Duration
Corporate
Bond
Fund
7
Schedule
of
Portfolio
Investments
—
(continued)
June
30,
2024
(Unaudited)
Continued
Principal
Amount
Fair
Value
U.S.
GOVERNMENT
AGENCIES
—
0.2%
Tennessee
Valley
Authority
—
0.2%
$
70,000
4.250%,
9/15/52
...................
$
61,494
Total
U.S.
Government
Agencies
(Cost
$67,818)
..................
61,494
U.S.
TREASURY
BONDS
—
3.2%
815,400
2.000%,
11/15/41
................
562,817
269,800
2.500%,
2/15/45
.................
193,423
1,313,000
2.000%,
8/15/51
.................
794,365
Total
U.S.
Treasury
Bonds
(Cost
$1,507,371)
................
1,550,605
Shares
MONEY
MARKET
FUND
—
1.1%
537,447
Federated
Treasury
Obligations
Fund,
Institutional
Shares,
5.17%(f)
........
537,447
Total
Money
Market
Fund
(Cost
$537,447)
.................
537,447
Total
Investments
—
99.2%
(Cost
$53,304,843)
............................
47,843,785
Net
Other
Assets
(Liabilities)
—
0.8%
...............
399,808
NET
ASSETS
—
100.0%
.......................
$
48,243,593
(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)
Security
is
a
fix-to-float
security,
which
carries
a
fixed
coupon
until
a
certain
date,
upon
which
it
switches
to
a
floating
rate.
Rate
shown
is
the
fixed
rate.
(d)
Security
is
perpetual
in
nature
and
has
no
stated
maturity
date.
(e)
All
or
a
portion
of
the
securities
are
held
in
a
separate
collateral
account
at
US
Bank.
(f)
Represents
the
current
yield
as
of
report
date.
MTN
Medium
Term
Note
8
Sterling
Capital
Funds
Notes
to
Schedule
of
Portfolio
Investments
-
Sterling
Capital
Long
Duration
Corporate
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
Long
Duration
Corporate
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.
9
Sterling
Capital
Funds
Notes
to
Schedule
of
Portfolio
Investments
-
Sterling
Capital
Long
Duration
Corporate
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
Long
Duration
Corporate
Bond
Fund
......
$
537,447(a)
$
47,306,338(b)
$
—
$
47,843,785
(a)
Represents
money
market
funds
and/or
certain
preferred
stocks.
(b)
Industries,
countries
or
security
types
are
disclosed
in
the
Schedule
of
Portfolio
Investments.
10
Sterling
Capital
Funds
Notes
to
Schedule
of
Portfolio
Investments
-
Sterling
Capital
Long
Duration
Corporate
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
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.