Sterling Capital Behavioral Large Cap Value Equity Fund

Schedule of Portfolio Investments

June 30, 2020 (Unaudited)

Shares			Fair Value
COMMON STOCKS — 99.1%
		Aerospace & Defense — 1.2%
	7,650	Lockheed Martin Corp.	$	2,791,638
		Air Freight & Logistics — 0.3%
	7,600	CH Robinson Worldwide, Inc.		600,856
		Auto Components — 0.3%
	16,750	BorgWarner, Inc.		591,275
		Banks — 5.8%
	56,100	Bank OZK		1,316,667
	13,900	Cullen/Frost Bankers, Inc.		1,038,469
	29,000	East West Bancorp, Inc.		1,050,960
	76,200	First Horizon National Corp.		758,952
	131,700	FNB Corp.		987,750
	31,750	JPMorgan Chase & Co.		2,986,405
	65,550	KeyCorp		798,399
	88,100	People’s United Financial, Inc.		1,019,317
	1,100	PNC Financial Services Group, Inc. (The)		115,730
	17,000	Prosperity Bancshares, Inc.		1,009,460
	36,150	TCF Financial Corp.		1,063,533
	91,000	Umpqua Holdings Corp.		968,240
				13,113,882
		Biotechnology — 5.3%
	30,600	AbbVie, Inc.		3,004,308
	12,750	Amgen, Inc.		3,007,215
	10,900	Biogen, Inc.(a)		2,916,295
	4,800	Regeneron Pharmaceuticals, Inc.(a).		2,993,520
				11,921,338
		Capital Markets — 8.1%
	80,950	Bank of New York Mellon Corp. (The)		3,128,717
	5,500	BlackRock, Inc.		2,992,495
	14,400	Goldman Sachs Group, Inc. (The)		2,845,728
	53,950	Janus Henderson Group PLC		1,141,582
	62,500	Morgan Stanley		3,018,750
	21,150	State Street Corp.		1,344,083
	22,900	T. Rowe Price Group, Inc.		2,828,150
	38,450	Virtu Financial, Inc., Class A		907,420
				18,206,925
		Chemicals — 1.7%
	68,400	Dow, Inc.		2,787,984
	15,850	Eastman Chemical Co.		1,103,794
				3,891,778
		Commercial Services & Supplies — 0.6%
	180,000	ADT, Inc.		1,436,400
		Communications Equipment — 1.4%
	17,950	Ciena Corp.(a)		972,172
	47,900	Cisco Systems, Inc.		2,234,056
				3,206,228
		Construction & Engineering — 0.5%
	29,400	Quanta Services, Inc.		1,153,362
		Containers & Packaging — 2.0%
	27,750	Berry Global Group, Inc.(a)		1,229,880
	17,100	Crown Holdings, Inc.(a)		1,113,723
	80,550	Graphic Packaging Holding Co.		1,126,895
	29,700	Silgan Holdings, Inc.		961,983
				4,432,481

Shares			Fair Value
COMMON STOCKS — (continued)
		Diversified Consumer Services — 0.5%
	12,750	Grand Canyon Education, Inc.(a)	$	1,154,257
		Diversified Telecommunication Services — 2.7%
	101,100	AT&T, Inc.		3,056,253
	55,300	Verizon Communications, Inc.		3,048,689
				6,104,942
		Electric Utilities — 3.6%
	37,250	Duke Energy Corp.		2,975,903
	24,800	NRG Energy, Inc.		807,488
	50,200	PPL Corp.		1,297,168
	57,750	Southern Co. (The)		2,994,337
				8,074,896
		Electrical Equipment — 2.5%
	32,350	Eaton Corp. PLC		2,829,978
	45,450	Emerson Electric Co.		2,819,263
				5,649,241
		Entertainment — 1.4%
	24,000	Electronic Arts, Inc.(a)		3,169,200
		Equity Real Estate Investment Trusts (REITS) — 3.7%
	37,100	Corporate Office Properties Trust		940,114
	14,800	CyrusOne, Inc.		1,076,700
	8,950	Digital Realty Trust, Inc.		1,271,885
	28,750	Gaming and Leisure Properties, Inc.		994,750
	28,700	Highwoods Properties, Inc.		1,071,371
	63,550	Medical Properties Trust, Inc.		1,194,740
	23,650	Spirit Realty Capital, Inc.		824,439
	48,900	VICI Properties, Inc.		987,291
				8,361,290
		Food & Staples Retailing — 2.6%
	83,300	Kroger Co. (The)		2,819,705
	59,350	Walgreens Boots Alliance, Inc.		2,515,846
	5,400	Walmart, Inc.		646,812
				5,982,363
		Food Products — 2.8%
	49,650	General Mills, Inc.		3,060,923
	99,300	Kraft Heinz Co. (The)		3,166,677
				6,227,600
		Health Care Providers & Services — 7.9%
	11,500	Anthem, Inc.		3,024,270
	15,900	Cigna Corp.		2,983,635
	46,350	CVS Health Corp.		3,011,359
	14,650	DaVita, Inc.(a)		1,159,401
	4,050	HCA Healthcare, Inc.		393,093
	7,350	Humana, Inc.		2,849,963
	18,350	McKesson Corp.		2,815,257
	5,700	UnitedHealth Group, Inc.		1,681,215
				17,918,193
		Hotels, Restaurants & Leisure — 0.9%
	2,000	Chipotle Mexican Grill, Inc.(a)		2,104,720
		Household Durables — 0.1%
	8,750	PulteGroup, Inc.		297,763
		Household Products — 1.4%
	12,650	Clorox Co. (The)		2,775,031

See accompanying Notes to the Schedule of Portfolio Investments.

0 

Sterling Capital Behavioral Large Cap Value Equity Fund

Schedule of Portfolio Investments — (continued)

June 30, 2020 (Unaudited)

Shares			Fair Value
COMMON STOCKS — (continued)
		Household Products — (continued)
	2,050	Kimberly-Clark Corp.	$	289,767
				3,064,798
		Industrial Conglomerates — 1.2%
	17,850	3M Co.		2,784,421
		Insurance — 2.5%
	28,550	Allstate Corp. (The)		2,769,065
	77,600	MetLife, Inc.		2,833,952
				5,603,017
		Interactive Media & Services — 1.3%
	12,600	Facebook, Inc., Class A(a)		2,861,082
		Internet & Direct Marketing Retail — 1.3%
	57,750	eBay, Inc.		3,028,987
		IT Services — 2.0%
	49,300	Cognizant Technology Solutions Corp., Class A		2,801,226
	400	DXC Technology Co.		6,600
	6,700	International Business Machines Corp.		809,159
	9,200	Leidos Holdings, Inc.		861,764
				4,478,749
		Machinery — 1.8%
	17,400	Cummins, Inc.		3,014,724
	21,700	Timken Co. (The)		987,133
				4,001,857
		Media — 2.3%
	76,050	Comcast Corp., Class A		2,964,429
	49,450	Discovery, Inc., Class A(a)		1,043,395
	56,650	Discovery, Inc., Class C(a)		1,091,079
				5,098,903
		Metals & Mining — 1.6%
	45,850	Newmont Corp.		2,830,779
	6,050	Reliance Steel & Aluminum Co.		574,327
	10,450	Steel Dynamics, Inc.		272,641
				3,677,747
		Multiline Retail — 1.3%
	25,100	Target Corp.		3,010,243
		Multi-Utilities — 1.3%
	36,900	Dominion Energy, Inc.		2,995,542
		Oil, Gas & Consumable Fuels — 4.2%
	236,250	Antero Midstream Corp.		1,204,875
	47,900	Cabot Oil & Gas Corp.		822,922
	26,200	EOG Resources, Inc.		1,327,292
	73,350	EQT Corp.		872,865
	123,250	Equitrans Midstream Corp.		1,024,207
	203,150	Kinder Morgan, Inc.		3,081,785
	64,700	Williams Cos., Inc. (The)		1,230,594
				9,564,540
		Personal Products — 1.0%
	23,800	Herbalife Nutrition, Ltd.(a)		1,070,524
	28,050	Nu Skin Enterprises, Inc., Class A		1,072,351
				2,142,875
		Pharmaceuticals — 2.7%
	51,100	Bristol-Myers Squibb Co.		3,004,680

Shares			Fair Value
COMMON STOCKS — (continued)
		Pharmaceuticals — (continued)
	94,250	Pfizer, Inc.	$	3,081,975
				6,086,655
		Road & Rail — 3.0%
	41,300	CSX Corp.		2,880,262
	46,800	Schneider National, Inc., Class B.		1,154,556
	16,750	Union Pacific Corp.		2,831,923
				6,866,741
		Semiconductors & Semiconductor Equipment — 4.7%
	49,100	Applied Materials, Inc.		2,968,095
	4,400	Broadcom, Inc.		1,388,684
	51,150	Intel Corp.		3,060,305
	9,700	Lam Research Corp.		3,137,562
				10,554,646
		Software — 2.6%
	53,100	Oracle Corp.		2,934,837
	18,600	VMware, Inc., Class A(a)		2,880,396
				5,815,233
		Specialty Retail — 0.8%
	500	AutoZone, Inc.(a)		564,060
	9,800	Lowe’s Cos., Inc.		1,324,176
				1,888,236
		Technology Hardware, Storage & Peripherals — 2.6%
	8,300	Apple, Inc.		3,027,840
	52,100	Dell Technologies, Inc., Class C(a)		2,862,374
				5,890,214
		Thrifts & Mortgage Finance — 0.5%
	106,900	New York Community Bancorp, Inc.		1,090,380
		Tobacco — 2.6%
	77,000	Altria Group, Inc.		3,022,250
	40,150	Philip Morris International, Inc.		2,812,909
				5,835,159
		Trading Companies & Distributors — 0.5%
	8,150	United Rentals, Inc.(a)		1,214,676
		Total Common Stocks
		(Cost $210,911,623)		223,945,329
MONEY MARKET FUND — 0.5%
	1,123,830	Federated Treasury Obligations Fund, Institutional Shares, 0.10%(b)		1,123,830
		Total Money Market Fund
		(Cost $1,123,830)		1,123,830
Total Investments — 99.6%
(Cost $212,035,453)				225,069,159
Net Other Assets (Liabilities) — 0.4%				865,521
NET ASSETS — 100.0%			$	225,934,680

(a) Represents non-income producing security.

(b) Represents the current yield as of report date.

Continued

1 

Sterling Capital Funds

Notes to Schedule of Portfolio Investments - Sterling Capital Behavioral Large Cap Value Equity Fund

June 30, 2020 (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 Large Cap Value Equity Fund (referred to as the “Fund”), among other series of the Trust.

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 FinancialAccounting 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 results 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, 2020, there were no significant changes to the valuation policies and procedures.

2 

Sterling Capital Funds

Notes to Schedule of Portfolio Investments - Sterling Capital Behavioral Large Cap Value Equity Fund — (continued)

June 30, 2020 (Unaudited)

The summary of inputs used to determine the fair value of the Fund’s investments as of June 30, 2020 is as follows:

	Level 1– Quoted Prices			Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Total
Assets:
Investments in Securities
Sterling Capital Behavioral Large Cap Value Equity Fund	$	225,069,159	(a)	$	—	$	—	$	225,069,159

(a) Industries, countries or security types are disclosed in the Schedule of Portfolio Investments.

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.

Risks Associated with Foreign Securities and Currencies — Investments in securities of foreign issuers carry certain risks not ordinarily associated with investments in securities of domestic issuers. Such risks include future political and economic developments and the possible imposition of exchange controls or other foreign governmental laws and restrictions. In addition, with respect to certain countries, there is the possibility of expropriation of assets, confiscatory taxation, political or social instability or diplomatic developments which could adversely affect investments in those countries. Certain foreign investments may also be subject to foreign withholding taxes.

When-Issued and Forward Commitments — The Fund may purchase securities on a “when-issued” basis. The Fund may also purchase or sell securities on a forward commitment basis. The Fund records when-issued securities on the trade date and pledge assets with a value at least equal to the purchase commitment for payment of the securities purchased. The value of the securities underlying when-issued or forward commitments to purchase securities, and any subsequent fluctuation in their value, is taken into account when determining the net asset value of the Fund commencing with the date the Fund agrees to purchase the securities. The Fund does not accrue interest or dividends on “when-issued” securities until the underlying securities are received.

3