Sterling Capital Behavioral International Equity Fund

Schedule of Portfolio Investments

June 30, 2020 (Unaudited)

Shares			Fair Value
COMMON STOCKS — 98.2%
		Australia — 7.1%
	9,100	AGL Energy, Ltd.	$	107,654
	588,775	AusNet Services		680,254
	94,825	Fortescue Metals Group, Ltd.		921,855
	1,175	Lendlease Group		10,156
	1,250	Macquarie Group, Ltd.		103,740
	417,175	Medibank Pvt, Ltd.		864,906
	132,750	Origin Energy, Ltd.		540,191
	14,075	Rio Tinto, Ltd.		963,763
	327,600	Stockland, REIT		759,637
	125,025	Worley, Ltd.		765,003
				5,717,159
		Austria — 2.1%
	20,850	ANDRITZ AG(a)		760,206
	20,925	OMV AG(a)		706,088
	11,900	Raiffeisen Bank International AG		212,691
				1,678,985
		Belgium — 2.0%
	650	Solvay SA		52,147
	16,200	Telenet Group Holding NV		667,488
	7,600	UCB SA		881,949
				1,601,584
		Denmark — 1.0%
	15,425	Pandora A/S		842,429
		Finland — 1.3%
	15,675	Stora Enso OYJ		187,618
	28,200	UPM-Kymmene OYJ		816,801
				1,004,419
		France — 10.5%
	8,975	Arkema SA		862,708
	9,950	Atos SE(a)		853,041
	7,125	Capgemini SE		822,232
	23,450	Cie de Saint-Gobain(a)		846,095
	8,000	Cie Generale des Etablissements Michelin SCA		833,861
	9,325	Ipsen SA		791,051
	3,375	LVMH Moet Hennessy Louis Vuitton SE		1,490,039
	14,000	Sanofi		1,427,779
	4,700	Schneider Electric SE		522,810
				8,449,616
		Germany — 10.4%
	5,875	Bayer AG		435,474
	15,300	Brenntag AG		811,204
	28,450	Deutsche Post AG(a)		1,044,676
	50,875	Deutsche Telekom AG		853,640
	79,425	E.ON SE		896,519
	10,125	Fresenius Medical Care AG & Co. KGaA(a)		871,048
	19,050	Fresenius SE & Co. KGaA(a)		946,835
	10,500	Henkel AG & Co. KGaA		878,430
	3,075	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		800,711
	20,850	United Internet AG		885,851
				8,424,388
		Hong Kong — 4.1%
	237,000	BOC Hong Kong Holdings, Ltd.		758,849
	105,000	CK Asset Holdings, Ltd.		629,663

Shares			Fair Value
COMMON STOCKS — (continued)
		Hong Kong — (continued)
	188,000	Hang Lung Properties, Ltd.	$	446,928
	241,500	Kerry Properties, Ltd.		627,328
	29,000	Wharf Real Estate Investment Co., Ltd.		139,218
	93,000	Wheelock & Co., Ltd.		735,118
				3,337,104
		Ireland — 1.1%
	25,925	Smurfit Kappa Group PLC		859,320
		Israel — 1.6%
	3,900	Check Point Software Technologies, Ltd.(a)		418,977
	71,975	Teva Pharmaceutical Industries, Ltd., ADR(a)		887,452
				1,306,429
		Italy — 0.9%
	105,500	Mediobanca Banca di Credito Finanziario SpA		761,843
		Japan — 23.4%
	15,400	Advantest Corp.		878,885
	40,600	Brother Industries, Ltd.		733,524
	7,300	Fujitsu, Ltd.		854,708
	46,300	Fukuoka Financial Group, Inc.		732,045
	3,300	Hikari Tsushin, Inc.		754,539
	38,400	Honda Motor Co., Ltd.		982,797
	42,500	ITOCHU Corp.		919,607
	34,400	KDDI Corp.		1,026,398
	328,200	Mebuki Financial Group, Inc.		764,527
	39,600	Nexon Co., Ltd.		893,235
	86,000	Obayashi Corp.		808,526
	4,900	Resona Holdings, Inc.		16,767
	33,800	SBI Holdings, Inc.		733,477
	46,000	Sekisui House, Ltd.		878,240
	82,300	Seven Bank, Ltd.		225,570
	13,300	Shionogi & Co., Ltd.		834,354
	24,000	SoftBank Group Corp.		1,210,264
	14,700	Sony Corp.		1,014,744
	32,200	Sumitomo Mitsui Financial Group, Inc.		908,742
	21,000	Taisei Corp.		765,368
	14,400	Tokyo Century Corp.		737,369
	3,900	Tokyo Electron, Ltd.		962,301
	144,600	Yamada Denki Co., Ltd.		717,275
	100,700	Z Holdings Corp.		494,208
				18,847,470
		Netherlands — 3.2%
	33,400	Koninklijke Ahold Delhaize NV		910,281
	6,500	NXP Semiconductors NV		741,260
	16,650	Randstad NV		744,502
	2,700	Wolters Kluwer NV		211,042
				2,607,085
		Norway — 1.0%
	60,375	DNB ASA(a)		805,855
		Singapore — 3.0%
	52,500	Keppel Corp., Ltd.		226,114
	61,100	Venture Corp., Ltd.		714,058
	252,800	Wilmar International, Ltd.		747,724
	1,093,900	Yangzijiang Shipbuilding Holdings, Ltd.		736,407
				2,424,303
		Spain — 1.9%
	30,225	Enagas SA		739,407

See accompanying Notes to the Schedule of Portfolio Investments.

1

Sterling Capital Behavioral International Equity Fund

Schedule of Portfolio Investments — (continued)

June 30, 2020 (Unaudited)

Shares			Fair Value
COMMON STOCKS — (continued)
		Spain — (continued)
	31,100	Endesa SA	$	771,471
				1,510,878
		Sweden — 3.2%
	27,400	Essity AB, Class B(a)		888,346
	46,700	SKF AB, Class B		872,988
	11,825	Swedish Match AB		834,321
				2,595,655
		Switzerland — 8.3%
	2,475	Adecco Group AG		116,661
	11,200	Nestle SA		1,241,751
	21,950	Novartis AG		1,912,307
	6,525	Roche Holding AG		2,260,583
	34,825	UBS Group AG		402,196
	2,175	Zurich Insurance Group AG		770,669
				6,704,167
		United Kingdom — 12.1%
	5,175	Anglo American PLC		119,300
	67,675	Antofagasta PLC		783,292
	33,175	British American Tobacco PLC		1,272,350
	29,400	Bunzl PLC		788,597
	10,625	Ferguson PLC		868,767
	81,375	GVC Holdings PLC		745,873
	39,550	Imperial Brands PLC		752,897
	284,625	Kingfisher PLC		783,054
	306,525	Legal & General Group PLC		835,660
	21,225	Rio Tinto PLC		1,194,466
	50,175	SSE PLC		849,616
	239,025	Standard Life Aberdeen PLC		792,054
				9,785,926
		Total Common Stocks
		(Cost $72,446,338)		79,264,615
PREFERRED STOCKS — 0.9%
		Germany — 0.9%
	4,425	Henkel AG & Co. KGaA		412,823
	5,600	Porsche Automobil Holding SE		324,343
		Total Preferred Stocks
		(Cost $666,846)		737,166
MONEY MARKET FUND — 0.9%
		United States — 0.9%
	727,211	Federated Treasury Obligations Fund, Institutional Shares, 0.10%(b)		727,211
		Total Money Market Fund
		(Cost $727,211)		727,211
Total Investments — 100.0%
(Cost $73,840,395)				80,728,992
Net Other Assets (Liabilities) — 0.0%				(25,299	)
NET ASSETS—100.0%			$	80,703,693

(a) Represents non-income producing security.

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

ADR — American Depository Receipts

Industry	Percentage of net assets
Air Freight & Logistics	1.3%
Auto Components	1.0%
Automobiles	1.6%
Banks	6.4%
Building Products	1.1%
Capital Markets	2.5%
Chemicals	1.1%
Construction & Engineering	2.0%
Containers & Packaging	1.1%
Diversified Financial Services	0.9%
Diversified Telecommunication Services	2.2%
Electric Utilities	2.9%
Electrical Equipment	0.7%
Electronic Equipment, Instruments & Components	0.9%
Energy Equipment & Services	1.0%
Entertainment	1.1%
Equity Real Estate Investment Trusts (REITS)	0.9%
Food & Staples Retailing	1.1%
Food Products	2.5%
Gas Utilities	0.9%
Health Care Providers & Services	2.3%
Hotels, Restaurants & Leisure	0.9%
Household Durables	2.4%
Household Products	2.7%
Industrial Conglomerates	0.3%
Insurance	4.1%
Interactive Media & Services	0.6%
IT Services	3.1%
Machinery	2.9%
Media	0.8%
Metals & Mining	4.9%
Money Market Fund	0.9%
Multi-Utilities	1.2%
Oil, Gas & Consumable Fuels	1.5%
Paper & Forest Products	1.2%
Pharmaceuticals	9.9%
Pharmaceuticals, Biotechnology & Life Sciences	1.8%
Professional Services	1.3%
Real Estate Management & Development	3.2%
Semiconductors & Semiconductor Equipment	3.2%
Software	0.5%
Specialty Retail	2.8%
Technology Hardware, Storage & Peripherals	0.9%
Textiles, Apparel & Luxury Goods	2.9%
Tobacco	3.5%
Trading Companies & Distributors	4.2%
Wireless Telecommunication Services	2.8%
	100.0%

Continued

2

Sterling Capital Funds

Notes to Schedule of Portfolio Investments - Sterling Capital Behavioral International 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 International 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 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 amounts of income and expenses 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 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)

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.

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

3

Sterling Capital Funds

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

June 30, 2020 (Unaudited)

	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	$	2,774,900	(a)	$	77,954,092	(a)	$	—	$	80,728,992

(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.

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 financial statement purposes 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.

4

Sterling Capital Funds

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

June 30, 2020 (Unaudited)

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.

5