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BEHAVIORAL SMALL CAP VALUE EQUITY FUND A Shares (SPSAX)

C Shares (SPSDX)

Inception 02.01.2010

Inst'l Shares (SPSCX)

Inception 02.01.2010

Inception 01.02.1997

R6 Shares* (STRBX)

Inception 02.01.2018

09.30.2018 Philosophy and Process

FUND FACTS Investment Objective: Seeks maximum long-term total return, by investing primarily in equity securities of small capitalization companies. Total Net Assets

$238,714,670

Number of Holdings

222

Weighted Average P/E

13.66

Weighted Average P/B

1.55

Weighted Average Market Cap

$3.11 B

Active Share

82.66

Turnover

90%

TOTAL EXPENSE RATIO Net

Gross

A Shares (SPSAX)

1.05%

1.05%

C Shares (SPSDX)

1.80%

1.80%

Inst'l Shares (SPSCX)

0.80%

0.80%

R6 Shares* (STRBX)

0.73%

0.80%

*The Administrator has contractually agreed to waive its administrative fees, pay Fund operating expenses, and/or reimburse the Fund to keep R6 shares Net Expense Ratio to 0.73% from February 1, 2018 through January 31, 2019. Performance would have been lower without limitations in effect.

RISK/RETURN STATISTICS VS. RUSSELL 2000® VALUE INDEX 10-Year Alpha

1.56

Beta

0.98

R Squared

92.01

Standard Deviation

20.06

Sharpe Ratio Capture Ratio Up Capture Ratio Down

The portfolio management team applies “behavioral finance” principles in the construction of the fund’s portfolio. Behavioral finance theorizes that investment decisions are often influenced by emotion, and that investors can be predictable (and, at times, irrational) in their decision making. These emotionally charged investment decisions can lead to stock price anomalies that create buying opportunities in the marketplace. The portfolio management team seeks to capitalize on these behaviorally driven market anomalies by employing a disciplined investment process that ranks companies in the fund’s investment universe based on a number of factors, such as valuation, price momentum and earnings revisions, and also takes into account such factors as liquidity and sector exposure to construct a diversified portfolio. The team considers selling a security when the security’s ranking becomes less attractive and/or in light of liquidity, sector exposure or diversification considerations. The management process identifies investment opportunities from the broad equity universe using fundamental analysis, valuation and risk management to select approximately 200325 holdings within the fund.

0.53 100.93 95.69

QTR

YTD

1 Year

3 Years

5 Years

10 Years

Since Inception

A Shares with 5.75% Sales Charge

-6.00%

-3.52%

-0.38%

9.89%

7.75%

10.04%

9.49%

A Shares without Sales Charge

-0.27%

2.36%

5.69%

12.08%

9.04%

10.69%

9.79%

Institutional Shares

-0.21%

2.51%

5.96%

12.35%

9.30%

10.92%

9.90%

Russell 2000® Value Index

1.60%

7.14%

9.33%

16.12%

9.91%

9.52%

9.68%

Lipper Small-Cap Value Median

1.14%

5.13%

8.73%

13.58%

8.62%

9.81%

--

Fund Performance 09.30.2018

Year-End Returns

2009

2010

2011

2012

2013

2014

2015

2016

2017

A Shares without Sales Charge

54.51% 25.81% -9.23% 12.15% 37.93%

4.68%

-2.85% 23.73%

8.63%

Institutional Shares

54.51% 26.10% -9.00% 12.47% 38.24%

4.97%

-2.65% 24.08%

8.89%

Russell 2000® Value Index

20.58% 24.50% -5.50% 18.05% 34.52%

4.22%

-7.47% 31.74%

7.84%

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end and information on other share classes, please visit www.sterlingcapital.com. Performance for Class A Shares for periods prior to inception is based on the performance of the Institutional Shares of the Fund. The performance information for the Institutional Shares prior to December 18, 2006 is based on the performance of the Institutional Shares of the Fund’s predecessor, Sterling Capital Small Cap Value Fund, a series of The Advisors’ Inner Circle Fund (the “Predecessor Fund”), which transferred all of its assets and liabilities to the Fund pursuant to a reorganization. Information prior to March 16, 2001 relates to the UAM Fund Inc.’s Sterling Partners’ Small Cap Value Portfolio, the assets of which were acquired by the Predecessor Fund. Sector Allocation 35%

30-DAY SEC YIELD

Behavioral Small Cap Value Equity Fund

30%

A Shares (SPSAX)

1.13%

25%

Inst'l Shares (SPSCX)

1.45%

20%

SEC Yield is an annualization of the fund’s total net investment income per share for the 30-day period ended on the last day of the month.

15%

Russell 2000® Value Index

10% 5% 0%

Comm Services

Consumer Consumer Discretionary Staples

Energy

ETF

Financials

Health Care Industrials Information Technology

Materials

Real Estate

Utilities

[Cash]

Allocations are based on the current weight to funds in the cited Sector. The composition of the fund’s holdings is subject to change.

Investors should consider the investment objectives, risks, charges and expenses carefully before investing. For a prospectus or summary prospectus with this and other information about the fund, please call (888) 228-1872 or visit our website at www.sterlingcapital.com. Read the prospectus carefully before investing.

Large Mid Small

Morningstar Style Box Value Core Growth

BEHAVIORAL SMALL CAP VALUE EQUITY FUND

Growth of $10,000

Top Ten Equity Holdings

$30,000 A Share

Russell 2000® Value Index $25,421 $24,836

$25,000 $20,000 $15,000 $10,000 $5,000 Sep-08

Portfolio Management Robert W. Bridges, CFA® Executive Director Co-Portfolio Manager

Bob joined Sterling Capital in 1996 and is co-head of the Behavioral Finance Equity group. He has investment experience since 1991. Bob is a graduate of Wake Forest University where he received a BS in Business. He is a CFA® charterholder.

Robert O. Weller, CFA® Executive Director Co-Portfolio Manager

Rob joined Sterling Capital in 2012 and is co-head of the Behavioral Finance Equity group. He has investment experience since 1996. Rob is a graduate of Loyola University Maryland where he received a BBA in Finance. He is a CFA® charterholder.

Mar-11

Sep-13

Mar-16

Sep-18

The Growth of $10,000 chart is hypothetical based upon the performance of A Shares without sales charge for the period ended 09.30.2018. It includes the reinvestment of dividends and capital gains.

1.

SkyWest, Inc.

1.14%

2.

MGIC Investment Corp.

0.95%

3.

Clearway Energy, Inc.

0.89%

4.

American Equity Investment Life Holding Co.

0.87%

5.

IDACORP, Inc.

0.82%

6.

ishares Russell 2000 Value ETF

0.79%

7.

Radian Group, Inc.

0.79%

8.

Portland General Electric Co.

0.78%

9.

Ciena Corp.

0.77%

10. CNO Financial Group, Inc.

0.77%

Current and future portfolio holdings are subject to change and risk. Based on Market Value of securities.

Lipper Small-Cap Value Category Based on Total Return as of 09.30.2018 Lipper Ranking / Number of Funds in Category

211/ 288

189 / 252

86 / 221

36 / 155

Lipper Quartile (Percentile)

3rd (74%)

3rd (75%)

2nd (39%)

1st (24%)

Morningstar Small Value Category Based on Risk-Adjusted Returns as of 09.30.2018 Institutional Shares Morningstar Rating™ Morningstar Ranking / Number of Funds in Category Morningstar Quartile (Percentile)

1 Year

Overall Rating ★★★ 362

3 Years

1 Year

3 Years

5 Years

5 Years

10 Years

10 Years

--

★★

★★★

★★★

322/415

259/362

130/317

63/226

4th (78%) 3rd (71%) 2nd (40%) 2nd (32%)

Firm Overview Sterling Capital Management LLC is a registered investment adviser founded in 1970. An investment firm, Sterling is an independently operated subsidiary of BB&T Corporation, one of the nation’s largest financial services holding companies. Sterling is headquartered in Charlotte, NC with offices in Raleigh, NC; Atlanta, GA; Washington, D.C.; Philadelphia, PA; San Francisco, CA; Richmond, VA; and Virginia Beach, VA. As of 09.30.2018, Sterling has $58 billion in assets under management overseen by 129 investment and client service professionals.

Investment Considerations The Chartered Financial Analyst® (CFA) charter is a graduate-level investment credential awarded by CFA Institute — the largest global association of investment professionals. To earn the CFA charter, candidates must: 1) pass three sequential, six-hour examinations; 2) have at least four years of qualified professional investment experience; 3) join CFA Institute as members; and 4) commit to abide by, and annually reaffirm, their adherence to the CFA Institute Code of Ethics and Standards of Professional Conduct.

The overall results of the Fund will be dependent on the process and ability of the Adviser to apply “behavioral finance” principles to recognize a company's value, earnings revisions and price momentum. The Fund may invest in undervalued securities which may not appreciate in value as anticipated or remain undervalued for longer than anticipated. Investments made in small to mid-capitalization companies are subject to greater risks than large company stocks due to limited resources and inventory as well as more sensitive to adverse conditions.

Ratings and Rankings would have been lower for Class A shares due to fees and expenses. Lipper and Morningstar rankings are based on total return, including the reinvestment of dividends and capital gains but do not include sales charges for the periods indicated. Rankings shown are for Class I Shares and may be lower for Class A Shares due to higher fees and expenses. Mutual funds are assigned a rank within a universe of funds, relative to a peer group and similar in investment objective as determined by Lipper and Morningstar. The lower the number rank, the better the fund performed compared to other funds in the classification group. Lipper and Morningstar also calculate a percentile measure for each fund ranging from 1% (best) to 100% (worst). The Morningstar RatingTM for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. © 2018 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. Technical Terms: Weighted Average P/E: A ratio used to compare the price of a fund’s stocks with their per-share earnings, with a higher ratio indicating the market has belief that a company has the ability to increase its earnings. Weighted Average P/B: A weighted harmonic average ratio used to compare the book value of fund’s stocks with their market value. The price to book ratio indicates how much an investor is paying for a company’s assets based on historical valuations. It does not reflect current market value. Active Share: Measures the degree of active management by a portfolio manager represented as a percentage of the fund’s holdings that differ from the benchmark. Portfolio Turnover Rate: A measure of how frequently assets within a fund are bought and sold by the managers. Alpha: measure of performance on a risk-adjusted basis by comparing it to the benchmark index. Beta: A measure of relative risk. A Beta rating above 1.0 indicates greater volatility than the market while below 1.0 indicates lower volatility. R-Squared: A statistical measure that represents what amount of a fund’s movements can be explained by movements in its benchmark index. A high R-Squared (between 85 and 100) indicates the fund’s performance patterns have been in line with the index. Standard Deviation: A statistical measurement showing how widely the returns varied over a certain period of time. When a fund has a high standard deviation, it may imply greater volatility. Sharpe Ratio: The measurement of a fund’s excess return due to sound investment decisions or excess risk. The greater a fund’s Sharpe ratio, the better its risk-adjusted performance has been. Upside/Downside Capture Ratio: The measurement of a fund’s cumulative return divided by its benchmark’s cumulative return during positive and negative market periods. Sterling Capital Management LLC a separate subsidiary of BB&T Corporation, serves as investment adviser to the Sterling Capital Funds and is paid a fee for its services. Shares of the Sterling Capital Funds are not deposits or obligations of, or guaranteed or endorsed by, Branch Banking and Trust Company or its affiliates. The funds are not insured by the FDIC or any other government agency. The funds are distributed by Sterling Capital Distributors LLC, which is not affiliated with Branch Banking and Trust Company or its affiliates. Not a deposit • Not FDIC insured • May lose value • Not guaranteed by the bank • Not insured by any government agency

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