The following bar chart and table provide some indication of the risks of investing in the Fund. The Fund is adopting the performance of the Institutional Shares of the Sterling Capital Behavioral Large Cap Value Equity Fund (the “Predecessor Behavioral Large Cap Value Equity Fund”) as a result of the Reorganization. Prior to the Reorganization, the Fund had not yet commenced operations. The bar chart shows changes in the Predecessor Behavioral Large Cap Value Equity Fund’s performance from year to year (represented by the performance of the Predecessor Behavioral Large Cap Value Equity Fund’s Institutional Shares). The table shows how the Predecessor Behavioral Large Cap Value Equity Fund’s average annual returns (represented by the average annual returns of the Predecessor Behavioral Large Cap Value Equity Fund’s Institutional Shares) for 1, 5 and 10 years compared with those of a broad measure of market performance and an additional index that reflects the principal investment strategies of the Fund. Had the Predecessor Behavioral Large Cap Value Equity Fund been structured as an ETF, its performance may have differed. The Fund’s (and the Predecessor Behavioral Large Cap Value Equity Fund’s) past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available at no cost by visiting www.sterlingcapitalfunds.com or by calling 1-800-228-1872.

Year-to-date total return. The fund’s total return for the six months ended June 30, 2026, was 18.16%.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-advantaged arrangements such as 401(k) plans or individual retirement accounts.

The following bar chart and table provide some indication of the risks of investing in the Fund. The Fund is adopting the performance of the Institutional Shares of the Sterling Capital Small Cap Value Fund (the “Predecessor Small Cap Value Fund”) as a result of the Reorganization. Prior to the Reorganization, the Fund had not yet commenced operations. The bar chart shows changes in the Predecessor Small Cap Value Fund’s

The following bar chart and table provide some indication of the risks of investing in the Fund. The Fund is adopting the performance of the Institutional Shares of the Sterling Capital Small Cap Value Fund (the “Predecessor Small Cap Value Fund”) as a result of the Reorganization. Prior to the Reorganization, the Fund had not yet commenced operations. The bar chart shows changes in the Predecessor Small Cap Value Fund’s performance from year to year (represented by the performance of the Predecessor Small Cap Value Fund’s Institutional Shares). The table shows how the Predecessor Small Cap Value Fund’s average annual returns (represented by the average annual returns of the Predecessor Small Cap Value Fund’s Institutional Shares) for 1, 5 and 10 years compared with those of a broad measure of market performance and an additional index that reflects the principal investment strategies of the Fund.

performance from year to year (represented by the performance of the Predecessor Small Cap Value Fund’s Institutional Shares). The table shows how the Predecessor Small Cap Value Fund’s average annual returns (represented by the average annual returns of the Predecessor Small Cap Value Fund’s Institutional Shares) for 1, 5 and 10 years compared with those of a broad measure of market performance and an additional index that reflects the principal investment strategies of the Fund. Had the Predecessor Small Cap Value Fund been structured as an ETF, its performance may have differed. The Fund’s (and the Predecessor Small Cap Value Fund’s) past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available at no cost by visiting www.sterlingcapitalfunds.com or by calling 1-800-228-1872.

Year-to-date total return. The fund’s total return for the six months ended June 30, 2026, was 24.95%.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-advantaged arrangements such as 401(k) plans or individual retirement accounts.

The following bar chart and table provide some indication of the risks of investing in the Fund. The Fund is adopting the performance of the Institutional Shares of the Sterling Capital Virginia Intermediate Tax-Free Fund (the “Predecessor Virginia Intermediate Tax-Free Fund”) as a result of the Reorganization. Prior to the Reorganization, the Fund had not yet commenced operations. The bar chart shows changes in the Predecessor Virginia Intermediate Tax-Free Fund’s performance from year to year (represented by the performance of the Predecessor Virginia Intermediate Tax-Free Fund’s Institutional Shares). The table shows how the Predecessor Virginia Intermediate Tax-Free Fund’s average annual returns (represented by the average annual returns of the Predecessor Virginia Intermediate Tax-Free Fund’s Institutional Shares) for 1, 5 and 10 years compared with those of a broad measure of market performance and an additional index that reflects the principal investment strategies of the Fund. Had the Predecessor Virginia Intermediate Tax-Free Fund been structured as an ETF, its performance may have differed. The Fund’s (and the Predecessor Virginia Intermediate Tax-Free Fund’s) past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available at no cost by visiting www.sterlingcapitalfunds.com or by calling 1-800-228-1872.

Year-to-date total return. The fund’s total return for the six months ended June 30, 2026, was 1.10%.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-advantaged arrangements such as 401(k) plans or individual retirement accounts.