0000889284 2026-10-19 2026-10-19 0000889284 cik0000889284:S000110055Member 2026-10-19 2026-10-19 0000889284 cik0000889284:S000110055Member cik0000889284:C000281282Member 2026-10-19 2026-10-19 0000889284 cik0000889284:S000110055Member cik0000889284:EtfStructureRisksMember 2026-10-19 2026-10-19 0000889284 cik0000889284:S000110055Member cik0000889284:MarketRiskMember 2026-10-19 2026-10-19 0000889284 cik0000889284:S000110055Member cik0000889284:InvestmentStyleRiskMember 2026-10-19 2026-10-19 0000889284 cik0000889284:S000110055Member cik0000889284:CompanySpecificRiskMember 2026-10-19 2026-10-19 0000889284 cik0000889284:S000110055Member cik0000889284:MidCapitalizationCompanyRiskMember 2026-10-19 2026-10-19 0000889284 cik0000889284:S000110055Member cik0000889284:RealEstateRelatedInvestmentAndReitRiskMember 2026-10-19 2026-10-19 0000889284 cik0000889284:S000110055Member cik0000889284:EtfRiskMember 2026-10-19 2026-10-19 0000889284 cik0000889284:S000110055Member cik0000889284:ActiveTradingRiskMember 2026-10-19 2026-10-19 0000889284 cik0000889284:S000110055Member cik0000889284:OperationalAndTechnologyRiskMember 2026-10-19 2026-10-19 0000889284 cik0000889284:S000110055Member cik0000889284:FocusedInvestmentRiskMember 2026-10-19 2026-10-19 0000889284 cik0000889284:S000110055Member cik0000889284:ManagementRiskMember 2026-10-19 2026-10-19 0000889284 cik0000889284:S000110055Member cik0000889284:C000281282Member 2016-01-01 2016-12-31 0000889284 cik0000889284:S000110055Member cik0000889284:C000281282Member 2017-01-01 2017-12-31 0000889284 cik0000889284:S000110055Member cik0000889284:C000281282Member 2018-01-01 2018-12-31 0000889284 cik0000889284:S000110055Member cik0000889284:C000281282Member 2019-01-01 2019-12-31 0000889284 cik0000889284:S000110055Member cik0000889284:C000281282Member 2020-01-01 2020-12-31 0000889284 cik0000889284:S000110055Member cik0000889284:C000281282Member 2021-01-01 2021-12-31 0000889284 cik0000889284:S000110055Member cik0000889284:C000281282Member 2022-01-01 2022-12-31 0000889284 cik0000889284:S000110055Member cik0000889284:C000281282Member 2023-01-01 2023-12-31 0000889284 cik0000889284:S000110055Member cik0000889284:C000281282Member 2024-01-01 2024-12-31 0000889284 cik0000889284:S000110055Member cik0000889284:C000281282Member 2025-01-01 2025-12-31 0000889284 cik0000889284:S000110055Member cik0000889284:C000281282Member 2021-01-01 2025-12-31 0000889284 cik0000889284:S000110055Member cik0000889284:C000281282Member 2016-01-01 2025-12-31 0000889284 cik0000889284:S000110055Member cik0000889284:C000281282Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000889284 cik0000889284:S000110055Member cik0000889284:C000281282Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000889284 cik0000889284:S000110055Member cik0000889284:C000281282Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0000889284 cik0000889284:S000110055Member cik0000889284:C000281282Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000889284 cik0000889284:S000110055Member cik0000889284:C000281282Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000889284 cik0000889284:S000110055Member cik0000889284:C000281282Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0000889284 cik0000889284:S000110055Member cik0000889284:Index1Member 2025-01-01 2025-12-31 0000889284 cik0000889284:S000110055Member cik0000889284:Index1Member 2021-01-01 2025-12-31 0000889284 cik0000889284:S000110055Member cik0000889284:Index1Member 2016-01-01 2025-12-31 0000889284 cik0000889284:S000110055Member cik0000889284:Index2Member 2025-01-01 2025-12-31 0000889284 cik0000889284:S000110055Member cik0000889284:Index2Member 2021-01-01 2025-12-31 0000889284 cik0000889284:S000110055Member cik0000889284:Index2Member 2016-01-01 2025-12-31 0000889284 cik0000889284:S000110055Member cik0000889284:Index3Member 2025-01-01 2025-12-31 0000889284 cik0000889284:S000110055Member cik0000889284:Index3Member 2021-01-01 2025-12-31 0000889284 cik0000889284:S000110055Member cik0000889284:Index3Member 2016-01-01 2025-12-31 0000889284 cik0000889284:S000110058Member 2026-10-19 2026-10-19 0000889284 cik0000889284:S000110058Member cik0000889284:C000281285Member 2026-10-19 2026-10-19 0000889284 cik0000889284:S000110058Member cik0000889284:EtfStructureRisksMember 2026-10-19 2026-10-19 0000889284 cik0000889284:S000110058Member cik0000889284:MarketRiskMember 2026-10-19 2026-10-19 0000889284 cik0000889284:S000110058Member cik0000889284:SmallCapitalizationCompanyRiskMember 2026-10-19 2026-10-19 0000889284 cik0000889284:S000110058Member cik0000889284:InvestmentStyleRiskMember 2026-10-19 2026-10-19 0000889284 cik0000889284:S000110058Member cik0000889284:CompanySpecificRiskMember 2026-10-19 2026-10-19 0000889284 cik0000889284:S000110058Member cik0000889284:MidCapitalizationCompanyRiskMember 2026-10-19 2026-10-19 0000889284 cik0000889284:S000110058Member cik0000889284:RealEstateRelatedInvestmentAndReitRiskMember 2026-10-19 2026-10-19 0000889284 cik0000889284:S000110058Member cik0000889284:EtfRiskMember 2026-10-19 2026-10-19 0000889284 cik0000889284:S000110058Member cik0000889284:ActiveTradingRiskMember 2026-10-19 2026-10-19 0000889284 cik0000889284:S000110058Member cik0000889284:OperationalAndTechnologyRiskMember 2026-10-19 2026-10-19 0000889284 cik0000889284:S000110058Member cik0000889284:FocusedInvestmentRiskMember 2026-10-19 2026-10-19 0000889284 cik0000889284:S000110058Member cik0000889284:ManagementRiskMember 2026-10-19 2026-10-19 0000889284 cik0000889284:S000110058Member cik0000889284:C000281285Member 2016-01-01 2016-12-31 0000889284 cik0000889284:S000110058Member cik0000889284:C000281285Member 2017-01-01 2017-12-31 0000889284 cik0000889284:S000110058Member cik0000889284:C000281285Member 2018-01-01 2018-12-31 0000889284 cik0000889284:S000110058Member cik0000889284:C000281285Member 2019-01-01 2019-12-31 0000889284 cik0000889284:S000110058Member cik0000889284:C000281285Member 2020-01-01 2020-12-31 0000889284 cik0000889284:S000110058Member cik0000889284:C000281285Member 2021-01-01 2021-12-31 0000889284 cik0000889284:S000110058Member cik0000889284:C000281285Member 2022-01-01 2022-12-31 0000889284 cik0000889284:S000110058Member cik0000889284:C000281285Member 2023-01-01 2023-12-31 0000889284 cik0000889284:S000110058Member cik0000889284:C000281285Member 2024-01-01 2024-12-31 0000889284 cik0000889284:S000110058Member cik0000889284:C000281285Member 2025-01-01 2025-12-31 0000889284 cik0000889284:S000110058Member cik0000889284:C000281285Member 2021-01-01 2025-12-31 0000889284 cik0000889284:S000110058Member cik0000889284:C000281285Member 2016-01-01 2025-12-31 0000889284 cik0000889284:S000110058Member cik0000889284:C000281285Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000889284 cik0000889284:S000110058Member cik0000889284:C000281285Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000889284 cik0000889284:S000110058Member cik0000889284:C000281285Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0000889284 cik0000889284:S000110058Member cik0000889284:C000281285Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000889284 cik0000889284:S000110058Member cik0000889284:C000281285Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000889284 cik0000889284:S000110058Member cik0000889284:C000281285Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0000889284 cik0000889284:S000110058Member cik0000889284:Index4Member 2025-01-01 2025-12-31 0000889284 cik0000889284:S000110058Member cik0000889284:Index4Member 2021-01-01 2025-12-31 0000889284 cik0000889284:S000110058Member cik0000889284:Index4Member 2016-01-01 2025-12-31 0000889284 cik0000889284:S000110058Member cik0000889284:Index5Member 2025-01-01 2025-12-31 0000889284 cik0000889284:S000110058Member cik0000889284:Index5Member 2021-01-01 2025-12-31 0000889284 cik0000889284:S000110058Member cik0000889284:Index5Member 2016-01-01 2025-12-31 0000889284 cik0000889284:S000110058Member cik0000889284:Index6Member 2025-01-01 2025-12-31 0000889284 cik0000889284:S000110058Member cik0000889284:Index6Member 2021-01-01 2025-12-31 0000889284 cik0000889284:S000110058Member cik0000889284:Index6Member 2016-01-01 2025-12-31 0000889284 cik0000889284:S000110057Member 2026-10-19 2026-10-19 0000889284 cik0000889284:S000110057Member cik0000889284:C000281284Member 2026-10-19 2026-10-19 0000889284 cik0000889284:S000110057Member cik0000889284:EtfStructureRisksMember 2026-10-19 2026-10-19 0000889284 cik0000889284:S000110057Member cik0000889284:MarketRiskMember 2026-10-19 2026-10-19 0000889284 cik0000889284:S000110057Member cik0000889284:SmallCapitalizationCompanyRiskMember 2026-10-19 2026-10-19 0000889284 cik0000889284:S000110057Member cik0000889284:InvestmentStyleRiskMember 2026-10-19 2026-10-19 0000889284 cik0000889284:S000110057Member cik0000889284:ConvertibleSecuritiesRiskMember 2026-10-19 2026-10-19 0000889284 cik0000889284:S000110057Member cik0000889284:CompanySpecificRiskMember 2026-10-19 2026-10-19 0000889284 cik0000889284:S000110057Member cik0000889284:OperationalAndTechnologyRiskMember 2026-10-19 2026-10-19 0000889284 cik0000889284:S000110057Member cik0000889284:FocusedInvestmentRiskMember 2026-10-19 2026-10-19 0000889284 cik0000889284:S000110057Member cik0000889284:ManagementRiskMember 2026-10-19 2026-10-19 0000889284 cik0000889284:S000110057Member cik0000889284:C000281284Member 2016-01-01 2016-12-31 0000889284 cik0000889284:S000110057Member cik0000889284:C000281284Member 2017-01-01 2017-12-31 0000889284 cik0000889284:S000110057Member cik0000889284:C000281284Member 2018-01-01 2018-12-31 0000889284 cik0000889284:S000110057Member cik0000889284:C000281284Member 2019-01-01 2019-12-31 0000889284 cik0000889284:S000110057Member cik0000889284:C000281284Member 2020-01-01 2020-12-31 0000889284 cik0000889284:S000110057Member cik0000889284:C000281284Member 2021-01-01 2021-12-31 0000889284 cik0000889284:S000110057Member cik0000889284:C000281284Member 2022-01-01 2022-12-31 0000889284 cik0000889284:S000110057Member cik0000889284:C000281284Member 2023-01-01 2023-12-31 0000889284 cik0000889284:S000110057Member cik0000889284:C000281284Member 2024-01-01 2024-12-31 0000889284 cik0000889284:S000110057Member cik0000889284:C000281284Member 2025-01-01 2025-12-31 0000889284 cik0000889284:S000110057Member cik0000889284:C000281284Member 2021-01-01 2025-12-31 0000889284 cik0000889284:S000110057Member cik0000889284:C000281284Member 2016-01-01 2025-12-31 0000889284 cik0000889284:S000110057Member cik0000889284:C000281284Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000889284 cik0000889284:S000110057Member cik0000889284:C000281284Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000889284 cik0000889284:S000110057Member cik0000889284:C000281284Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0000889284 cik0000889284:S000110057Member cik0000889284:C000281284Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000889284 cik0000889284:S000110057Member cik0000889284:C000281284Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000889284 cik0000889284:S000110057Member cik0000889284:C000281284Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0000889284 cik0000889284:S000110057Member cik0000889284:Index7Member 2025-01-01 2025-12-31 0000889284 cik0000889284:S000110057Member cik0000889284:Index7Member 2021-01-01 2025-12-31 0000889284 cik0000889284:S000110057Member cik0000889284:Index7Member 2016-01-01 2025-12-31 0000889284 cik0000889284:S000110057Member cik0000889284:Index8Member 2025-01-01 2025-12-31 0000889284 cik0000889284:S000110057Member cik0000889284:Index8Member 2021-01-01 2025-12-31 0000889284 cik0000889284:S000110057Member cik0000889284:Index8Member 2016-01-01 2025-12-31 0000889284 cik0000889284:S000110057Member cik0000889284:Index9Member 2025-01-01 2025-12-31 0000889284 cik0000889284:S000110057Member cik0000889284:Index9Member 2021-01-01 2025-12-31 0000889284 cik0000889284:S000110057Member cik0000889284:Index9Member 2016-01-01 2025-12-31 0000889284 cik0000889284:S000110056Member 2026-10-19 2026-10-19 0000889284 cik0000889284:S000110056Member cik0000889284:C000281283Member 2026-10-19 2026-10-19 0000889284 cik0000889284:S000110056Member cik0000889284:EtfStructureRisksMember 2026-10-19 2026-10-19 0000889284 cik0000889284:S000110056Member us-gaap:InterestRateRiskMember 2026-10-19 2026-10-19 0000889284 cik0000889284:S000110056Member cik0000889284:StateSpecificRiskMember 2026-10-19 2026-10-19 0000889284 cik0000889284:S000110056Member us-gaap:CreditRiskMember 2026-10-19 2026-10-19 0000889284 cik0000889284:S000110056Member cik0000889284:TaxRiskMember 2026-10-19 2026-10-19 0000889284 cik0000889284:S000110056Member cik0000889284:MunicipalSecuritiesRiskMember 2026-10-19 2026-10-19 0000889284 cik0000889284:S000110056Member oef:RiskNondiversifiedStatusMember 2026-10-19 2026-10-19 0000889284 cik0000889284:S000110056Member cik0000889284:PrepaymentCallRiskMember 2026-10-19 2026-10-19 0000889284 cik0000889284:S000110056Member cik0000889284:EstimatedMaturityRiskMember 2026-10-19 2026-10-19 0000889284 cik0000889284:S000110056Member cik0000889284:IncomeRiskMember 2026-10-19 2026-10-19 0000889284 cik0000889284:S000110056Member cik0000889284:FixedIncomeMarketRiskMember 2026-10-19 2026-10-19 0000889284 cik0000889284:S000110056Member cik0000889284:CounterpartyRiskMember 2026-10-19 2026-10-19 0000889284 cik0000889284:S000110056Member cik0000889284:VariableAndFloatingRateInstrumentRiskMember 2026-10-19 2026-10-19 0000889284 cik0000889284:S000110056Member cik0000889284:OperationalAndTechnologyRiskMember 2026-10-19 2026-10-19 0000889284 cik0000889284:S000110056Member cik0000889284:ManagementRiskMember 2026-10-19 2026-10-19 0000889284 cik0000889284:S000110056Member cik0000889284:C000281283Member 2016-01-01 2016-12-31 0000889284 cik0000889284:S000110056Member cik0000889284:C000281283Member 2017-01-01 2017-12-31 0000889284 cik0000889284:S000110056Member cik0000889284:C000281283Member 2018-01-01 2018-12-31 0000889284 cik0000889284:S000110056Member cik0000889284:C000281283Member 2019-01-01 2019-12-31 0000889284 cik0000889284:S000110056Member cik0000889284:C000281283Member 2020-01-01 2020-12-31 0000889284 cik0000889284:S000110056Member cik0000889284:C000281283Member 2021-01-01 2021-12-31 0000889284 cik0000889284:S000110056Member cik0000889284:C000281283Member 2022-01-01 2022-12-31 0000889284 cik0000889284:S000110056Member cik0000889284:C000281283Member 2023-01-01 2023-12-31 0000889284 cik0000889284:S000110056Member cik0000889284:C000281283Member 2024-01-01 2024-12-31 0000889284 cik0000889284:S000110056Member cik0000889284:C000281283Member 2025-01-01 2025-12-31 0000889284 cik0000889284:S000110056Member cik0000889284:C000281283Member 2021-01-01 2025-12-31 0000889284 cik0000889284:S000110056Member cik0000889284:C000281283Member 2016-01-01 2025-12-31 0000889284 cik0000889284:S000110056Member cik0000889284:C000281283Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000889284 cik0000889284:S000110056Member cik0000889284:C000281283Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000889284 cik0000889284:S000110056Member cik0000889284:C000281283Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0000889284 cik0000889284:S000110056Member cik0000889284:C000281283Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000889284 cik0000889284:S000110056Member cik0000889284:C000281283Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000889284 cik0000889284:S000110056Member cik0000889284:C000281283Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0000889284 cik0000889284:S000110056Member cik0000889284:Index10Member 2025-01-01 2025-12-31 0000889284 cik0000889284:S000110056Member cik0000889284:Index10Member 2021-01-01 2025-12-31 0000889284 cik0000889284:S000110056Member cik0000889284:Index10Member 2016-01-01 2025-12-31 0000889284 cik0000889284:S000110056Member cik0000889284:Index11Member 2025-01-01 2025-12-31 0000889284 cik0000889284:S000110056Member cik0000889284:Index11Member 2021-01-01 2025-12-31 0000889284 cik0000889284:S000110056Member cik0000889284:Index11Member 2016-01-01 2025-12-31 0000889284 cik0000889284:S000110059Member 2026-10-19 2026-10-19 0000889284 cik0000889284:S000110059Member cik0000889284:C000281286Member 2026-10-19 2026-10-19 0000889284 cik0000889284:S000110059Member cik0000889284:EtfStructureRisksMember 2026-10-19 2026-10-19 0000889284 cik0000889284:S000110059Member us-gaap:InterestRateRiskMember 2026-10-19 2026-10-19 0000889284 cik0000889284:S000110059Member cik0000889284:StateSpecificRiskMember 2026-10-19 2026-10-19 0000889284 cik0000889284:S000110059Member us-gaap:CreditRiskMember 2026-10-19 2026-10-19 0000889284 cik0000889284:S000110059Member cik0000889284:TaxRiskMember 2026-10-19 2026-10-19 0000889284 cik0000889284:S000110059Member cik0000889284:MunicipalSecuritiesRiskMember 2026-10-19 2026-10-19 0000889284 cik0000889284:S000110059Member oef:RiskNondiversifiedStatusMember 2026-10-19 2026-10-19 0000889284 cik0000889284:S000110059Member cik0000889284:PrepaymentCallRiskMember 2026-10-19 2026-10-19 0000889284 cik0000889284:S000110059Member cik0000889284:EstimatedMaturityRiskMember 2026-10-19 2026-10-19 0000889284 cik0000889284:S000110059Member cik0000889284:IncomeRiskMember 2026-10-19 2026-10-19 0000889284 cik0000889284:S000110059Member cik0000889284:FixedIncomeMarketRiskMember 2026-10-19 2026-10-19 0000889284 cik0000889284:S000110059Member cik0000889284:CounterpartyRiskMember 2026-10-19 2026-10-19 0000889284 cik0000889284:S000110059Member cik0000889284:VariableAndFloatingRateInstrumentRiskMember 2026-10-19 2026-10-19 0000889284 cik0000889284:S000110059Member cik0000889284:OperationalAndTechnologyRiskMember 2026-10-19 2026-10-19 0000889284 cik0000889284:S000110059Member cik0000889284:ManagementRiskMember 2026-10-19 2026-10-19 0000889284 cik0000889284:S000110059Member cik0000889284:C000281286Member 2016-01-01 2016-12-31 0000889284 cik0000889284:S000110059Member cik0000889284:C000281286Member 2017-01-01 2017-12-31 0000889284 cik0000889284:S000110059Member cik0000889284:C000281286Member 2018-01-01 2018-12-31 0000889284 cik0000889284:S000110059Member cik0000889284:C000281286Member 2019-01-01 2019-12-31 0000889284 cik0000889284:S000110059Member cik0000889284:C000281286Member 2020-01-01 2020-12-31 0000889284 cik0000889284:S000110059Member cik0000889284:C000281286Member 2021-01-01 2021-12-31 0000889284 cik0000889284:S000110059Member cik0000889284:C000281286Member 2022-01-01 2022-12-31 0000889284 cik0000889284:S000110059Member cik0000889284:C000281286Member 2023-01-01 2023-12-31 0000889284 cik0000889284:S000110059Member cik0000889284:C000281286Member 2024-01-01 2024-12-31 0000889284 cik0000889284:S000110059Member cik0000889284:C000281286Member 2025-01-01 2025-12-31 0000889284 cik0000889284:S000110059Member cik0000889284:C000281286Member 2021-01-01 2025-12-31 0000889284 cik0000889284:S000110059Member cik0000889284:C000281286Member 2016-01-01 2025-12-31 0000889284 cik0000889284:S000110059Member cik0000889284:C000281286Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000889284 cik0000889284:S000110059Member cik0000889284:C000281286Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000889284 cik0000889284:S000110059Member cik0000889284:C000281286Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0000889284 cik0000889284:S000110059Member cik0000889284:C000281286Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000889284 cik0000889284:S000110059Member cik0000889284:C000281286Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000889284 cik0000889284:S000110059Member cik0000889284:C000281286Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0000889284 cik0000889284:S000110059Member cik0000889284:Index12Member 2025-01-01 2025-12-31 0000889284 cik0000889284:S000110059Member cik0000889284:Index12Member 2021-01-01 2025-12-31 0000889284 cik0000889284:S000110059Member cik0000889284:Index12Member 2016-01-01 2025-12-31 0000889284 cik0000889284:S000110059Member cik0000889284:Index13Member 2025-01-01 2025-12-31 0000889284 cik0000889284:S000110059Member cik0000889284:Index13Member 2021-01-01 2025-12-31 0000889284 cik0000889284:S000110059Member cik0000889284:Index13Member 2016-01-01 2025-12-31 0000889284 cik0000889284:S000110055Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-10-19 2026-10-19 0000889284 cik0000889284:S000110055Member oef:RiskLoseMoneyMember 2026-10-19 2026-10-19 0000889284 cik0000889284:S000110058Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-10-19 2026-10-19 0000889284 cik0000889284:S000110058Member oef:RiskLoseMoneyMember 2026-10-19 2026-10-19 0000889284 cik0000889284:S000110057Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-10-19 2026-10-19 0000889284 cik0000889284:S000110057Member oef:RiskLoseMoneyMember 2026-10-19 2026-10-19 0000889284 cik0000889284:S000110056Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-10-19 2026-10-19 0000889284 cik0000889284:S000110056Member oef:RiskLoseMoneyMember 2026-10-19 2026-10-19 0000889284 cik0000889284:S000110059Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-10-19 2026-10-19 0000889284 cik0000889284:S000110059Member oef:RiskLoseMoneyMember 2026-10-19 2026-10-19 iso4217:USD pure false 485BPOS 2026-10-19 0000889284 N-1A STERLING CAPITAL FUNDS 2026-10-19 Sterling Capital Large Cap Value Focused Factor ETF Investment Objective <p id="xdx_A83_eoef--ObjectivePrimaryTextBlock_zySZcEEo7RQe" style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; padding-left: 27.27%; margin-bottom: 0pt; margin-top: 0pt">The Fund seeks maximum long-term total return, by investing primarily in equity securities of large companies. Fee Table <p id="xdx_A88_eoef--ExpenseNarrativeTextBlock_zZEDInWB3lDg" style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; padding-left: 27.27%; margin-bottom: 0pt; margin-top: 0pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. The unitary fee administrative services agreements between Sterling Capital Funds (the “Trust”) and Sterling Capital Management LLC (“Sterling Capital”, the “Adviser”, or the “Administrator”) (the “Unitary Fee Administrative Services Agreement”) provides that the Administrator will pay all operating expenses of the Fund, except the Management Fees set forth in the table below, Distribution and Service (Rule 12b-1) Fees, distribution expenses, investment related expenses of any kind, borrowing and other investment-related costs and fees, acquired fund fees and expenses, interest expenses, taxes and governmental fees, litigation and indemnification fees and expenses of any kind, custody or other expenses attributable to negative interest rates on investments or cash, short dividend expense, salaries and other compensation or expenses, including travel expenses, of any of the Trust’s executive officers and employees, if any, who are not officers, directors, shareholders, members, partners or employees of the Adviser or its subsidiaries or affiliates, organizational and offering expenses of the Trust and the Fund, costs related to any meetings of shareholders, fees or expenses incurred in connection with securities lending, any other expenses which are capitalized in accordance with generally accepted accounting principles, extraordinary expenses, and such other expenses as may be approved by the Fund’s Board. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0055 0 0.0000 0.0055 Amounts have been estimated for the current fiscal year. Example <p id="xdx_A86_eoef--ExpenseExampleNarrativeTextBlock_zQMvOBclAUqb" style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; padding-left: 27.27%; margin-bottom: 0pt; margin-top: 0pt">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 56 177 308 691 Portfolio Turnover <p id="xdx_A8F_eoef--PortfolioTurnoverTextBlock_zYctwjV8x9J7" style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; padding-left: 27.27%; margin-bottom: 0pt; margin-top: 0pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the portfolio turnover rate of the Predecessor Behavioral Large Cap Value Equity Fund (defined below) was 108.16% of the average value of its portfolio. 1.0816 Strategy, Risks and Performance Principal Strategy <p id="xdx_A8C_eoef--StrategyNarrativeTextBlock_zCaxTW2mUGIc" style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; padding-left: 27.27%; margin-bottom: 0pt; margin-top: 0pt">The Fund is an actively managed exchange traded fund (“ETF”). To pursue its investment objective, the Fund invests, under normal circumstances, at least 80% of its net assets plus borrowings for investment purposes in the equity securities of large capitalization companies identified by Sterling Capital Management LLC (“Sterling Capital”) as having value characteristics. Investments in derivatives are counted toward the Fund’s 80% policy to the extent that they provide investment exposure to the securities included within that policy or to one or more market risk factors associated with such securities. For purposes of the Fund’s 80% policy, equity securities of large capitalization companies identified by Sterling Capital are equity securities that at the time of purchase have market capitalizations within the range of those companies in the Bloomberg 500® Index. As of December 31, 2025, the smallest company in the Bloomberg 500® Index had a market capitalization of $7.7 billion and the largest company had a market capitalization of $4.5 trillion. For purposes of the Fund’s 80% policy, equity securities of value companies identified by Sterling Capital are equity securities that at the time of purchase clear any one of several screens: (i) inclusion in the Bloomberg US 3000® Value Index; (ii) have a free cash flow yield above the weighted average of the Bloomberg US 3000® Value Index, where “free cash flow yield” is defined as reported free cash flow (operating cash flow less capital expenditures) per share over the trailing twelve months divided by the current share price; (iii) have an operating cash flow multiple below the weighted average of the Bloomberg US 3000® Value Index, where “operating cash flow multiple” is defined as the current share price divided by reported operating cash flow per share over the trailing twelve months; (iv) have a trailing twelve month price/earnings ratio below the weighted average of the Bloomberg US 3000® Value Index; or (v) have an estimated forward twelve month price/earnings ratio below the weighted average of the Bloomberg US 3000® Value Index. Under normal market conditions, the Fund primarily invests in U.S. traded equity securities. The term “U.S. traded equity securities” refers to domestically traded U.S. common stocks (including securities of real estate investment trusts (“REITs”) and exchange-traded funds (“ETFs”)) and U.S. traded equity stocks of foreign companies. The Fund may invest in securities of middle capitalization companies. Sterling Capital “Focused Factor” strategies apply a disciplined, systematic factor-driven approach to portfolio construction that seeks to capitalize upon value and momentum factors Sterling Capital believes are durable and long lasting due to investor behavioral biases (e.g., experienced-based techniques or emotion for investment decision making) rather than through fundamental research or company visits. This approach is centered on the belief that humans can be prone to cognitive biases and errors that manifest in observable, measurable ways in the market; the process's key is a framework that identifies stocks that have been mispriced by irrational investor behavior. Stock selection ranks the largest 1,000 U.S. stocks on a composite rank equally-weighted towards value and momentum factor exposures. Examples of value proxies employed are free cash flow, forward earnings yield, and dividend yield. Examples of momentum proxies utilized are nine-month trailing price momentum and three-month earnings revision. The firm conducts a qualitative review of the output to eliminate insufficiency or incorrect data. Stocks ranking favorable in our framework are purchased, subject to market cap, position size constraints, and GICS industry group constraints. Sterling’s Focused Factor Equity Team employs a disciplined factor-driven approach that capitalizes on valuation and momentum anomalies with demonstrated long-term efficacy. These strategies are complementary to those offered through fundamental research-driven teams, with a research and investment process grounded in the principles of behavioral finance — the belief that successful active management is possible by understanding and capitalizing on the psychology that drives many investment decisions. Humans are prone to cognitive biases and errors that manifest in observable, measurable ways in the market; the process’s key is a framework that identifies stocks that have been mispriced by irrational investor behavior. These biases manifest themselves in observable and measurable ways in the market. The key to the process is a framework that identifies and captures valuation and momentum anomalies that are squarely based on behavioral finance concepts, where anomalies present forward return opportunities that vary from what might be commonly expected. Sterling's Focused Factor Equity Team believes it is possible to create an investment process that can identify opportunities created in the wake of investor behavior. The Fund may trade its securities actively. An investment in the Fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank and is not insured by the Federal Deposit Insurance Corporation (“FDIC”) or any other government agency. You may lose money by investing in the Fund ETF Structure Risks. The Fund is structured as an ETF and is subject to risks related to exchange trading, including: <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 72%; margin-left: 27.2%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> ● </td> <td style="vertical-align: top; text-align: left"> The Fund’s shares are listed for trading on a national securities exchange (the “Exchange”) and are bought and sold on the secondary market at market prices. Although it is expected that the market price of Fund shares will typically approximate the Fund’s net asset value (“NAV”), there may be times when the market price reflects a significant premium or discount to NAV, including during periods of high market volatility or other unusual market conditions. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 72%; margin-left: 27.2%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> ● </td> <td style="vertical-align: top; text-align: left"> Although the Fund’s shares are listed on the Exchange, it is possible that an active trading market in the Fund’s shares may not be maintained. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 72%; margin-left: 27.2%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> ● </td> <td style="vertical-align: top; text-align: left"> The Fund could potentially face trading halts and/or delisting from the Exchange. This risk is heightened in times of market stress, including at both the Fund share level and at the Fund holdings level. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 72%; margin-left: 27.2%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> ● </td> <td style="vertical-align: top; text-align: left"> Only an authorized participant (an “Authorized Participant”) may engage in creation or redemption transactions directly with the Fund, and none of those Authorized Participants is obligated to engage in creation and/or redemption transactions. The Fund has a limited number of institutions that may act as Authorized Participants on an agency basis (i.e., on behalf of other market participants). To the extent that Authorized Participants exit the business or are unable to proceed with creation or redemption orders with respect to the Fund and no other Authorized Participant is able to step forward to create or redeem Creation Units, Fund shares may be more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 72%; margin-left: 27.2%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> ● </td> <td style="vertical-align: top; text-align: left"> To the extent that the Fund effects its creation and redemptions in cash, as it intends regularly to do, the Fund may need to sell securities to generate the necessary funds for a redemption. Such sales may result in the Fund realizing capital gains, which under applicable tax regulations must be distributed to all shareholders, leading to potential tax liabilities for shareholders that would not have been incurred had the redemptions been in-kind. Such cash redemptions may also result in the Fund incurring brokerage costs that might not have been incurred if the purchase or redemption of Creation Units were effected in kind, and the imposition of such costs may decrease the Fund’s net asset value. The use of cash creations and redemptions may also cause the Fund’s shares to trade in the market at wider bid-ask spreads or greater premiums or discounts to the Fund’s NAV. </td> </tr> </table> Market Risk: The possibility that the Fund’s stock holdings will decline in price because of a stock market decline or other domestic, regional, or global events. Markets generally move in cycles, with periods of rising prices followed by periods of falling prices. The value of your investment will tend to increase or decrease in response to these movements. Investment Style Risk: The possibility that a market segment on which this Fund focuses - large cap stocks, value stocks and momentum stocks - will underperform other kinds of investments or market averages. A value stock may decrease in price or may not increase in price as anticipated by the portfolio manager if other investors fail to recognize the company’s value or the factors that the portfolio manager believes will cause the stock price to increase do not occur. A stock owned primarily for its momentum characteristics may start to underperform abruptly. In addition, the Fund’s focus on behavioral finance principles may cause the Fund to underperform funds that do not employ a behavioral finance strategy. There can be no guarantee that the factors that the Fund’s investment adviser considers in selecting stocks, and the weight that the adviser puts on each factor, will be effective in identifying and capitalizing on stock price anomalies. Company-Specific Risk: The possibility that a particular stock may lose value due to factors specific to the company itself, including deterioration of its fundamental characteristics, an occurrence of adverse events at the company, or a downturn in its business prospects. Mid Capitalization Company Risk: Investments in middle capitalization companies may be riskier, more volatile and more vulnerable to economic, market and industry changes than investments in larger, more established companies. As a result, share price changes may be more sudden or erratic than the prices of other equity securities, especially over the short term. Real Estate-Related Investment and REIT Risk: Real estate-related investments may decline in value as a result of factors affecting the real estate industry. Risks associated with investments in securities of companies in the real estate industry include decline in the value of the underlying real estate, default, prepayment, changes in value resulting from changes in interest rates and demand for real and rental property, and the management skill and creditworthiness of REIT issuers. The Fund will indirectly bear its proportionate share of expenses, including management fees, paid by each REIT in which the Fund invests. ETF Risk: The risks associated with investing in ETFs include the risks of owning the underlying securities the ETF is designed to track. Lack of liquidity in an ETF could result in the ETF being more volatile than the underlying portfolio of securities. When the Fund invests in an ETF, in addition to directly bearing expenses associated with its own operations, the Fund will bear a pro rata portion of the ETF’s expenses. As a result, it may be more costly to own an ETF than owning the underlying portfolio of securities directly. Active Trading Risk: The Fund may trade securities actively, which could increase its transaction costs (thereby lowering its performance) and may increase the amount of taxes that a shareholder pays, by increasing the amount of the Fund’s realized capital gains and increasing the portion of the Fund’s realized capital gains that are short-term capital gains. Operational and Technology Risk: Cyber-attacks, disruptions, or failures that affect the Fund’s service providers, counterparties, market participants, or issuers of securities held by the Fund may adversely affect the Fund and its shareholders, including by causing losses for the Fund or impairing Fund operations. Focused Investment Risk: Investments focused in asset classes, countries, regions, sectors, industries, or issuers that are subject to the same or similar risk factors and investments whose prices are closely correlated are subject to greater overall risk than investments that are more diversified or whose prices are not as closely correlated. Management Risk: The risk that an investment technique used by the Fund’s portfolio manager may fail to produce the intended result. Performance <p id="xdx_A8E_eoef--PerformanceNarrativeTextBlock_zZu0nZEQ5WJ8" style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; padding-left: 27.27%; margin-bottom: 0pt; margin-top: 0pt">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. 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. 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. www.sterlingcapitalfunds.com 1-800-228-1872 Predecessor Behavioral Large Cap Value Equity Fund Institutional Shares Annual Total Returns for years ended 12/31 0.1069 0.1882 -0.1031 0.2017 -0.0159 0.3107 -0.0548 0.1248 0.2093 0.2355 <p id="xdx_A8E_eoef--BarChartClosingTextBlock_zpPvWzdq1Vm7" style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; padding-left: 27.27%; margin-bottom: 0pt; margin-top: 0pt">Year-to-date total return. The fund’s total return for the six months ended June 30, 2026, was 18.16%. <table cellpadding="2" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 72%; margin-left: 27%; border-collapse: collapse"> <tr style="background-color: Gainsboro"> <td style="vertical-align: bottom; width: 36%">Best quarter: </td> <td style="vertical-align: bottom; width: 32%">14.78%</td> <td style="vertical-align: bottom; width: 32%">3/31/2021</td> </tr> <tr style="background-color: White"> <td style="vertical-align: bottom; width: 36%">Worst quarter: </td> <td style="vertical-align: bottom; width: 32%">-26.64%</td> <td style="vertical-align: bottom; width: 32%">3/31/2020</td> </tr> </table> Year-to-date total return 2026-06-30 0.1816 Best quarter: 0.1478 2021-03-31 Worst quarter: -0.2664 2020-03-31 Average Annual Total Returns as of December 31, 2025 0.2355 0.1580 0.1125 0.2306 0.1536 0.1040 0.1423 0.1267 0.0900 0.1721 0.1309 0.1427 0.1715 0.1315 0.1429 0.1653 0.1314 0.1107 <p id="xdx_A8B_eoef--PerformanceTableClosingTextBlock_zqJquszjtkbb" style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; padding-left: 27.27%; margin-bottom: 0pt; margin-top: 0pt">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. 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. 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. Sterling Capital Small Cap Value Focused Factor ETF Investment Objective <p id="xdx_A8D_eoef--ObjectivePrimaryTextBlock_z4aWFTCzyk16" style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; padding-left: 27.27%; margin-bottom: 0pt; margin-top: 0pt">The Fund seeks maximum long-term total return, by investing primarily in equity securities of small capitalization companies. Fee Table <p id="xdx_A8C_eoef--ExpenseNarrativeTextBlock_z7sNqeKKXoQ9" style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; padding-left: 27.27%; margin-bottom: 0pt; margin-top: 0pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. The unitary fee administrative services agreements between Sterling Capital Funds (the “Trust”) and Sterling Capital Management LLC (“Sterling Capital”, the “Adviser”, or the “Administrator”) (the “Unitary Fee Administrative Services Agreement”) provides that the Administrator will pay all operating expenses of the Fund, except the Management Fees set forth in the table below, Distribution and Service (Rule 12b-1) Fees, distribution expenses, investment related expenses of any kind, borrowing and other investment-related costs and fees, acquired fund fees and expenses, interest expenses, taxes and governmental fees, litigation and indemnification fees and expenses of any kind, custody or other expenses attributable to negative interest rates on investments or cash, short dividend expense, salaries and other compensation or expenses, including travel expenses, of any of the Trust’s executive officers and employees, if any, who are not officers, directors, shareholders, members, partners or employees of the Adviser or its subsidiaries or affiliates, organizational and offering expenses of the Trust and the Fund, costs related to any meetings of shareholders, fees or expenses incurred in connection with securities lending, any other expenses which are capitalized in accordance with generally accepted accounting principles, extraordinary expenses, and such other expenses as may be approved by the Fund’s Board. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0075 0 0.0000 0.0075 Amounts have been estimated for the current fiscal year. Example <p id="xdx_A89_eoef--ExpenseExampleNarrativeTextBlock_z3nGSd4Wh5W5" style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; padding-left: 27.27%; margin-bottom: 0pt; margin-top: 0pt">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 77 241 418 933 Portfolio Turnover <p id="xdx_A8E_eoef--PortfolioTurnoverTextBlock_zYUqaFCVJhz6" style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; padding-left: 27.27%; margin-bottom: 0pt; margin-top: 0pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the portfolio turnover rate of the Predecessor Behavioral Small Cap Value Equity Fund (defined below) was 89.59% of the average value of its portfolio. 0.8959 Strategy, Risks and Performance Principal Strategy <p id="xdx_A89_eoef--StrategyNarrativeTextBlock_zkRDqeKv28Pa" style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; padding-left: 27.27%; margin-bottom: 0pt; margin-top: 0pt">The Fund is an actively managed exchange traded fund (“ETF”). To pursue its investment objective, the Fund invests, under normal circumstances, at least 80% of its net assets plus borrowings for investment purposes in the equity securities of small capitalization companies identified by Sterling Capital Management LLC (“Sterling Capital”) as having value characteristics. Investments in derivatives are counted toward the Fund’s 80% policy to the extent that they provide investment exposure to the securities included within that policy or to one or more market risk factors associated with such securities. For purposes of the Fund’s 80% policy, equity securities of small capitalization companies identified by Sterling Capital are equity securities that at the time of purchase have market capitalizations within the range of those companies in the Bloomberg U.S. 2000® Index. As of December 31, 2025, the smallest company in the Bloomberg U.S. 2000® Index had a market capitalization of $1.2 million and the largest company had a market capitalization of $15.1 billion. For purposes of the Fund’s 80% policy, equity securities of value companies identified by Sterling Capital are equity securities that at the time of purchase clear any one of several screens: (i) inclusion in the Bloomberg US 3000® Value Index; (ii) have a free cash flow yield above the weighted average of the Bloomberg US 3000® Value Index, where “free cash flow yield” is defined as reported free cash flow (operating cash flow less capital expenditures) per share over the trailing twelve months divided by the current share price; (iii) have an operating cash flow multiple below the weighted average of the Bloomberg US 3000® Value Index, where “operating cash flow multiple” is defined as the current share price divided by reported operating cash flow; (iv) have a trailing twelve month price/earnings ratio below the weighted average of the Bloomberg US 3000® Value Index; or (v) have an estimated forward twelve month price/earnings ratio below the weighted average of the Bloomberg US 3000® Value Index. The Fund invests primarily in U.S. traded equity securities of small capitalization companies. The term “U.S. traded equity securities” refers to domestically traded U.S. common stocks (including securities of real estate investment trusts (“REITs”) and exchange-traded funds (“ETFs”)), and U.S. traded equity stocks of foreign companies. The Fund may invest in securities of middle and large capitalization companies. "Sterling Capital “Focused Factor” strategies apply a disciplined, systematic factor-driven approach to portfolio construction that seeks to capitalize upon value and momentum factors Sterling Capital believes are durable and long lasting due to investor behavioral biases (e.g., experienced-based techniques or emotion for investment decision making) rather than through fundamental research or company visits. This approach is centered on the belief that humans can be prone to cognitive biases and errors that manifest in observable, measurable ways in the market; the process's key is a framework that identifies stocks that have been mispriced by irrational investor behavior. Stock selection ranks the smallest 15% of U.S. stocks on a composite rank of 2/3 value and 1/3 momentum factor exposures. Examples of value proxies employed are free cash flow, cash flow from operations yield, tangible book value and trailing price earnings. Examples of momentum proxies utilized are nine-month trailing price momentum and three-month earnings revision. The firm conducts a qualitative review of the output to eliminate insufficiency or incorrect data. Stocks ranking favorable in our framework are purchased, subject to market cap, position size constraints, and GICS industry group constraints. Sterling’s Focused Factor Equity Team employs a disciplined factor-driven approach that capitalizes on valuation and momentum anomalies with demonstrated long-term efficacy. These strategies are complementary to those offered through fundamental research-driven teams, with a research and investment process grounded in the principles of behavioral finance — the belief that successful active management is possible by understanding and capitalizing on the psychology that drives many investment decisions. Humans are prone to cognitive biases and errors that manifest in observable, measurable ways in the market; the process’s key is a framework that identifies stocks that have been mispriced by irrational investor behavior. These biases manifest themselves in observable and measurable ways in the market. The key to the process is a framework that identifies and captures valuation and momentum anomalies that are squarely based on behavioral finance concepts, where anomalies present forward return opportunities that vary from what might be commonly expected. Sterling's Focused Factor Equity Team believes it is possible to create an investment process that can identify opportunities created in the wake of investor behavior. The Fund may trade its securities actively. An investment in the Fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank and is not insured by the Federal Deposit Insurance Corporation (“FDIC”) or any other government agency. You may lose money by investing in the Fund. ETF Structure Risks. The Fund is structured as an ETF and is subject to risks related to exchange trading, including: <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 72%; margin-left: 27.2%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> ● </td> <td style="vertical-align: top; text-align: left"> The Fund’s shares are listed for trading on a national securities exchange (the “Exchange”) and are bought and sold on the secondary market at market prices. Although it is expected that the market price of Fund shares will typically approximate the Fund’s net asset value (“NAV”), there may be times when the market price reflects a significant premium or discount to NAV, including during periods of high market volatility or other unusual market conditions. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 72%; margin-left: 27.2%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> ● </td> <td style="vertical-align: top; text-align: left"> Although the Fund’s shares are listed on the Exchange, it is possible that an active trading market in the Fund’s shares may not be maintained. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 72%; margin-left: 27.2%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> ● </td> <td style="vertical-align: top; text-align: left"> The Fund could potentially face trading halts and/or delisting from the Exchange. This risk is heightened in times of market stress, including at both the Fund share level and at the Fund holdings level. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 72%; margin-left: 27.2%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> ● </td> <td style="vertical-align: top; text-align: left"> Only an authorized participant (an “Authorized Participant”) may engage in creation or redemption transactions directly with the Fund, and none of those Authorized Participants is obligated to engage in creation and/or redemption transactions. The Fund has a limited number of institutions that may act as Authorized Participants on an agency basis (i.e., on behalf of other market participants). To the extent that Authorized Participants exit the business or are unable to proceed with creation or redemption orders with respect to the Fund and no other Authorized Participant is able to step forward to create or redeem Creation Units, Fund shares may be more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 72%; margin-left: 27.2%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> ● </td> <td style="vertical-align: top; text-align: left"> To the extent that the Fund effects its creation and redemptions in cash, as it intends regularly to do, the Fund may need to sell securities to generate the necessary funds for a redemption. Such sales may result in the Fund realizing capital gains, which under applicable tax regulations must be distributed to all shareholders, leading to potential tax liabilities for shareholders that would not have been incurred had the redemptions been in-kind. Such cash redemptions may also result in the Fund incurring brokerage costs that might not have been incurred if the purchase or redemption of Creation Units were effected in kind, and the imposition of such costs may decrease the Fund’s net asset value. The use of cash creations and redemptions may also cause the Fund’s shares to trade in the market at wider bid-ask spreads or greater premiums or discounts to the Fund’s NAV. </td> </tr> </table> Market Risk: The possibility that the Fund’s stock holdings will decline in price because of a stock market decline or other domestic, regional, or global events. Markets generally move in cycles, with periods of rising prices followed by periods of falling prices. The value of your investment will tend to increase or decrease in response to these movements. Small Capitalization Company Risk: Investing in smaller, lesser-known companies involves greater risk than investing in those that are more established. A small company’s financial well-being may, for example, depend heavily on just a few products or services. In addition, small company stocks tend to trade less frequently and in lesser quantities, and their market prices often fluctuate more, than those of larger firms. Investment Style Risk: The possibility that a market segment on which this Fund focuses - small company stocks, value stocks and momentum stocks - will underperform other kinds of investments or market averages. A value stock may decrease in price or may not increase in price as anticipated by the portfolio manager if other investors fail to recognize the company’s value or the factors that the portfolio manager believes will cause the stock price to increase do not occur. A stock owned primarily for its momentum characteristics may start to underperform abruptly. In addition, the Fund’s focus on behavioral finance principles may cause the Fund to underperform funds that do not employ a behavioral finance strategy. There can be no guarantee that the factors that the Fund’s investment adviser considers in selecting stocks, and the weight that the adviser puts on each factor, will be effective in identifying and capitalizing on stock price anomalies. Company-Specific Risk: The possibility that a particular stock may lose value due to factors specific to the company itself, including deterioration of its fundamental characteristics, an occurrence of adverse events at the company, or a downturn in its business prospects. Mid Capitalization Company Risk: Investments in middle capitalization companies may be riskier, more volatile and more vulnerable to economic, market and industry changes than investments in larger, more established companies. As a result, share price changes may be more sudden or erratic than the prices of other equity securities, especially over the short term. Real Estate-Related Investment and REIT Risk: Real estate-related investments may decline in value as a result of factors affecting the real estate industry. Risks associated with investments in securities of companies in the real estate industry include decline in the value of the underlying real estate, default, prepayment, changes in value resulting from changes in interest rates and demand for real and rental property, and the management skill and creditworthiness of REIT issuers. The Fund will indirectly bear its proportionate share of expenses, including management fees, paid by each REIT in which the Fund invests. ETF Risk: The risks associated with investing in ETFs include the risks of owning the underlying securities the ETF is designed to track. Lack of liquidity in an ETF could result in the ETF being more volatile than the underlying portfolio of securities. When the Fund invests in an ETF, in addition to directly bearing expenses associated with its own operations, the Fund will bear a pro rata portion of the ETF’s expenses. As a result, it may be more costly to own an ETF than owning the underlying portfolio of securities directly. Active Trading Risk: The Fund may trade securities actively, which could increase its transaction costs (thereby lowering its performance) and may increase the amount of taxes that a shareholder pays, by increasing the amount of the Fund’s realized capital gains and increasing the portion of the Fund’s realized capital gains that are short-term capital gains. Operational and Technology Risk: Cyber-attacks, disruptions, or failures that affect the Fund’s service providers, counterparties, market participants, or issuers of securities held by the Fund may adversely affect the Fund and its shareholders, including by causing losses for the Fund or impairing Fund operations. Focused Investment Risk: Investments focused in asset classes, countries, regions, sectors, industries, or issuers that are subject to the same or similar risk factors and investments whose prices are closely correlated are subject to greater overall risk than investments that are more diversified or whose prices are not as closely correlated. Management Risk: The risk that an investment technique used by the Fund’s portfolio manager may fail to produce the intended result. Performance <p id="xdx_A84_eoef--PerformanceNarrativeTextBlock_zrnWBd9SOlC2" style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; padding-left: 27.27%; margin-bottom: 0pt; margin-top: 0pt">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 Small Cap Value Equity Fund (the “Predecessor Behavioral Small 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 Small Cap Value Equity Fund’s performance from year to year (represented by the performance of the Predecessor Behavioral Small Cap Value Equity Fund’s Institutional Shares). The table shows how the Predecessor Behavioral Small Cap Value Equity Fund’s average annual returns (represented by the average annual returns of the Predecessor Behavioral Small 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 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 Small Cap Value Equity Fund (the “Predecessor Behavioral Small 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 Small Cap Value Equity Fund’s performance from year to year (represented by the performance of the Predecessor Behavioral Small Cap Value Equity Fund’s Institutional Shares). The table shows how the Predecessor Behavioral Small Cap Value Equity Fund’s average annual returns (represented by the average annual returns of the Predecessor Behavioral Small 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. investment strategies of the Fund. Had the Predecessor Behavioral Small Cap Value Equity Fund been structured as an ETF, its performance may have differed. The Fund’s (and the Predecessor Behavioral Small 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. 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 Small Cap Value Equity Fund (the “Predecessor Behavioral Small 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 Small Cap Value Equity Fund’s performance from year to year (represented by the performance of the Predecessor Behavioral Small Cap Value Equity Fund’s Institutional Shares). The table shows how the Predecessor Behavioral Small Cap Value Equity Fund’s average annual returns (represented by the average annual returns of the Predecessor Behavioral Small 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. The Fund’s (and the Predecessor Behavioral Small 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. www.sterlingcapitalfunds.com 1-800-228-1872 Predecessor Behavioral Small Cap Value Equity Fund Institutional Shares Annual Total Returns for years ended 12/31 0.2408 0.0889 -0.1734 0.2195 -0.0581 0.4351 -0.1108 0.1935 0.1003 0.0846 <p id="xdx_A83_eoef--BarChartClosingTextBlock_zcB5FwT3B7g8" style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; padding-left: 27.27%; margin-bottom: 0pt; margin-top: 0pt">Year-to-date total return. The fund’s total return for the six months ended June 30, 2026, was 21.63%. <table cellpadding="2" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 72%; margin-left: 27%; border-collapse: collapse"> <tr style="background-color: Gainsboro"> <td style="vertical-align: bottom; width: 32%">Best quarter: </td> <td style="vertical-align: bottom; width: 39%">25.24%</td> <td style="vertical-align: bottom; width: 29%">3/31/2021</td> </tr> <tr style="background-color: White"> <td style="vertical-align: bottom; width: 32%">Worst quarter: </td> <td style="vertical-align: bottom; width: 39%">-38.86%</td> <td style="vertical-align: bottom; width: 29%">3/31/2020</td> </tr> </table> Year-to-date total return 2026-06-30 0.2163 Best quarter: 0.2524 2021-03-31 Worst quarter: -0.3886 2020-03-31 Average Annual Total Returns as of December 31, 2025 0.0846 0.1269 0.0884 0.0597 0.1095 0.0740 0.0685 0.0996 0.0690 0.1721 0.1309 0.1427 0.1715 0.1315 0.1429 0.0896 0.1022 0.0991 <p id="xdx_A80_eoef--PerformanceTableClosingTextBlock_zN6V8gSofRf8" style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">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. 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. 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. Sterling Capital Small Cap Value ETF Investment Objective <p id="xdx_A8D_eoef--ObjectivePrimaryTextBlock_zVgbeTYQqFLc" style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; padding-left: 27.27%; margin-bottom: 0pt; margin-top: 0pt">The Fund seeks long-term capital appreciation. Fee Table <p id="xdx_A86_eoef--ExpenseNarrativeTextBlock_zYFIGrU5jY5a" style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; padding-left: 27.27%; margin-bottom: 0pt; margin-top: 0pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. The investment advisory agreement between Sterling Capital Funds (the “Trust”) and Sterling Capital Management LLC (“Sterling Capital” or the “Adviser”) (the “Investment Advisory Agreement”) provides that the Adviser will pay all operating expenses of the Fund, except any Management Fees set forth in the table below, (ii) Distribution and Service (Rule 12b-1) Fees, distribution expenses, investment-related expenses of any kind, borrowing and other investment-related costs and fees, acquired fund fees and expenses, interest expenses, taxes and governmental fees, litigation and indemnification fees and expenses of any kind, custody or other expenses attributable to negative interest rates on investments or cash, short dividend expense, salaries and other compensation or expenses, including travel expenses, of any of the Trust’s executive officers and employees, if any, who are not officers, directors, shareholders, members, partners or employees of the Adviser or its subsidiaries or affiliates, organizational and offering expenses of the Trust and the Fund, costs related to any meetings of shareholders, fees or expenses incurred in connection with securities lending, any other expenses which are capitalized in accordance with generally accepted accounting principles, extraordinary expenses, and such other expenses as may be approved by the Fund’s Board. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0075 0 0.0000 0.0075 Amounts have been estimated for the current fiscal year. Example <p id="xdx_A8E_eoef--ExpenseExampleNarrativeTextBlock_zbTHDvKJchg" style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; padding-left: 27.27%; margin-bottom: 0pt; margin-top: 0pt">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 77 241 418 933 Portfolio Turnover <p id="xdx_A8C_eoef--PortfolioTurnoverTextBlock_zRPx3snL5q7h" style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; padding-left: 27.27%; margin-bottom: 0pt; margin-top: 0pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the portfolio turnover rate of the Predecessor Small Cap Value Fund (defined below) was 6.19% of the average value of its portfolio. 0.0619 Strategy, Risks and Performance Principal Strategy <p id="xdx_A8B_eoef--StrategyNarrativeTextBlock_zjpnbE541Hv6" style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; padding-left: 27.27%; margin-bottom: 0pt; margin-top: 0pt">The Fund is an actively managed exchange traded fund (“ETF”). To pursue its investment objective, the Fund will invest, under normal circumstances, at least 80% of its net assets in common stock and securities convertible into common stock of small capitalization companies identified by Sterling Capital Management LLC (“Sterling Capital”) as having value characteristics. Investments in derivatives are counted toward the Fund’s 80% policy to the extent that they provide investment exposure to the securities included within that policy or to one or more market risk factors associated with such securities. For purposes of the Fund’s 80% policy, common stock and securities convertible into common stock of small capitalization companies identified by Sterling Capital are equity and equity-related securities that at the time of purchase have market capitalizations that are below the market capitalization of the largest company in the Bloomberg U.S. 2500® Index. As of December 31, 2025, the market capitalization of the largest company in the Bloomberg U.S. 2500® Index was $34.8 billion. For purposes of the Fund’s 80% policy, equity securities of value companies identified by Sterling Capital are equity securities that at the time of purchase clear any one of several screens: (i) inclusion in the Bloomberg US 3000® Value Index; (ii) have a free cash flow yield above the weighted average of the Bloomberg US 3000® Value Index, where “free cash flow yield” is defined as reported free cash flow (operating cash flow less capital expenditures) per share over the trailing twelve months divided by the current share price; (iii) have an operating cash flow multiple below the weighted average of the Bloomberg US 3000® Value Index, where “operating cash flow multiple” is defined as the current share price divided by reported operating cash flow per share over the trailing twelve months; (iv) have a trailing twelve month price/earnings ratio below the weighted average of the Bloomberg US 3000® Value Index; or (v) have an estimated forward twelve month price/earnings ratio below the weighted average of the Bloomberg US 3000® Value Index. Sterling Capital believes that undervalued companies with good earnings prospects have superior appreciation potential with reasonable levels of risk. Quantitatively, Sterling Capital focuses on a stock's fundamental valuation relative to its peers. Sterling Capital considers additional quantitative measures, such as earnings momentum and relative price strength. Qualitatively, Sterling Capital utilizes internal and third-party research and analysis to identify business catalysts which will serve to drive future earnings growth, increase investor interest and expand valuation. An investment in the Fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank and is not insured by the Federal Deposit Insurance Corporation (“FDIC”) or any other government agency. You may lose money by investing in the Fund. ETF Structure Risks. The Fund is structured as an ETF and is subject to risks related to exchange trading, including: <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 72%; margin-left: 27.2%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> ● </td> <td style="vertical-align: top; text-align: left"> The Fund’s shares are listed for trading on a national securities exchange (the “Exchange”) and are bought and sold on the secondary market at market prices. Although it is expected that the market price of Fund shares will typically approximate the Fund’s net asset value (“NAV”), there may be times when the market price reflects a significant premium or discount to NAV, including during periods of high market volatility or other unusual market conditions. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 72%; margin-left: 27.2%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> ● </td> <td style="vertical-align: top; text-align: left"> Although the Fund’s shares are listed on the Exchange, it is possible that an active trading market in the Fund’s shares may not be maintained. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 72%; margin-left: 27.2%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> ● </td> <td style="vertical-align: top; text-align: left"> The Fund could potentially face trading halts and/or delisting from the Exchange. This risk is heightened in times of market stress, including at both the Fund share level and at the Fund holdings level. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 72%; margin-left: 27.2%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> ● </td> <td style="vertical-align: top; text-align: left"> Only an authorized participant (an “Authorized Participant”) may engage in creation or redemption transactions directly with the Fund, and none of those Authorized Participants is obligated to engage in creation and/or redemption transactions. The Fund has a limited number of institutions that may act as Authorized Participants on an agency basis (i.e., on behalf of other market participants). To the extent that Authorized Participants exit the business or are unable to proceed with creation or redemption orders with respect to the Fund and no other Authorized Participant is able to step forward to create or redeem Creation Units, Fund shares may be more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 72%; margin-left: 27.2%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> ● </td> <td style="vertical-align: top; text-align: left"> To the extent that the Fund effects its creation and redemptions in cash, as it intends regularly to do, the Fund may need to sell securities to generate the necessary funds for a redemption. Such sales may result in the Fund realizing capital gains, which under applicable tax regulations must be distributed to all shareholders, leading to potential tax liabilities for shareholders that would not have been incurred had the redemptions been in-kind. Such cash redemptions may also result in the Fund incurring brokerage costs that might not have been incurred if the purchase or redemption of Creation Units were effected in kind, and the imposition of such costs may decrease the Fund’s net asset value. The use of cash creations and redemptions may also cause the Fund’s shares to trade in the market at wider bid-ask spreads or greater premiums or discounts to the Fund’s NAV. </td> </tr> </table> Market Risk: The possibility that the Fund’s stock holdings will decline in price because of a stock market decline or other domestic, regional, or global events. Markets generally move in cycles, with periods of rising prices followed by periods of falling prices. The value of your investment will tend to increase or decrease in response to these movements. Small Capitalization Company Risk: Investing in smaller, lesser-known companies involves greater risk than investing in those that are more established. A small company’s financial well-being may, for example, depend heavily on just a few products or services. In addition, small company stocks tend to trade less frequently and in lesser quantities, and their market prices often fluctuate more, than those of larger firms. Investment Style Risk: The possibility that the market segment on which this Fund focuses - small cap value stocks - will underperform other kinds of investments or market averages. A value stock may decrease in price or may not increase in price as anticipated by the portfolio manager if other investors fail to recognize the company’s value or the factors that the portfolio manager believes will cause the stock price to increase do not occur. Convertible Securities Risk: Convertible securities are securities that may be converted or exchanged into shares of an underlying stock or other asset at a stated exchange ratio or predetermined price. The market value of convertible securities tends to decline as interest rates increase and may be affected by changes in the price of the underlying security. Company-Specific Risk: The possibility that a particular stock may lose value due to factors specific to the company itself, including deterioration of its fundamental characteristics, an occurrence of adverse events at the company, or a downturn in its business prospects. Operational and Technology Risk: Cyber-attacks, disruptions, or failures that affect the Fund’s service providers, counterparties, market participants, or issuers of securities held by the Fund may adversely affect the Fund and its shareholders, including by causing losses for the Fund or impairing Fund operations. Focused Investment Risk: Investments focused in asset classes, countries, regions, sectors, industries, or issuers that are subject to the same or similar risk factors and investments whose prices are closely correlated are subject to greater overall risk than investments that are more diversified or whose prices are not as closely correlated. Management Risk: The risk that an investment technique used by the Fund’s portfolio manager may fail to produce the intended result. Performance <p id="xdx_A83_eoef--PerformanceNarrativeTextBlock_za75SxWYHVBe" style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; padding-left: 27.27%; margin-bottom: 0pt; margin-top: 0pt">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. 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. 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. www.sterlingcapitalfunds.com 1-800-228-1872 Predecessor Small Cap Value Fund Institutional Shares Annual Total Returns for years ended 12/31 0.2525 0.1320 -0.1446 0.2451 0.0319 0.3161 -0.1446 0.1770 0.1357 0.1149 <p id="xdx_A8C_eoef--BarChartClosingTextBlock_zQpzcPqkpCec" style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; padding-left: 27.27%; margin-bottom: 0pt; margin-top: 0pt">Year-to-date total return. The fund’s total return for the six months ended June 30, 2026, was 24.95%. <table cellpadding="2" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 72%; margin-left: 27%; border-collapse: collapse"> <tr style="background-color: Gainsboro"> <td style="vertical-align: bottom; width: 32%">Best quarter: </td> <td style="vertical-align: bottom; width: 39%">27.59%</td> <td style="vertical-align: bottom; width: 29%">12/31/2020</td> </tr> <tr style="background-color: White"> <td style="vertical-align: bottom; width: 32%">Worst quarter: </td> <td style="vertical-align: bottom; width: 39%">-32.38% </td> <td style="vertical-align: bottom; width: 29%">3/31/2020 </td> </tr> </table> Year-to-date total return 2026-06-30 0.2495 Best quarter: 0.2759 2020-12-31 Worst quarter: -0.3238 2020-03-31 Average Annual Total Returns as of December 31, 2025 0.1149 0.1090 0.1009 0.0709 0.0540 0.0623 0.1008 0.0795 0.0755 0.1721 0.1309 0.1427 0.1715 0.1315 0.1429 0.0896 0.1022 0.0991 <p id="xdx_A8D_eoef--PerformanceTableClosingTextBlock_zkNPW4wdvB2a" style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">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. 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. 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. Sterling Capital North Carolina Intermediate Tax-Free ETF Investment Objective <p id="xdx_A8F_eoef--ObjectivePrimaryTextBlock_zwUwtXGp4gWh" style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; padding-left: 27.27%; margin-bottom: 0pt; margin-top: 0pt">The Fund seeks current income exempt from federal and North Carolina income taxes consistent with preservation of capital. Fee Table <p id="xdx_A84_eoef--ExpenseNarrativeTextBlock_zlrhhpbwCCd1" style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; padding-left: 27.27%; margin-bottom: 0pt; margin-top: 0pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. The unitary fee administrative services agreements between Sterling Capital Funds (the “Trust”) and Sterling Capital Management LLC (“Sterling Capital”, the “Adviser”, or the “Administrator”) (the “Unitary Fee Administrative Services Agreement”) provides that the Administrator will pay all operating expenses of the Fund, except the Management Fees set forth in the table below, Distribution and Service (Rule 12b-1) Fees, distribution expenses, investment related expenses of any kind, borrowing and other investment-related costs and fees, acquired fund fees and expenses, interest expenses, taxes and governmental fees, litigation and indemnification fees and expenses of any kind, custody or other expenses attributable to negative interest rates on investments or cash, short dividend expense, salaries and other compensation or expenses, including travel expenses, of any of the Trust’s executive officers and employees, if any, who are not officers, directors, shareholders, members, partners or employees of the Adviser or its subsidiaries or affiliates, organizational and offering expenses of the Trust and the Fund, costs related to any meetings of shareholders, fees or expenses incurred in connection with securities lending, any other expenses which are capitalized in accordance with generally accepted accounting principles, extraordinary expenses, and such other expenses as may be approved by the Fund’s Board. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0045 0 0.0000 0.0045 Amounts have been estimated for the current fiscal year. Example <p id="xdx_A89_eoef--ExpenseExampleNarrativeTextBlock_zJLaDu3R87R2" style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; padding-left: 27.27%; margin-bottom: 0pt; margin-top: 0pt">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes, that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 46 145 253 568 Portfolio Turnover <p id="xdx_A8C_eoef--PortfolioTurnoverTextBlock_zjsJL0x2INs3" style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; padding-left: 27.27%; margin-bottom: 0pt; margin-top: 0pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the portfolio turnover rate of the Predecessor North Carolina Intermediate Tax-Free Fund (defined below) was 29.62% of the average value of its portfolio. 0.2962 Strategy, Risks and Performance Principal Strategy <p id="xdx_A83_eoef--StrategyNarrativeTextBlock_zyGn4wp96g42" style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; padding-left: 27.27%; margin-bottom: 0pt; margin-top: 0pt">The Fund is an actively managed exchange traded fund (“ETF”). As a matter of fundamental policy, the Fund will invest, under normal market conditions, at least 80% of its net assets plus borrowings for investment purposes in investments the income from which is exempt from federal income tax, alternative minimum tax, and North Carolina personal income tax (“North Carolina Tax-Exempt Obligations”). The Fund invests, under normal market conditions, primarily in municipal securities of the State of North Carolina and its political subdivisions that provide income exempt from both federal personal income tax and North Carolina personal income tax. Municipal securities in which the Fund will invest include municipal notes and bonds, general obligation bonds, special revenue bonds, private activity bonds, lease obligations, certificates of participation, variable rate demand notes, and tax-exempt commercial paper. The Fund invests in North Carolina municipal securities only if they are “investment grade” (rated at the time of purchase in one of the four highest rating categories by a nationally recognized statistical rating organization, or are determined by the portfolio manager to be of comparable quality). The Fund will maintain an average duration of 3.5 to 8 years. The Fund’s dollar-weighted average maturity is expected to be more than 3 years but less than 10 years. Duration is the expected life of a fixed income security and is used to determine the sensitivity of the security’s price to changes in interest rates. Maturity merely measures the time until final payment is due. Unlike maturity, duration accounts for the time until all payments of interest and principal on a security are expected to be made, including how these payments are affected by prepayments and by changes in interest rates. In managing the Fund’s portfolio, the portfolio manager uses a “top down” investment management approach focusing on interest rates and credit quality. The portfolio manager sets, and continually adjusts, a target for the interest rate sensitivity of the Fund’s portfolio based on expectations about interest rate movements. The portfolio manager then selects securities consistent with this target based on their individual characteristics. The portfolio manager may consider selling a security owned by the Fund to reposition the Fund along the yield curve, to adjust the Fund’s average maturity or duration, to replace a security with one that the portfolio manager believes offers greater total return potential, or to exit a security whose credit fundamentals are deteriorating. The Fund is non-diversified and, therefore, may invest in a limited number of issuers. An investment in the Fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank and is not insured by the Federal Deposit Insurance Corporation (“FDIC”) or any other government agency. You may lose money by investing in the Fund. ETF Structure Risks. The Fund is structured as an ETF and is subject to risks related to exchange trading, including: <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 72%; margin-left: 27.2%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> ● </td> <td style="vertical-align: top; text-align: left"> The Fund’s shares are listed for trading on a national securities exchange (the “Exchange”) and are bought and sold on the secondary market at market prices. Although it is expected that the market price of Fund shares will typically approximate the Fund’s net asset value (“NAV”), there may be times when the market price reflects a significant premium or discount to NAV, including during periods of high market volatility or other unusual market conditions. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 72%; margin-left: 27.2%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> ● </td> <td style="vertical-align: top; text-align: left"> Although the Fund’s shares are listed on the Exchange, it is possible that an active trading market in the Fund’s shares may not be maintained. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 72%; margin-left: 27.2%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> ● </td> <td style="vertical-align: top; text-align: left"> The Fund could potentially face trading halts and/or delisting from the Exchange. This risk is heightened in times of market stress, including at both the Fund share level and at the Fund holdings level. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 72%; margin-left: 27.2%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> ● </td> <td style="vertical-align: top; text-align: left"> Only an authorized participant (an “Authorized Participant”) may engage in creation or redemption transactions directly with the Fund, and none of those Authorized Participants is obligated to engage in creation and/or redemption transactions. The Fund has a limited number of institutions that may act as Authorized Participants on an agency basis (i.e., on behalf of other market participants). To the extent that Authorized Participants exit the business or are unable to proceed with creation or redemption orders with respect to the Fund and no other Authorized Participant is able to step forward to create or redeem Creation Units, Fund shares may be more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 72%; margin-left: 27.2%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> ● </td> <td style="vertical-align: top; text-align: left"> To the extent that the Fund effects its creation and redemptions in cash, as it intends regularly to do, the Fund may need to sell securities to generate the necessary funds for a redemption. Such sales may result in the Fund realizing capital gains, which under applicable tax regulations must be distributed to all shareholders, leading to potential tax liabilities for shareholders that would not have been incurred had the redemptions been in-kind. Such cash redemptions may also result in the Fund incurring brokerage costs that might not have been incurred if the purchase or redemption of Creation Units were effected in kind, and the imposition of such costs may decrease the Fund’s net asset value. The use of cash creations and redemptions may also cause the Fund’s shares to trade in the market at wider bid-ask spreads or greater premiums or discounts to the Fund’s NAV. </td> </tr> </table> Interest Rate Risk: The possibility that the value of the Fund’s investments will decline due to an increase in interest rates. Interest rate risk is generally higher for longer-term debt instruments and lower for shorter-term debt instruments. State-Specific Risk: By concentrating its investments in securities issued by North Carolina and its political subdivisions, the Fund may be more vulnerable to unfavorable developments in North Carolina (e.g., adverse changes in North Carolina economic conditions, government policies or tax revenues and expenditures) than funds that are more geographically diversified. Credit Risk: The possibility that an issuer cannot make timely interest and principal payments on its debt securities such as bonds. The lower a security’s rating, the greater its credit risk. Changes in actual or perceived creditworthiness may occur quickly. Tax Risk: The risk that the issuer of the securities will fail to comply with certain requirements of the Internal Revenue Code, which would cause adverse tax consequences. Changes or proposed changes in federal or state tax laws may cause the prices of tax-exempt securities to fall and/or may affect the tax-exempt status of the securities in which the Fund invests. Municipal Securities Risk: Municipal obligations are issued by or on behalf of states, territories and possessions of the United States and their political subdivisions, agencies and instrumentalities and the District of Columbia to obtain funds for various public purposes. Municipal obligations are subject to more credit risk than U.S. government securities that are supported by the full faith and credit of the United States. The ability of municipalities to meet their obligations will depend on the availability of tax and other revenues, economic, political and other conditions within the state and municipality, and the underlying fiscal condition of the state and municipality. As with other fixed income securities, municipal securities also expose their holders to market risk because their values typically change as interest rates fluctuate. Non-Diversified Risk: Because the Fund is non-diversified, it may invest a greater percentage of its assets in a particular issuer compared with other funds. Accordingly, the Fund’s portfolio may be more sensitive to changes in the market value of a single issuer or industry. Prepayment/Call Risk: When obligations are prepaid and when securities are called, the Fund may have to reinvest in securities with a lower yield or fail to recover additional amounts (i.e., premiums) paid for securities with higher interest rates, resulting in an unexpected capital loss. Call risk is the possibility that, during periods of declining interest rates, a bond issuer will “call” - or repay - higher-yielding bonds before their stated maturity date. In both cases, investors receive their principal back and are typically forced to reinvest it in bonds that pay lower interest rates. Estimated Maturity Risk: The possibility that an underlying security holder will exercise its right to pay principal on an obligation earlier or later than expected. This may happen when there is a rise or fall in interest rates. These events may shorten or lengthen the duration (i.e., interest rate sensitivity) and potentially reduce the value of these securities. Income Risk: The possibility that the Fund’s income will decline due to a decrease in interest rates. Income risk is generally higher for shorter-term bonds and lower for longer-term bonds. Fixed Income Market Risk: Fixed income securities markets may, in response to governmental intervention, economic or market developments (including potentially a reduction in the number of broker-dealers willing to engage in market-making activity), or other factors, experience periods of increased volatility and reduced liquidity. Counterparty Risk: The possibility that a counterparty to a contract will default or otherwise become unable to honor a financial obligation. Variable and Floating Rate Instrument Risk: Variable and floating rate instruments are generally less sensitive to interest rate changes than other fixed rate instruments; however, the value of floating rate instruments may decline if their interest rates do not rise as quickly, or as much, as general interest rates. Operational and Technology Risk: Cyber-attacks, disruptions, or failures that affect the Fund’s service providers, counterparties, market participants, or issuers of securities held by the Fund may adversely affect the Fund and its shareholders, including by causing losses for the Fund or impairing Fund operations. Management Risk: The risk that an investment technique used by the Fund’s portfolio manager may fail to produce the intended result. Performance <p id="xdx_A8E_eoef--PerformanceNarrativeTextBlock_zW0SHZ9vbhhh" style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; padding-left: 27.27%; margin-bottom: 0pt; margin-top: 0pt">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 North Carolina Intermediate Tax-Free Fund (the “Predecessor North Carolina 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 North Carolina Intermediate Tax-Free Fund’s performance from year to year (represented by the performance of the Predecessor North Carolina Intermediate Tax-Free Fund’s Institutional Shares). The table shows how the Predecessor North Carolina Intermediate Tax-Free Fund’s average annual returns (represented by the average annual returns of the Predecessor North Carolina 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 North Carolina Intermediate Tax-Free Fund been structured as an ETF, its performance may have differed. The Fund’s (and the Predecessor North Carolina 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. 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 North Carolina Intermediate Tax-Free Fund (the “Predecessor North Carolina 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 North Carolina Intermediate Tax-Free Fund’s performance from year to year (represented by the performance of the Predecessor North Carolina Intermediate Tax-Free Fund’s Institutional Shares). The table shows how the Predecessor North Carolina Intermediate Tax-Free Fund’s average annual returns (represented by the average annual returns of the Predecessor North Carolina 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. The Fund’s (and the Predecessor North Carolina 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. www.sterlingcapitalfunds.com 1-800-228-1872 Predecessor North Carolina Intermediate Tax-Free Fund Institutional Shares Annual Total Returns for years ended 12/31 -0.0041 0.0327 0.0072 0.0590 0.0441 -0.0023 -0.0586 0.0387 0.0020 0.0426 <p id="xdx_A8C_eoef--BarChartClosingTextBlock_zbyNn2JnjTn1" style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; padding-left: 27.27%; margin-bottom: 0pt; margin-top: 0pt">Year-to-date total return. The fund’s total return for the six months ended June 30, 2026, was 1.04%. <table cellpadding="2" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 72%; margin-left: 27%; border-collapse: collapse"> <tr style="background-color: Gainsboro"> <td style="vertical-align: bottom; width: 32%">Best quarter:</td> <td style="vertical-align: bottom; width: 39%">6.09%</td> <td style="vertical-align: bottom; width: 29%">12/31/2023</td> </tr> <tr style="background-color: White"> <td style="vertical-align: bottom; width: 32%">Worst quarter:</td> <td style="vertical-align: bottom; width: 39%">-5.07%</td> <td style="vertical-align: bottom; width: 29%">3/31/2022 </td> </tr> </table> Year-to-date total return 2026-06-30 0.0104 Best quarter: 0.0609 2023-12-31 Worst quarter: -0.0507 2022-03-31 Average Annual Total Returns as of December 31, 2025 0.0426 0.0038 0.0156 0.0423 0.0037 0.0154 0.0361 0.0078 0.0170 0.0425 0.0080 0.0234 0.0517 0.0114 0.0231 <p id="xdx_A80_eoef--PerformanceTableClosingTextBlock_zTdw4QBZD1k7" style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; padding-left: 27.27%; margin-bottom: 0pt; margin-top: 0pt">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. 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. 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. Sterling Capital Virginia Intermediate Tax-Free ETF Investment Objective <p id="xdx_A85_eoef--ObjectivePrimaryTextBlock_zTNvwSJ5G765" style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; padding-left: 27.27%; margin-bottom: 0pt; margin-top: 0pt">The Fund seeks current income exempt from federal and Virginia income taxes consistent with preservation of capital. Fee Table <p id="xdx_A89_eoef--ExpenseNarrativeTextBlock_zONLuF5z5Qm8" style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; padding-left: 27.27%; margin-bottom: 0pt; margin-top: 0pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. The unitary fee administrative services agreements between Sterling Capital Funds (the “Trust”) and Sterling Capital Management LLC (“Sterling Capital”, the “Adviser”, or the “Administrator”) (the “Unitary Fee Administrative Services Agreement”) provides that the Administrator will pay all operating expenses of the Fund, except the Management Fees set forth in the table below, Distribution and Service (Rule 12b-1) Fees, distribution expenses, investment related expenses of any kind, borrowing and other investment-related costs and fees, acquired fund fees and expenses, interest expenses, taxes and governmental fees, litigation and indemnification fees and expenses of any kind, custody or other expenses attributable to negative interest rates on investments or cash, short dividend expense, salaries and other compensation or expenses, including travel expenses, of any of the Trust’s executive officers and employees, if any, who are not officers, directors, shareholders, members, partners or employees of the Adviser or its subsidiaries or affiliates, organizational and offering expenses of the Trust and the Fund, costs related to any meetings of shareholders, fees or expenses incurred in connection with securities lending, any other expenses which are capitalized in accordance with generally accepted accounting principles, extraordinary expenses, and such other expenses as may be approved by the Fund’s Board. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0045 0 0.0000 0.0045 Amounts have been estimated for the current fiscal year. Example <p id="xdx_A82_eoef--ExpenseExampleNarrativeTextBlock_z0fb7JNhmot8" style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; padding-left: 27.27%; margin-bottom: 0pt; margin-top: 0pt">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 46 145 253 568 Portfolio Turnover <p id="xdx_A8B_eoef--PortfolioTurnoverTextBlock_zHw6P2Fve5yi" style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; padding-left: 27.27%; margin-bottom: 0pt; margin-top: 0pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the portfolio turnover rate of the Predecessor Sterling Capital Virgina Intermediate Tax-Free Fund (defined below) was 17.40% of the average value of its portfolio. 0.1740 Strategy, Risks and Performance Principal Strategy <p id="xdx_A80_eoef--StrategyNarrativeTextBlock_zPIUEFfElTte" style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; padding-left: 27.27%; margin-bottom: 0pt; margin-top: 0pt">The Fund is an actively managed exchange traded fund (“ETF”). As a matter of fundamental policy, the Fund will invest, under normal market conditions, at least 80% of its net assets plus borrowings for investment purposes in investments the income from which is exempt from federal income tax, alternative minimum tax, and Virginia personal income tax (“Virginia Tax-Exempt Obligations”). The Fund invests, under normal market conditions, primarily in municipal securities of the Commonwealth of Virginia and its political subdivisions that provide income exempt from both federal personal income tax and Virginia personal income tax. Municipal securities in which the Fund will invest include municipal notes and bonds, general obligation bonds, special revenue bonds, private activity bonds, lease obligations, certificates of participation, variable rate demand notes, and tax-exempt commercial paper. The Fund invests in Virginia municipal securities only if they are “investment grade” (rated at the time of purchase in one of the four highest rating categories by a nationally recognized statistical rating organization, or are determined by the portfolio manager to be of comparable quality). The Fund will maintain an average duration of 3.5 to 8 years. The Fund’s dollar-weighted average maturity is expected to be more than 3 years but less than 10 years. Duration is the expected life of a fixed income security and is used to determine the sensitivity of the security’s price to changes in interest rates. Maturity merely measures the time until final payment is due. Unlike maturity, duration accounts for the time until all payments of interest and principal on a security are expected to be made, including how these payments are affected by prepayments and by changes in interest rates. In managing the Fund’s portfolio, the portfolio manager uses a “top down” investment management approach focusing on interest rates and credit quality. The portfolio manager sets, and continually adjusts, a target for the interest rate sensitivity of the Fund’s portfolio based on expectations about interest rate movements. The portfolio manager then selects securities consistent with this target based on their individual characteristics. The portfolio manager may consider selling a security owned by the Fund to reposition the Fund along the yield curve, to adjust the Fund’s average maturity or duration, to replace a security with one that the portfolio manager believes offers greater total return potential, or to exit a security whose credit fundamentals are deteriorating. The Fund is non-diversified and, therefore, may invest in a limited number of issuers. An investment in the Fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank and is not insured by the Federal Deposit Insurance Corporation (“FDIC”) or any other government agency. You may lose money by investing in the Fund. ETF Structure Risks. The Fund is structured as an ETF and is subject to risks related to exchange trading, including: <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 72%; margin-left: 27.2%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> ● </td> <td style="vertical-align: top; text-align: left"> The Fund’s shares are listed for trading on a national securities exchange (the “Exchange”) and are bought and sold on the secondary market at market prices. Although it is expected that the market price of Fund shares will typically approximate the Fund’s net asset value (“NAV”), there may be times when the market price reflects a significant premium or discount to NAV, including during periods of high market volatility or other unusual market conditions. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 72%; margin-left: 27.2%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> ● </td> <td style="vertical-align: top; text-align: left"> Although the Fund’s shares are listed on the Exchange, it is possible that an active trading market in the Fund’s shares may not be maintained. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 72%; margin-left: 27.2%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> ● </td> <td style="vertical-align: top; text-align: left"> The Fund could potentially face trading halts and/or delisting from the Exchange. This risk is heightened in times of market stress, including at both the Fund share level and at the Fund holdings level. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 72%; margin-left: 27.2%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> ● </td> <td style="vertical-align: top; text-align: left"> Only an authorized participant (an “Authorized Participant”) may engage in creation or redemption transactions directly with the Fund, and none of those Authorized Participants is obligated to engage in creation and/or redemption transactions. The Fund has a limited number of institutions that may act as Authorized Participants on an agency basis (i.e., on behalf of other market participants). To the extent that Authorized Participants exit the business or are unable to proceed with creation or redemption orders with respect to the Fund and no other Authorized Participant is able to step forward to create or redeem Creation Units, Fund shares may be more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 72%; margin-left: 27.2%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> ● </td> <td style="vertical-align: top; text-align: left"> To the extent that the Fund effects its creation and redemptions in cash, as it intends regularly to do, the Fund may need to sell securities to generate the necessary funds for a redemption. Such sales may result in the Fund realizing capital gains, which under applicable tax regulations must be distributed to all shareholders, leading to potential tax liabilities for shareholders that would not have been incurred had the redemptions been in-kind. Such cash redemptions may also result in the Fund incurring brokerage costs that might not have been incurred if the purchase or redemption of Creation Units were effected in kind, and the imposition of such costs may decrease the Fund’s net asset value. The use of cash creations and redemptions may also cause the Fund’s shares to trade in the market at wider bid-ask spreads or greater premiums or discounts to the Fund’s NAV. </td> </tr> </table> Interest Rate Risk: The possibility that the value of the Fund’s investments will decline due to an increase in interest rates. Interest rate risk is generally higher for longer-term debt instruments and lower for shorter-term debt instruments. State-Specific Risk: By concentrating its investments in securities issued by Virginia and its political subdivisions, the Fund may be more vulnerable to unfavorable developments in Virginia (e.g., adverse changes in Virginia economic conditions, government policies or tax revenues and expenditures) than funds that are more geographically diversified. Credit Risk: The possibility that an issuer cannot make timely interest and principal payments on its debt securities such as bonds. The lower a security’s rating, the greater its credit risk. Changes in actual or perceived creditworthiness may occur quickly. Tax Risk: The risk that the issuer of the securities will fail to comply with certain requirements of the Internal Revenue Code, which would cause adverse tax consequences. Changes or proposed changes in federal or state tax laws may cause the prices of tax-exempt securities to fall and/or may affect the tax-exempt status of the securities in which the Fund invests. Municipal Securities Risk: Municipal obligations are issued by or on behalf of states, territories and possessions of the United States and their political subdivisions, agencies and instrumentalities and the District of Columbia to obtain funds for various public purposes. Municipal obligations are subject to more credit risk than U.S. government securities that are supported by the full faith and credit of the United States. The ability of municipalities to meet their obligations will depend on the availability of tax and other revenues, economic, political and other conditions within the state and municipality, and the underlying fiscal condition of the state and municipality. As with other fixed income securities, municipal securities also expose their holders to market risk because their values typically change as interest rates fluctuate. Non-Diversified Risk: Because the Fund is non-diversified, it may invest a greater percentage of its assets in a particular issuer compared with other funds. Accordingly, the Fund’s portfolio may be more sensitive to changes in the market value of a single issuer or industry. Prepayment/Call Risk: When obligations are prepaid and when securities are called, the Fund may have to reinvest in securities with a lower yield or fail to recover additional amounts (i.e., premiums) paid for securities with higher interest rates, resulting in an unexpected capital loss. Call risk is the possibility that, during periods of declining interest rates, a bond issuer will “call” - or repay - higher-yielding bonds before their stated maturity date. In both cases, investors receive their principal back and are typically forced to reinvest it in bonds that pay lower interest rates. Estimated Maturity Risk: The possibility that an underlying security holder will exercise its right to pay principal on an obligation earlier or later than expected. This may happen when there is a rise or fall in interest rates. These events may shorten or lengthen the duration (i.e., interest rate sensitivity) and potentially reduce the value of these securities. Income Risk: The possibility that the Fund’s income will decline due to a decrease in interest rates. Income risk is generally higher for shorter-term bonds and lower for longer-term bonds. Fixed Income Market Risk: Fixed income securities markets may, in response to governmental intervention, economic or market developments (including potentially a reduction in the number of broker-dealers willing to engage in market-making activity), or other factors, experience periods of increased volatility and reduced liquidity. Counterparty Risk: The possibility that a counterparty to a contract will default or otherwise become unable to honor a financial obligation. Variable and Floating Rate Instrument Risk: Variable and floating rate instruments are generally less sensitive to interest rate changes than other fixed rate instruments; however, the value of floating rate instruments may decline if their interest rates do not rise as quickly, or as much, as general interest rates. Operational and Technology Risk: Cyber-attacks, disruptions, or failures that affect the Fund’s service providers, counterparties, market participants, or issuers of securities held by the Fund may adversely affect the Fund and its shareholders, including by causing losses for the Fund or impairing Fund operations. Management Risk: The risk that an investment technique used by the Fund’s portfolio manager may fail to produce the intended result. Performance <p id="xdx_A8C_eoef--PerformanceNarrativeTextBlock_zGvLZJ0rOme1" style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; padding-left: 27.27%; margin-bottom: 0pt; margin-top: 0pt">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. 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. 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. www.sterlingcapitalfunds.com 1-800-228-1872 Predecessor Virginia Intermediate Tax-Free Fund Institutional Shares Annual Total Returns for years ended 12/31 -0.0053 0.0328 0.0078 0.0613 0.0428 -0.0060 -0.0560 0.0380 0.0009 0.0380 <p id="xdx_A8F_eoef--BarChartClosingTextBlock_z8qScIOlc4Mk" style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; padding-left: 27.27%; margin-bottom: 0pt; margin-top: 0pt">Year-to-date total return. The fund’s total return for the six months ended June 30, 2026, was 1.10%. <table cellpadding="2" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 72%; margin-left: 27%; border-collapse: collapse"> <tr style="background-color: Gainsboro"> <td style="vertical-align: bottom; width: 32%">Best quarter:</td> <td style="vertical-align: bottom; width: 39%">5.94%</td> <td style="vertical-align: bottom; width: 29%">12/31/2023 </td> </tr> <tr style="background-color: White"> <td style="vertical-align: bottom; width: 32%">Worst quarter:</td> <td style="vertical-align: bottom; width: 39%">-5.08 </td> <td style="vertical-align: bottom; width: 29%">3/31/2022 </td> </tr> </table> Year-to-date total return 2026-06-30 0.0110 Best quarter: 0.0594 2023-12-31 Worst quarter: -5.08 2022-03-31 Average Annual Total Returns as of December 31, 2025 0.0380 0.0024 0.0149 0.0377 0.0022 0.0146 0.0328 0.0064 0.0162 0.0425 0.0080 0.0234 0.0517 0.0114 0.0231 <p id="xdx_A8B_eoef--PerformanceTableClosingTextBlock_zfVBZoEwKAe7" style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; padding-left: 27.27%; margin-bottom: 0pt; margin-top: 0pt">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. 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. 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. Includes an investment advisory fee of 0.45% and a unitary administrative services fee of 0.10%. The Fund has adopted a Rule 12b-1 Distribution Plan, and the Board of Trustees (the “Board”) has authorized a 12b-1 fee not to exceed 0.25% of the average daily net assets of Fund shares. No Distribution and Service (12b-1) fee is currently paid by the Fund or will be made during the first twelve (12) month period from the date of this prospectus. Thereafter, 12b-1 fees may only be imposed after approval by the Fund’s Board. Amounts have been estimated for the current fiscal year. The Bloomberg U.S. 3000® Index is the Fund’s new regulatory benchmark. Previously, the Fund’s regulatory benchmark was the Russell 3000® Index. The new regulatory benchmark represents a broad measure of market performance and is included to comply with regulatory requirements. The Bloomberg U.S. 1000 Value® Index is the strategy index for the Fund. Includes an investment advisory fee of 0.60% and a unitary administrative services fee of 0.15% The Fund has adopted a Rule 12b-1 Distribution Plan, and the Board of Trustees (the “Board”) has authorized a 12b-1 fee not to exceed 0.25% of the average daily net assets of Fund shares. No Distribution and Service (12b-1) fee is currently paid by the Fund or will be made during the first twelve (12) month period from the date of this prospectus. Thereafter, 12b-1 fees may only be imposed after approval by the Fund’s Board. Amounts have been estimated for the current fiscal year. The Bloomberg U.S. 3000® Index is the Fund’s new regulatory benchmark. Previously, the Fund’s regulatory benchmark was the Russell 3000® Index. The new regulatory benchmark represents a broad measure of market performance and is included to comply with regulatory requirements. The Bloomberg U.S. 2000 Value® Index is the strategy index for the Fund. The Fund has adopted a Rule 12b-1 Distribution Plan, and the Board of Trustees (the “Board”) has authorized a 12b-1 fee not to exceed 0.25% of the average daily net assets of Fund shares. No Distribution and Service (12b-1) fee is currently paid by the Fund or will be made during the first twelve (12) month period from the date of this prospectus. Thereafter, 12b-1 fees may only be imposed after approval by the Fund’s Board. Amounts have been estimated for the current fiscal year. The Bloomberg U.S. 3000® Index is the Fund’s new regulatory benchmark. Previously, the Fund’s regulatory benchmark was the Russell 3000® Index. The new regulatory benchmark represents a broad measure of market performance and is included to comply with regulatory requirements. The Bloomberg U.S. 2000 Value® Index is the strategy index for the Fund. Includes an investment advisory fee of 0.35% and a unitary administrative services fee of 0.10%. The Fund has adopted a Rule 12b-1 Distribution Plan, and the Board of Trustees (the “Board”) has authorized a 12b-1 fee not to exceed 0.25% of the average daily net assets of Fund shares. No Distribution and Service (12b-1) fee is currently paid by the Fund or will be made during the first twelve (12) month period from the date of this prospectus. Thereafter, 12b-1 fees may only be imposed after approval by the Fund’s Board. Amounts have been estimated for the current fiscal year. The Bloomberg Municipal Bond Index is the Fund’s regulatory benchmark, which represents a broad measure of market performance and is included to comply with regulatory requirements. The ICE BofA 2-17 Year Municipal Bond Index is the strategy index for the Fund. Includes an investment advisory fee of 0.35% and a unitary administrative services fee of 0.10%. The Fund has adopted a Rule 12b-1 Distribution Plan, and the Board of Trustees (the “Board”) has authorized a 12b-1 fee not to exceed 0.25% of the average daily net assets of Fund shares. No Distribution and Service (12b-1) fee is currently paid by the Fund or will be made during the first twelve (12) month period from the date of this prospectus. Thereafter, 12b-1 fees may only be imposed after approval by the Fund’s Board. Amounts have been estimated for the current fiscal year. The Bloomberg Municipal Bond Index is the Fund’s regulatory benchmark, which represents a broad measure of market performance and is included to comply with regulatory requirements. The ICE BofA 2-17 Year Municipal Bond Index is the strategy index for the Fund.