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dei_LegalEntityAxis compact ast_S000061938Member column rr_ProspectusShareClassAxis compact * row primary compact * ~ 2025-01-28 2025-01-28 N-1A ALPS SERIES TRUST 2025-01-28 BPRLX BARLX Beacon Accelerated Return Strategy Fund (the “Fund”) Investment Objective The Fund seeks to deliver capital appreciation and generate positive alpha. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. 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. Information about sales charge discounts is available from your financial professional and in the “Buying and Redeeming Shares” section of the Prospectus and the “Purchase, Exchange and Redemption of Shares” section of the Statement of Additional Information (“SAI”). Shareholder Fees (fees paid directly from your investment) 0 0 -0.0200 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0100 0 0.0029 0.0026 0.0002 0.0001 0.0129 Example <p id="xdx_A8D_err--ExpenseExampleNarrativeTextBlock_zQnjbrYzxpxx" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This example is intended to help you compare the costs of investing in the Fund with the cost of investing in other mutual 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. The example takes into consideration the agreement by the Adviser to waive fees and reimburse expenses for the contractual period only. 131 409 707 1555 Portfolio Turnover 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. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. A higher turnover rate may also result in additional income taxes when Fund shares are held in a taxable account. For the fiscal year ended September 30, 2024, the Fund’s portfolio turnover rate was <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_900_err--PortfolioTurnoverRate_pid_dp_uRatio_c20250128__20250128__dei--LegalEntityAxis__custom--S000058974Member_zsSF3RDo6d0d">0% of the average value of its portfolio. 0 Principal Investment Strategies of the Fund The Fund seeks to outperform U.S. equity markets in modestly rising market environments, to capture most of the equity returns in strong bull markets, and attempt to generate returns that approximate the U.S. equity markets in falling markets, gross of fees. The Fund seeks to capture returns through a systematic investment process of obtaining exposure to the U.S. equity markets primarily through the options markets. “Accelerated return” refers to the Fund’s goal of seeking to enhance (accelerate) returns relative to the returns of the U.S. equity indices through the purchase and sale of call options. The Fund employs a long/short equity strategy by following a disciplined and systematic investment process. The returns sought to be generated by the strategy are derived from two distinct elements: <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; 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"> returns from directional market movements; and </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; 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"> returns from option premium or income. </td> </tr> </table> The “directional market movement” element refers to capturing equity-like returns over the long-run through direct exposure to the U.S. equity markets, which can provide capital appreciation. The “option premium or income” element refers to collecting income by selling call options on the U.S. equity indices. The Fund’s investment objectives are capital appreciation and alpha generation. The Fund aims to achieve its investment objective of capital appreciation by Investing in call options that replicate the returns of the broad U.S. equity indices. The Fund aims to achieve its investment objective of alpha generation by purchasing and selling call options on U.S. equity indices to enhance the returns and generate premium income. Alpha is the outperformance or underperformance of a portfolio relative to the stock market. Alpha generation means outperforming the U.S. equity index. The Fund aims to achieve its investment objective through the systematic purchase of rolling investments, which we call “tranches.” Each investment is made up of long and short call options traded on the performance of a broad market index. The Fund invests in approximately 10-12 unique tranches with 10-12 unique expiration dates, which are distinct investments of call options that mature and roll on an ongoing basis. The use of multiple tranches benefits the Fund investors by providing multiple entry and exit points for each investment. It also takes advantage of market volatility and helps investors avoid the market timing risk by spreading investments and risk over time. The Fund seeks to achieve its investment objective principally by investing in the following: Options. The Fund may invest a portion of its assets in derivative securities, including listed and Flexible Exchange Options (“FLEX Options”). The Fund may purchase and write (i.e. sell) “put” and “call” options that are traded on national securities exchanges, as well as on electronic communications networks. In general, options can be used in many ways, such as to increase market exposure (which would have the effect of leverage without actual borrowing), to reduce overall market exposure and reduce risk (i.e., for hedging purposes), to increase the portfolio’s current income, or to reduce the cost basis of a new position. The Fund may also utilize certain options, such as various types of index or “market basket” options, in an effort to hedge against certain market-related risks, as the Adviser deems appropriate. The Fund believes that the use of options may help reduce risk and enhance investment performance. ETFs. The Fund may invest a portion of its assets in ETFs. The Fund expects to generally invest in ETFs that represent an interest in a portfolio of securities selected to replicate a US equity index. Equities. The Fund may invest in equity securities consistent with the Fund’s investment objective and strategies. An equity security, or stock, represents a proportionate share of the ownership of a company; its value is based on the success of the company’s business, any income paid to stockholders, the value of its assets, and general market conditions. Common stocks and preferred stocks are examples of equity securities. Equity securities, such as common stocks, represent shares of ownership of a corporation. Preferred stocks are equity securities that often pay dividends at a specific rate and have a preference over common stocks in dividend payments and liquidation of assets. Some preferred stocks may be convertible into common stock. Convertible securities are securities (such as debt securities or preferred stock) that may be converted into or exchanged for a specified amount of common stock of the same or different issuer within a particular period of time at a specified price or formula. Principal Risks of the Fund <p id="xdx_A82_err--RiskTextBlock_hrr--RiskAxis__custom--MarketRiskMember_zReSxc3cBjUS" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Market Risk: The market price of a security or instrument may decline, sometimes rapidly or unpredictably, due to general market conditions that are not specifically related to a particular company, such as the impact of inflation on the economy, supply chain disruptions, real or perceived adverse economic or political conditions throughout the world, changes in the general outlook for corporate earnings, changes in interest or currency rates, natural disasters, war, the spread of infectious illness or other public issues, or adverse investor sentiment generally. The market value of a security or instrument also may decline because of factors that affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. <p id="xdx_A8B_err--RiskTextBlock_hrr--RiskAxis__custom--ManagementRiskMember_zJ9sqHbp7OOY" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Management Risk: The Fund’s success will depend on the management of the Adviser and on the skill and acumen of the Adviser’s personnel. <p id="xdx_A8D_err--RiskTextBlock_hrr--RiskAxis__custom--OptionsRiskMember_zsdSNala6YQy" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Options Risk: The Fund may invest in options. Options transactions may be effected on securities exchanges or in the over-the-counter market. When options are purchased over-the-counter, the Fund bears the risk that the counter-party that wrote the option will be unable or unwilling to perform its obligations under the option contract. Such options may also be illiquid, and in such cases, the Fund may have difficulty closing out its option positions. <p id="xdx_A8B_err--RiskTextBlock_hrr--RiskAxis__custom--DerivativeInstrumentsRiskMember_zbW6wNHs3KRE" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Derivative Instruments Risk: The Fund may invest in derivative instruments. These are financial instruments that derive their performance from the performance of an underlying asset, index, and interest rate or currency exchange rate. Derivatives can be volatile and involve various types and degrees of risks, depending upon the characteristics of a particular derivative. Derivatives may entail investment exposures that are greater than their cost would suggest, meaning that a small investment in a derivative <div style="text-align: left; margin-top: 3pt; margin-bottom: 3pt"> </div> could have a large potential impact on the performance of the Fund. The Fund could experience a loss if derivatives do not perform as anticipated, are not correlated with the performance of other investments that they are used to hedge or if the Fund is unable to liquidate a position because of an illiquid secondary market. The market for many derivatives is, or suddenly can become, illiquid. Changes in liquidity may result in significant, rapid and unpredictable changes in the prices for derivatives. <p id="xdx_A8D_err--RiskTextBlock_hrr--RiskAxis__custom--EquitySecuritiesRiskMember_zgKTWeHZ7Tyn" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Equity Securities Risk: The Fund will invest in equity securities. Equity securities represent ownership in a company. Stock markets are volatile. The price of equity securities will fluctuate and can decline and reduce the value of a portfolio investing in equity securities. The value of equity securities purchased by the Fund could decline if the financial condition of the companies the Fund invests in declines or if overall market and economic conditions deteriorate. The value of equity securities may also decline due to factors that affect a particular industry or industries, such as labor shortages or an increase in production costs and competitive conditions within an industry. In addition, the value may decline due to general market conditions that are not specifically related to a company or industry, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates, natural disasters, the spread of infectious illness or other public health issues, or generally adverse investor sentiment. <p id="xdx_A8E_err--RiskTextBlock_hrr--RiskAxis__custom--ETFLiquidityRiskMember_zsDUmxYc6qqK" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">ETF Liquidity Risk: In certain circumstances, such as the disruption of the orderly markets for the securities or financial instruments in which an ETF invests, an ETF might not be able to dispose of certain holdings quickly or at prices that represent true market value in the judgment of the ETF investment managers. Such a situation may prevent an ETF from limiting losses, realizing gains or achieving a high correlation or inverse correlation with its underlying index. <p id="xdx_A87_err--RiskTextBlock_hrr--RiskAxis__custom--ETFAndSharesOfOtherInvestmentCompaniesRiskMember_zryIbJXEzDyM" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">ETF and Shares of Other Investment Companies Risk: The Fund may invest in shares of other investment companies, including ETFs, as a means to pursue its investment objective. As a result of this policy, your cost of investing in the Fund will generally be higher than the cost of investing directly in such investment companies. You will indirectly bear fees and expenses charged by such investment companies in addition to the Fund’s direct fees and expenses. Furthermore, the use of this strategy could affect the timing, amount and character of distributions to you and therefore may increase the amount of taxes payable by you. In addition to the risks of investing in an investment company, the price of an ETF can fluctuate within a wide range, and the Fund could lose money when investing in an ETF if the prices of the securities owned by the ETF go down. Additionally, the market price of the ETF’s shares may trade at a discount to their net asset value, an active trading market for an ETF’s shares may not develop or be maintained, and trading of an ETF’s shares may be halted if the listing exchange’s officials deem such action appropriate, the shares are de-listed from the exchange or the activation of market-wide “circuit breakers” (which are tied to large changes in stock prices) halts stock trading generally. Additionally, ETFs have management fees, which increase their cost. <p id="xdx_A89_err--RiskTextBlock_hrr--RiskAxis__rr--RiskNondiversifiedStatusMember_zkDvLKrERNlm" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Non-Diversification Risk: The Fund is classified as a “non-diversified” investment company under the 1940 Act, which means that it may invest more of its assets in the securities of a single issuer or a smaller number of issuers than if it were a “diversified fund”. To the extent the Fund invests a significant percentage of its assets in a limited number of issuers, the Fund is subject to the risks of investing in those few issuers, and may be more susceptible to a single adverse economic or regulatory occurrence. As a result, changes in the market value of a single security could cause greater fluctuations in the value of Fund shares than would occur in a diversified fund. It is possible to lose money on an investment in the Fund. Investments in the Fund are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. Performance Information <p id="xdx_A81_err--PerformanceNarrativeTextBlock_zKAMtyOzICOV" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_906_err--PerformanceInformationIllustratesVariabilityOfReturns_c20250128__20250128__dei--LegalEntityAxis__custom--S000058974Member_z8myLl87HlFx">The following information provides some indication of the risks of investing in the Fund by showing how the Fund’s performance has varied over time. The bar chart depicts the change in performance from year to year during the periods indicated. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_907_err--BarChartDoesNotReflectSalesLoads_c20250128__20250128__dei--LegalEntityAxis__custom--S000058974Member_zy1hqDagLFsI">The bar chart figures do not include any applicable sales charges that investors may pay when they buy or sell shares of the Fund. If sales charges were included, the returns would be lower. The performance table compares the average annual returns of the Fund’s Institutional Class to a broad-based securities market index for the periods indicated. The index is not actively managed and is not available for direct investment. The bar charts and performance tables assume reinvestment of dividends and distributions. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_901_err--PerformancePastDoesNotIndicateFuture_c20250128__20250128__dei--LegalEntityAxis__custom--S000058974Member_zVyrtw5CkN8V">The Fund’s past performance does not necessarily indicate how it will perform in the future. Updated performance information is available on the Fund’s website at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_909_err--PerformanceAvailabilityWebSiteAddress_c20250128__20250128__dei--LegalEntityAxis__custom--S000058974Member_z26osINRfHbO">www.beacontrust.com or by calling <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_905_err--PerformanceAvailabilityPhone_c20250128__20250128__dei--LegalEntityAxis__custom--S000058974Member_zptHNcbu8uxt">1-844-894-9222. The following information provides some indication of the risks of investing in the Fund by showing how the Fund’s performance has varied over time. The bar chart figures do not include any applicable sales charges that investors may pay when they buy or sell shares of the Fund. If sales charges were included, the returns would be lower. The Fund’s past performance does not necessarily indicate how it will perform in the future. www.beacontrust.com 1-844-894-9222 Annual Total Returns (For the calendar years ended 12/31) – Institutional Class Shares -0.0613 0.2932 0.1266 0.1593 -0.1770 0.2600 0.1376 The <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90C_err--YearToDateReturnLabel_c20250128__20250128__dei--LegalEntityAxis__custom--S000058974Member__rr--ProspectusShareClassAxis__custom--C000193424Member_zfSpkoThuLCp">year-to-date return as of <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_902_err--BarChartYearToDateReturnDate_c20250128__20250128__dei--LegalEntityAxis__custom--S000058974Member__rr--ProspectusShareClassAxis__custom--C000193424Member_zOI1QRNHY68S">December 31, 2024 was <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_907_err--BarChartYearToDateReturn_pid_dpxL_uRatio_c20250128__20250128__dei--LegalEntityAxis__custom--S000058974Member__rr--ProspectusShareClassAxis__custom--C000193424Member_zRkoaUCRhJxa" title="::XDX::0">13.76%. <table cellpadding="2" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="background-color: Gainsboro"> <td style="border-top: #000000 1pt solid; border-bottom: #000000 1pt solid; vertical-align: bottom; width: 87%"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90A_err--HighestQuarterlyReturnLabel_c20250128__20250128__dei--LegalEntityAxis__custom--S000058974Member__rr--ProspectusShareClassAxis__custom--C000193424Member_zP8t7v7SddA9">Best Quarter – <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_904_err--BarChartHighestQuarterlyReturnDate_c20250128__20250128__dei--LegalEntityAxis__custom--S000058974Member__rr--ProspectusShareClassAxis__custom--C000193424Member_zA3t85Y0lPR7">6/30/20</td> <td style="border-top: #000000 1pt solid; border-bottom: #000000 1pt solid; vertical-align: bottom; width: 13%"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90A_err--BarChartHighestQuarterlyReturn_pid_dp_uRatio_c20250128__20250128__dei--LegalEntityAxis__custom--S000058974Member__rr--ProspectusShareClassAxis__custom--C000193424Member_zJIAH02uZLRi">19.40%</td> </tr> <tr style="background-color: White"> <td style="border-top: #000000 1pt solid; border-bottom: #000000 1pt solid; vertical-align: bottom; width: 87%"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90B_err--LowestQuarterlyReturnLabel_c20250128__20250128__dei--LegalEntityAxis__custom--S000058974Member__rr--ProspectusShareClassAxis__custom--C000193424Member_zDMyCPc2p16E">Worst Quarter – <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_903_err--BarChartLowestQuarterlyReturnDate_c20250128__20250128__dei--LegalEntityAxis__custom--S000058974Member__rr--ProspectusShareClassAxis__custom--C000193424Member_zsIbw8NKdfFD">3/31/20</td> <td style="border-top: #000000 1pt solid; border-bottom: #000000 1pt solid; vertical-align: bottom; width: 13%"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90F_err--BarChartLowestQuarterlyReturn_pid_dp_uRatio_c20250128__20250128__dei--LegalEntityAxis__custom--S000058974Member__rr--ProspectusShareClassAxis__custom--C000193424Member_zGF7lKh4F6uL">-18.60%</td> </tr> </table> year-to-date return 2024-12-31 Best Quarter 2020-06-30 0.1940 Worst Quarter 2020-03-31 -0.1860 Average Annual Total Returns (for the periods ended December 31, 2024) 0.1376 0.0903 0.0967 2017-10-02 0.0675 0.0587 0.0662 2017-10-02 0.1078 0.0629 0.0679 2017-10-02 0.2012 0.0688 0.0650 2017-10-02 0.2502 0.1453 0.1428 2017-10-02 <p id="xdx_A85_err--PerformanceTableClosingTextBlock_zsUQPki8IYV_zYS0bygXsZjs" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_901_err--PerformanceTableUsesHighestFederalRate_c20250128__20250128__dei--LegalEntityAxis__custom--S000058974Member_zDNVD7jEL1m8">After-tax returns are calculated using the historically highest individual U.S. federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your individual tax situation and may differ from those shown in the preceding table. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90E_err--PerformanceTableNotRelevantToTaxDeferred_c20250128__20250128__dei--LegalEntityAxis__custom--S000058974Member_z5UEINA2NOj9">The after-tax return information shown above does not apply to Fund shares held through a tax-qualified account, such as a 401(k) plan or an IRA. After-tax returns are calculated using the historically highest individual U.S. federal marginal income tax rates and do not reflect the impact of state and local taxes. The after-tax return information shown above does not apply to Fund shares held through a tax-qualified account, such as a 401(k) plan or an IRA. Beacon Planned Return Strategy Fund (the “Fund”) Investment Objective The Fund seeks to deliver capital preservation and capital appreciation. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. 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. Information about sales charge discounts is available from your financial professional and in the “Buying and Redeeming Shares” section of the Prospectus and the “Purchase, Exchange and Redemption of Shares” section of the Statement of Additional Information (“SAI”). Shareholder Fees (fees paid directly from your investment) 0 0 -0.0200 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0100 0 0.0020 0.0016 0.0004 0.0120 Example <p id="xdx_A8C_err--ExpenseExampleNarrativeTextBlock_zZG07eXK8ElQ" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This example is intended to help you compare the costs of investing in the Fund with the cost of investing in other mutual 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. The example takes into consideration the agreement by the Adviser to waive fees and reimburse expenses for the contractual period only. 122 381 659 1453 Portfolio Turnover 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. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. A higher turnover rate may also result in additional income taxes when Fund shares are held in a taxable account. For the fiscal year ended September 30, 2024, the Fund’s portfolio turnover rate was <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90A_err--PortfolioTurnoverRate_pid_dp_uRatio_c20250128__20250128__dei--LegalEntityAxis__custom--S000058975Member_z6Mgul9KGs2h">0% of the average value of its portfolio. 0 Principal Investment Strategies of the Fund The Fund seeks to capture most of the returns generated by U.S. equity markets in rising markets, and to protect against the market losses in declining markets. This strategy utilizes a multi-pronged approach that seeks to provide equity-like returns in most market environments with bond-like volatility. The Fund’s investment strategy aims to provide a cushion against certain losses in the U.S. equity markets. The Fund seeks to accomplish its goal of mitigating downside risk in the equity markets by hedging the portfolio through the purchase of put options. Each put option helps to protect against losses in the U.S. equity indices. “Planned return” refers to the Fund’s goal of seeking to achieve a designated level of return with a designated level of risk through the use of call and put options. The Fund employs a long/short equity strategy by following a disciplined and systematic investment process. The returns sought to be generated by the strategy are derived from three distinct elements: <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; 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"> returns from directional market movements, </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; 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"> returns from option premium or income, and </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; 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"> returns from the hedge component that creates downside protection. </td> </tr> </table> The “directional market movement” component of returns is generated by the purchase of “deep-in-the-money” call options (call options that have a strike price below the market price of the underlying asset) and “at-the-money” call options (call options that have a strike price equal to the price of the underlying asset), which can provide capital appreciation. The “option premium or income” component of returns is generated by the sale of call and put options, which can provide portfolio income. The “hedge component” of returns is generated by the purchase of put options, which help to provide downside protection against losses in falling markets. A call option gives the purchaser of the call option, in return for a premium paid, the right to buy, and the writer (seller) of the call option the obligation to sell, the security underlying the option at a specified exercise price within a specified time frame. A put option gives the purchaser of the put option, in return for a premium paid, the right to sell, and the writer (seller) of the put option the obligation to buy, the underlying security of the put option at a specified price within a specified time frame. Put options allow investors to reduce U.S. equity market risk. Call options allow investors to participate in U.S. equity market growth. The Fund aims to achieve its investment objective through the systematic purchase of rolling investments, which we call ”tranches.” Each investment is made up of long and short call and put options traded on the performance of a broad market index. The Fund invests in approximately 10-12 unique tranches with 10-12 unique expiration dates, which are distinct investments of call and put options that mature and roll on an ongoing basis. In other words, at any given time, the Fund will generally have one tranche with options expiring in approximately one month, a second tranche expiring in approximately two months, and so on, up to a twelfth tranche expiring in approximately twelve months. Each month, a previously purchased tranche’s options will generally expire, be exercised, or be sold at or near their expiration, and the proceeds generally are used to purchase (or roll into) a new tranche of options expiring in approximately twelve months. The use of multiple tranches benefits the Fund investors by providing multiple entry and exit points for each investment. It also takes advantage of market volatility and helps investors avoid the market timing risk by spreading investments and risk over time. During periods of high volatility, which may coincide with market lows, options pricing may allow for a greater level of target return for a given level of downside protection. During periods of low volatility, which may coincide with market highs, market pricing may support lower target returns while maintaining the target level of downside protection. Therefore, the tranches generally seek higher target returns from market lows while maintaining downside protection at market highs. Estimated returns for tranches of options assume the options are held until their expiration. If options are not held until expiration, returns may be higher or lower than estimates. The Fund seeks to achieve its investment objective principally by investing in the following: Options. The Fund may invest a portion of its assets in derivative securities, including listed and Flexible Exchange Options (“FLEX Options”). The Fund may purchase and write (i.e. sell) “put” and “call” options that are traded on national securities exchanges, as well as on electronic communications networks. In general, options can be used in many ways, such as to increase market exposure (which would have the effect of leverage without actual borrowing), to reduce overall market exposure and reduce risk (i.e., for hedging purposes), to increase the portfolio’s current income, or to reduce the cost basis of a new position. The Fund may also utilize certain options, such as various types of index or “market basket” options, in an effort to hedge against certain market-related risks, as the Adviser deems appropriate. The Fund believes that the use of options may help reduce risk and enhance investment performance. ETFs. The Fund may invest a portion of its assets in ETFs. The Fund expects to generally invest in ETFs that represent an interest in a portfolio of securities selected to replicate a US equity index. Equities. The Fund may invest in equity securities consistent with the Fund’s investment objective and strategies. An equity security, or stock, represents a proportionate share of the ownership of a company; its value is based on the success of the company’s business, any income paid to stockholders, the value of its assets, and general market conditions. Common stocks and preferred stocks are examples of equity securities. Equity securities, such as common stocks, represent shares of ownership of a corporation. Preferred stocks are equity securities that often pay dividends at a specific rate and have a preference over common stocks in dividend payments and liquidation of assets. Some preferred stocks may be convertible into common stock. Convertible securities are securities (such as debt securities or preferred stock) that may be converted into or exchanged for a specified amount of common stock of the same or different issuer within a particular period of time at a specified price or formula. Principal Risks of the Fund <p id="xdx_A86_err--RiskTextBlock_hrr--RiskAxis__custom--MarketRiskMember_z7z7qnCLz8WO" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Market Risk: The market price of a security or instrument may decline, sometimes rapidly or unpredictably, due to general market conditions that are not specifically related to a particular company, such as the impact of inflation on the economy, supply chain disruptions, real or perceived adverse economic or political conditions throughout the world, changes in the general outlook for corporate earnings, changes in interest or currency rates, natural disasters, war, the spread of infectious illness or other public issues, or adverse investor sentiment generally. The market value of a security or instrument also may decline because of factors that affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. <p id="xdx_A86_err--RiskTextBlock_hrr--RiskAxis__custom--ManagementRiskMember_z5OQvnenSSIO" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Management Risk: The Fund’s success will depend on the management of the Adviser and on the skill and acumen of the Adviser’s personnel. <p id="xdx_A85_err--RiskTextBlock_hrr--RiskAxis__custom--OptionsRiskMember_z7LChEgErEy3" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Options Risk: The Fund may invest in options. Options transactions may be effected on securities exchanges or in the over-the-counter market. When options are purchased over-the-counter, the Fund bears the risk that the counter-party that wrote the option will be unable or unwilling to perform its obligations under the option contract. Such options may also be illiquid, and in such cases, the Fund may have difficulty closing out its option positions. <p id="xdx_A81_err--RiskTextBlock_hrr--RiskAxis__custom--DerivativeInstrumentsRiskMember_zI6mzeRjMs0B" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Derivative Instruments Risk: The Fund may invest in derivative instruments. These are financial instruments that derive their performance from the performance of an underlying asset, index, and interest rate or currency exchange rate. Derivatives can be volatile and involve various types and degrees of risks, depending upon the characteristics of a particular derivative. Derivatives may entail investment exposures that are greater than their cost would suggest, meaning that a small investment in a derivative could have a large potential impact on the performance of the Fund. The Fund could experience a loss if derivatives do not perform as anticipated, are not correlated with the performance of other investments that they are used to hedge or if the Fund is unable to liquidate a position because of an illiquid secondary market. The market for many derivatives is, or suddenly can become, illiquid. Changes in liquidity may result in significant, rapid and unpredictable changes in the prices for derivatives. <p id="xdx_A8E_err--RiskTextBlock_hrr--RiskAxis__custom--EquitySecuritiesRiskMember_zKM3KTehLhgF" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Equity Securities Risk: The Fund will invest in equity securities. Equity securities represent ownership in a company. Stock markets are volatile. The price of equity securities will fluctuate and can decline and reduce the value of a portfolio investing in equity securities. The value of equity securities purchased by the Fund could decline if the financial condition of the companies the Fund invests in declines or if overall market and economic conditions deteriorate. The value of equity securities may also decline due to factors that affect a particular industry or industries, such as labor shortages or an increase in production costs and competitive conditions within an industry. In addition, the value may decline due to general market conditions that are not specifically related to a company or industry, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates, natural disasters, the spread of infectious illness or other public health issues, or generally adverse investor sentiment. <p id="xdx_A8B_err--RiskTextBlock_hrr--RiskAxis__custom--ETFLiquidityRiskMember_z2Y85MHtyAjK" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">ETF Liquidity Risk: In certain circumstances, such as the disruption of the orderly markets for the securities or financial instruments in which an ETF invests, an ETF might not be able to dispose of certain holdings quickly or at prices that represent true market value in the judgment of the ETF investment managers. Such a situation may prevent an ETF from limiting losses, realizing gains or achieving a high correlation or inverse correlation with its underlying index. <p id="xdx_A8F_err--RiskTextBlock_hrr--RiskAxis__custom--ETFAndSharesOfOtherInvestmentCompaniesRiskMember_zVwsfevXmylT" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">ETF and Shares of Other Investment Companies Risk: The Fund may invest in shares of other investment companies, including ETFs, as a means to pursue its investment objective. As a result of this policy, your cost of investing in the Fund will generally be higher than the cost of investing directly in such investment companies. You will indirectly bear fees and expenses charged by such investment companies in addition to the Fund’s direct fees and expenses. Furthermore, the use of this strategy could affect the timing, amount and character of distributions to you and therefore may increase the amount of taxes payable by you. In addition to the risks of investing in an investment company, the price of an ETF can fluctuate within a wide range, and the Fund could lose money when investing in an ETF if the prices of the securities owned by the ETF go down. Additionally, the market price of the ETF’s shares may trade at a discount to their net asset value, an active trading market for an ETF’s shares may not develop or be maintained, and trading of an ETF’s shares may be halted if the listing exchange’s officials deem such action appropriate, the shares are de-listed from the exchange or the activation of market-wide “circuit breakers” (which are tied to large changes in stock prices) halts stock trading generally. Additionally, ETFs have management fees, which increase their cost. <p id="xdx_A8F_err--RiskTextBlock_hrr--RiskAxis__rr--RiskNondiversifiedStatusMember_z64209sPhlda" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Non-Diversification Risk: The Fund is classified as a “non-diversified” investment company under the 1940 Act, which means that it may invest more of its assets in the securities of a single issuer or a smaller number of issuers than if it were a “diversified fund”. To the extent the Fund invests a significant percentage of its assets in a limited number of issuers, the Fund is subject to the risks of investing in those few issuers, and may be more susceptible to a single adverse economic or regulatory occurrence. As a result, changes in the market value of a single security could cause greater fluctuations in the value of Fund shares than would occur in a diversified fund. It is possible to lose money on an investment in the Fund. Investments in the Fund are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. Performance Information <p id="xdx_A8D_err--PerformanceNarrativeTextBlock_zRBYH8DBGtl8" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_909_err--PerformanceInformationIllustratesVariabilityOfReturns_c20250128__20250128__dei--LegalEntityAxis__custom--S000058975Member_zhHJCptY2TnH">The following information provides some indication of the risks of investing in the Fund by showing how the Fund’s performance has varied over time. The bar chart depicts the change in performance from year to year during the periods indicated. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_900_err--BarChartDoesNotReflectSalesLoads_c20250128__20250128__dei--LegalEntityAxis__custom--S000058975Member_zWvXXkKn8Y6s">The bar chart figures do not include any applicable sales charges that investors may pay when they buy or sell shares of the Fund. If sales charges were included, the returns would be lower. The performance table compares the average annual returns of the Fund’s Institutional Class to a broad-based securities market index for the periods indicated. The index is not actively managed and is not available for direct investment. The bar charts and performance tables assume reinvestment of dividends and distributions. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_906_err--PerformancePastDoesNotIndicateFuture_c20250128__20250128__dei--LegalEntityAxis__custom--S000058975Member_zqOAqA8ZE9Ri">The Fund’s past performance does not necessarily indicate how it will perform in the future. Updated performance information is available on the Fund’s website at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90D_err--PerformanceAvailabilityWebSiteAddress_c20250128__20250128__dei--LegalEntityAxis__custom--S000058975Member_zE6gRWVVg8FX">www.beacontrust.com or by calling the Adviser at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_906_err--PerformanceAvailabilityPhone_c20250128__20250128__dei--LegalEntityAxis__custom--S000058975Member_zEaUb8vqhaKH">(973) 337-8090. The following information provides some indication of the risks of investing in the Fund by showing how the Fund’s performance has varied over time. The bar chart figures do not include any applicable sales charges that investors may pay when they buy or sell shares of the Fund. If sales charges were included, the returns would be lower. The Fund’s past performance does not necessarily indicate how it will perform in the future. www.beacontrust.com (973) 337-8090 Annual Total Returns (For the calendar years ended 12/31) – Institutional Class Shares -0.0238 0.1801 0.0948 0.0968 -0.0752 0.1909 0.1046 The <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_902_err--YearToDateReturnLabel_c20250128__20250128__dei--LegalEntityAxis__custom--S000058975Member__rr--ProspectusShareClassAxis__custom--C000193426Member_zy8nVI0LggDn">year-to-date return as of <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90A_err--BarChartYearToDateReturnDate_c20250128__20250128__dei--LegalEntityAxis__custom--S000058975Member__rr--ProspectusShareClassAxis__custom--C000193426Member_ztcJDAsK8bQW">December 31, 2024 was <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_902_err--BarChartYearToDateReturn_pid_dpxL_uRatio_c20250128__20250128__dei--LegalEntityAxis__custom--S000058975Member__rr--ProspectusShareClassAxis__custom--C000193426Member_zqmSkSjKZJ0u" title="::XDX::0">10.46%. <table cellpadding="2" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="background-color: Gainsboro"> <td style="border-top: #000000 1pt solid; border-bottom: #000000 1pt solid; vertical-align: bottom; width: 87%"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90B_err--HighestQuarterlyReturnLabel_c20250128__20250128__dei--LegalEntityAxis__custom--S000058975Member__rr--ProspectusShareClassAxis__custom--C000193426Member_zYFKNLlA5KRC">Best Quarter – <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90A_err--BarChartHighestQuarterlyReturnDate_c20250128__20250128__dei--LegalEntityAxis__custom--S000058975Member__rr--ProspectusShareClassAxis__custom--C000193426Member_zHmxeQAmeyr9">6/30/20</td> <td style="border-top: #000000 1pt solid; border-bottom: #000000 1pt solid; vertical-align: bottom; width: 13%"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90D_err--BarChartHighestQuarterlyReturn_pid_dp_uRatio_c20250128__20250128__dei--LegalEntityAxis__custom--S000058975Member__rr--ProspectusShareClassAxis__custom--C000193426Member_zIooZRRmlIAt">13.83%</td> </tr> <tr style="background-color: White"> <td style="border-top: #000000 1pt solid; border-bottom: #000000 1pt solid; vertical-align: bottom; width: 87%"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_906_err--LowestQuarterlyReturnLabel_c20250128__20250128__dei--LegalEntityAxis__custom--S000058975Member__rr--ProspectusShareClassAxis__custom--C000193426Member_zCFXrgK5x1uD">Worst Quarter – <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_900_err--BarChartLowestQuarterlyReturnDate_c20250128__20250128__dei--LegalEntityAxis__custom--S000058975Member__rr--ProspectusShareClassAxis__custom--C000193426Member_zzGeRG7XLQT3">3/31/20</td> <td style="border-top: #000000 1pt solid; border-bottom: #000000 1pt solid; vertical-align: bottom; width: 13%"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_902_err--BarChartLowestQuarterlyReturn_pid_dp_uRatio_c20250128__20250128__dei--LegalEntityAxis__custom--S000058975Member__rr--ProspectusShareClassAxis__custom--C000193426Member_zPUfGP8zT6ta">-12.85%</td> </tr> </table> year-to-date return 2024-12-31 Best Quarter 2020-06-30 0.1383 Worst Quarter 2020-03-31 -0.1285 Average Annual Total Returns (for the periods ended December 31, 2024) 0.1046 0.0787 0.0777 2017-10-02 0.0592 0.0553 0.0553 2017-10-02 0.0802 0.0560 0.0554 2017-10-02 0.2012 0.0688 0.0650 2017-10-02 0.2502 0.1453 0.1428 2017-10-02 <p id="xdx_A8F_err--PerformanceTableClosingTextBlock_zxN0alIWIQaJ" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_900_err--PerformanceTableUsesHighestFederalRate_c20250128__20250128__dei--LegalEntityAxis__custom--S000058975Member_zSQC5AGkHb48">After-tax returns are calculated using the historically highest individual U.S. federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your individual tax situation and may differ from those shown in the preceding table. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_904_err--PerformanceTableNotRelevantToTaxDeferred_c20250128__20250128__dei--LegalEntityAxis__custom--S000058975Member_zl0g2KT1IqoY">The after-tax return information shown above does not apply to Fund shares held through a tax-qualified account, such as a 401(k) plan or an IRA. After-tax returns are calculated using the historically highest individual U.S. federal marginal income tax rates and do not reflect the impact of state and local taxes. The after-tax return information shown above does not apply to Fund shares held through a tax-qualified account, such as a 401(k) plan or an IRA. BHIMX BHIIX BRIGADE HIGH INCOME FUND (THE “FUND”) Investment Objective The Fund’s investment objective is current income, with capital appreciation as a secondary objective. Investment Objective The Fund’s investment objective is current income, with capital appreciation as a secondary objective. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. 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. Shareholder Fees (fees paid directly from your investment) 0 0 0 0 -0.0100 -0.0100 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0050 0.0050 0.0019 0.0019 0.0001 0.0001 0.0070 0.0070 -0.0017 -0.0017 0.0053 0.0053 January 31, 2026 Example <p id="xdx_A8B_err--ExpenseExampleNarrativeTextBlock_zbdRvIEz4Q11" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This example is intended to help you compare the costs of investing in the Fund with the cost of investing in other mutual 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. The example takes into consideration the agreement by the Adviser to waive fees and reimburse expenses for the contractual period only. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 54 207 373 854 54 207 373 854 Portfolio Turnover 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. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. A higher turnover rate may also result in additional income taxes when Fund shares are held in a taxable account. For the fiscal year ended September 30, 2024, the Fund’s portfolio turnover rate was <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90C_err--PortfolioTurnoverRate_pid_dp_uRatio_c20250128__20250128__dei--LegalEntityAxis__custom--S000079888Member_zuxpWMCVqgDs">49% of the average value of its portfolio. 0.49 Principal Investment Strategies of the Fund The Fund seeks to outperform its primary and secondary benchmarks, before expenses, the ICE BofA US High Yield Constrained Index (primary benchmark) and a blend of 60% ICE BofA U.S High Yield Constrained Index/40% Credit Suisse Leveraged Loan Index (secondary benchmark), while providing a similar level of volatility over the entire market cycle. The Fund seeks to achieve its objective by investing in a diversified portfolio of high yield corporate bonds and loans, as well as through opportunistic investments amongst various sub-strategies within corporate credit. The Fund’s strategy will be executed by employing a bottom-up, fundamental research-based process implemented to seek to balance risk and reward, utilizing portfolio rotation as the credit cycle evolves. <div style="text-align: left; margin-top: 3pt; margin-bottom: 3pt"> <div style="border-top: Black 0.25pt solid; font-size: 1pt; width: 100%"> </div> </div> The Adviser will invest in corporate credit instruments throughout the entire credit cycle in an effort to create a balanced, diversified portfolio. Types of corporate credit investments in which the Fund invests include high yield bonds and leveraged loans (including debtor-in-possession (“DIP”), distressed debt, covenant-lite loans, secured and unsecured assignments of or participations in loans, accounts and notes payable, private claims, financial instruments, collateral on financial instruments and investments in companies involved in (or the target of) acquisition attempts or tender offers or companies involved in work-outs, liquidations, spin-offs, reorganizations, bankruptcies and similar transactions), investment grade corporate debt, convertibles and collateralized loan and bond obligations, foreign debt securities, and mezzanine securities. The Fund also intends to primarily invest in credit instruments that are rated below investment grade by some or all relevant independent rating agencies, including Moody’s Investors Service, Standard and Poor’s Rating Services and Fitch Ratings (including a significant portion of such assets in credit instruments in the lower tier of the high yield market that are rated B and below). Additionally, certain other high yield securities may be unrated by rating agencies but determined by the Adviser to be of similar quality as other below investment grade bonds and credit instruments and accordingly purchased for investment by the Fund. The Fund does not have a percentage limitation on investing in securities that are rated below investment grade. In addition, the Fund may also purchase equity securities or otherwise hold positions in equity or other assets that the Fund receives as part of a reorganization process of a high yield issuer and may hold those assets until such time as the Adviser believes that a disposition is most advantageous. From time to time, the Fund may make investments in distressed or defaulted securities or in issuers that are in bankruptcy. The Fund does not have any maturity or duration requirements. Furthermore, the Fund’s exposure to any sector will not exceed 30% of the net assets of the Fund, calculated at the time of investment (with sector categorization as defined by Bloomberg). The Adviser may elect to utilize leverage depending on market conditions and may also seek to hedge certain exposures through the use of indices and derivatives, including exchange traded funds (“ETFs”) (or options on exchange-traded funds. Credit hedges can include buying protection via single name credit default swaps, buying protection on the CDS index, CDS index swaption or the high yield index total return swap. Interest rate hedges can include interest rate swaps, swaptions and treasury futures. The Adviser may also seek to hedge risks by investing the Fund’s assets in currencies, currency futures contracts and options on currency futures contracts, forward currency contracts, options, swaps, swaptions, or any combination thereof (whether or not exchange traded). The Fund will sell a security for several reasons, including when: (i) the fundamentals of the company change, (ii) a holding reaches its price target, or (iii) a position takes on additional risk. The Fund may seek to sell all or part of a position in one or more trades depending on, among other things, the security and its trading market and profile. Principal Risks of the Fund <p id="xdx_A84_err--RiskTextBlock_hrr--RiskAxis__custom--BelowInvestmentGradeRiskMember_zlFgF2pNFVPt" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Below-Investment Grade Risk. The Fund will invest in high yield securities rated below BBB by S&P or Baa by Moody’s. High yield securities generally offer a higher current yield than that available from higher grade issues, but typically involve greater risk and are described as speculative by both S&P and Moody’s. Securities rated below investment grade are commonly referred to as “junk bonds”. The ability of issuers of high yield securities to make timely payments of interest and principal may be adversely impacted by adverse changes in general economic conditions, changes in the financial condition of the issuers and price fluctuations in response to changes in interest rates. High yield securities are less liquid than investment grade securities and may be difficult to price or sell, particularly in times of negative sentiment toward high yield securities. <p id="xdx_A84_err--RiskTextBlock_hrr--RiskAxis__custom--BankDebtRiskMember_zaEtoKY6QYzL" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Bank Debt Risk. The Fund’s investment in secured and unsecured assignments of (or participations in) bank debt may create substantial risk. Bank debt includes interests in loans to companies or their affiliates undertaken to finance a capital restructuring or in connection with recapitalizations, acquisitions, leveraged buyouts, refinancings or other financially leveraged transactions and may include loans which are designed to provide temporary or bridge financing to a borrower pending the sale of identified assets, the arrangement of longer-term loans or the issuance and sale of debt obligations. The Fund may also invest in collateral on financial instruments, including interests on whole commercial, consumer and other loans and lease contracts. These loans, which may bear fixed or floating rates, have generally been arranged through private negotiations between a corporate borrower and one or more financial institutions, including banks. The Fund’s investment may be in the form of participations or assignments. <p id="xdx_A88_err--RiskTextBlock_hrr--RiskAxis__custom--CreditRiskMember_zUz9WJOZ95UB" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Credit Risk. There is a risk that issuers and counterparties will not make payments on securities and other investments held by the Fund, resulting in losses to the Fund. In addition, the credit quality of fixed income securities held by the Fund may be lowered if an issuer’s financial condition changes. High yield or junk bonds as well as other debt securities issued by below investment grade issuers are typically more susceptible to these risks than debt of higher quality issuers. Furthermore, a significant amount of the Fund’s net asset value is expected to be invested in the lower- rated segment of the high yield market (rated B and below), which investments generally involve greater credit risk than high yield securities that are rated BB and above. <p id="xdx_A8B_err--RiskTextBlock_hrr--RiskAxis__custom--ConvertibleSecurityRiskMember_zFjUevfE6wKc" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Convertible Security Risk. Convertible securities are hybrid securities that have characteristics of both bonds and common stocks and are therefore subject to both debt security risks and equity risk. Convertible securities are subject to equity risk especially when their conversion value is greater than the interest and principal value of the security. A convertible security may be subject to redemption at the option of the issuer at a price established in the convertible security’s governing instrument. If a convertible security held by the Fund is called for redemption, the Fund will be required to permit the issuer to redeem the security, convert it into the underlying common stock or sell it to a third party. Any of these actions could have an adverse impact on the Fund’s ability to achieve its investment objective. <p id="xdx_A89_err--RiskTextBlock_hrr--RiskAxis__custom--CounterpartyAndSettlementRiskMember_zED6ZWI8ZZvY" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Counterparty and Settlement Risk. To the extent the Fund invests in participations, assignments, swaps, repurchase agreements, reverse-repurchase agreements, structured products, derivative or synthetic instruments, or other over-the-counter transactions or, in certain circumstances, in non-U.S. securities, the Fund may take a credit risk with regard to parties with whom it trades and may also bear the risk of settlement default. These risks may differ materially from those entailed in exchange-traded transactions which generally are backed by clearing organization guarantees, daily marking-to-market and settlement, and segregation and minimum capital requirements applicable to intermediaries. Transactions entered directly between two counterparties generally do not benefit from such protections and expose the parties to the risk of counterparty default. <p id="xdx_A83_err--RiskTextBlock_hrr--RiskAxis__custom--CovenantLiteLoanRiskMember_zAFxtZc7bdUu" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Covenant-Lite Loan Risk. The Fund may invest in loans that are “covenant lite.” Covenant lite loans may lack financial maintenance covenants that in certain situations can allow lenders to claim a default on the loan to seek to protect the interests of the lenders. The absence of financial maintenance covenants in a covenant lite loan might result in a lower recovery in the event of a default by the borrower. The Fund may experience losses or delays in enforcing its rights on its holdings of covenant lite loans. <p id="xdx_A8F_err--RiskTextBlock_hrr--RiskAxis__custom--CurrencyRiskMember_zi7uTUiY40Y0" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Currency Risk. The Fund’s investments that are denominated in a non-U.S. currency are subject to the risk that the value of a particular currency will change in relation to one or more other currencies. Among the factors that may affect currency values are trade balances, the level of short-term interest rates, differences in relative values of similar assets in different currencies, long-term opportunities for investment and capital appreciation and political developments. <p id="xdx_A82_err--RiskTextBlock_hrr--RiskAxis__custom--DebtSecuritiesRiskMember_zYET3Te7tiPw" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Debt Securities Risk. Debt securities in which the Fund invests are subject to several types of investment risk, including market or interest rate risk (i.e., the risk that their value will be inversely affected by fluctuations in the prevailing interest rates), credit risk (i.e., the risk that the issuer may be unable to make timely interest payments and repay the principal upon maturity), call or income risk, (i.e., the risk that certain debt securities with high interest rates will be prepaid or “called” by the issuer before they mature), and event risk (i.e., the risk that certain debt securities may suffer a substantial decline in credit quality and market value if the issuer restructures). Fixed income markets have recently experienced a period of relatively high volatility. If the Federal Reserve continues to increase interest rates, fixed income markets (and the high yield market in particular) could experience continuing high volatility, which could negatively impact the Fund’s performance. <p id="xdx_A82_err--RiskTextBlock_hrr--RiskAxis__custom--DistressedInvestmentsRiskMember_zWg5mqsWEkA2" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Distressed Investments Risk. The Fund’s investments in distressed companies may result in returns to the Fund, but which involve a substantial degree of risk. The Fund may lose its entire investment in a troubled company, may be required to accept cash or securities with a value less than the Fund’s investment and may be prohibited from exercising certain rights with respect to such investment. Troubled company investments may not show any returns for a considerable period of time. The Fund’s investments in companies involved in (or the target of) acquisition attempts or tender offers or companies involved in work-outs, liquidations, spin-offs, reorganizations, bankruptcies and similar transactions come with the risk that the transaction either will be unsuccessful, take considerable time or result in a distribution of cash or a new security, the value of which will be less than the purchase price to the Fund of the security, or other financial instrument in respect of which such distribution is received. Similarly, if an anticipated transaction does not in fact occur, the Fund may be required to sell its investment at a loss. <p id="xdx_A87_err--RiskTextBlock_hrr--RiskAxis__custom--DerivativesRiskMember_zRi7qhFHeFkM" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Derivatives Risk. The Fund may invest in derivative securities for bona fide hedging purposes. A derivative security is a financial contract whose value is based on (or “derived from”) a traditional security (such as a bond) or a market index. The use of futures, options, repurchase agreements and other derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments, and include leverage, volatility, liquidity, credit and tracking risks. Long options positions may expire worthless. <p id="xdx_A82_err--RiskTextBlock_hrr--RiskAxis__custom--ExchangeTradedFundsRiskMember_z3w9mkSN1RH0" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Exchange-Traded Funds Risk. The Fund may invest in ETFs. ETFs may be based on underlying equity or fixed income securities, as well as commodities or currencies. Because an ETF incurs its own fees and expenses, shareholders of the fund investing in an ETF will indirectly bear those costs. Such fund will also incur brokerage commissions and related charges when purchasing or selling shares of an ETF. Unlike typical investment company shares, which are valued once daily, shares in an ETF may be purchased or sold on a securities exchange throughout the trading day at market prices that are generally close to the NAV of the ETF. <p id="xdx_A83_err--RiskTextBlock_hrr--RiskAxis__custom--EquitySecuritiesRiskMember_z6npWCpvaa7U" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Equity Securities Risk. The Fund may invest in equity securities, including equities of stressed issuers or companies emerging from a financial restructuring or corporate reorganization. Equity securities represent ownership in a company. Stock markets are volatile. The price of equity securities will fluctuate and can decline and reduce the value of a portfolio investing in equity securities. The value of equity securities purchased or otherwise acquired by the Fund could decline if the financial condition of the companies the Fund invests in declines or if overall market and economic conditions deteriorate. The value of equity securities may also decline due to factors that affect a particular industry or industries, such as labor shortages, supply-chain disruptions or an increase in production costs and competitive conditions within an industry. <p id="xdx_A86_err--RiskTextBlock_hrr--RiskAxis__custom--InterestRateRiskMember_zHb5TG7OVc4_zDZ8YZOhU7nQ" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Interest Rate Risk. Interest rate risk is the risk that fixed income securities will decline in value because of changes in interest rates. As nominal interest rates rise, the value of fixed income securities held by the Fund are likely to decrease. Securities with longer durations tend to be more sensitive to changes in interest rates and are usually more volatile than securities with shorter durations. In certain interest rate environments, such as when real interest rates are rising faster than nominal interest rates, inflation-indexed securities may experience greater losses than other fixed income securities with similar durations. <p id="xdx_A85_err--RiskTextBlock_hrr--RiskAxis__custom--LeveragedLoanRiskMember_z1uJckfY5Qs8" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Leveraged Loan Risk. Leveraged loans (also known as bank loans) are subject to the risks typically associated with debt securities. In addition, leveraged loans, which typically hold a senior position in the capital structure of a borrower, are subject to the risk that a court could subordinate such loans to presently existing or future indebtedness or take other action detrimental to the holders of leveraged loans. Leveraged loans are also subject to the risk that the value of the collateral, if any, securing a loan may decline, be insufficient to meet the obligations of the borrower, or be difficult to liquidate. Some leveraged loans are not as easily purchased or sold as publicly-traded securities and others are illiquid, which may make it more difficult for the Fund to value them or dispose of them at an acceptable price. In the event of fraud or misrepresentation, the Fund may not be protected under federal securities laws with respect to leveraged loans that may not be in the form of “securities.” The settlement period for some leveraged loans may be more than seven days. To the extent the extended loan settlement process gives rise to short-term liquidity needs, such as the need to satisfy redemption requests, the Fund may sell investments or temporarily borrow from banks or other lenders. <p id="xdx_A8C_err--RiskTextBlock_hrr--RiskAxis__custom--LeverageRiskMember_zhvFi3G6rmCs" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Leverage Risk. The use of leverage by the Fund, such as borrowing money to purchase securities or the use of options, will cause the Fund to incur additional expenses and magnify the Fund’s gains or losses. The Fund intends to generally use leverage, if any, to meet Fund redemptions. <p id="xdx_A8A_err--RiskTextBlock_hrr--RiskAxis__custom--LiquidityRiskMember_zkeiuHslHPto" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Liquidity Risk. Low or lack of trading volume in the high yield market may make it difficult to sell securities held by the Fund at quoted market prices. In addition, with respect to certain fixed income investments (bank loans in particular), settlement occurs on an extended basis, further decreasing their liquidity profile. <p id="xdx_A89_err--RiskTextBlock_hrr--RiskAxis__custom--ManagementAndStrategyRiskMember_zNDupSa28pfP" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Management and Strategy Risk. The Fund is an actively managed portfolio. Investment strategies employed by the Adviser on behalf of the Fund may not result in an increase in the value of your investment or in overall performance equal to other investments. In addition, the Fund’s tactical asset allocation strategy may be unsuccessful and may cause the Fund to incur losses. <p id="xdx_A85_err--RiskTextBlock_hrr--RiskAxis__custom--MoneyMarketInstrumentsSecuritiesMember_zT0Jniwxf6aT" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Money Market Instruments/Securities. In seeking to provide downside protection, during periods of high market volatility, the Fund may hold money market instruments, including commercial paper, banker’s acceptances, certificates of deposit and other short-term debt securities. <p id="xdx_A84_err--RiskTextBlock_hrr--RiskAxis__custom--MarketRiskMember_zZwJRPoLGp46" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Market Risk. The market price of a security or instrument may decline, sometimes rapidly or unpredictably, due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic or political conditions throughout the world, changes in the general outlook for corporate earnings, changes in interest or currency rates, natural disasters, war, the spread of infectious illness or other public issues, or adverse investor sentiment generally. The market value of a security or instrument also may decline because of factors that affect a particular industry or industries, such as labor shortages, supply-chain disruptions or increased production costs and competitive conditions within an industry. <p id="xdx_A86_err--RiskTextBlock_hrr--RiskAxis__custom--NonUSSecuritiesRiskMember_z6F4fPk85ZJl" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Non-U.S. Securities Risk. Investing in securities of non-U.S. companies and governments which are generally denominated in non-U.S. currencies and utilization of currency forward contracts and options on currencies involve certain considerations comprising both risks and opportunities not typically associated with investing in securities of U.S. issuers. These considerations include changes in exchange rates and exchange control regulations, political and social instability, expropriation, imposition of non-U.S. taxes, less liquid markets and less available information than are generally the case in the U.S., higher transaction costs, less government supervision of exchanges, brokers and issuers, difficulty in enforcing contractual obligations, lack of uniform accounting and auditing standards and greater price volatility. <p id="xdx_A81_err--RiskTextBlock_hrr--RiskAxis__custom--PrepaymentAndExtensionRiskMember_zYItz5OZ944N" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Prepayment and Extension Risk. When interest rates fall, issuers of high interest debt obligations may pay off the debts earlier than expected (prepayment risk), and the Fund may have to reinvest the proceeds at lower yields. When interest rates rise, issuers of lower interest debt obligations may pay off the debts later than expected (extension risk), thus keeping the Fund’s assets tied up in lower interest debt obligations. Ultimately, any unexpected behavior in interest rates could increase the volatility of the Fund’s share price and yield and could hurt Fund performance. Prepayments could also create capital gains tax liability in some instances. <p id="xdx_A80_err--RiskTextBlock_hrr--RiskAxis__custom--RuleOneFourFourASecuritiesRiskMember_zPmwM2NVXsfb" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Rule 144A Securities Risk. The market for certain Rule 144A securities can be less active than the market for publicly-traded securities. Certain Rule 144A securities carry a heightened risk that the liquidity of these securities may become impaired, making it more difficult for the Fund to sell these bonds at reasonable prices. <p id="xdx_A8D_err--RiskTextBlock_hrr--RiskAxis__custom--ShareholderConcentrationRiskMember_zenmndzI4LC1" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Shareholder Concentration Risk. When a small number of shareholders account for a disproportionate share of the Fund’s assets, redemptions by large shareholders can harm remaining shareholders. If a large shareholder is an omnibus account that represents investments by multiple smaller accounts or if an adviser acts on behalf of multiple accounts, when the underlying accounts tend to act in tandem, shareholder concentration risk will be present. Risk is minimized when the underlying accounts tend to act independently of one another. It is possible to lose money on an investment in the Fund Investments in the Fund are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency Performance Information <p id="xdx_A81_err--PerformanceNarrativeTextBlock_z3yay7LUQ6Au" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Founders Class and Institutional Class of the Fund commenced operations on May 2, 2023 and May 5, 2023, respectively. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90E_err--PerformanceInformationIllustratesVariabilityOfReturns_c20250128__20250128__dei--LegalEntityAxis__custom--S000079888Member_ze9BUJQlRXR4">Annual performance information gives some indication of the risks of an investment in the Fund by comparing the Fund’s performance with a broad measure of market performance. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_906_err--PerformancePastDoesNotIndicateFuture_c20250128__20250128__dei--LegalEntityAxis__custom--S000079888Member_zSnUmJgZfsEx">Past performance is no indication of future returns. Updated performance information is available on the Fund’s website at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90B_err--PerformanceAvailabilityWebSiteAddress_c20250128__20250128__dei--LegalEntityAxis__custom--S000079888Member_zOUdepeWSbrN">www.brigadefunds.com or by calling the following toll-free number <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_907_err--PerformanceAvailabilityPhone_c20250128__20250128__dei--LegalEntityAxis__custom--S000079888Member_zKrMUIc6Oul0">844-903-0443. Annual performance information gives some indication of the risks of an investment in the Fund by comparing the Fund’s performance with a broad measure of market performance. Past performance is no indication of future returns www.brigadefunds.com 844-903-0443 0.1086 PERFORMANCE BAR CHART AND TABLE Year-By-Year Total Returns as of December 31, 2024 Founders Share Class The <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90E_err--YearToDateReturnLabel_c20250128__20250128__dei--LegalEntityAxis__custom--S000079888Member__rr--ProspectusShareClassAxis__custom--C000241324Member_zyCRGu93HdWU">year-to-date return as of <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_909_err--BarChartYearToDateReturnDate_c20250128__20250128__dei--LegalEntityAxis__custom--S000079888Member__rr--ProspectusShareClassAxis__custom--C000241324Member_zTxOutS91TRW">December 31, 2024 was <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90D_err--BarChartYearToDateReturn_pid_dpxL_uRatio_c20250128__20250128__dei--LegalEntityAxis__custom--S000079888Member__rr--ProspectusShareClassAxis__custom--C000241324Member_ze2do1SxFW9v">10.86%. <table cellpadding="2" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="background-color: Gainsboro"> <td colspan="2" style="vertical-align: top">Brigade High Income Fund — Founders Class</td> </tr> <tr style="background-color: White"> <td style="vertical-align: top; width: 36%"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90C_err--HighestQuarterlyReturnLabel_c20250128__20250128__dei--LegalEntityAxis__custom--S000079888Member__rr--ProspectusShareClassAxis__custom--C000241324Member_z2Sbxdway3Q7">Best Quarter – <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_904_err--BarChartHighestQuarterlyReturnDate_c20250128__20250128__dei--LegalEntityAxis__custom--S000079888Member__rr--ProspectusShareClassAxis__custom--C000241324Member_zDGofz8iVgY_zOO9fwi4Ptz9">9/30/2024</td> <td style="vertical-align: top; width: 64%"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_907_err--BarChartHighestQuarterlyReturn_pid_dpxL_uRatio_c20250128__20250128__dei--LegalEntityAxis__custom--S000079888Member__rr--ProspectusShareClassAxis__custom--C000241324Member_zQ57JfTrNWu3">5.78%</td> </tr> <tr style="background-color: Gainsboro"> <td style="vertical-align: top; width: 36%"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90B_err--LowestQuarterlyReturnLabel_c20250128__20250128__dei--LegalEntityAxis__custom--S000079888Member__rr--ProspectusShareClassAxis__custom--C000241324Member_z8g6ttlCo0m4">Worst Quarter – <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90B_err--BarChartLowestQuarterlyReturnDate_c20250128__20250128__dei--LegalEntityAxis__custom--S000079888Member__rr--ProspectusShareClassAxis__custom--C000241324Member_zyuQGVcd0uL_zFk0yg6sJ1ax">6/30/2024</td> <td style="vertical-align: top; width: 64%"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_902_err--BarChartLowestQuarterlyReturn_pid_dp_uRatio_c20250128__20250128__dei--LegalEntityAxis__custom--S000079888Member__rr--ProspectusShareClassAxis__custom--C000241324Member_zxlgq8Qc8QkB">0.70%</td> </tr> </table> <table cellpadding="2" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="background-color: Gainsboro"> <td colspan="2" style="vertical-align: top">Brigade High Income Fund — Institutional Class</td> </tr> <tr style="background-color: White"> <td style="vertical-align: top; width: 36%"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90D_err--HighestQuarterlyReturnLabel_c20250128__20250128__dei--LegalEntityAxis__custom--S000079888Member__rr--ProspectusShareClassAxis__custom--C000241325Member_zPEtV8HOnRr7">Best Quarter – <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_905_err--BarChartHighestQuarterlyReturnDate_c20250128__20250128__dei--LegalEntityAxis__custom--S000079888Member__rr--ProspectusShareClassAxis__custom--C000241325Member_zICMhjU87FBs">9/30/2024</td> <td style="vertical-align: top; width: 64%"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_900_err--BarChartHighestQuarterlyReturn_pid_dpxL_uRatio_c20250128__20250128__dei--LegalEntityAxis__custom--S000079888Member__rr--ProspectusShareClassAxis__custom--C000241325Member_z19rgss93NHg">5.64%</td> </tr> <tr style="background-color: Gainsboro"> <td style="vertical-align: top; width: 36%"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90F_err--LowestQuarterlyReturnLabel_c20250128__20250128__dei--LegalEntityAxis__custom--S000079888Member__rr--ProspectusShareClassAxis__custom--C000241325Member_zEWvlU5f5Zm_z2VJMQMxplcs">Worst Quarter – <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90B_err--BarChartLowestQuarterlyReturnDate_c20250128__20250128__dei--LegalEntityAxis__custom--S000079888Member__rr--ProspectusShareClassAxis__custom--C000241325Member_za2xzyGwQ7Ga">6/30/2024</td> <td style="vertical-align: top; width: 64%"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90D_err--BarChartLowestQuarterlyReturn_pid_dp_uRatio_c20250128__20250128__dei--LegalEntityAxis__custom--S000079888Member__rr--ProspectusShareClassAxis__custom--C000241325Member_zRgMJAyl6RLo">0.66%</td> </tr> </table> year-to-date return 2024-12-31 Best Quarter 2024-09-30 Worst Quarter 2024-06-30 0.0070 Best Quarter 2024-09-30 Worst Quarter 2024-06-30 0.0066 0.1086 0.1283 2023-05-02 0.0546 0.0776 2023-05-02 0.0637 0.0762 2023-05-02 0.0125 0.0247 2023-05-02 0.0855 0.1033 2023-05-02 0.0820 0.1009 2023-05-02 0.1058 0.1278 2023-05-05 2023-05-05 0.0125 0.0173 2023-05-05 2023-05-05 0.0855 0.1046 2023-05-05 2023-05-05 0.0820 0.1056 2023-05-05 2023-05-05 SEKSX IKSTX FUND SUMMARY Carret Kansas Tax-Exempt Bond Fund (“Fund”) Investment Objective <p id="xdx_A8E_err--ObjectivePrimaryTextBlock_z17A0FQOgCA_zllOAlD2yuUO" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund seeks to preserve capital while producing current income for the investor that is predominately exempt from both federal and Kansas state income taxes. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. 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. Information about sales charge discounts is available from your financial professional and in the “Buying and Redeeming Shares” section of the Prospectus and the “Purchase, Exchange and Redemption of Shares” section of the Statement of Additional Information (“SAI”). Shareholder Fees (fees paid directly from your investment) 0 0.0425 -0 -0 0 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0030 0.0030 0 0.0025 0.0036 0.0043 0.0001 0.0001 0.0067 0.0099 -0.0018 -0.0018 0.0049 0.0081 Restated to reflect current fees. January 31, 2026 Example <p id="xdx_A8E_err--ExpenseExampleNarrativeTextBlock_zQDJ6zbWVBz7" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This example is intended to help you compare the costs of investing in the Fund with the cost of investing in other mutual 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. The example takes into consideration the agreement by the Adviser to waive fees and reimburse expenses for the contractual period only. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 50 196 355 817 83 297 529 1196 Portfolio Turnover During the most recent fiscal year for the Fund ended September 30, 2024, the Fund’s portfolio turnover rate was <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_907_err--PortfolioTurnoverRate_pid_dp_uRatio_c20250128__20250128__dei--LegalEntityAxis__custom--S000062895Member_zSkOCJLAd0Jq">10% of the average value of its portfolio. 0.10 Principal Investment Strategies of the Fund The Fund seeks to preserve capital while producing current income for the investor that is exempt from both federal and Kansas state income taxes by investing in bonds issued by Kansas municipalities. Under normal market conditions: <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 18pt; vertical-align: top; text-align: right"> ● </td> <td style="vertical-align: top; text-align: left"> The Fund will invest predominantly in Kansas-based securities and may also invest in obligations of the United States government and its agencies and instrumentalities. The Fund may invest in securities issued by territories or possessions of the United States; </td> </tr> </table> <div style="text-align: left; margin-top: 3pt; margin-bottom: 3pt"> </div> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 18pt; vertical-align: top; text-align: right"> ● </td> <td style="vertical-align: top; text-align: left"> The Fund will invest in municipal bonds with maturities ranging up to 20 years and which are rated, at time of purchase, investment grade (rated Baa/BBB or better, as rated by a nationally recognized statistical rating organization, such as Moody’s Investors Service Inc. (‘‘Moody’s’’), Standard & Poor’s Corporation (‘‘S&P’’), or Fitch Ratings Ltd. (‘‘Fitch’’), or which are unrated and determined by the Fund’s Adviser to be of comparable quality); </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 18pt; vertical-align: top; text-align: right"> ● </td> <td style="vertical-align: top; text-align: left"> The Fund will maintain a dollar weighted average portfolio maturity between 3 and 15 years; </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 18pt; vertical-align: top; text-align: right"> ● </td> <td style="vertical-align: top; text-align: left"> At least 80% of the Fund’s net assets, plus borrowings for investment purposes, will be invested in municipal bonds which produce interest that is exempt from federal income tax and, in the opinion of bond counsel of the issuer of Kansas obligations, is exempt from Kansas state income taxes; and </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 18pt; vertical-align: top; text-align: right"> ● </td> <td style="vertical-align: top; text-align: left"> At least 80% of the Fund’s net assets, plus borrowings for investment purposes, will be invested in securities the income from which is not subject to the alternative minimum tax (“AMT”). </td> </tr> </table> Main types of securities in which the Fund may invest: <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 18pt; vertical-align: top; text-align: right"> ● </td> <td style="vertical-align: top; text-align: left"> Municipal securities from the State of Kansas </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 18pt; vertical-align: top; text-align: right"> ● </td> <td style="vertical-align: top; text-align: left"> Municipal securities from other states and U.S. territories and possessions </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 18pt; vertical-align: top; text-align: right"> ● </td> <td style="vertical-align: top; text-align: left"> Short-term money market securities, including cash and money market mutual funds, including shares of registered investment companies </td> </tr> </table> The Fund will invest primarily in general obligation and revenue bonds. If any security held by the Fund falls below investment grade, the Fund will put the security on its credit watch list and will generally sell the security within 90 days of such credit downgrade. The Fund does not intend to principally invest in any particular sector of the municipal bond market. Buy and Sell Strategy: The Fund’s buy discipline is determined by the investment mandate, as well as metrics including; duration, rating, coupon, and sector/industry. After an approved universe of bonds is identified, the portfolio managers/analysts identify specific bond issues. Each credit is analyzed to determine its credit-worthiness and risk profile prior to a buy decision. The Fund’s sell discipline takes into consideration bonds that fall in credit quality or that are viewed as having downward pricing risk. Bonds in industries that are perceived to be undergoing significant changes may result in a deteriorating financial condition. The sell discipline is also designed to alter the complexion of portfolios as portfolio managers strategically decide to change duration, credit quality, cash flows, etc. Principal Risks of the Fund <p id="xdx_A8E_err--RiskTextBlock_hrr--RiskAxis__custom--CallRiskMember_z5ePkOdBJpS1" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Call Risk. Call risk is the likelihood that a security will be prepaid (or “called”) before maturity. An issuer is more likely to call its bonds when interest rates are falling, because the issuer can issue new bonds with lower interest payments. If a bond is called, the Fund may have to replace it with a lower-yielding security. <p id="xdx_A8E_err--RiskTextBlock_hrr--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zQvxUADI8IYm" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Fixed-Income Securities Risk. Fixed-income securities are subject to the risk of the issuer’s inability to meet principal and interest payments on its obligations (i.e., credit risk) and are subject to price volatility resulting from, among other things, interest rate sensitivity, market perception of the creditworthiness of the issuer and general market liquidity (i.e., market risk). Generally, fixed-income securities will decrease in value if interest rates rise and will increase in value if interest rates decline. Securities with longer durations are likely to be more sensitive to changes in interest rates, generally making them more volatile than securities with shorter durations. Lower rated fixed-income securities have greater volatility because there is less certainty that principal and interest payments will be made as scheduled. <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 18pt; vertical-align: top; text-align: right"> ● </td> <td style="vertical-align: top; text-align: left"> Credit Risk. Credit risk is the risk that the issuer of a debt security, including ETNs, will fail to repay principal and interest on the security when due. Credit risk is affected by the issuer’s credit status, and is generally higher for non-investment grade securities. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 18pt; vertical-align: top; text-align: right"> ● </td> <td style="vertical-align: top; text-align: left"> Duration Risk. Duration is a measure of the sensitivity of a security’s price to changes in interest rates. The longer a security’s duration, the more sensitive it will be to changes in interest rates. Similarly, a fund with longer average fund duration will be more sensitive to changes in interest rates and will experience more price volatility than a fund with shorter average fund duration. By way of example, the price of a bond fund with duration of five years would be expected to fall approximately 5% if interest rates rose by one percentage point. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 18pt; vertical-align: top; text-align: right"> ● </td> <td style="vertical-align: top; text-align: left"> Extension Risk. Extension risk is the risk that an issuer will exercise its right to pay principal on an obligation held by the Fund later than expected. This may happen during a period of rising interest rates. Under these circumstances, the value of the obligation will decrease and the Fund will suffer from the inability to invest in higher yielding securities. </td> </tr> </table> <div style="text-align: left; margin-top: 3pt; margin-bottom: 3pt"> </div> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 18pt; vertical-align: top; text-align: right"> ● </td> <td style="vertical-align: top; text-align: left"> Interest Rate Risk. Interest rate risk is the risk that a debt security’s value will decline due to changes in market interest rates. Even though some interest-bearing securities offer a stable stream of income, their prices will still fluctuate with changes in interest rates. The Fund may be subject to greater risk of rising interest rates than would normally be the case due to the current period of historically low rates and the effect of potential government fiscal policy initiatives and resulting market reaction to those initiatives. When interest rates change, the values of longer-duration debt securities usually change more than the values of shorter-duration debt securities. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 18pt; vertical-align: top; text-align: right"> ● </td> <td style="vertical-align: top; text-align: left"> Prepayment Risk. Prepayment occurs when the issuer of a security can repay principal prior to the security’s maturity. Securities subject to prepayment can offer less potential for gains during a declining interest rate environment and similar or greater potential for loss in a rising interest rate environment. In addition, the potential impact of prepayment features on the price of a debt security can be difficult to predict and result in greater volatility. This risk could affect the total return of the Fund. </td> </tr> </table> <p id="xdx_A88_err--RiskTextBlock_hrr--RiskAxis__custom--InvestmentCompanyRiskMember_z2a5xeYTC7Oq" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Investment Company Risk. The Fund may invest in shares of registered investments companies, including shares of money market funds. In such circumstance, Fund shareholders bear both their proportionate share of the Fund’s expenses and similar expenses of any underlying investment company when the Fund invests in shares of another investment company. <p id="xdx_A86_err--RiskTextBlock_hrr--RiskAxis__custom--LiquidityRiskMember_zIoD0x1GyS0z" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Liquidity Risk. The Fund may invest in securities or instruments that trade in lower volumes and may make investments that are less liquid than other more widely held investments. In addition, the Fund may invest in securities that could become less liquid in response to market developments or adverse investor perceptions. Investments that are trade in lower volumes may be more difficult to value. When there is no willing buyer and investments cannot be readily sold at the desired time or price, the Fund may have to accept a lower price or may not be able to sell the security or instrument at all. An inability to sell one or more portfolio positions can adversely affect the Fund’s value or prevent the Fund from being able to take advantage of other investment opportunities. <p id="xdx_A8C_err--RiskTextBlock_hrr--RiskAxis__custom--ManagementRiskMember_zEBrW87N179_zlTfQcNreYuS" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Management Risk. The Fund’s success will depend on the management of the Adviser and on the skill and acumen of the Adviser’s personnel. <p id="xdx_A8F_err--RiskTextBlock_hrr--RiskAxis__custom--MarketRiskMember_zxU2x3um11FM" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Market Risk. The market price of a security or instrument may decline, sometimes rapidly or unpredictably, due to general market conditions that are not specifically related to a particular company, such as the impact of inflation on the economy, supply chain disruptions, real or perceived adverse economic or political conditions throughout the world, changes in the general outlook for corporate earnings, changes in interest or currency rates, natural disasters, war, the spread of infectious illness or other public issues, or adverse investor sentiment generally. The market value of a security or instrument also may decline because of factors that affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. <p id="xdx_A80_err--RiskTextBlock_hrr--RiskAxis__custom--MunicipalSecuritiesRiskMember_zfNAONNHExwH" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Municipal Securities Risk. Municipal bonds are subject to the risk that litigation, legislation or other political events, local business or economic conditions or the bankruptcy of the issuer could have a significant effect on an issuer’s ability to make payments of principal and/or interest. Municipal bonds can be significantly affected by political changes as well as uncertainties in the municipal market related to taxation, legislative changes or the rights of municipal security holders. Because many municipal securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal market. In addition, changes in the financial condition of an individual municipal insurer can affect the overall municipal market. Municipal bonds may include revenue bonds, which are generally backed by revenue from a specific project or tax. The issuer of a revenue bond makes interest and principal payments from revenues generated from a particular source or facility, such as a tax on particular property or revenues generated from municipal water or sewer utility or an airport. Revenue bonds generally are not backed by the full faith and credit and general taxing power of the issuer. The market for municipal bonds may be less liquid than for taxable bonds. There may be less information available on the financial condition of issuers of municipal securities than for public corporations. <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 18pt; vertical-align: top; text-align: right"> ● </td> <td style="vertical-align: top; text-align: left"> General Obligation Bonds. Timely payments depend on the issuer’s credit quality, ability to raise tax revenues, and ability to maintain an adequate tax base. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 18pt; vertical-align: top; text-align: right"> ● </td> <td style="vertical-align: top; text-align: left"> Revenue Bonds. Payments depend on the money earned by the particular facility or class of facilities, or the amount of revenues derived from another source. </td> </tr> </table> <p id="xdx_A8E_err--RiskTextBlock_hrr--RiskAxis__custom--StateSpecificRiskMember_zcvgrIQHZbhi" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">State Specific Risk. State specific risk is the chance that the Fund, because it invests primarily in securities issued by Kansas and its municipalities, is more vulnerable to unfavorable developments in Kansas than funds that invest in municipal bonds of many different states. Kansas is home to 2.9 million residents, and its economy is reasonably diversified but still relies significantly on transportation equipment production, agriculture and food processing, as well as oil & gas production/processing. Adverse conditions affecting these industries could have a disproportionate effect on Kansas municipal securities. <p id="xdx_A80_err--RiskTextBlock_hrr--RiskAxis__custom--TaxRiskMember_zgh46GyS4dFp" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Tax Risk. Income from municipal securities held by the Fund could be declared taxable because of unfavorable changes in tax laws, adverse interpretations by the Internal Revenue Service or state tax authorities, or noncompliant conduct of a bond issuer. In addition, a portion of the Fund’s otherwise exempt-interest dividends may be taxable to those shareholders subject to the alternative minimum tax. <p id="xdx_A89_err--RiskTextBlock_hrr--RiskAxis__custom--USGovernmentObligationsRiskMember_zk2hlaKRddiG" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">U.S. Government Obligations Risk. U.S. government securities are subject to market and interest rate risk, as well as varying degrees of credit risk. Some U.S. government securities are issued or guaranteed by the U.S. Treasury and are supported by the full faith and credit of the United States. Other types of U.S. government securities are supported by the full faith and credit of the United States (but not issued by the U.S. Treasury). In addition, other U.S. government issued securities, which are not backed by the full faith and credit of the U.S. Government, are subject to the risk that the U.S. Government will not provide financial support to such U.S. government agencies, instrumentalities or sponsored enterprises that issued such securities (since the U.S. Government is not obligated to do so by law) and these securities are subject to greater risk. It is possible to lose money on an investment in the Fund. Investments in the Fund are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. Performance Information <p id="xdx_A83_err--PerformanceNarrativeTextBlock_ziEOIGBXiaF9" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund commenced upon the reorganization of the American Independence Kansas Tax-Exempt Bond Fund, a series of American Independence Funds Trust (“Predecessor Fund”) into the Fund effective as of September 24, 2018. With the reorganization, the Fund assumed the financial and performance history of the Predecessor Fund. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_907_err--PerformanceInformationIllustratesVariabilityOfReturns_c20250128__20250128__dei--LegalEntityAxis__custom--S000062895Member_zNfZkhi7wYLI">The bar chart and performance table below provide an indication of the risks of an investment in the Fund for periods prior to the reorganization by showing how the Fund’s performance has varied from year to year, and by showing how the Fund’s average annual returns compare with those of a broad measure of market performance. Performance reflects contractual fee waivers in effect. If fee waivers were not in place, performance would be reduced. After-tax returns are shown for Institutional class shares only and will vary for Class A shares. 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 shown are not relevant to investors who hold their Fund shares through tax-qualified arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_900_err--PerformancePastDoesNotIndicateFuture_c20250128__20250128__dei--LegalEntityAxis__custom--S000062895Member_zvaKMjVERjAM">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 on the Fund’s website at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_904_err--PerformanceAvailabilityWebSiteAddress_c20250128__20250128__dei--LegalEntityAxis__custom--S000062895Member_zSpfz6OZnuKf">www.carret.com or by calling the Adviser at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_903_err--PerformanceAvailabilityPhone_c20250128__20250128__dei--LegalEntityAxis__custom--S000062895Member_z6kV4SxEuAgt">1-800-444-7388. The bar chart and performance table below provide an indication of the risks of an investment in the Fund for periods prior to the reorganization by showing how the Fund’s performance has varied from year to year, and by showing how the Fund’s average annual returns compare with those of a broad measure of market performance. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.carret.com 1-800-444-7388 PERFORMANCE BAR CHART AND TABLE Year-By-Year Total Returns as of December 31, 2024 Institutional Share Class 0.0267 0.0055 0.0300 0.0105 0.0553 0.0507 0.0070 -0.0809 0.0424 0.0034 The <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_900_err--YearToDateReturnLabel_c20250128__20250128__dei--LegalEntityAxis__custom--S000062895Member__rr--ProspectusShareClassAxis__custom--C000203690Member_z1jB8h8FllTd">year-to-date return as of <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_905_err--BarChartYearToDateReturnDate_c20250128__20250128__dei--LegalEntityAxis__custom--S000062895Member__rr--ProspectusShareClassAxis__custom--C000203690Member_z4D5ibOApKFr">December 31, 2024 was <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90E_err--BarChartYearToDateReturn_pid_dpxL_uRatio_c20250128__20250128__dei--LegalEntityAxis__custom--S000062895Member__rr--ProspectusShareClassAxis__custom--C000203690Member_zKIIx1q1xNR4">0.34%. <table cellpadding="2" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="background-color: Gainsboro"> <td style="vertical-align: top; width: 40%"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_903_err--HighestQuarterlyReturnLabel_c20250128__20250128__dei--LegalEntityAxis__custom--S000062895Member__rr--ProspectusShareClassAxis__custom--C000203690Member_zqpGmT2FHb65">Best quarter:</td> <td style="vertical-align: top; width: 30%"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90A_err--BarChartHighestQuarterlyReturn_pid_dp_uRatio_c20250128__20250128__dei--LegalEntityAxis__custom--S000062895Member__rr--ProspectusShareClassAxis__custom--C000203690Member_zbRL350yd9S_zMSmsx5cwMBX">7.22%</td> <td style="vertical-align: top; width: 30%">Q4 2023 <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_903_err--BarChartHighestQuarterlyReturnDate_c20250128__20250128__dei--LegalEntityAxis__custom--S000062895Member__rr--ProspectusShareClassAxis__custom--C000203690Member_zKhLh5tOTip7" style="display: none; visibility: hidden">12/31/2023</td> </tr> <tr style="background-color: White"> <td style="vertical-align: top; width: 40%"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_902_err--LowestQuarterlyReturnLabel_c20250128__20250128__dei--LegalEntityAxis__custom--S000062895Member__rr--ProspectusShareClassAxis__custom--C000203690Member_z1bNwnel1BpK">Worst quarter:</td> <td style="vertical-align: top; width: 30%"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_907_err--BarChartLowestQuarterlyReturn_pid_dp_uRatio_c20250128__20250128__dei--LegalEntityAxis__custom--S000062895Member__rr--ProspectusShareClassAxis__custom--C000203690Member_z3h4vbN2YLIe">(5.89)%</td> <td style="vertical-align: top; width: 30%">Q1 2022<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_903_err--BarChartLowestQuarterlyReturnDate_c20250128__20250128__dei--LegalEntityAxis__custom--S000062895Member__rr--ProspectusShareClassAxis__custom--C000203690Member_zBpnlGfMZxTZ" style="display: none; visibility: hidden">3/31/2022</td> </tr> </table> <div style="text-align: left; margin-top: 3pt; margin-bottom: 3pt"> </div> year-to-date return 2024-12-31 Best quarter 0.0722 2023-12-31 Worst quarter -0.0589 2022-03-31 Average Annual Total Returns For the Period Ended December 31, 2024 0.0034 0.0034 0.0144 0.0034 0.0033 0.0142 0.0102 0.0071 0.0165 0.0053 0.0092 0.0200 0.0105 0.0099 0.0225 -0.0394 -0.0076 0.0071 0.0053 0.0092 0.0200 0.0105 0.0099 0.0225 <p id="xdx_A82_err--PerformanceTableClosingTextBlock_z1oqs20KXOKE" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_909_err--PerformanceTableUsesHighestFederalRate_c20250128__20250128__dei--LegalEntityAxis__custom--S000062895Member_zvL55klTosm_z3pJskoH8RCb">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 the investor’s tax situation and may differ from those shown. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_907_err--PerformanceTableNotRelevantToTaxDeferred_c20250128__20250128__dei--LegalEntityAxis__custom--S000062895Member_zXCaRj1tcVJs">After-tax returns shown are not relevant to investors who hold Fund shares through tax-qualified arrangements such as 401(k) plans or individual retirement accounts. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_908_err--PerformanceTableDoesReflectSalesLoads_c20250128__20250128__dei--LegalEntityAxis__custom--S000062895Member_zZTnKBJ3JPnk">Returns for Class A shares reflect the deduction of sales loads. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_901_err--PerformanceTableOneClassOfAfterTaxShown_c20250128__20250128__dei--LegalEntityAxis__custom--S000062895Member_zFw4P1fM03vB">After-tax returns for Class A shares, which are not shown, will vary from those shown for Institutional Class shares. 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 shown are not relevant to investors who hold Fund shares through tax-qualified arrangements such as 401(k) plans or individual retirement accounts. Returns for Class A shares reflect the deduction of sales loads. After-tax returns for Class A shares, which are not shown, will vary from those shown for Institutional Class shares. CFSMX CISMX CILGX CFMDX CIMDX Fund Summary Clarkston Partners Fund (the “Fund”) Investment Objective The Fund’s investment objective is to achieve long-term capital appreciation. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. 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) 0.0080 0.0080 0 0 0.0008 0.0023 0 0.0015 0.0008 0.0008 0.0088 0.0103 -0.0003 -0.0003 0.0085 0.0100 Expenses have been restated to reflect current fees. January 31, 2026 Example <p id="xdx_A85_err--ExpenseExampleNarrativeTextBlock_zMrN0uI4zZ1w" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This example is intended to help you compare the costs of investing in the Fund with the cost of investing in other mutual 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. The example takes into consideration the agreement by the Adviser to waive fees and reimburse expenses for the contractual period only. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 87 278 485 1081 102 325 565 1256 Portfolio Turnover 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. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. A higher turnover rate may also result in additional income taxes when Fund shares are held in a taxable account. For the fiscal year ended September 30, 2024, the Fund’s portfolio turnover rate was <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_904_err--PortfolioTurnoverRate_pid_dp_uRatio_c20250128__20250128__dei--LegalEntityAxis__custom--S000050589Member_zv2oDP5pUD82">22% of the average value of its portfolio. 0.22 Principal Investment Strategies of the Fund Under normal circumstances, the Fund invests primarily in U.S.-traded equity securities of small- and medium-market capitalization companies. The Fund’s investments in equity securities may include common stock, preferred stock and convertible securities. The Fund may also invest in foreign equity securities through American Depositary Receipts (“ADRs”). The Adviser considers small- and medium-market capitalization companies to be those companies with market capitalizations below that of the largest company based on market capitalization in the Russell 2500TM Index at the time of initial purchase. As of December 31, 2024, the market capitalization of the largest company based on market capitalization in the Russell 2500TM Index was $32.9 billion. The Fund will, however, also invest in equity securities of larger companies. Because small- and medium-market capitalization companies are defined by reference to an index, the market capitalization of the companies in which the Fund invests may vary with market conditions. The Fund seeks to achieve long-term capital appreciation while minimizing volatility and risk. To accomplish this goal, the Fund invests in companies the Adviser believes to be of high quality and undervalued relative to their expected long-term free cash flows. The Adviser refers to this investment philosophy as “Quality Value”. The Adviser defines high-quality companies as those that meet certain financial, business and management criteria, which may vary over time. These criteria include favorable profitability metrics, sustainable competitive advantages and capable management teams. The Fund is “non-diversified,” which means that it may invest a significant portion of its assets in a relatively small number of issuers. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_904_err--StrategyPortfolioConcentration_c20250128__20250128__dei--LegalEntityAxis__custom--S000050589Member_ztUh6HHJ5f9R">From time to time, the Fund may focus its investments in companies in one or more economic sectors. Economic sectors include multiple different industries. The Fund will not invest 25% or more of its assets in any one industry. From time to time, the Fund may focus its investments in companies in one or more economic sectors. Economic sectors include multiple different industries. The Fund will not invest 25% or more of its assets in any one industry. Principal Risks of the Fund <p id="xdx_A8B_err--RiskTextBlock_hrr--RiskAxis__custom--EquitySecuritiesRiskMember_zHKduYt5iLcJ" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Equity Securities Risk. The Fund will invest in equity securities. Equity securities represent ownership in a company. Stock markets are volatile. The price of equity securities will fluctuate and can decline and reduce the value of a portfolio investing in equity securities. The value of equity securities purchased by the Fund could decline if the financial condition of the companies the Fund invests in declines or if overall market and economic conditions deteriorate. The value of equity securities may also decline due to factors that affect a particular industry or industries, such as labor shortages or an increase in production costs and competitive conditions within an industry. In addition, the value may decline due to general market conditions that are not specifically related to a company or industry, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates, natural disasters, the spread of infectious illness or other public health issues, or generally adverse investor sentiment. <p id="xdx_A8A_err--RiskTextBlock_hrr--RiskAxis__rr--RiskNondiversifiedStatusMember_zCVdCE1zYVrp" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Non-Diversification Risk. The Fund is classified as a “non-diversified” investment company under the 1940 Act, which means that it may invest more of its assets in the securities of a single issuer or a smaller number of issuers than if it were a “diversified fund”. To the extent the Fund invests a significant percentage of its assets in a limited number of issuers, the Fund is subject to the risks of investing in those few issuers, and may be more susceptible to a single adverse economic or regulatory occurrence. As a result, changes in the market value of a single security could cause greater fluctuations in the value of Fund shares than would occur in a diversified fund. <p id="xdx_A8C_err--RiskTextBlock_hrr--RiskAxis__custom--CashPositionRiskMember_zDn0o2gF9wGy" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Cash Position Risk. The Fund may hold cash or short-term instruments, such as interest-bearing savings accounts or demand deposit accounts at banks and investments in money market accounts. During periods when a Fund maintains exposure to cash or short-term instruments, it may not participate in market movements to the same extent that it would if the Fund was more fully invested in equity securities. <p id="xdx_A8D_err--RiskTextBlock_hrr--RiskAxis__custom--ADRRiskMember_zwcbhZs556OK" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">ADR Risk. The Fund may invest in ADRs, which are certificates that evidence ownership of shares of a foreign issuer and are alternatives to purchasing directly underlying foreign securities in their national markets and currencies. However, ADRs may be subject to certain of the risks associated with direct investments in the securities of foreign companies. Moreover, ADRs may not track the price of the underlying foreign securities on which they are based, and their value may change materially at times when U.S. markets are not open for trading. <p id="xdx_A81_err--RiskTextBlock_hrr--RiskAxis__custom--CashSweepProgramRiskMember_zPrepKxsCZCL" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Cash-Sweep Program Risk. The Fund may invest in cash-sweep programs administered by the Fund’s custodian or another third party through which the Fund’s cash holdings are placed in interest-bearing savings accounts, demand deposit accounts at various banks, or money market instruments. All sweep vehicles, whether or not registered under the Investment Company Act of 1940, as amended (the “1940 Act”), carry certain risks. For example, money market fund sweep vehicles are subject to market risks and are not subject to FDIC protection. Additionally, bank deposit sweep vehicles are subject to bank failure risk, but are eligible for FDIC protection up to a limit of $250,000 per account. The vehicle through which the Fund’s cash-sweep program is administered may include bank deposits that are not registered under the 1940 Act, in which case, the Fund, as an investor in the vehicle, would not be entitled to the protections afforded by the 1940 Act. <p id="xdx_A80_err--RiskTextBlock_hrr--RiskAxis__custom--ConsumerStaplesSectorRiskMember_zEWScNYrFmrH" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Consumer Staples Sector Risk. When a substantial portion of the Fund’s assets are invested in the Consumer Staples sector, the Fund is susceptible to adverse economic or regulatory occurrences affecting that sector. The values of companies in the Consumer Staples sector can be significantly impacted by demographic and product trends, competitive pricing, food fads, marketing campaigns, environmental factors, government regulation, the performance of the overall economy, interest rates, and consumer confidence. <p id="xdx_A80_err--RiskTextBlock_hrr--RiskAxis__custom--MarketRiskMember_zQUO9dqvXE1l" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Market Risk. The market price of a security or instrument may decline, sometimes rapidly or unpredictably, due to general market conditions that are not specifically related to a particular company, such as inflation, supply chain disruptions, real or perceived adverse economic or political conditions throughout the world, war or political unrest, changes in the general outlook for corporate earnings, changes in interest or currency rates, natural disasters, the spread of infectious illness, including COVID-19 and its variants, or other public issues or adverse investor sentiment generally. The market value of a security or instrument also may decline because of factors that affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. The impact of any of these occurrences may exacerbate other pre-existing political, social, financial, and economic risks in certain countries or the market in general and may last for an extended period of time. <p id="xdx_A8E_err--RiskTextBlock_hrr--RiskAxis__custom--SectorFocusRiskMember_zSwipRXXQzYX" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Sector Focus Risk. The Fund may invest a substantial portion of its assets within one or more economic sectors. To the extent the Fund focuses in one or more sectors, market or economic factors impacting those sectors could have a significant effect on the value of the Fund’s investments. Additionally, the Fund’s performance may be more volatile when the Fund’s investments are focused in a particular sector. <p id="xdx_A8F_err--RiskTextBlock_hrr--RiskAxis__custom--ShareholderConcentrationRiskMember_zmdR0kQRyLb0" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Shareholder Concentration Risk. When a small number of shareholders account for a disproportionate share of the Fund’s assets, redemptions by large shareholders can harm remaining shareholders. If a large shareholder is an omnibus account that represents investments by multiple smaller accounts, when the underlying accounts tend to act in tandem, shareholder concentration risk will be present. Risk is minimized when the underlying accounts tend to act independently of one another. <p id="xdx_A8D_err--RiskTextBlock_hrr--RiskAxis__custom--SmallCapAndMidCapCompanyRiskMember_zLme2XjkFOw5" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Small-Cap and Mid-Cap Company Risk. The securities of small-capitalization and mid-capitalization companies may be subject to more abrupt or erratic market movements and may have lower trading volumes or more erratic trading than securities of larger, more established companies or market averages in general. In addition, such companies typically are more likely to be adversely affected than large-capitalization companies by changes in earnings results, business prospects, investor expectations or poor economic or market conditions. It is possible to lose money on an investment in the Fund. Investments in the Fund are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. Performance Information <p id="xdx_A89_err--PerformanceNarrativeTextBlock_z94XuRhcQov_zNJBWJzPlDxS" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90E_err--PerformanceInformationIllustratesVariabilityOfReturns_c20250128__20250128__dei--LegalEntityAxis__custom--S000050589Member_zfUAIrE2c1tk">The following information provides some indication of the risks of investing in the Fund by showing how the Fund’s performance has varied over time. The bar chart depicts the change in performance from year to year during the periods indicated. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90B_err--BarChartDoesNotReflectSalesLoads_c20250128__20250128__dei--LegalEntityAxis__custom--S000050589Member_zyIcvEAk0gET">The bar chart figures do not include any applicable sales charges that investors may pay when they buy or sell shares of the Fund. If sales charges were included, the returns would be lower. The performance table compares the average annual returns of the Fund’s Institutional Class to a broad-based securities market index for the periods indicated. The index is not actively managed and is not available for direct investment. The bar charts and performance tables assume reinvestment of dividends and distributions. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90A_err--PerformancePastDoesNotIndicateFuture_c20250128__20250128__dei--LegalEntityAxis__custom--S000050589Member_zPcxJB2luLkE">The Fund’s past performance does not necessarily indicate how it will perform in the future. Updated performance information is available on the Fund’s website at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_909_err--PerformanceAvailabilityWebSiteAddress_c20250128__20250128__dei--LegalEntityAxis__custom--S000050589Member_zlCQKMLg1iOd">www.clarkstonfunds.com or by calling <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90D_err--PerformanceAvailabilityPhone_c20250128__20250128__dei--LegalEntityAxis__custom--S000050589Member_zOnyakydLGR5">1-844-680-6562. The following information provides some indication of the risks of investing in the Fund by showing how the Fund’s performance has varied over time. The bar chart figures do not include any applicable sales charges that investors may pay when they buy or sell shares of the Fund. If sales charges were included, the returns would be lower. The Fund’s past performance does not necessarily indicate how it will perform in the future. www.clarkstonfunds.com 1-844-680-6562 Annual Total Returns (For the Calendar Years ended 12/31) – Institutional Class Shares 0.1551 0.1283 -0.0716 0.2394 0.1743 0.0795 -0.0012 0.0640 0.0450 <p id="xdx_A82_err--BarChartClosingTextBlock_zSfyaWfK4uG_zvRy1YZUZlnv" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90F_err--YearToDateReturnLabel_c20250128__20250128__dei--LegalEntityAxis__custom--S000050589Member__rr--ProspectusShareClassAxis__custom--C000159697Member_z4h9PdvGWBER">year-to-date return as of <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_909_err--BarChartYearToDateReturnDate_c20250128__20250128__dei--LegalEntityAxis__custom--S000050589Member__rr--ProspectusShareClassAxis__custom--C000159697Member_zVDP3Ytt9q5g">December 31, 2024 was <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90D_err--BarChartYearToDateReturn_pid_dpxL_uRatio_c20250128__20250128__dei--LegalEntityAxis__custom--S000050589Member__rr--ProspectusShareClassAxis__custom--C000159697Member_zsrlmci1jUB8" title="::XDX::0">4.50%. <table cellpadding="4" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="background-color: Gainsboro"> <td style="vertical-align: top; width: 43%"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_907_err--HighestQuarterlyReturnLabel_c20250128__20250128__dei--LegalEntityAxis__custom--S000050589Member__rr--ProspectusShareClassAxis__custom--C000159697Member_z5jfbCJ8OOCY">Best Quarter – <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90C_err--BarChartHighestQuarterlyReturnDate_c20250128__20250128__dei--LegalEntityAxis__custom--S000050589Member__rr--ProspectusShareClassAxis__custom--C000159697Member_zljcRHbwVRme">December 31, 2020</td> <td style="vertical-align: top; width: 57%"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_906_err--BarChartHighestQuarterlyReturn_pid_dp_uRatio_c20250128__20250128__dei--LegalEntityAxis__custom--S000050589Member__rr--ProspectusShareClassAxis__custom--C000159697Member_zxY3L2TvEXrf">23.04%</td> </tr> <tr style="background-color: White"> <td style="vertical-align: top; width: 43%"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_905_err--LowestQuarterlyReturnLabel_c20250128__20250128__dei--LegalEntityAxis__custom--S000050589Member__rr--ProspectusShareClassAxis__custom--C000159697Member_zYI0yJDRxh3p">Worst Quarter – <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_908_err--BarChartLowestQuarterlyReturnDate_c20250128__20250128__dei--LegalEntityAxis__custom--S000050589Member__rr--ProspectusShareClassAxis__custom--C000159697Member_zyGGv08eAvZv">March 31, 2020</td> <td style="vertical-align: top; width: 57%"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_908_err--BarChartLowestQuarterlyReturn_pid_dp_uRatio_c20250128__20250128__dei--LegalEntityAxis__custom--S000050589Member__rr--ProspectusShareClassAxis__custom--C000159697Member_zh27tzH0L8P6">(21.75)%</td> </tr> </table> year-to-date return 2024-12-31 Best Quarter 2020-12-31 0.2304 Worst Quarter 2020-03-31 -0.2175 Average Annual Total Returns (for the periods ended December 31, 2024) 0.0450 0.0708 0.0840 2015-09-15 0.0425 0.0583 0.0735 2015-09-15 0.0286 0.0543 0.0664 2015-09-15 0.0458 0.0719 0.0852 2015-09-15 0.1200 0.0877 0.0967 2015-09-15 0.2381 0.1386 0.1383 2015-09-15 <p id="xdx_A84_err--PerformanceTableClosingTextBlock_zeKmxXabZdGq" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_903_err--PerformanceTableUsesHighestFederalRate_c20250128__20250128__dei--LegalEntityAxis__custom--S000050589Member_zQeMcBSe2n5_zuG0PORGPFaF">After-tax returns are calculated using the historically highest individual U.S. federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your individual tax situation and may differ from those shown in the preceding table. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90A_err--PerformanceTableNotRelevantToTaxDeferred_c20250128__20250128__dei--LegalEntityAxis__custom--S000050589Member_zFsxxJWYMZjQ">The after-tax return information shown above does not apply to Fund shares held through a tax-qualified account, such as a 401(k) plan or an IRA. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90C_err--PerformanceTableOneClassOfAfterTaxShown_c20250128__20250128__dei--LegalEntityAxis__custom--S000050589Member_zavCwdDWL5UB">After-tax returns are only shown for the Institutional Class shares of the Fund. After-tax returns for the Founders Class shares will vary from those shown for the Institutional Class shares due to varying expenses among the classes. After-tax returns are calculated using the historically highest individual U.S. federal marginal income tax rates and do not reflect the impact of state and local taxes. The after-tax return information shown above does not apply to Fund shares held through a tax-qualified account, such as a 401(k) plan or an IRA. After-tax returns are only shown for the Institutional Class shares of the Fund. After-tax returns for the Founders Class shares will vary from those shown for the Institutional Class shares due to varying expenses among the classes. FUND SUMMARY Clarkston Fund (the “Fund”) Investment Objective The Fund’s investment objective is to achieve long-term capital appreciation. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. 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) 0.0050 0 0.0029 0.0015 0.0014 0.0079 -0.0009 0.0070 Expenses have been restated to reflect current fees. January 31, 2026 Example <p id="xdx_A82_err--ExpenseExampleNarrativeTextBlock_zL5C5flazlfm" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This example is intended to help you compare the costs of investing in the Fund with the cost of investing in other mutual 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. The example takes into consideration the agreement by the Adviser to waive fees and reimburse expenses for the contractual period only. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 72 243 430 969 Portfolio Turnover <p id="xdx_A8A_err--PortfolioTurnoverTextBlock_zQKmUzUdlzH_zbGxcUdQQfMP" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; 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. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. A higher turnover rate may also result in additional income taxes when Fund shares are held in a taxable account. For the fiscal period ended September 30, 2024, the Fund’s portfolio turnover rate was <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_906_err--PortfolioTurnoverRate_pid_dp_uRatio_c20250128__20250128__dei--LegalEntityAxis__custom--S000050590Member_zywnsU4gvYmv">23% of the average value of its portfolio. 0.23 Principal Investment Strategies of the Fund Under normal circumstances, the Fund invests primarily in U.S.-traded equity securities of large-capitalization companies. The Fund’s investments in equity securities may include common stock, preferred stock and convertible securities. The Fund may also invest in foreign equity securities through American Depositary Receipts (“ADRs”). The Adviser considers large-capitalization companies to be those companies with market capitalizations above that of the smallest company based on market capitalization in the Russell 1000® Index at the time of initial purchase. As of December 31, 2024, the market capitalization of the smallest company based on market capitalization in the Russell 1000® Index was $159.4 million. The Fund will, however, also invest in equity securities of smaller companies. Because large-capitalization companies are defined by reference to an index, the market capitalization of the companies in which the Fund invests may vary with market conditions. The Fund seeks to achieve long-term capital appreciation while minimizing volatility and risk. To accomplish this goal, the Fund invests in companies the Adviser believes to be of high quality and undervalued relative to their expected long-term free cash flows. The Adviser refers to this investment philosophy as “Quality Value”. The Adviser defines high-quality companies as those that meet certain financial, business and management criteria, which may vary over time. These criteria include favorable profitability metrics, sustainable competitive advantages and capable management teams. <div style="text-align: left; margin-top: 3pt; margin-bottom: 3pt"> </div> The Fund is “non-diversified,” which means that it may invest a significant portion of its assets in a relatively small number of issuers. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_909_err--StrategyPortfolioConcentration_c20250128__20250128__dei--LegalEntityAxis__custom--S000050590Member_zXdvStPtdwMc">From time to time, the Fund may focus its investments in companies in one or more economic sectors. Economic sectors include multiple different industries. The Fund will not invest 25% or more of its assets in any one industry. From time to time, the Fund may focus its investments in companies in one or more economic sectors. Economic sectors include multiple different industries. The Fund will not invest 25% or more of its assets in any one industry. Principal Risks of the Fund <p id="xdx_A81_err--RiskTextBlock_hrr--RiskAxis__custom--EquitySecuritiesRiskMember_zwZSmDTJfsEe" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Equity Securities Risk. The Fund will invest in equity securities. Equity securities represent ownership in a company. Stock markets are volatile. The price of equity securities will fluctuate and can decline and reduce the value of a portfolio investing in equity securities. The value of equity securities purchased by the Fund could decline if the financial condition of the companies the Fund invests in declines or if overall market and economic conditions deteriorate. The value of equity securities may also decline due to factors that affect a particular industry or industries, such as labor shortages or an increase in production costs and competitive conditions within an industry. In addition, the value may decline due to general market conditions that are not specifically related to a company or industry, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates, natural disasters, the spread of infectious illness or other public health issues, or generally adverse investor sentiment. <p id="xdx_A81_err--RiskTextBlock_hrr--RiskAxis__rr--RiskNondiversifiedStatusMember_zdAKC1US6NrX" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Non-Diversification Risk. The Fund is classified as a “non-diversified” investment company under the 1940 Act, which means that it may invest more of its assets in the securities of a single issuer or a smaller number of issuers than if it were a “diversified” fund. To the extent the Fund invests a significant percentage of its assets in a limited number of issuers, the Fund is subject to the risks of investing in those few issuers, and may be more susceptible to a single adverse economic or regulatory occurrence. As a result, changes in the market value of a single security could cause greater fluctuations in the value of Fund shares than would occur in a diversified fund. <p id="xdx_A8E_err--RiskTextBlock_hrr--RiskAxis__custom--CashPositionRiskMember_z8rWVRd0BnNh" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Cash Position Risk. The Fund may hold cash or short-term instruments, such as interest-bearing savings accounts or demand deposit accounts at banks and investments in money market accounts. During periods when a Fund maintains exposure to cash or short-term instruments, it may not participate in market movements to the same extent that it would if the Fund was more fully invested in equity securities. <p id="xdx_A8F_err--RiskTextBlock_hrr--RiskAxis__custom--ADRRiskMember_zflmuPpZIJkc" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">ADR Risk. The Fund may invest in ADRs, which are certificates that evidence ownership of shares of a foreign issuer and are alternatives to purchasing directly underlying foreign securities in their national markets and currencies. However, ADRs may be subject to certain of the risks associated with direct investments in the securities of foreign companies. Moreover, ADRs may not track the price of the underlying foreign securities on which they are based, and their value may change materially at times when U.S. markets are not open for trading. <p id="xdx_A86_err--RiskTextBlock_hrr--RiskAxis__custom--CashSweepProgramRiskMember_zw0kl55XgdeW" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Cash-Sweep Program Risk. The Fund may invest in cash-sweep programs administered by the Fund’s custodian or another third party through which the Fund’s cash holdings are placed in interest-bearing savings accounts, demand deposit accounts at various banks, or money market instruments. All sweep vehicles, whether or not registered under the Investment Company Act of 1940, as amended (the “1940 Act”), carry certain risks. For example, money market fund sweep vehicles are subject to market risks and are not subject to FDIC protection. Additionally, bank deposit sweep vehicles are subject to bank failure risk, but are eligible for FDIC protection up to a limit of $250,000 per account. The vehicle through which the Fund’s cash-sweep program is administered may include bank deposits that are not registered under the 1940 Act, in which case, the Fund, as an investor in the vehicle, would not be entitled to the protections afforded by the 1940 Act. <p id="xdx_A86_err--RiskTextBlock_hrr--RiskAxis__custom--ConsumerStaplesSectorRiskMember_zdhKEMhujqH0" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Consumer Staples Sector Risk. When a substantial portion of the Fund’s assets are invested in the Consumer Staples sector, the Fund is susceptible to adverse economic or regulatory occurrences affecting that sector. The values of companies in the Consumer Staples sector can be significantly impacted by demographic and product trends, competitive pricing, food fads, marketing campaigns, environmental factors, government regulation, the performance of the overall economy, interest rates, and consumer confidence. <p id="xdx_A87_err--RiskTextBlock_hrr--RiskAxis__custom--LargeCapitalizationCompanyRiskMember_zdWdB3rI96qH" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Large-Capitalization Company Risk. Large-capitalization companies may go in and out of favor based on market and economic conditions. Large companies may be unable to respond quickly to new competitive challenges, such as changes in technology, and also may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion. Although the securities of larger companies may be less volatile than those of companies with smaller market capitalizations, returns on investments in securities of large-capitalization companies could trail the returns on investments in securities of smaller companies. <p id="xdx_A87_err--RiskTextBlock_hrr--RiskAxis__custom--MarketRiskMember_z6iOrbqFKLNR" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Market Risk. The market price of a security or instrument may decline, sometimes rapidly or unpredictably, due to general market conditions that are not specifically related to a particular company, such as inflation, supply chain disruptions, real or perceived adverse economic or political conditions throughout the world, war or political unrest, changes in the general outlook for corporate earnings, changes in interest or currency rates, natural disasters, the spread of infectious illness, including COVID-19 and its variants, or other public issues or adverse investor sentiment generally. The market value of a security or instrument also may decline because of factors that affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. The impact of any of these occurrences may exacerbate other pre-existing political, social, financial, and economic risks in certain countries or the market in general and may last for an extended period of time. <p id="xdx_A8E_err--RiskTextBlock_hrr--RiskAxis__custom--SectorFocusRiskMember_zaqB6bH0hdrG" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Sector Focus Risk. The Fund may invest a substantial portion of its assets within one or more economic sectors. To the extent the Fund focuses in one or more sectors, market or economic factors impacting those sectors could have a significant effect on the value of the Fund’s investments. Additionally, the Fund’s performance may be more volatile when the Fund’s investments are focused in a particular sector. <p id="xdx_A8F_err--RiskTextBlock_hrr--RiskAxis__custom--ShareholderConcentrationRiskMember_zaLWkCd2PPY4" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Shareholder Concentration Risk. When a small number of shareholders account for a disproportionate share of the Fund’s assets, redemptions by large shareholders can harm remaining shareholders. If a large shareholder is an omnibus account that represents investments by multiple smaller accounts, when the underlying accounts tend to act in tandem, shareholder concentration risk will be present. Risk is minimized when the underlying accounts tend to act independently of one another. It is possible to lose money on an investment in the Fund. Investments in the Fund are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. Performance Information <p id="xdx_A80_err--PerformanceNarrativeTextBlock_zvkTTAAXWJPJ" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_909_err--PerformanceInformationIllustratesVariabilityOfReturns_c20250128__20250128__dei--LegalEntityAxis__custom--S000050590Member_zfIqHTt7PvK9">The following information provides some indication of the risks of investing in the Fund by showing how the Fund’s performance has varied over time. The bar chart depicts the change in performance from year to year during the periods indicated. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_904_err--BarChartDoesNotReflectSalesLoads_c20250128__20250128__dei--LegalEntityAxis__custom--S000050590Member_zpCEYCm82aZx">The bar chart figures do not include any applicable sales charges that investors may pay when they buy or sell shares of the Fund. If sales charges were included, the returns would be lower. The performance table compares the average annual returns of the Fund’s Institutional Class to a broad-based securities market index for the periods indicated. The index is not actively managed and is not available for direct investment. The bar charts and performance tables assume reinvestment of dividends and distributions. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_908_err--PerformancePastDoesNotIndicateFuture_c20250128__20250128__dei--LegalEntityAxis__custom--S000050590Member_zvXUtpPOpFTh">The Fund’s past performance does not necessarily indicate how it will perform in the future. Updated performance information is available on the Fund’s website at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_909_err--PerformanceAvailabilityWebSiteAddress_c20250128__20250128__dei--LegalEntityAxis__custom--S000050590Member_z76gEaxSTPFL">www.clarkstonfunds.com or by calling <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90A_err--PerformanceAvailabilityPhone_c20250128__20250128__dei--LegalEntityAxis__custom--S000050590Member_zEuvrz8e4Cgn">1-844-680-6562. The following information provides some indication of the risks of investing in the Fund by showing how the Fund’s performance has varied over time. The bar chart figures do not include any applicable sales charges that investors may pay when they buy or sell shares of the Fund. If sales charges were included, the returns would be lower. The Fund’s past performance does not necessarily indicate how it will perform in the future. www.clarkstonfunds.com 1-844-680-6562 Annual Total Returns (For the Calendar Years ended 12/31) – Institutional Class Shares 0.1137 -0.0831 0.2740 0.1699 0.1092 -0.0855 0.1785 0.0679 <p id="xdx_A8F_err--BarChartClosingTextBlock_zK16MUrtRos_zayLVJZ0c3KF" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90E_err--YearToDateReturnLabel_c20250128__20250128__dei--LegalEntityAxis__custom--S000050590Member__rr--ProspectusShareClassAxis__custom--C000159698Member_zgsDNP6pvACj">year-to-date return as of <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_908_err--BarChartYearToDateReturnDate_c20250128__20250128__dei--LegalEntityAxis__custom--S000050590Member__rr--ProspectusShareClassAxis__custom--C000159698Member_zJDQIlWGzN8q">December 31, 2024 was 6.79%. <table cellpadding="4" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="background-color: Gainsboro"> <td style="vertical-align: top; width: 43%"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_901_err--HighestQuarterlyReturnLabel_c20250128__20250128__dei--LegalEntityAxis__custom--S000050590Member__rr--ProspectusShareClassAxis__custom--C000159698Member_z8vTi0opqwKH">Best Quarter – <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_903_err--BarChartHighestQuarterlyReturnDate_c20250128__20250128__dei--LegalEntityAxis__custom--S000050590Member__rr--ProspectusShareClassAxis__custom--C000159698Member_zVvab8LWzIND">December 31, 2020</td> <td style="vertical-align: top; width: 57%"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_903_err--BarChartHighestQuarterlyReturn_pid_dp_uRatio_c20250128__20250128__dei--LegalEntityAxis__custom--S000050590Member__rr--ProspectusShareClassAxis__custom--C000159698Member_zDEFHN8HmNVd">20.68%</td> </tr> <tr style="background-color: White"> <td style="vertical-align: top; width: 43%"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_904_err--LowestQuarterlyReturnLabel_c20250128__20250128__dei--LegalEntityAxis__custom--S000050590Member__rr--ProspectusShareClassAxis__custom--C000159698Member_zcC7Niqwbuq0">Worst Quarter – <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_901_err--BarChartLowestQuarterlyReturnDate_c20250128__20250128__dei--LegalEntityAxis__custom--S000050590Member__rr--ProspectusShareClassAxis__custom--C000159698Member_zmd9ImDtXFzj">March 31, 2020</td> <td style="vertical-align: top; width: 57%"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90A_err--BarChartLowestQuarterlyReturn_pid_dp_uRatio_c20250128__20250128__dei--LegalEntityAxis__custom--S000050590Member__rr--ProspectusShareClassAxis__custom--C000159698Member_zLkwLVVfYZ4X">(22.37)%</td> </tr> </table> year-to-date return 2024-12-31 Best Quarter 2020-12-31 0.2068 Worst Quarter 2020-03-31 -0.2237 Average Annual Total Returns (for the periods ended December 31, 2024) 0.0679 0.0835 0.0894 2016-04-01 0.0656 0.0741 0.0801 2016-04-01 0.0416 0.0645 0.0706 2016-04-01 0.2451 0.1428 0.1449 2016-04-01 0.2381 0.1386 0.1420 2016-04-01 <p id="xdx_A8D_err--PerformanceTableClosingTextBlock_zeyqcPTLWB5w" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_907_err--PerformanceTableUsesHighestFederalRate_c20250128__20250128__dei--LegalEntityAxis__custom--S000050590Member_zkhkcED56598">After-tax returns are calculated using the historically highest individual U.S. federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your individual tax situation and may differ from those shown in the preceding table. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_900_err--PerformanceTableNotRelevantToTaxDeferred_c20250128__20250128__dei--LegalEntityAxis__custom--S000050590Member_zBcezBoFthJ5">The after-tax return information shown above does not apply to Fund shares held through a tax-qualified account, such as a 401(k) plan or an IRA. After-tax returns are calculated using the historically highest individual U.S. federal marginal income tax rates and do not reflect the impact of state and local taxes. The after-tax return information shown above does not apply to Fund shares held through a tax-qualified account, such as a 401(k) plan or an IRA. FUND SUMMARY Clarkston Founders Fund (the “Fund”) Investment Objective The Fund’s investment objective is to achieve long-term capital appreciation. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. 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 0.0075 0 0 0.0009 0.0024 0 0.0015 0.0009 0.0009 0.0084 0.0099 -0.0004 -0.0004 0.0080 0.0095 Expenses have been restated to reflect current fees. January 31, 2026 Example <p id="xdx_A8A_err--ExpenseExampleNarrativeTextBlock_zD0Ur9JLl6VR" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This example is intended to help you compare the costs of investing in the Fund with the cost of investing in other mutual 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. The example takes into consideration the agreement by the Adviser to waive fees and reimburse expenses for the contractual period only. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 82 264 462 1033 97 311 543 1208 Portfolio Turnover 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. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. A higher turnover rate may also result in higher taxes when Fund shares are held in a taxable account. For the fiscal period ended September 30, 2024, the Fund’s portfolio turnover rate was <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_903_err--PortfolioTurnoverRate_pid_dp_uRatio_c20250128__20250128__dei--LegalEntityAxis__custom--S000053615Member_zWzmep9qwOyN">17% of the average value of its portfolio. 0.17 Principal Investment Strategies of the Fund Under normal circumstances, the Fund invests primarily in U.S.-traded equity securities of medium-capitalization companies. The Fund’s investments in equity securities may include common stock, preferred stock and convertible securities. The Fund may also invest in foreign equity securities through American Depositary Receipts (“ADRs”). The Adviser considers medium-market capitalization companies to be those companies with market capitalizations within the range of companies included in the Russell Midcap® Index at the time of initial purchase. As of December 31, 2024, the Russell Midcap® Index included companies with a market capitalization range of between approximately $159.4 million and $171.7 billion. The Fund will, however, also invest in equity securities of smaller or larger companies. Because medium-market capitalization companies are defined by reference to an index, the market capitalization of the companies in which the Fund invests may vary with market conditions. The Fund seeks to achieve long-term capital appreciation while minimizing volatility and risk. To accomplish this goal, the Fund invests in companies that the Adviser believes to be of high quality and undervalued relative to their expected long-term free cash flows. The Adviser refers to this investment philosophy as “Quality Value”. The Adviser defines high-quality companies as those that meet certain financial, business and management criteria, which may vary over time. These criteria include favorable profitability metrics, sustainable competitive advantages and capable management teams. The Fund is “non-diversified,” which means that it may invest a significant portion of its assets in a relatively small number of issuers. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_901_err--StrategyPortfolioConcentration_c20250128__20250128__dei--LegalEntityAxis__custom--S000053615Member_zHnQZhPIAHIs">From time to time, the Fund may focus its investments in companies in one or more economic sectors. Economic sectors include multiple different industries. The Fund will not invest 25% or more of its assets in any one industry. From time to time, the Fund may focus its investments in companies in one or more economic sectors. Economic sectors include multiple different industries. The Fund will not invest 25% or more of its assets in any one industry. Principal Risks of the Fund <p id="xdx_A87_err--RiskTextBlock_hrr--RiskAxis__custom--EquitySecuritiesRiskMember_z3uSXATvzhIL" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Equity Securities Risk. The Fund will invest in equity securities. Equity securities represent ownership in a company. Stock markets are volatile. The price of equity securities will fluctuate and can decline and reduce the value of a portfolio investing in equity securities. The value of equity securities purchased by the Fund could decline if the financial condition of the companies the Fund invests in declines or if overall market and economic conditions deteriorate. The value of equity securities may also decline due to factors that affect a particular industry or industries, such as labor shortages or an increase in production costs and competitive conditions within an industry. In addition, the value may decline due to general market conditions that are not specifically related to a company or industry, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates, natural disasters, the spread of infectious illness or other public health issues, or generally adverse investor sentiment. <p id="xdx_A89_err--RiskTextBlock_hrr--RiskAxis__rr--RiskNondiversifiedStatusMember_zXq0allE8yQP" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Non-Diversification Risk. The Fund is classified as a “non-diversified” investment company under the 1940 Act, which means that it may invest more of its assets in the securities of a single issuer or a smaller number of issuers than if it were a “diversified” fund. To the extent the Fund invests a significant percentage of its assets in a limited number of issuers, the Fund is subject to the risks of investing in those few issuers, and may be more susceptible to a single adverse economic or regulatory occurrence. As a result, changes in the market value of a single security could cause greater fluctuations in the value of Fund shares than would occur in a diversified fund. <p id="xdx_A88_err--RiskTextBlock_hrr--RiskAxis__custom--CashPositionRiskMember_zXbIGZkD7KRs" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Cash Position Risk. The Fund may hold cash or short-term instruments, such as interest-bearing savings accounts or demand deposit accounts at banks and investments in money market accounts. During periods when a Fund maintains exposure to cash or short-term instruments, it may not participate in market movements to the same extent that it would if the Fund was more fully invested in equity securities. <p id="xdx_A8C_err--RiskTextBlock_hrr--RiskAxis__custom--ADRRiskMember_ze8JT1qUqa4e" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">ADR Risk. The Fund may invest in ADRs, which are certificates that evidence ownership of shares of a foreign issuer and are alternatives to purchasing directly underlying foreign securities in their national markets and currencies. However, ADRs may be subject to certain of the risks associated with direct investments in the securities of foreign companies. Moreover, ADRs may not track the price of the underlying foreign securities on which they are based, and their value may change materially at times when U.S. markets are not open for trading. <p id="xdx_A83_err--RiskTextBlock_hrr--RiskAxis__custom--CashSweepProgramRiskMember_zMwTRvq6vm4I" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Cash-Sweep Program Risk. The Fund may invest in cash-sweep programs administered by the Fund’s custodian or another third party through which the Fund’s cash holdings are placed in interest-bearing savings accounts, demand deposit accounts at various banks, or money market instruments. All sweep vehicles, whether or not registered under the Investment Company Act of 1940, as amended (the “1940 Act”), carry certain risks. For example, money market fund sweep vehicles are subject to market risks and are not subject to FDIC protection. Additionally, bank deposit sweep vehicles are subject to bank failure risk, but are eligible for FDIC protection up to a limit of $250,000 per account. The vehicle through which the Fund’s cash-sweep program is administered may include bank deposits that are not registered under the 1940 Act, in which case, the Fund, as an investor in the vehicle, would not be entitled to the protections afforded by the 1940 Act. <p id="xdx_A8F_err--RiskTextBlock_hrr--RiskAxis__custom--ConsumerStaplesSectorRiskMember_zHAv5rK49JUY" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Consumer Staples Sector Risk. When a substantial portion of the Fund’s assets are invested in the Consumer Staples sector, the Fund is susceptible to adverse economic or regulatory occurrences affecting that sector. The values of companies in the Consumer Staples sector can be significantly impacted by demographic and product trends, competitive pricing, food fads, marketing campaigns, environmental factors, government regulation, the performance of the overall economy, interest rates, and consumer confidence. <p id="xdx_A80_err--RiskTextBlock_hrr--RiskAxis__custom--MarketRiskMember_z9OxQrcUm5PI" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Market Risk. The market price of a security or instrument may decline, sometimes rapidly or unpredictably, due to general market conditions that are not specifically related to a particular company, such as inflation, supply chain disruptions, real or perceived adverse economic or political conditions throughout the world, war or political unrest, changes in the general outlook for corporate earnings, changes in interest or currency rates, natural disasters, the spread of infectious illness, including COVID-19 and its variants, or other public issues or adverse investor sentiment generally. The market value of a security or instrument also may decline because of factors that affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. The impact of any of these occurrences may exacerbate other pre-existing political, social, financial, and economic risks in certain countries or the market in general and may last for an extended period of time. <p id="xdx_A89_err--RiskTextBlock_hrr--RiskAxis__custom--MidCapCompanyRiskMember_zx0qFFjuEuAF" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Mid-Cap Company Risk. The securities of mid-capitalization companies may be subject to more abrupt or erratic market movements and may have lower trading volumes or more erratic trading than securities of larger, more established companies or market averages in general. In addition, such companies typically are more likely to be adversely affected than large capitalization companies by changes in earnings results, business prospects, investor expectations or poor economic or market conditions. <p id="xdx_A87_err--RiskTextBlock_hrr--RiskAxis__custom--SectorFocusRiskMember_zS5wBNF23v1q" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Sector Focus Risk. The Fund may invest a substantial portion of its assets within one or more economic sectors. To the extent the Fund focuses in one or more sectors, market or economic factors impacting those sectors could have a significant effect on the value of the Fund’s investments. Additionally, the Fund’s performance may be more volatile when the Fund’s investments are focused in a particular sector. <p id="xdx_A85_err--RiskTextBlock_hrr--RiskAxis__custom--ShareholderConcentrationRiskMember_zjHEwLj17ZzM" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Shareholder Concentration Risk. When a small number of shareholders account for a disproportionate share of the Fund’s assets, redemptions by large shareholders can harm remaining shareholders. If a large shareholder is an omnibus account that represents investments by multiple smaller accounts, when the underlying accounts tend to act in tandem, shareholder concentration risk will be present. Risk is minimized when the underlying accounts tend to act independently of one another. It is possible to lose money on an investment in the Fund. Investments in the Fund are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. Performance Information <p id="xdx_A8A_err--PerformanceNarrativeTextBlock_zbLHhaxiTfi8" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_904_err--PerformanceInformationIllustratesVariabilityOfReturns_c20250128__20250128__dei--LegalEntityAxis__custom--S000053615Member_zt0BY7pAiHtv">The following information provides some indication of the risks of investing in the Fund by showing how the Fund’s performance has varied over time. The bar chart depicts the change in performance from year to year during the periods indicated. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90B_err--BarChartDoesNotReflectSalesLoads_c20250128__20250128__dei--LegalEntityAxis__custom--S000053615Member_zlvXTWUrYdl2">The bar chart figures do not include any applicable sales charges that investors may pay when they buy or sell shares of the Fund. If sales charges were included, the returns would be lower. The performance table compares the average annual returns of the Fund’s Institutional Class to a broad-based securities market index for the periods indicated. The index is not actively managed and is not available for direct investment. The bar charts and performance tables assume reinvestment of dividends and distributions. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90E_err--PerformancePastDoesNotIndicateFuture_c20250128__20250128__dei--LegalEntityAxis__custom--S000053615Member_zMK6Gn5PDckG">The Fund’s past performance does not necessarily indicate how it will perform in the future. Updated performance information is available on the Fund’s website at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_908_err--PerformanceAvailabilityWebSiteAddress_c20250128__20250128__dei--LegalEntityAxis__custom--S000053615Member_zA0XEseuJnFW">www.clarkstonfunds.com or by calling <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_907_err--PerformanceAvailabilityPhone_c20250128__20250128__dei--LegalEntityAxis__custom--S000053615Member_zWA2hgSvy26l">1-844-680-6562. The following information provides some indication of the risks of investing in the Fund by showing how the Fund’s performance has varied over time. The bar chart figures do not include any applicable sales charges that investors may pay when they buy or sell shares of the Fund. If sales charges were included, the returns would be lower. The Fund’s past performance does not necessarily indicate how it will perform in the future. www.clarkstonfunds.com 1-844-680-6562 Annual Total Returns (For the Calendar Years ended 12/31) – Institutional Class Shares -0.0782 0.2371 0.2321 0.0623 -0.0361 0.1038 0.0567 The <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_905_err--YearToDateReturnLabel_c20250128__20250128__dei--LegalEntityAxis__custom--S000053615Member__rr--ProspectusShareClassAxis__custom--C000168469Member_zg5eG6Q9ayjO">year-to-date return as of <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_906_err--BarChartYearToDateReturnDate_c20250128__20250128__dei--LegalEntityAxis__custom--S000053615Member__rr--ProspectusShareClassAxis__custom--C000168469Member_zWKgfgWZywMC">December 31, 2024 was <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_907_err--BarChartYearToDateReturn_pid_dpxL_uRatio_c20250128__20250128__dei--LegalEntityAxis__custom--S000053615Member__rr--ProspectusShareClassAxis__custom--C000168469Member_z7qBmlmcPAoB" title="::XDX::0">5.67%. <table cellpadding="4" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="background-color: Gainsboro"> <td style="vertical-align: top; width: 43%"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_902_err--HighestQuarterlyReturnLabel_c20250128__20250128__dei--LegalEntityAxis__custom--S000053615Member__rr--ProspectusShareClassAxis__custom--C000168469Member_zPwdksQnYRGz">Best Quarter – <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_906_err--BarChartHighestQuarterlyReturnDate_c20250128__20250128__dei--LegalEntityAxis__custom--S000053615Member__rr--ProspectusShareClassAxis__custom--C000168469Member_z5eRQa2RtXg6">December 31, 2020</td> <td style="vertical-align: top; width: 57%"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_903_err--BarChartHighestQuarterlyReturn_pid_dp_uRatio_c20250128__20250128__dei--LegalEntityAxis__custom--S000053615Member__rr--ProspectusShareClassAxis__custom--C000168469Member_zSxVTm6y2Xa7">19.22%</td> </tr> <tr style="background-color: White"> <td style="vertical-align: top; width: 43%"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90E_err--LowestQuarterlyReturnLabel_c20250128__20250128__dei--LegalEntityAxis__custom--S000053615Member__rr--ProspectusShareClassAxis__custom--C000168469Member_zP2Kioq7nNXZ">Worst Quarter – <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_906_err--BarChartLowestQuarterlyReturnDate_c20250128__20250128__dei--LegalEntityAxis__custom--S000053615Member__rr--ProspectusShareClassAxis__custom--C000168469Member_z6a9u8aqMO8m">March 31, 2020</td> <td style="vertical-align: top; width: 57%"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90D_err--BarChartLowestQuarterlyReturn_pid_dp_uRatio_c20250128__20250128__dei--LegalEntityAxis__custom--S000053615Member__rr--ProspectusShareClassAxis__custom--C000168469Member_z4QvOmX2vDnU">(19.25)%</td> </tr> </table> year-to-date return 2024-12-31 Best Quarter 2020-12-31 0.1922 Worst Quarter 2020-03-31 -0.1925 Average Annual Total Returns (for the periods ended December 31, 2024) 0.0567 0.0803 0.0821 2017-01-31 0.0556 0.0753 0.0769 2017-01-31 0.0344 0.0626 0.0651 2017-01-31 0.1534 0.0992 0.1051 2017-01-31 0.2381 0.1386 0.1402 2017-01-31 0.0576 0.0310 2021-02-16 0.1534 0.0631 2021-02-16 0.2381 0.1087 2021-02-16 <p id="xdx_A84_err--PerformanceTableClosingTextBlock_z836xXGUxHwU" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_902_err--PerformanceTableUsesHighestFederalRate_c20250128__20250128__dei--LegalEntityAxis__custom--S000053615Member_zLJQms8Ku7lt">After-tax returns are calculated using the historically highest individual U.S. federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your individual tax situation and may differ from those shown in the preceding table. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_906_err--PerformanceTableNotRelevantToTaxDeferred_c20250128__20250128__dei--LegalEntityAxis__custom--S000053615Member_zGD6AOI0txk3">The after-tax return information shown above does not apply to Fund shares held through a tax-qualified account, such as a 401(k) plan or an IRA. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90D_err--PerformanceTableOneClassOfAfterTaxShown_c20250128__20250128__dei--LegalEntityAxis__custom--S000053615Member_zbgFfdnrwRu1">After-tax returns are only shown for the Institutional Class shares of the Fund. After-tax returns for the Founders Class shares will vary from those shown for the Institutional Class shares due to varying expenses among the classes. After-tax returns are calculated using the historically highest individual U.S. federal marginal income tax rates and do not reflect the impact of state and local taxes. The after-tax return information shown above does not apply to Fund shares held through a tax-qualified account, such as a 401(k) plan or an IRA. After-tax returns are only shown for the Institutional Class shares of the Fund. After-tax returns for the Founders Class shares will vary from those shown for the Institutional Class shares due to varying expenses among the classes. HCMAX Summary Section HILLMAN VALUE FUND (THE “FUND”) INVESTMENT OBJECTIVE The Fund seeks to provide long-term total return from a combination of income and capital gains. FEES AND EXPENSES OF THE FUND This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. The Fund may also be available on certain brokerage platforms. 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) 0.0070 0 0.0028 0.0098 -0.0003 0.0095 January 31, 2026 Example <p id="xdx_A81_err--ExpenseExampleNarrativeTextBlock_zqgtZc72TnSt" style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This example is intended to help you compare the costs of investing in the Fund with the cost of investing in other mutual 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. The example takes into consideration the agreement by the Adviser to waive fees and reimburse expenses for the contractual period only. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 97 309 539 1198 Portfolio Turnover 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. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. A higher turnover rate may also result in additional income taxes when Fund shares are held in a taxable account. During the most recent fiscal year ended September 30, 2024, the Fund’s portfolio turnover rate was <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_906_err--PortfolioTurnoverRate_pid_dp_uRatio_c20250128__20250128__dei--LegalEntityAxis__custom--S000070920Member_zmHXOwDIpJP6">35% of the average value of its portfolio. 0.35 PRINCIPAL INVESTMENT STRATEGIES OF THE FUND In seeking to achieve its objective, the Fund invests primarily in common stocks of U.S. companies that the Adviser believes have competitive advantages, as described below, and have temporarily fallen out of favor for reasons that are considered non-recurring or short-term; whose value is not currently well known; or whose value is not fully recognized by the public. In selecting investments for the Fund, the Adviser first looks at qualitative measures of a company. Qualitative measures of a company include: <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 18pt; vertical-align: top; text-align: right"> ● </td> <td style="vertical-align: top; text-align: left"> dominance in a particular industry or niche market; </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 18pt; vertical-align: top; text-align: right"> ● </td> <td style="vertical-align: top; text-align: left"> qualifications and ability of management team; </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 18pt; vertical-align: top; text-align: right"> ● </td> <td style="vertical-align: top; text-align: left"> strength of pricing and purchasing power; </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 18pt; vertical-align: top; text-align: right"> ● </td> <td style="vertical-align: top; text-align: left"> barriers to industry competition and limited substitutes; </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 18pt; vertical-align: top; text-align: right"> ● </td> <td style="vertical-align: top; text-align: left"> limited degree of rivalry amongst competitors; </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 18pt; vertical-align: top; text-align: right"> ● </td> <td style="vertical-align: top; text-align: left"> strength of brand or franchise with commensurate brand loyalty; </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 18pt; vertical-align: top; text-align: right"> ● </td> <td style="vertical-align: top; text-align: left"> strength of balance sheet and sources of liquidity; and </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 18pt; vertical-align: top; text-align: right"> ● </td> <td style="vertical-align: top; text-align: left"> quality of products and services. </td> </tr> </table> If certain companies meet most or all of the qualitative measures, the Adviser then seeks to identify which of those companies possess certain positive quantitative measures. The Adviser may make investments without regard to market capitalization. The quantitative measures of a company include: <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 18pt; vertical-align: top; text-align: right"> ● </td> <td style="vertical-align: top; text-align: left"> Market value discount to net present value of projected discounted future cash flows; </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 18pt; vertical-align: top; text-align: right"> ● </td> <td style="vertical-align: top; text-align: left"> Market value discount to book value; and </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 18pt; vertical-align: top; text-align: right"> ● </td> <td style="vertical-align: top; text-align: left"> Market value discount to projected annual revenues. </td> </tr> </table> The Adviser allocates a target percentage of total portfolio value to each security it purchases. From time to time, the Fund may also focus the Fund’s assets in securities of one or more particular sectors of the economy. As of September 30, 2024, the Fund was principally invested in the information technology, healthcare, communication services, consumer discretionary, consumer staples, financials, and materials. The Adviser may sell a portfolio holding if the Adviser believes that the price of the security is overvalued or to rebalance the security to the Adviser’s targeted percentage of total portfolio value for that security. The Adviser may also sell (or “write”) call and put options for the Fund. Besides selling options in order to receive premiums, the Adviser will seek to sell options that obligate the Fund to purchase or sell the underlying stock at a price believed to be attractive based on the qualitative and quantitative factors described above. For example, call options may be written on a security held by the Fund in order to collect the premium and establish a sale price for the security that the Adviser believes to be attractive. Put options may be written on a security in order to collect the premium and acquire the security at a price the Adviser believes to be attractive. The Fund will mostly engage in option transactions where, with respect to a call option, the Fund holds the underlying security. PRINCIPAL RISKS OF THE FUND <div id="xdx_A8C_err--RiskTextBlock_hdei--LegalEntityAxis__custom--S000070920Member__rr--RiskAxis__custom--ValueRiskMember_z758Wi79NncJ"></div> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt; vertical-align: top; text-align: right"> ● </td> <td style="vertical-align: top; text-align: left"> Value Risk. A company may be undervalued due to market or economic conditions, temporary earnings declines, unfavorable developments affecting the company and other factors. Securities purchased by the Fund that do not realize their full economic value may reduce the Fund’s return. </td> </tr> </table> <div id="xdx_A8A_err--RiskTextBlock_hdei--LegalEntityAxis__custom--S000070920Member__rr--RiskAxis__custom--MarketRiskMember_zqp2MRGeBwZa"></div> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt; vertical-align: top; text-align: right"> ● </td> <td style="vertical-align: top; text-align: left"> Market Risk. The market price of a security or instrument may decline, sometimes rapidly or unpredictably, due to general market conditions that are not specifically related to a particular company, such as inflation, supply chain disruptions, real or perceived adverse economic or political conditions throughout the world, war or political unrest, changes in the general outlook for corporate earnings, changes in interest or currency rates, natural disasters, the spread of infectious illness, including COVID-19 and its variants, or other public issues or adverse investor sentiment generally. The market value of a security or instrument also may decline because of factors that affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. The impact of any of these occurrences may exacerbate other pre-existing political, social, financial, and economic risks in certain countries or the market in general and may last for an extended period of time. </td> </tr> </table> <div id="xdx_A8F_err--RiskTextBlock_hdei--LegalEntityAxis__custom--S000070920Member__rr--RiskAxis__custom--SectorFocusRiskMember_z7vSMSzP003M"></div> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt; vertical-align: top; text-align: right"> ● </td> <td style="vertical-align: top; text-align: left"> Sector Focus Risk. The Fund may, at times, be more heavily invested in certain sectors, which may cause the value of its shares to be especially sensitive to factors and economic risks that specifically affect those sectors and may cause the Fund’s share price to fluctuate more widely than the shares of a mutual fund that invests in a broader range of industries. </td> </tr> </table> <div id="xdx_A85_err--RiskTextBlock_hdei--LegalEntityAxis__custom--S000070920Member__rr--RiskAxis__custom--CybersecurityRiskMember_zBv6tDLBvXGk"></div> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt; vertical-align: top; text-align: right"> ● </td> <td style="vertical-align: top; text-align: left"> Cybersecurity Risk. As part of its business, the Adviser processes, stores, and transmits large amounts of electronic information, including information relating to the transactions of the Fund. The Adviser and the Fund are therefore susceptible to cybersecurity risk. Cybersecurity failures or breaches of the Fund or its service providers have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, the inability of Fund shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, and/or reputational damage. The Fund and its shareholders could be negatively impacted as a result. </td> </tr> </table> <div id="xdx_A86_err--RiskTextBlock_hdei--LegalEntityAxis__custom--S000070920Member__rr--RiskAxis__custom--InvestmentAdviserRiskMember_zV1X2VoZIwZy"></div> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt; vertical-align: top; text-align: right"> ● </td> <td style="vertical-align: top; text-align: left"> Investment Adviser Risk. The Adviser’s ability to choose suitable investments has a significant impact on the ability of the Fund to achieve its investment objectives. </td> </tr> </table> <div id="xdx_A84_err--RiskTextBlock_hdei--LegalEntityAxis__custom--S000070920Member__rr--RiskAxis__custom--RisksfromWritingOptionsMember_zFz1r5GhBbCG"></div> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt; vertical-align: top; text-align: right"> ● </td> <td style="vertical-align: top; text-align: left"> Risks from Writing Options. Writing option contracts can result in losses that exceed the Fund’s initial investment and may lead to additional turnover and higher tax liability. The risk involved in writing a call option is that an increase in the market value of the underlying security may result in the Fund selling the security at a lower price than its current market value. Writing call options also limits the opportunity to profit from an increase in the market value of the underlying security. The risk involved in writing a put option is that a decrease in the market value of the underlying security may result in the Fund purchasing the security at a higher price than its current market value. </td> </tr> </table> <div id="xdx_A87_err--RiskTextBlock_hdei--LegalEntityAxis__custom--S000070920Member__rr--RiskAxis__custom--SmallCapAndMidCapCompanyRiskMember_zqDWnTPfhYhb"></div> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt; vertical-align: top; text-align: right"> ● </td> <td style="vertical-align: top; text-align: left"> Small-Cap and Mid-Cap Companies Risk. Investing in the securities of small-cap and mid-cap companies generally involves greater risk than investing in larger, more established companies. This greater risk is, in part, attributable to the fact that the securities of these companies usually have more limited marketability and, therefore, may be more volatile and less liquid than securities of larger, more established companies or the market averages in general. </td> </tr> </table> PERFORMANCE INFORMATION <p id="xdx_A8E_err--PerformanceNarrativeTextBlock_zQJCjMTNUDZ1" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Hillman Value Fund (the “Predecessor Fund”) reorganized into the Fund on March 15, 2021. The Predecessor Fund was a series of the Hillman Capital Management Investment Trust and also was advised by Hillman Capital Management, Inc. For periods prior to the reorganization, performance results shown in the bar chart and the performance table below for the Fund reflects the performance of the Predecessor Fund. The Fund’s performance was not restated to reflect any differences in expenses paid by the Predecessor Fund and those paid by the Fund. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_903_err--PerformancePastDoesNotIndicateFuture_c20250128__20250128__dei--LegalEntityAxis__custom--S000070920Member_zfySKmpY5H4v">The Fund’s past performance (including the Predecessor Fund’s past performance), before and after taxes, is not necessarily an indication of how the Fund will perform in the future. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_902_err--PerformanceInformationIllustratesVariabilityOfReturns_c20250128__20250128__dei--LegalEntityAxis__custom--S000070920Member_zbw5ETNKKYUL">The following information provides some indication of the risks of investing in the Fund by showing how the Fund’s performance has varied over time (including performance of the Predecessor Fund). The bar chart depicts the change in performance from year to year during the periods indicated. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_909_err--BarChartDoesNotReflectSalesLoads_c20250128__20250128__dei--LegalEntityAxis__custom--S000070920Member_zJn7z6m25Pwg">The bar chart figures do not include any applicable sales charges that an investor may pay when they buy or sell shares of the Fund. If sales charges were included, the returns would be lower. The performance table compares the average annual returns of the Predecessor Fund to broad-based securities market index for the periods indicated. The index is not actively managed and is not available for direct investment. The bar charts and performance tables assume reinvestment of dividends and distributions. Updated performance information is available on the Fund’s website at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90F_err--PerformanceAvailabilityWebSiteAddress_c20250128__20250128__dei--LegalEntityAxis__custom--S000070920Member_zm4tTesIFhts">www.hcmfunds.com or by calling <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_901_err--PerformanceAvailabilityPhone_c20250128__20250128__dei--LegalEntityAxis__custom--S000070920Member_zNlKJnm7fZob">855-400-5944. The Fund’s past performance (including the Predecessor Fund’s past performance), before and after taxes, is not necessarily an indication of how the Fund will perform in the future. The following information provides some indication of the risks of investing in the Fund by showing how the Fund’s performance has varied over time (including performance of the Predecessor Fund). The bar chart figures do not include any applicable sales charges that an investor may pay when they buy or sell shares of the Fund www.hcmfunds.com 855-400-5944 Annual Total Returns (For Calendar Years ended 12/31) -0.0262 0.1616 0.1637 -0.0268 0.3559 0.0563 0.2276 -0.1085 0.2440 0.0494 The <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_903_err--YearToDateReturnLabel_c20250128__20250128__dei--LegalEntityAxis__custom--S000070920Member__rr--ProspectusShareClassAxis__custom--C000225205Member_zLWDKxWrb800">year-to-date return as of <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90F_err--BarChartYearToDateReturnDate_c20250128__20250128__dei--LegalEntityAxis__custom--S000070920Member__rr--ProspectusShareClassAxis__custom--C000225205Member_z3WFqNR3QPul">December 31, 2024 was <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_903_err--BarChartYearToDateReturn_pid_dpxL_uRatio_c20250128__20250128__dei--LegalEntityAxis__custom--S000070920Member__rr--ProspectusShareClassAxis__custom--C000225205Member_zHmOc00H6m9I" title="::XDX::0">4.94%. <table cellpadding="2" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="background-color: Gainsboro"> <td style="vertical-align: bottom; width: 50%"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90E_err--HighestQuarterlyReturnLabel_c20250128__20250128__dei--LegalEntityAxis__custom--S000070920Member__rr--ProspectusShareClassAxis__custom--C000225205Member_z79zdudDA7US">Best Quarter – <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_903_err--BarChartHighestQuarterlyReturnDate_dd_c20250128__20250128__dei--LegalEntityAxis__custom--S000070920Member__rr--ProspectusShareClassAxis__custom--C000225205Member_zoQ5jhfECZtr">December 31, 2020</td> <td style="vertical-align: bottom; width: 50%"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90F_err--BarChartHighestQuarterlyReturn_pid_dp_uRatio_c20250128__20250128__dei--LegalEntityAxis__custom--S000070920Member__rr--ProspectusShareClassAxis__custom--C000225205Member_zU1BaQ3rf9al">19.90% </td> </tr> <tr style="background-color: White"> <td style="vertical-align: bottom; width: 50%"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90E_err--LowestQuarterlyReturnLabel_c20250128__20250128__dei--LegalEntityAxis__custom--S000070920Member__rr--ProspectusShareClassAxis__custom--C000225205Member_z39w244omY5C">Worst Quarter – <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90F_err--BarChartLowestQuarterlyReturnDate_dd_c20250128__20250128__dei--LegalEntityAxis__custom--S000070920Member__rr--ProspectusShareClassAxis__custom--C000225205Member_zD9ii4IHvyMN">March 31, 2020</td> <td style="vertical-align: bottom; width: 50%">-<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90D_err--BarChartLowestQuarterlyReturn_pid_dp_uRatio_c20250128__20250128__dei--LegalEntityAxis__custom--S000070920Member__rr--ProspectusShareClassAxis__custom--C000225205Member_zHOEuaBgMqpT">25.45%</td> </tr> </table> year-to-date return 2024-12-31 Best Quarter 2020-12-31 0.1990 Worst Quarter 2020-03-31 0.2545 0.0494 0.0858 0.1012 0.0136 0.0603 0.0861 0.0520 0.0619 0.0795 0.1437 0.0868 0.0849 0.2376 0.1410 0.1273 <p id="xdx_A86_err--PerformanceTableClosingTextBlock_zpW5SN1zVLNl" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_900_err--PerformanceTableUsesHighestFederalRate_c20250128__20250128__dei--LegalEntityAxis__custom--S000070920Member_zveXLcyMvkUI">After-tax returns are calculated using the historically highest individual U.S. federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your individual tax situation and may differ from those shown in the preceding table. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90B_err--PerformanceTableNotRelevantToTaxDeferred_c20250128__20250128__dei--LegalEntityAxis__custom--S000070920Member_zyIi73oRR3Jg">The after-tax return information shown above does not apply to Fund shares held through a tax-qualified account, such as a 401(k) plan or an IRA. After-tax returns are calculated using the historically highest individual U.S. federal marginal income tax rates and do not reflect the impact of state and local taxes. The after-tax return information shown above does not apply to Fund shares held through a tax-qualified account, such as a 401(k) plan or an IRA. WASIX WACTX WIGTX Seven Canyons Strategic Global Fund (the “Fund”) Investment Objective The Fund’s investment objective is long-term growth of capital. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. 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. Shareholder Fees (fees paid directly from your investment) 0 -0.0200 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0070 0 0.0137 0.0001 0.0208 -0.0067 0.0141 January 31, 2026 Example <p id="xdx_A8A_err--ExpenseExampleNarrativeTextBlock_zuevdtAY12M7" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This example is intended to help you compare the costs of investing in the Fund with the cost of investing in other mutual 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. The example takes into consideration the agreement by the Adviser to waive fees and reimburse expenses for the contractual period only. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 144 587 1056 2354 Portfolio Turnover 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. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. A higher turnover rate may also result in additional income taxes when Fund shares are held in a taxable account. For the fiscal year ended September 30, 2024, the Fund’s portfolio turnover rate was <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90B_err--PortfolioTurnoverRate_pid_dp_uRatio_c20250128__20250128__dei--LegalEntityAxis__custom--S000061937Member_zFORCFUmTTTM" title="Portfolio Turnover, Rate">88% of the average value of its portfolio. 0.88 Principal Investment Strategies of the Fund Under normal market conditions, the Fund invests primarily in equity securities (primarily common stock) of domestic and foreign micro, small, and midsize growth companies with market capitalizations of less than US $5 billion at the time of purchase. At times, one type of security may make up a substantial portion of the Fund, while other types may have minimal or no representation. The Fund may invest a large percentage of its assets in a few sectors. Under normal market conditions, the Fund will typically be invested in at least three developed countries, including the U.S. The Fund may invest its assets in securities issued by foreign companies in developed countries without limit. To a lesser extent, the Fund may invest in foreign companies in emerging and frontier markets. Securities issued by companies incorporated outside the United States whose securities are principally traded in the United States are not defined as foreign companies. Under normal market conditions, the Fund will invest at least 40% of its assets (30% if conditions are not favorable) in equity securities of companies tied economically to countries other than the United States. The Fund regards a company as being tied economically to a country other than the U.S. if, at the time of purchase, the company has at least 50% of its assets outside the U.S., or if at least 50% of its revenues or profits are from goods produced or sold, investments made, or services performed outside the U.S. The Fund may invest in investment companies, including exchange-traded funds (ETFs). The Adviser will use a process of “bottom-up” fundamental analysis to seek to identify and invest in companies with the greatest potential for growth. The Adviser’s analysis may include studying a company’s financial statements, building proprietary financial models, visiting company facilities, and meeting with executive management, suppliers and customers. Principal Risks of the Fund <p id="xdx_A86_err--RiskTextBlock_hrr--RiskAxis__custom--StockMarketRiskMember_zEl0o757aydG" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Stock Market Risk. The Fund’s investments may decline in value due to movements in the overall stock market. <p id="xdx_A83_err--RiskTextBlock_hrr--RiskAxis__custom--StockSelectionRiskMember_z5pZhkWpnaPU" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Stock Selection Risk. The Fund’s investments may decline in value even when the overall stock market is not in a general decline. <p id="xdx_A8D_err--RiskTextBlock_hrr--RiskAxis__custom--EquitySecuritiesRiskMember_z4HGv7Wnno2C" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Equity Securities Risk. Equity securities represent ownership in a company. Stock markets are volatile. The price of equity securities will fluctuate and can decline and reduce the value of a portfolio investing in equity securities. The value of equity securities purchased by the Fund could decline if the financial condition of the companies the Fund invests in declines or if overall market and economic conditions deteriorate. The value of equity securities may also decline due to factors that affect a particular industry or industries, such as labor shortages or an increase in production costs and competitive conditions within an industry. In addition, the value may decline due to general market conditions that are not specifically related to a company or industry, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates, natural disasters, the spread of infectious illness or other public health issues, or generally adverse investor sentiment. <p id="xdx_A85_err--RiskTextBlock_hrr--RiskAxis__custom--GrowthSecuritiesRiskMember_zQoH2eXkUAYg" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Growth Securities Risk. The Fund invests in companies that the portfolio managers believe have growth potential. Securities of companies perceived to be “growth” companies may be more volatile than other stocks and may involve special risks. If the portfolio managers’ perception of a company’s growth potential is not realized, the securities purchased may not perform as expected, reducing the Fund’s returns. In addition, because different types of stocks tend to shift in and out of favor depending on market conditions, growth stocks may perform differently from the market as a whole and other types of securities. <p id="xdx_A87_err--RiskTextBlock_hrr--RiskAxis__custom--ForeignSecuritiesRiskMember_zWbdDzhefHrX" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Foreign Securities Risk. Foreign securities are generally more volatile and less liquid than U.S. securities. Further, foreign securities may be subject to additional risks not associated with investments in U.S. securities. Differences in the economic and political environment, the amount of available public information, the degree of market regulation, and financial reporting, accounting and auditing standards, and, in the case of foreign currency-denominated securities, fluctuations in currency exchange rates, can have a significant effect on the value of a foreign security. Additionally, certain countries may utilize formal or informal currency-exchange controls or “capital controls.” Capital controls may impose restrictions on the Fund’s ability to repatriate investments or income. Such capital controls can also have a significant effect on the value of the Fund’s holdings. <p id="xdx_A8F_err--RiskTextBlock_hrr--RiskAxis__custom--EmergingMarketsRiskMember_zGmydALeXoWt" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Emerging Markets Risk. In addition to the risks of investing in foreign securities in general, the risks of investing in the securities of companies domiciled in emerging market countries include increased political or social instability, economies based on only a few industries, unstable currencies, runaway inflation, highly volatile and less liquid securities markets, unpredictable shifts in policies relating to foreign investments, lack of protection for investors against parties that fail to complete transactions, and the potential for government seizure of assets or nationalization of companies. <p id="xdx_A8D_err--RiskTextBlock_hrr--RiskAxis__custom--FrontierMarketsRiskMember_zwOSPowr3iaZ" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Frontier Markets Risk. In addition to the risks of investing in foreign securities and emerging markets, frontier market securities involve unique risks, such as exposure to economies less diverse and mature than those of the U.S. or more established foreign markets. Economic or political instability may cause larger price changes in frontier market securities than in securities of issuers based in more developed foreign countries, including securities of issuers in larger emerging markets. Frontier markets generally receive less investor attention than developed markets or larger emerging markets. These risks can result in the potential for extreme price volatility and illiquidity. <p id="xdx_A81_err--RiskTextBlock_hrr--RiskAxis__custom--SmallerCompanyStockRiskMember_zLL2cWwGmI6f" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Smaller Company Stock Risk. Small- and mid-cap stocks may be very sensitive to changing economic conditions and market downturns. In particular, the issuers of small company stocks have more narrow markets for their products and services, fewer product lines, and more limited managerial and financial resources than larger issuers. The stocks of small companies may therefore be more volatile and the ability to sell these stocks at a desirable time or price may be more limited. <p id="xdx_A8E_err--RiskTextBlock_hrr--RiskAxis__custom--MarketRiskMember_zBSLmHeVUIkS" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Market Risk. The market price of a security or instrument may decline, sometimes rapidly or unpredictably, due to general market conditions that are not specifically related to a particular company, such as the impact of inflation on the economy, supply chain disruptions, real or perceived adverse economic or political conditions throughout the world, changes in the general outlook for corporate earnings, changes in interest or currency rates, natural disasters, war, the spread of infectious illness or other public issues, or adverse investor sentiment generally. The market value of a security or instrument also may decline because of factors that affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. <p id="xdx_A84_err--RiskTextBlock_hrr--RiskAxis__custom--MicroCapCompanyStockRiskMember_z2vxAJkFNN4j" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Micro-Cap Company Stock Risk. The securities of micro-cap companies may be particularly volatile in price, and such securities have significantly lower trading volumes than small- or mid-cap companies. As a result, the purchase or sale of more than a limited number of shares may affect its market price. The Fund may need more time to purchase or sell its positions in such securities. Some micro-cap companies may not have much publicly available information relative to larger companies. Micro-cap companies may also have limited markets, financial resources or product lines, may lack management depth, and may be more vulnerable to adverse business or market developments. <p id="xdx_A88_err--RiskTextBlock_hrr--RiskAxis__custom--SectorAndIndustryWeightingsRiskMember_zB58cBua3qxq" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Sector and Industry Weightings Risk. The Fund may invest a substantial portion of its assets within one or more economic sectors. To the extent the Fund emphasizes, from time to time, investments in a particular sector, the Fund will be subject to a greater degree to the risks particular to that sector. Market conditions, interest rates, and economic, regulatory, or financial developments could significantly affect all the securities in a single sector. If the Fund invests in a few sectors, it may have increased exposure to the price movements of securities in those sectors. Additionally, the Fund’s performance may be more volatile when the Fund’s investments are focused in a particular sector. The Fund may also from time to time make significant investments in an industry or industries within a particular sector. The industries that constitute a sector may all react in the same way to economic, political or regulatory events. Adverse conditions in such industry or industries could have a correspondingly adverse effect on the financial condition of issuers. These conditions may cause the value of the Fund’s shares to fluctuate more than the values of shares of funds that invest in a greater variety of investments. <p id="xdx_A80_err--RiskTextBlock_hrr--RiskAxis__custom--InformationTechnologyRiskMember_zbHKjup1eZGk" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Information Technology Risk. The Fund tends to have a higher investment concentration in the IT sector. Information Technology companies tend to significantly rely on technological events or advances in their product development, production or operations and are particularly vulnerable to rapid changes in technological product cycles, government regulation and competition. <p id="xdx_A87_err--RiskTextBlock_hrr--RiskAxis__custom--ExchangeTradedFundsRiskMember_zFWxKcXJuPFQ" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Exchange-Traded Funds Risk. ETFs are investment companies that are bought and sold on a securities exchange. Shares of ETFs are redeemable only in larger aggregations of a specified number of shares and generally on an in-kind basis. When the Fund invests in an ETF, it will bear additional expenses based on its pro rata share of the ETF’s operating expenses. Because of the ETF expenses, it may be more costly to own the ETF than owning the underlying securities directly. In addition, the Fund will incur brokerage costs when purchasing and selling shares of ETFs. The risk of owning an ETF generally reflects the risks of the underlying securities held by the ETF and investment strategies employed by such ETF (such as the use of leverage). The market price of an ETF may also fluctuate due to the supply of, and demand for, the ETF’s shares on the exchange upon which its shares are traded and may trade at a premium or discount to its net asset value. As ETFs trade on an exchange, they are subject to the risks of any exchange-traded instrument, including: (i) an active market for its shares may not develop or be maintained, (ii) market makers or authorized participants may decide to reduce their role or step away from these activities in times of market stress, (iii) trading of its shares may be halted by the exchange, and (iv) its shares may be delisted from the exchange. <p id="xdx_A81_err--RiskTextBlock_hrr--RiskAxis__custom--HighPortfolioTurnoverRateRiskMember_zzOKADsy2Uo2" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">High Portfolio Turnover Rate Risk. The Fund may have a relatively high turnover rate compared to many mutual funds. A high portfolio turnover rate (100% or more) has the potential to result in increased brokerage transaction costs which may lower the Fund’s returns. Furthermore, a high portfolio turnover rate may result in the realization by the Fund, and distribution to shareholders, of a greater amount of short-term capital gains than if the Fund had a low portfolio turnover rate. Distributions to shareholders of short-term capital gains are taxed as ordinary income under federal income tax laws. This could result in a higher tax liability and may lower an investor’s after-tax return. It is possible to lose money on an investment in the Fund. Investments in the Fund are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. Performance Information <p id="xdx_A86_err--PerformanceNarrativeTextBlock_zZhaf98N6T8G" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_900_err--PerformanceInformationIllustratesVariabilityOfReturns_c20250128__20250128__dei--LegalEntityAxis__custom--S000061937Member_zYdpEIk2WHG1" title="Performance Information Illustrates Variability of Returns [Text]">The following information provides some indication of the risks of investing in the Fund by showing how the Fund’s performance has varied over time. The Fund was organized as a successor to the Wasatch Strategic Income Fund (the “Predecessor Fund”), a series of Wasatch Funds Trust. The Predecessor Fund was reorganized with and into the Fund on September 10, 2018. The Fund has adopted the historical performance of the Predecessor Fund. The performance shown for periods prior to September 10, 2018 reflects the performance of the Predecessor Fund’s Investor Class shares. The table compares the Predecessor Fund’s average annual returns for the periods prior to September 10, 2018 and the Fund’s average annual returns for the periods indicated thereafter to broad-based securities market indices. The performance of the Predecessor Fund is not the performance of the Fund, and is not necessarily indicative of the Fund’s future performance. If the Predecessor Fund’s investment manager and/or its affiliates had not waived or reimbursed certain Predecessor Fund expenses during these periods, the Predecessor Fund’s returns would have been different. Additionally, the Fund modified its investment strategy on January 28, 2022. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90E_err--PerformancePastDoesNotIndicateFuture_c20250128__20250128__dei--LegalEntityAxis__custom--S000061937Member_zqpvno9xEs0v" title="Performance Past Does Not Indicate Future [Text]">The Fund’s past performance does not necessarily indicate how it will perform in the future. Updated performance information is available at no cost by at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_908_err--PerformanceAvailabilityWebSiteAddress_c20250128__20250128__dei--LegalEntityAxis__custom--S000061937Member_zlz1OQQwM9w7" title="Performance Availability Website Address [Text]">www.sevencanyonsadvisors.com or by calling 1-833-7-CANYON (<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90B_err--PerformanceAvailabilityPhone_c20250128__20250128__dei--LegalEntityAxis__custom--S000061937Member_zutbjjQBnPZ3" title="Performance Availability Phone [Text]">1-833-722-6966). The following information provides some indication of the risks of investing in the Fund by showing how the Fund’s performance has varied over time. The Fund’s past performance does not necessarily indicate how it will perform in the future. www.sevencanyonsadvisors.com 1-833-722-6966 Annual Total Returns (For years ended 12/31) - Investor Class -0.1095 0.0718 0.1432 -0.0680 0.2229 0.0442 0.3434 -0.2652 0.0839 0.0522 The <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_902_err--YearToDateReturnLabel_c20250128__20250128__dei--LegalEntityAxis__custom--S000061937Member__rr--ProspectusShareClassAxis__custom--C000200677Member_zUnRgspMzVs_zuKXvbhBnKT9" title="Year to Date Return, Label">year-to-date return as of <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_905_err--BarChartYearToDateReturnDate_c20250128__20250128__dei--LegalEntityAxis__custom--S000061937Member__rr--ProspectusShareClassAxis__custom--C000200677Member_zbT8w7vOkDxJ" title="Bar Chart, Year to Date Return, Date">December 31, 2024 was <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90C_err--BarChartYearToDateReturn_pid_dpxL_uRatio_c20250128__20250128__dei--LegalEntityAxis__custom--S000061937Member__rr--ProspectusShareClassAxis__custom--C000200677Member_zTQ9nFkj5uuK" title="Bar Chart, Year to Date Return">5.22%. Best and Worst Quarterly Returns <table cellpadding="2" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="background-color: Gainsboro"> <td style="vertical-align: top; width: 50%"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_906_err--HighestQuarterlyReturnLabel_c20250128__20250128__dei--LegalEntityAxis__custom--S000061937Member__rr--ProspectusShareClassAxis__custom--C000200677Member_zOz4nU8jTO7z" title="Highest Quarterly Return, Label">Best — <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90A_err--BarChartHighestQuarterlyReturnDate_dd_c20250128__20250128__dei--LegalEntityAxis__custom--S000061937Member__rr--ProspectusShareClassAxis__custom--C000200677Member_z384NBa0fiZF" title="Highest Quarterly Return, Date">6/30/20</td> <td style="vertical-align: top; width: 50%"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_901_err--BarChartHighestQuarterlyReturn_pid_dp_uRatio_c20250128__20250128__dei--LegalEntityAxis__custom--S000061937Member__rr--ProspectusShareClassAxis__custom--C000200677Member_zSDuVzWAHsBS" title="Highest Quarterly Return">18.61%</td> </tr> <tr style="background-color: White"> <td style="vertical-align: top; width: 50%"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90F_err--LowestQuarterlyReturnLabel_c20250128__20250128__dei--LegalEntityAxis__custom--S000061937Member__rr--ProspectusShareClassAxis__custom--C000200677Member_zR4ToLSxrc55" title="Lowest Quarterly Return, Label">Worst — <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_903_err--BarChartLowestQuarterlyReturnDate_dd_c20250128__20250128__dei--LegalEntityAxis__custom--S000061937Member__rr--ProspectusShareClassAxis__custom--C000200677Member_zBENdXdZJjzJ" title="Lowest Quarterly Return, Date">3/31/20</td> <td style="vertical-align: top; width: 50%"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90B_err--BarChartLowestQuarterlyReturn_pid_dp_uRatio_c20250128__20250128__dei--LegalEntityAxis__custom--S000061937Member__rr--ProspectusShareClassAxis__custom--C000200677Member_zH9kQhpwOVA_zgornGNn7tOv" title="Lowest Quarterly Return">-32.84%</td> </tr> </table> year-to-date return 2024-12-31 Best 2020-06-30 0.1861 Worst 2020-03-31 -0.3284 0.0522 0.0329 0.0387 0.0522 0.0167 0.0252 0.0309 0.0221 0.0269 0.0766 0.0668 0.0726 0.2502 0.1453 0.1310 0.1749 0.1006 0.0923 <p id="xdx_A8A_err--PerformanceTableClosingTextBlock_zgwZmRUAoIht" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90B_err--PerformanceTableUsesHighestFederalRate_c20250128__20250128__dei--LegalEntityAxis__custom--S000061937Member_z2mfeqDKsED0" title="Performance Table Uses Highest Federal Rate">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 the investor’s tax situation and may differ from those shown. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_900_err--PerformanceTableNotRelevantToTaxDeferred_c20250128__20250128__dei--LegalEntityAxis__custom--S000061937Member_zJKE8tWtVnxa" title="Performance Table Not Relevant to Tax Deferred">The after-tax returns are not relevant to investors who hold Fund shares through tax-qualified 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 The after-tax returns are not relevant to investors who hold Fund shares through tax-qualified arrangements such as 401(k) plans or individual retirement accounts Seven Canyons World Innovators Fund (the “Fund”) Investment Objective The Fund’s investment objective is long-term growth of capital. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. 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. Shareholder Fees (fees paid directly from your investment) 0 0 -0.0200 -0.0200 -0 -0 -0 -0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0150 0.0150 0 0 0.0099 0.0076 0.0001 0.0001 0.0250 0.0227 -0.0079 -0.0066 0.0171 0.0161 Example <p id="xdx_A86_err--ExpenseExampleNarrativeTextBlock_zbelm3qZigxx" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This example is intended to help you compare the costs of investing in the Fund with the cost of investing in other mutual 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. The example takes into consideration the agreement by the Adviser to waive fees and reimburse expenses for the contractual period only. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 174 703 1259 2772 164 646 1154 2551 Portfolio Turnover 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. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. A higher turnover rate may also result in additional income taxes when Fund shares are held in a taxable account. For the fiscal year ended September 30, 2024, the Fund’s portfolio turnover rate was <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90B_err--PortfolioTurnoverRate_pid_dp_uRatio_c20250128__20250128__dei--LegalEntityAxis__custom--S000061938Member_zNxnPKPVlD3c">70% of the average value of its portfolio. 0.70 Principal Investment Strategies of the Fund Under normal market conditions, the Fund invests primarily in equity securities (primarily common stock) of foreign growth companies that the Adviser believes are innovators in their respective sectors or industries. Modern innovative companies have global business models that are less dependent upon their place of domicile, the location of their headquarters, or the exchange on which their stocks are listed. Under normal market conditions, the Fund will typically be invested in at least three developed countries, other than the U.S. The Fund may invest in securities issued by companies domiciled in emerging and frontier markets without limitation. Under normal market conditions, the Fund will invest at least 40% of its assets (30% if conditions are not favorable) in equity securities of companies tied economically to countries other than the United States. The Fund regards a company as being tied economically to a country other than the U.S. if, at the time of purchase, the company has at least 50% of its assets outside the U.S., or if at least 50% of its revenues or profits are from goods produced or sold, investments made, or services performed outside the U.S. The Adviser will use a process of “bottom-up” fundamental analysis to invest in companies of any size. However, because innovative companies are rapidly evolving, the Adviser expects to invest a significant portion of the Fund’s assets in early stage companies and small- to mid-size companies with market capitalizations of less than US $5 billion at the time of purchase. The Fund may invest a large percentage of its assets in a few sectors. The Adviser has defined two broad categories that it believes are critical to identifying companies with outstanding investment potential. The first is companies that possess valuable intellectual property. The second is companies that are innovators in their respective sectors or industries. Principal Risks of the Fund <p id="xdx_A88_err--RiskTextBlock_hrr--RiskAxis__custom--StockMarketRiskMember_zzeCe66YUumH" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Stock Market Risk. The Fund’s investments may decline in value due to movements in the overall stock market. <p id="xdx_A8C_err--RiskTextBlock_hrr--RiskAxis__custom--StockSelectionRiskMember_z1UURg0FZuud" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Stock Selection Risk. The Fund’s investments may decline in value even when the overall stock market is not in a general decline. <p id="xdx_A80_err--RiskTextBlock_hrr--RiskAxis__custom--EquitySecuritiesRiskMember_zDxDDy8bGl6W" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Equity Securities Risk. Equity securities represent ownership in a company. Stock markets are volatile. The price of equity securities will fluctuate and can decline and reduce the value of a portfolio investing in equity securities. The value of equity securities purchased by the Fund could decline if the financial condition of the companies the Fund invests in declines or if overall market and economic conditions deteriorate. The value of equity securities may also decline due to factors that affect a particular industry or industries, such as labor shortages or an increase in production costs and competitive conditions within an industry. In addition, the value may decline due to general market conditions that are not specifically related to a company or industry, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates, natural disasters, the spread of infectious illness or other public health issues, or generally adverse investor sentiment. <p id="xdx_A84_err--RiskTextBlock_hrr--RiskAxis__custom--GrowthSecuritiesRiskMember_zhncuNNDGskA" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Growth Securities Risk. The Fund invests in companies that the portfolio managers believe have growth potential. Securities of companies perceived to be “growth” companies may be more volatile than other stocks and may involve special risks. If the portfolio managers’ perception of a company’s growth potential is not realized, the securities purchased may not perform as expected, reducing the Fund’s returns. In addition, because different types of stocks tend to shift in and out of favor depending on market conditions, growth stocks may perform differently from the market as a whole and other types of securities. <p id="xdx_A8F_err--RiskTextBlock_hrr--RiskAxis__custom--ForeignSecuritiesRiskMember_zbwBp8vUIViz" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Foreign Securities Risk. Foreign securities are generally more volatile and less liquid than U.S. securities. Further, foreign securities may be subject to additional risks not associated with investments in U.S. securities. Differences in the economic and political environment, the amount of available public information, the degree of market regulation, and financial reporting, accounting and auditing standards, and, in the case of foreign currency-denominated securities, fluctuations in currency exchange rates, can have a significant effect on the value of a foreign security. Additionally, certain countries may utilize formal or informal currency-exchange controls or “capital controls.” Capital controls may impose restrictions on the Fund’s ability to repatriate investments or income. Such capital controls can also have a significant effect on the value of the Fund’s holdings. <p id="xdx_A88_err--RiskTextBlock_hrr--RiskAxis__custom--EmergingMarketsRiskMember_zGi6lToITVnX" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Emerging Markets Risk. In addition to the risks of investing in foreign securities in general, the risks of investing in the securities of companies domiciled in emerging market countries include increased political or social instability, economies based on only a few industries, unstable currencies, runaway inflation, highly volatile and less liquid securities markets, unpredictable shifts in policies relating to foreign investments, lack of protection for investors against parties that fail to complete transactions, and the potential for government seizure of assets or nationalization of companies. <p id="xdx_A8E_err--RiskTextBlock_hrr--RiskAxis__custom--FrontierMarketsRiskMember_zk5UoWohTrqm" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Frontier Markets Risk. In addition to the risks of investing in foreign securities and emerging markets, frontier market securities involve unique risks, such as exposure to economies less diverse and mature than those of the U.S. or more established foreign markets. Economic or political instability may cause larger price changes in frontier market securities than in securities of issuers based in more developed foreign countries, including securities of issuers in larger emerging markets. Frontier markets generally receive less investor attention than developed markets or larger emerging markets. These risks can result in the potential for extreme price volatility and illiquidity. <p id="xdx_A88_err--RiskTextBlock_hrr--RiskAxis__custom--EarlyStageCompaniesRiskMember_zM9SxyXQYYBF" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Early Stage Companies Risk. Early stage companies may never obtain necessary financing, may rely on untested business plans, may not be successful in developing markets for their products or services, and may remain an insignificant part of their industry, and as such may never be profitable. Stocks of early stage companies may be illiquid, privately traded, and more volatile and speculative than the securities of larger companies. <p id="xdx_A8D_err--RiskTextBlock_hrr--RiskAxis__custom--SmallerCompanyStockRiskMember_zh0s9haj21vd" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Smaller Company Stock Risk. Small- and mid-cap stocks may be very sensitive to changing economic conditions and market downturns. In particular, the issuers of small company stocks have more narrow markets for their products and services, fewer product lines, and more limited managerial and financial resources than larger issuers. The stocks of small companies may therefore be more volatile and the ability to sell these stocks at a desirable time or price may be more limited. <p id="xdx_A8C_err--RiskTextBlock_hrr--RiskAxis__custom--SectorAndIndustryWeightingsRiskMember_zmgg8s0EEaAL" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Sector and Industry Weightings Risk. To the extent the Fund emphasizes, from time to time, investments in a particular sector, the Fund will be subject to a greater degree to the risks particular to that sector, including the sectors described below. Market conditions, interest rates, and economic, regulatory, or financial developments could significantly affect all the securities in a single sector. If the Fund invests in a few sectors, it may have increased exposure to the price movements of securities in those sectors. The Fund may also from time to time make significant investments in an industry or industries within a particular sector. The industries that constitute a sector may all react in the same way to economic, political or regulatory events. Adverse conditions in such industry or industries could have a correspondingly adverse effect on the financial condition of issuers. These conditions may cause the value of the Fund’s shares to fluctuate more than the values of shares of funds that invest in a greater variety of investments. <p id="xdx_A85_err--RiskTextBlock_hrr--RiskAxis__custom--InformationTechnologyRiskMember_zKHm1o5azN5C" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Information Technology Risk. The Fund tends to have a higher investment concentration in the IT sector. Information Technology companies tend to significantly rely on technological events or advances in their product development, production or operations and are particularly vulnerable to rapid changes in technological product cycles, government regulation and competition. <p id="xdx_A87_err--RiskTextBlock_hrr--RiskAxis__custom--HighPortfolioTurnoverRateRiskMember_z2DRxROacHgR" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">High Portfolio Turnover Rate Risk. The Fund may have a relatively high turnover rate compared to many mutual funds. A high portfolio turnover rate (100% or more) has the potential to result in increased brokerage transaction costs which may lower the Fund’s returns. Furthermore, a high portfolio turnover rate may result in the realization by the Fund, and distribution to shareholders, of a greater amount of short-term capital gains than if the Fund had a low portfolio turnover rate. Distributions to shareholders of short-term capital gains are taxed as ordinary income under federal income tax laws. This could result in a higher tax liability and may lower an investor’s after-tax return. <p id="xdx_A8D_err--RiskTextBlock_hrr--RiskAxis__custom--MarketRiskMember_zy46BaO9DSO_zlU6qUlvkXom" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Market Risk. The market price of a security or instrument may decline, sometimes rapidly or unpredictably, due to general market conditions that are not specifically related to a particular company, such as the impact of inflation on the economy, supply chain disruptions, real or perceived adverse economic or political conditions throughout the world, changes in the general outlook for corporate earnings, changes in interest or currency rates, natural disasters, war, the spread of infectious illness or other public issues, or adverse investor sentiment generally. The market value of a security or instrument also may decline because of factors that affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. It is possible to lose money on an investment in the Fund. Investments in the Fund are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. Performance Information <p id="xdx_A83_err--PerformanceNarrativeTextBlock_zvu7uxYZJtF_z2oUbi2uDW6E" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90A_err--PerformanceInformationIllustratesVariabilityOfReturns_c20250128__20250128__dei--LegalEntityAxis__custom--S000061938Member_zfsu4fRUnZVx">The following information provides some indication of the risks of investing in the Fund by showing how the Fund’s performance has varied over time. The Fund was organized as a successor to the Wasatch World Innovators Fund (the “Predecessor Fund”), a series of Wasatch Funds Trust. The Predecessor Fund was reorganized with and into the Fund on September 10, 2018. The Fund has adopted the historical performance of the Predecessor Fund. The performance shown for periods prior to September 10, 2018 reflects the performance of the Predecessor Fund’s Investor Class shares. The table compares the Predecessor Fund’s average annual returns for the periods prior to September 10, 2018 and the Fund’s average annual returns for the periods indicated thereafter to broad-based securities market indices. The performance of the Predecessor Fund is not the performance of the Fund, and is not necessarily indicative of the Fund’s future performance. If the Predecessor Fund’s investment manager and/or its affiliates had not waived or reimbursed certain Predecessor Fund expenses during these periods, the Predecessor Fund’s returns would have been different. Additionally, the Fund modified its investment strategy on January 28, 2022. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_908_err--PerformancePastDoesNotIndicateFuture_c20250128__20250128__dei--LegalEntityAxis__custom--S000061938Member_zn8DcMn3sKQ5">The Fund’s past performance does not necessarily indicate how it will perform in the future. Updated performance information is available at no cost by at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90F_err--PerformanceAvailabilityWebSiteAddress_c20250128__20250128__dei--LegalEntityAxis__custom--S000061938Member_zt8xoh1PPDSU">www.sevencanyonsadvisors.com or by calling 1-833-7-CANYON (<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90E_err--PerformanceAvailabilityPhone_c20250128__20250128__dei--LegalEntityAxis__custom--S000061938Member_zmQwq2BkInKD">1-833-722-6966). The following information provides some indication of the risks of investing in the Fund by showing how the Fund’s performance has varied over time. The Fund’s past performance does not necessarily indicate how it will perform in the future. www.sevencanyonsadvisors.com 1-833-722-6966 Annual Total Returns (For years ended 12/31) - Investor Class 0.0620 0.0231 0.3296 -0.1035 0.2042 0.6792 -0.1272 -0.3705 0.0543 0.0295 The <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_900_err--YearToDateReturnLabel_c20250128__20250128__dei--LegalEntityAxis__custom--S000061938Member__rr--ProspectusShareClassAxis__custom--C000200679Member_zs99IDanh3YJ">year-to-date return as of <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_908_err--BarChartYearToDateReturnDate_c20250128__20250128__dei--LegalEntityAxis__custom--S000061938Member__rr--ProspectusShareClassAxis__custom--C000200679Member_z5UKI6OM4sB_zvnMcmA13IqJ">December 31, 2024 was <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90D_err--BarChartYearToDateReturn_pid_dpxL_uRatio_c20250128__20250128__dei--LegalEntityAxis__custom--S000061938Member__rr--ProspectusShareClassAxis__custom--C000200679Member_zpnN2fZXQqXs">2.95%. Best and Worst Quarterly Returns <table cellpadding="2" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="background-color: Gainsboro"> <td style="vertical-align: top; width: 35%"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_902_err--HighestQuarterlyReturnLabel_c20250128__20250128__dei--LegalEntityAxis__custom--S000061938Member__rr--ProspectusShareClassAxis__custom--C000200679Member_zsJgrCJAGVS4">Best — <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_903_err--BarChartHighestQuarterlyReturnDate_c20250128__20250128__dei--LegalEntityAxis__custom--S000061938Member__rr--ProspectusShareClassAxis__custom--C000200679Member_zdndRzkcFmka">6/30/20</td> <td style="vertical-align: top; width: 65%"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_908_err--BarChartHighestQuarterlyReturn_pid_dp_uRatio_c20250128__20250128__dei--LegalEntityAxis__custom--S000061938Member__rr--ProspectusShareClassAxis__custom--C000200679Member_zvoRjVlSPTjF">48.00%</td> </tr> <tr style="background-color: White"> <td style="vertical-align: top; width: 35%"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_909_err--LowestQuarterlyReturnLabel_c20250128__20250128__dei--LegalEntityAxis__custom--S000061938Member__rr--ProspectusShareClassAxis__custom--C000200679Member_zq7fmex32eiP">Worst — <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_903_err--BarChartLowestQuarterlyReturnDate_c20250128__20250128__dei--LegalEntityAxis__custom--S000061938Member__rr--ProspectusShareClassAxis__custom--C000200679Member_zbpZjpWjiYfE">6/30/22</td> <td style="vertical-align: top; width: 65%"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_901_err--BarChartLowestQuarterlyReturn_pid_dp_uRatio_c20250128__20250128__dei--LegalEntityAxis__custom--S000061938Member__rr--ProspectusShareClassAxis__custom--C000200679Member_zG0yb4uNSbD4">-24.30%</td> </tr> </table> year-to-date return 2024-12-31 Best 2020-06-30 0.4800 Worst 2022-06-30 -0.2430 0.0295 0.0003 0.0456 0.0295 -0.0146 0.0238 0.0175 0.0007 0.0339 0.0336 0.0336 0.0430 0.0430 0.0566 0.0566 0.1637 0.0967 0.0900 0.0310 0.0022 0.0548 2016-02-01 0.0336 0.0336 0.0430 0.0430 0.0689 0.0689 2016-02-01 2016-02-01 0.1637 0.0967 0.1120 2016-02-01 <p id="xdx_A84_err--PerformanceTableClosingTextBlock_zrLBklZNzTwh" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90F_err--PerformanceTableUsesHighestFederalRate_c20250128__20250128__dei--LegalEntityAxis__custom--S000061938Member_zWdBnPFoRc8w">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 the investor’s tax situation and may differ from those shown. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90C_err--PerformanceTableNotRelevantToTaxDeferred_c20250128__20250128__dei--LegalEntityAxis__custom--S000061938Member_zc4gGf49GoRi">The after-tax returns are not relevant to investors who hold Fund shares through tax-qualified arrangements such as 401(k) plans or individual retirement accounts. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_909_err--PerformanceTableOneClassOfAfterTaxShown_c20250128__20250128__dei--LegalEntityAxis__custom--S000061938Member_zIo3kmcZwPuD">After-tax returns are only shown for Investor Class shares of the Fund. After-tax returns for Institutional shares will vary from those shown for Investor Class shares due to varying expenses among the classes. 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. The after-tax returns are not relevant to investors who hold Fund shares through tax-qualified arrangements such as 401(k) plans or individual retirement accounts After-tax returns are only shown for Investor Class shares of the Fund. The CBOE S&P 500 BuyWrite Index is a benchmark index designed to track the performance of a hypothetical buy-write strategy on the S&P 500 Index. Broad-based securities market index. The CBOE S&P 500 BuyWrite Index is a benchmark index designed to track the performance of a hypothetical buy-write strategy on the S&P 500 Index. Broad-based securities market index. Other expenses are based on estimated amounts. With respect to the Founders Class and Institutional Class of the Fund, Brigade Capital Management, LP (the “Adviser”) has contractually agreed to limit the Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement (excluding Acquired Fund Fees and Expenses, brokerage expenses, interest expenses, taxes and extraordinary expenses) of the Fund to an annual rate of 0.52% of the Fund’s average daily net assets for each class. This agreement is in effect through at least January 31, 2026, and will automatically continue upon annual approval by the Board of Trustees for successive twelve-month periods unless (i) it is terminated earlier by the Board of Trustees, or (ii) the Adviser provides at least 30 days written notice of its non-continuance prior to the end of the then effective term. The Adviser will be permitted to recover, on a class-by-class basis, expenses it has borne subsequent to the effective date of the agreement described above (whether through reduction of its management fee or otherwise) only to the extent that the Fund’s expenses in later periods do not exceed the lesser of: (1) the contractual expense limit in effect at the time the Adviser waives or limits the expenses; or (2) the contractual expense limit in effect at the time the Adviser seeks to recover the expenses; provided, however, that the Fund will not be obligated to pay any such deferred fees or expenses more than three years after the date on which the fee and expense was reduced. Restated to reflect current fees. Carret Asset Management, LLC, the Fund’s investment adviser (“Adviser”), has contractually agreed to limit the amount of the Fund’s total annual fund operating expenses, (excluding Rule 12b-1 Fees, shareholder servicing fees, Acquired Fund Fees and Expenses, brokerage expenses, interest expenses, taxes and extraordinary expenses) to an annual rate of 0.48% of each class of the Fund’s average daily net assets. This agreement is in effect through at least January 31, 2026, and will automatically continue upon annual approval by the board for successive twelve-month periods unless (i) it is terminated earlier by the Board of Trustees, or (ii) the Adviser provides at least 30 days written notice of its non-continuance prior to the end of the then effective term. Except due to the Adviser’s notice of non-renewal, this Agreement may only be amended or terminated with the approval of the Board of Trustees of the Trust. The Adviser will be permitted to recover, on a class by class basis, expenses it has borne through the expense limitation agreement described above (whether through reduction of its management fee or otherwise) only to the extent that the Fund’s expenses in later periods do not exceed the lesser of (1) the contractual expense limit in effect at the time the Adviser waives or limits the expenses or (2) the contractual expense limit in effect at the time the Adviser seeks to recover the expenses; provided, however, that the Fund will not be obligated to pay any such deferred fees or expenses more than three years after the date on which the fee and expense was reduced. Broad-based securities market index Expenses have been restated to reflect current fees. Clarkston Capital Partners, LLC (the “Adviser”) has contractually agreed to limit the amount of the Fund’s Total Annual Fund Operating Expenses (excluding shareholder servicing fees, brokerage expenses, interest expenses, taxes, acquired fund fees and expenses, and extraordinary expenses) to an annual rate of 0.85% of the Fund’s average daily net assets for each of the Founders Class and Institutional Class shares. This agreement is in effect through at least January 31, 2026, and will automatically continue upon annual approval by the board for successive twelve-month periods unless (i) it is terminated earlier by the Board of Trustees, or (ii) the Adviser provides at least 30 days written notice of its non-continuance prior to the end of the then effective term. The Adviser will be permitted to recover, on a class-by-class basis, expenses it has borne through the agreement described above (whether through reduction of its management fee or otherwise) only to the extent that the Fund’s expenses in later periods do not exceed the lesser of: (1) the contractual expense limit in effect at the time the Adviser waives or limits the expenses; or (2) the contractual expense limit in effect at the time the Adviser seeks to recover the expenses; provided, however, that the Fund will not be obligated to pay any such deferred fees or expenses more than three years after the date on which the fee or expense was reduced. The Russell 2500TM Index measures the performance of the small- to mid-cap segment of the U.S. equity universe, commonly referred to as “smid” cap. The Russell 2500 TM Index is a subset of the Russell 3000® Index. It includes approximately 2,500 of the smallest securities based on a combination of their market cap and current index membership. The Russell 3000® Index is a broad-based securities market index that measures the performance of the largest 3,000 U.S. companies designed to represent approximately 98% of the investable U.S. equity market. Expenses have been restated to reflect current fees. Clarkston Capital Partners, LLC (the “Adviser”) has contractually agreed to limit the amount of the Fund’s Total Annual Fund Operating Expenses (excluding shareholder servicing fees, brokerage expenses, interest expenses, taxes, acquired fund fees and expenses, and extraordinary expenses) to an annual rate of 0.55% of the Fund’s average daily net assets for the Institutional Class shares. This agreement is in effect through at least January 31, 2026, and will automatically continue upon annual approval by the board for successive twelve-month periods unless (i) it is terminated earlier by the Board of Trustees, or (ii) the Adviser provides at least 30 days written notice of its non-continuance prior to the end of the then effective term. The Adviser will be permitted to recover, on a class-by-class basis, expenses it has borne through the agreement described above (whether through reduction of its management fee or otherwise) only to the extent that the Fund’s expenses in later periods do not exceed the lesser of: (1) the contractual expense limit in effect at the time the Adviser waives or limits the expenses; or (2) the contractual expense limit in effect at the time the Adviser seeks to recover the expenses; provided, however, that the Fund will not be obligated to pay any such deferred fees or expenses more than three years after the end of the date on which the fee or expense was reduced. The Russell 1000® Index measures the performance of the large-cap segment of the U.S. equity universe. It is a subset of the Russell 3000® Index and includes approximately 1,000 of the largest securities based on a combination of their market cap and current index membership. The Russell 3000® Index is a broad-based securities market index that measures the performance of the largest 3,000 U.S. companies designed to represent approximately 98% of the investable U.S. equity market. Expenses have been restated to reflect current fees. Clarkston Capital Partners, LLC (the “Adviser”) has contractually agreed to limit the amount of the Fund’s Total Annual Fund Operating Expenses (excluding shareholder servicing fees, brokerage expenses, interest expenses, acquired fund fees and expenses, taxes and extraordinary expenses) to an annual rate of 0.80% of the Fund’s average daily net assets for each of the Founders Class shares and Institutional Class shares. This agreement is in effect through at least January 31, 2026, and will automatically continue upon annual approval by the board for successive twelve-month periods unless (i) it is terminated earlier by the Board of Trustees, or (ii) the Adviser provides at least 30 days written notice of its non-continuance prior to the end of the then effective term. The Adviser will be permitted to recover, on a class-by-class basis, expenses it has borne through the agreement described above (whether through reduction of its management fee or otherwise) only to the extent that the Fund’s expenses in later periods do not exceed the lesser of: (1) the contractual expense limit in effect at the time the Adviser waives or limits the expenses; or (2) the contractual expense limit in effect at the time the Adviser seeks to recover the expenses; provided, however, that the Fund will not be obligated to pay any such deferred fees or expenses more than three years after the date on which the fee or expense was reduced. Inception January 31, 2017. Inception February 16, 2021. The Russell Midcap® Index measures the performance of the mid-cap segment of the U.S. equity universe and includes approximately 800 of the smallest securities in the Russell 1000® Index. The Russell 1000® Index includes the 1,000 largest stocks in the Russell 3000® Index. The Russell 3000® Index is a broad-based securities market index that measures the performance of the largest 3000 U.S. companies designed to represent approximately 98% of the investable U.S. market. Hillman Capital Management, Inc. (the “Adviser”) has contractually agreed to limit the Total Annual Fund Operating Expenses of the Fund (exclusive of (i) any front-end or contingent deferred loads; (ii) brokerage fees and commissions; (iii) acquired fund fees and expenses; (iv) fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses); (v) borrowing costs (such as interest and dividend expense on securities sold short); (vi) taxes; and (vii) extraordinary expenses, such as litigation expenses (which may include indemnification of Fund officers and Trustees and contractual indemnification of Fund service providers (other than the Adviser)) to an annual rate of not more than: 0.95% of the Fund’s average daily net assets for the Fund’s No Load Class. This agreement is in effect through at least January 31, 2026 Broad-based securities market index Seven Canyons Advisors, LLC, the Fund’s investment adviser (the “Adviser”), has contractually agreed to limit the amount of the Fund’s total annual fund operating expenses (exclusive of interest, dividend expense on short sales/interest expense, taxes, brokerage commissions, other investment related costs, acquired fund fees and expenses, and extraordinary expenses such as litigation and other expenses not incurred in the ordinary course of business) to an annual rate of 1.40% of the Fund’s average daily net assets. This agreement is in effect through at least January 31, 2026, and will automatically continue upon annual approval by the board for successive twelve-month periods unless (i) it is terminated earlier by the Board of Trustees, or (ii) the Adviser provides at least 30 days written notice of its non-continuance prior to the end of the then effective term. The Adviser will be permitted to recover expenses it has borne through the agreement described above (whether through reduction of its management fee or otherwise) only to the extent that the Fund’s expenses in later periods do not exceed the lesser of (1) the contractual expense limit in effect at the time the Adviser waives or limits the expenses or (2) the contractual expense limit in effect at the time the Adviser seeks to recover the expenses; provided, however, that the Fund will not obligated to pay any such deferred fees or expenses more than three years after the date on which the fee and expense was reduced, as calculated on a monthly basis. MSCI ACWI Small Cap Index is maintained by Morgan Stanley Capital International (MSCI) and is comprised of stocks from 23 developed countries and 24 emerging markets. Broad-based securities market index Restated to reflect current fees. Seven Canyons Advisors, LLC, the Fund’s investment adviser (the “Adviser”), has contractually agreed to limit the amount of the Fund’s total annual fund operating expenses (exclusive of interest, dividend expense on short sales/interest expense, taxes, brokerage commissions, other investment related costs, acquired fund fees and expenses, and extraordinary expenses such as litigation and other expenses not incurred in the ordinary course of business) to an annual rate of 1.70% and 1.60% of the Fund’s average daily net assets for the Investor Class and the Institutional Class, respectively. This agreement is in effect through at least January 31, 2026, and will automatically continue upon annual approval by the board for successive twelve-month periods unless (i) it is terminated earlier by the Board of Trustees, or (ii) the Adviser provides at least 30 days written notice of its non-continuance prior to the end of the then effective term. The Adviser will be permitted to recover, on a class-by-class basis, expenses it has borne through the agreement described above (whether through reduction of its management fee or otherwise) only to the extent that the Fund’s expenses in later periods do not exceed the lesser of (1) the contractual expense limit in effect at the time the Adviser waives or limits the expenses or (2) the contractual expense limit in effect at the time the Adviser seeks to recover the expenses; provided, however, the Fund will not be obligated to pay any such deferred fees or expenses more than three years after the date on which the fee and expense was reduced, as calculated on a monthly basis. Restated to reflect current fees and expense limitation agreement. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used to create indexes or financial products. This report is not approved or produced by MSCI. The MSCI ACWI ex USA Small Cap Index captures small cap representation across 22 of 23 Developed Markets (DM) countries (excluding the US) and 25 Emerging Markets (EM) countries. Broad-based securities market index