0001020425 lgft:BloombergUSAggregateBondIndexMember 2018-09-28 2025-12-31 0001020425 lgft:BloombergUSIntermediateCreditIndexMember 2018-09-28 2025-12-31 0001020425 lgft:C000183970Member 2018-09-28 2025-12-31 0001020425 lgft:C000183970Member oef:AfterTaxesOnDistributionsAndSalesMember 2018-09-28 2025-12-31 0001020425 lgft:C000183970Member oef:AfterTaxesOnDistributionsMember 2018-09-28 2025-12-31 0001020425 lgft:C000229356Member 2018-09-28 2025-12-31 0001020425 lgft:C000229356Member oef:AfterTaxesOnDistributionsAndSalesMember 2018-09-28 2025-12-31 0001020425 lgft:C000229356Member oef:AfterTaxesOnDistributionsMember 2018-09-28 2025-12-31 0001020425 lgft:ICEBofAMLUSHighYieldTRUSDIndexMember 2018-09-28 2025-12-31 0001020425 lgft:S000072812BloombergUSAggregateBondIndexMember 2018-09-28 2025-12-31 0001020425 lgft:C000229357Member 2019-05-07 2025-12-31 0001020425 lgft:C000229357Member oef:AfterTaxesOnDistributionsAndSalesMember 2019-05-07 2025-12-31 0001020425 lgft:C000229357Member oef:AfterTaxesOnDistributionsMember 2019-05-07 2025-12-31 0001020425 lgft:S000072813BloombergUSAggregateBondIndexMember 2019-05-07 2025-12-31 0001020425 lgft:SGCTAIndexMember 2019-05-07 2025-12-31 0001020425 lgft:C000218348Member 2020-07-31 2025-12-31 0001020425 lgft:C000218348Member oef:AfterTaxesOnDistributionsAndSalesMember 2020-07-31 2025-12-31 0001020425 lgft:C000218348Member oef:AfterTaxesOnDistributionsMember 2020-07-31 2025-12-31 0001020425 lgft:MorningstarUSSmallBlendCategoryMember 2020-07-31 2025-12-31 0001020425 lgft:Russell2000IndexMember 2020-07-31 2025-12-31 0001020425 lgft:C000243085Member 2023-06-29 2025-12-31 0001020425 lgft:C000243085Member oef:AfterTaxesOnDistributionsAndSalesMember 2023-06-29 2025-12-31 0001020425 lgft:C000243085Member oef:AfterTaxesOnDistributionsMember 2023-06-29 2025-12-31 0001020425 lgft:MorningstarUSLargeValueCategoryMember 2023-06-29 2025-12-31 0001020425 lgft:Russell1000IndexMember 2023-06-29 2025-12-31 0001020425 lgft:C000244515Member 2023-08-29 2025-12-31 0001020425 lgft:C000244515Member oef:AfterTaxesOnDistributionsAndSalesMember 2023-08-29 2025-12-31 0001020425 lgft:C000244515Member oef:AfterTaxesOnDistributionsMember 2023-08-29 2025-12-31 0001020425 lgft:MorningstarGlobalLargeStockGrowthCategoryMember 2023-08-29 2025-12-31 0001020425 lgft:MSCIACWIIndexMember 2023-08-29 2025-12-31 0001020425 lgft:C000247047Member 2024-03-14 2025-12-31 0001020425 lgft:C000247047Member oef:AfterTaxesOnDistributionsAndSalesMember 2024-03-14 2025-12-31 0001020425 lgft:C000247047Member oef:AfterTaxesOnDistributionsMember 2024-03-14 2025-12-31 0001020425 lgft:C000247050Member 2024-03-14 2025-12-31 0001020425 lgft:C000247050Member oef:AfterTaxesOnDistributionsAndSalesMember 2024-03-14 2025-12-31 0001020425 lgft:C000247050Member oef:AfterTaxesOnDistributionsMember 2024-03-14 2025-12-31 0001020425 lgft:MorningstarChinaRegionCategoryMember 2024-03-14 2025-12-31 0001020425 lgft:MorningstarForeignLargeGrowthCategoryMember 2024-03-14 2025-12-31 0001020425 lgft:MSCIACWIExUSAIndexMember 2024-03-14 2025-12-31 0001020425 lgft:MSCIChinaAllSharesIndexMember 2024-03-14 2025-12-31 0001020425 lgft:Bloomberg115YearMunicipalIndexMember 2024-12-16 2025-12-31 0001020425 lgft:C000255834Member 2024-12-16 2025-12-31 0001020425 lgft:C000255834Member oef:AfterTaxesOnDistributionsAndSalesMember 2024-12-16 2025-12-31 0001020425 lgft:C000255834Member oef:AfterTaxesOnDistributionsMember 2024-12-16 2025-12-31 0001020425 lgft:MorningstarMuniNationalIntermediateCategoryMember 2024-12-16 2025-12-31 0001020425 lgft:S000005593Member lgft:ActiveManagementRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000005593Member lgft:ConvertibleSecuritiesRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000005593Member lgft:CurrencyRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000005593Member lgft:CybersecurityRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000005593Member lgft:EmergingMarketsRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000005593Member lgft:EquitySecuritiesRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000005593Member lgft:EuropeInvestingRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000005593Member lgft:ForeignInvestmentRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000005593Member lgft:GeopoliticalEventsRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000005593Member lgft:GrowthInvestingRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000005593Member lgft:InvestmentSelectionRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000005593Member lgft:LargeShareholderPurchaseAndRedemptionRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000005593Member lgft:MarketRisksMember 2025-12-31 2025-12-31 0001020425 lgft:S000005593Member lgft:MidSizedCompaniesRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000005593Member lgft:MultiManagementRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000005593Member lgft:OperationalRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000005593Member lgft:RegulatoryRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000005593Member oef:RiskLoseMoneyMember 2025-12-31 2025-12-31 0001020425 lgft:S000005593Member oef:RiskNotInsuredDepositoryInstitutionMember 2025-12-31 2025-12-31 0001020425 lgft:S000005593Member lgft:SectorWeightingsRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000005593Member lgft:SecuritiesLendingRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000005593Member lgft:USTradePolicyRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000005593Member lgft:ValueStockRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000005594Member lgft:ActiveManagementRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000005594Member lgft:CountryRegionalRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000005594Member lgft:CurrencyRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000005594Member lgft:CybersecurityRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000005594Member lgft:EmergingMarketsRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000005594Member lgft:EquitySecuritiesRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000005594Member lgft:EuropeInvestingRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000005594Member lgft:ForeignInvestmentRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000005594Member lgft:GeopoliticalEventsRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000005594Member lgft:GrowthInvestingRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000005594Member lgft:InvestmentSelectionRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000005594Member lgft:LargeShareholderPurchaseAndRedemptionRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000005594Member lgft:MarketRisksMember 2025-12-31 2025-12-31 0001020425 lgft:S000005594Member lgft:MidSizedCompaniesRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000005594Member lgft:MultiManagementRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000005594Member lgft:OperationalRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000005594Member lgft:RegulatoryRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000005594Member oef:RiskLoseMoneyMember 2025-12-31 2025-12-31 0001020425 lgft:S000005594Member oef:RiskNotInsuredDepositoryInstitutionMember 2025-12-31 2025-12-31 0001020425 lgft:S000005594Member lgft:SectorWeightingsRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000005594Member lgft:SecuritiesLendingRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000005594Member lgft:SmallerCompaniesRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000005594Member lgft:SpecialSituationsRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000005594Member lgft:USTradePolicyRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000005594Member lgft:ValueStockRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000057610Member lgft:ActiveManagementRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000057610Member lgft:AssetBackedSecuritiesRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000057610Member lgft:BelowInvestmentGradeFixedIncomeSecuritiesRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000057610Member lgft:CollateralizedLoanObligationsAndCollateralizedDebtObligationsRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000057610Member lgft:CollateralRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000057610Member lgft:ConvertibleSecuritiesRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000057610Member lgft:CorporateDebtObligationsRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000057610Member lgft:CurrencyRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000057610Member lgft:CurrencyRisksMember 2025-12-31 2025-12-31 0001020425 lgft:S000057610Member lgft:CybersecurityRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000057610Member lgft:DerivativesRisksMember 2025-12-31 2025-12-31 0001020425 lgft:S000057610Member lgft:EmergingMarketsRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000057610Member lgft:EquitySecuritiesRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000057610Member lgft:FixedIncomeSecuritiesRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000057610Member lgft:ForeignInvestmentRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000057610Member lgft:GeopoliticalEventsRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000057610Member lgft:InvestmentCompaniesRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000057610Member lgft:InvestmentInLoansRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000057610Member lgft:InvestmentSelectionRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000057610Member lgft:LargeShareholderPurchaseAndRedemptionRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000057610Member lgft:LeverageRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000057610Member lgft:LiquidityAndValuationRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000057610Member lgft:MarketRisksMember 2025-12-31 2025-12-31 0001020425 lgft:S000057610Member lgft:MortgageBackedSecuritiesRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000057610Member lgft:MultiManagementRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000057610Member lgft:OperationalRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000057610Member lgft:RegulatoryRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000057610Member oef:RiskLoseMoneyMember 2025-12-31 2025-12-31 0001020425 lgft:S000057610Member oef:RiskNotInsuredDepositoryInstitutionMember 2025-12-31 2025-12-31 0001020425 lgft:S000057610Member lgft:SectorWeightingsRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000057610Member lgft:SecuritiesLendingRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000057610Member lgft:ShortSaleRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000057610Member lgft:UnfavorableTaxTreatmentRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000068190Member lgft:ActiveManagementRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000068190Member lgft:CybersecurityRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000068190Member lgft:EmergingMarketsRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000068190Member lgft:EquitySecuritiesRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000068190Member lgft:ForeignInvestmentRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000068190Member lgft:GeopoliticalEventsRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000068190Member lgft:GrowthInvestingRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000068190Member lgft:InvestmentSelectionRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000068190Member lgft:MarketRisksMember 2025-12-31 2025-12-31 0001020425 lgft:S000068190Member lgft:MultiManagementRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000068190Member lgft:OperationalRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000068190Member lgft:PortfolioTurnoverRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000068190Member lgft:RegulatoryRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000068190Member oef:RiskLoseMoneyMember 2025-12-31 2025-12-31 0001020425 lgft:S000068190Member oef:RiskNotInsuredDepositoryInstitutionMember 2025-12-31 2025-12-31 0001020425 lgft:S000068190Member lgft:SectorWeightingsRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000068190Member lgft:SecuritiesLendingRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000068190Member lgft:SmallerCompaniesRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000068190Member lgft:ValueStockRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000072812Member lgft:ActiveManagementRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000072812Member lgft:BelowInvestmentGradeFixedIncomeSecuritiesRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000072812Member lgft:CorporateDebtObligationsRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000072812Member lgft:CurrencyRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000072812Member lgft:CybersecurityRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000072812Member lgft:FixedIncomeSecuritiesRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000072812Member lgft:ForeignInvestmentRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000072812Member lgft:GeopoliticalEventsRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000072812Member lgft:InvestmentSelectionRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000072812Member lgft:MarketRisksMember 2025-12-31 2025-12-31 0001020425 lgft:S000072812Member lgft:OperationalRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000072812Member lgft:RegulatoryRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000072812Member oef:RiskLoseMoneyMember 2025-12-31 2025-12-31 0001020425 lgft:S000072812Member oef:RiskNotInsuredDepositoryInstitutionMember 2025-12-31 2025-12-31 0001020425 lgft:S000072812Member lgft:SectorWeightingsRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000072812Member lgft:SecuritiesLendingRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000072812Member lgft:USGovernmentAndUSAgencyObligationsRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000072813Member lgft:CommoditiesRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000072813Member us-gaap:CreditRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000072813Member lgft:CurrencyRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000072813Member lgft:CybersecurityRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000072813Member lgft:DebtSecuritiesAndFixedIncomeRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000072813Member lgft:DerivativesRisksMember 2025-12-31 2025-12-31 0001020425 lgft:S000072813Member lgft:EquitySecuritiesRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000072813Member lgft:ETFRisksMember 2025-12-31 2025-12-31 0001020425 lgft:S000072813Member lgft:ForwardContractsRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000072813Member lgft:FuturesContractsRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000072813Member lgft:GeopoliticalEventsRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000072813Member lgft:GovernmentSecuritiesAndAgencyRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000072813Member lgft:InflationRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000072813Member us-gaap:InterestRateRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000072813Member lgft:LeverageRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000072813Member lgft:LiquidityRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000072813Member lgft:ManagedFuturesStrategyRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000072813Member lgft:ManagementRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000072813Member lgft:MarketRisksMember 2025-12-31 2025-12-31 0001020425 lgft:S000072813Member lgft:ModelsAndDataRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000072813Member lgft:OperationalRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000072813Member lgft:RegulatoryRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000072813Member oef:RiskLoseMoneyMember 2025-12-31 2025-12-31 0001020425 lgft:S000072813Member oef:RiskNotInsuredDepositoryInstitutionMember 2025-12-31 2025-12-31 0001020425 lgft:S000072813Member lgft:ShortPositionRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000072813Member lgft:SubsidiaryRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000072813Member lgft:TaxRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000080576Member lgft:CybersecurityRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000080576Member lgft:DividendPayingSecuritiesRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000080576Member lgft:EquitySecuritiesRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000080576Member lgft:ETFRisksMember 2025-12-31 2025-12-31 0001020425 lgft:S000080576Member lgft:ForeignInvestingRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000080576Member lgft:GeopoliticalEventsRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000080576Member lgft:GrowthInvestingRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000080576Member lgft:InvestmentSelectionRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000080576Member lgft:LargeCapitalizationInvestingRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000080576Member lgft:LargeShareholderRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000080576Member lgft:ManagementRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000080576Member lgft:MarketRisksMember 2025-12-31 2025-12-31 0001020425 lgft:S000080576Member lgft:MidSizedCompaniesRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000080576Member lgft:OperationalRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000080576Member lgft:RegulatoryRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000080576Member oef:RiskLoseMoneyMember 2025-12-31 2025-12-31 0001020425 lgft:S000080576Member oef:RiskNotInsuredDepositoryInstitutionMember 2025-12-31 2025-12-31 0001020425 lgft:S000080576Member lgft:SecuritiesLendingRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000081588Member lgft:CountryRegionalRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000081588Member lgft:CybersecurityRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000081588Member lgft:EmergingMarketsRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000081588Member lgft:EquitySecuritiesRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000081588Member lgft:ESGInvestingRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000081588Member lgft:ETFRisksMember 2025-12-31 2025-12-31 0001020425 lgft:S000081588Member lgft:EuropeInvestingRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000081588Member lgft:ForeignInvestmentRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000081588Member lgft:GeopoliticalEventsRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000081588Member lgft:GrowthInvestingRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000081588Member lgft:InvestmentSelectionRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000081588Member lgft:LargeCapitalizationInvestingRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000081588Member lgft:LargeShareholderRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000081588Member lgft:ManagementRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000081588Member lgft:MarketRisksMember 2025-12-31 2025-12-31 0001020425 lgft:S000081588Member lgft:MidSizedCompaniesRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000081588Member lgft:NewFundRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000081588Member lgft:OperationalRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000081588Member lgft:RegulatoryRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000081588Member oef:RiskLoseMoneyMember 2025-12-31 2025-12-31 0001020425 lgft:S000081588Member oef:RiskNondiversifiedStatusMember 2025-12-31 2025-12-31 0001020425 lgft:S000081588Member oef:RiskNotInsuredDepositoryInstitutionMember 2025-12-31 2025-12-31 0001020425 lgft:S000081588Member lgft:SectorWeightingsRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000081588Member lgft:SecuritiesLendingRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000081588Member lgft:SettlementRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000081588Member lgft:USTradePolicyRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000083434Member lgft:ChinaRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000083434Member lgft:CountryRegionalRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000083434Member lgft:CybersecurityRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000083434Member lgft:EmergingMarketsRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000083434Member lgft:EquitySecuritiesRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000083434Member lgft:ESGInvestingRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000083434Member lgft:ETFRisksMember 2025-12-31 2025-12-31 0001020425 lgft:S000083434Member lgft:ForeignInvestmentRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000083434Member lgft:GeopoliticalEventsRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000083434Member lgft:GrowthInvestingRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000083434Member lgft:InvestmentSelectionRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000083434Member lgft:LargeCapitalizationInvestingRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000083434Member lgft:LargeShareholderRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000083434Member lgft:ManagementRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000083434Member lgft:MidSizedCompaniesRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000083434Member lgft:NewFundRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000083434Member lgft:OperationalRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000083434Member lgft:RegulatoryRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000083434Member oef:RiskLoseMoneyMember 2025-12-31 2025-12-31 0001020425 lgft:S000083434Member oef:RiskNondiversifiedStatusMember 2025-12-31 2025-12-31 0001020425 lgft:S000083434Member oef:RiskNotInsuredDepositoryInstitutionMember 2025-12-31 2025-12-31 0001020425 lgft:S000083434Member lgft:SectorWeightingsRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000083434Member lgft:SecuritiesLendingRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000083434Member lgft:SettlementRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000083434Member lgft:SmallerCompaniesRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000083434Member lgft:USTradePolicyRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000083437Member lgft:CountryRegionalRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000083437Member lgft:CurrencyRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000083437Member lgft:CybersecurityRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000083437Member lgft:EmergingMarketsRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000083437Member lgft:EquitySecuritiesRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000083437Member lgft:ESGInvestingRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000083437Member lgft:ETFRisksMember 2025-12-31 2025-12-31 0001020425 lgft:S000083437Member lgft:EuropeInvestingRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000083437Member lgft:ForeignInvestmentRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000083437Member lgft:GeopoliticalEventsRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000083437Member lgft:GrowthInvestingRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000083437Member lgft:InvestmentSelectionRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000083437Member lgft:LargeCapitalizationInvestingRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000083437Member lgft:LargeShareholderRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000083437Member lgft:ManagementRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000083437Member lgft:MarketRisksMember 2025-12-31 2025-12-31 0001020425 lgft:S000083437Member lgft:MidSizedCompaniesRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000083437Member lgft:NewFundRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000083437Member lgft:OperationalRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000083437Member lgft:RegulatoryRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000083437Member oef:RiskLoseMoneyMember 2025-12-31 2025-12-31 0001020425 lgft:S000083437Member oef:RiskNondiversifiedStatusMember 2025-12-31 2025-12-31 0001020425 lgft:S000083437Member oef:RiskNotInsuredDepositoryInstitutionMember 2025-12-31 2025-12-31 0001020425 lgft:S000083437Member lgft:SectorWeightingsRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000083437Member lgft:SecuritiesLendingRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000083437Member lgft:SettlementRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000083437Member lgft:USTradePolicyRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000089317Member lgft:ActiveManagementRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000089317Member lgft:CybersecurityRisksMember 2025-12-31 2025-12-31 0001020425 lgft:S000089317Member lgft:FixedIncomeSecuritiesRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000089317Member lgft:HighYieldFixedIncomeSecuritiesRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000089317Member lgft:InvestmentSelectionRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000089317Member lgft:LargeShareholderRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000089317Member lgft:MarketRisksMember 2025-12-31 2025-12-31 0001020425 lgft:S000089317Member lgft:MunicipalMarketRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000089317Member lgft:NewFundRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000089317Member lgft:OperationalRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000089317Member lgft:PortfolioTurnoverRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000089317Member lgft:PrepaymentAndExtensionRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000089317Member lgft:RegulatoryRiskMember 2025-12-31 2025-12-31 0001020425 lgft:S000089317Member oef:RiskLoseMoneyMember 2025-12-31 2025-12-31 0001020425 lgft:S000089317Member oef:RiskNotInsuredDepositoryInstitutionMember 2025-12-31 2025-12-31 0001020425 lgft:S000089317Member lgft:USGovernmentAndUSAgencyObligationsRiskMember 2025-12-31 2025-12-31 0001020425 2025-12-31 2025-12-31 0001020425 lgft:BloombergUSAggregateBondIndexMember 2021-01-01 2025-12-31 0001020425 lgft:BloombergUSIntermediateCreditIndexMember 2021-01-01 2025-12-31 0001020425 lgft:C000015260Member 2021-01-01 2025-12-31 0001020425 lgft:C000015260Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0001020425 lgft:C000015260Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0001020425 lgft:C000015261Member 2021-01-01 2025-12-31 0001020425 lgft:C000015261Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0001020425 lgft:C000015261Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0001020425 lgft:C000183970Member 2021-01-01 2025-12-31 0001020425 lgft:C000183970Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0001020425 lgft:C000183970Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0001020425 lgft:C000218348Member 2021-01-01 2025-12-31 0001020425 lgft:C000218348Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0001020425 lgft:C000218348Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0001020425 lgft:C000229356Member 2021-01-01 2025-12-31 0001020425 lgft:C000229356Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0001020425 lgft:C000229356Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0001020425 lgft:C000229357Member 2021-01-01 2025-12-31 0001020425 lgft:C000229357Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0001020425 lgft:C000229357Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0001020425 lgft:ICEBofAMLUSHighYieldTRUSDIndexMember 2021-01-01 2025-12-31 0001020425 lgft:MorningstarForeignLargeBlendCategoryMember 2021-01-01 2025-12-31 0001020425 lgft:MorningstarGlobalLargeStockBlendCategoryMember 2021-01-01 2025-12-31 0001020425 lgft:MorningstarUSSmallBlendCategoryMember 2021-01-01 2025-12-31 0001020425 lgft:MSCIEAFEIndexMember 2021-01-01 2025-12-31 0001020425 lgft:MSCIWorldIndexMember 2021-01-01 2025-12-31 0001020425 lgft:Russell2000IndexMember 2021-01-01 2025-12-31 0001020425 lgft:S000072812BloombergUSAggregateBondIndexMember 2021-01-01 2025-12-31 0001020425 lgft:S000072813BloombergUSAggregateBondIndexMember 2021-01-01 2025-12-31 0001020425 lgft:SGCTAIndexMember 2021-01-01 2025-12-31 0001020425 lgft:S000005593Member lgft:C000015260Member 2016-01-01 2016-12-31 0001020425 lgft:S000005594Member lgft:C000015261Member 2016-01-01 2016-12-31 0001020425 lgft:S000005593Member lgft:C000015260Member 2017-01-01 2017-12-31 0001020425 lgft:S000005594Member lgft:C000015261Member 2017-01-01 2017-12-31 0001020425 lgft:S000005593Member lgft:C000015260Member 2018-01-01 2018-12-31 0001020425 lgft:S000005594Member lgft:C000015261Member 2018-01-01 2018-12-31 0001020425 lgft:S000005593Member lgft:C000015260Member 2019-01-01 2019-12-31 0001020425 lgft:S000005594Member lgft:C000015261Member 2019-01-01 2019-12-31 0001020425 lgft:S000057610Member lgft:C000183970Member 2019-01-01 2019-12-31 0001020425 lgft:S000072812Member lgft:C000229356Member 2019-01-01 2019-12-31 0001020425 lgft:S000005593Member lgft:C000015260Member 2020-01-01 2020-12-31 0001020425 lgft:S000005594Member lgft:C000015261Member 2020-01-01 2020-12-31 0001020425 lgft:S000057610Member lgft:C000183970Member 2020-01-01 2020-12-31 0001020425 lgft:S000072812Member lgft:C000229356Member 2020-01-01 2020-12-31 0001020425 lgft:S000072813Member lgft:C000229357Member 2020-01-01 2020-12-31 0001020425 lgft:S000005593Member lgft:C000015260Member 2021-01-01 2021-12-31 0001020425 lgft:S000005594Member lgft:C000015261Member 2021-01-01 2021-12-31 0001020425 lgft:S000057610Member lgft:C000183970Member 2021-01-01 2021-12-31 0001020425 lgft:S000068190Member lgft:C000218348Member 2021-01-01 2021-12-31 0001020425 lgft:S000072812Member lgft:C000229356Member 2021-01-01 2021-12-31 0001020425 lgft:S000072813Member lgft:C000229357Member 2021-01-01 2021-12-31 0001020425 lgft:S000005593Member lgft:C000015260Member 2022-01-01 2022-12-31 0001020425 lgft:S000005594Member lgft:C000015261Member 2022-01-01 2022-12-31 0001020425 lgft:S000057610Member lgft:C000183970Member 2022-01-01 2022-12-31 0001020425 lgft:S000068190Member lgft:C000218348Member 2022-01-01 2022-12-31 0001020425 lgft:S000072812Member lgft:C000229356Member 2022-01-01 2022-12-31 0001020425 lgft:S000072813Member lgft:C000229357Member 2022-01-01 2022-12-31 0001020425 lgft:S000005593Member lgft:C000015260Member 2023-01-01 2023-12-31 0001020425 lgft:S000005594Member lgft:C000015261Member 2023-01-01 2023-12-31 0001020425 lgft:S000057610Member lgft:C000183970Member 2023-01-01 2023-12-31 0001020425 lgft:S000068190Member lgft:C000218348Member 2023-01-01 2023-12-31 0001020425 lgft:S000072812Member lgft:C000229356Member 2023-01-01 2023-12-31 0001020425 lgft:S000072813Member lgft:C000229357Member 2023-01-01 2023-12-31 0001020425 lgft:S000005593Member lgft:C000015260Member 2024-01-01 2024-12-31 0001020425 lgft:S000005594Member lgft:C000015261Member 2024-01-01 2024-12-31 0001020425 lgft:S000057610Member lgft:C000183970Member 2024-01-01 2024-12-31 0001020425 lgft:S000068190Member lgft:C000218348Member 2024-01-01 2024-12-31 0001020425 lgft:S000072812Member lgft:C000229356Member 2024-01-01 2024-12-31 0001020425 lgft:S000072813Member lgft:C000229357Member 2024-01-01 2024-12-31 0001020425 lgft:S000080576Member lgft:C000243085Member 2024-01-01 2024-12-31 0001020425 lgft:S000081588Member lgft:C000244515Member 2024-01-01 2024-12-31 0001020425 lgft:Bloomberg115YearMunicipalIndexMember 2025-01-01 2025-12-31 0001020425 lgft:BloombergUSAggregateBondIndexMember 2025-01-01 2025-12-31 0001020425 lgft:BloombergUSIntermediateCreditIndexMember 2025-01-01 2025-12-31 0001020425 lgft:C000015260Member 2025-01-01 2025-12-31 0001020425 lgft:C000015260Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0001020425 lgft:C000015260Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0001020425 lgft:C000015261Member 2025-01-01 2025-12-31 0001020425 lgft:C000015261Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0001020425 lgft:C000015261Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0001020425 lgft:C000183970Member 2025-01-01 2025-12-31 0001020425 lgft:C000183970Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0001020425 lgft:C000183970Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0001020425 lgft:C000218348Member 2025-01-01 2025-12-31 0001020425 lgft:C000218348Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0001020425 lgft:C000218348Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0001020425 lgft:C000229356Member 2025-01-01 2025-12-31 0001020425 lgft:C000229356Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0001020425 lgft:C000229356Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0001020425 lgft:C000229357Member 2025-01-01 2025-12-31 0001020425 lgft:C000229357Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0001020425 lgft:C000229357Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0001020425 lgft:C000243085Member 2025-01-01 2025-12-31 0001020425 lgft:C000243085Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0001020425 lgft:C000243085Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0001020425 lgft:C000244515Member 2025-01-01 2025-12-31 0001020425 lgft:C000244515Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0001020425 lgft:C000244515Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0001020425 lgft:C000247047Member 2025-01-01 2025-12-31 0001020425 lgft:C000247047Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0001020425 lgft:C000247047Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0001020425 lgft:C000247050Member 2025-01-01 2025-12-31 0001020425 lgft:C000247050Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0001020425 lgft:C000247050Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0001020425 lgft:C000255834Member 2025-01-01 2025-12-31 0001020425 lgft:C000255834Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0001020425 lgft:C000255834Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0001020425 lgft:ICEBofAMLUSHighYieldTRUSDIndexMember 2025-01-01 2025-12-31 0001020425 lgft:MorningstarChinaRegionCategoryMember 2025-01-01 2025-12-31 0001020425 lgft:MorningstarForeignLargeBlendCategoryMember 2025-01-01 2025-12-31 0001020425 lgft:MorningstarForeignLargeGrowthCategoryMember 2025-01-01 2025-12-31 0001020425 lgft:MorningstarGlobalLargeStockBlendCategoryMember 2025-01-01 2025-12-31 0001020425 lgft:MorningstarGlobalLargeStockGrowthCategoryMember 2025-01-01 2025-12-31 0001020425 lgft:MorningstarMuniNationalIntermediateCategoryMember 2025-01-01 2025-12-31 0001020425 lgft:MorningstarUSLargeValueCategoryMember 2025-01-01 2025-12-31 0001020425 lgft:MorningstarUSSmallBlendCategoryMember 2025-01-01 2025-12-31 0001020425 lgft:MSCIACWIExUSAIndexMember 2025-01-01 2025-12-31 0001020425 lgft:MSCIACWIIndexMember 2025-01-01 2025-12-31 0001020425 lgft:MSCIChinaAllSharesIndexMember 2025-01-01 2025-12-31 0001020425 lgft:MSCIEAFEIndexMember 2025-01-01 2025-12-31 0001020425 lgft:MSCIWorldIndexMember 2025-01-01 2025-12-31 0001020425 lgft:Russell1000IndexMember 2025-01-01 2025-12-31 0001020425 lgft:Russell2000IndexMember 2025-01-01 2025-12-31 0001020425 lgft:S000005593Member lgft:C000015260Member 2025-01-01 2025-12-31 0001020425 lgft:S000005594Member lgft:C000015261Member 2025-01-01 2025-12-31 0001020425 lgft:S000057610Member lgft:C000183970Member 2025-01-01 2025-12-31 0001020425 lgft:S000068190Member lgft:C000218348Member 2025-01-01 2025-12-31 0001020425 lgft:S000072812BloombergUSAggregateBondIndexMember 2025-01-01 2025-12-31 0001020425 lgft:S000072812Member lgft:C000229356Member 2025-01-01 2025-12-31 0001020425 lgft:S000072813BloombergUSAggregateBondIndexMember 2025-01-01 2025-12-31 0001020425 lgft:S000072813Member lgft:C000229357Member 2025-01-01 2025-12-31 0001020425 lgft:S000080576Member lgft:C000243085Member 2025-01-01 2025-12-31 0001020425 lgft:S000081588Member lgft:C000244515Member 2025-01-01 2025-12-31 0001020425 lgft:S000083434Member lgft:C000247047Member 2025-01-01 2025-12-31 0001020425 lgft:S000083437Member lgft:C000247050Member 2025-01-01 2025-12-31 0001020425 lgft:S000089317Member lgft:C000255834Member 2025-01-01 2025-12-31 0001020425 lgft:SGCTAIndexMember 2025-01-01 2025-12-31 0001020425 lgft:S000005593Member 2025-12-31 2025-12-31 0001020425 lgft:S000005593Member lgft:C000015260Member 2025-12-31 2025-12-31 0001020425 lgft:S000005594Member 2025-12-31 2025-12-31 0001020425 lgft:S000005594Member lgft:C000015261Member 2025-12-31 2025-12-31 0001020425 lgft:S000057610Member 2025-12-31 2025-12-31 0001020425 lgft:S000057610Member lgft:C000183970Member 2025-12-31 2025-12-31 0001020425 lgft:S000068190Member 2025-12-31 2025-12-31 0001020425 lgft:S000068190Member lgft:C000218348Member 2025-12-31 2025-12-31 0001020425 lgft:S000072812Member 2025-12-31 2025-12-31 0001020425 lgft:S000072812Member lgft:C000229356Member 2025-12-31 2025-12-31 0001020425 lgft:S000072813Member 2025-12-31 2025-12-31 0001020425 lgft:S000072813Member lgft:C000229357Member 2025-12-31 2025-12-31 0001020425 lgft:S000080576Member 2025-12-31 2025-12-31 0001020425 lgft:S000080576Member lgft:C000243085Member 2025-12-31 2025-12-31 0001020425 lgft:S000081588Member 2025-12-31 2025-12-31 0001020425 lgft:S000081588Member lgft:C000244515Member 2025-12-31 2025-12-31 0001020425 lgft:S000083434Member 2025-12-31 2025-12-31 0001020425 lgft:S000083434Member lgft:C000247047Member 2025-12-31 2025-12-31 0001020425 lgft:S000083437Member 2025-12-31 2025-12-31 0001020425 lgft:S000083437Member lgft:C000247050Member 2025-12-31 2025-12-31 0001020425 lgft:S000089317Member 2025-12-31 2025-12-31 0001020425 lgft:S000089317Member lgft:C000255834Member 2025-12-31 2025-12-31 0001020425 lgft:C000015260Member 2016-01-01 2025-12-31 0001020425 lgft:C000015260Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0001020425 lgft:C000015260Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0001020425 lgft:C000015261Member 2016-01-01 2025-12-31 0001020425 lgft:C000015261Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0001020425 lgft:C000015261Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0001020425 lgft:MorningstarForeignLargeBlendCategoryMember 2016-01-01 2025-12-31 0001020425 lgft:MorningstarGlobalLargeStockBlendCategoryMember 2016-01-01 2025-12-31 0001020425 lgft:MSCIEAFEIndexMember 2016-01-01 2025-12-31 0001020425 lgft:MSCIWorldIndexMember 2016-01-01 2025-12-31 iso4217:USD pure 0001020425 false 485BPOS 2025-12-31 0.1198 0.0515 0.2115 -0.0991 0.2755 0.1952 0.1775 -0.2552 0.1726 0.0333 -0.0461 0.3021 0.2361 -0.2080 0.3045 0.0502 0.1175 -0.2158 0.1740 -0.0057 0.0495 0.0837 0.0562 0.0642 -0.0685 0.1232 0.0884 0.0737 0.1966 -0.1339 0.2474 0.1429 0.0001 0.1125 0.0550 -0.0086 -0.0808 0.0738 0.0387 0.0739 0.0184 0.0980 0.2307 -0.0872 0.0718 0.1385 0.1139 0.1413 0.1212 0.0153 0.2183 0.0004 N-1A LITMAN GREGORY FUNDS TRUST 2026-04-30 iMGP Global Select Fund Summary Section Investment Objective <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The iMGP Global Select Fund (the “Global Select Fund”) seeks long-term growth of capital; that is, the increase in the value of your investment over the long term.</div> Fees and Expenses of the Global Select Fund <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Global Select Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</div> Annual Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0080 0.0044 0.0000 0.0044 0.0125 -0.0031 0.0094 April 30, 2027 Example <div style="margin-top: 2pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">This example is intended to help you compare the cost of investing in the Global Select Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Global Select 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 Global Select Fund’s operating expenses remain the same. The cost for the Global Select Fund reflects the net expenses of the Fund that result from the contractual expense</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">limitation in the first year only. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> 96 298 590 1420 Portfolio Turnover <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The Global Select Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when shares of the Global Select Fund are held in a taxable account as compared to shares of investment companies that hold investments for a longer period. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Global Select Fund’s performance. During the most recent fiscal year, the Global Select Fund’s portfolio turnover rate was 81% of the average value of its portfolio.</div> 0.81 Principal Strategies <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The Global Select Fund invests in the securities of companies that the sub‑advisors to the Global Select Fund (each, a “manager” or “sub‑advisor”) believe have strong appreciation potential. The Advisor believes that giving highly disciplined managers latitude in the types of stocks they can own can confer an advantage over managers who are more tightly constrained to an arbitrary “style box.” This belief underlays the premise of the Global Select Fund to seek skilled managers, give them broad flexibility, limit them to their highest-conviction ideas and create diversification at the overall fund level by choosing managers with complementary styles, which the Advisor believes also should reduce risk. The Advisor is responsible for recommending which sub‑advisors to hire or remove. Before hiring a sub‑advisor, the Advisor performs extensive due diligence. This includes quantitative and qualitative analysis, including (but not limited to) an evaluation of the investment process, the consistency of its execution and discipline; individual holdings; strategies employed, past mistakes, risk controls, team depth and quality; operations and compliance; and business focus and vision. The Advisor’s evaluation process includes review of literature and documents, quantitative historical performance evaluation, extensive discussions with members of the investment team and firm management and background checks through industry contacts.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">There is no minimum or maximum allocation of the Global Select Fund’s portfolio assets to each sub‑advisor. The Advisor is responsible for establishing the target allocation of the Global Select Fund’s assets to each manager based on the Advisor’s goal of maintaining a balance of investment styles (growth, value, and blend) and market capitalization exposure (large‑cap, mid‑cap and small‑cap companies) and may adjust the target allocations at its discretion. Market performance may result in allocation drift among the managers of the Global Select Fund. The Advisor is responsible for periodically rebalancing the portfolios, the timing and degree of which will be determined by the Advisor based on</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">the amount of deviation from pre‑established target allocation ranges and the Advisor’s assessment of market conditions and investment opportunities available to each sub‑advisor. The Advisor monitors the individual portfolios managed by the sub‑advisors to ensure that the overall portfolio does not include any unintentional over-weights to market capitalization levels, sectors, industries or individual securities. Under normal conditions, each sub‑advisor manages a portion of the Global Select Fund’s assets by independently managing a portfolio typically composed of at least 10, but not more than 35 stocks (resulting in total Fund holdings of 20 to 70 different stocks).</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">Under normal market conditions, the Global Select Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities. Typically, the Fund invests between 25%‑75% in equity securities of U.S. companies and between 25‑75% of its net assets in equity securities of non‑U.S. companies. The specific allocation to U.S. and non‑U.S. securities will vary from time to time based on the sub‑advisors’ assessment of domestic and international market conditions. An issuer is considered to be “located” in a particular country on the basis of its domicile, its principal place of business or headquarters, its primary stock exchange listing, and/or the primary source of its revenues (i.e., at least 50% of its revenues are generated in that country). There is no minimum portion of the Global Select Fund’s assets required to be invested in any single country, but the Global Select Fund will invest more than 25% of its assets, and typically a much higher percentage, in non‑U.S. countries. The Global Select Fund may invest in emerging markets. iM Global defines an emerging market country as any</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">country that is included in the MSCI Emerging Markets Index. An emerging market country includes any country that is included in the MSCI Emerging Markets Index, considered to be an emerging market country by the World Bank, the International Finance Corporation, or the United Nations, or other countries or markets that the Sub‑Advisor identifies as having similar emerging markets characteristics. Each sub‑advisor may, at its discretion, invest in foreign currencies or use currency futures or forwards to hedge the currency risk of holding non‑U.S. Dollar denominated securities.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">Securities in which the Global Select Fund may invest include predominantly equity securities (common stocks). The Global Select Fund may focus its investments in certain sectors – including, but not limited to, the finance, technology and healthcare sectors – from time to time as a result of the implementation of the Global Select Fund’s investment strategy by the sub‑advisors, but sector focus is not a principal strategy of the Fund. Investment in a sector typically includes investment in multiple industries within a sector. The Fund invests in securities of all sizes, but typically focuses on the securities of large companies, as measured by market capitalization at the time of acquisition.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The Global Select Fund’s two sub‑advisors emphasize different stock-picking styles and invest primarily in large‑cap stocks. The Fund’s two sub‑advised portfolios can generally be described as: (1) global large cap growth and (2) global large cap value, with target allocations to each portfolio as indicated in the following table:</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 100%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 39%;"></td> <td style="vertical-align: bottom; width: 2%;"></td> <td></td> <td style="vertical-align: bottom; width: 6%;"></td> <td style="width: 26%;"></td> <td style="vertical-align: bottom; width: 2%;"></td> <td style="width: 18%;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt dotted #000000; vertical-align: bottom; white-space: nowrap;"><span style="font-weight: bold;">SUB‑ ADVISOR</span></td> <td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt dotted #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt dotted #000000; vertical-align: bottom;"><span style="font-weight: bold;">TARGET <br/>ASSET ALLOCATION</span></td> <td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt dotted #000000; vertical-align: bottom;">  </td> <td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt dotted #000000; vertical-align: bottom;"><span style="font-weight: bold;">MARKET CAPITALIZATION<br/>OF COMPANIES IN PORTFOLIO</span></td> <td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt dotted #000000; vertical-align: bottom;">  </td> <td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt dotted #000000; vertical-align: bottom;"><span style="font-weight: bold;">STOCK-PICKING<br/>STYLE</span></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-bottom: 0.75pt solid #000000; vertical-align: top;">Polen Capital Management, LLC (“Polen Capital”)</td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: top;">50%</td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: top;">Large‑sized companies</td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: top;">Growth</td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-bottom: 0.75pt solid #000000; vertical-align: top;">Scharf Investments, LLC (“Scharf”)</td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: top;">50%</td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: top;">All sizes, but mostly large‑sized companies</td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: top;">Value</td> </tr> </table> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The Global Select Fund’s large cap growth strategy managed by Polen Capital focuses on investments in large capitalization companies (market capitalizations greater than $10 billion at the time of purchase) that are located anywhere in the world, including companies in both developed and emerging markets, and, in Polen Capital’s opinion, have a sustainable competitive advantage. Polen Capital uses an intensive fundamental research process to identify companies that it believes have certain attractive characteristics, which typically reflect an underlying competitive advantage, focusing on five principal “guardrails”, including (i) return on equity, (ii) strong earnings growth and free cash flow generation, (iii) strong balance sheets, (iv) stable or growing profit margins, and (v) organic revenue growth, to narrow down the broad universe to the types of businesses in which the Global Select Fund will invest. The Global Select Fund’s large cap growth strategy invests in high-quality large capitalization growth companies that Polen Capital believes have a competitive advantage within an industry and can deliver sustainable, above-average earnings growth.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The Global Select Fund’s global large cap value strategy managed by Scharf invests in equity securities of companies of all size market capitalizations, with a focus on large capitalization companies. Scharf utilizes five key elements in its equity investment philosophy: (i) low valuation, (ii) discount to fair value, (iii) investment flexibility, (iv) focus and (v) long-term perspective. Through a proprietary screening process, Scharf seeks to identify investments with low valuations combined with growing earnings, cash flow and/or book value, which Scharf describes as “growth stocks at value prices.” Scharf targets companies it can purchase at a 30% discount due to temporary market mispricing and considers certain factors, including, among others, a company’s market conditions and earnings stream, to determine whether a low valuation is temporary and therefore a candidate for investment, or structural and reflecting a larger underlying issue that would make an investment unattractive.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">Each sub‑advisor applies its investment process when determining when a security may be sold. Generally, a security may be sold: (1) if the sub‑advisor believes the security’s market price exceeds the its estimate of intrinsic value; (2) if the sub‑advisor’s view of the business fundamentals (profitability,</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">balance sheet stability, product acceptance, competitive advantages) or management of the underlying company changes; (3) if a more attractive investment in terms of long-term growth potential is found; (4) if general market conditions that may include changes in employment rates, interest rate fluctuations, changes in fiscal policies, changes in regulations and other factors trigger a change in the manager’s assessment criteria; or (5) for other portfolio management reasons.</div> As with all mutual funds, it is possible to lose money on an investment in the Global Select Fund. An investment in the Global Select Fund is not a deposit of any bank and is not guaranteed, endorsed or insured by any financial institution, government authority or the Federal Deposit Insurance Corporation (FDIC). <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Equity Securities Risk</span>. This is the risk that the value of equity securities may fluctuate, sometimes rapidly and unpredictably, due to factors affecting the general market, an entire industry or sector, or particular companies. These factors include, without limitation, adverse changes in economic conditions, the general outlook for corporate earnings, interest rates or investor sentiment; increases in production costs; and significant management decisions. This risk is greater for small- and medium‑sized companies, which tend to be more vulnerable to adverse developments than larger companies.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Foreign Investment Risk</span>. This is the risk that an investment in foreign (non‑U.S.) securities may cause the Global Select Fund to experience more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to, among other factors, less publicly available information, less stringent and less uniform accounting, auditing and financial reporting standards, less liquid and more volatile markets, higher transaction and custody costs, additional taxes, less investor protection, delayed or less frequent settlement, political or social instability, civil unrest, acts of terrorism, regional economic volatility, and the imposition of sanctions, confiscations, trade restrictions (including tariffs) and other government restrictions by the United States and/or other governments.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Emerging Markets Risk</span>. This is the risk that the value of the Global Select Fund’s emerging markets investments will decline due to the greater degree of economic, political and social instability of emerging or developing countries as compared to developed countries. Investments in emerging market countries are subject to substantial risks due to, among other factors, different accounting standards and thinner trading markets as compared to those in developed countries; less publicly available and reliable information about issuers as compared to developed markets; the possibility of currency transfer restrictions; and the risk of expropriation, nationalization or other adverse political, economic or social developments.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Currency Risk</span>. This is the risk that foreign currencies will decline in value relative to the U.S. dollar and affect the Global Select Fund’s investments in foreign (non‑U.S.) currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign (non‑U.S.) currencies.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Convertible Securities Risk.</span> This is the risk that the market value of convertible securities may fluctuate due to changes in, among other things, interest rates; other general economic conditions; industry fundamentals; market sentiment; the issuer’s operating results, financial statements, and credit ratings; and the market value of the underlying common or preferred stock.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Market Risk. </span>The value of the Global Select Fund’s shares will fluctuate based on the performance of the Global Select Fund’s investments and other factors affecting the securities markets generally. Certain investments selected for the Global Select Fund’s portfolio may be worth less than the price originally paid for them, or less than they were worth at an earlier time. The value of the Global Select Fund’s investments may go up or down, sometimes dramatically and unpredictably, based on current market conditions, such as real or perceived adverse political or economic conditions, tariffs, inflation, changes in interest rates, lack of liquidity in the fixed income markets or adverse investor sentiment.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Geopolitical Events Risk. </span>The interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Global Select Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, trade disputes, supply chain disruptions, natural disasters, climate change and climate-related events, pandemics, epidemics, terrorism, international conflicts, cybersecurity events, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years may result in market volatility and may have long-term effects on both the U.S. and global financial markets.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">U.S. Trade Policy Risk: </span>The<span style="font-weight: bold;"> </span>U.S. presidential administration has recently enacted significant new tariffs, and proposed to enact additional tariffs, on imports from certain countries. Additionally, there has been ongoing discussion and commentary regarding potential significant changes to U.S. trade policies, treaties and tariffs. There continues to exist significant uncertainty about the future relationship between the U.S. and other countries with respect to such trade policies, treaties and tariffs. These developments, or the perception that any of them could occur, may have a material adverse effect on global economic conditions and the stability of global financial markets, and may significantly reduce global trade and, in particular, trade between the impacted nations and the U.S. Any of these factors could depress economic activity and restrict a portfolio company’s access to suppliers or customers and have a material adverse effect on its business, financial condition or operations, which in turn could negatively impact the Global Select Fund.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Mid‑Sized Companies Risk</span>. Securities of companies with mid‑sized market capitalizations are generally more volatile and less liquid than the securities of large-capitalization companies. Mid‑sized companies may be more reliant on a few products, services or key personnel, which can make it riskier than investing in larger companies with more diverse product lines and structured management. Mid‑sized companies may have relatively short operating histories or may be newer public companies.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Multi-Management Risk.</span> Because portions of the Global Select Fund’s assets are managed by different portfolio managers using different styles, the Global Select Fund could experience overlapping security transactions that could lead to unintended concentration in certain securities. Certain portfolio managers may be purchasing securities at the same time other portfolio managers may be selling those same securities, which may lead to higher transaction expenses and tax inefficiencies compared to using a single investment manager.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Active Management Risk.</span> The Global Select Fund is actively managed and may not meet its investment objective based on the portfolio managers’ success or failure to implement investment strategies for the Fund.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Large Shareholder Purchase and Redemption Risk.</span> The Global Select Fund may experience adverse effects when certain large shareholders purchase or redeem large amounts of shares of the Global Select Fund. Such large shareholder redemptions may cause the Global Select Fund to sell its securities at times when it would not otherwise do so, which may negatively impact the Global Select Fund’s net asset value and liquidity. Similarly, large share purchases may adversely affect the Global Select Fund’s performance to the extent that the Global Select Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. In addition, a large redemption could result in the Global Select Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the Global Select Fund’s expense ratio.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Europe Investing Risk</span>. The Global Select Fund may invest a significant portion of its assets in issuers based in Western Europe and the United Kingdom (“UK”). The economies of countries in Europe are often closely connected and interdependent, and events in one country in Europe can have an adverse impact on other European countries. Efforts by the member countries of the European Union (“EU”) to continue to unify their economic and monetary policies may increase the potential for similarities in the movements of European markets and reduce the potential investment benefits of diversification within the region. However, the substance of these policies may not address the needs of all European economies. European financial markets have in recent years experienced increased volatility due to concerns with some countries’ high levels of sovereign debt, budget deficits and unemployment. Markets have also been affected by the decision by the UK to withdraw from the EU (an event commonly known as “Brexit”). There continues to be uncertainty surrounding the ultimate impact of Brexit on the UK, the EU and the broader global economy. An exit by any member countries from the EU or the Economic and Monetary Union of the EU, or even the prospect of such an exit,</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; color: #000000; text-align: left;"> </td> <td style="width: 0.75pt;"> </td> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 9pt;">could lead to increased volatility in European markets and negatively affect investments both in issuers in the exiting country and throughout Europe.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Sector Weightings Risk. </span>Although sector focus is not a principal strategy of the Global Select Fund, the Global Select Fund may from time to time emphasize investments in a particular sector as a result of the implementation of its principal investment strategies. To the extent that the Global Select Fund emphasizes investments in a particular sector, the Global Select Fund has the potential to 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 a single sector. By focusing its investments in a particular sector, the Global Select Fund may potentially face more risks than if it were diversified broadly over numerous sectors.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7.5pt;"> </td> <td style="width: 7.5pt; vertical-align: top; text-align: left;"><span style="font-family: arial;"><sup style="font-size: 75%; vertical-align: top;"><span style="font-family: wingdings;">¡</span></sup> </span></td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-style: italic;">Financial Sector Risk. </span>The Global Select Fund may invest a significant portion of its assets in the financial sector and, therefore, the performance of the Fund could be negatively impacted by events affecting this sector, including changes in interest rates, government regulation, the rate of defaults on corporate, consumer and government debt and the availability and cost of capital.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7.5pt;"> </td> <td style="width: 7.5pt; vertical-align: top; text-align: left;"><span style="font-family: arial;"><sup style="font-size: 75%; vertical-align: top;"><span style="font-family: wingdings;">¡</span></sup> </span></td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-style: italic;">Technology Sector Risk. </span>The Global Select Fund may invest a significant portion of its assets in the technology sector. Technology companies face competition and potentially rapid product obsolescence. They are also heavily dependent on intellectual property rights and may be adversely affected by the loss or impairment of those rights. Companies in the technology sector are facing increased government and regulatory scrutiny and may be subject to adverse government or regulatory action. Companies in the software industry may be adversely affected by, among other things, the decline or fluctuation of subscription renewal rates for their products and services and actual or perceived vulnerabilities in their products or services.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7.5pt;"> </td> <td style="width: 7.5pt; vertical-align: top; text-align: left;"><span style="font-family: arial;"><sup style="font-size: 75%; vertical-align: top;"><span style="font-family: wingdings;">¡</span></sup> </span></td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-style: italic;">Healthcare Sector Risk. </span>The Global Select Fund may invest a significant portion of its assets in the healthcare sector. The profitability of companies in the healthcare sector may be adversely affected by government regulations and government healthcare programs, increases or decreases in the cost of medical products and services and product liability claims, among other factors. Many healthcare companies are heavily dependent on patent protection, and the expiration of a company’s patent may adversely affect that company’s profitability. Healthcare companies are subject to competitive forces that may result in price discounting, and may be thinly capitalized and susceptible to product obsolescence.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Investment Selection Risk. </span>The specific investments held in the Global Select Fund’s investment portfolio may underperform other funds in the same asset class or benchmarks that are representative of the general performance of the asset class because of a portfolio manager’s choice of securities. This risk may be greater for multi-manager funds compared to funds with a single manager.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 9pt; text-align: left;"><span style="font-weight: bold;">Cybersecurity Risk.</span> With the increased use of technologies such as the Internet to conduct business, the Global Select Fund</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; color: #000000; text-align: left;"> </td> <td style="width: 0.75pt;"> </td> <td style="vertical-align: top;">is susceptible to operational, information security, and related risks. Cyber incidents affecting the Global Select Fund or its service providers may cause disruptions and impact business operations, potentially resulting in financial losses, interference with the Global Select Fund’s ability to calculate its NAV, impediments to trading, the inability of shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Operational Risk.</span> Operational risks include human error, changes in personnel, system changes, faults in communication, and failures in systems, technology, or processes. Various operational events or circumstances are outside the Advisor’s or a sub‑advisor’s control, including instances at third parties. The Global Select Fund, the Advisor and each sub‑advisor seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address these risks.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Regulatory Risk.</span> Governments, agencies or other regulatory bodies may adopt or change laws or regulations that could adversely affect the issuer, or market value, of an instrument held by the Global Select Fund or that could adversely impact the Fund’s performance.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Value Stock Risk.</span> Value stocks are stocks of companies that may have experienced adverse business or industry developments or may be subject to special risks that have caused the stocks to be out of favor and, in the opinion of the manager, undervalued. The value of a security believed by the manager to be undervalued may never reach what is believed to be its full (intrinsic) value, or that security’s value may decrease.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Growth Investing Risk.</span> Growth stocks, as a group, may be out of favor with the market and underperform value stocks or the overall equity market. Growth stocks are generally more sensitive to market movements than other types of stocks primarily because their prices are based heavily on the future expectations of the economy and the stock’s issuing company.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Securities Lending Risk</span>: The Fund may engage in securities lending. Securities lending involves possible delay in recovery of the securities or possible loss of rights in the collateral should the borrower fail financially. The Fund could also lose money if the value of the collateral decreases. As a result, the value of the Fund shares may fall.</td> </tr> </table> Performance <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The following performance information provides some indication of the risks of investing in the Global Select Fund. The bar chart shows changes in the performance of the Global Select Fund’s Institutional Class shares from year to year. The table below shows how the Global Select Fund’s average annual total returns of the Institutional Class for the 1‑, 5‑ and 10‑year periods compare to those of a broad-based market index and an index of peer group mutual funds. Past performance, before and after taxes, does not necessarily indicate how the Global Select Fund</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">will perform in the future. Updated performance information is available on the Global Select Fund’s website at www.imgp.com.</div> The following performance information provides some indication of the risks of investing in the Global Select Fund. The bar chart shows changes in the performance of the Global Select Fund’s Institutional Class shares from year to year. The table below shows how the Global Select Fund’s average annual total returns of the Institutional Class for the 1‑, 5‑ and 10‑year periods compare to those of a broad-based market index and an index of peer group mutual funds. Past performance, before and after taxes, does not necessarily indicate how the Global Select Fundwill perform in the future. www.imgp.com Global Select Fund Institutional Class Calendar Year Total Returns as of December 31 <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">During the period shown above, the highest and lowest quarterly returns earned by the Fund were:</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 100%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 19%;"></td> <td style="vertical-align: bottom; width: 1%;"></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 1%;"></td> <td style="vertical-align: bottom; width: 3%;"></td> <td style="width: 62%;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt; background-color: #cceeff;"> <td style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial; font-weight: bold;">Highest:</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"><span style="font-weight: bold;"> </span></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: right;"><span style="font-weight: bold;">22.68%</span></td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"><span style="font-weight: bold;"> </span></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"><span style="font-weight: bold;">Quarter ended June 30, 2020</span></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial; font-weight: bold;">Lowest:</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"><span style="font-weight: bold;"> </span></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: right;"><span style="font-weight: bold;">-24.62%</span></td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"><span style="font-weight: bold;"> </span></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"><span style="font-weight: bold;">Quarter ended March 31, 2020</span></td> </tr> </table> Highest: 0.2268 2020-06-30 Lowest: -0.2462 2020-03-31 Average Annual Total Returns (for the periods ended December 31, 2025) 0.0515 0.0224 0.0761 0.0433 -0.0043 0.0504 0.0362 0.0142 0.0573 0.2109 0.1215 0.1217 0.1916 0.0884 0.0985 <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The Global Select Fund’s after-tax returns as shown in the above table are calculated using the historical highest applicable individual federal marginal income tax rates for the period and do not reflect the impact of state and local taxes. Your actual after-tax returns depend on your tax situation and may differ from</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">those shown. If you own shares of the Global Select Fund in a tax-deferred account, such as a 401(k) plan or an individual retirement account, after-tax returns shown are not relevant to your investment. The after-tax returns on distributions and sale of</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">Fund shares may be higher than returns before taxes due to the effect of a tax benefit an investor may receive from the realization of capital losses that would have been incurred on the sale of Fund shares.</div> The Global Select Fund’s after-tax returns as shown in the above table are calculated using the historical highest applicable individual federal marginal income tax rates for the period and do not reflect the impact of state and local taxes. Your actual after-tax returns depend on your tax situation and may differ fromthose shown. If you own shares of the Global Select Fund in a tax-deferred account, such as a 401(k) plan or an individual retirement account, after-tax returns shown are not relevant to your investment. The after-tax returns on distributions and sale of Fund shares may be higher than returns before taxes due to the effect of a tax benefit an investor may receive from the realization of capital losses that would have been incurred on the sale of Fund shares. iMGP International Fund Summary Section Investment Objective <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The iMGP International Fund (the “International Fund”) seeks long-term growth of capital; that is, the increase in the value of your investment over the long term.</div> Fees and Expenses of the International Fund <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the International Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</div> Annual Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0088 0.0036 0.0001 0.0037 0.0125 -0.0000 0.0125 April 30, 2027 Example <div style="margin-top: 2pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">This example is intended to help you compare the cost of investing in the International Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the International 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 International Fund’s operating expenses remain the same. The cost for the International Fund reflects the net expenses of the International Fund that result from the contractual expense limitation in the first year only. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> 127 395 684 1506 Portfolio Turnover <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The International Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when shares of the International Fund are held in a taxable account as compared to shares in investment companies that hold investments for a longer period. These costs, which are not reflected in annual fund operating expenses or in the example, affect the International Fund’s performance. During the most recent fiscal year, the International Fund’s portfolio turnover rate was 99% of the average value of its portfolio.</div> 0.99 Principal Strategies <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The International Fund invests in the securities of companies that the sub‑advisors to the International Fund (each, a “manager” or “sub‑advisor”) believe have strong appreciation potential. The Advisor believes that giving highly disciplined managers latitude in the types of stocks they can own can confer an advantage over managers who are more tightly constrained to an arbitrary “style box.” This belief underlays the premise of the International Fund to seek skilled managers, give them broad flexibility, limit them to their highest-conviction ideas and create diversification at the overall fund level by choosing managers with complementary styles, which the Advisor believes also should reduce risk. The Advisor is responsible for recommending which sub‑advisors to hire or remove. Before hiring a sub‑advisor, the Advisor performs extensive due diligence. This includes quantitative and qualitative analysis, including (but not limited to) an evaluation of the investment process, the consistency of its execution and discipline; individual holdings; strategies employed, past mistakes, risk controls, team depth and quality; operations and compliance; and business focus and vision. The Advisor’s evaluation process includes review of literature and documents, quantitative historical performance evaluation, extensive discussions with members of the investment team and firm management and background checks through industry contacts.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">There is no minimum or maximum allocation of the International Fund’s portfolio assets to each sub‑advisor. The Advisor is responsible for establishing the target allocation of International Fund assets to each manager based on the Advisor’s goal of maintaining a balance of investment styles (growth, value, and blend) and market capitalization exposure (large‑cap, mid‑cap and small‑cap companies) and may adjust the target allocations at its discretion. Market performance may result in allocation drift among the managers of the International Fund. The Advisor is responsible for periodically rebalancing the portfolios, the timing and degree of which will be determined by the Advisor based on the amount of deviation from pre‑established target allocation ranges and the Advisor’s assessment of market conditions and investment opportunities available to each sub‑advisor. The Advisor monitors the individual portfolios managed by the sub‑advisors to ensure that the overall portfolio does not include any unintentional over-weights to market capitalization levels, sectors, industries or individual securities. Under normal conditions, each sub‑advisor manages a portion of the International Fund’s assets by independently managing a focused portfolio (resulting in total International Fund holdings of 40 to 80 different stocks).</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">Under normal market conditions, the International Fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in the securities of companies organized or located outside of the United States, including large-, mid‑, and small-capitalization companies, as measured by market capitalization at the time of acquisition, and companies located in emerging markets. iM Global defines an emerging market country as any country that is included in the MSCI Emerging Markets Index. An emerging market country includes any country that is included in the MSCI Emerging Markets Index, considered to be an emerging market country by the World Bank, the International Finance Corporation, or the United Nations, or other countries or markets that the Sub‑Advisor identifies as having similar emerging markets characteristics. The International Fund ordinarily invests in the securities markets of at least five countries outside of the United States. The International Fund may focus its investments in certain sectors – including, but not limited to, the technology and financial sectors – from time to time as a result of the implementation of the International Fund’s investment strategy by the sub‑advisors, but sector focus is not a principal strategy of the International Fund.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">Each sub‑advisor uses its own discretion to invest in any sized company it deems appropriate. The managers have limited</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">flexibility to invest in the securities of U.S. companies. By executing its investment strategy, the International Fund seeks to:</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;">combine the efforts of several experienced, high quality international managers;</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;">access the highest conviction stock-picking ideas of each manager at any point in time;</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;">deliver a portfolio that is prudently diversified in terms of stocks (typically 40 to 80) and industries while still allowing each manager to run portfolio segments focused on only its highest conviction stocks; and</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;">further diversify across different sized companies, countries, and stock-picking styles by including managers with a variety of stock-picking disciplines.</td> </tr> </table> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">Generally, a security may be sold: (1) if the manager believes the security’s market price exceeds the manager’s estimate of intrinsic value; (2) if the manager’s view of the business fundamentals or management of the underlying company changes; (3) if a more attractive investment opportunity is found; (4) if general market conditions trigger a change in the manager’s assessment criteria; or (5) for other portfolio management reasons. The International Fund’s managers may trade its portfolio frequently.</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 100%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 42%;"></td> <td style="vertical-align: bottom; width: 3%;"></td> <td></td> <td style="vertical-align: bottom; width: 9%;"></td> <td style="width: 39%;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt dotted #000000; vertical-align: bottom; white-space: nowrap;"><span style="font-weight: bold;">SUB‑ ADVISOR</span></td> <td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt dotted #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt dotted #000000; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; font-weight: bold;">TARGET ASSET</div> <div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 8pt; font-family: arial; font-weight: bold;">ALLOCATION</div> </td> <td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt dotted #000000; vertical-align: bottom;">  </td> <td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt dotted #000000; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; font-weight: bold;">MARKET CAPITALIZATION</div> <div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 8pt; font-family: arial; font-weight: bold;">OF COMPANIES IN PORTFOLIO</div> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-bottom: 0.75pt solid #000000; vertical-align: top;">Harris Associates L.P. (“Harris”)</td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: top;">15%</td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: top;">All sizes</td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-bottom: 0.75pt solid #000000; vertical-align: top;">Lazard Asset Management (“Lazard”)</td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: top;">30%</td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: top;">All sizes</td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-bottom: 0.75pt solid #000000; vertical-align: top;">Zadig Asset Management S.A. (“Zadig”)</td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: top;">30%</td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: top;">Mostly large‑sized companies</td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-bottom: 0.75pt solid #000000; vertical-align: top;">Polen Capital Management, LLC (“Polen Capital”)</td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: top;">25%</td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: top;">All sizes, but mostly large- and mid‑sized companies</td> </tr> </table> As with all mutual funds, it is possible to lose money on an investment in the International Fund. An investment in the International Fund is not a deposit of any bank and is not guaranteed, endorsed or insured by any financial institution, government authority or the Federal Deposit Insurance Corporation (FDIC). <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Equity Securities Risk.</span> This is the risk that the value of equity securities may fluctuate, sometimes rapidly and unpredictably, due to factors affecting the general market, an entire industry or sector, or particular companies. These factors include, without limitation, adverse changes in economic conditions, the general outlook for corporate earnings, interest rates or investor sentiment; increases in production costs; and significant management decisions. This risk is greater for small‑and medium‑sized companies, which tend to be more vulnerable to adverse developments than larger companies.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Foreign Investment Risk.</span> This is the risk that an investment in foreign (non‑U.S.) securities may cause the International Fund to experience more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to, among other factors, less publicly available information, less stringent and less uniform accounting, auditing and financial reporting standards, less liquid and more volatile markets, higher transaction and custody costs, additional taxes, less investor protection, delayed or less frequent settlement, political or social instability, civil unrest, acts of terrorism, regional economic volatility, and the imposition of sanctions, confiscations, trade restrictions (including tariffs) and other government restrictions by the United States and/or other governments.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Country/Regional Risk.</span> This is the risk that world events – such as political upheaval, financial troubles, or natural disasters – will adversely affect the value of securities issued by companies in foreign countries or regions. Because the International Fund may invest a large portion of its assets in securities of companies located in any one country or region, including emerging markets, the International Fund’s performance may be hurt disproportionately by the poor performance of its investments in that area. Country/regional risk is heightened in emerging markets.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Europe Investing Risk.</span> The International Fund may invest a significant portion of its assets in issuers based in Western Europe and the United Kingdom (“UK”). The economies of countries in Europe are often closely connected and interdependent, and events in one country in Europe can have an adverse impact on other European countries. Efforts by the member countries of the European Union (“EU”) to continue to unify their economic and monetary policies may increase the potential for similarities in the movements of European markets and reduce the potential investment benefits of diversification within the region. However, the substance of these policies may not address the needs of all European economies. European financial markets have in recent years experienced increased volatility due to concerns with some countries’ high levels of sovereign debt, budget deficits and unemployment. Markets have also been affected by the decision by the UK to withdraw from the EU (an event commonly known as “Brexit”). There continues to be uncertainty surrounding the ultimate impact of Brexit on the UK, the EU and the broader global economy. An exit by any member countries from the EU or the Economic and Monetary Union of the EU, or even the prospect of such an exit, could lead to increased volatility in European markets and negatively affect investments both in issuers in the exiting country and throughout Europe.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Currency Risk.</span> This is the risk that foreign currencies will decline in value relative to the U.S. dollar and affect the International Fund’s investments in foreign (non‑U.S.) currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign (non‑U.S.) currencies.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Market Risk.</span> The value of the International Fund’s shares will fluctuate based on the performance of the International Fund’s investments and other factors affecting the securities markets generally. Certain investments selected for the International Fund’s portfolio may be worth less than the price originally paid for them, or less than they were worth at an earlier time. The value of the International Fund’s investments may go up or down, sometimes dramatically and unpredictably, based on current market conditions, such as real or perceived adverse political or economic conditions, tariffs, inflation, changes in interest rates, lack of liquidity in the fixed income markets or adverse investor sentiment.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Geopolitical Events Risk</span>. The interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the International Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, trade disputes, supply chain disruptions, natural disasters, climate change and climate-related events, pandemics, epidemics, terrorism, international conflicts, cybersecurity events, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years may result in market volatility and may have long-term effects on both the U.S. and global financial markets.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">U.S. Trade Policy Risk:</span> The U.S. presidential administration has recently enacted significant new tariffs, and proposed to enact additional tariffs, on imports from certain countries. Additionally, there has been ongoing discussion and commentary regarding potential significant changes to U.S. trade policies, treaties and tariffs. There continues to exist significant uncertainty about the future relationship between the U.S. and other countries with respect to such trade policies, treaties and tariffs. These developments, or the perception that any of them could occur, may have a material adverse effect on global economic conditions and the stability of global financial markets, and may significantly reduce global trade and, in particular, trade between the impacted nations and the U.S. Any of these factors could depress economic activity and restrict a portfolio company’s access to suppliers or customers and have a material adverse effect on its business, financial condition or operations, which in turn could negatively impact the International Fund.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Mid‑Size Companies Risk. </span>Securities of companies with mid‑sized market capitalizations are generally more volatile and less liquid than the securities of large-capitalization companies. Mid‑sized companies may be more reliant on a few products, services or key personnel, which can make it riskier than investing in larger companies with more diverse product lines and structured management. Mid‑sized companies may have relatively short operating histories or may be newer public companies. Some of these companies have more aggressive capital structures, including higher debt levels, than large‑cap companies, or are involved in rapidly growing or changing industries and/or new technologies, which pose additional risks.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Smaller Companies Risk.</span> The International Fund may invest a portion of its assets in the securities of small- and mid‑sized companies. Securities of small- and mid‑cap companies are generally more volatile and less liquid than the securities of large‑cap companies. This is because smaller companies may be more reliant on a few products, services or key personnel, which can make it riskier than investing in larger companies with more diverse product lines and structured management.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Multi-Management Risk.</span> Because portions of the International Fund’s assets are managed by different portfolio managers using different styles, the International Fund could experience overlapping security transactions that could lead to unintended concentration in certain securities. Certain portfolio managers may be purchasing securities at the same time other portfolio managers may be selling those same securities, which may lead to higher transaction expenses and tax inefficiencies compared to using a single investment manager.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Active Management Risk.</span> The International Fund is actively managed and may not meet its investment objective based on the portfolio managers’ success or failure to implement investment strategies for the Fund.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 9pt; text-align: left;"><span style="font-weight: bold;">Large Shareholder Purchase and Redemption Risk.</span> The International Fund may experience adverse effects when certain large shareholders purchase or redeem large amounts of shares of the International Fund. Such large shareholder redemptions may cause the International Fund to sell its securities at times when it would not otherwise do so, which may negatively</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; color: #000000; text-align: left;"> </td> <td style="width: 0.75pt;"> </td> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 9pt;">impact the International Fund’s net asset value and liquidity. Similarly, large share purchases may adversely affect the International Fund’s performance to the extent that the International Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. In addition, a large redemption could result in the International Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the International Fund’s expense ratio.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Special Situations Risk.</span> Investments in special situations (undervalued equities, merger arbitrage situations, distressed companies, etc.) may involve greater risks when compared to other investments the International Fund may make due to a variety of factors. For example, mergers, acquisitions, reorganizations, liquidations or recapitalizations may fail or not be completed on the terms originally contemplated, and expected developments may not occur in a timely manner, if at all.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Sector Weightings Risk. </span>Although sector focus is not a principal strategy of the International Fund, the International Fund may from time to time emphasize investments in a particular sector as a result of the implementation of its principal investment strategies. To the extent that the International Fund emphasizes investments in a particular sector, the International Fund has the potential to 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 a single sector. By focusing its investments in a particular sector, the International Fund may potentially face more risks than if it were diversified broadly over numerous sectors.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7.5pt;"> </td> <td style="width: 7.5pt; vertical-align: top; text-align: left;"><span style="font-family: arial;"><sup style="font-size: 75%; vertical-align: top;"><span style="font-family: wingdings;">¡</span></sup> </span></td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;">Technology Sector Risk. The International Fund may invest a significant portion of its assets in the <span style="font-style: italic;"></span>technology sector. Technology companies face competition and potentially rapid product obsolescence. They are also heavily dependent on intellectual property rights and may be adversely affected by the loss or impairment of those rights. Companies in the technology sector are facing increased government and regulatory scrutiny and may be subject to adverse government or regulatory action. Companies in the software industry may be adversely affected by, among other things, the decline or fluctuation of subscription renewal rates for their products and services and actual or perceived vulnerabilities in their products or services.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7.5pt;"> </td> <td style="width: 7.5pt; vertical-align: top; text-align: left;"><span style="font-family: arial;"><sup style="font-size: 75%; vertical-align: top;"><span style="font-family: wingdings;">¡</span></sup> </span></td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;">Financial Sector Risk. The International Fund may invest a significant portion of its assets in the financial services sector and, therefore, the performance of the Fund could be negatively impacted by events affecting this sector, including changes in interest rates, government regulation, the rate of defaults on corporate, consumer and government debt and the availability and cost of capital.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Investment Selection Risk.</span> The specific investments held in the International Fund’s investment portfolio may underperform other funds in the same asset class or benchmarks that are representative of the general performance of the asset class because of a portfolio manager’s choice of</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; color: #000000; text-align: left;"> </td> <td style="width: 0.75pt;"> </td> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 9pt;">securities. This risk may be greater for multi-manager funds compared to funds with a single manager.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Cybersecurity Risk.</span> With the increased use of technologies such as the Internet to conduct business, the International Fund is susceptible to operational, information security, and related risks. Cyber incidents affecting the International Fund or its service providers may cause disruptions and impact business operations, potentially resulting in financial losses, interference with the International Fund’s ability to calculate its NAV, impediments to trading, the inability of shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Operational Risk.</span> Operational risks include human error, changes in personnel, system changes, faults in communication, and failures in systems, technology, or processes. Various operational events or circumstances are outside the Advisor’s or a sub‑advisor’s control, including instances at third parties. The International Fund, the Advisor and each sub‑advisor seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address these risks.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Regulatory Risk.</span> Governments, agencies or other regulatory bodies may adopt or change laws or regulations that could adversely affect the issuer, or market value, of an instrument held by the International Fund or that could adversely impact the Fund’s performance.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Value Stock Risk.</span> Value stocks are stocks of companies that may have experienced adverse business or industry developments or may be subject to special risks that have caused the stocks to be out of favor and, in the opinion of the manager, undervalued. The value of a security believed by the manager to be undervalued may never reach what is believed to be its full (intrinsic) value, or that security’s value may decrease.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Growth Investing Risk</span>. Growth stocks, as a group, may be out of favor with the market and underperform value stocks or the overall equity market. Growth stocks are generally more sensitive to market movements than other types of stocks primarily because their prices are based heavily on the future expectations of the economy and the stock’s issuing company.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Emerging Markets Risk</span>. This is the risk that the value of the International Fund’s emerging markets investments will decline due to the greater degree of economic, political and social instability of emerging or developing countries as compared to developed countries. Investments in emerging market countries are subject to substantial risks due to, among other factors, different accounting standards and thinner trading markets as compared to those in developed countries; less publicly available and reliable information about issuers as compared to developed markets; the possibility of currency transfer restrictions; and the risk of expropriation, nationalization or other adverse political, economic or social developments.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 9pt; text-align: left;"><span style="font-weight: bold;">Securities Lending Risk:</span> The Fund may engage in securities lending. Securities lending involves possible delay in recovery of</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; color: #000000; text-align: left;"> </td> <td style="width: 0.75pt;"> </td> <td style="vertical-align: top;">the securities or possible loss of rights in the collateral should the borrower fail financially. The Fund could also lose money if the value of the collateral decreases. As a result, the value of the Fund shares may fall.</td> </tr> </table> Performance <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The following performance information provides some indication of the risks of investing in the International Fund. The bar chart shows changes in the performance of the International Fund’s Institutional Class shares from year to year. The table below shows how the International Fund’s average annual total returns of the Institutional Class for the 1‑, 5‑ and 10‑year periods compare to those of a broad-based market index, as well as an index of peer group mutual funds. Past performance, before and after taxes, does not necessarily indicate how the International Fund will perform in the future. Updated performance information is available on the International Fund’s website at www.imgp.com.</div> The following performance information provides some indication of the risks of investing in the International Fund. The bar chart shows changes in the performance of the International Fund’s Institutional Class shares from year to year. The table below shows how the International Fund’s average annual total returns of the Institutional Class for the 1‑, 5‑ and 10‑year periods compare to those of a broad-based market index, as well as an index of peer group mutual funds. Past performance, before and after taxes, does not necessarily indicate how the International Fund will perform in the future. www.imgp.com International Fund Institutional Class Calendar Year Total Returns as of December 31 <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">During the period shown above, the highest and lowest quarterly returns earned by the International Fund were:</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 100%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 19%;"></td> <td style="vertical-align: bottom; width: 3%;"></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 4%;"></td> <td style="vertical-align: bottom; width: 4%;"></td> <td style="width: 59%;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt; background-color: #cceeff;"> <td style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial; font-weight: bold;">Highest:</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"><span style="font-weight: bold;"> </span></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: right;"><span style="font-weight: bold;">26.96</span></td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"><span style="font-weight: bold;">% </span></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"><span style="font-weight: bold;">Quarter ended December 31, 2020</span></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial; font-weight: bold;">Lowest:</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"><span style="font-weight: bold;"> </span></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: right;"><span style="font-weight: bold;">-32.92</span></td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"><span style="font-weight: bold;">% </span></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"><span style="font-weight: bold;">Quarter ended March 31, 2020</span></td> </tr> </table> Highest: 0.2696 2020-12-31 Lowest: -0.3292 2020-03-31 Average Annual Total Returns (for the periods ended December 31, 2025) 0.3021 0.0590 0.0548 0.3001 0.0579 0.0518 0.1850 0.0485 0.0450 0.3122 0.0892 0.0818 0.3011 0.0795 0.0767 <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The International Fund’s after-tax returns as shown in the above table are calculated using the historical highest applicable individual federal marginal income tax rates for the period and do not reflect the impact of state and local taxes. Your actual after-tax returns depend on your tax situation and may differ from those shown. If you own shares of the International Fund in a tax-deferred account, such as a 401(k) plan or an individual retirement account, after-tax returns shown are not relevant to your investment. The after-tax returns on distributions and sale of Fund shares may be higher than returns before taxes due to the effect of a tax benefit an investor may receive from the realization of capital losses that would have been incurred on the sale of Fund shares.</div> The International Fund’s after-tax returns as shown in the above table are calculated using the historical highest applicable individual federal marginal income tax rates for the period and do not reflect the impact of state and local taxes. Your actual after-tax returns depend on your tax situation and may differ from those shown. If you own shares of the International Fund in a tax-deferred account, such as a 401(k) plan or an individual retirement account, after-tax returns shown are not relevant to your investment. The after-tax returns on distributions and sale of Fund shares may be higher than returns before taxes due to the effect of a tax benefit an investor may receive from the realization of capital losses that would have been incurred on the sale of Fund shares. iMGP APA Enhanced Income Municipal Fund Summary Section Investment Objective The iMGP APA Enhanced Income Municipal Fund (the “APA Enhanced Income Municipal Fund”) seeks to provide investors with a high level of income exempt from federal income tax, with a secondary investment objective of capital appreciation. Fees and Expenses of the APA Enhanced Income Municipal Fund <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the APA Enhanced Income Municipal Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</div> Annual Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0045 0.0130 0.0175 -0.0116 0.0059 April 30, 2027 Example <div style="margin-top: 2pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">This example is intended to help you compare the cost of investing in the APA Enhanced Income Municipal Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the APA Enhanced Income Municipal 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 APA Enhanced Income Municipal Fund’s operating expenses remain the same. The cost for the APA Enhanced Income Municipal Fund reflects the net expenses of the Fund that result from the contractual expense limitation in the first year only. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> 60 189 600 1752 Portfolio Turnover <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The APA Enhanced Income Municipal Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when shares of the Fund are held in a taxable account as compared to shares in investment companies that hold investments for a longer period. These costs, which are not reflected in the annual fund operating expenses or in the example, will affect the APA Enhanced Income Municipal Fund’s performance. During the most recent fiscal year, the APA Enhanced Income Municipal Fund’s portfolio turnover rate was 205% of the average value of its portfolio.</div> 2.05 Principal Strategies <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">Under normal market conditions, the APA Enhanced Income Municipal Fund invests at least 80% of its net assets (plus the amount of any borrowing for investment purposes) in U.S. dollar-denominated municipal bonds of intermediate maturities that are exempt from federal income tax. The dollar-weighted average portfolio duration of the APA Enhanced Income Municipal Fund, under normal circumstances, is expected to range from 4 to 8 years. Municipal bonds are debt obligations issued by a state, territory, or possession of the United States or a political subdivision, public instrumentality, agency or other governmental unit of such a state, territory, or possession (e.g., county, city, town, village, district or authority). The municipal bonds in which the APA Enhanced Income Municipal Fund invests may include municipal lease obligations, municipal general obligation bonds, municipal essential service revenue bonds, municipal cash equivalents, loans, mortgages, pre‑refunded and escrowed‑to‑maturity municipal bonds and other debt instruments and pools of any of the foregoing. Some municipal bonds may be issued as variable or floating rate securities and may incorporate market-dependent liquidity features, meaning certain maturity-shortening devices designed to enable the issuer to refinance or redeem outstanding debt securities.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The APA Enhanced Income Municipal Fund may invest up to 10% of its total assets in unrated securities, and may invest up to 20% of its total assets in unrated securities and below investment grade securities (also known as “junk bonds” or “high yield securities”), but will generally invest less than 10% of its total assets in such securities. Below investment grade securities are rated below Baa3 by Moody’s Investors Service, Inc. (“Moody’s”) or below BBB‑ by S&amp;P Global Ratings (“S&amp;P”) or similarly rated by another nationally recognized statistical rating organization, or unrated but determined by the APA Enhanced Income Municipal Fund’s sub‑advisor, Asset Preservation Advisors, LLC (“APA” or the “Sub‑Advisor), to be of comparable quality. In cases where the credit ratings agencies have assigned different credit ratings to the same security, the security will be considered to have the higher credit rating. The APA Enhanced Income Municipal Fund may continue to hold securities that are downgraded in credit rating subsequent to their purchase if the Sub‑Advisor believes it would be advantageous to do so. Under normal circumstances,</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">the Sub‑Advisor will manage the APA Enhanced Income Municipal Fund’s duration to approximate the intermediate-term duration of the Fund’s benchmark index, the Bloomberg 1‑15 Year Municipal Index, an unmanaged, market-weighted index that includes investment-grade municipal bonds with maturities greater than one year but less than fifteen years. As of December 31, 2025, the average duration of the benchmark was 4.82 years. While the APA Enhanced Income Municipal Fund will target intermediate-term maturities and durations, the Fund may invest in bonds of any maturity or duration. The APA Enhanced Income Municipal Fund’s average weighted portfolio maturity and duration will vary from time to time depending on the Sub‑Advisor’s views on the direction of interest rates. At times the Sub‑Advisor may adjust portfolio duration to take a more defensive or opportunistic position as market and yield curve conditions change. Duration measures a bond or fund’s sensitivity to interest rate or other changes (such as changes in a bond’s yield) and is expressed as a number of years. The higher the number, the greater the risk. Under normal circumstances, for example, if a portfolio has a duration of five years, its value will change by 5% if yields change by 1%. Shorter duration bonds generally result in lower expected volatility.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The APA Enhanced Income Municipal Fund will sell a security in the event of deteriorating credit fundamentals, if the municipal market exhibits rich valuations, meaning that municipal securities are priced above expected levels without a logical explanation, or if the Sub‑Advisor identifies an investment that it believes has better relative value.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">Although the APA Enhanced Income Municipal Fund seeks to be diversified by geography and across sectors of the municipal bond market, the Fund may at times invest a significant portion of its assets in a particular state or region or in a particular sector due to market conditions. The Sub‑Advisor may also allocate a significant portion of the APA Enhanced Income Municipal Fund to a specific segment of the municipal bond yield curve. A yield curve is a graphic representation of the actual or projected yields of debt obligations in relation to their maturities and durations. In particular, the APA Enhanced Income Municipal Fund often favors bonds with more than 5 years to maturity that may offer higher yields.</div> As with all mutual funds, it is possible to lose money on an investment in the APA Enhanced Income Municipal Fund. An investment in the APA Enhanced Income Municipal Fund is not a deposit of any bank and is not guaranteed, endorsed or insured by any financial institution, government authority or the Federal Deposit Insurance Corporation (FDIC). <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Municipal Market Risk. </span>Factors unique to the municipal bond market may negatively affect the value of the APA Enhanced</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; color: #000000; text-align: left;"> </td> <td style="width: 0.75pt;"> </td> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 9pt;">Income Municipal Fund’s investment in municipal bonds. These factors include political or legislative changes, and uncertainties related to the tax status of the securities and the rights of investors in the securities. The APA Enhanced Income Municipal Fund may invest in a group of municipal obligations that are related in such a way that an economic, business, or political development affecting one would also affect the others. Some municipal obligations carry additional risk, such as those that are tied only to a specific stream of revenues. In addition, the municipal bond market, or portions thereof, may experience substantial volatility or become distressed, particularly during recessions or similar periods of economic stress, and individual bonds may go into default, which would lead to heightened risks of investing in municipal bonds generally. Actual or perceived changes in the financial health of the municipal market as a whole or in part may affect the valuation of debt securities held by the APA Enhanced Income Municipal Fund.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Fixed Income Securities Risk.</span> Interest rates may go up resulting in a decrease in value of the securities held by the APA Enhanced Income Municipal Fund. Fixed income securities held by the APA Enhanced Income Municipal Fund are also subject to interest rate risk, credit risk, call risk and liquidity risk, which are more fully described below.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7.5pt;"> </td> <td style="width: 7.5pt; vertical-align: top; text-align: left;"><span style="font-family: arial;"><sup style="font-size: 75%; vertical-align: top;"><span style="font-family: wingdings;">¡</span></sup> </span></td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-style: italic;">Credit Risk. Credit risk is the risk that an issuer will not make timely payments of principal and interest. A credit rating assigned to a particular debt security is essentially an opinion as to the credit quality of an issuer and may prove to be inaccurate. There is also the risk that a bond issuer may “call,” or repay, its high yielding bonds before their maturity dates.</span></td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7.5pt;"> </td> <td style="width: 7.5pt; vertical-align: top; text-align: left;"><span style="font-family: arial;"><sup style="font-size: 75%; vertical-align: top;"><span style="font-family: wingdings;">¡</span></sup> </span></td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-style: italic;">Interest Rate Risk. Interest rates may go up resulting in a decrease in the value of the securities held by the APA Enhanced Income Municipal Fund. Interest rates have been historically low, so the APA Enhanced Income Municipal Fund faces a heightened risk that interest rates may rise. Debt 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. A fund with a longer average portfolio duration will be more sensitive to changes in interest rates than a fund with a shorter average portfolio duration.</span></td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7.5pt;"> </td> <td style="width: 7.5pt; vertical-align: top; text-align: left;"><span style="font-family: arial;"><sup style="font-size: 75%; vertical-align: top;"><span style="font-family: wingdings;">¡</span></sup> </span></td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-style: italic;">Call Risk. During periods of declining interest rates, a bond issuer may “call” or repay its high yielding bonds before their maturity dates. </span></td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7.5pt;"> </td> <td style="width: 7.5pt; vertical-align: top; text-align: left;"><span style="font-family: arial;"><sup style="font-size: 75%; vertical-align: top;"><span style="font-family: wingdings;">¡</span></sup> </span></td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-style: italic;">Liquidity Risk. Certain securities may be difficult or impossible to sell at the time and the price that the Sub‑Advisor would like. Trading opportunities are more limited for fixed income securities that have not received any credit ratings, have received ratings below investment grade or are not widely held. The values of these securities may fluctuate more sharply than those of other securities, and the APA Enhanced Income Municipal Fund may experience some difficulty in closing out positions in these securities at prevailing market prices.</span></td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7.5pt;"> </td> <td style="width: 7.5pt; vertical-align: top; text-align: left;"><span style="font-family: arial;"><sup style="font-size: 75%; vertical-align: top;"><span style="font-family: wingdings;">¡</span></sup> </span></td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 9pt; text-align: left;"><span style="font-style: italic;">Prepayment and Extension Risk</span>. <span style="font-weight: bold;"></span>In times of declining interest rates, the APA Enhanced Income Municipal Fund’s higher yielding securities will be prepaid, and the APA Enhanced Income Municipal Fund will have to replace them with</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 15pt; vertical-align: top; color: #000000; text-align: left;"> </td> <td style="width: 0.75pt;"> </td> <td style="vertical-align: top;">securities having a lower yield. Rising interest rates could extend the life of securities with lower payment rates. This is known as extension risk and may increase the APA Enhanced Income Municipal Fund’s sensitivity to rising rates and its potential for price declines.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">High-Yield Fixed Income Securities Risk.</span> The fixed income securities held by the APA Enhanced Income Municipal Fund that are rated below investment grade are subject to additional risk factors such as increased possibility of default, illiquidity of the security, and changes in value based on public perception of the issuer. Such securities are generally considered speculative because they present a greater risk of loss, including default, than higher quality debt securities.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Prepayment and Extension Risk.</span> In times of declining interest rates, the APA Enhanced Income Municipal Fund’s higher yielding securities may be prepaid, and the APA Enhanced Income Municipal Fund may have to replace them with securities having a lower yield. Rising interest rates could extend the life of securities with lower payment rates. This is known as extension risk and may increase the APA Enhanced Income Municipal Fund’s sensitivity to rising rates and its potential for price declines.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">U.S. Government and U.S. Agency Obligations Risk.</span> Securities issued by U.S. Government agencies and instrumentalities have different levels of U.S. Government credit support. Some are backed by the full faith and credit of the U.S. Government, while others are supported by only the discretionary authority of the U.S. Government or only by the credit of the agency or instrumentality. No assurance can be given that the U.S. Government will provide financial support to U.S. Government-sponsored instrumentalities because they are not obligated to do so by law. Guarantees of timely prepayment of principal and interest do not assure that the market prices and yields of the securities are guaranteed nor do they guarantee the NAV or performance of the APA Enhanced Income Municipal Fund, which will vary with changes in interest rates, the Sub‑Advisor’s performance and other market conditions.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">New Fund Risk.</span> The APA Enhanced Income Municipal Fund is recently formed and has limited operating history for investors to evaluate. Its performance may not represent how the Fund is expected to or may perform in the long term. In addition, new funds may not attract sufficient assets to achieve investment and trading efficiencies.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Market Risk.</span> The value of the APA Enhanced Income Municipal Fund’s shares will fluctuate based on the performance of the Fund’s investments and other factors affecting the securities markets generally. Certain investments selected for the APA Enhanced Income Municipal Fund’s portfolio may be worth less than the price originally paid for them, or less than they were worth at an earlier time. The value of the Fund’s investments may go up or down, sometimes dramatically and unpredictably, based on current market conditions, such as real or perceived adverse political or economic conditions, tariffs, inflation, changes in interest rates, lack of liquidity in the fixed income markets or adverse investor sentiment.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Portfolio Turnover Risk.</span><span style="font-weight: bold;"></span> This is the risk that the APA Enhanced Income Municipal Fund may experience high portfolio turnover rates as a result of its investment strategies. High portfolio turnover rates may indicate higher transaction costs and may result in higher taxes when shares of the APA Enhanced Income Municipall Fund are held in a taxable account as compared to shares in investment companies that hold investments for a longer period.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Active Management Risk.</span> The APA Enhanced Income Municipal Fund is actively managed and may not meet its investment objective based on the portfolio managers’ success or failure to implement investment strategies for the Fund.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Investment Selection Risk.</span> The specific investments held in the APA Enhanced Income Municipal Fund’s investment portfolio may underperform other funds in the same asset class or benchmarks that are representative of the general performance of the asset class because of a portfolio manager’s choice of securities.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Large Shareholder Risk.</span> Certain shareholders may from time to time own a substantial amount of the shares of the APA Enhanced Income Municipal Fund. In addition, a third-party investor, the advisor or an affiliate of the advisor, or another entity may invest in the APA Enhanced Income Municipal Fund and hold its investment for a limited period of time solely to facilitate commencement of the Fund or to facilitate the Fund’s achieving a specified size or scale. There can be no assurance that any large shareholder would not redeem its investment, that the size of the APA Enhanced Income Municipal Fund would be maintained at such levels or that the Fund would continue to meet applicable listing requirements. Redemptions by large shareholders could have a significant negative impact on the Fund.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Cybersecurity Risk.</span> With the increased use of technologies such as the Internet to conduct business, the APA Enhanced Income Municipal Fund is susceptible to operational, information security, and related risks. Cyber incidents affecting the APA Enhanced Income Municipal Fund or its service providers may cause disruptions and impact business operations, potentially resulting in financial losses, interference with the Fund’s ability to calculate its net asset value, impediments to trading, the inability of shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Operational Risk.</span> Operational risks include human error, changes in personnel, system changes, faults in communication, and failures in systems, technology, or processes. Various operational events or circumstances are outside the Advisor’s or the Sub‑Advisor’s control, including instances at third parties. The APA Enhanced Income Municipal Fund, the Advisor and the Sub‑Advisor seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address these risks.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Regulatory Risk.</span> Governments, agencies or other regulatory bodies may adopt or change laws or regulations that could adversely affect the issuer, or market value, of an instrument held by the APA Enhanced Income Municipal Fund or that could adversely impact the Fund’s performance.</td> </tr> </table> Performance <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The following performance information provides some indication of the risks of investing in the APA Enhanced Income Municipal Fund. The bar chart shows changes in the performance of the APA Enhanced Income Municipal Fund’s Institutional Class shares from year to year. The table below shows how the APA Enhanced Income Municipal Fund’s average annual total returns of the Institutional Class for the 1-year and since inception periods compare to those of a broad-based market index and a secondary market index. Past performance, before and after taxes, does not necessarily indicate how the APA Enhanced Income Municipal Fund will perform in the future. Updated performance information is available on the APA Enhanced Income Municipal Fund’s website at www.imgp.com.</div> The following performance information provides some indication of the risks of investing in the APA Enhanced Income Municipal Fund. The bar chart shows changes in the performance of the APA Enhanced Income Municipal Fund’s Institutional Class shares from year to year. The table below shows how the APA Enhanced Income Municipal Fund’s average annual total returns of the Institutional Class for the 1-year and since inception periods compare to those of a broad-based market index and a secondary market index. Past performance, before and after taxes, does not necessarily indicate how the APA Enhanced Income Municipal Fund will perform in the future. www.imgp.com APA Enhanced Income Municipal Fund Institutional Class Calendar Year Total Returns as of December 31 <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">During the period shown above, the highest and lowest quarterly returns earned by the APA Enhanced Income Municipal Fund were:</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 100%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 19%;"></td> <td style="vertical-align: bottom; width: 2%;"></td> <td style="width: 14%;"></td> <td style="vertical-align: bottom; width: 4%;"></td> <td style="width: 53%;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt; background-color: #cceeff;"> <td style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial; font-weight: bold;">Highest:</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: right;"><span style="font-weight: bold;">2.91%</span></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"><span style="font-weight: bold;">Quarter ended September 30, 2025</span></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial; font-weight: bold;">Lowest:</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: right;"><span style="font-weight: bold;">-0.17%</span></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"><span style="font-weight: bold;">Quarter ended March 31, 2025</span></td> </tr> </table> Highest: 0.0291 2025-09-30 Lowest: -0.0017 2025-03-31 Average Annual Total Returns (for the periods ended December 31, 2025) 2024-12-16 2024-12-16 2024-12-16 2024-12-16 2024-12-16 0.0495 0.0477 0.0474 0.0456 0.0431 0.0431 0.0435 0.0354 0.0518 0.0422 iMGP Low Duration Income Fund (formerly, iMGP High Income Fund) Summary Section Investment Objectives The iMGP Low Duration Income Fund (the “Low Duration Income Fund”) seeks to achieve long-term returns with lower risk and lower volatility than the stock market, and with relatively low correlation to stock and bond market indexes. A high level of current income is a secondary objective. Fees and Expenses of the Low Duration Income Fund <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Low Duration Income Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</div> Annual Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0078 0 0.0036 0.0004 0.0032 0.0114 -0.0012 0.0102 April 30, 2027 Example <div style="margin-top: 2pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">This example is intended to help you compare the cost of investing in the Low Duration Income Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Low Duration Income Fund for the time periods indicated. The example also assumes that your investment has a 5% return each year and that the Low Duration Income Fund’s operating expenses remain the same. The cost for the Low Duration Income Fund reflects the net expenses of the</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">Low Duration Income Fund that result from the contractual expense limitation in the first year only. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> 104 104 326 326 593 593 1355 1355 Portfolio Turnover <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The Low Duration Income Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when shares of the Low Duration Income Fund are held in a taxable account as compared to shares in investment companies that hold investments for a longer period. These costs, which are not reflected in the annual fund operating expenses or in the example, will affect the Low Duration Income Fund’s performance. During the most recent fiscal year, the Low Duration Income Fund’s portfolio turnover rate was 97%.</div> 0.97 Principal Strategies <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The Low Duration Income Fund invests in a mix of strategies that iM Global believes offer risk-return characteristics that are attractive individually and even more compelling collectively. The Low Duration Income Fund is intended to be used by investors seeking attractive long-term returns with lower risk and lower volatility than the stock market, and with relatively low correlation to stock and bond market indexes. A high level of current income is a secondary objective.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The Advisor believes that giving highly disciplined sub‑advisors (each, a “manager” or “sub‑advisor”) latitude in the types of stocks they can own can confer an advantage over managers who are more tightly constrained to an arbitrary “style box.” This belief underlays the premise of the Low Duration Income Fund to seek skilled managers, give them broad flexibility, limit them to their highest-conviction ideas and create diversification at the overall fund level by choosing managers with complementary styles, which the Advisor believes also should reduce risk. The Advisor is responsible for recommending which sub‑advisors to hire or remove. Before hiring a sub‑advisor, the Advisor performs extensive due diligence. This includes quantitative and qualitative analysis, including (but not limited to) an evaluation of the investment process, the consistency of its execution and discipline; individual holdings; strategies employed, past mistakes, risk controls, team depth and quality; operations and compliance; and business focus and vision. The Advisor’s evaluation process includes review of literature and documents, quantitative historical performance evaluation, extensive discussions with members of the investment team and firm management and background checks through industry contacts.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">There is no minimum or maximum allocation of the Low Duration Income Fund’s portfolio assets to each sub‑advisor, but it is expected that no one strategy will be allocated less than 10% of</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">portfolio assets or more than 60% of portfolio assets as measured at the time of allocation. It is possible that additional managers and strategies will be added to (or removed from) the Low Duration Income Fund in the future and/or there may be adjustments in the allocation ranges. The Advisor is responsible for establishing the target allocation of Low Duration Income Fund assets to each manager based on the Advisor’s goal of maintaining a balance of investment styles (growth, value, and blend) and market capitalization exposure (large‑cap, mid‑cap and small‑cap companies) and may adjust the target allocations at its discretion. Market performance may result in allocation drift among the managers of the Low Duration Income Fund. The Advisor is responsible for periodically rebalancing the portfolios, the timing and degree of which will be determined by the Advisor based on the amount of deviation from pre‑established target allocation ranges and the Advisor’s assessment of market conditions and investment opportunities available to each sub‑advisor. The Advisor monitors the individual portfolios managed by the sub‑advisors to ensure that the overall portfolio does not include any unintentional over-weights to market capitalization levels, sectors, industries or individual securities.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">Sub‑advisor strategies may seek to benefit from: opportunities to combine securities with differing risk characteristics; market inefficiencies; opportunities to provide liquidity; tactical opportunities in asset classes or securities; special situations such as spin-offs; as well as other opportunities in other areas. In the aggregate, the managers can invest globally in debt and equity securities of companies of any size, domicile or market capitalization, government and corporate bonds, loans, loan participation interests, mortgage or other asset-backed securities and other fixed income securities and currencies, including short positions of any of the foregoing, within their respective segments</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">of the Low Duration Income Fund. The managers may invest without limitation in below investment grade fixed income securities. Under normal market conditions, the Low Duration Income Fund does not expect to invest more than 25% of its total assets in emerging market securities. iM Global defines an emerging market country as any country that is included in the MSCI Emerging Markets Index. An emerging market country includes any country that is included in the MSCI Emerging Markets Index, considered to be an emerging market country by the World Bank, the International Finance Corporation, or the United Nations, or other countries or markets that the Sub‑Advisor identifies as having similar emerging markets characteristics.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The managers may also write options, invest in derivatives, including, without limitation, options, futures contracts, participatory notes (“P‑Notes”) and swaps, to manage risk or enhance return and can also borrow amounts up to one third of the value of the Low Duration Income Fund’s total assets (except that the Low Duration Income Fund may exceed this limit to satisfy redemption requests or for other temporary purposes). Each of the managers may invest in illiquid securities; however, the Low Duration Income Fund as a whole may not hold more than 15% of its net assets in illiquid securities.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">Each sub‑advisor will have an investment approach that generally focuses on a particular asset class or specific strategies. Currently, the strategies the sub‑advisors focus on are as follows: (1) a credit value strategy, (2) a multi-credit strategy, and (3) an option income strategy. iM Global may hire sub‑advisors that focus on other strategies in the future, and not all strategies that may be appropriate will be represented in the Low Duration Income Fund’s portfolio at all times.</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 100%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 53%;"></td> <td style="vertical-align: bottom; width: 7%;"></td> <td style="width: 10%;"></td> <td style="vertical-align: bottom; width: 20%;"></td> <td style="width: 39pt;"></td> <td></td> <td></td> <td style="width: 39pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt dotted #000000; vertical-align: bottom; white-space: nowrap;"><span style="font-weight: bold;">SUB‑ ADVISOR</span></td> <td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt dotted #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt dotted #000000; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; font-weight: bold;">TARGET ASSET</div> <div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 8pt; font-family: arial; font-weight: bold;">ALLOCATION</div> </td> <td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt dotted #000000; vertical-align: bottom;"> </td> <td colspan="4" style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt dotted #000000; vertical-align: bottom;"><span style="font-weight: bold;">STOCK‑PICKING<br/>STYLE</span></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-bottom: 0.75pt solid #000000; vertical-align: top;">Brown Brothers Harriman Credit Partners, LLC (“BBH Credit Partners”)</td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: top;">40%</td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: top;">Credit Value</td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: top;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-bottom: 0.75pt solid #000000; vertical-align: top;">Guggenheim Partners Investment Management, LLC (“Guggenheim”)</td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: top;">40%</td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: top;">Multi-Credit</td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: top;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-bottom: 0.75pt solid #000000; vertical-align: top;">Neuberger Berman Investment Advisers LLC (“Neuberger”)</td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: top;">20%</td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: top;">Option Income</td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: top;"> </td> </tr> </table> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The sub‑advisor that manages the credit value strategy primarily invests its segment of the Low Duration Income Fund in fixed income securities it believes have the potential for excess return. The sub‑advisor invests in fixed income securities from a wide variety of sectors, asset-backed securities, commercial mortgage-backed securities, corporate bonds, floating-rate loans and municipal bonds. The sub‑advisor expects to invest in structured and corporate securities. The sub‑advisor’s emphasizes A/BBB‑rated asset backed securities and BBB/BB‑rated corporate securities, as these ratings segments have historically offered attractive risk-adjusted returns, along with low default rates. The sub‑advisor also invests in U.S. Treasury futures to manage duration of the portfolio, which allows individual security selection to be managed without regard to portfolio duration. Duration is a measure of the expected life of a fixed income security that is used to determine the sensitivity of a security to changes in interest rates. Fixed income securities and portfolios with longer durations are subject to more volatility than those</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">with shorter durations. The sub‑advisor will not typically own distressed securities.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The sub‑advisor that manages the multi-credit strategy seeks to preserve invested capital and maximize total return through a combination of current income and capital appreciation. The team invests in a wide range of fixed income and other instruments selected from a variety of credit qualities, and sectors, including, but not limited to, corporate bonds, loans and loan participations, structured finance investments, U.S. government and agency, mezzanine and preferred securities and convertible securities. The team seeks opportunities across fixed income market sectors and aims to take advantage of downturns/inefficiencies that occur during times of uncertainty. The multi-credit strategy is flexible and is not constrained by duration, sector, issuer, or credit quality.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The sub‑advisor that manages the option income strategy writes collateralized put options on both U.S. indices, including the S&amp;P 500<sup style="font-size: 75%; vertical-align: top;">®</sup> Index and the Russell 2000<sup style="font-size: 75%; vertical-align: top;">®</sup> Index, and exchange traded funds (“ETFs”). The manager seeks to generate returns through the receipt of option premiums from selling puts, as well as through investments in fixed income instruments, which collectively are intended to reduce volatility relative to the level of volatility the strategy would experience if the Low Duration Income Fund held the underlying equity index on which the options are written. The portfolio’s investments in fixed income instruments may be of any duration, may include variable and floating rate instruments, and may include U.S. Treasury securities and other securities issued by the U.S. government and its agencies and instrumentalities, debt securities issued by corporations or trust entities, cash and cash equivalents, mortgage-backed securities and asset-backed securities. The manager also may invest in money market mutual funds and ETFs.</div> As with all mutual funds, it is possible to lose money on an investment in the Low Duration Income Fund. An investment in the Low Duration Income Fund is not a deposit of any bank and is not guaranteed, endorsed or insured by any financial institution, government authority or the Federal Deposit Insurance Corporation (FDIC). <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Asset-Backed Securities Risk.</span> This is the risk that the impairment of the value of the collateral underlying a security in which the Low Duration Income Fund invests, such as the non‑payment of loans, will result in a reduction in the value of the security. The value of these securities may also fluctuate in response to the market’s perception of the value of issuers or collateral.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Below Investment-Grade Fixed Income Securities Risk</span>. This is the risk of investing in below investment-grade fixed income securities (also known as “junk bonds”), which may be greater than that of higher rated fixed income securities. These securities are rated Ba1 through C by Moody’s Investors Service (“Moody’s”) or BB+ through D by Standard &amp; Poor’s Rating Group (“S&amp;P”) (or comparably rated by another nationally recognized statistical rating organization), or, if not rated by Moody’s or S&amp;P, are considered by the sub‑advisors to be of similar quality. These securities are regarded by the rating organizations as predominantly speculative with respect to capacity to pay interest and repay principal in accordance with the terms of the obligation and therefore have greater risk of default than higher rated securities. The market value of these securities is more sensitive to corporate developments and economic conditions and can be volatile. Market conditions can diminish liquidity and make accurate valuations difficult to obtain.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;"></span><span style="font-weight: bold;">Investment</span><span style="font-weight: bold;"> in Loans Risk.</span> Investments in loans, including loan syndicates and other direct lending opportunities, involve special types of risks, including credit risk, interest rate risk, counterparty risk and prepayment risk. Loans may offer a fixed or floating interest rate. Loans are often generally below investment grade and may be unrated. The Low Duration Income Fund’s investments in loans can also be difficult to value accurately and may be more susceptible to liquidity risk than fixed-income instruments of similar credit quality and/or maturity. The Low Duration Income Fund is also subject to the risk that the value of the collateral for the loan may be insufficient or unavailable to cover the borrower’s obligations should the borrower fail to make payments or become insolvent. Participations in loans may subject the Low Duration Income Fund to the credit risk of both the borrower and the issuer of the participation and may make enforcement of loan covenants, if any, more difficult for the Low Duration Income Fund as legal action may have to go through the issuer of the participations. Transactions in loans are often subject to long settlement periods, thus potentially limiting the ability of the Low Duration Income Fund to invest sale proceeds in other investments and to use proceeds to meet its current redemption obligations. In addition, many banks have been weakened by the recent financial crisis, and it may be difficult for the Low Duration Income Fund to obtain an accurate picture of a lending bank’s financial condition.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Collateral Risk</span>. If the Low Duration Income Fund’s financial instruments are secured by collateral, the issuer may have difficulty liquidating the collateral and/or the Low Duration Income Fund may have difficulty enforcing its rights under the terms of the securities if an issuer defaults. Collateral may be insufficient or the Low Duration Income Fund’s right to the collateral may be set aside by a court. Collateral will generally consist of assets that may not be readily liquidated, including for example, equipment, inventory, work in the process of manufacture, real property and payments to become due under contracts or other receivable obligations. There is no assurance that the liquidation of those assets would satisfy an issuer’s obligations under a financial instrument. Non‑affiliates and affiliates of issuers of financial instruments may provide collateral in the form of secured and unsecured guarantees and/or security interests in assets that they own, which may also be insufficient to satisfy an issuer’s obligations under a financial instrument.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Collateralized Loan Obligations and Collateralized Debt Obligations Risk</span>. Collateralized loan obligations (“CLOs”) bear many of the same risks as other forms of asset-backed securities, including interest rate risk, credit risk and default risk. As they are backed by pools of loans, CLOs also bear similar risks to investing in loans directly. CLOs issue classes or “tranches” that vary in risk and yield. CLOs may experience substantial losses attributable to loan defaults. Losses caused by defaults on underlying assets are borne first by the holders of subordinate tranches. The Low Duration Income Fund’s investment in CLOs may decrease in market value when the CLO experiences loan defaults or credit impairment, the disappearance of a subordinate tranche, or market anticipation of defaults and investor aversion to CLO securities as a class.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9pt; vertical-align: top; text-align: left;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial; text-align: left;">Collateralized debt obligations (“CDOs”) are structured similarly to CLOs and bear the same risks as CLOs including interest rate risk, credit risk and default risk. CDOs are subject to additional risks because they are backed by pools of assets other than loans including securities (such as other asset-backed securities), synthetic instruments or bonds and may be highly leveraged. Like CLOs, losses incurred by a CDO are borne first by holders of subordinate tranches. Accordingly, the risks of CDOs depend largely on the type of underlying collateral and the tranche of CDOs in which the Low Duration Income Fund invests. For example, CDOs that obtain their exposure through synthetic investments entail the risks associated with derivative instruments.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Convertible Securities Risk</span>. This is the risk that the market value of convertible securities may fluctuate due to changes in, among other things, interest rates; other general economic conditions; industry fundamentals; market sentiment; the issuer’s operating results, financial statements, and credit ratings; and the market value of the underlying common or preferred stock.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Currency Risk</span>. This is the risk that investing in foreign currencies may expose the Low Duration Income Fund to fluctuations in currency exchange rates and that such fluctuations in the exchange rates may negatively affect an investment related to a currency or denominated in a foreign currency.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Fixed Income Securities Risk</span>. Interest rates may go up resulting in a decrease in value of the securities held by the Low Duration Income Fund. Fixed income securities held by the Low Duration Income Fund are also subject to interest rate risk, credit risk, call risk and liquidity risk, which are more fully described below.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7.5pt;"> </td> <td style="width: 7.5pt; vertical-align: top; text-align: left;"><span style="font-family: arial;"><sup style="font-size: 75%; vertical-align: top;"><span style="font-family: wingdings;">¡</span></sup> </span></td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-style: italic;">Credit Risk</span>. Credit risk is the risk that an issuer will not make timely payments of principal and interest. A credit rating assigned to a particular debt security is essentially an opinion as to the credit quality of an issuer and may prove to be inaccurate. There is also the risk that a bond issuer may “call,” or repay, its high yielding bonds before their maturity dates.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7.5pt;"> </td> <td style="width: 7.5pt; vertical-align: top; text-align: left;"><span style="font-family: arial;"><sup style="font-size: 75%; vertical-align: top;"><span style="font-family: wingdings;">¡</span></sup> </span></td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-style: italic;">Interest Rate Risk</span>. Interest rates may go up resulting in a decrease in the value of the securities held by the Low Duration Income Fund. Interest rates have been historically low, so the Low Duration Income Fund faces a heightened risk that interest rates may rise. Debt 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. A fund with a longer average portfolio duration will be more sensitive to changes in interest rates than a fund with a shorter average portfolio duration.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7.5pt;"> </td> <td style="width: 7.5pt; vertical-align: top; text-align: left;"><span style="font-family: arial;"><sup style="font-size: 75%; vertical-align: top;"><span style="font-family: wingdings;">¡</span></sup> </span></td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-style: italic;">Call Risk</span>. During periods of declining interest rates, a bond issuer may “call” or repay its high yielding bonds before their maturity dates.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7.5pt;"> </td> <td style="width: 7.5pt; vertical-align: top; text-align: left;"><span style="font-family: arial;"><sup style="font-size: 75%; vertical-align: top;"><span style="font-family: wingdings;">¡</span></sup> </span></td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-style: italic;">Liquidity Risk</span>. Certain securities may be difficult or impossible to sell at the time and the price that the Low Duration Income Fund would like. Trading opportunities are more limited for fixed income securities that have not received any credit</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 15pt; vertical-align: top; color: #000000; text-align: left;"> </td> <td style="width: 0.75pt;"> </td> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 9pt;">ratings, have received ratings below investment grade or are not widely held. The values of these securities may fluctuate more sharply than those of other securities, and the Low Duration Income Fund may experience some difficulty in closing out positions in these securities at prevailing market prices.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7.5pt;"> </td> <td style="width: 7.5pt; vertical-align: top; text-align: left;"><span style="font-family: arial;"><sup style="font-size: 75%; vertical-align: top;"><span style="font-family: wingdings;">¡</span></sup> </span></td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-style: italic;">Prepayment and Extension Risk</span>. <span style="font-style: italic;"></span>In times of declining interest rates, the Low Duration Income Fund’s higher yielding securities will be prepaid, and the Low Duration Income Fund will have to replace them with securities having a lower yield. Rising interest rates could extend the life of securities with lower payment rates. This is known as extension risk and may increase the Low Duration Income Fund’s sensitivity to rising rates and its potential for price declines.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Corporate Debt Obligations Risk.</span> Corporate debt obligations are subject to the risk of an issuer’s inability to meet principal and interest payments on the obligations. Therefore, the Low Duration Income Fund may be indirectly exposed to such risks associated with corporate debt obligations.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Derivatives Risk</span>. This is the risk that an investment in derivatives may not correlate completely to the performance of the underlying securities and may be volatile and that the insolvency of the counterparty to a derivative instrument could cause the Low Duration Income Fund to lose all or substantially all of its investment in the derivative instrument, as well as the benefits derived therefrom.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7.5pt;"> </td> <td style="width: 7.5pt; vertical-align: top; text-align: left;"><span style="font-family: arial;"><sup style="font-size: 75%; vertical-align: top;"><span style="font-family: wingdings;">¡</span></sup> </span></td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-style: italic;">Options Risk.</span> This is the risk that an investment in options may be subject to greater fluctuation than an investment in the underlying instruments themselves and may be subject to a complete loss of the amounts paid as premiums to purchase the options.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7.5pt;"> </td> <td style="width: 7.5pt; vertical-align: top; text-align: left;"><span style="font-family: arial;"><sup style="font-size: 75%; vertical-align: top;"><span style="font-family: wingdings;">¡</span></sup> </span></td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-style: italic;">Futures Contracts Risk.</span> This is the risk that an investment in futures contracts may be subject to losses that exceed the amount of the premiums paid and may subject the Low Duration Income Fund’s net asset value to greater volatility.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7.5pt;"> </td> <td style="width: 7.5pt; vertical-align: top; text-align: left;"><span style="font-family: arial;"><sup style="font-size: 75%; vertical-align: top;"><span style="font-family: wingdings;">¡</span></sup> </span></td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-style: italic;">Forward Contracts Risk.</span> There are no limitations on daily price movements of forward contracts. Changes in foreign exchange regulations by governmental authorities might limit the trading of forward contracts. To the extent the Low Duration Income Fund enters into non‑U.S. currency forward contracts with banks, the Low Duration Income Fund is subject to the risk of bank failure or the inability of or refusal by a bank to perform such contracts. There have been periods during which certain banks have refused to continue to quote prices for forward contracts or have quoted prices with an unusually wide spread (the difference between the price at which the bank is prepared to buy and the price at which it is prepared to sell).</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7.5pt;"> </td> <td style="width: 7.5pt; vertical-align: top; text-align: left;"><span style="font-family: arial;"><sup style="font-size: 75%; vertical-align: top;"><span style="font-family: wingdings;">¡</span></sup> </span></td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-style: italic;">P‑Notes Risk.</span> This is the risk that the performance results of P‑Notes will not replicate exactly the performance of the issuers or markets that the P‑Notes seek to replicate. Investments in P‑Notes involve risks normally associated with a direct investment in the underlying securities as well as additional risks, such as counterparty risk.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7.5pt;"> </td> <td style="width: 7.5pt; vertical-align: top; text-align: left;"><span style="font-family: arial;"><sup style="font-size: 75%; vertical-align: top;"><span style="font-family: wingdings;">¡</span></sup> </span></td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 9pt; text-align: left;"><span style="font-style: italic;">Swaps Risk.</span> Risks inherent in the use of swaps include: (1) swap contracts may not be assigned without the consent</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 15pt; vertical-align: top; color: #000000; text-align: left;"> </td> <td style="width: 0.75pt;"> </td> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 9pt;">of the counterparty; (2) potential default of the counterparty to the swap; (3) absence of a liquid secondary market for any particular swap at any time; and (4) possible inability of the Low Duration Income Fund to close out the swap transaction at a time that otherwise would be favorable for it to do so.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Equity Securities Risk</span>. This is the risk that the value of equity securities may fluctuate, sometimes rapidly and unpredictably, due to factors affecting the general market, an entire industry or sector, or particular companies. These factors include, without limitation, adverse changes in economic conditions, the general outlook for corporate earnings, interest rates or investor sentiment; increases in production costs; and significant management decisions. This risk is greater for small- and medium‑sized companies, which tend to be more vulnerable to adverse developments than larger companies.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7.5pt;"> </td> <td style="width: 7.5pt; vertical-align: top; text-align: left;"><span style="font-family: arial;"><sup style="font-size: 75%; vertical-align: top;"><span style="font-family: wingdings;">¡</span></sup> </span></td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-style: italic;">Preferred Stock Risk.</span> In the event an issuer is liquidated or declares bankruptcy, the claims of owners of bonds take precedence over the claims of those who own preferred and common stock. If interest rates rise, the fixed dividend on preferred stocks may be less attractive, causing the price of preferred stocks to decline.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Foreign Investment Risk</span>. This is the risk that an investment in foreign (non‑U.S.) securities may cause the Low Duration Income Fund to experience more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to, among other factors, less publicly available information, less stringent and less uniform accounting, auditing and financial reporting standards, less liquid and more volatile markets, higher transaction and custody costs, additional taxes, less investor protection, delayed or less frequent settlement, political or social instability, civil unrest, acts of terrorism, regional economic volatility, and the imposition of sanctions, confiscations, trade restrictions (including tariffs) and other government restrictions by the United States and/or other governments.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Emerging Markets Risk</span>. This is the risk that the value of the Low Duration Income Fund’s emerging markets investments will decline due to the greater degree of economic, political and social instability of emerging or developing countries as compared to developed countries. Investments in emerging market countries are subject to substantial risks due to, among other factors, different accounting standards and thinner trading markets as compared to those in developed countries; less publicly available and reliable information about issuers as compared to developed markets; the possibility of currency transfer restrictions; and the risk of expropriation, nationalization or other adverse political, economic or social developments.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Currency Risk</span>. This is the risk that foreign currencies will decline in value relative to the U.S. dollar and affect the Low Duration Income Fund’s investments in foreign (non‑U.S.) currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign (non‑U.S.) currencies.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Investment Companies Risk</span>. This is the risk that investing in other investment companies, including ETFs, closed‑end funds</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; color: #000000; text-align: left;"> </td> <td style="width: 0.75pt;"> </td> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 9pt;">(“CEFs”), business development companies (“BDCs”), unit investment trusts and open‑end funds, subjects the Low Duration Income Fund to those risks affecting the investment vehicle, including the possibility that the value of the underlying securities held by the investment vehicle could decrease or the portfolio becomes illiquid. Moreover, the Low Duration Income Fund and its shareholders will incur its pro rata share of the underlying vehicles’ expenses, which will reduce the Low Duration Income Fund’s performance. In addition, investments in an ETF are subject to, among other risks, the risk that the ETF’s shares may trade at a discount or premium relative to the net asset value of the shares and the listing exchange may halt trading of the ETF’s shares. BDCs may carry risks similar to those of a private equity or venture capital fund. BDC company securities are not redeemable at the option of the shareholder and they may trade in the market at a discount to their net asset value. BDCs usually trade at a discount to their net asset value because they invest in unlisted securities and have limited access to capital markets. Shares of CEFs also frequently trade at a discount to their net asset value for those and other reasons.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Sector Weightings Risk. </span>Although sector focus is not a principal strategy of the Low Duration Income Fund, the Fund may from time to time emphasize investments in a particular sector as a result of the implementation of its principal investment strategies. To the extent that the Low Duration Income Fund emphasizes investments in a particular sector, the Low Duration Income Fund has the potential to 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 a single sector. By focusing its investments in a particular sector, the Low Duration Income Fund may potentially face more risks than if it were diversified broadly over numerous sectors.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7.5pt;"> </td> <td style="width: 7.5pt; vertical-align: top; text-align: left;"><span style="font-family: arial;"><sup style="font-size: 75%; vertical-align: top;"><span style="font-family: wingdings;">¡</span></sup> </span></td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-style: italic;">Financial Sector Risk. </span>The Low Duration Income Fund may invest a significant portion of its assets in the financial sector and, therefore, the performance of the Fund could be negatively impacted by events <span style="font-style: italic;">affecting</span> this sector, including changes in interest rates, government regulation, the rate of defaults on corporate, consumer and government debt and the availability and cost of capital.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Large Shareholder Purchase and Redemption Risk.</span> The Low Duration Income Fund may experience adverse effects when certain large shareholders purchase or redeem large amounts of shares of the Low Duration Income Fund. Such large shareholder redemptions may cause the Low Duration Income Fund to sell its securities at times when it would not otherwise do so, which may negatively impact the Low Duration Income Fund Fund’s net asset value and liquidity. Similarly, large share purchases may adversely affect the Low Duration Income Fund’s performance to the extent that the Low Duration Income Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. In addition, a large redemption could result in the Low Duration Income Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the Low Duration Income Fund’s expense ratio.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Leverage Risk</span>. This is the risk that leverage may cause the effect of an increase or decrease in the value of the Low Duration Income Fund’s portfolio securities to be magnified and the Low Duration Income Fund to be more volatile than if leverage was not used. Leverage may result from certain transactions, including the use of derivatives and borrowing.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Market Risk.</span> The value of the Low Duration Income Fund’s shares will fluctuate based on the performance of the Low Duration Income Fund’s investments and other factors affecting the securities markets generally. Certain investments selected for the Low Duration Income Fund’s portfolio may be worth less than the price originally paid for them, or less than they were worth at an earlier time. The value of the Low Duration Income Fund’s investments may go up or down, sometimes dramatically and unpredictably, based on current market conditions, such as real or perceived adverse political or economic conditions, tariffs, inflation, changes in interest rates, lack of liquidity in the fixed income markets or adverse investor sentiment.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Geopolitical Events Risk. </span>The interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Low Duration Income Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, trade disputes, supply chain disruptions, natural disasters, climate change and climate-related events, pandemics, epidemics, terrorism, international conflicts, cybersecurity events, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years may result in market volatility and may have long-term effects on both the U.S. and global financial markets.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Liquidity and Valuation Risk</span>. It may be difficult for the Low Duration Income Fund to purchase and sell particular investments within a reasonable time at a fair price, or the price at which it has been valued by iM Global for purposes of the Low Duration Income Fund’s net asset value, causing the Low Duration Income Fund to be less liquid and unable to realize what iM Global believes should be the price of the investment. Valuation of portfolio investments may be difficult, such as during periods of market turmoil or reduced liquidity, and for investments that may, for example, trade infrequently or irregularly. In these and other circumstances, an investment may be valued using fair value methodologies, which are inherently subjective, reflect good faith judgments based on available information and may not accurately estimate the price at which the Low Duration Income Fund could sell the investment at that time. Based on its investment strategies, a significant portion of the Low Duration Income Fund’s investments can be difficult to value and potentially less liquid and thus particularly prone to the foregoing risks.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Mortgage-Backed Securities Risk.</span> This is the risk of investing in mortgaged-backed securities, which includes interest rate risk, prepayment risk and the risk of defaults on the mortgage loans underlying these securities.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Multi-Management Risk.</span> Because portions of the Low Duration Income Fund are managed by different portfolio managers using different styles, the Low Duration Income Fund could experience overlapping security transactions that could lead to unintended concentration in certain securities. Certain portfolio managers may be purchasing securities at the same time other portfolio managers may be selling those same securities, which may lead to higher transaction expenses and tax inefficiencies compared to using a single investment manager.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Active Management Risk.</span> The Low Duration Income Fund is actively managed and may not meet its investment objective based on the portfolio managers’ success or failure to implement investment strategies for the Fund.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Investment Selection Risk.</span> The specific investments held in the Low Duration Income Fund’s investment portfolio may underperform other funds in the same asset class or benchmarks that are representative of the general performance of the asset class because of a portfolio manager’s choice of securities. <span style="font-weight: bold;"></span>This risk may be greater for multi-manager funds compared to funds with a single manager.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Short Sale Risk.</span> This is the risk that the value of a security the Low Duration Income Fund sells short does not go down as expected. The risk of loss is theoretically unlimited if the value of the security sold short continues to increase. In addition, short sales may cause the Low Duration Income Fund to be compelled, at a time disadvantageous to it, to buy the security previously sold short, thus resulting in a loss. To meet current margin requirements, the Low Duration Income Fund is required to deposit with the broker additional cash or securities so that the total deposit with the broker is maintained daily at 150% of the current market value of the securities sold short.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Unfavorable Tax Treatment Risk.</span> This is the risk that a material portion of the Low Duration Income Fund’s return could be in the form of net investment income or short-term capital gains, some of which may be distributed to shareholders and taxed at ordinary income tax rates. Therefore, shareholders may have a greater need to pay regular taxes than compared to other investment strategies that hold investments longer. Due to this investment strategy, it may be preferable for certain shareholders to invest in the Low Duration Income Fund through pre‑tax or tax‑deferred accounts as compared to investment through currently taxable accounts. Potential shareholders are encouraged to consult their tax advisors in this regard.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Cybersecurity Risk.</span> With the increased use of technologies such as the Internet to conduct business, the Low Duration Income Fund is susceptible to operational, information security, and related risks. Cyber incidents affecting the Low Duration Income Fund or its service providers may cause disruptions and impact business operations, potentially resulting in financial losses, interference with the Low Duration Income Fund’s ability to calculate its NAV, impediments to trading, the inability of shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Operational Risk.</span> Operational risks include human error, changes in personnel, system changes, faults in communication, and failures in systems, technology, or processes. Various operational events or circumstances are outside the Advisor’s or a sub‑advisor’s control, including instances at third parties. The Low Duration Income Fund, the Advisor and each sub‑advisor seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address these risks.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Regulatory Risk.</span> Governments, agencies or other regulatory bodies may adopt or change laws or regulations that could adversely affect the issuer, or market value, of an instrument held by the Low Duration Income Fund or that could adversely impact the Fund’s performance.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Securities Lending Risk:</span> The Fund may engage in securities lending. Securities lending involves possible delay in recovery of the securities or possible loss of rights in the collateral should the borrower fail financially. The Fund could also lose money if the value of the collateral decreases. As a result, the value of the Fund shares may fall.</td> </tr> </table> Performance <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The following performance information provides some indication of the risks of investing in the Low Duration Income Fund. The bar chart shows changes in the performance of the Low Duration Income Fund’s Institutional Class shares from year to year. The table below shows how the Low Duration Income Fund’s average annual total returns of the Institutional Class for the 1‑ and 5‑year and since inception periods compare to those of a broad-based market index and a secondary market index. Past performance, before and after taxes, does not necessarily indicate how the Low Duration Income Fund will perform in the future. Updated performance information is available on the Low Duration Income Fund’s website at www.imgp.com.</div> The following performance information provides some indication of the risks of investing in the Low Duration Income Fund. The bar chart shows changes in the performance of the Low Duration Income Fund’s Institutional Class shares from year to year. The table below shows how the Low Duration Income Fund’s average annual total returns of the Institutional Class for the 1‑ and 5‑year and since inception periods compare to those of a broad-based market index and a secondary market index. Past performance, before and after taxes, does not necessarily indicate how the Low Duration Income Fund will perform in the future. www.imgp.com Low Duration Income FundInstitutional Class Calendar Year Total Returnsas of December 31 <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">During the period shown above, the highest and lowest quarterly returns earned by the Low Duration Income Fund were:</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 100%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 19%;"></td> <td style="vertical-align: bottom; width: 2%;"></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 2%;"></td> <td style="vertical-align: bottom; width: 3%;"></td> <td style="width: 64%;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt; background-color: #cceeff;"> <td style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial; font-weight: bold;">Highest:</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"><span style="font-weight: bold;"> </span></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: right;"><span style="font-weight: bold;">10.14</span></td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"><span style="font-weight: bold;">% </span></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"><span style="font-weight: bold;">Quarter ended June 30, 2020</span></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial; font-weight: bold;">Lowest:</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"><span style="font-weight: bold;"> </span></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: right;"><span style="font-weight: bold;">-13.79</span></td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"><span style="font-weight: bold;">% </span></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"><span style="font-weight: bold;">Quarter ended March 31, 2020</span></td> </tr> </table> Highest: 0.1014 2020-06-30 Lowest: -0.1379 2020-03-31 Average Annual Total Returns (for the periods ended December 31, 2025) 2018-09-28 2018-09-28 2018-09-28 2018-09-28 2018-09-28 0.0737 0.0541 0.0519 0.0432 0.0292 0.0301 0.0432 0.0305 0.0303 0.0730 -0.0036 0.0214 0.0539 0.0198 0.0251 iMGP Small Company Fund Summary Section Investment Objective <div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">The iMGP Small Company Fund (the “Small Company Fund”) seeks long-term growth of capital; that is, the increase in the value of your investment over the long term. </div> Fees and Expenses of the Small Company Fund <div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Small Company Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. </div> Annual Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0080 0.0065 0.0007 0.0058 0.0145 -0.0023 0.0122 April 30, 2027 Example <div style="margin-top:2pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">This example is intended to help you compare the cost of investing in the Small Company Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Small Company 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 Small Company Fund’s operating expenses remain the same. The cost for the Small Company Fund reflects the net expenses of the Small Company Fund that result from the contractual expense limitation in the first year only. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </div> 124 387 723 1671 Portfolio Turnover <div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">The Small Company Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when shares of the Small Company Fund are held in a taxable account as compared to shares in investment companies that hold investments for a longer period. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Small Company Fund’s performance. During the most recent fiscal year, the Small Company Fund’s portfolio turnover rate was 98%. </div> 0.98 Principal Strategies <div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">The Small Company Fund invests in the securities of smaller companies that the sub‑advisors to the Fund (each a “manager” or “sub‑advisor”) believe have strong appreciation potential. The Advisor believes that giving highly disciplined managers latitude in the types of stocks they can own can confer an advantage over managers who are more tightly constrained to an arbitrary “style box.” This belief underlays the premise of the Small Company Fund to give its sub‑advisors broad flexibility but limit the sub‑advisors to their highest-conviction ideas. The Advisor is responsible for recommending which sub‑advisors to hire or remove. Before hiring a sub‑advisor, the Advisor performs extensive due diligence. This includes quantitative and qualitative analysis, including (but not limited to) an evaluation of the investment process, the consistency of its execution and discipline; individual holdings; strategies employed, past mistakes, risk controls, team depth and quality; operations and compliance; and business focus and vision. The Advisor’s evaluation process includes review of literature and documents quantitative historical performance evaluation, extensive discussions with members of the investment team and firm management and background checks through industry contacts. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">There is no minimum or maximum allocation of the Small Company Fund’s portfolio assets to each sub‑advisor. The Advisor is responsible for establishing the target allocation of Small Company Fund assets to each manager based on the Advisor’s goal of maintaining a balance of investment styles (growth and value) and may adjust the target allocations at its discretion. A “growth investing” style involves identifying securities for the Fund that the sub‑advisor expects to have above-average potential for growth in revenue and earnings. A “value investing” style involves identifying securities for the Fund that the sub‑advisor believes are underpriced relative to comparable securities, determined by price/earnings ratios, cash flows or other measures. Market performance may result in allocation drift among the managers of the Small Company Fund. The Advisor is responsible for periodically rebalancing the portfolios, the timing and degree of which will be determined by the Advisor based on the amount of deviation from pre‑established target allocation ranges and the Advisor’s assessment of market conditions and investment opportunities available to each sub‑advisor. The Advisor monitors the individual portfolios managed by the </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">sub‑advisors to ensure that the overall portfolio does not include any unintentional over-weights to sectors, industries or individual securities. Under normal conditions, each sub‑advisor manages a portion of the Small Company Fund’s assets by independently </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:9pt;font-family:arial;"> managing a portfolio typically composed of between 25 and 50 stocks (resulting in total Small Company Fund holdings of 50 to 100 different stocks). The target allocations to each sub-advisor are indicated in the following table: </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:50%;"></td> <td style="vertical-align:bottom;width:11%;"></td> <td style="width:10%;"></td> <td style="vertical-align:bottom;width:24%;"></td> <td style="width:34pt;"></td> <td></td> <td></td> <td style="width:34pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt dotted #000000;vertical-align:bottom;white-space:nowrap;"><span style="font-weight:bold">SUB‑ADVISOR</span></td> <td style=" BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt dotted #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt dotted #000000;vertical-align:bottom;"><span style="font-weight:bold">TARGET ASSET<br/> ALLOCATION</span></td> <td style=" BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt dotted #000000;vertical-align:bottom;"> </td> <td colspan="4" style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt dotted #000000;vertical-align:bottom;"><span style="font-weight:bold">INVESTMENT STYLE</span></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">D.F. Dent and Company, Inc.</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">50%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">Growth</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">CI SBH Asset Management</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">50%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">Value</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;"> </td> </tr> </table><div style="margin-top:0pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">Under normal market conditions, the Small Company Fund invests at least 80% of its net assets, in securities of small‑sized U.S. companies, as measured by market capitalization at the time of acquisition. The Small Company Fund may focus its investments in certain sectors – including, but not limited to, the industrial and technology sectors – from time to time as a result of the implementation of the Small Company Fund’s investment strategy by the managers, but sector focus is not a principal strategy of the Small Company Fund. The extent of the Fund’s focus on certain sectors will change over time and may shift to other sectors, based on the managers’ ongoing evaluation of the Fund’s holdings and of potential investments that meet the Fund’s investment mandate. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">The Advisor defines a “small company” as one whose market capitalization is within the range of the market capitalizations of companies in the Russell 2000 Index. As of December 31, 2025, the range of market capitalizations of companies in the Russell 2000 Index was from approximately $5 million to $31 billion. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">A sub‑advisor may invest up to 15% of the Small Company Fund’s net assets in the securities of foreign companies, including those located in emerging markets. The Advisor defines an emerging market country as any country that is included in the MSCI Emerging Markets Index. An emerging market country includes any country that is included in the MSCI Emerging Markets Index, considered to be an emerging market country by the World Bank, the International Finance Corporation, or the United Nations, or other countries or markets that the Sub‑Advisor identifies as having similar emerging markets characteristics </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">Generally, a security may be sold: (1) if the sub‑advisor believes the security is overvalued; (2) if the sub‑advisor’s view of the business fundamentals or management of the underlying company changes; (3) if a more attractive investment opportunity is found; (4) if general market conditions trigger a change in the sub‑advisor’s assessment criteria; or (5) for other portfolio management reasons. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">The Small Company Fund’s sub‑advisors may trade their portfolios frequently. </div> As with all mutual funds, it is possible to lose money on an investment in the Small Company Fund. An investment in the Small Company Fund is not a deposit of any bank and is not guaranteed, endorsed or insured by any financial institution, government authority or the Federal Deposit InsuranceCorporation (FDIC). <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:6.75pt;vertical-align:top;text-align:left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"><span style="font-weight:bold">Smaller Companies Risk.</span> The Small Company Fund may invest a portion of its assets in the securities of small‑and, at times, mid‑sized companies. Securities of small‑cap companies are generally more volatile and less liquid than the securities of large‑cap companies. This is because small companies may be more reliant on a few products, services or key personnel, which can make it riskier than investing in larger companies with more diverse product lines and structured management. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:6.75pt;vertical-align:top;text-align:left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"><span style="font-weight:bold">Market Risk.</span> The value of the Small Company Fund’s shares will fluctuate based on the performance of the Small Company Fund’s investments and other factors affecting the securities markets generally. Certain investments selected for the Small Company Fund’s portfolio may be worth less than the price originally paid for them, or less than they were worth at an earlier time. The value of the Small Company Fund’s investments may go up or down, sometimes dramatically and unpredictably, based on current market conditions, such as real or perceived adverse political or economic conditions, tariffs, inflation, changes in interest rates, lack of liquidity in the fixed income markets or adverse investor sentiment. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:6.75pt;vertical-align:top;text-align:left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"><span style="font-weight:bold">Geopolitical Events Risk.</span> The interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Small Company Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, trade disputes, supply chain disruptions, natural disasters, climate change and climate-related events, pandemics, epidemics, terrorism, international conflicts, cybersecurity events, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years may result in market volatility and may have long-term effects on both the U.S. and global financial markets. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:6.75pt;vertical-align:top;text-align:left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:arial;font-size:9pt;text-align:left;"><span style="font-weight:bold">Multi-Management Risk.</span> Because portions of the Small Company Fund’s assets are managed by different portfolio managers using different styles, the Small Company Fund could experience overlapping security transactions that could lead to </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:6.75pt;vertical-align:top;color:#000000;text-align:left;"> </td> <td style="width:0.75pt;"> </td> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:arial;font-size:9pt;"> unintended concentration in certain securities. Certain portfolio managers may be purchasing securities at the same time other portfolio managers may be selling those same securities, which may lead to higher transaction expenses and tax inefficiencies compared to using a single investment manager. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:6.75pt;vertical-align:top;text-align:left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"><span style="font-weight:bold">Active Management Risk.</span> The Small Company Fund is actively managed and may not meet its investment objective based on the portfolio managers’ success or failure to implement investment strategies for the Fund. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:6.75pt;vertical-align:top;text-align:left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"><span style="font-weight:bold">Growth Investing Risk.</span> Growth stocks, as a group, may be out of favor with the market and underperform value stocks or the overall equity market. Growth stocks are generally more sensitive to market movements than other types of stocks primarily because their prices are based heavily on the future expectations of the economy and the stock’s issuing company. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:6.75pt;vertical-align:top;text-align:left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"><span style="font-weight:bold">Value Stock Risk.</span> Value stocks are stocks of companies that may have experienced adverse business or industry developments or may be subject to special risks that have caused the stocks to be out of favor and, in the opinion of the manager, undervalued. The value of a security believed by the manager to be undervalued may never reach what is believed to be its full (intrinsic) value, or such security’s value may decrease. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:6.75pt;vertical-align:top;text-align:left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"><span style="font-weight:bold">Equity Securities Risk.</span> This is the risk that the value of equity securities may fluctuate, sometimes rapidly and unpredictably, due to factors affecting the general market, an entire industry or sector, or particular companies. These factors include, without limitation, adverse changes in economic conditions, the general outlook for corporate earnings, interest rates or investor sentiment; increases in production costs; and significant management decisions. This risk is greater for small- and medium‑sized companies, which tend to be more vulnerable to adverse developments than larger companies. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:6.75pt;vertical-align:top;text-align:left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"><span style="font-weight:bold">Emerging Markets Risk.</span> This is the risk that the value of the Small Company Fund’s emerging markets investments will decline due to the greater degree of economic, political and social instability of emerging or developing countries as compared to developed countries. Investments in emerging market countries are subject to substantial risks due to, among other factors, different accounting standards and thinner trading markets as compared to those in developed countries; less publicly available and reliable information about issuers as compared to developed markets; the possibility of currency transfer restrictions; and the risk of expropriation, nationalization or other adverse political, economic or social developments. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:6.75pt;vertical-align:top;text-align:left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"><span style="font-weight:bold">Foreign Investment Risk.</span> This is the risk that an investment in foreign (non‑U.S.) securities may cause the Small Company Fund to experience more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to, among other factors, less publicly available information, less stringent and less uniform accounting, auditing and financial reporting standards, less liquid and more volatile markets, higher transaction and custody costs, additional taxes, less investor protection, delayed or less frequent settlement, political or social instability, civil unrest, acts of terrorism, regional economic volatility, and the imposition of sanctions, confiscations, trade restrictions </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:6.75pt;vertical-align:top;color:#000000;text-align:left;"> </td> <td style="width:0.75pt;"> </td> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:arial;font-size:9pt;"> (including tariffs) and other government restrictions by the United States and/or other governments. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:6.75pt;vertical-align:top;text-align:left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"><span style="font-weight:bold">Sector Weightings Risk.</span> Although sector focus is not a principal strategy of the Small Company Fund, the Small Company Fund may from time to time emphasize investments in a particular sector as a result of the implementation of its principal investment strategies. To the extent that the Small Company Fund emphasizes investments in a particular sector, the Small Company Fund has the potential to 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 a single sector. By focusing its investments in a particular sector, the Small Company Fund may potentially face more risks than if it were diversified broadly over numerous sectors. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:7.5pt;"> </td> <td style="width:7.5pt;vertical-align:top;text-align:left;"><span style="font-family:arial"><sup style="font-size:75%;vertical-align:top"><span style="font-family:wingdings">¡</span></sup> </span></td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"><span style="font-style:italic">Industrial Sector Risk.</span> The Small Company Fund may invest a significant portion of its assets in the industrial sector. Companies in the industrial sector could be affected by, among other things, government regulation, world events and global economic conditions, insurance costs, and labor relations issues. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:7.5pt;"> </td> <td style="width:7.5pt;vertical-align:top;text-align:left;"><span style="font-family:arial"><sup style="font-size:75%;vertical-align:top"><span style="font-family:wingdings">¡</span></sup> </span></td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"><span style="font-style:italic">Technology Sector Risk. </span>The Small Company Fund may invest a significant portion of its assets in the technology sector. Technology companies face competition and potentially rapid product obsolescence. They are also heavily dependent on intellectual property rights and may be adversely affected by the loss or impairment of those rights. Companies in the technology sector are facing increased government and regulatory scrutiny and may be subject to adverse government or regulatory action. Companies in the software industry may be adversely affected by, among other things, the decline or fluctuation of subscription renewal rates for their products and services and actual or perceived vulnerabilities in their products or services. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:6.75pt;vertical-align:top;text-align:left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"><span style="font-weight:bold">Investment Selection Risk.</span> The specific investments held in the Small Company Fund’s investment portfolio may underperform other funds in the same asset class or benchmarks that are representative of the general performance of the asset class because of a portfolio manager’s choice of securities. This risk may be greater for multi-manager funds compared to funds with a single manager. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:6.75pt;vertical-align:top;text-align:left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"><span style="font-weight:bold">Portfolio Turnover Risk.</span><span style="font-weight:bold"></span> This is the risk that the Small Company Fund may experience high portfolio turnover rates as a result of its investment strategies. High portfolio turnover rates may indicate higher transaction costs and may result in higher taxes when shares of the Small Company Fund are held in a taxable account as compared to shares in investment companies that hold investments for a longer period. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:6.75pt;vertical-align:top;text-align:left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:arial;font-size:9pt;text-align:left;"><span style="font-weight:bold">Cybersecurity Risk.</span> With the increased use of technologies such as the Internet to conduct business, the Small Company Fund is susceptible to operational, information security, and related risks. Cyber incidents affecting the Small Company Fund or its service providers may cause disruptions and impact business operations, potentially resulting in financial losses, interference with the Small Company Fund’s ability to calculate its NAV, impediments to trading, the inability of shareholders to transact business, violations of applicable privacy and other </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:6.75pt;vertical-align:top;color:#000000;text-align:left;"> </td> <td style="width:0.75pt;"> </td> <td style="vertical-align:top;">laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:6.75pt;vertical-align:top;text-align:left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"><span style="font-weight:bold">Operational Risk.</span> Operational risks include human error, changes in personnel, system changes, faults in communication, and failures in systems, technology, or processes. Various operational events or circumstances are outside the Advisor’s or sub‑advisor’s control, including instances at third parties. The Small Company Fund, the Advisor and the sub‑advisor seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address these risks. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:6.75pt;vertical-align:top;text-align:left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"><span style="font-weight:bold">Regulatory Risk.</span> Governments, agencies or other regulatory bodies may adopt or change laws or regulations that could adversely affect the issuer, or market value, of an instrument held by the Small Company Fund or that could adversely impact the Fund’s performance. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:6.75pt;vertical-align:top;text-align:left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"><span style="font-weight:bold">Securities Lending Risk:</span> The Fund may engage in securities lending. Securities lending involves possible delay in recovery of the securities or possible loss of rights in the collateral should the borrower fail financially. The Fund could also lose money if the value of the collateral decreases. As a result, the value of the Fund shares may fall. </td> </tr> </table> Performance <div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">The following performance information provides some indication of the risks of investing in the Small Company Fund. The bar chart shows changes in the performance of the Small Company Fund’s Institutional Class shares from year to year. The table below shows how the Small Company Fund’s average annual total returns of the Institutional Class for the 1‑year and since inception periods compare to those of a broad-based market index, a secondary market index and an index of peer group mutual funds. Before April 29, 2024, the Fund was managed with the same investment objective but with a different investment strategy and may achieve different performance results under its current investment strategy from the performance shown for periods before that date. Past performance, before and after taxes, does not necessarily indicate how the Small Company Fund will perform in the future. Updated performance information is available on the Small Company Fund’s website at www.imgp.com. </div> The following performance information provides some indication of the risks of investing in the Small Company Fund. The bar chart shows changes in the performance of the Small Company Fund’s Institutional Class shares from year to year. The table below shows how the Small Company Fund’s average annual total returns of the Institutional Class for the 1‑year and since inception periods compare to those of a broad-based market index, a secondary market index and an index of peer group mutual funds. Past performance, before and after taxes, does not necessarily indicate how the Small Company Fund will perform in the future. www.imgp.com Small Company Fund Institutional Class Calendar Year Total Returns as of December 31 <div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">During the period shown above, the highest and lowest quarterly returns earned by the Small Company Fund were: </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:19%;"></td> <td style="vertical-align:bottom;width:2%;"></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%;"></td> <td style="vertical-align:bottom;width:3%;"></td> <td style="width:64%;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt;background-color:#cceeff"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8pt;font-family:arial;font-weight:bold;">Highest:</div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"><span style="font-weight:bold"> </span></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right;"><span style="font-weight:bold">17.55</span></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"><span style="font-weight:bold">% </span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"><span style="font-weight:bold">Quarter ended March 31, 2021</span></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8pt;font-family:arial;font-weight:bold;">Lowest:</div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"><span style="font-weight:bold"> </span></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right;"><span style="font-weight:bold">-15.88</span></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"><span style="font-weight:bold">% </span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"><span style="font-weight:bold">Quarter ended June 30, 2022</span></td> </tr> </table> Highest: 0.1755 2021-03-31 Lowest: -0.1588 2022-06-30 Average Annual Total Returns (for the periods ended December 31, 2025) 2020-07-31 2020-07-31 2020-07-31 2020-07-31 2020-07-31 0.0001 0.0812 0.1233 -0.0095 0.0660 0.1087 0.0071 0.0629 0.0979 0.1281 0.0609 0.1149 0.0774 0.0742 0.1191 iMGP Dolan McEniry Core Plus Fund Summary Section Investment Objective The iMGP Dolan McEniry Core Plus Fund (the “Dolan McEniry Core Plus Fund”) seeks to provide investors with total return, with a secondary investment objective of preserving capital. Fees and Expenses of the Dolan McEniry Core Plus Fund <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Dolan McEniry Core Plus Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</div> Annual Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0042 0.0031 0.0073 -0.0011 0.0062 April 30, 2027 Example <div style="margin-top: 2pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">This example is intended to help you compare the cost of investing in the Dolan McEniry Core Plus Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Dolan McEniry Core Plus 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 Dolan McEniry Core Plus Fund’s operating expenses remain the same. The cost for the Dolan McEniry Core Plus Fund reflects the net expenses of the Fund that result from the contractual expense limitation in the first year only. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> 63 199 372 875 Portfolio Turnover <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The Dolan McEniry Core Plus Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when shares of the Dolan McEniry Core Plus Fund are held in a taxable account as compared to shares in investment companies that hold investments for a longer period. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Dolan McEniry Core Plus Fund’s performance. During the fiscal year ended December 31, 2025, the Dolan McEniry Core Plus Fund’s portfolio turnover rate was 15% of the average value of its portfolio.</div> 0.15 Principal Strategies <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The Dolan McEniry Core Plus Fund invests in a diversified portfolio of corporate investment grade bonds, corporate high yield bonds, and U.S. Government and Treasury securities maturing within 10 years or less. The Advisor believes that giving a highly disciplined manager latitude in the types of bonds it can own can confer an advantage over managers who are more tightly constrained to an arbitrary “style box.” This belief underlays the premise of the Dolan McEniry Core Plus Fund to give its sub‑advisor (the “sub‑advisor” or “manager”) broad flexibility but limit the sub‑advisor to its highest-conviction ideas. The Advisor is responsible for recommending which sub‑advisors to hire or remove. Before hiring a sub‑advisor, the Advisor performs extensive due diligence. This includes quantitative and qualitative analysis, including (but not limited to) an evaluation of the investment process, the consistency of its execution and discipline; individual holdings; strategies employed, past mistakes, risk controls, team depth and quality; operations and compliance; and business focus and vision. The Advisor’s evaluation process includes review of literature and documents, quantitative historical performance evaluation, extensive discussions with members of the investment team and firm management and background checks through industry contacts.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">All securities will be U.S. dollar denominated, although they may be issued by a foreign corporation or a U.S. affiliate of a foreign corporation. Under normal market conditions, the Dolan McEniry Core Plus Fund will invest at least 80% of its net assets (plus the amount of any borrowing for investment purposes) in corporate bonds. In addition to investments in corporate bonds issued by U.S. issuers, the Dolan McEniry Core Plus Fund may invest in corporate bonds issued by foreign corporations. With respect to the Dolan McEniry Core Plus Fund’s net assets allocated to investments in corporate bonds, the Dolan McEniry Core Plus Fund invests approximately 75% in corporate bonds that are determined by the sub‑advisor to be investment grade, and approximately 25% in high yield bonds (also known as “junk bonds”). The Dolan McEniry Core Plus Fund’s investments in investment grade corporate bonds will be rated investment grade (BBB‑by Standard &amp; Poor’s or equivalent) by at least one major credit rating agency identified as a nationally recognized statistical rating organization (“NRSRO”), or if unrated,</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">determined to be of comparable quality by the sub‑advisor. The Dolan McEniry Core Plus Fund may invest up to 20% of its net assets in U.S. Government and Treasury securities. The Dolan McEniry Core Plus Fund will not make any change in its investment policy of investing at least 80% of its net assets in corporate bonds without first providing shareholders with at least 60 days’ prior written notice.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The sub‑advisor anticipates that the Dolan McEniry Core Plus Fund’s duration will reflect that of the Bloomberg U.S. Intermediate Credit Index, plus or minus 50%. For example, if the duration of the Bloomberg U.S. Intermediate Credit Index is 5 years, the Dolan McEniry Core Plus Fund’s duration may be 2.5–7.5 years. As of March 31, 2026, the duration of the Bloomberg U.S. Intermediate Credit Index was 4.09 years. Duration measures a bond or fund’s sensitivity to interest rate or other changes (such as changes in a bond’s yield) and is expressed as a number of years. The higher the number, the greater the risk. Under normal circumstances, for example, if a portfolio has a duration of five years, its value will change by 5% if yields change by 1%. Shorter duration bonds generally result in lower expected volatility.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The Dolan McEniry Core Plus Fund’s investment universe consists of corporate investment grade bonds, high yield bonds, and U.S. Government and Treasury securities maturing within 10 years or less. When making decisions to buy or sell an investment for the Dolan McEniry Core Plus Fund, the sub‑advisor utilizes bottom‑up investment analysis which focuses on credit analysis and selection of undervalued bonds. The sub‑advisor analyzes companies’ financial statements and creates financial models to assess trends in revenue, margins, earnings, cash earnings, investments in working capital and fixed assets, debt levels and cash balances, and other items, ranking each company by risk and return. The sub‑advisor then applies qualitative diligence reviews of each company, taking into consideration pricing, liquidity, event risk and duration to select specific investments for the Dolan McEniry Core Plus Fund’s portfolio. The sub‑advisor’s investment process is designed to identify undervalued corporate bonds – those that trade at wide spreads to U.S. Treasury securities yet are issued by companies that, in the sub‑advisor’s assessment, generate sufficient cash flow to meet their debt obligations. The sub‑advisor ranks securities with equal weighting given to risk (cash flow coverage of debt obligations) and return (spread to U.S. Treasuries). The process identifies what the sub‑advisor deems to be the most undervalued bonds. The sub‑advisor will consider selling a security if the company’s fundamentals deteriorate to an unacceptable degree according to the sub‑advisor’s free cash flow credit analysis; the security has appreciated in price to a level that makes it no longer attractive in the sub‑advisor’s ranking system; or if the sub‑advisor identifies a more attractive investment opportunity. Concentration of investments in certain sectors – including, but not limited to, the consumer staples and industrial sectors – may occur from time to time as a result of the implementation of the Dolan McEniry Core Plus Fund’s investment strategy by the manager, but sector focus is not a principal strategy of the Dolan McEniry Core Plus Fund.</div> As with all mutual funds, it is possible to lose money on an investment in the Dolan McEniry Core Plus Fund. An investment in the Dolan McEniry Core Plus Fund is not a deposit of any bank and is not guaranteed, endorsed or insured by any financial institution, government authority or the Federal Deposit Insurance Corporation (FDIC). <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Corporate Debt Obligations Risk.</span> Corporate debt obligations are subject to the risk of an issuer’s inability to meet principal and interest payments on the obligations. Therefore, the Dolan McEniry Core Plus Fund may be indirectly exposed to such risks associated with corporate debt obligations.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Market Risk.</span> The value of the Dolan McEniry Core Plus Fund’s shares will fluctuate based on the performance of the Dolan McEniry Core Plus Fund’s investments and other factors affecting the securities markets generally. Certain investments selected for the Dolan McEniry Core Plus Fund’s portfolio may be worth less than the price originally paid for them, or less than they were worth at an earlier time. The value of the Dolan McEniry Core Plus Fund’s investments may go up or down, sometimes dramatically and unpredictably, based on current market conditions, such as real or perceived adverse political or economic conditions, tariffs, inflation, changes in interest rates, lack of liquidity in the fixed income markets or adverse investor sentiment.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Geopolitical Events Risk.</span> The interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Dolan McEniry Core Plus Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, trade disputes, supply chain disruptions, natural disasters, climate change and climate-related events, pandemics, epidemics, terrorism, international conflicts, cybersecurity events, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years may result in market volatility and may have long-term effects on both the U.S. and global financial markets.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Fixed Income Securities Risk.</span> Interest rates may go up resulting in a decrease in value of the securities held by the Dolan McEniry Core Plus Fund. Fixed income securities held by the Dolan McEniry Core Plus Fund are also subject to interest rate risk, credit risk, call risk and liquidity risk, which are more fully described below.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7.5pt;"> </td> <td style="width: 7.5pt; vertical-align: top; text-align: left;"><span style="font-family: arial;"><sup style="font-size: 75%; vertical-align: top;"><span style="font-family: wingdings;">¡</span></sup> </span></td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 9pt; text-align: left;"><span style="font-style: italic;">Credit Risk</span>. Credit risk is the risk that an issuer will not make timely payments of principal and interest. A credit rating assigned to a particular debt security is essentially an opinion</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 15.75pt;"> </td> <td style="vertical-align: top;">as to the credit quality of an issuer and may prove to be inaccurate. There is also the risk that a bond issuer may “call,” or repay, its high yielding bonds before their maturity dates.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7.5pt;"> </td> <td style="width: 7.5pt; vertical-align: top; text-align: left;"><span style="font-family: arial;"><sup style="font-size: 75%; vertical-align: top;"><span style="font-family: wingdings;">¡</span></sup> </span></td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-style: italic;">Interest Rate Risk</span>. Interest rates may go up resulting in a decrease in the value of the securities held by the Dolan McEniry Core Plus Fund. Interest rates have been historically low, so the Dolan McEniry Core Plus Fund faces a heightened risk that interest rates may rise. Debt 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. A fund with a longer average portfolio duration will be more sensitive to changes in interest rates than a fund with a shorter average portfolio duration.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7.5pt;"> </td> <td style="width: 7.5pt; vertical-align: top; text-align: left;"><span style="font-family: arial;"><sup style="font-size: 75%; vertical-align: top;"><span style="font-family: wingdings;">¡</span></sup> </span></td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-style: italic;">Call Risk</span>. During periods of declining interest rates, a bond issuer may “call” or repay its high yielding bonds before their maturity dates.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7.5pt;"> </td> <td style="width: 7.5pt; vertical-align: top; text-align: left;"><span style="font-family: arial;"><sup style="font-size: 75%; vertical-align: top;"><span style="font-family: wingdings;">¡</span></sup> </span></td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-style: italic;">Liquidity Risk</span>. Certain securities may be difficult or impossible to sell at the time and the price that the Dolan McEniry Core Plus Fund would like. Trading opportunities are more limited for fixed income securities that have not received any credit ratings, have received ratings below investment grade or are not widely held. The values of these securities may fluctuate more sharply than those of other securities, and the Dolan McEniry Core Plus Fund may experience some difficulty in closing out positions in these securities at prevailing market prices.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7.5pt;"> </td> <td style="width: 7.5pt; vertical-align: top; text-align: left;"><span style="font-family: arial;"><sup style="font-size: 75%; vertical-align: top;"><span style="font-family: wingdings;">¡</span></sup> </span></td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-style: italic;"></span><span style="font-style: italic;">Prepayment and Extension Risk</span>. In times of declining interest rates, the Dolan McEniry Core Plus Fund’s higher yielding securities will be prepaid, and the Dolan McEniry Core Plus Fund will have to replace them with securities having a lower yield. Rising interest rates could extend the life of securities with lower payment rates. This is known as extension risk and may increase the Dolan McEniry Core Plus Fund’s sensitivity to rising rates and its potential for price declines.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Below Investment-Grade Fixed Income Securities Risk.</span> This is the risk of investing in below investment-grade fixed income securities (also known as “junk bonds”), which may be greater than that of higher rated fixed income securities. These securities are rated Ba1 through C by Moody’s Investors Service (“Moody’s”) or BB+ through D by Standard &amp; Poor’s Rating Group (“S&amp;P”) (or comparably rated by another nationally recognized statistical rating organization), or, if not rated by Moody’s or S&amp;P, are considered by the sub‑advisors to be of similar quality. These securities have greater risk of default than higher rated securities. The market value of these securities is more sensitive to corporate developments and economic conditions and can be volatile. Market conditions can diminish liquidity and make accurate valuations difficult to obtain. The Dolan McEniry Core Plus Fund expects to invest approximately 25% of its total assets in below investment-grade fixed income securities.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Sector Weightings Risk. </span>Although sector focus is not a principal strategy of the Dolan McEniry Core Plus Fund, the Dolan McEniry Core Plus Fund may from time to time emphasize investments in a particular sector as a result of the implementation of its principal investment strategies. To the extent that the Dolan</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; color: #000000; text-align: left;"> </td> <td style="width: 0.75pt;"> </td> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 9pt;">McEniry Core Plus Fund emphasizes investments in a particular sector, the Dolan McEniry Core Plus Fund has the potential to 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 a single sector. By focusing its investments in a particular sector, the Dolan McEniry Core Plus Fund may potentially face more risks than if it were diversified broadly over numerous sectors.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7.5pt;"> </td> <td style="width: 7.5pt; vertical-align: top; text-align: left;"><span style="font-family: arial;"><sup style="font-size: 75%; vertical-align: top;"><span style="font-family: wingdings;">¡</span></sup> </span></td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-style: italic;">Consumer Staples Sector Risk.</span> The Dolan McEniry Core Plus Fund may invest a significant portion of its assets in the consumer staples sector. The success of companies in this sector may be affected by, among other things, marketing campaigns, changes in consumer demands, government regulations and changes in commodity prices.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7.5pt;"> </td> <td style="width: 7.5pt; vertical-align: top; text-align: left;"><span style="font-family: arial;"><sup style="font-size: 75%; vertical-align: top;"><span style="font-family: wingdings;">¡</span></sup> </span></td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-style: italic;">Industrial Sector Risk.</span> The Dolan McEniry Core Plus Fund may invest a significant portion of its assets in the industrial sector. Companies in the industrial sector could be affected by, among other things, government regulation, world events and global economic conditions, insurance costs, and labor relations issues.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">U.S. Government and U.S. Agency Obligations Risk.</span> Securities issued by U.S. Government agencies and instrumentalities have different levels of U.S. Government credit support. Some are backed by the full faith and credit of the U.S. Government, while others are supported by only the discretionary authority of the U.S. Government or only by the credit of the agency or instrumentality. No assurance can be given that the U.S. Government will provide financial support to U.S. Government-sponsored instrumentalities because they are not obligated to do so by law. Guarantees of timely prepayment of principal and interest do not assure that the market prices and yields of the securities are guaranteed nor do they guarantee the NAV or performance of the Dolan McEniry Core Plus Fund, which will vary with changes in interest rates, the sub‑advisor’s performance and other market conditions.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Foreign Investment Risk.</span> This is the risk that an investment in foreign (non‑U.S.) securities may cause the Dolan McEniry Core Plus Fund to experience more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to, among other factors, less publicly available information, less stringent and less uniform accounting, auditing and financial reporting standards, less liquid and more volatile markets, higher transaction and custody costs, additional taxes, less investor protection, delayed or less frequent settlement, political or social instability, civil unrest, acts of terrorism, regional economic volatility, and the imposition of sanctions, confiscations, trade restrictions (including tariffs) and other government restrictions by the United States and/or other governments.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Currency Risk.</span> This is the risk that foreign currencies will decline in value relative to the U.S. dollar and affect the Dolan McEniry Core Plus Fund’s investments in foreign (non‑U.S.) currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign (non‑U.S.) currencies.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 9pt; text-align: left;"><span style="font-weight: bold;">Investment Selection Risk.</span> The specific investments held in the Dolan McEniry Core Plus Fund’s investment portfolio may</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; color: #000000; text-align: left;"> </td> <td style="width: 0.75pt;"> </td> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 9pt;">underperform other funds in the same asset class or benchmarks that are representative of the general performance of the asset class because of a portfolio manager’s choice of securities.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Active Management Risk.</span> The Dolan McEniry Core Plus Fund is actively managed and may not meet its investment objective based on the portfolio managers’ success or failure to implement investment strategies for the Fund.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Cybersecurity Risk.</span> With the increased use of technologies such as the Internet to conduct business, the Dolan McEniry Core Plus Fund is susceptible to operational, information security, and related risks. Cyber incidents affecting the Dolan McEniry Core Plus Fund or its service providers may cause disruptions and impact business operations, potentially resulting in financial losses, interference with the Dolan McEniry Core Plus Fund’s ability to calculate its NAV, impediments to trading, the inability of shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Operational Risk.</span> Operational risks include human error, changes in personnel, system changes, faults in communication, and failures in systems, technology, or processes. Various operational events or circumstances are outside the Advisor’s or sub‑advisor’s control, including instances at third parties. The Dolan McEniry Core Plus Fund, the Advisor and the sub‑advisor seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address these risks.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Regulatory Risk.</span> Governments, agencies or other regulatory bodies may adopt or change laws or regulations that could adversely affect the issuer, or market value, of an instrument held by the Dolan McEniry Core Plus Fund or that could adversely impact the Fund’s performance.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Securities Lending Risk:</span> The Fund may engage in securities lending. Securities lending involves possible delay in recovery of the securities or possible loss of rights in the collateral should the borrower fail financially. The Fund could also lose money if the value of the collateral decreases. As a result, the value of the Fund shares may fall.</td> </tr> </table> Performance <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">Simultaneous with the Dolan McEniry Core Plus Fund’s commencement of operation on September 20, 2021, the Dolan McEniry Core Plus Fund acquired the assets and assumed the liabilities of the iM Dolan McEniry Core Plus Fund, a series of Manager Directed Portfolios (the “Predecessor Fund”), in a reorganization (the “Reorganization”). The Dolan McEniry Core Plus Fund assumed the performance and accounting history of the Predecessor Fund on the date of the Reorganization. Performance prior to September 20, 2021 is that of the Predecessor Fund.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The following performance information provides some indication of the risks of investing in the Dolan McEniry Core Plus Fund. The</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">bar chart shows changes in the performance of the Dolan McEniry Core Plus Fund’s Institutional Class shares from year to year. The table below shows how the Dolan McEniry Core Plus Fund’s average annual total returns of the Institutional Class for the 1‑year, 5‑year and since inception periods compare to those of a broad-based market index and a secondary market index. Past performance, before and after taxes, does not necessarily indicate how the Dolan McEniry Core Plus Fund will perform in the future. Updated performance information is available on the Dolan McEniry Core Plus Fund’s website at www.imgp.com.</div> The following performance information provides some indication of the risks of investing in the Dolan McEniry Core Plus Fund. Thebar chart shows changes in the performance of the Dolan McEniry Core Plus Fund’s Institutional Class shares from year to year. The table below shows how the Dolan McEniry Core Plus Fund’s average annual total returns of the Institutional Class for the 1‑year, 5‑year and since inception periods compare to those of a broad-based market index and a secondary market index. Past performance, before and after taxes, does not necessarily indicate how the Dolan McEniry Core Plus Fund will perform in the future. www.imgp.com Dolan McEniry Core Plus FundInstitutional Class Calendar Year Total Returnsas of December 31 <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">During the period shown above, the highest and lowest quarterly returns earned by the Dolan McEniry Core Plus Fund were:</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 100%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 19%;"></td> <td style="vertical-align: bottom; width: 2%;"></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 3%;"></td> <td style="vertical-align: bottom; width: 4%;"></td> <td style="width: 64%;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt; background-color: #cceeff;"> <td style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial; font-weight: bold;">Highest:</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"><span style="font-weight: bold;"> </span></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: right;"><span style="font-weight: bold;">7.70</span></td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"><span style="font-weight: bold;">% </span></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"><span style="font-weight: bold;">Quarter ended June 30, 2020</span></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial; font-weight: bold;">Lowest:</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"><span style="font-weight: bold;"> </span></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: right;"><span style="font-weight: bold;">-5.56</span></td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"><span style="font-weight: bold;">% </span></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"><span style="font-weight: bold;">Quarter ended March 31, 2020</span></td> </tr> </table> Highest: 0.0770 2020-06-30 Lowest: -0.0556 2020-03-31 Average Annual Total Returns (for the periods ended December 31, 2025) 2018-09-28 2018-09-28 2018-09-28 2018-09-28 2018-09-28 0.0739 0.0177 0.0336 0.0548 0.0040 0.0203 0.0434 0.0075 0.0201 0.0730 -0.0036 0.0214 0.0788 0.0154 0.0341 <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The Dolan McEniry Core Plus Fund’s after‑tax returns as shown in the above table are calculated using the historical highest</div><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">applicable individual federal marginal income tax rates for the period and do not reflect the impact of state and local taxes. Your actual after‑tax returns depend on your tax situation and may differ from those shown. If you own shares of the Dolan McEniry Core Plus Fund in a tax‑deferred account, such as a 401(k) plan or an individual retirement account, after‑tax returns shown are not  </div><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">relevant to your investment. The after‑tax returns on distributions and sale of Fund shares may be higher than returns before taxes due to the effect of a tax benefit an investor may receive from the realization of capital losses that would have been incurred on the sale of Fund shares.</div> The Dolan McEniry Core Plus Fund’s after‑tax returns as shown in the above table are calculated using the historical highestapplicable individual federal marginal income tax rates for the period and do not reflect the impact of state and local taxes. Your actual after‑tax returns depend on your tax situation and may differ from those shown. If you own shares of the Dolan McEniry Core Plus Fund in a tax‑deferred account, such as a 401(k) plan or an individual retirement account, after‑tax returns shown are not  relevant to your investment. The after‑tax returns on distributions and sale of Fund shares may be higher than returns before taxes due to the effect of a tax benefit an investor may receive from the realization of capital losses that would have been incurred on the sale of Fund shares. iMGP DBi Managed Futures Strategy ETF Summary Section Investment Objective <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The iMGP DBi Managed Futures Strategy ETF (the “Fund”) seeks long-term capital appreciation.</div> Fees and Expenses of the Fund <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">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 table and example below.</div> Annual Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0085 0 0.0000 0.0085 Example <div style="margin-top: 2pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">This example is intended to help you compare the cost 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. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> 87 271 471 1049 Portfolio Turnover <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when shares of the Fund are held in a taxable account as compared to shares of investment companies that hold investments for a longer period. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">Because amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less are excluded from the portfolio turnover calculation and these are the only types of instruments held by the Fund, the Fund did not report a portfolio turnover rate during the fiscal year ended December 31, 2025.</div> Principal Strategies <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The Fund is an actively-managed exchange-traded fund (“ETF”) that seeks to achieve its objective by: (i) investing its assets pursuant to a managed futures strategy (described below); (ii) allocating up to 20% of its total assets in its wholly-owned subsidiary (the “Subsidiary”); and (iii) investing directly in select debt instruments for cash management and other purposes. The Subsidiary, which is organized under the laws of the Cayman Islands, is advised by the Fund’s sub‑advisor, Dynamic Beta investments (“DBi” or the “Sub‑Advisor”), and will comply with the Fund’s investment objective and investment policies .</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The Fund’s managed futures strategy employs long and short positions in derivatives, primarily futures contracts and forward contracts, across the broad asset classes of equities, fixed income, currencies and, through the Subsidiary, commodities. Fund positions in those contracts are determined based on a proprietary, quantitative model – the Dynamic Beta Engine – that seeks to identify the main drivers of performance by approximating the current asset allocation of a selected pool of the largest commodity trading hedge fund managers (the “Target”), which are managers that use futures or forward contracts to achieve their investment objectives. The Dynamic Beta Engine analyzes recent (i.e., trailing 60‑day) performance of the Target in order to identify a portfolio of liquid financial instruments that closely reflects the Target’s estimated current asset allocation with the goal of simulating the performance, but not the underlying positions, of the Target.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The Sub‑Advisor relies exclusively on the Dynamic Beta Engine and does not have discretion to override the model-determined asset allocation or portfolio weights. The Sub‑Advisor will periodically review whether instruments should be added to or removed from the model in order to improve the model’s efficiency. The model’s asset allocation is limited to asset classes that are traded on U.S.-based exchanges. Based on this analysis, the Fund will invest in an optimized portfolio of long and short positions in domestically-traded, liquid derivative contracts selected from a pool of the most liquid derivative contracts, as determined by the Sub‑Advisor.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">Futures contracts and forward contracts are contractual agreements to buy or sell a particular currency, commodity or financial instrument at a pre‑determined price in the future. The Fund takes long positions in derivative contracts that provide exposure to various asset classes, sectors and/or markets that the Fund expects to rise in value, and takes short positions in asset classes, sectors and/or markets that the Fund expects to fall in value. Agreeing to buy the underlying instrument is called buying a futures contract or taking a long position in the contract. Likewise, agreeing to sell the underlying instrument is called selling a futures contract or taking a short position in the contract.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The Fund may have gross notional exposure, which is defined as the sum of the notional exposure of both long and short derivative positions across the Fund, that approximates the current asset allocation and the risk profile of a diversified pool of the largest Commodity Trading Advisors (“CTAs”). The Investment Company Act of 1940, as amended (the “1940 Act”), and the rules and</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">interpretations thereunder, impose certain limitations on the Fund’s ability to use leverage. Under normal market conditions, the Sub‑Advisor will seek to achieve Fund volatility of 8‑10% on an annual basis, which refers to the approximate maximum amount of expected gains or losses during a given year expressed as a percentage of value.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The Sub‑Advisor will, in an effort to reduce certain risks (<span style="font-style: italic;">e.g.,</span> volatility of returns), limit the Fund’s gross notional exposure on certain futures contracts whose returns are expected to be particularly volatile. In addition to these specific exposure limits, the Sub‑Advisor will use quantitative methods to assess the level of risk for the Fund.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The Fund intends to gain exposure to commodities through its investments in the Subsidiary and may invest up to 20% of its total assets in the Subsidiary. Generally, the Subsidiary will invest primarily in commodity futures, but it may also invest in financial futures, fixed income securities, pooled investment vehicles, including those that are not registered with the SEC under the 1940 Act, and other investments intended to serve as margin or collateral for the Subsidiary’s derivative positions. Unlike the Fund, the Subsidiary may invest without limitation in commodity-linked derivative instruments; however, the Subsidiary complies with the same 1940 Act requirements with respect to its investments in commodity-linked derivatives that are applicable to the Fund’s transactions in derivatives. In addition, to the extent applicable to the investment activities of the Subsidiary, the Subsidiary will be subject to the same fundamental investment restrictions and will follow the same compliance policies and procedures as the Fund. Unlike the Fund, the Subsidiary will not seek to qualify as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). The Fund is the sole investor in the Subsidiary and does not expect shares of the Subsidiary to be offered or sold to other investors.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">In addition to its use of futures and investment in the Subsidiary, the Fund expects, under normal circumstances, to invest a large portion of the portfolio in debt securities in order to collateralize its derivative investments, for liquidity purposes, or to enhance yield. The Fund may hold fixed income instruments of varying maturities, but that have an average duration of less than one year. In particular, the Fund may hold government money market instruments, such as U.S. Treasury securities and U.S. government agency discount notes and bonds with maturities of two years or less.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The Fund will not invest in cryptocurrency or digital assets or cryptocurrency or digital asset derivatives.</div> As with any investment, it is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not guaranteed, endorsed or insured by any financial institution, government authority or the Federal Deposit Insurance Corporation (FDIC). <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Managed Futures Strategy Risk.</span> In seeking to achieve its investment objective, the Fund will utilize various investment strategies that involve the use of complex investment techniques, and there is no guarantee that these strategies will succeed. The use of such strategies and techniques may subject the Fund to greater volatility and loss. There can be no assurance that utilizing a certain approach or model will achieve a particular level of return or reduce volatility and loss.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Futures Contracts Risk.</span> Futures contracts have a high degree of price variability and are subject to occasional rapid and substantial changes. There is an imperfect correlation between the change in market value of the futures contracts and the market value of the underlying instrument or reference assets with respect to such contracts. Futures contracts pose the risk of a possible lack of a liquid secondary market, resulting in the potential inability to close a futures contract when desired. Futures contracts are also subject to risks related to possible market disruptions or other extraordinary events, including but not limited to, governmental intervention, and potentially unlimited losses caused by unanticipated market movements. Futures contracts are subject to the possibility that the counterparties to the contracts will default in the performance of their obligations. If the Fund has insufficient cash, it may either have to sell securities from its portfolio to meet daily variation margin requirements with respect to its futures contracts, or close certain positions at a time when it may be disadvantageous to do so. The successful use of futures contracts draws upon the Sub‑Advisor’s skill and experience with respect to such instruments and is subject to special risk considerations.</td> </tr> </table><div style="margin-top: 3pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">The use of futures contracts, which are derivative instruments, will have the economic effect of financial leverage. Financial leverage magnifies exposure to the swings in prices of an asset class underlying an investment and results in increased volatility, which means the Fund will have the potential for greater losses than if the Fund did not employ leverage in its investment activity. Leveraging tends to magnify, sometimes significantly, the effect of any increase or decrease in the Fund’s exposure to an asset class and may cause the value of the Fund’s securities or related derivatives instruments to be volatile. There is no assurance that the Fund’s investment in a futures contract with leveraged exposure to certain investments and markets will enable the Fund to achieve its investment objective.</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Market Risk.</span> The value of the Fund’s shares will fluctuate based on the performance of the Fund’s investments and other factors affecting the securities markets generally. Certain investments selected for the Fund’s portfolio may be worth less than the price originally paid for them, or less than they were worth at an earlier time. The value of the Fund’s investments may go up or down, sometimes dramatically and unpredictably, based on current market conditions, such as real or perceived adverse political or economic conditions, tariffs, inflation, changes in interest rates, lack of liquidity in the fixed income markets or adverse investor sentiment.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Geopolitical Events Risk. </span>The interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, trade disputes, supply chain disruptions, natural disasters, climate change and climate-related events, pandemics, epidemics, terrorism, international conflicts, cybersecurity events, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years may result in market volatility and may have long-term effects on both the U.S. and global financial markets.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Derivatives Risk.</span> Derivatives include instruments and contracts that are based on, and are valued in relation to, one or more underlying securities, financial benchmarks or indices, such as futures swap agreements and forward contracts. Derivatives typically have economic leverage inherent in their terms. The primary types of derivatives in which the Fund or the Subsidiary invest are futures contracts and forward contracts. Futures contracts and forward contracts can be highly volatile, illiquid and difficult to value, and changes in the value of such instruments held directly or indirectly by the Fund may not correlate with the underlying instrument or reference assets, or the Fund’s other investments. Although the value of futures contracts and forward contracts depends largely upon price movements in the underlying instrument or reference asset, there are additional risks associated with futures contracts and forward contracts that are possibly greater than the risks associated with investing directly in the underlying instruments or reference assets, including illiquidity risk, leveraging risk and counterparty credit risk. A small position in futures contracts or forward contracts could have a potentially large impact on the Fund’s performance. Trading restrictions or limitations may be imposed by an exchange, and government regulations may restrict trading in futures contracts and forward contracts.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Commodities Risk.</span> Exposure to the commodities markets (including financial futures markets) may subject the Fund, through its investment in the Subsidiary, to greater volatility than investments in traditional securities. Prices of commodities and related contracts may fluctuate significantly over short periods for a variety of reasons, including changes in interest rates, supply and demand relationships and balances of payments and trade; weather and natural disasters; governmental, agricultural, trade, fiscal, monetary and exchange control programs and policies, public health crises and trade or price wars among commodity producers or buyers. The commodity markets are subject to temporary distortions and other disruptions. U.S. futures exchanges and some foreign exchanges have regulations that limit the amount of fluctuation in futures contract prices which may occur during a single business day. Limit prices have the effect of precluding trading in a particular contract or forcing the liquidation of contracts at disadvantageous times or prices.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Equity Securities Risk.</span> The Fund may have exposure to equity securities. Equity securities tend to be more volatile than other investment choices, such as debt and money market instruments. The value of your investment may decrease in response to overall stock market movements or the value of individual securities.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Currency Risk.</span> The Fund’s exposure to foreign currencies subjects the Fund to the risk that those currencies will decline in value relative to the U.S. Dollar, or, in the case of short positions, that the U.S. Dollar will decline in value relative to the currency that the Fund is short. Currency rates in foreign countries may fluctuate significantly over short periods of time for any number of reasons, including changes in interest rates and the imposition of currency controls or other political developments in the U.S. or abroad.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Credit Risk.</span> Credit risk refers to the possibility that the issuer of the security or a counterparty in respect of a derivative instrument will not be able to satisfy its payment obligations to the Fund when due. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also affect the value of the Fund’s investment in that issuer. Securities rated in the four highest categories by the rating agencies are considered investment grade but they may also have some speculative characteristics. Investment grade ratings do not guarantee that bonds will not lose value or default. In addition, the credit quality of securities may be lowered if an issuer’s financial condition changes.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">ETF Risks.</span> The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks:</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7.5pt;"> </td> <td style="width: 7.5pt; vertical-align: top; text-align: left;"><span style="font-family: arial;"><sup style="font-size: 75%; vertical-align: top;"><span style="font-family: wingdings;">¡</span></sup> </span></td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-style: italic;">Authorized Participants, Market Makers, and Liquidity Providers Limitation Risk.</span> The Fund has a limited number of financial institutions that may act as Authorized Participants (“APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of the Fund (“Shares”) may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7.5pt;"> </td> <td style="width: 7.5pt; vertical-align: top; text-align: left;"><span style="font-family: arial;"><sup style="font-size: 75%; vertical-align: top;"><span style="font-family: wingdings;">¡</span></sup> </span></td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-style: italic;">Cash Redemption Risk.</span> The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. The Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in‑kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in‑kind redemption process was used.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7.5pt;"> </td> <td style="width: 7.5pt; vertical-align: top; text-align: left;"><span style="font-family: arial;"><sup style="font-size: 75%; vertical-align: top;"><span style="font-family: wingdings;">¡</span></sup> </span></td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-style: italic;">Costs of Buying or Selling Shares.</span> Due to the costs of buying or selling Shares, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7.5pt;"> </td> <td style="width: 7.5pt; vertical-align: top; text-align: left;"><span style="font-family: arial;"><sup style="font-size: 75%; vertical-align: top;"><span style="font-family: wingdings;">¡</span></sup> </span></td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-style: italic;">Shares May Trade at Prices Other Than NAV.</span> As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra‑day (premium) or less than the NAV intra‑day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility and volatility in the Fund’s portfolio holdings, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant. If an investor purchases Shares at a time when the market price is at a premium to the NAV of the Shares or sells at a time when the market price is at a discount to the NAV of the Shares, then the investor may sustain losses that are in addition to any losses caused by a decrease in NAV.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7.5pt;"> </td> <td style="width: 7.5pt; vertical-align: top; text-align: left;"><span style="font-family: arial;"><sup style="font-size: 75%; vertical-align: top;"><span style="font-family: wingdings;">¡</span></sup> </span></td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-style: italic;">Trading</span>. Although Shares are listed for trading on a national securities exchange, and may be traded on other U.S. exchanges, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Shares.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Leverage Risk</span><span style="font-weight: bold;"><span style="font-style: italic;">.</span></span> Although the Fund will not borrow funds for trading, the Fund should be considered highly leveraged and is suitable for investors with high tolerance for investment risk. Leverage embedded in the various derivative instruments traded may result in the Fund or its Subsidiary holding positions whose face or notional value may be many times the Fund’s NAV. As a result of this leveraging, even a small movement in the price of a commodity can cause a correspondingly large profit or loss. Losses incurred on leveraged investments increase in direct proportion to the degree of leverage employed. Furthermore, derivative instruments and futures contracts are highly volatile and are subject to occasional rapid and substantial fluctuations. Volatility is a statistical measurement of the variations of returns of a security or fund or index over time. Higher volatility generally indicates high risk. You could lose all or substantially all of your investment in the Fund should the Fund’s trading positions suddenly turn unprofitable.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Debt Securities and Fixed-Income Risk.</span> Fixed income securities, such as U.S. Treasuries, or derivatives based on fixed income securities are subject to credit risk and interest rate risk. Credit risk, as described more fully above, refers to the possibility that the issuer of a debt security will be unable to make interest payments or repay principal when it becomes due. Interest rate risk, as described more fully below, refers to fluctuations in the value of a debt security resulting from changes in the general level of interest rates. Prices of fixed income securities tend to move inversely with changes in interest rates. Typically, a rise in rates will adversely affect fixed income security prices and, accordingly, the Fund’s returns and share price. In addition, the Fund may be subject to “call” risk, which is the risk that during a period of falling interest rates the issuer may redeem a security by repaying it early (which may reduce the Fund’s income if the proceeds are reinvested at</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; color: #000000; text-align: left;"> </td> <td style="width: 0.75pt;"> </td> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 9pt;">lower interest rates), and “extension” risk, which occurs during a rising interest rate environment because certain obligations will be paid off by an issuer more slowly than anticipated (causing the value of those securities held by the Fund to fall).</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Interest Rate Risk.</span> Prices of fixed income securities generally increase when interest rates decline and decrease when interest rates increase. The Fund may lose money if short-term or long-term interest rates rise sharply or otherwise change in a manner not anticipated by the Sub‑Advisor. The Fund may be subject to heightened interest rate risk due to rising rates as the current period of historically low interest rates may be ending. Interest rate risk is generally greater for fixed-income securities with longer maturities or durations, but increasing interest rates may have an adverse effect on the value of the Fund’s investment portfolio as a whole, as investors and markets adjust expected returns relative to such increasing rates. The negative impact on fixed income securities from the resulting rate increases for that and other reasons could be swift and significant.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Management Risk.</span> The Fund is actively managed and may not meet its investment objective based on the portfolio managers’ success or failure to implement investment strategies for the Fund.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Models and Data Risk.</span> This is the risk that one or all of the proprietary systematic and quantitative models may fail to identify profitable opportunities at any time. Furthermore, the models may incorrectly identify opportunities and these misidentified opportunities may lead to substantial losses for the Fund. Models may be predictive in nature and such models may result in an incorrect assessment of future events. Data used in the construction of models may prove to be inaccurate or stale, which may result in losses for the Fund.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Government Securities and Agency Risk.</span> Direct obligations of the U.S. Government such as Treasury bills, notes and bonds are supported by its full faith and credit. Indirect obligations issued by Federal agencies and government-sponsored entities generally are not backed by the full faith and credit of the U.S. Treasury. Accordingly, while U.S. Government agencies and instrumentalities may be chartered or sponsored by Acts of Congress, their securities are neither issued nor guaranteed by the U.S. Treasury. Some of these indirect obligations may be supported by the right of the issuer to borrow from the Treasury; others are supported by the discretionary authority of the U.S. Government to purchase the agency’s obligations; still others are supported only by the credit of the instrumentality.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Liquidity Risk.</span> The Fund is subject to liquidity risk primarily due to its investments in derivatives. Investments in derivative instruments involve the risk that the Fund may be unable to sell the derivative instrument or sell it at a reasonable price.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Short Position Risk.</span> The Fund will incur a loss as a result of a short position if the price of the short position instrument increases in value between the date of the short position sale and the date on which the Fund purchases an offsetting position. Short positions may be considered speculative transactions and involve special risks, including greater reliance on the ability to accurately anticipate the future value of a security or instrument. The Fund’s losses are potentially unlimited in a short position transaction.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Subsidiary Risk.</span> By investing in the Subsidiary, the Fund is indirectly exposed to the risks associated with the Subsidiary’s investments. The derivatives and other investments held by the Subsidiary are generally similar to those that are permitted to be held by the Fund and are subject to the same risks that apply to similar investments if held directly by the Fund. The Subsidiary is not registered under the 1940 Act, and, unless otherwise noted in this Prospectus, is not subject to all the investor protections of the 1940 Act. Changes in the laws of the United States and/or the Cayman Islands could result in the inability of the Fund and/or the Subsidiary to continue to operate as it does currently and could adversely affect the Fund.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Forward Contracts Risk.</span> Forward contracts involve an obligation to purchase or sell a specific currency at a future date, which may be any fixed number of days from the date of the contract as agreed by the parties in an amount and at a price set at the time of the contract. At the maturity of a forward contract, a fund may either accept or make delivery of the currency specified in the contract or, at or prior to maturity, enter into a closing transaction involving the purchase or sale of an offsetting contract. The Fund may invest in non‑deliverable forwards, which are cash-settled, short-term forward contracts on foreign currencies that are non‑convertible and that may be thinly traded or illiquid. The use of forward contracts involves various risks, including the risks associated with fluctuations in foreign currency and the risk that the counterparty will fail to fulfill its obligations.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Tax Risk.</span> The federal income tax treatment of the Fund’s income from the Subsidiary may be negatively affected by future legislation, Treasury Regulations (proposed or final), and/or other Internal Revenue Service (“IRS”) guidance or authorities that could affect the character, timing of recognition, and/or amount of the Fund’s investment company taxable income and/or net capital gains and, therefore, the distributions it makes. If the Fund failed the source of income test for any taxable year but was eligible to and did cure the failure, it could incur potentially significant additional federal income tax expenses. If, on the other hand, the Fund failed to qualify as a RIC for any taxable year and was ineligible to or otherwise did not cure the failure, it would be subject to federal income tax at the fund-level on its taxable income at the regular corporate tax rate (without reduction for distributions to shareholders), with the consequence that its income available for distribution to shareholders would be reduced and distributions from its current or accumulated earnings and profits would generally be taxable to its shareholders as dividend income.</td> </tr> </table><div style="margin-top: 3pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Changes in the laws of the United States and/or the Cayman Islands could result in the inability of the Fund and/or the Subsidiary to operate as described in this Prospectus and the Statement of Additional Information (“SAI”) and could adversely affect the Fund. For example, the Cayman Islands does not currently impose any income, corporate or capital gains tax or withholding tax on the Subsidiary. If Cayman Islands law changes such that the Subsidiary must pay Cayman Islands</div><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">taxes, Fund shareholders would likely suffer decreased investment returns.</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Inflation Risk.</span> At any time, the Fund may have significant investments in cash or cash equivalents. When a substantial portion of a portfolio is held in cash or cash equivalents, there is the risk that the value of the cash account, including interest, will not keep pace with inflation, thus reducing purchasing power over time.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Cybersecurity Risk. </span>With the increased use of technologies such as the Internet to conduct business, the Fund is susceptible to operational, information security, and related risks. Cyber incidents affecting the Fund or its service providers may cause disruptions and impact business operations, potentially resulting in financial losses, interference with the Fund’s ability to calculate its net asset value, impediments to trading, the inability of shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Operational Risk.</span> Operational risks include human error, changes in personnel, system changes, faults in communication, and failures in systems, technology, or processes. Various operational events or circumstances are outside the Advisor’s or Sub‑Advisor’s control, including instances at third parties. The Fund, the Advisor and the Sub‑Advisor seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address these risks.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Regulatory Risk.</span> Governments, agencies or other regulatory bodies may adopt or change laws or regulations that could adversely affect the issuer, or market value, of an instrument held by the Fund or its Subsidiary or that could adversely impact the Fund’s performance.</td> </tr> </table> Performance <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">Simultaneous with the Fund’s commencement of operation on September 20, 2021, the Fund acquired the assets and assumed the liabilities of the iM DBi Managed Futures Strategy ETF, a series of Manager Directed Portfolios (the “Predecessor Fund”), in a reorganization (the “Reorganization”). The Fund assumed the performance and accounting history of the Predecessor Fund on the date of the Reorganization. Performance prior to September 20, 2021 is that of the Predecessor Fund.</div><div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The following performance information provides some indication of the risks of investing in the Fund. The bar chart shows changes in the performance of the Fund from year to year. The table below shows how the Fund’s average annual total returns for the 1-year, 5-year, and since inception periods compare to those of a broad-based market index. Past performance, before and after taxes, does not necessarily indicate how the Fund will perform in the future. Updated performance information is available on the Fund’s website at www.imgp.com.</div> The following performance information provides some indication of the risks of investing in the Fund. The bar chart shows changes in the performance of the Fund from year to year. The table below shows how the Fund’s average annual total returns for the 1-year, 5-year, and since inception periods compare to those of a broad-based market index. Past performance, before and after taxes, does not necessarily indicate how the Fund will perform in the future. www.imgp.com DBi Managed Futures Strategy ETFCalendar Year Total Returns as of December 31 <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">During the period shown above, the highest and lowest quarterly returns earned by the Fund were:</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 100%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 19%;"></td> <td style="vertical-align: bottom; width: 1%;"></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 1%;"></td> <td style="vertical-align: bottom; width: 3%;"></td> <td style="width: 63%;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt; background-color: #cceeff;"> <td style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial; font-weight: bold;">Highest:</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"><span style="font-weight: bold;"> </span></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: right;"><span style="font-weight: bold;">12.55%</span></td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"><span style="font-weight: bold;"> </span></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"><span style="font-weight: bold;">Quarter ended June 30, 2022</span></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial; font-weight: bold;">Lowest:</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"><span style="font-weight: bold;"> </span></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: right;"><span style="font-weight: bold;">-9.31%</span></td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"><span style="font-weight: bold;"> </span></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"><span style="font-weight: bold;">Quarter ended March 31, 2023</span></td> </tr> </table> Highest: 0.1255 2022-06-30 Lowest: -0.0931 2023-03-31 Average Annual Total Returns (for the periods ended December 31, 2025) 2019-05-07 2019-05-07 2019-05-07 2019-05-07 2019-05-07 0.1385 0.0852 0.0828 0.1114 0.0637 0.0619 0.0814 0.0579 0.0569 0.0730 -0.0036 0.0160 -0.0011 0.0473 0.0444 <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The Fund’s after-tax returns as shown in the above table are calculated using the historical highest applicable individual federal marginal income tax rates for the period and do not reflect the impact of state and local taxes. Your actual after-tax returns depend on your tax situation and may differ from those shown. If you own shares of the Fund in a tax-deferred account, such as a 401(k) plan or an individual retirement account, after-tax returns shown are not relevant to your investment. The after-tax returns on distributions and sale of Fund shares may be higher than returns before taxes due to the effect of a tax benefit an investor may receive from the realization of capital losses that would have been incurred on the sale of Fund shares.</div> The Fund’s after-tax returns as shown in the above table are calculated using the historical highest applicable individual federal marginal income tax rates for the period and do not reflect the impact of state and local taxes. Your actual after-tax returns depend on your tax situation and may differ from those shown. If you own shares of the Fund in a tax-deferred account, such as a 401(k) plan or an individual retirement account, after-tax returns shown are not relevant to your investment. The after-tax returns on distributions and sale of Fund shares may be higher than returns before taxes due to the effect of a tax benefit an investor may receive from the realization of capital losses that would have been incurred on the sale of Fund shares. iMGP Berkshire Dividend Growth ETF Investment Objective <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The iMGP Berkshire Dividend Growth ETF (the “Fund”) seeks dividend income and long-term capital appreciation.</div> Fees and Expenses of the Fund <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. <span style="font-weight: bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</span></div> Annual Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0055 0 0.0000 0.0055 Example <div style="margin-top: 2pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">This example is intended to help you compare the cost 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. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> 56 176 307 689 Portfolio Turnover <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when shares of the Fund are held in a taxable account as compared to shares of investment companies that hold investments for a longer period. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 30% of the average value of its portfolio.</div> 0.30 Principal Strategies <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The Fund is an actively-managed exchange-traded fund (“ETF”) that seeks to achieve its objective by investing at least 80% of its net assets, plus borrowings for investment purposes, in common stocks of U.S. companies that pay dividends annually, with an emphasis on stocks that have a strong track record of paying</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">quarterly dividends or that are expected to increase their dividends over the next one to five years. The Fund seeks to generate a growing stream of equity income by investing in a select portfolio of high-quality businesses that the Fund’s sub‑advisor, Berkshire Asset Management LLC (“Berkshire” or the “Sub‑Advisor”), believes generally have a high, stable, and growing dividend. The Sub‑Advisor focuses on a company’s regular, periodic dividends in its analysis of dividend growth, but may also take into account past payments of special dividends, meaning a non‑recurring, one‑time dividend distributed to a company’s stockholders. The Fund invests primarily in large-capitalization U.S. companies with market capitalizations of $10 billion or higher at the time of initial purchase.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The Fund seeks to invest in companies that have a current dividend yield that is at least as high as the S&amp;P 500 Index average yield. The Fund may invest in companies with a lower dividend yield, however, if the Sub‑Advisor believes that those companies have a clear path to paying higher dividends.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">In selecting investments for the Fund, the Sub‑Advisor considers the amount of a company’s current dividend yield, the stability of the dividend, and the growth of the dividend. The Sub‑Advisor evaluates a company’s balance sheet as it relates to the stability of the dividend, including how the amount of a company’s leverage could potentially impact that dividend. In addition, the Sub‑Advisor looks for companies that have a history of dividend growth, as well as prospects for future dividend growth. In assessing dividend growth, the Sub‑Advisor looks for companies with strong return on equity, which is a measure of a company’s profitability in relation to its stockholders’ equity.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The Fund’s portfolio is comprised of 30 to 40 high-quality companies that the Sub‑Advisor views as reasonably priced, where the companies are paying and growing dividends over a period of time of one to five years. The Fund seeks to provide superior risk-adjusted returns when compared to both the Russell 1000 Value Index and S&amp;P 500 Index. The Fund may focus its investments from time to time in one or more sectors of the economy or stock market as a result of the implementation of its principal investment strategies, but sector focus is not a principal investment strategy of the Fund.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The Fund may invest up to 15% of its net assets in foreign equity securities, American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”). Depositary Receipts are receipts typically issued in connection with a U.S. or foreign bank or trust company that evidence ownership of underlying securities issued by a foreign corporation.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The Fund will not invest in cryptocurrency or digital assets or cryptocurrency or digital asset derivatives.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">Securities may be sold if they underperform or to implement a revised allocation based on a modified view of market conditions. The Fund may also sell a security when the Sub‑Advisor believes that the security is overvalued or better investment opportunities are available, to invest in cash and cash equivalents, or to meet redemptions.</div> As with all exchange-traded funds, it is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not guaranteed, endorsed or insured by any financial institution, government authority or the Federal Deposit Insurance Corporation (FDIC). <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Dividend Paying Securities Risk.</span> The Fund’s emphasis on dividend-paying securities could cause the Fund to underperform funds that invest without consideration of a company’s track record of paying dividends. Stocks of companies with a history of paying dividends may not participate in a broad market advance to the same degree as most other stocks, and a sharp rise in interest rates or economic downturn could cause a company to unexpectedly reduce or eliminate its dividend. In addition, issuers of dividend-paying stocks typically have discretion to defer or stop paying dividends. If the dividend-paying stocks held by the Fund reduce or stop paying dividends, the Fund’s ability to generate income may be adversely affected.<span style="font-weight: bold;"> </span></td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Equity Securities Risk. </span>This is the risk that the value of equity securities may fluctuate, sometimes rapidly and unpredictably, due to factors affecting the general market, an entire industry or sector, or particular companies. These factors include, without limitation, adverse changes in economic conditions, the general outlook for corporate earnings, interest rates or investor sentiment; increases in production costs; and significant management decisions.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Mid‑Sized Companies Risk. </span>The Fund may invest a portion of its assets in the securities of midsized companies. Securities of these companies are generally more volatile and less liquid than the securities of large‑cap companies. This is because mid‑cap companies may be more reliant on a few products, services or key personnel than large‑cap companies, which can make it riskier than investing in larger companies with more diverse product lines and structured management.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Growth Investing Risk.</span> Growth stocks, as a group, may be out of favor with the market and underperform value stocks or the overall equity market. Growth stocks are generally more sensitive to market movements than other types of stocks primarily because their prices are based heavily on the future expectations of the economy and the stock’s issuing company.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Large-Capitalization Investing Risk.</span> The Fund may invest in the securities of large-capitalization companies. As a result, the Fund’s performance may be adversely affected if securities of these companies underperform securities of smaller capitalization companies or the market as a whole. Large-capitalization companies may adapt more slowly to new competitive challenges and be subject to slower growth during times of economic expansion.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Market Risk.</span> The value of the Fund’s shares will fluctuate based</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; color: #000000; text-align: left;"> </td> <td style="width: 0.75pt;"> </td> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 9pt;">on the performance of the Fund’s investments and other factors affecting the securities markets generally. Certain investments selected for the Fund’s portfolio may be worth less than the price originally paid for them, or less than they were worth at an earlier time. The value of the Fund’s investments may go up or down, sometimes dramatically and unpredictably, based on current market conditions, such as real or perceived adverse political or economic conditions, tariffs, inflation, changes in interest rates, lack of liquidity in the fixed income markets or adverse investor sentiment.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Geopolitical Events Risk. </span>The interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, trade disputes, supply chain disruptions, natural disasters, climate change and climate-related events, pandemics, epidemics, terrorism, international conflicts, cybersecurity events, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years may result in market volatility and may have long-term effects on both the U.S. and global financial markets.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">ETF Risks. </span>The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks:<span style="font-weight: bold;"> </span></td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7.5pt;"> </td> <td style="width: 7.5pt; vertical-align: top; text-align: left;"><span style="font-family: arial;"><sup style="font-size: 75%; vertical-align: top;"><span style="font-family: wingdings;">¡</span></sup> </span></td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-style: italic;">Authorized Participants, Market Makers, and Liquidity Providers Limitation Risk.</span> The Fund has a limited number of financial institutions that may act as Authorized Participants (“APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of the Fund (“Shares”) may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7.5pt;"> </td> <td style="width: 7.5pt; vertical-align: top; text-align: left;"><span style="font-family: arial;"><sup style="font-size: 75%; vertical-align: top;"><span style="font-family: wingdings;">¡</span></sup> </span></td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-style: italic;">Cash Redemption Risk.</span> The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. The Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in‑kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in‑kind redemption process was used.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7.5pt;"> </td> <td style="width: 7.5pt; vertical-align: top; text-align: left;"><span style="font-family: arial;"><sup style="font-size: 75%; vertical-align: top;"><span style="font-family: wingdings;">¡</span></sup> </span></td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-style: italic;">Costs of Buying or Selling Shares. </span>Due to the costs of buying or selling Shares, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7.5pt;"> </td> <td style="width: 7.5pt; vertical-align: top; text-align: left;"><span style="font-family: arial;"><sup style="font-size: 75%; vertical-align: top;"><span style="font-family: wingdings;">¡</span></sup> </span></td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 9pt; text-align: left;"><span style="font-style: italic;">Shares May Trade at Prices Other Than NAV. </span>As with all ETFs, Shares may be bought and sold in the secondary market at</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 15pt; vertical-align: top; color: #000000; text-align: left;"> </td> <td style="width: 0.75pt;"> </td> <td style="vertical-align: top;">market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra‑day (premium) or less than the NAV intra‑day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility and volatility in the Fund’s portfolio holdings, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant. If an investor purchases Shares at a time when the market price is at a premium to the NAV of the Shares or sells at a time when the market price is at a discount to the NAV of the Shares, then the investor may sustain losses that are in addition to any losses caused by a decrease in NAV.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7.5pt;"> </td> <td style="width: 7.5pt; vertical-align: top; text-align: left;"><span style="font-family: arial;"><sup style="font-size: 75%; vertical-align: top;"><span style="font-family: wingdings;">¡</span></sup> </span></td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-style: italic;">Trading.</span> Although Shares are listed for trading on a national securities exchange, and may be traded on other U.S. exchanges, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Shares.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Management Risk.</span> The Fund is actively-managed and may not meet its investment objective based on the portfolio managers’ success or failure to implement investment strategies for the Fund.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Investment Selection Risk. </span>The Sub‑Advisor’s portfolio managers may select investments that underperform and investors’ Fund shares may decline in value. This risk may be more significant when the Sub‑Advisor invests the Fund’s holdings in a limited number of securities, as may be the case with the Fund, because an individual holding can magnify the potential for gains and losses due to its proportional impact on the value of the Fund’s shares.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Foreign </span><span style="font-weight: bold;"></span><span style="font-weight: bold;">Investing</span><span style="font-weight: bold;"> Risk. </span>This is the risk that an investment in foreign (non‑U.S.) securities may cause the Fund to experience more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to, among other factors, less publicly available information, less stringent and less uniform accounting, auditing and financial reporting standards, less liquid and more volatile markets, higher transaction and custody costs, additional taxes, less investor protection, delayed or less frequent settlement, political or social instability, civil unrest, acts of terrorism, regional economic volatility, and the imposition of sanctions, confiscations, trade restrictions (including tariffs) and other government restrictions by the United States and/or other governments.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Cybersecurity Risk. </span>With the increased use of technologies such as the Internet to conduct business, the Fund is susceptible to operational, information security, and related risks. Cyber incidents affecting the Fund or its service providers may cause disruptions and impact business operations, potentially resulting in financial losses, interference with the Fund’s ability to calculate its net asset value, impediments to trading, the inability of shareholders to transact business, violations of applicable privacy and other laws, regulatory fines,</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; color: #000000; text-align: left;"> </td> <td style="width: 0.75pt;"> </td> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 9pt;">penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Large Shareholder Risk. </span>Certain shareholders may from time to time own a substantial amount of the shares of the Fund. In addition, a third party investor, the advisor or an affiliate of the advisor, an authorized participant, a market maker, or another entity may invest in the Fund and hold its investment for a limited period of<span style="font-weight: bold;"> </span>time solely to<span style="font-weight: bold;"> </span>facilitate commencement of the Fund or to facilitate the Fund’s achieving a specified size or scale. There can be no assurance that any large shareholder would not redeem its investment, that the size of the Fund would be maintained at such levels or that the Fund would continue to meet applicable listing requirements. Redemptions by large shareholders could have a significant negative impact on the Fund. In addition, transactions by large shareholders may account for a large percentage of the trading volume on the NYSE Arca and may, therefore, have a material upward or downward effect on the market price of the Fund’s shares.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Operational Risk. </span>Operational risks include human error, changes in personnel, system changes, faults in communication, and failures in systems, technology, or processes. Various<span style="font-weight: bold;"> </span>operational events or circumstances are outside the Advisor’s or the Sub‑Advisor’s control, including instances at third parties. The Fund, the Advisor and the Sub‑Advisor seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address these risks.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Regulatory Risk.</span> Governments, agencies or other regulatory bodies may adopt or change laws or regulations that could adversely affect the issuer, or market value, of an instrument held by the Fund or its Subsidiary or that could adversely impact the Fund’s performance.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Securities Lending Risk:</span> The Fund may engage in securities lending. Securities lending involves possible delay in recovery of the securities or possible loss of rights in the collateral should the borrower fail financially. The Fund could also lose money if the value of the collateral decreases. As a result, the value of the Fund’s shares may fall.</td> </tr> </table> Performance <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The following performance information provides some indication of the risks of investing in the iMGP Berkshire Dividend Growth ETF. The bar chart shows changes in the performance of the Fund from year to year. The table below shows how the Fund’s average annual total returns for the 1-year and since inception periods compare to those of a broad-based market index and an index of peer group mutual funds. Past performance, before and after taxes, does not necessarily indicate how the Fund will perform in the future. Updated performance information is available on the Fund’s website at www.imgp.com.</div> The following performance information provides some indication of the risks of investing in the iMGP Berkshire Dividend Growth ETF. The bar chart shows changes in the performance of the Fund from year to year. The table below shows how the Fund’s average annual total returns for the 1-year and since inception periods compare to those of a broad-based market index and an index of peer group mutual funds. Past performance, before and after taxes, does not necessarily indicate how the Fund will perform in the future. www.imgp.com iMGP Berkshire Dividend Growth ETF Calendar Year Total Returns as of December 31 <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">During the period shown above, the highest and lowest quarterly returns earned by the Fund were:</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 100%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 19%;"></td> <td style="vertical-align: bottom; width: 1%;"></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 1%;"></td> <td style="vertical-align: bottom; width: 3%;"></td> <td style="width: 63%;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt; background-color: #cceeff;"> <td style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial; font-weight: bold;">Highest:</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"><span style="font-weight: bold;"> </span></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: right;"><span style="font-weight: bold;">7.50%</span></td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"><span style="font-weight: bold;"> </span></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"><span style="font-weight: bold;">Quarter ended March 31, 2024</span></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial; font-weight: bold;">Lowest:</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"><span style="font-weight: bold;"> </span></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: right;"><span style="font-weight: bold;">-1.44%</span></td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"><span style="font-weight: bold;"> </span></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"><span style="font-weight: bold;">Quarter ended December 31, 2024</span></td> </tr> </table> Highest: 0.0750 2024-03-31 Lowest: -0.0144 2024-12-31 Average Annual Total Returns (for the periods ended December 31, 2025) 2023-06-29 2023-06-29 2023-06-29 2023-06-29 2023-06-29 0.1413 0.1202 0.1364 0.1155 0.0869 0.0929 0.1737 0.2072 0.1490 0.1481 <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The Fund’s after‑tax returns as shown in the above table are calculated using the historical highest applicable individual federal marginal income tax rates for the period and do not reflect the impact of state and local taxes. Your actual after‑tax returns depend on your tax situation and may differ from those shown. If you own shares of the Fund in a tax‑deferred account, such as a 401(k) plan or an individual retirement account, after‑tax returns shown are not relevant to your investment. The after‑tax returns on distributions and sale of Fund shares may be higher than returns before taxes due to the effect of a tax benefit an investor may receive from the realization of capital losses that would have been incurred on the sale of Fund shares.</div> The Fund’s after‑tax returns as shown in the above table are calculated using the historical highest applicable individual federal marginal income tax rates for the period and do not reflect the impact of state and local taxes. Your actual after‑tax returns depend on your tax situation and may differ from those shown. If you own shares of the Fund in a tax‑deferred account, such as a 401(k) plan or an individual retirement account, after‑tax returns shown are not relevant to your investment. The after‑tax returns on distributions and sale of Fund shares may be higher than returns before taxes due to the effect of a tax benefit an investor may receive from the realization of capital losses that would have been incurred on the sale of Fund shares. Polen Capital Global Growth ETF Summary Section Investment Objective <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The Polen Capital Global Growth ETF (the “Fund”) seeks to achieve long-term growth of capital.</div> Fees and Expenses of the Fund <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. <span style="font-weight: bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</span></div> Annual Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0085 0 0.0000 0.0085 Example <div style="margin-top: 2pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">This example is intended to help you compare the cost 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. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> 87 271 471 1049 Portfolio Turnover <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when shares of the Fund are held in a taxable account as compared to shares of investment companies that hold investments for a longer period. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 57% of the average value of its portfolio.</div> 0.57 Principal Strategies <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The Fund is a non‑diversified, actively-managed exchange-traded fund (“ETF”) that seeks to achieve its objective by investing in a focused portfolio of approximately 25 to 40 common stocks of large capitalization companies (meaning companies with market</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">capitalizations greater than $10 billion at the time of purchase) that are located anywhere in the world, including companies in both developed and emerging markets, and, in the opinion of Polen Capital Management, LLC, the sub‑advisor to the Fund (the “Sub‑Advisor”), have a sustainable competitive advantage. In addition, the Fund may from time to time purchase common stocks, including the common stock of medium capitalization companies (meaning companies with market capitalizations greater than $2 billion but less than $10 billion at the time of purchase), if, in the Sub‑Advisor’s opinion, the stock represents a particularly attractive investment opportunity.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">Under normal market conditions, the Fund will invest in at least three different countries and will typically invest at least 40% of its net assets in non‑U.S. equity securities, or, if conditions are not favorable, invest at least 30% of its assets in non‑U.S. equity securities. While under normal market conditions the Fund will invest in at least three different countries, the Sub‑Advisor anticipates that the Fund will ordinarily invest in approximately six or more countries. The specific allocation to U.S. and non‑U.S. securities will vary from time to time based on the Sub‑Advisor’s assessment of domestic and international market conditions. An issuer is considered to be “located” in a particular country on the basis of its domicile, its principal place of business or headquarters, its primary stock exchange listing, and/or the primary source of its revenues (<span style="font-style: italic;">i.e.</span>, at least 50% of its revenues are generated in that country). There is no minimum portion of the Fund’s assets required to be invested in any single country. Consistent with its investment criteria, the Fund may invest in equity securities of companies in emerging markets. An emerging market country is any country that is included in the MSCI Emerging Markets Index. An emerging market country includes any country that is included in the MSCI Emerging Markets Index, considered to be an emerging market country by the World Bank, the International Finance Corporation, or the United Nations, or other countries or markets that the Sub‑Advisor identifies as having similar emerging markets characteristics Typically, emerging markets are in countries that are in the process of industrialization, with lower gross national products (GNP) than more developed countries.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The Fund invests in companies that the Sub‑Advisor believes have a sustainable competitive advantage within an industry with high barriers to entry. Industries with high barriers to entry include those that are dependent on large amounts of capital investment, government approval of products or services, large-scale distribution systems, and/or patents and other intellectual property. In selecting investments for the Fund, the Sub‑Advisor uses an intensive fundamental research process to identify companies that it believes have certain attractive characteristics, which typically reflect an underlying sustainable competitive advantage. Those characteristics include: (i) consistent and sustainable high return on capital, (ii) strong earnings growth and free cash flow generation, (iii) strong balance sheets typically with low or no net debt to total capital and (iv) competent and shareholder-oriented management teams.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The Sub‑Advisor believes that consistent earnings growth is the primary driver of intrinsic value growth and long-term stock price</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">appreciation. Accordingly, the Sub‑Advisor focuses on identifying and investing in a concentrated portfolio of high-quality large capitalization growth companies that it believes has a competitive advantage and can deliver sustainable, above-average earnings growth. In connection with its investment process, the Sub‑Advisor integrates issues it believes should be classified as material environmental, social, and governance (ESG) factors into research analysis as part of a comprehensive evaluation of a company’s long-term financial sustainability. The Sub‑Advisor utilizes an ESG framework that assesses how a company serves its key stakeholders, including employees, customers, shareholders, suppliers and other business partners, and the environment. All business issues studied as part of its investment process, including those classified by the Sub‑Advisor as material ESG issues, are considered as part of the Sub‑Advisor’s holistic assessment of the investment case for each company in the portfolio and its ability to meet the Sub‑Advisor’s return expectations. The Sub‑Advisor believes that such companies not only have the potential to contribute greater returns to the Fund, but also may hold less risk of loss of capital. The Sub‑Advisor may still make an investment even if it fails to satisfy the Sub‑Advisor’s ESG factors.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">Because the Fund is non‑diversified, it may invest a greater percentage of its assets in a particular investment or issuer than a diversified fund. Although the Fund may not “concentrate” (invest 25% or more of its net assets) in any industry, the Fund may focus its investments from time to time in one or more sectors of the economy or stock market, including, but not limited to, the technology sector. The extent of the Fund’s focus on certain sectors will change over time and may shift to other sectors, based on the Sub‑Advisor’s ongoing evaluation of the Fund’s holdings and of potential investments that meet the Fund’s investment mandate. The Fund will usually sell a security if, in the view of the Sub‑Advisor, there is a potential threat to the company’s competitive advantage or a degradation in its prospects for strong, long-term earnings growth. The Sub‑Advisor may also sell a security if the Sub‑Advisor believes it is overvalued or if a more attractive investment opportunity exists. Securities may also be sold if they underperform or to implement a revised allocation based on a modified view of market conditions or to invest in cash and cash equivalents. Although the Sub‑Advisor may purchase and then sell a security in a shorter period of time, the Sub‑Advisor typically invests in securities with the expectation of holding those investments on a long term-basis.</div> As with all exchange-traded funds, it is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not guaranteed, endorsed or insured by any financial institution, government authority or the Federal Deposit Insurance Corporation (FDIC). <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Equity Securities Risk. </span>This is the risk that the value of equity securities may fluctuate, sometimes rapidly and unpredictably, due to factors affecting the general market, an entire industry or sector, or particular companies. These factors include, without limitation, adverse changes in economic conditions, the general outlook for corporate earnings, interest rates or investor sentiment; increases in production costs; and significant management decisions.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Foreign Investment Risk.</span> This is the risk that an investment in foreign (non‑U.S.) securities may cause the Fund to experience more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to, among other factors, less publicly available information, less stringent and less uniform accounting, auditing and financial reporting standards, less liquid and more volatile markets, higher transaction and custody costs, additional taxes, less investor protection, delayed or less frequent settlement, political or social instability, civil unrest, acts of terrorism, regional economic volatility, and the imposition of sanctions, confiscations, trade restrictions (including tariffs) and other government restrictions by the United States and/or other governments.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Europe Investing Risk.</span> The Fund may invest a significant portion of its assets in issuers based in Western Europe and the United Kingdom (“UK”). The economies of countries in Europe are often closely connected and interdependent, and events in one country in Europe can have an adverse impact on other European countries. Efforts by the member countries of the European Union (“EU”) to continue to unify their economic and monetary policies may increase the potential for similarities in the movements of European markets and reduce the potential investment benefits of diversification within the region. However, the substance of these policies may not address the needs of all European economies. European financial markets have in recent years experienced increased volatility due to concerns with some countries’ high levels of sovereign debt, budget deficits and unemployment. Markets have also been affected by the decision by the UK to withdraw from the EU (an event commonly known as “Brexit”). There continues to be uncertainty surrounding the ultimate impact of Brexit on the UK, the EU and the broader global economy. An exit by any member countries from the EU or the Economic and Monetary Union of the EU, or even the prospect of such an exit, could lead to increased volatility in European markets and negatively affect investments both in issuers in the exiting country and throughout Europe.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 9pt; text-align: left;"><span style="font-weight: bold;">Emerging Markets Risk.</span> This is the risk that the value of the Fund’s emerging markets investments will decline due to the greater degree of economic, political and social instability of emerging or developing countries as compared to developed countries. Investments in emerging market countries are subject to substantial risks due to, among other factors, different accounting standards and thinner trading markets as compared to those in developed countries; less publicly available and reliable information about issuers as compared to</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; color: #000000; text-align: left;"> </td> <td style="width: 0.75pt;"> </td> <td style="vertical-align: top;">developed markets; the possibility of currency transfer restrictions; and the risk of expropriation, nationalization or other adverse political, economic or social developments.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Country/Regional Risk.</span> This is the risk that world events – such as political upheaval, financial troubles, or natural disasters will adversely affect the value of securities issued by companies in foreign countries or regions. Because the Fund may invest a large portion of its assets in securities of companies located in any one country or region, including emerging markets, the Fund’s performance may be hurt disproportionately by the poor performance of its investments in that area. Country/regional risk is heightened in emerging markets.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Growth Investing Risk.</span> Growth stocks, as a group, may be out of favor with the market and underperform value stocks or the overall equity market. Growth stocks are generally more sensitive to market movements than other types of stocks primarily because their prices are based heavily on the future expectations of the economy and the stock’s issuing company.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Large-Capitalization Investing Risk.</span> The Fund may invest in the securities of large-capitalization companies. As a result, the Fund’s performance may be adversely affected if securities of these companies underperform securities of smaller capitalization companies or the market as a whole. Large-capitalization companies may adapt more slowly to new competitive challenges and be subject to slower growth during times of economic expansion.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Mid‑Sized Companies Risk. </span>The Fund may invest a portion of its assets in the securities of midsized companies. Securities of these companies are generally more volatile and less liquid than the securities of large‑cap companies. This is because mid‑cap companies may be more reliant on a few products, services or key personnel than large‑cap companies, which can make it riskier than investing in larger companies with more diverse product lines and structured management.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Market Risk.</span> The value of the Fund’s shares will fluctuate based on the performance of the Fund’s investments and other factors affecting the securities markets generally. Certain investments selected for the Fund’s portfolio may be worth less than the price originally paid for them, or less than they were worth at an earlier time. The value of the Fund’s investments may go up or down, sometimes dramatically and unpredictably, based on current market conditions, such as real or perceived adverse political or economic conditions, tariffs, inflation, changes in interest rates, lack of liquidity in the fixed income markets or adverse investor sentiment.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Non‑Diversified Fund Risk.</span> Because the Fund is “non‑diversified,” it may invest a greater percentage of its assets in the securities of a single issuer. As a result, a decline in the value of an investment in a single issuer could cause the Fund’s overall value to decline to a greater degree than if the Fund held a more diversified portfolio.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">New Fund Risk.</span> The Fund is recently formed and has limited operating history for investors to evaluate. Its performance may not represent how the Fund is expected to or may perform in the long term. In addition, new funds may not attract sufficient assets to achieve investment and trading efficiencies.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">ESG Investing Risk:</span> Because the Fund may take into consideration the environmental, social and governance characteristics of portfolio companies in which it may invest, the Fund may select or exclude securities of certain issuers for reasons other than potential performance. The Fund’s consideration of ESG characteristics in making its investment decisions may reduce or increase the Fund’s exposure to certain issuers, industries, sectors, regions or countries or cause the Fund to forego certain investment opportunities which may lower the performance of the Fund as compared to funds that do not utilize these considerations. Consideration of ESG characteristics is qualitative and subjective by nature, and there is no guarantee that the criteria used by the Sub‑Advisor or any judgment exercised by the Sub‑Advisor will reflect the opinions of any particular investor. Although an investment by the Fund in a company may satisfy one or more ESG and sustainability factors in the view of the portfolio managers, there is no guarantee that such company actually promotes positive environmental, social or economic developments, and that same company may also fail to satisfy other ESG factors. In addition, the Sub‑Advisor may utilize third party data to evaluate ESG factors which may be incomplete or inaccurate and cause the Sub‑Advisor to incorrectly assess the ESG characteristics a security or issuer. Funds with ESG investment strategies are generally suited for long-term rather than short-term investors.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Sector Weightings Risk.</span> The Fund may from time to time emphasize investments in a particular sector as a result of the implementation of its principal investment strategies, although sector focus is not a principal strategy of the Fund. To the extent that the Fund emphasizes investments in a particular sector, the Fund has the potential to 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 a single sector. By focusing its investments in a particular sector, the Fund may potentially face more risks than if it were diversified broadly over numerous sectors.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7.5pt;"> </td> <td style="width: 7.5pt; vertical-align: top; text-align: left;"><span style="font-family: arial;"><sup style="font-size: 75%; vertical-align: top;"><span style="font-family: wingdings;">¡</span></sup> </span></td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-style: italic;">Technology Sector Risk.</span> The Fund may from time to time invest a significant portion of its assets in the technology sector as a result of the implementation of its principal investment strategies. Technology companies face competition and potentially rapid product obsolescence. They are also heavily dependent on intellectual property rights and may be adversely affected by the loss or impairment of those rights. Companies in the technology sector are facing increased government and regulatory scrutiny and may be subject to adverse government or regulatory action. Companies in the software industry may be adversely affected by, among other things, the decline or fluctuation of subscription renewal rates for their products and services and actual or perceived vulnerabilities in their products or services. To the extent that the Fund emphasizes investments in the technology sector, the Fund has the potential to be subject to a greater degree to the risks particular to this sector.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7.5pt;"> </td> <td style="width: 7.5pt; vertical-align: top; text-align: left;"><span style="font-family: arial;"><sup style="font-size: 75%; vertical-align: top;"><span style="font-family: wingdings;">¡</span></sup> </span></td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 9pt; text-align: left;"><span style="font-style: italic;">Financial Sector Risk</span>. The Fund may from time to time invest a significant portion of its assets in the financial sector and,</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 15pt; vertical-align: top; color: #000000; text-align: left;"> </td> <td style="width: 0.75pt;"> </td> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 9pt;">therefore, the performance of the Fund could be negatively impacted by events affecting this sector, including changes in interest rates, government regulation, the rate of defaults on corporate, consumer and government debt and the availability and cost of capital.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Geopolitical Events Risk</span>. The interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, trade disputes, supply chain disruptions, natural disasters, climate change and climate-related events, pandemics, epidemics, terrorism, international conflicts, cybersecurity events, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years may result in market volatility and may have long term effects on both the U.S. and global financial markets.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">U.S. Trade Policy Risk: </span>The<span style="font-weight: bold;"> </span>U.S. presidential administration has recently enacted significant new tariffs, and proposed to enact additional tariffs, on imports from certain countries. Additionally, there has been ongoing discussion and commentary regarding potential significant changes to U.S. trade policies, treaties and tariffs. There continues to exist significant uncertainty about the future relationship between the U.S. and other countries with respect to such trade policies, treaties and tariffs. These developments, or the perception that any of them could occur, may have a material adverse effect on global economic conditions and the stability of global financial markets, and may significantly reduce global trade and, in particular, trade between the impacted nations and the U.S. Any of these factors could depress economic activity and restrict a portfolio company’s access to suppliers or customers and have a material adverse effect on its business, financial condition or operations, which in turn could negatively impact the Fund.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">ETF Risks</span>. The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks:</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7.5pt;"> </td> <td style="width: 7.5pt; vertical-align: top; text-align: left;"><span style="font-family: arial;"><sup style="font-size: 75%; vertical-align: top;"><span style="font-family: wingdings;">¡</span></sup> </span></td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-style: italic;">Authorized Participants, Market Makers, and Liquidity Providers Limitation Risk. </span>The Fund has a limited number of financial institutions that may act as Authorized Participants (“APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of the Fund (“Shares”) may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7.5pt;"> </td> <td style="width: 7.5pt; vertical-align: top; text-align: left;"><span style="font-family: arial;"><sup style="font-size: 75%; vertical-align: top;"><span style="font-family: wingdings;">¡</span></sup> </span></td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-style: italic;">Cash Redemption Risk.</span><span style="font-weight: bold;"> </span>The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. The Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 15pt; vertical-align: top; color: #000000; text-align: left;"> </td> <td style="width: 0.75pt;"> </td> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 9pt;">cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in‑kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in‑kind redemption process was used.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7.5pt;"> </td> <td style="width: 7.5pt; vertical-align: top; text-align: left;"><span style="font-family: arial;"><sup style="font-size: 75%; vertical-align: top;"><span style="font-family: wingdings;">¡</span></sup> </span></td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-style: italic;">Costs of Buying or Selling Shares.</span> Due to the costs of buying or selling Shares, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7.5pt;"> </td> <td style="width: 7.5pt; vertical-align: top; text-align: left;"><span style="font-family: arial;"><sup style="font-size: 75%; vertical-align: top;"><span style="font-family: wingdings;">¡</span></sup> </span></td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-style: italic;">Shares May Trade at Prices Other Than NAV.</span> As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra‑day (premium) or less than the NAV intra‑day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility and volatility in the Fund’s portfolio holdings, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant. If an investor purchases Shares at a time when the market price is at a premium to the NAV of the Shares or sells at a time when the market price is at a discount to the NAV of the Shares, then the investor may sustain losses that are in addition to any losses caused by a decrease in NAV.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7.5pt;"> </td> <td style="width: 7.5pt; vertical-align: top; text-align: left;"><span style="font-family: arial;"><sup style="font-size: 75%; vertical-align: top;"><span style="font-family: wingdings;">¡</span></sup> </span></td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-style: italic;">Trading</span>.<span style="font-weight: bold;"> </span>Although Shares are listed for trading on a national securities exchange, and may be traded on other U.S. exchanges, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Shares.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Investment Selection Risk.</span> The Sub‑Advisor’s portfolio managers may select investments that underperform and investors’ Fund shares may decline in value. This risk may be more significant when the Sub-Advisor invests the Fund’s holdings in a limited number of securities, as may be the case with the Fund, because an individual holding can magnify the potential for gains and losses securities due to its proportional impact on the value of the Fund’s shares.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;"></span><span style="font-weight: bold;">Management Risk. </span>The Fund is actively-managed and may not meet its investment objective based on the portfolio managers’ success or failure to implement investment strategies for the Fund.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 9pt; text-align: left;"><span style="font-weight: bold;">Large Shareholder Risk.</span> Certain shareholders may from time to time own a substantial amount of the shares of the Fund. In addition, a third party investor, the advisor or an affiliate of the advisor, an authorized participant, a market maker, or another entity may invest in the Fund and hold its investment for a limited period of time solely to facilitate commencement of the Fund or to facilitate the Fund’s achieving a specified size or scale. There can be no assurance that any large shareholder would not redeem its investment, that the size of the Fund would be maintained at such levels or that the Fund would continue to meet applicable listing requirements. Redemptions</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; color: #000000; text-align: left;"> </td> <td style="width: 0.75pt;"> </td> <td style="vertical-align: top;">by large shareholders could have a significant negative impact on the Fund. In addition, transactions by large shareholders may account for a large percentage of the trading volume on the NYSE Arca and may, therefore, have a material upward or downward effect on the market price of the Fund’s shares.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Cybersecurity Risk.</span> With the increased use of technologies such as the Internet to conduct business, the Fund is susceptible to operational, information security, and related risks. Cyber incidents affecting the Fund or its service providers may cause disruptions and impact business operations, potentially resulting in financial losses, interference with the Fund’s ability to calculate its net asset value, impediments to trading, the inability of shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Operational Risk.</span> Operational risks include human error, changes in personnel, system changes, faults in communication, and failures in systems, technology, or processes. Various operational events or circumstances are outside the Advisor’s or the Sub‑Advisor’s control, including instances at third parties. The Fund, the Advisor and the Sub‑Advisor seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address these risks.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Regulatory Risk.</span> Governments, agencies or other regulatory bodies may adopt or change laws or regulations that could adversely affect the issuer, or market value, of an instrument held by the Fund or that could adversely impact the Fund’s performance.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Securities Lending Risk</span>: Securities lending involves possible delay in recovery of the securities or possible loss of rights in the collateral should the borrower fail financially. As a result, the value of the Fund’s shares may fall. The value of the Fund’s shares could also fall if a loan is called and the Fund is required to liquidate reinvested collateral at a loss or if the Fund is unable to reinvest cash collateral at rates which exceed the costs involved.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Settlement Risk.</span> Settlement and clearance procedures in certain foreign markets differ significantly from those in the United States. Foreign settlement procedures and trade regulations also may involve certain risks (such as delays in payment for or delivery of securities) not typically generated by the settlement of U.S. investments. If the Fund cannot settle or is delayed in settling a sale of securities, it may lose money if the value of the security then declines or, if it has contracted to sell the security to another party, the Fund could be liable to that party for any losses incurred. Dividends or interest on, or proceeds from the sale of, foreign securities may be subject to foreign taxes on income from sources in such countries.</td> </tr> </table> Performance <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The following performance information provides some indication of the risks of investing in the Polen Capital Global Growth ETF. The bar chart shows changes in the performance of the Fund from</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">year to year. The table below shows how the Fund’s average annual total returns for the 1-year and since inception periods compare to those of a broad-based market index and an index of peer group mutual funds. Past performance, before and after taxes, does not necessarily indicate how the Fund will perform in the future. Updated performance information is available on the Fund’s website at www.imgp.com.</div> The following performance information provides some indication of the risks of investing in the Polen Capital Global Growth ETF. The bar chart shows changes in the performance of the Fund fromyear to year. The table below shows how the Fund’s average annual total returns for the 1-year and since inception periods compare to those of a broad-based market index and an index of peer group mutual funds. Past performance, before and after taxes, does not necessarily indicate how the Fund will perform in the future. www.imgp.com Polen Capital Global Growth ETF Calendar Year Total Returns as of December 31 <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">During the period shown above, the highest and lowest quarterly returns earned by the Fund were:</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 100%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 19%;"></td> <td style="vertical-align: bottom; width: 1%;"></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 1%;"></td> <td style="vertical-align: bottom; width: 3%;"></td> <td style="width: 63%;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt; background-color: #cceeff;"> <td style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial; font-weight: bold;">Highest:</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"><span style="font-weight: bold;"> </span></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: right;"><span style="font-weight: bold;">7.92%</span></td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"><span style="font-weight: bold;"> </span></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"><span style="font-weight: bold;">Quarter ended June 30, 2025</span></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial; font-weight: bold;">Lowest:</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"><span style="font-weight: bold;"> </span></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: right;"><span style="font-weight: bold;">-5.73%</span></td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"><span style="font-weight: bold;"> </span></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"><span style="font-weight: bold;">Quarter ended March 31, 2025</span></td> </tr> </table> Highest: 0.0792 2025-06-30 Lowest: -0.0573 2025-03-31 Average Annual Total Returns (for the periods ended December 31, 2025) 2023-08-29 2023-08-29 2023-08-29 2023-08-29 2023-08-29 0.0153 0.0793 0.0153 0.0793 0.0090 0.0612 0.2234 0.2006 0.1587 0.1628 <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The Fund’s after-tax returns as shown in the above table are calculated using the historical highest applicable individual federal marginal income tax rates for the period and do not reflect the impact of state and local taxes. Your actual after-tax returns depend on your tax situation and may differ from those shown. If you own shares of the Fund in a tax-deferred account, such as a 401(k) plan or an individual retirement account, after-tax returns shown are not relevant to your investment. The after-tax returns on distributions and sale of Fund shares may be higher than returns before taxes due to the effect of a tax benefit an investor may receive from the realization of capital losses that would have been incurred on the sale of Fund shares.</div> The Fund’s after-tax returns as shown in the above table are calculated using the historical highest applicable individual federal marginal income tax rates for the period and do not reflect the impact of state and local taxes. Your actual after-tax returns depend on your tax situation and may differ from those shown. If you own shares of the Fund in a tax-deferred account, such as a 401(k) plan or an individual retirement account, after-tax returns shown are not relevant to your investment. The after-tax returns on distributions and sale of Fund shares may be higher than returns before taxes due to the effect of a tax benefit an investor may receive from the realization of capital losses that would have been incurred on the sale of Fund shares. Polen Capital China Growth ETF Summary Section Investment Objective <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The Polen Capital China Growth ETF (the “Fund”) seeks to achieve long-term growth of capital.</div> Fees and Expenses of the Fund <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. <span style="font-weight: bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</span></div> Annual Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0100 0 0.0000 0.0100 Example <div style="margin-top: 2pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">This example is intended to help you compare the cost 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. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> 102 318 552 1225 Portfolio Turnover <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when shares of the Fund are held in a taxable account as compared to shares of investment companies that hold investments for a longer period. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 35% of the average value of its portfolio.</div> 0.35 Principal Strategies <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The Fund is a non‑diversified, actively-managed exchange-traded fund (“ETF”) that seeks to achieve its objective by investing in a portfolio of equity securities of Chinese companies that in the opinion of Polen Capital Management, LLC, the sub‑advisor to the</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">Fund (the “Sub‑Advisor”), have a sustainable competitive advantage. Under normal circumstances, the Fund will invest at least 80% of its net assets (plus any borrowings made for investment purposes), at the time of initial purchase, in equity or equity-related securities of issuers that are located in China. Equity and equity-related securities include common and preferred stocks and warrants on common stock. An issuer is considered to be “located” in China based on its domicile, its principal place of business or headquarters, its primary stock exchange listing, and/or the primary source of its revenues (i.e., at least 50% of its revenues are generated) in the People’s Republic of China (“PRC”) or Hong Kong. The Fund’s investments in equity securities may include common stocks, certain eligible China A Shares and China B Shares listed on the Shanghai Stock Exchange and Shenzhen Stock Exchange via the Shanghai-Hong Kong Stock Connect and the Shenzhen‑Hong Kong Stock Connect (together, the “Stock Connects”) and China H Shares issued by companies that are incorporated in the PRC and trade on the Hong Kong Stock Exchange. The Fund may also gain exposure to such issuers by investing in depositary receipts including Global Depositary Receipts, American Depositary Receipts and International Depositary Receipts or through variable interest entities. The Fund invests across the market capitalization spectrum in small, mid‑ and large-capitalization companies.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The Fund invests in companies that the Sub‑Advisor believes have a sustainable competitive advantage within an industry with high barriers to entry. Industries with high barriers to entry include those that are dependent on large amounts of capital investment, government approval of products or services, large-scale distribution systems, and/or patents and other intellectual property. In selecting investments for the Fund, the Sub‑Advisor uses intensive fundamental research processes to identify companies that it believes have certain attractive characteristics, which typically reflect an underlying sustainable competitive advantage. Those characteristics include: (i) consistent and sustainable high return on capital; (ii) strong earnings growth and free cash flow generation; (iii) strong balance sheets and; (iv) competent and shareholder-oriented management teams. The Sub‑Advisor believes that consistent earnings growth is the primary driver of intrinsic value growth and long-term stock price appreciation. Accordingly, the Sub‑Advisor focuses on identifying and investing in a concentrated portfolio of high quality growth companies that it believes have a competitive advantage and can deliver sustainable, above-average earnings growth.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">In connection with its investment process, the Sub‑Advisor integrates issues it believes should be classified as material environmental, social, and governance (ESG) factors into research analysis as part of a comprehensive evaluation of a company’s long-term financial sustainability. The Sub‑Advisor utilizes an ESG framework that assesses how a company serves its key stakeholders, including employees, customers, shareholders, suppliers and other business partners, and the environment. All business issues studied as part of its investment process, including those classified by the Sub‑Advisor as material ESG issues, are considered as part of the Sub‑ Advisor’s holistic assessment of the investment case for each company in the portfolio and its ability to meet the Sub‑Advisor’s return</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">expectations. The Sub‑Advisor believes that such companies not only have the potential to contribute greater returns to the Fund, but also may hold less risk of loss of capital. The Sub‑Advisor may still make an investment even if it fails to satisfy the Sub‑Advisor’s ESG factors.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">Because the Fund is non‑diversified, it may invest a greater percentage of its assets in a particular investment or issuer than a diversified fund. Although the Fund may not “concentrate” (invest 25% or more of its net assets) in any industry, the Fund may focus its investments from time to time in one or more sectors of the economy or stock market. The extent of the Fund’s focus on certain sectors will change over time and may shift to other sectors, based on the Sub‑Advisor’s ongoing evaluation of the Fund’s holdings and of potential investments that meet the Fund’s investment mandate. The Fund will usually sell a security if, in the view of the Sub‑Advisor, there is a potential threat to the company’s competitive advantage or a degradation in its prospects for strong, long-term earnings growth. The Sub‑Advisor may also sell a security if it is believed by the Sub‑Advisor to be overvalued or if a more attractive investment opportunity exists. Securities may also be sold if they underperform or to implement a revised allocation based on a modified view of market conditions or to invest in cash and cash equivalents. Although the Sub‑Advisor may purchase and then sell a security in a shorter period of time, the Sub‑Advisor typically invests in securities with the expectation of holding those investments on a long-term basis.</div> As with all exchange-traded funds, it is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not guaranteed, endorsed or insured by any financial institution, government authority or the Federal Deposit Insurance Corporation (FDIC). <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Equity Securities Risk. </span>This is the risk that the value of equity securities may fluctuate, sometimes rapidly and unpredictably, due to factors affecting the general market, an entire industry or sector, or particular companies. These factors include, without limitation, adverse changes in economic conditions, the general outlook for corporate earnings, interest rates or investor sentiment; increases in production costs; and significant management decisions.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Foreign Investment Risk.</span> This is the risk that an investment in foreign (non‑U.S.) securities may cause the Fund to experience more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to, among other factors, less publicly available information, less stringent and less uniform accounting, auditing and financial reporting standards, less liquid and more volatile markets, higher transaction and custody costs, additional taxes, less investor protection, delayed or less frequent settlement,</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; color: #000000; text-align: left;"> </td> <td style="width: 0.75pt;"> </td> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 9pt;">political or social instability, civil unrest, acts of terrorism, regional economic volatility, and the imposition of sanctions, confiscations, trade restrictions (including tariffs) and other government restrictions by the United States and/or other governments.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Emerging Markets Risk.</span> This is the risk that the value of the Fund’s emerging markets investments will decline due to the greater degree of economic, political and social instability of emerging or developing countries as compared to developed countries. Investments in emerging market countries are subject to substantial risks due to, among other factors, different accounting standards and thinner trading markets as compared to those in developed countries; less publicly available and reliable information about issuers as compared to developed markets; the possibility of currency transfer restrictions; and the risk of expropriation, nationalization or other adverse political, economic or social developments.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Country/Regional Risk.</span> This is the risk that world events – such as political upheaval, financial troubles, or natural disasters will adversely affect the value of securities issued by companies in foreign countries or regions. Because the Fund may invest a large portion of its assets in securities of companies located in any one country or region, including emerging markets, the Fund’s performance may be hurt disproportionately by the poor performance of its investments in that area. Country/regional risk is heightened in emerging markets.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 9pt; text-align: left;"><span style="font-weight: bold;">China Risk.</span> Investing in Chinese securities is riskier than investing in U.S. securities. Investing in China involves risk of loss due to nationalization, expropriation, and confiscation of assets and property. Losses may also occur due to new or expanded restrictions on foreign investments or repatriation of capital. Participants in the Chinese market are subject to less regulation and oversight than participants in the U.S. market. This may lead to trading volatility, difficulty in the settlement and recording of transactions, and uncertainty in interpreting and applying laws and regulations. Reduction in spending on Chinese products and services, institution of tariffs or other trade barriers, or a downturn in the economies of any of China’s key trading partners may adversely affect the securities of Chinese issuers. The current political climate has intensified concerns about trade tariffs and a potential trade war between the United States and certain foreign countries, including China. These consequences may trigger a significant reduction in international trade, shortages or oversupply of certain manufactured goods, substantial price increases or decreases of goods, inflationary pressures, and possible failure of individual companies and/or large segments of the foreign export industry with a potentially negative impact to the Funds and their investments. Regional conflict could also have an adverse effect on the Chinese economy. The U.S. government may occasionally place restrictions on investments in Chinese companies. The Fund may incur losses if more investors attempt to sell such securities or if the Fund is unable to participate in an otherwise attractive investment. Securities that are or become prohibited may become less liquid and their market prices may decline. The market for securities of other</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; color: #000000; text-align: left;"> </td> <td style="width: 0.75pt;"> </td> <td style="vertical-align: top;">Chinese-based issuers may also be negatively impacted, resulting in reduced liquidity and price declines.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7.5pt;"> </td> <td style="width: 7.5pt; vertical-align: top; text-align: left;"><span style="font-family: arial;"><sup style="font-size: 75%; vertical-align: top;"><span style="font-family: wingdings;">¡</span></sup> </span></td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-style: italic;">Variable Interest Entity Risk.</span> The Fund may invest in certain operating companies in China through legal structures known as variable interest entities (“VIEs”). In China, ownership of companies in certain sectors by foreign individuals and entities (including U.S. persons and entities such as the Funds) is prohibited. In order to facilitate foreign investment in these businesses, many Chinese companies have created VIEs, through which foreign investors hold stock in a shell company that has entered into service and other contracts with the China-based operating company, allowing U.S. investors to obtain economic exposure to the China-based company through contractual means rather than through formal equity ownership. VIEs are a longstanding industry practice and well known to officials and regulators in China; however, VIEs are not formally recognized under Chinese law. Recently, the government of China placed restrictions on China-based companies raising capital offshore, including through VIE structures. Investors face uncertainty about future actions by the government of China that could significantly affect an operating company’s financial performance and the enforceability of the shell company’s contractual arrangements. Under extreme circumstances, China might prohibit the existence of VIEs, or sever their ability to transmit economic and governance rights to foreign investors; if so, the market value of the Fund’s associated portfolio holdings would likely decline significantly, which could result in substantial investment losses.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Growth Investing Risk.</span> Growth stocks, as a group, may be out of favor with the market and underperform value stocks or the overall equity market. Growth stocks are generally more sensitive to market movements than other types of stocks primarily because their prices are based heavily on the future expectations of the economy and the stock’s issuing company.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Large-Capitalization Investing Risk.</span> The Fund may invest in the securities of large-capitalization companies. As a result, the Fund’s performance may be adversely affected if securities of these companies underperform securities of smaller capitalization companies or the market as a whole. Large-capitalization companies may adapt more slowly to new competitive challenges and be subject to slower growth during times of economic expansion.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Mid‑Sized Companies Risk. </span>The Fund may invest a portion of its assets in the securities of midsized companies. Securities of these companies are generally more volatile and less liquid than the securities of large‑cap companies. This is because mid‑cap companies may be more reliant on a few products, services or key personnel than large‑cap companies, which can make it riskier than investing in larger companies with more diverse product lines and structured management.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Smaller Companies Risk. </span>The Fund may invest a portion of its assets in the securities of small‑sized companies. Securities of small‑cap companies are generally more volatile and less liquid than the securities of large‑cap companies. This is because small companies may be more reliant on a few products, services or key personnel, which can make it riskier than</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; color: #000000; text-align: left;"> </td> <td style="width: 0.75pt;"> </td> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 9pt;">investing in larger companies with more diverse product lines and structured management.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">ETF Risks. </span>The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks:</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7.5pt;"> </td> <td style="width: 7.5pt; vertical-align: top; text-align: left;"><span style="font-family: arial;"><sup style="font-size: 75%; vertical-align: top;"><span style="font-family: wingdings;">¡</span></sup> </span></td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-style: italic;">Authorized Participants, Market Makers, and Liquidity Providers Limitation Risk.</span> The Fund has a limited number of financial institutions that may act as Authorized Participants (“APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of the Fund (“Shares”) may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7.5pt;"> </td> <td style="width: 7.5pt; vertical-align: top; text-align: left;"><span style="font-family: arial;"><sup style="font-size: 75%; vertical-align: top;"><span style="font-family: wingdings;">¡</span></sup> </span></td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-style: italic;">Cash Redemption Risk.</span> The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. The Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in‑kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in‑kind redemption process was used.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7.5pt;"> </td> <td style="width: 7.5pt; vertical-align: top; text-align: left;"><span style="font-family: arial;"><sup style="font-size: 75%; vertical-align: top;"><span style="font-family: wingdings;">¡</span></sup> </span></td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-style: italic;">Costs of Buying or Selling Shares.</span> Due to the costs of buying or selling Shares, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7.5pt;"> </td> <td style="width: 7.5pt; vertical-align: top; text-align: left;"><span style="font-family: arial;"><sup style="font-size: 75%; vertical-align: top;"><span style="font-family: wingdings;">¡</span></sup> </span></td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-style: italic;">Shares May Trade at Prices Other Than NAV. </span>As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra‑day (premium) or less than the NAV intra‑day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility and volatility in the Fund’s portfolio holdings, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant. If an investor purchases Shares at a time when the market price is at a premium to the NAV of the Shares or sells at a time when the market price is at a discount to the NAV of the Shares, then the investor may sustain losses that are in addition to any losses caused by a decrease in NAV.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7.5pt;"> </td> <td style="width: 7.5pt; vertical-align: top; text-align: left;"><span style="font-family: arial;"><sup style="font-size: 75%; vertical-align: top;"><span style="font-family: wingdings;">¡</span></sup> </span></td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-style: italic;">Trading.</span> Although Shares are listed for trading on a national securities exchange, and may be traded on other U.S. exchanges, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Shares.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Non‑Diversified Fund Risk.</span> Because the Fund is “non‑diversified,” it may invest a greater percentage of its assets in the securities of a single issuer. As a result, a decline in the value of an investment in a single issuer could cause the Fund’s overall value to decline to a greater degree than if the Fund held a more diversified portfolio.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">New Fund Risk.</span> The Fund is recently formed and has limited operating history for investors to evaluate. Its performance may not represent how the Fund is expected to or may perform in the long term. In addition, new funds may not attract sufficient assets to achieve investment and trading efficiencies.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">ESG Investing Risk. </span>Because the Fund may take into consideration the environmental, social and governance characteristics of portfolio companies in which it may invest, the Fund may select or exclude securities of certain issuers for reasons other than potential performance. The Fund’s consideration of ESG characteristics in making its investment decisions may reduce or increase the Fund’s exposure to certain issuers, industries, sectors, regions or countries or cause the Fund to forego certain investment opportunities which may lower the performance of the Fund as compared to funds that do not utilize these considerations. Consideration of ESG characteristics is qualitative and subjective by nature, and there is no guarantee that the criteria used by the Sub‑Advisor or any judgment exercised by the Sub‑Advisor will reflect the opinions of any particular investor. Although an investment by the Fund in a company may satisfy one or more ESG and sustainability factors in the view of the portfolio managers, there is no guarantee that such company actually promotes positive environmental, social or economic developments, and that same company may also fail to satisfy other ESG factors. In addition, the Sub‑Advisor may utilize third party data to evaluate ESG factors which may be incomplete or inaccurate and cause the Sub‑Advisor to incorrectly assess the ESG characteristics a security or issuer. Funds with ESG investment strategies are generally suited for long-term rather than short-term investors.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Geopolitical Events Risk.</span> The interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, trade disputes, supply chain disruptions, natural disasters, climate change and climate-related events, pandemics, epidemics, terrorism, international conflicts, cybersecurity events, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years may result in market volatility and may have long term effects on both the U.S. and global financial markets.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">U.S. Trade Policy Risk: </span>The<span style="font-weight: bold;"> </span>U.S. presidential administration has recently enacted significant new tariffs, and proposed to enact additional tariffs, on imports from certain countries, including China. Additionally, there has been ongoing discussion and commentary regarding potential significant</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; color: #000000; text-align: left;"> </td> <td style="width: 0.75pt;"> </td> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 9pt;">changes to U.S. trade policies, treaties and tariffs. There continues to exist significant uncertainty about the future relationship between the U.S. and other countries with respect to such trade policies, treaties and tariffs. These developments, or the perception that any of them could occur, may have a material adverse effect on global economic conditions and the stability of global financial markets, and may significantly reduce global trade and, in particular, trade between the impacted nations and the U.S. Any of these factors could depress economic activity and restrict a portfolio company’s access to suppliers or customers and have a material adverse effect on its business, financial condition or operations, which in turn could negatively impact the Fund.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;"></span><span style="font-weight: bold;"></span><span style="font-weight: bold;"></span><span style="font-weight: bold;"></span><span style="font-weight: bold;"></span><span style="font-weight: bold;"></span><span style="font-weight: bold;"></span><span style="font-weight: bold;"></span><span style="font-weight: bold;"></span><span style="font-weight: bold;">Sector Weightings Risk.</span><span style="font-weight: bold;"><span style="font-style: italic;"> </span></span>The Fund may from time to time emphasize investments in a particular sector as a result of the implementation of its principal investment strategies, although sector focus is not a principal investment strategy of the Fund. To the extent that the Fund emphasizes investments in a particular sector, the Fund has the potential to 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 a single sector. By focusing its investments in a particular sector, the Fund may potentially face more risks than if it were diversified broadly over numerous sectors.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7.5pt;"> </td> <td style="width: 7.5pt; vertical-align: top; text-align: left;"><span style="font-family: arial;"><sup style="font-size: 75%; vertical-align: top;"><span style="font-family: wingdings;">¡</span></sup> </span></td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-style: italic;">Consumer Discretionary Sector Risk.</span> The Fund may from time to time invest a significant portion of its assets in the consumer discretionary sector. The consumer discretionary sector may be affected by changes in domestic and international economies, exchange and interest rates, supply chains, competition, consumers’ disposable income, consumer preferences, social trends and marketing campaigns.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7.5pt;"> </td> <td style="width: 7.5pt; vertical-align: top; text-align: left;"><span style="font-family: arial;"><sup style="font-size: 75%; vertical-align: top;"><span style="font-family: wingdings;">¡</span></sup> </span></td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-style: italic;">Communications Sector Risk.</span> The Fund may from time to time invest a significant portion of its assets in the communications sector. Companies in the communications sector may be affected by competitive pressures (including innovation by competitors and pricing competition), substantial capital requirements, government regulation, revenues and earnings, obsolescence of communications products and services due to technological advancement, a potential decrease in the discretionary income of targeted individuals and fluctuating demand due to changing consumer tastes and interests.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Investment Selection Risk.</span> The Sub‑Advisor’s portfolio managers may select investments that underperform and investors’ Fund shares may decline in value. <span style="font-style: italic;"></span>This <span style="font-weight: bold;"></span>risk may be more <span style="font-weight: bold;"></span><span style="font-weight: bold;"></span><span style="font-weight: bold;"></span>significant <span style="font-weight: bold;"></span><span style="font-weight: bold;"></span><span style="font-weight: bold;"></span><span style="font-weight: bold;"></span><span style="font-weight: bold;"></span><span style="font-weight: bold;"></span><span style="font-weight: bold;"></span><span style="font-weight: bold;"></span><span style="font-weight: bold;"></span><span style="font-weight: bold;"></span><span style="font-weight: bold;"></span><span style="font-weight: bold;"></span><span style="font-weight: bold;"></span><span style="font-weight: bold;"></span><span style="font-style: italic;"></span><span style="font-style: italic;"></span><span style="font-style: italic;"></span><span style="font-style: italic;"></span><span style="font-style: italic;"></span><span style="font-weight: bold;"></span>when the Sub‑Advisor invests the Fund’s holdings in a limited number of securities, as may be the case with the Fund, because an individual holding can magnify the potential for gains and losses securities due to its proportional impact on the value of the Fund’s shares.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;"></span><span style="font-weight: bold;">Management Risk.</span> The Fund is actively-managed and may not meet its investment objective based on the portfolio managers’ success or failure to implement investment strategies for the Fund.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Large Shareholder Risk.</span> Certain shareholders may from time to time own a substantial amount of the shares of the Fund. In addition, a third party investor, the advisor or an affiliate of the advisor, an authorized participant, a market maker, or another entity may invest in the Fund and hold its investment for a limited period of time solely to facilitate commencement of the Fund or to facilitate the Fund’s achieving a specified size or scale. There can be no assurance that any large shareholder would not redeem its investment, that the size of the Fund would be maintained at such levels or that the Fund would continue to meet applicable listing requirements. Redemptions by large shareholders could have a significant negative impact on the Fund. In addition, transactions by large shareholders may account for a large percentage of the trading volume on the NYSE Arca and may, therefore, have a material upward or downward effect on the market price of the Fund’s shares.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Cybersecurity Risk. </span>With the increased use of technologies such as the Internet to conduct business, the Fund is susceptible to operational, information security, and related risks. Cyber incidents affecting the Fund or its service providers may cause disruptions and impact business operations, potentially resulting in financial losses, interference with the Fund’s ability to calculate its net asset value, impediments to trading, the inability of shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Operational Risk.</span> Operational risks include human error, changes in personnel, system changes, faults in communication, and failures in systems, technology, or processes. Various operational events or circumstances are outside the Advisor’s or the Sub‑Advisor’s control, including instances at third parties. The Fund, the Advisor and the Sub‑Advisor seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address these risks.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Regulatory Risk.</span> Governments, agencies or other regulatory bodies may adopt or change laws or regulations that could adversely affect the issuer, or market value, of an instrument held by the Fund or that could adversely impact the Fund’s performance.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Securities Lending Risk</span>: Securities lending involves possible delay in recovery of the securities or possible loss of rights in the collateral should the borrower fail financially. As a result, the value of the Fund’s shares may fall. The value of the Fund’s shares could also fall if a loan is called and the Fund is required to liquidate reinvested collateral at a loss or if the Fund is unable to reinvest cash collateral at rates which exceed the costs involved.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Settlement Risk.</span> Settlement and clearance procedures in certain foreign markets differ significantly from those in the United States. Foreign settlement procedures and trade regulations also may involve certain risks (such as delays in payment for or delivery of securities) not typically generated by the settlement of U.S. investments. If the Fund cannot settle or is delayed in settling a sale of securities, it may lose money if the</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; color: #000000; text-align: left;"> </td> <td style="width: 0.75pt;"> </td> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 9pt;">value of the security then declines or, if it has contracted to sell the security to another party, the Fund could be liable to that party for any losses incurred. Dividends or interest on, or proceeds from the sale of, foreign securities may be subject to foreign taxes on income from sources in such countries.</div> </td> </tr> </table> Performance <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;"><span style="font-weight: bold;"></span>The <span style="font-weight: bold;"></span><span style="font-weight: bold;"></span><span style="font-weight: bold;"></span><span style="font-weight: bold;"></span><span style="font-style: italic;"></span><span style="font-style: italic;"></span><span style="font-style: italic;"></span>following performance information provides some indication of the risks of investing in the Fund. The bar chart shows changes in the performance of the Fund from year to year. The table below shows how the Fund’s average annual total returns for the 1-year and since inception periods compare to those of a broad-based market index and an index of peer group mutual funds. Past performance, before and after taxes, does not necessarily indicate how the Fund will perform in the future. Updated performance information is available on the Fund’s website at www.imgp.com</div> The following performance information provides some indication of the risks of investing in the Fund. The bar chart shows changes in the performance of the Fund from year to year. The table below shows how the Fund’s average annual total returns for the 1-year and since inception periods compare to those of a broad-based market index and an index of peer group mutual funds. Past performance, before and after taxes, does not necessarily indicate how the Fund will perform in the future. www.imgp.com Polen Capital China Growth ETF Calendar Year Total Returns as of December 31 <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">During the period shown above, the highest and lowest quarterly returns earned by the Fund were:</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 100%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 19%;"></td> <td style="vertical-align: bottom; width: 1%;"></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 1%;"></td> <td style="vertical-align: bottom; width: 3%;"></td> <td style="width: 63%;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt; background-color: #cceeff;"> <td style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial; font-weight: bold;">Highest:</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"><span style="font-weight: bold;"> </span></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: right;"><span style="font-weight: bold;">13.60%</span></td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"><span style="font-weight: bold;"> </span></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"><span style="font-weight: bold;">Quarter ended September 30, 2025</span></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial; font-weight: bold;">Lowest:</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"><span style="font-weight: bold;"> </span></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: right;"><span style="font-weight: bold;">-7.47%</span></td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"><span style="font-weight: bold;"> </span></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"><span style="font-weight: bold;">Quarter ended December 31, 2025</span></td> </tr> </table> Highest: 0.1360 2025-09-30 Lowest: -0.0747 2025-12-31 Average Annual Total Returns (for the periods ended December 31, 2025) 2024-03-14 2024-03-14 2024-03-14 2024-03-14 2024-03-14 0.2183 0.1885 0.2105 0.1812 0.1325 0.1446 0.2894 0.2488 0.3046 0.2254 <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The Fund’s after‑tax returns as shown in the above table are calculated using the historical highest applicable individual federal marginal income tax rates for the period and do not reflect the impact of state and local taxes. Your actual after‑tax returns depend on your tax situation and may differ from those shown. If you own shares of the Fund in a tax‑deferred account, such as a 401(k) plan or an individual retirement account, after‑tax returns shown are not relevant to your investment. The after‑tax returns on distributions and sale of Fund shares may be higher than returns before taxes due to the effect of a tax benefit an investor may receive from the realization of capital losses that would have been incurred on the sale of Fund shares.</div> The Fund’s after‑tax returns as shown in the above table are calculated using the historical highest applicable individual federal marginal income tax rates for the period and do not reflect the impact of state and local taxes. Your actual after‑tax returns depend on your tax situation and may differ from those shown. If you own shares of the Fund in a tax‑deferred account, such as a 401(k) plan or an individual retirement account, after‑tax returns shown are not relevant to your investment. The after‑tax returns on distributions and sale of Fund shares may be higher than returns before taxes due to the effect of a tax benefit an investor may receive from the realization of capital losses that would have been incurred on the sale of Fund shares. Polen Capital International Growth ETF Summary Section Investment Objective <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The Polen Capital International Growth ETF (the “Fund”) seeks to achieve long-term growth of capital.</div> Fees and Expenses of the Fund <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. <span style="font-weight: bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</span></div> Annual Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0085 0.0000 0.0000 0.0085 Example <div style="margin-top: 2pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">This example is intended to help you compare the cost 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. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> 87 271 471 1049 Portfolio Turnover <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when shares of the Fund are held in a taxable account as compared to shares of investment companies that hold investments for a longer period. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 36% of the average value of its portfolio.</div> 0.36 Principal Strategies <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The Fund is a non‑diversified, actively-managed exchange-traded fund (“ETF”) that seeks to achieve its objective by investing a focused portfolio of approximately 25 to 35 common stocks of large capitalization companies (meaning companies with market</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">capitalizations greater than $10 billion at the time of purchase), including companies in both developed and emerging markets, that, in the opinion of Polen Capital Management, LLC, the sub‑advisor to the Fund (the “Sub‑Advisor”), have a sustainable competitive advantage. In addition, the Fund may from time to time purchase common stocks, including the common stock of medium capitalization companies (meaning market capitalizations greater than $2 billion but less than $10 billion at the time of purchase), if, in the Sub‑Advisor’s opinion, the stock represents a particularly attractive investment opportunity.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">Under normal market conditions, the Fund invests primarily in non‑U.S. equity securities. While under normal market conditions the Fund will invest in at least three different countries, the Sub‑Advisor anticipates that the Fund will ordinarily invest in approximately six or more countries. The specific allocation to U.S. and non‑U.S. securities will vary from time to time based on the Sub‑Advisor’s assessment of domestic and international market conditions. An issuer is considered to be “located” in a particular country on the basis of its domicile, its principal place of business or headquarters, its primary stock exchange listing, and/or the primary source of its revenues (i.e., at least 50% of its revenues are generated in that country). There is no minimum portion of the Fund’s assets required to be invested in any single country. Consistent with its investment criteria, the Fund may invest in equity securities of companies in emerging markets. An emerging market country is any country that is included in the MSCI Emerging Markets Index. An emerging market country includes any country that is included in the MSCI Emerging Markets Index, considered to be an emerging market country by the World Bank, the International Finance Corporation, or the United Nations, or other countries or markets that the Sub- Advisor identifies as having similar emerging markets characteristics Typically, emerging markets are in countries that are in the process of industrialization, with lower gross national products (GNP) than more developed countries.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The Fund invests in companies that the Sub‑Advisor believes have a sustainable competitive advantage within an industry with high barriers to entry. Industries with high barriers to entry include those that are dependent on large amounts of capital investment, government approval of products or services, large-scale distribution systems, and/or patents and other intellectual property. In selecting investments for the Fund, the Sub‑Advisor uses an intensive fundamental research process to identify companies that it believes have certain attractive characteristics, which typically reflect an underlying sustainable competitive advantage. Those characteristics include: (i) consistent and sustainable high return on capital, (ii) strong earnings growth and free cash flow generation, (iii) strong balance sheets and (iv) competent and shareholder-oriented management teams.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The Sub‑Advisor believes that consistent earnings growth is the primary driver of intrinsic value growth and long-term stock price appreciation. Accordingly, the Sub‑Advisor focuses on identifying and investing in a concentrated portfolio of high-quality large capitalization growth companies that it believes has a competitive advantage and can deliver sustainable, above-average earnings growth. The Sub‑Advisor integrates material environmental,</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">social, and governance (ESG) factors into research analysis as part of a comprehensive evaluation of a company’s long-term financial sustainability. The Sub‑Advisor utilizes an ESG framework that assesses how a company serves its key stakeholders, including employees, customers, shareholders, suppliers and other business partners, and the environment. All business issues studied as part of its investment process, including those classified by the Sub‑Advisor as material ESG issues, are considered as part of the Sub‑Advisor’s holistic assessment of the investment case for each company in the portfolio and its ability to meet the Sub‑Advisor’s return expectations. The Sub‑Advisor believes that such companies not only have the potential to contribute greater returns to the Fund, but also may hold less risk of loss of capital. The Sub‑Advisor may still make an investment even if it fails to satisfy the Sub‑Advisor’s ESG factors.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The Fund is non‑diversified, which means that a significant portion of the Fund’s assets may be invested in the securities of a single or small number of companies and/or in a more limited number of sectors than a diversified mutual fund. Although the Fund may not “concentrate” (invest 25% or more of its net assets) in any industry, the Fund may focus its investments from time to time in one or more sectors of the economy or stock market, including, but not limited to, the technology sector. The extent of the Fund’s focus on certain sectors will change over time and may shift to other sectors, based on the Sub‑Advisor’s ongoing evaluation of the Fund’s holdings and of potential investments that meet the Fund’s investment mandate. The Fund will usually sell a security if, in the view of the Sub‑Advisor, there is a potential threat to the company’s competitive advantage or a degradation in its prospects for strong, long-term earnings growth. The Sub‑Advisor may also sell a security if the Sub‑Advisor believes it to be overvalued or if a more attractive investment opportunity exists. Securities may also be sold if they underperform or to implement a revised allocation based on a modified view of market conditions or to invest in cash and cash equivalents. Although the Sub‑Advisor may purchase and then sell a security in a shorter period of time, the Sub‑Advisor typically invests in securities with the expectation of holding those investments on a long term basis.</div> As with all exchange-traded funds, it is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not guaranteed, endorsed or insured by any financial institution, government authority or the Federal Deposit Insurance Corporation (FDIC). <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Equity Securities Risk</span>. This is the risk that the value of equity securities may fluctuate, sometimes rapidly and unpredictably, due to factors affecting the general market, an entire industry or sector, or particular companies. These factors include, without limitation, adverse changes in economic conditions, the general</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7.5pt;"> </td> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 9pt;">outlook for corporate earnings, interest rates or investor sentiment; increases in production costs; and significant management decisions.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Foreign Investment Risk.</span> This is the risk that an investment in foreign (non‑U.S.) securities may cause the Fund to experience more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to, among other factors, less publicly available information, less stringent and less uniform accounting, auditing and financial reporting standards, less liquid and more volatile markets, higher transaction and custody costs, additional taxes, less investor protection, delayed or less frequent settlement, political or social instability, civil unrest, acts of terrorism, regional economic volatility, and the imposition of sanctions, confiscations, trade restrictions (including tariffs) and other government restrictions by the United States and/or other governments.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Currency Risk</span>. This is the risk that foreign currencies will decline in value relative to the U.S. dollar and affect the Fund’s investments in foreign (non‑U.S.) currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign (non‑U.S.) currencies.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Europe Investing Risk.</span> The Fund may invest a significant portion of its assets in issuers based in Western Europe and the United Kingdom (“UK”). The economies of countries in Europe are often closely connected and interdependent, and events in one country in Europe can have an adverse impact on other European countries. Efforts by the member countries of the European Union (“EU”) to continue to unify their economic and monetary policies may increase the potential for similarities in the movements of European markets and reduce the potential investment benefits of diversification within the region. However, the substance of these policies may not address the needs of all European economies. European financial markets have in recent years experienced increased volatility due to concerns with some countries’ high levels of sovereign debt, budget deficits and unemployment. Markets have also been affected by the decision by the UK to withdraw from the EU (an event commonly known as “Brexit”). There continues to be uncertainty surrounding the ultimate impact of Brexit on the UK, the EU and the broader global economy. An exit by any member countries from the EU or the Economic and Monetary Union of the EU, or even the prospect of such an exit, could lead to increased volatility in European markets and negatively affect investments both in issuers in the exiting country and throughout Europe.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Emerging Markets Risk.</span> This is the risk that the value of the Fund’s emerging markets investments will decline due to the greater degree of economic, political and social instability of emerging or developing countries as compared to developed countries. Investments in emerging market countries are subject to substantial risks due to, among other factors, different accounting standards and thinner trading markets as compared to those in developed countries; less publicly available and reliable information about issuers as compared to developed markets; the possibility of currency transfer restrictions; and the risk of expropriation, nationalization or other adverse political, economic or social developments.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Country/Regional Risk.</span> This is the risk that world events – such as political upheaval, financial troubles, or natural disasters will adversely affect the value of securities issued by companies in foreign countries or regions. Because the Fund may invest a large portion of its assets in securities of companies located in any one country or region, including emerging markets, the Fund’s performance may be hurt disproportionately by the poor performance of its investments in that area. Country/regional risk is heightened in emerging markets.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Growth Investing Risk.</span> Growth stocks, as a group, may be out of favor with the market and underperform value stocks or the overall equity market. Growth stocks are generally more sensitive to market movements than other types of stocks primarily because their prices are based heavily on the future expectations of the economy and the stock’s issuing company.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Large-Capitalization Investing Risk</span>. The Fund may invest in the securities of large-capitalization companies. As a result, the Fund’s performance may be adversely affected if securities of these companies underperform securities of smaller capitalization companies or the market as a whole. Large-capitalization companies may adapt more slowly to new competitive challenges and be subject to slower growth during times of economic expansion.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Mid‑Sized Companies Risk.</span> The Fund may invest a portion of its assets in the securities of midsized companies. Securities of these companies are generally more volatile and less liquid than the securities of large‑cap companies. This is because mid‑cap companies may be more reliant on a few products, services or key personnel than large‑cap companies, which can make it riskier than investing in larger companies with more diverse product lines and structured management.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Market Risk.</span> The value of the Fund’s shares will fluctuate based on the performance of the Fund’s investments and other factors affecting the securities markets generally. Certain investments selected for the Fund’s portfolio may be worth less than the price originally paid for them, or less than they were worth at an earlier time. The value of the Fund’s investments may go up or down, sometimes dramatically and unpredictably, based on current market conditions, such as real or perceived adverse political or economic conditions, tariffs, inflation, changes in interest rates, lack of liquidity in the fixed income markets or adverse investor sentiment. <span style="font-weight: bold;"></span><span style="font-weight: bold;"></span><span style="font-weight: bold;"></span><span style="font-weight: bold;"></span><span style="font-weight: bold;"></span></td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Non‑Diversified Fund Risk.</span> Because the Fund is “non‑diversified,” it may invest a greater percentage of its assets in the securities of a single issuer. As a result, a decline in the value of an investment in a single issuer could cause the Fund’s overall value to decline to a greater degree than if the Fund held a more diversified portfolio.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">New Fund Risk.</span> The Fund is recently formed and has limited operating history for investors to evaluate. Its performance may not represent how the Fund is expected to or may perform in the long term. In addition, new funds may not attract sufficient assets to achieve investment and trading efficiencies.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">ESG Investing Risk:</span> Because the Fund may take into consideration the environmental, social and governance characteristics of portfolio companies in which it may invest,</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; color: #000000; text-align: left;"> </td> <td style="width: 0.75pt;"> </td> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 9pt;">the Fund may select or exclude securities of certain issuers for reasons other than potential performance. The Fund’s consideration of ESG characteristics in making its investment decisions may reduce or increase the Fund’s exposure to certain issuers, industries, sectors, regions or countries or cause the Fund to forego certain investment opportunities which may lower the performance of the Fund as compared to funds that do not utilize these considerations. Consideration of ESG characteristics is qualitative and subjective by nature, and there is no guarantee that the criteria used by the Sub‑Advisor or any judgment exercised by the Sub‑Advisor will reflect the opinions of any particular investor. Although an investment by the Fund in a company may satisfy one or more ESG and sustainability factors in the view of the portfolio managers, there is no guarantee that such company actually promotes positive environmental, social or economic developments, and that same company may also fail to satisfy other ESG factors. In addition, the Sub‑Advisor may utilize third party data to evaluate ESG factors which may be incomplete or inaccurate and cause the Sub‑Advisor to incorrectly assess the ESG characteristics a security or issuer. Funds with ESG investment strategies are generally suited for long-term rather than short-term investors.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Geopolitical Events Risk.</span> The interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, trade disputes, supply chain disruptions, natural disasters, climate change and climate-related events, pandemics, epidemics, terrorism, international conflicts, cybersecurity events, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years may result in market volatility and may have long term effects on both the U.S. and global financial markets.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">U.S. Trade Policy Risk: </span>The<span style="font-weight: bold;"> </span>U.S. presidential administration has recently enacted significant new tariffs, and proposed to enact additional tariffs, on imports from certain countries. Additionally, there has been ongoing discussion and commentary regarding potential significant changes to U.S. trade policies, treaties and tariffs. There continues to exist significant uncertainty about the future relationship between the U.S. and other countries with respect to such trade policies, treaties and tariffs. These developments, or the perception that any of them could occur, may have a material adverse effect on global economic conditions and the stability of global financial markets, and may significantly reduce global trade and, in particular, trade between the impacted nations and the U.S. Any of these factors could depress economic activity and restrict a portfolio company’s access to suppliers or customers and have a material adverse effect on its business, financial condition or operations, which in turn could negatively impact the Fund.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 9pt; text-align: left;"><span style="font-weight: bold;">Sector Weightings Risk.</span><span style="font-weight: bold;"> </span>The Fund may from time to time emphasize investments in a particular sector as a result of the</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; color: #000000; text-align: left;"> </td> <td style="width: 0.75pt;"> </td> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 9pt;">implementation of its principal investment strategies. To the extent that the Fund emphasizes investments in a particular sector, the Fund has the potential to 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 a single sector. By focusing its investments in a particular sector, the Fund may potentially face more risks than if it were diversified broadly over numerous sectors.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7.5pt;"> </td> <td style="width: 7.5pt; vertical-align: top; text-align: left;"><span style="font-family: arial;"><sup style="font-size: 75%; vertical-align: top;"><span style="font-family: wingdings;">¡</span></sup> </span></td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-style: italic;">Technology Sector Risk.</span> The Fund may from time to time invest a significant portion of its assets in the technology sector as a result of the implementation of its principal investment strategies. Technology companies face competition and potentially rapid product obsolescence. They are also heavily dependent on intellectual property rights and may be adversely affected by the loss or impairment of those rights. Companies in the technology sector are facing increased government and regulatory scrutiny and may be subject to adverse government or regulatory action. Companies in the software industry may be adversely affected by, among other things, the decline or fluctuation of subscription renewal rates for their products and services and actual or perceived vulnerabilities in their products or services. To the extent that the Fund emphasizes investments in the technology sector, the Fund has the potential to be subject to a greater degree to the risks particular to this sector.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7.5pt;"> </td> <td style="width: 7.5pt; vertical-align: top; text-align: left;"><span style="font-family: arial;"><sup style="font-size: 75%; vertical-align: top;"><span style="font-family: wingdings;">¡</span></sup> </span></td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-style: italic;">Financial Sector Risk</span>. The Fund may from time to time invest a significant portion of its assets in the financial sector and, therefore, the performance of the Fund could be negatively impacted by events affecting this sector, including changes in interest rates, government regulation, the rate of defaults on corporate, consumer and government debt and the availability and cost of capital.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">ETF Risks.</span> The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks:</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7.5pt;"> </td> <td style="width: 7.5pt; vertical-align: top; text-align: left;"><span style="font-family: arial;"><sup style="font-size: 75%; vertical-align: top;"><span style="font-family: wingdings;">¡</span></sup> </span></td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-style: italic;">Authorized Participants, Market Makers, and Liquidity Providers Limitation Risk.</span> The Fund has a limited number of financial institutions that may act as Authorized Participants (“APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of the Fund (“Shares”) may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7.5pt;"> </td> <td style="width: 7.5pt; vertical-align: top; text-align: left;"><span style="font-family: arial;"><sup style="font-size: 75%; vertical-align: top;"><span style="font-family: wingdings;">¡</span></sup> </span></td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-style: italic;">Cash Redemption Risk.</span> The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. The Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in‑kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in‑kind redemption process was used.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7.5pt;"> </td> <td style="width: 7.5pt; vertical-align: top; text-align: left;"><span style="font-family: arial;"><sup style="font-size: 75%; vertical-align: top;"><span style="font-family: wingdings;">¡</span></sup> </span></td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-style: italic;">Costs of Buying or Selling Shares.</span> Due to the costs of buying or selling Shares, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7.5pt;"> </td> <td style="width: 7.5pt; vertical-align: top; text-align: left;"><span style="font-family: arial;"><sup style="font-size: 75%; vertical-align: top;"><span style="font-family: wingdings;">¡</span></sup> </span></td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-style: italic;">Shares May Trade at Prices Other Than NAV.</span> As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra‑day (premium) or less than the NAV intra‑day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility and volatility in the Fund’s portfolio holdings, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant. If an investor purchases Shares at a time when the market price is at a premium to the NAV of the Shares or sells at a time when the market price is at a discount to the NAV of the Shares, then the investor may sustain losses that are in addition to any losses caused by a decrease in NAV.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7.5pt;"> </td> <td style="width: 7.5pt; vertical-align: top; text-align: left;"><span style="font-family: arial;"><sup style="font-size: 75%; vertical-align: top;"><span style="font-family: wingdings;">¡</span></sup> </span></td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-style: italic;">Trading.</span> Although Shares are listed for trading on a national securities exchange, and may be traded on other U.S. exchanges, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Shares.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Investment Selection Risk.</span> The Sub‑Advisor’s portfolio managers may select investments that underperform and investors’ Fund shares may decline in value. This risk may be more significant when the Sub-Advisor invests the Fund’s holdings in a limited number of securities, as may be the case with the Fund, because an individual holding can magnify the potential for gains and losses securities due to its proportional impact on the value of the Fund’s shares.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;"></span><span style="font-weight: bold;">Management Risk.</span> The Fund is actively-managed and may not meet its investment objective based on the portfolio managers’ success or failure to implement investment strategies for the Fund.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 9pt; text-align: left;"><span style="font-weight: bold;">Large Shareholder Risk.</span> Certain shareholders may from time to time own a substantial amount of the shares of the Fund. In addition, a third party investor, the advisor or an affiliate of the advisor, an authorized participant, a market maker, or another entity may invest in the Fund and hold its investment for a limited period of time solely to facilitate commencement of the Fund or to facilitate the Fund’s achieving a specified size or scale. There can be no assurance that any large shareholder would not redeem its investment, that the size of the Fund would be maintained at such levels or that the Fund would continue to meet applicable listing requirements. Redemptions by large shareholders could have a significant negative impact on the Fund. In addition, transactions by large shareholders may account for a large percentage of the trading volume on</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7.5pt;"> </td> <td style="vertical-align: top;">the NYSE Arca and may, therefore, have a material upward or downward effect on the market price of the Fund’s shares.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Cybersecurity Risk.</span> With the increased use of technologies such as the Internet to conduct business, the Fund is susceptible to operational, information security, and related risks. Cyber incidents affecting the Fund or its service providers may cause disruptions and impact business operations, potentially resulting in financial losses, interference with the Fund’s ability to calculate its net asset value, impediments to trading, the inability of shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Operational Risk.</span> Operational risks include human error, changes in personnel, system changes, faults in communication, and failures in systems, technology, or processes. Various operational events or circumstances are outside the Advisor’s or the Sub‑Advisor’s control, including instances at third parties. The Fund, the Advisor and the Sub‑Advisor seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address these risks.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Regulatory Risk.</span> Governments, agencies or other regulatory bodies may adopt or change laws or regulations that could adversely affect the issuer, or market value, of an instrument held by the Fund or that could adversely impact the Fund’s performance.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Settlement Risk.</span> Settlement and clearance procedures in certain foreign markets differ significantly from those in the United States. Foreign settlement procedures and trade regulations also may involve certain risks (such as delays in payment for or delivery of securities) not typically generated by the settlement of U.S. investments. If the Fund cannot settle or is delayed in settling a sale of securities, it may lose money if the value of the security then declines or, if it has contracted to sell the security to another party, the Fund could be liable to that party for any losses incurred. Dividends or interest on, or proceeds from the sale of, foreign securities may be subject to foreign taxes on income from sources in such countries.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 6.75pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Securities Lending Risk</span>: Securities lending involves possible delay in recovery of the securities or possible loss of rights in the collateral should the borrower fail financially. As a result, the value of the Fund’s shares may fall. The value of the Fund’s shares could also fall if a loan is called and the Fund is required to liquidate reinvested collateral at a loss or if the Fund is unable to reinvest cash collateral at rates which exceed the costs involved.</td> </tr> </table> Performance <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The <span style="font-style: italic;"></span>following performance information provides some indication of the risks of investing in the Fund. The bar chart shows changes in the performance of the Fund from year to year. The table below shows how the Fund’s average annual total returns for the 1-year and since inception periods compare to those of a broad-based</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">market index and an index of peer group mutual funds. Past performance, before and after taxes, does not necessarily indicate how the Fund will perform in the future. Updated performance information is available on the Fund’s website at www.imgp.com</div> The following performance information provides some indication of the risks of investing in the Fund. The bar chart shows changes in the performance of the Fund from year to year. The table below shows how the Fund’s average annual total returns for the 1-year and since inception periods compare to those of a broad-basedmarket index and an index of peer group mutual funds. Past performance, before and after taxes, does not necessarily indicate how the Fund will perform in the future. www.imgp.com Polen Capital International Growth ETF Calendar Year Total Returns as of December 31 <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">During the period shown above, the highest and lowest quarterly returns earned by the Fund were:</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 100%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 19%;"></td> <td style="vertical-align: bottom; width: 1%;"></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 1%;"></td> <td style="vertical-align: bottom; width: 3%;"></td> <td style="width: 63%;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt; background-color: #cceeff;"> <td style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial; font-weight: bold;">Highest:</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"><span style="font-weight: bold;"> </span></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: right;"><span style="font-weight: bold;">7.42%</span></td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"><span style="font-weight: bold;"> </span></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"><span style="font-weight: bold;">Quarter ended June 30, 2025</span></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial; font-weight: bold;">Lowest:</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"><span style="font-weight: bold;"> </span></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: right;"><span style="font-weight: bold;">-4.69%</span></td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"><span style="font-weight: bold;"> </span></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"><span style="font-weight: bold;">Quarter ended September 30, 2025</span></td> </tr> </table> Highest: 0.0742 2025-06-30 Lowest: -0.0469 2025-09-30 Average Annual Total Returns (for the periods ended December 31, 2025) 2024-03-14 2024-03-14 2024-03-14 2024-03-14 2024-03-14 0.0004 -0.0451 0.0007 -0.0450 0.0011 -0.0335 0.3239 0.1780 0.1945 0.0968 <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The Fund’s after‑tax returns as shown in the above table are calculated using the historical highest applicable individual federal marginal income tax rates for the period and do not reflect the impact of state and local taxes. Your actual after‑tax returns depend on your tax situation and may differ from those shown. If you own shares of the Fund in a tax‑deferred account, such as a 401(k) plan or an individual retirement account, after‑tax returns shown are not relevant to your investment. The after‑tax returns on distributions and sale of Fund shares may be higher than returns before taxes due to the effect of a tax benefit an investor may receive from the realization of capital losses that would have been incurred on the sale of Fund shares.</div> The Fund’s after‑tax returns as shown in the above table are calculated using the historical highest applicable individual federal marginal income tax rates for the period and do not reflect the impact of state and local taxes. Your actual after‑tax returns depend on your tax situation and may differ from those shown. If you own shares of the Fund in a tax‑deferred account, such as a 401(k) plan or an individual retirement account, after‑tax returns shown are not relevant to your investment. The after‑tax returns on distributions and sale of Fund shares may be higher than returns before taxes due to the effect of a tax benefit an investor may receive from the realization of capital losses that would have been incurred on the sale of Fund shares. Secondary benchmark index that the Advisor believes more closely reflects the market segments in which the Low Duration Income Fund invests. iM Global Partner Fund Management, LLC, (formerly, Litman Gregory Fund Advisors, LLC) (“iM Global” or the “Advisor”), the advisor to the Small Company Fund, has contractually agreed to limit the Small Company Fund’s operating expenses (excluding any taxes, interest, brokerage commissions, borrowing costs, dividend expenses, acquired fund fees and expenses and extraordinary expenses) through April 30, 2027 to an annual rate of 1.15% for the Institutional Class (the “Operating Expense Limitation”). This agreement may be renewed for additional periods not exceeding one (1) year and may be terminated by the Board of Trustees (the “Board”) of Litman Gregory Funds Trust (the “Trust”) upon sixty (60) days’ written notice to iM Global. iM Global may also decline to renew this agreement by written notice to the Trust at least thirty (30) days before the renewal date. Pursuant to this agreement, iM Global may recoup reduced fees and expenses only within three (3) years from the end of the month in which the reimbursement took place, provided that the recoupment does not cause the Fund’s annual expense ratio to exceed the lesser of (i) the expense limitation applicable at the time of that fee waiver and/or expense reimbursement or (ii) the expense limitation in effect at the time of recoupment. Pursuant to a contractual operating expense limitation between iM Global Partner Fund Management, LLC (formerly, Litman Gregory Fund Advisors, LLC) (“iM Global” or the “Advisor”), the advisor to the Dolan McEniry Core Plus Fund, and the Dolan McEniry Core Plus Fund, iM Global has agreed to waive its management fees and/or reimburse the Dolan McEniry Core Plus Fund to ensure that the Total Annual Fund Operating Expenses (excluding any front‑end or contingent deferred loads, Rule 12b‑1 plan fees, shareholder servicing plan fees, taxes, leverage (i.e., any expenses incurred in connection with borrowings made by the Fund), interest (including interest incurred in connection with bank and custody overdrafts), brokerage commissions and other transactional expenses incurred in connection with any merger or reorganization, dividends or interest on short positions, acquired fund fees and expenses or extraordinary expenses such as litigation (collectively, “Excludable Expenses”)) do not exceed 0.62% of the Dolan McEniry Core Plus Fund’s average daily net assets through April 30, 2027 for the Institutional Class shares. To the extent the Dolan McEniry Core Plus Fund incurs Excludable Expenses, Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement will exceed 0.62%. This agreement may be renewed for additional periods of one (1) year and may be terminated by the Board of Trustees (the “Board”) of Litman Gregory Funds Trust (the “Trust”) upon sixty (60) days’ written notice to iM Global. iM Global may also decline to renew this agreement by written notice to the Trust at least thirty (30) days before the renewal date. Pursuant to this agreement, iM Global may recoup reduced fees and expenses only within three years from the end of the month in which the reimbursement took place, provided that the recoupment does not cause the Fund’s annual expense ratio to exceed the lesser of: (1) the expense limitation in place at the time of the waiver and/or expense reimbursement; or (2) the expense limitation in place at the time of the recoupment. Returns of the Institutional Class are those of the Institutional Class of the Predecessor Fund, for periods prior to September 20, 2021. The Fund’s Rule 12b‑1 Plan is authorized but inactive, such that no related fees accrue to the Fund. The Fund’s Rule 12b‑1 Plan is authorized but inactive, such that no related fees accrue to the Fund. The Fund’s Rule 12b‑1 Plan is authorized but inactive, such that no related fees accrue to the Fund. The Fund’s Rule 12b‑1 Plan is authorized but inactive, such that no related fees accrue to the Fund. The Fund’s Rule 12b‑1 Plan is authorized but inactive, such that no related fees accrue to the Fund. iM Global Partner Fund Management, LLC (formerly, Litman Gregory Fund Advisors, LLC (“iM Global” or the “Advisor”), the advisor to the International Fund, has contractually agreed, through April 30, 2027, to waive a portion of its advisory fees so that after paying all of the sub‑advisory fees, the net advisory fee as a percentage of the International Fund’s daily net assets retained by iM Global is 0.40% on the first $1 billion of the International Fund’s assets and 0.30% on assets over $1 billion. This agreement may be terminated at any time by the Board of Trustees (the “Board”) of the Litman Gregory Funds Trust (the “Trust”) upon sixty (60) days’ written notice to iM Global, and iM Global may decline to renew this agreement by written notice to the Trust at least thirty (30) days before the agreement’s annual expiration date. iM Global has waived its right to receive reimbursement of the portion of its advisory fees waived pursuant to this agreement. iM Global Partner Fund Management, LLC (formerly, Litman Gregory Fund Advisors, LLC) (“iM Global” or the “Advisor”), the advisor to the Global Select Fund, has contractually agreed to limit the Fund’s operating expenses (excluding any taxes, interest, brokerage commissions, borrowing costs, dividend expenses, acquired fund fees and expenses and extraordinary expenses such as but not limited to litigation costs) through April 30, 2027 to an annual rate of 0.98%% on the first $750 million of the Global Select Fund’s assets (the “Operating Expense Limitation”). This agreement may be renewed for additional periods not exceeding one (1) year and may be terminated by the Board of Trustees (the “Board”) of Litman Gregory Funds Trust (the “Trust”) upon sixty (60) days’ written notice to iM Global. iM Global may also decline to renew this agreement by written notice to the Trust at least thirty (30) days before the renewal date. Pursuant to this agreement, iM Global may recoup reduced fees and expenses only within three years from the end of the month in which the reimbursement took place, provided that the recoupment does not cause the Fund’s annual expense ratio to exceed the lesser of (i) the expense limitation applicable at the time of that fee waiver and/or expense reimbursement or (ii) the expense limitation in effect at the time of recoupment. iM Global has separately contractually agreed through April 30, 2027 to waive a portion of its advisory fees so that after paying all of the sub‑advisory fees, the net advisory fee as a percentage of the Fund’s daily net assets retained by iM Global is 0.40% on the first $750 million of assets and 0.30% on assets over $750 million. This agreement may be terminated at any time by the Board of the Trust upon sixty (60) days’ written notice to iM Global, and iM Global may decline to renew this agreement by written notice to the Trust at least thirty (30) days before the agreement’s annual expiration date. iM Global has waived its right to receive reimbursement of the portion of its advisory fees waived pursuant to this agreement. iM Global Partner Fund Management, LLC (“iM Global” or the “Advisor”), the advisor to the APA Enhanced Income Municipal Fund, has contractually agreed to limit the Fund’s operating expenses (excluding any taxes, interest, brokerage commissions, borrowing costs, dividend expenses, acquired fund fees and expenses and extraordinary expenses) through April 30, 2027 to an annual rate of 0.59% for the Institutional Class (the “Operating Expense Limitation”). This agreement may be renewed for additional periods not exceeding one (1) year and may be terminated by the Board of Trustees (the “Board”) of Litman Gregory Funds Trust (the “Trust”) upon sixty (60) days’ written notice to iM Global. iM Global may also decline to renew this agreement by written notice to the Trust at least thirty (30) days before the renewal date. Pursuant to this agreement, iM Global may recoup reduced fees and expenses only within three years from the end of the month in which the reimbursement took place, provided that the recoupment does not cause the APA Enhanced Income Municipal Fund’s annual expense ratio to exceed the lesser of (i) the expense limitation applicable at the time of that fee waiver and/or expense reimbursement or (ii) the expense limitation in effect at the time of recoupment. Secondary benchmark index that the Advisor believes more closely reflects the market segments in which the APA Enhanced Income Municipal Fund invests. iM Global Partner Fund Management, LLC (formerly, Litman Gregory Fund Advisors, LLC) (“iM Global” or the “Advisor”), the advisor to the Low Duration Income Fund, has contractually agreed to limit the Low Duration Income Fund’s operating expenses (excluding any taxes, interest, brokerage commissions, borrowing costs, dividend expenses, acquired fund fees and expenses and extraordinary expenses such as but not limited to litigation costs) through April 30, 2027 to an annual rate of 0.98% for the Institutional Class (the “Operating Expense Limitation”). This agreement may be renewed for additional periods not exceeding one (1) year and may be terminated by the Board of Trustees (the “Board”) of Litman Gregory Funds Trust (the “Trust”) upon sixty (60) days’ written notice to iM Global. iM Global may also decline to renew this agreement by written notice to the Trust at least thirty (30) days before the renewal date. Pursuant to this agreement, iM Global may recoup reduced fees and expenses only within three years from the end of the month in which the reimbursement took place, provided that the recoupment does not cause the Low Duration Income Fund’s annual expense ratio to exceed the lesser of (i) the expense limitation applicable at the time of that fee waiver and/or expense reimbursement or (ii) the expense limitation in effect at the time of recoupment. iM Global has separately contractually agreed through April 30, 2027, to waive a portion of its advisory fees so that after paying all of the sub‑advisory fees, the net advisory fee as a percentage of the Low Duration Fund’s daily net assets retained by iM Global is 0.40% on the first $1 billion of assets, 0.375% on the next $1 billion of assets, 0.35% on the next $1 billion of assets, 0.325% on the next $1 billion of assets and 0.30% on assets in excess of $4 billion. This agreement may be terminated at any time by the Board of the Trust upon sixty (60) days’ written notice to iM Global, and iM Global may decline to renew this agreement at its expiration on April 30, 2026 by written notice to the Trust at least thirty (30) days before the agreement’s annual expiration date. iM Global has waived its right to receive reimbursement of the portion of its advisory fees waived pursuant to this advisory fee waiver agreement.