0001552947 2025-11-26 2025-11-26 0001552947 trst:S000079253Member 2025-11-26 2025-11-26 0001552947 trst:S000079253Member trst:MarketRiskMember 2025-11-26 2025-11-26 0001552947 trst:S000079253Member trst:MarketEventsRiskMember 2025-11-26 2025-11-26 0001552947 trst:S000079253Member trst:ManagementRiskMember 2025-11-26 2025-11-26 0001552947 trst:S000079253Member trst:SmallCapCompaniesRiskMember 2025-11-26 2025-11-26 0001552947 trst:S000079253Member trst:EquitySecuritiesRiskMember 2025-11-26 2025-11-26 0001552947 trst:S000079253Member trst:ValueStyleInvestingRiskMember 2025-11-26 2025-11-26 0001552947 trst:S000079253Member trst:CashPositionsRiskMember 2025-11-26 2025-11-26 0001552947 trst:S000079253Member trst:CybersecurityRiskMember 2025-11-26 2025-11-26 0001552947 trst:S000079253Member trst:ForeignNonUSInvestmentRiskMember 2025-11-26 2025-11-26 0001552947 trst:S000079253Member trst:GapRiskMember 2025-11-26 2025-11-26 0001552947 trst:S000079253Member trst:GeographicRiskMember 2025-11-26 2025-11-26 0001552947 trst:S000079253Member trst:IssuerSpecificRiskMember 2025-11-26 2025-11-26 0001552947 trst:S000079253Member trst:LiquidityRiskMember 2025-11-26 2025-11-26 0001552947 trst:S000079253Member trst:MoneyMarketFundRiskMember 2025-11-26 2025-11-26 0001552947 trst:S000079253Member trst:NewFundRiskMember 2025-11-26 2025-11-26 0001552947 trst:S000079253Member trst:PortfolioTurnoverRiskMember 2025-11-26 2025-11-26 0001552947 trst:S000079253Member trst:SectorRiskMember 2025-11-26 2025-11-26 0001552947 trst:S000079253Member trst:ConsumerDiscretionarySectorRiskMember 2025-11-26 2025-11-26 0001552947 trst:S000079253Member trst:FinancialsSectorRiskMember 2025-11-26 2025-11-26 0001552947 trst:S000079253Member trst:IndustrialsSectorRiskMember 2025-11-26 2025-11-26 0001552947 trst:S000079253Member trst:SecuritiesLendingRiskMember 2025-11-26 2025-11-26 0001552947 trst:S000079253Member trst:USGovernmentSecuritiesRiskMember 2025-11-26 2025-11-26 0001552947 trst:S000079253Member trst:ValuationRiskMember 2025-11-26 2025-11-26 0001552947 trst:S000079253Member trst:VolatilityRiskMember 2025-11-26 2025-11-26 0001552947 trst:S000079253Member trst:C000240224Member 2025-11-26 2025-11-26 0001552947 trst:S000079253Member trst:C000240224Member 2023-01-01 2023-12-31 0001552947 trst:S000079253Member trst:C000240224Member 2024-01-01 2024-12-31 0001552947 trst:S000079253Member trst:C000240224Member 2022-12-28 2024-12-31 0001552947 trst:S000079253Member trst:C000240224Member oef:AfterTaxesOnDistributionsMember 2024-01-01 2024-12-31 0001552947 trst:S000079253Member trst:C000240224Member oef:AfterTaxesOnDistributionsMember 2022-12-28 2024-12-31 0001552947 trst:S000079253Member trst:C000240224Member oef:AfterTaxesOnDistributionsAndSalesMember 2024-01-01 2024-12-31 0001552947 trst:S000079253Member trst:C000240224Member oef:AfterTaxesOnDistributionsAndSalesMember 2022-12-28 2024-12-31 0001552947 trst:S000079253Member trst:Russell2000ValueTotalReturnIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2024-01-01 2024-12-31 0001552947 trst:S000079253Member trst:Russell2000ValueTotalReturnIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2022-12-28 2024-12-31 0001552947 trst:S000079253Member trst:SAndP500TotalReturnIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2024-01-01 2024-12-31 0001552947 trst:S000079253Member trst:SAndP500TotalReturnIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2022-12-28 2024-12-31 iso4217:USD shares iso4217:USD shares pure false 485BPOS 2025-07-31 0001552947 2023-12-31 2023-09-30 2025-11-26 N-1A TWO ROADS SHARED TRUST 2025-11-30 2025-11-30 HUNTER SMALL CAP VALUE FUND Investment Objective: <p id="xdx_A83_eoef--ObjectivePrimaryTextBlock_zWwycLmR1Iab" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Hunter Small Cap Value Fund (the “Fund”) seeks capital appreciation. There is no guarantee that the Fund will meet its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Fees and Expenses of the Fund: <p id="xdx_A83_eoef--ExpenseNarrativeTextBlock_zp8awoUf6nha" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A8D_eoef--AnnualFundOperatingExpensesTableTextBlock_z2Th3z7Mdj76"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_znxpiD8myM0l" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 90%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #D9D9D9"> <td style="border: Black 1pt solid; padding: 1pt 5.4pt; font: 10pt Times New Roman, Times, Serif; width: 75%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Annual Fund Operating Expenses<br/> (expenses that you pay each year as a <br/> percentage of the value of your investment)</b></span></td> <td id="xdx_49B_20251126__20251126__dei--LegalEntityAxis__custom--S000079253Member__oef--ClassAxis__custom--C000240224Member_zCOQG80jxmVg" style="border-top: Black 1pt solid; padding: 1pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 15%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Class I</b></span></td></tr> <tr id="xdx_404_eoef--ManagementFeesOverAssets_dpn_zcyTZa6ipgNl" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; padding: 1pt 5.4pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management Fees</span></td> <td style="border-right: Black 1pt solid; padding: 1pt 5.4pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.95%</span></td></tr> <tr id="xdx_40B_eoef--DistributionAndService12b1FeesOverAssets_dpn_zMbQNMFr7mCj" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; padding: 1pt 5.4pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution and Service (12b-1) Fees</span></td> <td style="border-right: Black 1pt solid; padding: 1pt 5.4pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td></tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_zEws0Lnu8mQ" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; padding: 1pt 5.4pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses</span></td> <td style="border-right: Black 1pt solid; padding: 1pt 5.4pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.41%</span></span></td></tr> <tr id="xdx_402_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zD1QNUvBOBug" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; padding: 1pt 5.4pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Acquired Fund Fees and Expenses<sup id="xdx_F44_z8aKQ6nbKlc9">(1)</sup></span></td> <td style="border-right: Black 1pt solid; padding: 1pt 5.4pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.01%</span></td></tr> <tr id="xdx_408_eoef--ExpensesOverAssets_dpn_z4TH4w4e61V2" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; padding: 1pt 5.4pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses</span></td> <td style="border-right: Black 1pt solid; padding: 1pt 5.4pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.37%</span></span></td></tr> <tr id="xdx_405_eoef--FeeWaiverOrReimbursementOverAssets_dp_zFVf3QxQdCBg" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; padding: 1pt 5.4pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fee Waiver and/or Expense Reimbursement<sup id="xdx_F46_zaC44yk3ntQ6">(2)(3)</sup></span></td> <td style="border-right: Black 1pt solid; padding: 1pt 5.4pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(0.46)%</span></span></td></tr> <tr id="xdx_409_eoef--NetExpensesOverAssets_dpn_zwVP0WKC45ge" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; padding: 1pt 5.4pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement</span></td> <td style="border-right: Black 1pt solid; padding: 1pt 5.4pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.91%</span></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt auto; width: 90%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span id="xdx_F05_z67u6nBIgEx8" style="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1)</span></td><td style="text-align: justify"><span id="xdx_F1C_zWuF53iTnTng" style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. <span id="xdx_900_eoef--ExpensesNotCorrelatedToRatioDueToAcquiredFundFees_c20251126__20251126__dei--LegalEntityAxis__custom--S000079253Member_zOLT239dzMpj">The operating expenses in this fee table will not correlate to the expense ratio in the Fund’s financial highlights because the financial statements include only the direct expenses incurred by the Fund.</span></span></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt auto; width: 90%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="-sec-ix-redline: true"><span id="xdx_F05_zE9rCX9I4794" style="font-family: Times New Roman, Times, Serif; font-size: 8pt">(2)</span></span></td><td style="text-align: justify"><span style="-sec-ix-redline: true"><span id="xdx_F1A_zaXD0nG8ljuc" style="font-family: Times New Roman, Times, Serif; font-size: 8pt">The Fund’s adviser, Hunter Perkins Capital Management, LLC (“Hunter” or the “Adviser”) has contractually agreed to reduce the Fund’s fees and/or absorb expenses of the Fund through at least <span id="xdx_900_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20251126__20251126__dei--LegalEntityAxis__custom--S000079253Member_zQ1yANOydVna">November 30, 2026</span> to ensure that total annual Fund operating expenses after fee waiver and reimbursement (exclusive of any taxes, interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, indirect expenses, expenses of other investment companies in which the Fund may invest, or extraordinary expenses such as litigation) will not exceed 0.90% of average daily net assets (the “Expense Cap”). Prior to November 30, 2025, the Expense Cap was 0.95% of average daily net assets. Prior to November 30, 2023, the Expense Cap was 1.25% of average daily net assets. Accordingly, the Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement does not match the information provided in the Financial Highlights. This agreement may be terminated by the Fund’s Board of Trustees on 60 days’ written notice to the Adviser. These fee waivers and expense reimbursements are subject to possible recoupment from the Fund in future years on a rolling three-year basis (within the three years after the fees have been waived or reimbursed) if such recoupment can be achieved without exceeding the foregoing expense limits as well as any expense limitation in effect at the time the reimbursement is made.</span></span></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt auto; width: 90%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span id="xdx_F01_zYyo9tWtEZnf" style="font-family: Times New Roman, Times, Serif; font-size: 8pt">(3)</span></td><td style="text-align: justify"><span id="xdx_F17_zoyXm3AMlHY7" style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Fee Waiver and/or Expense Reimbursement information has been restated to reflect the current Expense Cap.</span></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.0095 0 0.0041 0.0001 0.0137 -0.0046 0.0091 The operating expenses in this fee table will not correlate to the expense ratio in the Fund’s financial highlights because the financial statements include only the direct expenses incurred by the Fund. November 30, 2026 Example: <p id="xdx_A83_eoef--ExpenseExampleNarrativeTextBlock_zv64762xNaE4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 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 (except that the Example incorporates any applicable fee waiver and/or expense limitation arrangements for only the first year). Although your actual costs may be higher or lower, based upon these assumptions your costs would be: <div id="xdx_A87_eoef--ExpenseExampleWithRedemptionTableTextBlock_zbDzVXYpMTye"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zMdzYU2E5jYa" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 52%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #D9D9D9"> <td style="border: Black 1pt solid; padding: 1pt 5.4pt; font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_481_eoef--ExpenseExampleYear01_zxpeWnNA6Lt7" style="border-top: Black 1pt solid; padding: 1pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1 Year</b></span></td> <td id="xdx_482_eoef--ExpenseExampleYear03_zhcpsYjT5jX5" style="border-top: Black 1pt solid; padding: 1pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3 Years</b></span></td> <td id="xdx_485_eoef--ExpenseExampleYear05_zvTx5mVLvHH3" style="border-top: Black 1pt solid; padding: 1pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5 Years</b></span></td> <td id="xdx_481_eoef--ExpenseExampleYear10_zuovFMElmihk" style="border-top: Black 1pt solid; padding: 1pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10 Years</b></span></td></tr> <tr id="xdx_411_20251126__20251126__dei--LegalEntityAxis__custom--S000079253Member__oef--ClassAxis__custom--C000240224Member_z7s2cBpSheJ" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; padding: 1pt 5.4pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Class </b>I</span></td> <td style="border-right: Black 1pt solid; padding: 1pt 5.4pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$93</span></span></td> <td style="border-right: Black 1pt solid; padding: 1pt 5.4pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$389</span></span></td> <td style="border-right: Black 1pt solid; padding: 1pt 5.4pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$706</span></span></td> <td style="border-right: Black 1pt solid; padding: 1pt 5.4pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$1,606</span></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 93 389 706 1606 Portfolio Turnover: <p id="xdx_A8C_eoef--PortfolioTurnoverTextBlock_zJezD5fNfGV1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. For the fiscal year ended July 31, 2025, the Fund’s portfolio turnover rate was <span id="xdx_909_eoef--PortfolioTurnoverRate_dp_c20251126__20251126__dei--LegalEntityAxis__custom--S000079253Member_z9YgeqJLQw8">33%</span> of the average value of its portfolio.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.33 Principal Investment Strategies: <p id="xdx_A8C_eoef--StrategyNarrativeTextBlock_zSNYDXeUdohg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund pursues its objective by investing, under normal circumstances, at least 80% of its net assets (including borrowings for investment purposes) in a diversified portfolio consisting primarily of equity securities, such as common stocks, of issuers with small market capitalizations. The Fund currently defines a small capitalization (small cap) company as one whose market capitalization, at the time of purchase, is within the range of the market capitalizations of companies in the Russell 2000^® Value Index. The Russell 2000^® Value Index is an unmanaged index that contains stocks from the Russell 2000^® Index with less than average growth orientation. The market capitalizations within the Russell 2000^® Value Index will vary, but as of September 30, 2025, they ranged from approximately $30 million to $21.88 billion. The Fund may invest from time to time a portion of its assets, not to exceed 20% (under normal conditions) at the time of purchase, in securities of issuers with any market capitalization.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To identify investment opportunities for the Fund, the Adviser employs a disciplined, bottom-up investment process that relies on internally-generated fundamental research focused on positive secular trends in industries and companies, earnings power and growth, durable competitive advantage and other investment criteria. In selecting securities for the Fund, the Adviser examines various factors in determining the value characteristics of issuers, seeking out issuers with sustainable revenue and earnings growth, reasonable valuations, strong balance sheets, favorable reward to risk characteristics, strong management and undervalued stock prices. While technical analysis does not play a critical role in the Adviser’s investment process, on occasion it will look at various technical indicators to inform potential trading decisions. Particular attention is paid to assessing the risk profiles of individual securities on a variety of sectors including customer concentration, product risk, legal liability, environmental, social and governance risk as well as balance sheet risk. The Fund also looks to construct a diversified portfolio of stocks with different return drivers to help mitigate sector specific risk.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under normal circumstances, the Fund expects to hold between 30-60 issuers, and does not expect to hold more than 10% of its assets in any one issuer. The Fund may invest up to 10% of its assets in foreign (non-U.S.) securities of issuers with any market capitalization. The Fund will sell a security when the Adviser determines the security no longer meets one or more investment criteria, either through obtaining target value or due to an adverse change in fundamentals or business momentum. Each holding has a target valuation established at purchase, which the Adviser monitors and adjusts as appropriate. If an investment achieves its target valuation faster than anticipated, the holding period for such investment may be shortened. When the Adviser’s analysis indicates that market risks have risen, the Fund may invest in cash and/or cash equivalents (including money market funds) to preserve portfolio returns.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may also engage in securities lending to generate income.</span></p> <p id="xdx_A82_eoef--RiskTextBlock_gRBRTB-ALL_z4MR9uIuoUi4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. An investment in the Fund is not guaranteed to achieve its investment objective; is not a deposit with a bank; is not insured, endorsed or guaranteed by the Federal Deposit Insurance Corporation or any other government agency; and is subject to investment risks. The value of your investment in the Fund, as well as the amount of return you receive on your investment, may fluctuate significantly. You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. The Fund is not intended to be a complete investment program but rather one component of a diversified investment portfolio. Many factors affect the Fund’s net asset value and performance. Each risk summarized below is a principal risk of investing in the Fund and different risks may be more significant at different times depending upon market conditions or other factors.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>As with any fund, there is no guarantee that the Fund will achieve its goal.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zfZUyNgYmMsj"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Market Risk. </i>Overall market risk may affect the value of individual instruments in which the Fund invests. The Fund is subject to the risk that the securities markets will move down, sometimes rapidly and unpredictably, based on overall economic conditions and other factors, which may negatively affect the Fund’s performance. Factors such as domestic and foreign (non-U.S.) economic growth and market conditions, real or perceived adverse economic or political conditions, military conflict, acts of terrorism, social unrest, natural disasters, recessions, inflation, changes in interest rate levels, supply chain disruptions, sanctions, the spread of infectious illness or other public health threats, lack of liquidity in the bond or other markets, volatility in the securities markets or adverse investor sentiment and political events affect the securities markets. A change in financial condition or other events affecting a single issuer or market may adversely impact securities markets as a whole. U.S. and foreign stock markets have experienced periods of substantial price volatility in the past and may do so again in the future. Securities markets also may experience long periods of decline in value. When the value of the Fund’s investments goes down, your investment in the Fund decreases in value and you could lose money.</span></td></tr></table></div><p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Local, state, regional, national or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Fund and its investments and could result in decreases to the Fund’s net asset value. Political, geopolitical, natural and other events, including war, terrorism, trade disputes, government shutdowns, market closures, natural and environmental disasters, epidemics, pandemics and other public health crises and related events and governments’ reactions to such events have led, and in the future may lead, to economic uncertainty, decreased economic activity, increased market volatility and other disruptive effects on U.S. and global economies and markets. Such events may have significant adverse direct or indirect effects on the Fund and its investments. For example, a widespread health crisis such as a global pandemic could cause substantial market volatility, exchange trading suspensions and closures, impact the ability to complete redemptions, and affect Fund performance. A health crisis may exacerbate other pre-existing political, social and economic risks. In addition, the increasing interconnectedness of markets around the world may result in many markets being affected by events or conditions in a single country or region or events affecting a single or small number of issuers.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketEventsRiskMember_ztAx9eihNbsg"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Market Events Risk. </i>There has been increased volatility, depressed valuations, decreased liquidity and heightened uncertainty in the financial markets during the past several years, including what was experienced in 2020. These conditions may continue, recur, worsen or spread. The U.S. government and the Federal Reserve, as well as certain foreign governments and central banks, have taken steps to support financial markets, including by lowering interest rates to historically low levels. This and other government intervention may not work as intended, particularly if the efforts are perceived by investors as being unlikely to achieve the desired results. When the U.S. government and the Federal Reserve reduce market support activities, including by increasing interest rates, such reductions could negatively affect financial markets generally, increase market volatility and reduce the value and liquidity of securities in which the Fund invests. Policy and legislative changes in the United States and in other countries may also continue to contribute to decreased liquidity and increased volatility in the financial markets. The impact of these changes on the markets, and the practical implications for market participants, may not be fully known for some time.</span></span></td></tr></table></div><p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zkWD0H0uBqOe"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Management Risk. </i>The risk that investment strategies employed by the Fund’s adviser in selecting investments for the Fund may not result in an increase in the value of your investment or in overall performance equal to other similar investment vehicles having similar investment strategies. Management risk includes the risk that the quantitative model used by the Adviser may not perform as expected, particularly in volatile markets.</span></span></td></tr></table></div><p style="margin-top: 0; margin-bottom: 0"> </p><div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallCapCompaniesRiskMember_zILoaIYFn4pi"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Small Cap Companies Risk. </i>The Fund will invest in smaller issuers which are more volatile and less liquid than investments in issuers with larger market capitalizations. Small market capitalization issuers are not as diversified in their business activities as issuers with larger market capitalizations and are more susceptible to changes in the business cycle. The prices of securities of small market capitalization issuers generally are more volatile, less liquid, and more likely to be adversely affected by poor economic or market conditions than securities of larger companies. Small companies may have limited product lines, markets or financial resources, and they may be dependent upon a limited management group. Should a product fail, or if management changes, or if there are other adverse developments, the Fund’s investment in a small or mid-cap company may lose substantial value. In addition, small-cap companies may be particularly affected by interest rate increases, as they may find it more difficult to borrow money to continue or expand operations, or may have difficulty in repaying any loans.</span></td></tr></table></div><p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The small capitalization equity securities in which the Fund invests may be traded only in the over-the-counter market or on a regional securities exchange, may be listed only in the quotation service commonly known as the “pink sheets,” and may not be traded every day or in the volume typical of trading on a national securities exchange. These securities may also be subject to wide fluctuations in market value. The trading market for any given small capitalization equity security may be sufficiently small as to make it difficult for the Fund to dispose of a substantial block of such securities. The sale by the Fund of portfolio securities to meet redemptions may require the Fund to sell its small capitalization securities at a discount from market prices or during periods when, in the Adviser’s judgment, such sale is not desirable. Moreover, the lack of an efficient market for these securities may make them difficult to value.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zIgtnwNEgYY5"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Equity Securities Risk. </i>The stock (i.e., equity) market can be volatile. Equity securities are susceptible to general market fluctuations, volatile increases and decreases in value as market confidence in and perceptions of their issuers change and unexpected trading activity among retail investors. The prices of stocks can fall rapidly in response to developments affecting a specific company or industry, or to changing economic, political or market conditions.</span></td></tr></table></div><p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValueStyleInvestingRiskMember_zjva9IkBNlw6"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Value-Style Investing Risk. </i>Value securities, including those selected by the portfolio manager for the Fund, are subject to the risks that their intrinsic value may never be realized by the market and that their prices may go down. In addition, value style investing may fall out of favor and underperform growth or other styles of investing during given periods. The Fund’s value discipline may result in a portfolio of stocks that differs materially from its illustrative index.</span></td></tr></table></div><p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashPositionsRiskMember_zNZK8XotghMh"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Cash Positions Risk. </i>At times, the Fund may hold a significant position in cash, cash equivalent securities or U.S. Treasury investments. When the Fund’s investment in cash, cash equivalent securities or U.S. Treasury investment increases, the Fund may not participate in market advances or declines to the same extent that it would if the Fund were more fully invested.</span></td></tr></table></div><p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityRiskMember_zfsL5A5G62Qg"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Cybersecurity Risk. </i>There is risk to the Fund of an unauthorized breach and access to fund assets, customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring that causes the Fund, the investment adviser, custodian, transfer agent, distributor and other service providers and financial intermediaries (“Service Providers”) to suffer data breaches, data corruption or lose operational functionality. Successful cyber-attacks or other cyber-failures or events affecting the Fund or its Service Providers may adversely impact the Fund or its shareholders.</span></td></tr></table></div><p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignNonUSInvestmentRiskMember_zTRhOE7HfeVj"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Foreign (Non-U.S.) Investment Risk. </i>Foreign (non-U.S.) securities present greater investment risks than investing in the securities of U.S. issuers and may experience more rapid and extreme changes in value than the securities of U.S. companies, due to less information about foreign (non-U.S.) companies in the form of reports and ratings than about U.S. issuers; different accounting, auditing and financial reporting requirements; smaller markets; nationalization; expropriation or confiscatory taxation; currency blockage; or political changes or diplomatic developments. Foreign (non-U.S.) securities may also be less liquid and more difficult to value than securities of U.S. issuers.</span></td></tr></table></div><p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--GapRiskMember_zQvSUIPjduhg"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Gap Risk. </i>The Fund is subject to the risk that stock price or derivative value will change dramatically from one level to another with no trading in between and/or before the Fund can exit from the investment. Usually such movements occur when there are adverse news announcements, which can cause a stock price or derivative value to drop substantially from the previous day’s closing price. Trading halts may lead to gap risk.</span></td></tr></table></div><p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--GeographicRiskMember_zuvj9SY16Bui"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Geographic Risk. </i>The risk that if the Fund invests a significant portion of its total assets in certain issuers within the same geographic region, an adverse economic, business or political development or natural or other event, including war, terrorism, natural and environmental disasters, epidemics, pandemics and other public health crises, affecting that region may affect the value of the Fund’s investments more than if the investments were not so focused.</span></td></tr></table></div><p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--IssuerSpecificRiskMember_zNj4tfFw6jyk"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Issuer-Specific Risk. </i>The value of a specific security can be more volatile than the market as a whole and may perform worse than the market as a whole.</span></td></tr></table></div><p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zHsSGd5Uvdn3"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Liquidity Risk. </i>Liquidity risk exists when particular investments of the Fund would be difficult to purchase or sell, possibly preventing the Fund from selling such illiquid securities at an advantageous time or price, or possibly requiring the Fund to dispose of other investments at unfavorable times or prices in order to satisfy its obligations. In the past, in stressed markets, certain types of securities suffered periods of illiquidity if disfavored by the market. All of these risks may increase during periods of market turmoil, such as that experienced in 2020 with COVID-19, and could have a negative effect on the Fund’s performance.</span></td></tr></table></div><p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketFundRiskMember_z0BIeEQBrbP5"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Money Market Fund Risk. </i>The Fund may invest in money market mutual funds. An investment in a money market mutual fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although money market mutual funds that invest in U.S. government securities seek to preserve the value of the Fund’s investment at $1.00 per share, it is possible to lose money by investing in a stable NAV money market mutual fund. Moreover, SEC rules require prime money market mutual funds to use floating NAVs that do not preserve the value of the Fund’s investment at $1.00 per share. These rule amendments may impact the Fund’s use of prime money market mutual funds for capital preservation purposes.</span></td></tr></table></div><p style="margin-top: 0; margin-bottom: 0"> </p><div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_zZDKbdVBEoFe"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>New Fund Risk. </i>The Fund is recently formed. Investors bear the risk that the Fund may not grow to or maintain economically viable size, not be successful in implementing its investment strategy, and may not employ a successful investment strategy, any of which could result in the Fund being liquidated at any time without shareholder approval and/or at a time that may not be favorable for certain shareholders. Such a liquidation could have negative tax consequences for shareholders.</span></td></tr></table></div><p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_zXwCa8ix3746"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Portfolio Turnover Risk. </i>The Fund may experience high portfolio turnover, including investments made on a shorter-term basis, which may lead to increased Fund expenses that may result in lower investment returns. High portfolio turnover may also result in higher short-term capital gains taxable to shareholders.</span></td></tr></table></div><p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--SectorRiskMember_gRBRTB-ZAGBNU_zi8dkNacv2Ma"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Sector Risk. </i>If the Fund invests a significant portion of its total assets in certain issuers within the same economic sector, there is a risk that an adverse economic, business or political development or natural or other event, including war, terrorism, natural and environmental disasters, epidemics, pandemics and other public health crises, affecting that sector may affect the value of the Fund’s investments more than if the Fund’s investments were not so focused. While the Fund may not concentrate in any one industry, the Fund may invest without limitation in a particular sector.</span></span></td></tr></table></div><p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div id="xdx_C0D_gRBRTB-ZAGBNU_z2Mi4RfjOZ75"><div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConsumerDiscretionarySectorRiskMember_zktX2hXkOKS"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Consumer Discretionary Sector Risk.</i> The consumer discretionary sector may be adversely affected by changes in the worldwide economy, consumer spending, competition, demographics and consumer preference, exploration and production spending. In addition, the impact of any epidemic, pandemic or natural disaster, or widespread fear that such events may occur, could negatively affect the global economy and, in turn, negatively affect companies in the consumer discretionary sector</span></span></td></tr></table></div></div><p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div id="xdx_C0C_gRBRTB-ZAGBNU_zLNmTtXKIBz7"><div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--FinancialsSectorRiskMember_znnJfO1YZgxd"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Financials Sector Risk.</i> Companies in the financials sector may be adversely impacted by many factors, including, among others, changes in government regulations, economic conditions, and interest rates, credit rating downgrades, and decreased liquidity in credit markets. In addition, in recent years, cyber-attacks and technology malfunctions and failures have become increasingly frequent in this sector and have caused significant losses to companies in this sector.</span></span></td></tr></table></div></div><p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div id="xdx_C0B_gRBRTB-ZAGBNU_zCA0b5qUoXpk"><div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndustrialsSectorRiskMember_zlNi2AU2oERj"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Industrials Sector Risk</i>. The value of companies in the industrial sector may be adversely affected by supply and demand related to their specific products or services and industrial sector products in general. The products of manufacturing companies may face obsolescence due to rapid technological developments and the introduction of new products.</span></span></td></tr></table></div></div><p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--SecuritiesLendingRiskMember_z234XgR1lJE3"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Securities Lending Risk. </i>The Fund may lend portfolio securities to institutions, such as banks and certain broker-dealers. The risks associated with lending portfolio securities, as with other extensions of secured credit, include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the securities loaned, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. In certain market conditions, the portion of the Fund’s securities on loan may be significant and may magnify the risk of such a loss or delay. Any gain or loss in the market price of the securities loaned that occurs during the term of the loan would be for the account of the Fund.</span></td></tr></table></div><p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentSecuritiesRiskMember_zaKLzRvrEvVk"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>U.S. Government Securities Risk. </i>Treasury obligations may differ in their interest rates, maturities, times of issuance and other characteristics. Obligations of U.S. Government agencies and authorities are supported by varying degrees of credit but generally are not backed by the full faith and credit of the U.S. Government. No assurance can be given that the U.S. Government will provide financial support to its agencies and authorities if it is not obligated by law to do so. In addition, the value of U.S. Government securities may be affected by changes in the credit rating of the U.S. Government.</span></td></tr></table></div><p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValuationRiskMember_zIVmWdq0yxC1"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Valuation Risk. </i>The sale price that the Fund could receive for a portfolio security may differ from the Fund’s valuation of the security, particularly for securities that trade in low volume or volatile markets, or that are valued using a fair value methodology. In addition, the value of the securities in the Fund’s portfolio may change on days when shareholders will not be able to purchase or sell the Fund’s shares.</span></td></tr></table></div><p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--VolatilityRiskMember_z2f9ayCJNIVb"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Volatility Risk. </i>The Fund’s investments may appreciate or decrease significantly in value over short periods of time. The value of an investment in the Fund’s portfolio may fluctuate due to events or factors that affect industries, sectors or markets generally or that affect a particular investment, industry or sector. The value of an investment in the Fund’s portfolio may also be more volatile than the market as a whole. This volatility may affect the Fund’s net asset value per share, including by causing it to experience significant increases or declines in value over short periods of time.</span></td></tr></table></div> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zfZUyNgYmMsj"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Market Risk. </i>Overall market risk may affect the value of individual instruments in which the Fund invests. The Fund is subject to the risk that the securities markets will move down, sometimes rapidly and unpredictably, based on overall economic conditions and other factors, which may negatively affect the Fund’s performance. Factors such as domestic and foreign (non-U.S.) economic growth and market conditions, real or perceived adverse economic or political conditions, military conflict, acts of terrorism, social unrest, natural disasters, recessions, inflation, changes in interest rate levels, supply chain disruptions, sanctions, the spread of infectious illness or other public health threats, lack of liquidity in the bond or other markets, volatility in the securities markets or adverse investor sentiment and political events affect the securities markets. A change in financial condition or other events affecting a single issuer or market may adversely impact securities markets as a whole. U.S. and foreign stock markets have experienced periods of substantial price volatility in the past and may do so again in the future. Securities markets also may experience long periods of decline in value. When the value of the Fund’s investments goes down, your investment in the Fund decreases in value and you could lose money.</span></td></tr></table></div><div id="xdx_C0B_gRBRTB-ALL_z8eds2XZgx74"><p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <div id="xdx_C00_gRBRTB-ALL_zWcYu114FAZd"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Local, state, regional, national or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Fund and its investments and could result in decreases to the Fund’s net asset value. Political, geopolitical, natural and other events, including war, terrorism, trade disputes, government shutdowns, market closures, natural and environmental disasters, epidemics, pandemics and other public health crises and related events and governments’ reactions to such events have led, and in the future may lead, to economic uncertainty, decreased economic activity, increased market volatility and other disruptive effects on U.S. and global economies and markets. Such events may have significant adverse direct or indirect effects on the Fund and its investments. For example, a widespread health crisis such as a global pandemic could cause substantial market volatility, exchange trading suspensions and closures, impact the ability to complete redemptions, and affect Fund performance. A health crisis may exacerbate other pre-existing political, social and economic risks. In addition, the increasing interconnectedness of markets around the world may result in many markets being affected by events or conditions in a single country or region or events affecting a single or small number of issuers.</span></p></div> <div id="xdx_C0D_gRBRTB-ALL_zalYVd1F5g5e"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketEventsRiskMember_ztAx9eihNbsg"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Market Events Risk. </i>There has been increased volatility, depressed valuations, decreased liquidity and heightened uncertainty in the financial markets during the past several years, including what was experienced in 2020. These conditions may continue, recur, worsen or spread. The U.S. government and the Federal Reserve, as well as certain foreign governments and central banks, have taken steps to support financial markets, including by lowering interest rates to historically low levels. This and other government intervention may not work as intended, particularly if the efforts are perceived by investors as being unlikely to achieve the desired results. When the U.S. government and the Federal Reserve reduce market support activities, including by increasing interest rates, such reductions could negatively affect financial markets generally, increase market volatility and reduce the value and liquidity of securities in which the Fund invests. Policy and legislative changes in the United States and in other countries may also continue to contribute to decreased liquidity and increased volatility in the financial markets. The impact of these changes on the markets, and the practical implications for market participants, may not be fully known for some time.</span></span></td></tr></table></div><div id="xdx_C03_gRBRTB-ALL_z8FGX3WUYm0a"><p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zkWD0H0uBqOe"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Management Risk. </i>The risk that investment strategies employed by the Fund’s adviser in selecting investments for the Fund may not result in an increase in the value of your investment or in overall performance equal to other similar investment vehicles having similar investment strategies. Management risk includes the risk that the quantitative model used by the Adviser may not perform as expected, particularly in volatile markets.</span></span></td></tr></table></div><div id="xdx_C0E_gRBRTB-ALL_zGHkLVPHAF81"><p style="margin-top: 0; margin-bottom: 0"> </p></div> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallCapCompaniesRiskMember_zILoaIYFn4pi"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Small Cap Companies Risk. </i>The Fund will invest in smaller issuers which are more volatile and less liquid than investments in issuers with larger market capitalizations. Small market capitalization issuers are not as diversified in their business activities as issuers with larger market capitalizations and are more susceptible to changes in the business cycle. The prices of securities of small market capitalization issuers generally are more volatile, less liquid, and more likely to be adversely affected by poor economic or market conditions than securities of larger companies. Small companies may have limited product lines, markets or financial resources, and they may be dependent upon a limited management group. Should a product fail, or if management changes, or if there are other adverse developments, the Fund’s investment in a small or mid-cap company may lose substantial value. In addition, small-cap companies may be particularly affected by interest rate increases, as they may find it more difficult to borrow money to continue or expand operations, or may have difficulty in repaying any loans.</span></td></tr></table></div><div id="xdx_C05_gRBRTB-ALL_zaPsN2mYoNP"><p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <div id="xdx_C04_gRBRTB-ALL_zqkvZ8Vzw3g8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The small capitalization equity securities in which the Fund invests may be traded only in the over-the-counter market or on a regional securities exchange, may be listed only in the quotation service commonly known as the “pink sheets,” and may not be traded every day or in the volume typical of trading on a national securities exchange. These securities may also be subject to wide fluctuations in market value. The trading market for any given small capitalization equity security may be sufficiently small as to make it difficult for the Fund to dispose of a substantial block of such securities. The sale by the Fund of portfolio securities to meet redemptions may require the Fund to sell its small capitalization securities at a discount from market prices or during periods when, in the Adviser’s judgment, such sale is not desirable. Moreover, the lack of an efficient market for these securities may make them difficult to value.</span></p></div> <div id="xdx_C06_gRBRTB-ALL_zzDSVDO7Hf17"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zIgtnwNEgYY5"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Equity Securities Risk. </i>The stock (i.e., equity) market can be volatile. Equity securities are susceptible to general market fluctuations, volatile increases and decreases in value as market confidence in and perceptions of their issuers change and unexpected trading activity among retail investors. The prices of stocks can fall rapidly in response to developments affecting a specific company or industry, or to changing economic, political or market conditions.</span></td></tr></table></div><div id="xdx_C08_gRBRTB-ALL_zTaeGRB81ln4"><p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValueStyleInvestingRiskMember_zjva9IkBNlw6"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Value-Style Investing Risk. </i>Value securities, including those selected by the portfolio manager for the Fund, are subject to the risks that their intrinsic value may never be realized by the market and that their prices may go down. In addition, value style investing may fall out of favor and underperform growth or other styles of investing during given periods. The Fund’s value discipline may result in a portfolio of stocks that differs materially from its illustrative index.</span></td></tr></table></div><div id="xdx_C04_gRBRTB-ALL_zn1ECcgIXPOe"><p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashPositionsRiskMember_zNZK8XotghMh"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Cash Positions Risk. </i>At times, the Fund may hold a significant position in cash, cash equivalent securities or U.S. Treasury investments. When the Fund’s investment in cash, cash equivalent securities or U.S. Treasury investment increases, the Fund may not participate in market advances or declines to the same extent that it would if the Fund were more fully invested.</span></td></tr></table></div><div id="xdx_C08_gRBRTB-ALL_zqzM9EpqrwQg"><p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityRiskMember_zfsL5A5G62Qg"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Cybersecurity Risk. </i>There is risk to the Fund of an unauthorized breach and access to fund assets, customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring that causes the Fund, the investment adviser, custodian, transfer agent, distributor and other service providers and financial intermediaries (“Service Providers”) to suffer data breaches, data corruption or lose operational functionality. Successful cyber-attacks or other cyber-failures or events affecting the Fund or its Service Providers may adversely impact the Fund or its shareholders.</span></td></tr></table></div><div id="xdx_C04_gRBRTB-ALL_z09nvhTZZNC7"><p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignNonUSInvestmentRiskMember_zTRhOE7HfeVj"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Foreign (Non-U.S.) Investment Risk. </i>Foreign (non-U.S.) securities present greater investment risks than investing in the securities of U.S. issuers and may experience more rapid and extreme changes in value than the securities of U.S. companies, due to less information about foreign (non-U.S.) companies in the form of reports and ratings than about U.S. issuers; different accounting, auditing and financial reporting requirements; smaller markets; nationalization; expropriation or confiscatory taxation; currency blockage; or political changes or diplomatic developments. Foreign (non-U.S.) securities may also be less liquid and more difficult to value than securities of U.S. issuers.</span></td></tr></table></div><div id="xdx_C0B_gRBRTB-ALL_zPpsEr7WTrUb"><p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--GapRiskMember_zQvSUIPjduhg"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Gap Risk. </i>The Fund is subject to the risk that stock price or derivative value will change dramatically from one level to another with no trading in between and/or before the Fund can exit from the investment. Usually such movements occur when there are adverse news announcements, which can cause a stock price or derivative value to drop substantially from the previous day’s closing price. Trading halts may lead to gap risk.</span></td></tr></table></div><div id="xdx_C0F_gRBRTB-ALL_zRVWEYScNp2j"><p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--GeographicRiskMember_zuvj9SY16Bui"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Geographic Risk. </i>The risk that if the Fund invests a significant portion of its total assets in certain issuers within the same geographic region, an adverse economic, business or political development or natural or other event, including war, terrorism, natural and environmental disasters, epidemics, pandemics and other public health crises, affecting that region may affect the value of the Fund’s investments more than if the investments were not so focused.</span></td></tr></table></div><div id="xdx_C0C_gRBRTB-ALL_zLZ8okyDz9rk"><p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--IssuerSpecificRiskMember_zNj4tfFw6jyk"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Issuer-Specific Risk. </i>The value of a specific security can be more volatile than the market as a whole and may perform worse than the market as a whole.</span></td></tr></table></div><div id="xdx_C0C_gRBRTB-ALL_zgPmNkKXwZc3"><p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zHsSGd5Uvdn3"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Liquidity Risk. </i>Liquidity risk exists when particular investments of the Fund would be difficult to purchase or sell, possibly preventing the Fund from selling such illiquid securities at an advantageous time or price, or possibly requiring the Fund to dispose of other investments at unfavorable times or prices in order to satisfy its obligations. In the past, in stressed markets, certain types of securities suffered periods of illiquidity if disfavored by the market. All of these risks may increase during periods of market turmoil, such as that experienced in 2020 with COVID-19, and could have a negative effect on the Fund’s performance.</span></td></tr></table></div><div id="xdx_C07_gRBRTB-ALL_zgLQSg0WQ6v7"><p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketFundRiskMember_z0BIeEQBrbP5"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Money Market Fund Risk. </i>The Fund may invest in money market mutual funds. An investment in a money market mutual fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although money market mutual funds that invest in U.S. government securities seek to preserve the value of the Fund’s investment at $1.00 per share, it is possible to lose money by investing in a stable NAV money market mutual fund. Moreover, SEC rules require prime money market mutual funds to use floating NAVs that do not preserve the value of the Fund’s investment at $1.00 per share. These rule amendments may impact the Fund’s use of prime money market mutual funds for capital preservation purposes.</span></td></tr></table></div><div id="xdx_C0D_gRBRTB-ALL_zMs9JNFOwg0h"><p style="margin-top: 0; margin-bottom: 0"> </p></div> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_zZDKbdVBEoFe"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>New Fund Risk. </i>The Fund is recently formed. Investors bear the risk that the Fund may not grow to or maintain economically viable size, not be successful in implementing its investment strategy, and may not employ a successful investment strategy, any of which could result in the Fund being liquidated at any time without shareholder approval and/or at a time that may not be favorable for certain shareholders. Such a liquidation could have negative tax consequences for shareholders.</span></td></tr></table></div><div id="xdx_C0F_gRBRTB-ALL_zkVcRuyvgFy5"><p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_zXwCa8ix3746"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Portfolio Turnover Risk. </i>The Fund may experience high portfolio turnover, including investments made on a shorter-term basis, which may lead to increased Fund expenses that may result in lower investment returns. High portfolio turnover may also result in higher short-term capital gains taxable to shareholders.</span></td></tr></table></div><div id="xdx_C02_gRBRTB-ALL_z4PbNRebMaz4"><p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--SectorRiskMember_gRBRTB-ZAGBNU_zi8dkNacv2Ma"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Sector Risk. </i>If the Fund invests a significant portion of its total assets in certain issuers within the same economic sector, there is a risk that an adverse economic, business or political development or natural or other event, including war, terrorism, natural and environmental disasters, epidemics, pandemics and other public health crises, affecting that sector may affect the value of the Fund’s investments more than if the Fund’s investments were not so focused. While the Fund may not concentrate in any one industry, the Fund may invest without limitation in a particular sector.</span></span></td></tr></table></div><div id="xdx_C09_gRBRTB-ALL_zMprGqY7ehkj"><p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConsumerDiscretionarySectorRiskMember_zktX2hXkOKS"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Consumer Discretionary Sector Risk.</i> The consumer discretionary sector may be adversely affected by changes in the worldwide economy, consumer spending, competition, demographics and consumer preference, exploration and production spending. In addition, the impact of any epidemic, pandemic or natural disaster, or widespread fear that such events may occur, could negatively affect the global economy and, in turn, negatively affect companies in the consumer discretionary sector</span></span></td></tr></table></div><div id="xdx_C08_gRBRTB-ALL_zbYcTaa9Ou01"><p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div><div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--FinancialsSectorRiskMember_znnJfO1YZgxd"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Financials Sector Risk.</i> Companies in the financials sector may be adversely impacted by many factors, including, among others, changes in government regulations, economic conditions, and interest rates, credit rating downgrades, and decreased liquidity in credit markets. In addition, in recent years, cyber-attacks and technology malfunctions and failures have become increasingly frequent in this sector and have caused significant losses to companies in this sector.</span></span></td></tr></table></div><div id="xdx_C08_gRBRTB-ALL_zFwT3W8BIhV2"><p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div><div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndustrialsSectorRiskMember_zlNi2AU2oERj"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Industrials Sector Risk</i>. The value of companies in the industrial sector may be adversely affected by supply and demand related to their specific products or services and industrial sector products in general. The products of manufacturing companies may face obsolescence due to rapid technological developments and the introduction of new products.</span></span></td></tr></table></div> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConsumerDiscretionarySectorRiskMember_zktX2hXkOKS"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Consumer Discretionary Sector Risk.</i> The consumer discretionary sector may be adversely affected by changes in the worldwide economy, consumer spending, competition, demographics and consumer preference, exploration and production spending. In addition, the impact of any epidemic, pandemic or natural disaster, or widespread fear that such events may occur, could negatively affect the global economy and, in turn, negatively affect companies in the consumer discretionary sector</span></span></td></tr></table></div><div id="xdx_C0C_gRBRTB-ZAGBNU_zRnl3Y4MDXM2"><div id="xdx_C08_gRBRTB-ALL_zbYcTaa9Ou01"><p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div></div> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--FinancialsSectorRiskMember_znnJfO1YZgxd"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Financials Sector Risk.</i> Companies in the financials sector may be adversely impacted by many factors, including, among others, changes in government regulations, economic conditions, and interest rates, credit rating downgrades, and decreased liquidity in credit markets. In addition, in recent years, cyber-attacks and technology malfunctions and failures have become increasingly frequent in this sector and have caused significant losses to companies in this sector.</span></span></td></tr></table></div><div id="xdx_C05_gRBRTB-ZAGBNU_z5wOgmsHRSqb"><div id="xdx_C08_gRBRTB-ALL_zFwT3W8BIhV2"><p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div></div> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndustrialsSectorRiskMember_zlNi2AU2oERj"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Industrials Sector Risk</i>. The value of companies in the industrial sector may be adversely affected by supply and demand related to their specific products or services and industrial sector products in general. The products of manufacturing companies may face obsolescence due to rapid technological developments and the introduction of new products.</span></span></td></tr></table></div><div id="xdx_C05_gRBRTB-ALL_zR0aYV6m0VJc"><p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--SecuritiesLendingRiskMember_z234XgR1lJE3"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Securities Lending Risk. </i>The Fund may lend portfolio securities to institutions, such as banks and certain broker-dealers. The risks associated with lending portfolio securities, as with other extensions of secured credit, include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the securities loaned, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. In certain market conditions, the portion of the Fund’s securities on loan may be significant and may magnify the risk of such a loss or delay. Any gain or loss in the market price of the securities loaned that occurs during the term of the loan would be for the account of the Fund.</span></td></tr></table></div><div id="xdx_C0C_gRBRTB-ALL_zunVDFRbcs8b"><p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentSecuritiesRiskMember_zaKLzRvrEvVk"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>U.S. Government Securities Risk. </i>Treasury obligations may differ in their interest rates, maturities, times of issuance and other characteristics. Obligations of U.S. Government agencies and authorities are supported by varying degrees of credit but generally are not backed by the full faith and credit of the U.S. Government. No assurance can be given that the U.S. Government will provide financial support to its agencies and authorities if it is not obligated by law to do so. In addition, the value of U.S. Government securities may be affected by changes in the credit rating of the U.S. Government.</span></td></tr></table></div><div id="xdx_C09_gRBRTB-ALL_zImyLfVyv2xg"><p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValuationRiskMember_zIVmWdq0yxC1"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Valuation Risk. </i>The sale price that the Fund could receive for a portfolio security may differ from the Fund’s valuation of the security, particularly for securities that trade in low volume or volatile markets, or that are valued using a fair value methodology. In addition, the value of the securities in the Fund’s portfolio may change on days when shareholders will not be able to purchase or sell the Fund’s shares.</span></td></tr></table></div><div id="xdx_C00_gRBRTB-ALL_zPSi5EGUxmmg"><p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--VolatilityRiskMember_z2f9ayCJNIVb"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Volatility Risk. </i>The Fund’s investments may appreciate or decrease significantly in value over short periods of time. The value of an investment in the Fund’s portfolio may fluctuate due to events or factors that affect industries, sectors or markets generally or that affect a particular investment, industry or sector. The value of an investment in the Fund’s portfolio may also be more volatile than the market as a whole. This volatility may affect the Fund’s net asset value per share, including by causing it to experience significant increases or declines in value over short periods of time.</span></td></tr></table></div> Performance: <p id="xdx_A8A_eoef--PerformanceNarrativeTextBlock_zAdElGGhQhXd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20251126__20251126__dei--LegalEntityAxis__custom--S000079253Member_zXM8Z7DeII0i">The bar chart and performance table below show the variability of the Fund’s returns, which is some indication of the risks of investing in the Fund, by showing changes in the Fund’s performance from year to year and by showing the Fund’s one-year and since inception performance compared with those of a broad measure of market performance.</span> The bar chart shows performance of the Fund’s shares for each calendar year since the Fund’s inception. The performance table compares the performance of the Fund over time to the performance of a broad-based securities market index as well as against a performance index which the Adviser believes better represents the Fund’s investment strategy. <span id="xdx_90F_eoef--PerformancePastDoesNotIndicateFuture_c20251126__20251126__dei--LegalEntityAxis__custom--S000079253Member_zJeMuRyh0W6a">You should be aware that the Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> Updated performance information will be available at no cost by visiting <span style="text-decoration: underline"><span id="xdx_90E_eoef--PerformanceAvailabilityWebSiteAddress_c20251126__20251126__dei--LegalEntityAxis__custom--S000079253Member_zJCjBaUtFSaj">www.hunterfunds.com</span></span> or by calling <span id="xdx_90F_eoef--PerformanceAvailabilityPhone_c20251126__20251126__dei--LegalEntityAxis__custom--S000079253Member_zzqzz4Vj9Dii">1-833-835-1171</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> The bar chart and performance table below show the variability of the Fund’s returns, which is some indication of the risks of investing in the Fund, by showing changes in the Fund’s performance from year to year and by showing the Fund’s one-year and since inception performance compared with those of a broad measure of market performance. You should be aware that the Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.hunterfunds.com 1-833-835-1171 Performance Bar Chart for the Calendar Year Ended December 31st <div id="xdx_A83_eoef--BarChartTableTextBlock_zcswku2tK3b7"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zEzEQ103fIe3" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; display: none" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top; text-align: left"> <td style="width: 33%"> </td> <td id="xdx_49F_20230101__20231231_zNJIc2RDtq1j" style="width: 34%">2023</td> <td id="xdx_497_20240101__20241231_zdLsxzKAFuCk" style="width: 33%">2024</td></tr> <tr id="xdx_40B_eoef--AnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000079253Member__oef--ClassAxis__custom--C000240224Member_zMdAkV6kWu58" style="vertical-align: top; text-align: left"> <td> </td> <td>15.08%</td> <td>12.22%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img alt="(BAR CHAT)" src="hu001_v1.jpg"/></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.1508 0.1222 <div id="xdx_A8D_eoef--BarChartClosingTextBlock_z9pg8G0d5PHf"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 45%; border-collapse: collapse; margin-right: auto"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td id="xdx_984_eoef--HighestQuarterlyReturnLabel_c20251126__20251126__dei--LegalEntityAxis__custom--S000079253Member_zm8PYe74mrb3" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5pt; width: 20%; text-align: center; padding-left: 5pt; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Highest Quarter:</span></td> <td id="xdx_98D_eoef--BarChartHighestQuarterlyReturnDate_dxH_c20251126__20251126__dei--LegalEntityAxis__custom--S000079253Member_zvBZCggQSqu3" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5pt; width: 15%; text-align: center; padding-left: 5pt; white-space: nowrap" title="::XDX::2023-12-31"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12/31/2023</span></td> <td id="xdx_98F_eoef--BarChartHighestQuarterlyReturn_dp_c20251126__20251126__dei--LegalEntityAxis__custom--S000079253Member_zxKvjllr178e" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5pt; width: 10%; text-align: center; padding-left: 5pt; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.05%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td id="xdx_980_eoef--LowestQuarterlyReturnLabel_c20251126__20251126__dei--LegalEntityAxis__custom--S000079253Member_zIVkwM1IWP2a" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5pt; text-align: center; padding-left: 5pt; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lowest Quarter:</span></td> <td id="xdx_988_eoef--BarChartLowestQuarterlyReturnDate_dxH_c20251126__20251126__dei--LegalEntityAxis__custom--S000079253Member_zHALyI2f4hf4" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5pt; text-align: center; padding-left: 5pt; white-space: nowrap" title="::XDX::2023-09-30"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9/30/2023</span></td> <td id="xdx_981_eoef--BarChartLowestQuarterlyReturn_dp_c20251126__20251126__dei--LegalEntityAxis__custom--S000079253Member_zgkEchzTpOdh" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5pt; text-align: center; padding-left: 5pt; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-4.82%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5pt; text-align: center; padding-left: 5pt; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5pt; text-align: center; padding-left: 5pt; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5pt; text-align: center; padding-left: 5pt; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_90A_eoef--YearToDateReturnLabel_c20251126__20251126__dei--LegalEntityAxis__custom--S000079253Member_zCLHITtkeCvc">The Fund’s year to date return</span> for the period ended <span id="xdx_900_eoef--BarChartYearToDateReturnDate_c20251126__20251126__dei--LegalEntityAxis__custom--S000079253Member_zkE7vJTpcX">September 30, 2025</span> was: <span id="xdx_90C_eoef--BarChartYearToDateReturn_dp_c20251126__20251126__dei--LegalEntityAxis__custom--S000079253Member_zpU1HGJ3YdSc">0.32%</span></b></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Highest Quarter: 0.1205 Lowest Quarter: -0.0482 The Fund’s year to date return 2025-09-30 0.0032 Performance Table Average Annual Total Returns (For the year ended December 31, 2024) <div id="xdx_A87_eoef--PerformanceTableTextBlock_zck2OBWBsdqe"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zvyqQbee5rl9" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 90%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(219,229,241); vertical-align: bottom"> <td style="border: Black 1pt solid; padding: 1pt 5pt; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 62%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_493_20240101__20241231_zM8bxvwnoW13" style="border-top: Black 1pt solid; padding: 1pt 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 14%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>One <br/> Year</b></span></td> <td id="xdx_493_20221228__20241231_zRrjVpRz8Ms" style="border-top: Black 1pt solid; padding: 1pt 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 14%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Since <br/> Inception<sup id="xdx_F55_zGccIpISG6T5">(1)</sup></b></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; padding: 1pt 5pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Class I Shares</b></span></td> <td style="border-right: Black 1pt solid; padding: 1pt 5pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td> <td style="border-right: Black 1pt solid; padding: 1pt 5pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000079253Member__oef--ClassAxis__custom--C000240224Member_zXiWDkwBkjw" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; padding: 1pt 5pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_eoef--AverageAnnualReturnLabel_c20240101__20241231__dei--LegalEntityAxis__custom--S000079253Member__oef--ClassAxis__custom--C000240224Member_z8KG7tGFFmNa">Return before taxes</span></span></td> <td style="border-right: Black 1pt solid; padding: 1pt 5pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.22%</span></span></td> <td style="border-right: Black 1pt solid; padding: 1pt 5pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.53%</span></span></td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000079253Member__oef--ClassAxis__custom--C000240224Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zgMOluNp5DR5" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt 1pt 0.25in; white-space: nowrap; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_915_eoef--AfterTaxesOnDistributionsMember_zDhTiSDvvac6">Return after taxes on Distributions</span></span></td> <td style="border-right: Black 1pt solid; padding: 1pt 5pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.58%</span></span></td> <td style="border-right: Black 1pt solid; padding: 1pt 5pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.04%</span></span></td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000079253Member__oef--ClassAxis__custom--C000240224Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zh7LEN5w7fu5" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt 1pt 0.25in; white-space: nowrap; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_913_eoef--AfterTaxesOnDistributionsAndSalesMember_z6wnhtsKXr2f">Return after taxes on Distributions and Sale of Fund Shares</span></span></td> <td style="border-right: Black 1pt solid; padding: 1pt 5pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.75%</span></span></td> <td style="border-right: Black 1pt solid; padding: 1pt 5pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.45%</span></span></td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000079253Member__oef--PerformanceMeasureAxis__custom--Russell2000ValueTotalReturnIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zxSHX1dOPZFj" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; padding: 1pt 5pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Russell 2000 Value Total Return Index</b><sup id="xdx_F47_zO9BWN9wlap1">(2)<br/> </sup><i>(<span id="xdx_906_eoef--IndexNoDeductionForFeesExpensesTaxes_c20251126__20251126__dei--LegalEntityAxis__custom--S000079253Member_zvPzCjJ5PCxj">reflects no deduction for fees, expenses or taxes</span>) </i></span></span></td> <td style="border-right: Black 1pt solid; padding: 1pt 5pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.05%</span></span></td> <td style="border-right: Black 1pt solid; padding: 1pt 5pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.39%</span></span></td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000079253Member__oef--PerformanceMeasureAxis__custom--SAndP500TotalReturnIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zHM6Egd4PLI1" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; padding: 1pt 5pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>S&amp;P 500 Total Return Index</b><sup id="xdx_F45_zQEpsydOEvK5">(3)<br/> </sup><i>(<span id="xdx_900_eoef--IndexNoDeductionForFeesExpensesTaxes_c20251126__20251126__dei--LegalEntityAxis__custom--S000079253Member_zD7gmhpgVdj5">reflects no deduction for fees, expenses or taxes</span>)</i></span></td> <td style="border-right: Black 1pt solid; padding: 1pt 5pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25.02%</span></span></td> <td style="border-right: Black 1pt solid; padding: 1pt 5pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">26.47%</span></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt auto; width: 90%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span id="xdx_F02_zimFYEGYEpKg" style="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1)</span></td><td style="text-align: justify"><span style="-sec-ix-redline: true"><span id="xdx_F1D_zeXYyRxO5qIe" style="font-family: Times New Roman, Times, Serif; font-size: 8pt">The inception date of the Fund is <span id="xdx_902_eoef--PerfInceptionDate_c20240101__20241231__dei--LegalEntityAxis__custom--S000079253Member__oef--ClassAxis__custom--C000240224Member_zq0J6vkMvPi8">December 28, 2022</span></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">.</span></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt auto; width: 90%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="-sec-ix-redline: true"><span id="xdx_F07_zJMnfm2TXNI3" style="font-family: Times New Roman, Times, Serif; font-size: 8pt">(2)</span></span></td><td style="text-align: justify"><span style="-sec-ix-redline: true"><span id="xdx_F1A_zmgDoMokLred" style="font-family: Times New Roman, Times, Serif; font-size: 8pt">The Russell 2000® Value Total Return Index is an unmanaged index that measures the performance of the small-cap value segment of the US equity universe. It includes those Russell 2000 companies with relatively lower price-to-book ratios, lower I/B/E/S forecast medium term (2 year) growth and lower sales per share historical growth (5 years). The Russell 2000® Index is an unmanaged, capitalization-weighted index of 2,000 small cap U.S. companies. Investors cannot invest directly in an index. Index returns are gross of any fees, brokerage commissions or other expenses of investing.</span></span></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt auto; width: 90%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span id="xdx_F0F_zynH3kMgdd01" style="font-family: Times New Roman, Times, Serif; font-size: 8pt">(3)</span></td><td style="text-align: justify"><span id="xdx_F1F_zBIyT2pkXIp3" style="font-family: Times New Roman, Times, Serif; font-size: 8pt">The S&amp;P 500 Total Return Index is an unmanaged free-float capitalization-weighted index which measures the performance of 500 large-cap common stocks actively traded in the United States. The index is a broad-based flagship benchmark that serves as the Fund’s regulatory benchmark to allow investors to compare the Fund’s performance to a broad-based index. Investors cannot directly invest in an index. Index returns are gross of any fees, brokerage commissions or other expenses of investing.</span></td> </tr></table> Return before taxes 0.1222 0.1353 0.1158 0.1304 0.0775 0.1045 reflects no deduction for fees, expenses or taxes 0.0805 0.1239 reflects no deduction for fees, expenses or taxes 0.2502 0.2647 2022-12-28 Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The operating expenses in this fee table will not correlate to the expense ratio in the Fund’s financial highlights because the financial statements include only the direct expenses incurred by the Fund. The Fund’s adviser, Hunter Perkins Capital Management, LLC (“Hunter” or the “Adviser”) has contractually agreed to reduce the Fund’s fees and/or absorb expenses of the Fund through at least November 30, 2026 to ensure that total annual Fund operating expenses after fee waiver and reimbursement (exclusive of any taxes, interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, indirect expenses, expenses of other investment companies in which the Fund may invest, or extraordinary expenses such as litigation) will not exceed 0.90% of average daily net assets (the “Expense Cap”). Prior to November 30, 2025, the Expense Cap was 0.95% of average daily net assets. Prior to November 30, 2023, the Expense Cap was 1.25% of average daily net assets. Accordingly, the Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement does not match the information provided in the Financial Highlights. This agreement may be terminated by the Fund’s Board of Trustees on 60 days’ written notice to the Adviser. These fee waivers and expense reimbursements are subject to possible recoupment from the Fund in future years on a rolling three-year basis (within the three years after the fees have been waived or reimbursed) if such recoupment can be achieved without exceeding the foregoing expense limits as well as any expense limitation in effect at the time the reimbursement is made. Fee Waiver and/or Expense Reimbursement information has been restated to reflect the current Expense Cap. The inception date of the Fund is December 28, 2022 The Russell 2000® Value Total Return Index is an unmanaged index that measures the performance of the small-cap value segment of the US equity universe. It includes those Russell 2000 companies with relatively lower price-to-book ratios, lower I/B/E/S forecast medium term (2 year) growth and lower sales per share historical growth (5 years). The Russell 2000® Index is an unmanaged, capitalization-weighted index of 2,000 small cap U.S. companies. Investors cannot invest directly in an index. Index returns are gross of any fees, brokerage commissions or other expenses of investing. The S&P 500 Total Return Index is an unmanaged free-float capitalization-weighted index which measures the performance of 500 large-cap common stocks actively traded in the United States. The index is a broad-based flagship benchmark that serves as the Fund’s regulatory benchmark to allow investors to compare the Fund’s performance to a broad-based index. Investors cannot directly invest in an index. Index returns are gross of any fees, brokerage commissions or other expenses of investing.