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0000878719 N-1A THE ADVISORS’ INNER CIRCLE FUND 2026-03-01 2026-03-01 Investment Objective <p id="xdx_A8__eoef--ObjectivePrimaryTextBlock_z70jQ13SHZMb" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Acadian Emerging Markets Portfolio (the “Fund”) seeks long-term capital appreciation by investing primarily in common stocks of emerging market country issuers. </p> Fund Fees and Expenses <p id="xdx_A8__eoef--ExpenseNarrativeTextBlock_z2526gIAnWuN" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. <b>You may pay other fees, such as brokerage commissions and other fees, including to financial intermediaries, which are not reflected in the table and Example below.</b> </p> Shareholder Fees (fees paid directly from your investment) -0.0200 -0.0200 -0.0200 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0090 0.0090 0.0090 0.0042 0.0031 0.0022 0.0021 0.0010 0 0.0021 0.0021 0.0022 0.0132 0.0121 0.0112 -0.0001 -0.0001 -0.0002 0.0131 0.0120 0.0110 March 1, 2027 Example <p id="xdx_A8__eoef--ExpenseExampleNarrativeTextBlock_zO9y5s2V4dBA" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">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 (including one year of capped expenses in each period) remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </p> 133 417 723 1589 122 383 664 1465 112 354 615 1361 Portfolio Turnover <p id="xdx_A8__eoef--PortfolioTurnoverTextBlock_zNwsiAmAelVF" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in total annual Fund operating expenses or in the example, affect the Fund’s performance. During its most recent fiscal year, the Fund’s portfolio turnover rate was <span id="xdx_90__eoef--PortfolioTurnoverRate_c20260301__20260301__dei--LegalEntityAxis__custom--S000005712Member_zwZsQZkwr5Ti">75%</span> of the average value of its portfolio. </span></p> 0.75 Principal Investment Strategy <p id="xdx_A8__eoef--StrategyNarrativeTextBlock_zx1scmV7NKh9" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund will invest primarily in common stocks but also may invest in other types of equity securities, including preferred stock. Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of issuers that at the time of initial purchase: </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Have their principal securities trading market in an emerging market country; </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Alone or on a consolidated basis derive 50% or more of annual revenue from goods produced, sales made or services performed in emerging market countries; or </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Are organized under the laws of, and have a principal office in, an emerging market country. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This investment policy may be changed by the Fund upon 60 days’ prior written notice to shareholders. <b> </b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">An “emerging market country” is any country that is included in the Morgan Stanley Capital International Emerging Markets Index (the “Index”) or that is publicly announced to be added to the Index. The Fund may also invest in securities of issuers located in industrialized countries. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Foreign securities include securities of companies located outside the United States, American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”) and exchange traded funds that invest in foreign securities. ADRs are certificates evidencing ownership of shares of a foreign issuer that are issued by depositary banks and traded on U.S. exchanges. GDRs are similar to ADRs, except that European banks or trust companies typically issue them. The Fund also may invest in securities issued by small capitalization companies. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">In selecting investments for the Fund, Acadian Asset Management LLC (the “Adviser” or “Acadian”) pursues an active, disciplined investment approach that forecasts markets and securities using a range of quantitative factors related to valuation, earnings, quality, price patterns, economic data and risk. Buy and sell decisions are made objectively and driven by changes in expected returns on investments. In making buy and sell decisions, Acadian analyzes the risk and expected return characteristics of the portfolio’s current holdings as compared to the entire universe of institutionally investable companies with sufficient liquidity and data availability. Less attractive securities are discarded from the portfolio while more attractive securities </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">are added, provided that the cost of the purchase and sale of such securities do not exceed the expected value added to the portfolio of such investment decisions. </p> You could lose money by investing in the Fund. A Fund share is not a bank deposit and it is not insured or guaranteed by the FDIC or any government agency. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--ActiveManagementRiskMember_zWrtqcbafclt" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Active Management Risk</b><span style="font-weight: normal; font-style: normal"> – The Fund is subject to the risk that the Adviser’s judgments about the attractiveness, value, or potential appreciation of the Fund’s investments may prove to be incorrect. If the investments selected and strategies employed by the Fund fail to produce the intended results, the Fund could underperform in comparison to other funds with similar objectives and investment strategies. </span></p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--EquityRiskMember_zCUnNM1DY3Yp" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><b>Equity Risk</b><span style="font-weight: normal; font-style: normal"> – </span><span style="font-weight: normal; font-style: normal">Since it purchases equity securities, the Fund is subject to the risk that stock prices may fall over short or extended periods of time.</span><span style="font-weight: normal; font-style: normal"> </span><span style="font-weight: normal; font-style: normal">Historically, the equity markets have moved in cycles, and the value of the Fund’s equity securities may fluctuate drastically from day-to-day.</span><span style="font-weight: normal; font-style: normal"> </span><span style="font-weight: normal; font-style: normal">Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments.</span><span style="font-weight: normal; font-style: normal"> </span><span style="font-weight: normal; font-style: normal">The prices of securities issued by such companies may suffer a decline in response. Many factors can adversely affect a security’s performance, including both general financial market conditions and factors related to a specific company, industry or geographic region. Actual or threatened war or armed conflicts, acts of terrorism, social or political unrest, the imposition of tariffs and other restrictions on trade, sanctions, government defaults, government shutdowns, and other factors could affect the securities market. 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, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund’s performance and cause losses on your investment in the Fund.</span><span style="font-weight: normal; font-style: normal"> </span><span style="font-weight: normal; font-style: normal">These factors contribute to price volatility, which is the </span></span></p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">principal risk of investing in the Fund. This risk is greater for small- and medium-sized companies, which tend to be more vulnerable to adverse developments than larger companies. </span></p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsSecuritiesRiskMember_zj0b6iqzETZ2" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Emerging Markets Securities Risk</b><span style="font-weight: normal; font-style: normal"> – Investments in emerging markets securities are considered speculative and subject to heightened risks in addition to the general risks of investing in non-U.S. securities. Unlike more established markets, emerging markets may have governments that are less stable, markets that are less liquid and economies that are less developed. Securities of foreign companies may not be registered with the U.S. Securities and Exchange Commission (the “SEC”) and foreign companies are generally not subject to the regulatory controls imposed on U.S. issuers and, as a consequence, there is generally less publicly available information about foreign securities than is available about domestic securities. Income from foreign securities owned by the Fund may be reduced by a withholding tax at the source, which tax would reduce income received from the securities comprising the portfolio. In addition, emerging markets securities may be issued by companies with smaller market capitalizations and may suffer periods of relative illiquidity, significant price volatility, restrictions on foreign investment, and possible restrictions on repatriation of investment income and capital. Furthermore, emerging market governments may have limited ability to raise taxes or authorize appropriations for debt repayment. In addition, foreign investors may be required to register the proceeds of sales, and future economic or political crises could lead to price controls, forced mergers, expropriation or confiscatory taxation, seizure, nationalization or creation of government monopolies. </span></p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallCapitalizationCompanyRiskMember_zuGs5XnyUeu0" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Small Capitalization Company Risk</b><span style="font-weight: normal; font-style: normal"> – The smaller capitalization companies that the Fund invests in may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, investments in these small companies may pose additional risks, including liquidity risk, because these companies tend to have limited product lines, markets and financial resources, and may depend upon a relatively small management group. Therefore, small capitalization stocks may be more volatile than those of larger companies. These securities may be traded over-the-counter or listed on an exchange. The Fund is also subject to the risk that the Adviser’s particular investment style, which focuses on small capitalization stocks, may underperform other segments of the equity market or the equity market as a whole. </span></p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignCompanyRiskMember_zesDXlKu9eHm" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Foreign Company Risk</b><span style="font-weight: normal; font-style: normal"> – Investing in foreign companies, whether through investments made in foreign markets or made through the purchase of ADRs and GDRs, which are traded on exchanges and represent an ownership in a foreign security, poses additional risks </span></p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">since political and economic events unique to a country or region will affect those markets and their issuers. Political events (civil unrest, national elections, changes in political conditions and foreign relations, imposition of exchange controls and repatriation restrictions), social and economic events (labor strikes, rising inflation) and natural disasters occurring in a country where the Fund invests could cause the Fund’s investments in that country to experience gains or losses. These risks will not necessarily affect the U.S. economy or similar issuers located in the United States. In addition, investments in foreign companies are generally denominated in a foreign currency. As a result, changes in the value of those currencies compared to the U.S. dollar may affect (positively or negatively) the value of the Fund’s investments. These currency movements may occur separately from, and in response to, events that do not otherwise affect the value of the security in the issuer’s home country. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund. While ADRs and GDRs provide an alternative to directly purchasing the underlying foreign securities in their respective national markets and currencies, investments in ADRs and GDRs continue to be subject to many of the risks associated with investing directly in foreign securities. </p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignCurrencyRiskMember_z2DVQEoTZWjB" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Foreign Currency Risk</b><span style="font-weight: normal; font-style: normal"> – Because non-U.S. securities are usually denominated in currencies other than the dollar, the value of the Fund’s portfolio may be influenced by currency exchange rates and exchange control regulations. The currencies of emerging market countries may experience significant declines against the U.S. dollar, and devaluation may occur subsequent to investments in these currencies by the Fund. Inflation and rapid fluctuations in inflation rates have had, and may continue to have, negative effects on the economies and securities markets of certain emerging market countries. </span></p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--GeographicFocusRiskMember_zdzipwpOboat" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Geographic Focus Risk</b><span style="font-weight: normal; font-style: normal"> – To the extent that it focuses its investments in a particular country or region, the Fund may be more susceptible to economic, political, regulatory or other events or conditions affecting issuers and countries within that country or region. As a result, the Fund may be subject to greater price volatility and risk of loss than a fund holding more geographically diverse investments. </span></p> Performance Information <p id="xdx_A8__eoef--PerformanceNarrativeTextBlock_z77Tgw4rfxbc" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90__eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260301__20260301__dei--LegalEntityAxis__custom--S000005712Member_z2YRZDDd1iJM">The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing changes in the Fund’s Investor Class Shares’ performance from year to year for the past 10 years and by showing how the Fund’s average annual total returns for 1, 5 and 10 years and since inception compare with those of a broad measure of market performance.</span> <span id="xdx_90__eoef--PerformancePastDoesNotIndicateFuture_c20260301__20260301__dei--LegalEntityAxis__custom--S000005712Member_zStWtPSTTBmW">Of course, the Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.</span> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Prior to October 31, 2016, the Fund’s Investor Class Shares were called “Institutional Class Shares,” and were not subject to the shareholder servicing fees currently applicable to Investor Class Shares. The Investor Class Shares performance provided below for the periods prior to October 31, 2016 represents the performance of Investor Class Shares when they were called Institutional Class Shares and does not include the shareholder servicing fees currently applicable to Investor Class Shares. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Updated performance information is available by calling <span id="xdx_90__eoef--PerformanceAvailabilityPhone_c20260301__20260301__dei--LegalEntityAxis__custom--S000005712Member_zoqb6VIYd8hF">1-866-AAM-6161</span>. </p> The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing changes in the Fund’s Investor Class Shares’ performance from year to year for the past 10 years and by showing how the Fund’s average annual total returns for 1, 5 and 10 years and since inception compare with those of a broad measure of market performance. Of course, the Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. 1-866-AAM-6161 0.1276 0.3763 -0.1868 0.1813 0.1032 0.0696 -0.2014 0.2262 0.1393 0.2747 <p id="xdx_A8__eoef--BarChartClosingTextBlock_zOrhsQgIjh1b" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="2" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="background-color: Gainsboro"> <td style="vertical-align: bottom; width: 50%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_90__eoef--HighestQuarterlyReturnLabel_c20260301__20260301__dei--LegalEntityAxis__custom--S000005712Member__oef--ClassAxis__custom--C000015706Member_zzVK06GWpK1V">BEST QUARTER</span></b></p></td> <td style="vertical-align: bottom; width: 50%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_90__eoef--LowestQuarterlyReturnLabel_c20260301__20260301__dei--LegalEntityAxis__custom--S000005712Member__oef--ClassAxis__custom--C000015706Member_zTRqKhCB3Pk9">WORST QUARTER</span></b></p></td> </tr> <tr style="background-color: White"> <td style="vertical-align: bottom; width: 50%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90__eoef--BarChartHighestQuarterlyReturn_c20260301__20260301__dei--LegalEntityAxis__custom--S000005712Member__oef--ClassAxis__custom--C000015706Member_zAL4uSnixGet">17.71%</span></p></td> <td style="vertical-align: bottom; width: 50%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90__eoef--BarChartLowestQuarterlyReturn_c20260301__20260301__dei--LegalEntityAxis__custom--S000005712Member__oef--ClassAxis__custom--C000015706Member_zg3B9o8fe7TM">(25.28)%</span></p></td> </tr> <tr style="background-color: Gainsboro"> <td style="vertical-align: bottom; width: 50%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90__eoef--BarChartHighestQuarterlyReturnDate_c20260301__20260301__dei--LegalEntityAxis__custom--S000005712Member__oef--ClassAxis__custom--C000015706Member_zVKYmu66xcJe">12/31/2020</span></p></td> <td style="vertical-align: bottom; width: 50%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90__eoef--BarChartLowestQuarterlyReturnDate_c20260301__20260301__dei--LegalEntityAxis__custom--S000005712Member__oef--ClassAxis__custom--C000015706Member_zVdamNSA5nx0">3/31/2020</span></p></td> </tr> </table> BEST QUARTER WORST QUARTER 0.1771 -0.2528 2020-12-31 2020-03-31 Average Annual Total Returns for Periods Ended December 31, 2025 <p id="xdx_A8__eoef--PerformanceTableNarrativeTextBlock_z1O9B4PzONH6" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">This table compares the Fund’s average annual total returns for the periods ended December 31, 2025 to those of an appropriate broad-based index. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90__eoef--PerformanceTableUsesHighestFederalRate_c20260301__20260301__dei--LegalEntityAxis__custom--S000005712Member_zgPZwD8CqoY7">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. <span id="xdx_90__eoef--PerformanceTableNotRelevantToTaxDeferred_c20260301__20260301__dei--LegalEntityAxis__custom--S000005712Member_zG5pIHHg56bF">After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts (“IRAs”).</span> <span id="xdx_90__eoef--PerformanceTableOneClassOfAfterTaxShown_c20260301__20260301__dei--LegalEntityAxis__custom--S000005712Member_z4TtUVUYHlSt">After-tax returns are shown for Investor Class Shares only. After-tax returns for Y Class Shares and I Class Shares will vary.</span> </p> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts (“IRAs”). After-tax returns are shown for Investor Class Shares only. After-tax returns for Y Class Shares and I Class Shares will vary. 0.2747 0.0875 0.0959 0.0776 0.2769 0.0891 0.0879 0.2781 0.0899 0.0886 0.2652 0.0791 0.0909 0.0724 0.1747 0.0692 0.0797 0.0692 0.3357 0.0420 0.0842 Cambiar Opportunity Fund Fund Investment Objective <p id="xdx_A8__eoef--ObjectivePrimaryTextBlock_z6poMyVaVHsa" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Cambiar Opportunity Fund (the “Fund”) seeks total return and capital preservation. </p> Fund Fees and Expenses <p id="xdx_A8__eoef--ExpenseNarrativeTextBlock_z106sFvXNX98" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. <b>You may be required to pay commissions and/or other forms of compensation to a broker for transactions in Institutional Class Shares and Investor Class Shares, which are not reflected in the table or the example below. </b></p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0060 0.0060 0.0018 0.0038 0 0.0020 0.0018 0.0018 0.0078 0.0098 -0.0013 -0.0013 0.0065 0.0085 March 1, 2027 Example <p id="xdx_A8__eoef--ExpenseExampleNarrativeTextBlock_zJM2MEyfUpTh" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">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 (including one year of capped expenses in each period) remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </p> 66 236 420 954 87 299 529 1190 Portfolio Turnover <p id="xdx_A8__eoef--PortfolioTurnoverTextBlock_zjDpCgFPxwa4" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund pays transaction costs, such as brokerage commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in total annual fund operating expenses or in the Example, affect the Fund’s performance. During its most recent fiscal year, the Fund’s portfolio turnover rate was <span id="xdx_90__eoef--PortfolioTurnoverRate_c20260301__20260301__dei--LegalEntityAxis__custom--S000005783Member_zq7E5Oyl996Z">49%</span> of the average value of its portfolio. </span></p> 0.49 Principal Investment Strategies <p id="xdx_A8__eoef--StrategyNarrativeTextBlock_zc6dBZX4KtiY" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund invests primarily in a diversified portfolio of common stocks of companies with a market capitalization in excess of $20 billion at time of purchase. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">In selecting investments for the Fund, the Adviser uses a fundamental, relative value investment approach to build a diversified portfolio of companies. Companies entering the portfolio generally need to satisfy Cambiar’s criteria on four levels: quality, valuation, value creation/catalyst, and risk-reward criteria: </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><i>Quality</i> – Cambiar’s analysts seek companies that are best-of-breed operators within their industries. Eligible businesses for the portfolio are evaluated based on the following characteristics: </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Management</b> <b>–</b> Management teams should have a track record of success that has benefitted not just public shareholders such as the Fund, but a wide range of stakeholders, <i>e.g.</i>, employees, customers, suppliers. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Consistent margins</b> <b>–</b> Companies with above average and consistent margins suggest a relatively high value-add product or service and defensible market position. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Return on invested capital (“ROIC”)</b> <b>–</b> Demonstrates a pattern of value creation and capital discipline. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Low leverage</b> <b>–</b> Companies with strong balance sheets do not need to depend on the vagaries of the debt and/or equity markets to sustain their businesses. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Free cash flow (“FCF”) – </b>We view FCF to be a better measure of economic value creation versus alternative metrics such as earnings before interest, taxes, depreciation, and amortization (“EBITDA”) or earnings per share (“EPS”) because Cambiar believes that FCF is less subject to manipulation. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><i>Valuation</i> – Cambiar evaluates broadly accepted and recognized financial measures in gauging valuation. An underlying premise of the Cambiar philosophy is that certain industries tend to follow certain valuation ranges; the market does not randomly value stocks. Our preference is to invest in companies that are trading at a reasonable valuation relative to their historical trading range. The Cambiar team will use a variety of metrics in gauging valuation; examples include Price/Earnings, Price/Book Value and FCF Yield. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><i>Value Creation/Catalyst</i> – Cambiar’s research process also seeks to identify some form of fundamental positive development(s) that we believe the market is overlooking/underappreciating. Such catalysts may come in varying forms – examples include new product introductions, managerial changes, divestiture of an underperforming division, or simply better financial performance. Valuation, in and of itself, is not a catalyst – there must be some identifiable event that we believe will cause investors to positively reassess the business. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><i>Risk-Reward Criteria</i> – The final criteria is the investment team’s assessment of the issuer’s upside potential: companies entering the portfolio should possess an attractive total return potential that includes both price appreciation and dividends (if applicable) over a forward 1- to 2-year timeframe. While Cambiar may not achieve this return target over the desired timeframe – or at all – the return requirement is intended to channel research efforts toward those situations that appear to offer the most compelling risk/return tradeoffs. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Adviser constructs the Fund’s portfolio on a security-by-security basis, with the goal of building a portfolio that strikes a balance between the Adviser’s conviction in an investment and portfolio diversification. The Adviser seeks to manage the Fund’s risk through its research process as well as limits on individual position sizes and allocations to an economic sector. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Adviser will consider liquidating or reducing its investment in a company if: (a) the investment thesis is realized and the stock reaches its price target, (b) the stock price increases disproportionately relative to actual company developments, (c) position size, country or sector limits are reached, or (d) there is a negative change in fundamentals, or the investment thesis fails to develop as expected. The Adviser generally will not sell a stock simply because of a decline in price, and may add to the position if the investment thesis remains intact. </p> As with all mutual funds, a shareholder is subject to the risk that his or her investment could lose money. A Fund share is not a bank deposit and is not insured or guaranteed by the FDIC or any other government agency. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--EquityRiskMember_zDxjf09kqUed" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Equity Risk</b> - Since it purchases equity securities, the Fund is subject to the risk that stock prices may fall over short or extended periods of time. Historically, the equity markets have moved in cycles, and the value of the Fund’s equity securities may fluctuate significantly from day-to-day. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies, and hence, the Fund, may suffer a decline in response. Portfolio securities may be traded over-the-counter or listed on an exchange. </p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zUTFP6A7bQiy" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><b>Market Risk</b> - A number of factors can affect financial markets generally, which in turn, can impact the value of the Fund’s investments. Economic considerations such as GDP growth, interest rates, inflation, monetary and fiscal policy, trade policy and tariffs, barriers to capital formation and reinvestment, market instability, and budgetary deficits are key considerations in how overall markets perform. Political factors, including elections and political instability and unrest, foreign or </span></p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">domestic, can affect the extent to which investors choose to participate in financial markets. Actual or threatened war or armed conflicts and acts of terrorism could also affect the securities markets. 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, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseeable ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund’s performance and cause losses on your investment in the Fund. </span></p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--ValueInvestingRiskMember_zq63VzA0CSmK" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Value Investing Risk</b> - The Fund is an actively managed mutual fund that pursues a “value” style of investing. Value investing focuses on companies whose stock appears undervalued in light of factors such as the company’s earnings, book value, revenues or cash flow. If the Adviser’s assessment of market conditions, or a company’s value or prospects for meeting or exceeding earnings expectations is inaccurate, the Fund may not achieve its intended results and could suffer losses or produce poor performance relative to other funds or market benchmarks. In addition, “value stocks” can continue to be undervalued by the market for long periods of time, and may never achieve the Adviser’s expected valuation. </p> Performance Information <p id="xdx_A8__eoef--PerformanceNarrativeTextBlock_zeW0xEPExwdx" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90__eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260301__20260301__dei--LegalEntityAxis__custom--S000005783Member_zf51JVzwX3zA">The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing changes in the Fund’s Investor Class Shares’ performance from year to year for the past 10 years and by showing how the Fund’s average annual total returns for 1, 5 and 10 years and since inception compare with those of a broad measure of equity market performance generally, as well as a narrower index with characteristics more relevant to the Fund’s investment strategies (Russell 1000^® Value Index).</span> <span id="xdx_90__eoef--PerformancePastDoesNotIndicateFuture_c20260301__20260301__dei--LegalEntityAxis__custom--S000005783Member_zMJngQ7WYEkV">Of course, the Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.</span> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Updated performance information is available at <span id="xdx_90__eoef--PerformanceAvailabilityWebSiteAddress_c20260301__20260301__dei--LegalEntityAxis__custom--S000005783Member_zPMJWb6We7Pu">www.cambiar.com</span> or by calling <span id="xdx_90__eoef--PerformanceAvailabilityPhone_c20260301__20260301__dei--LegalEntityAxis__custom--S000005783Member_zTb4ohcgqXc2">1-866-777-8227</span>. </p> The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing changes in the Fund’s Investor Class Shares’ performance from year to year for the past 10 years and by showing how the Fund’s average annual total returns for 1, 5 and 10 years and since inception compare with those of a broad measure of equity market performance generally, as well as a narrower index with characteristics more relevant to the Fund’s investment strategies (Russell 1000® Value Index). Of course, the Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. www.cambiar.com 1-866-777-8227 0.1313 0.1479 -0.1328 0.3285 0.1658 0.2086 -0.0798 0.1684 0.1459 0.1348 <p id="xdx_A8__eoef--BarChartClosingTextBlock_z2ikempBbE9F" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">During the periods shown in the chart, the Fund’s Investor Class Shares’ <span id="xdx_90__eoef--HighestQuarterlyReturnLabel_c20260301__20260301__dei--LegalEntityAxis__custom--S000005783Member__oef--ClassAxis__custom--C000015897Member_zUggl9vp2a2o">highest return for a quarter</span> was <span id="xdx_90__eoef--BarChartHighestQuarterlyReturn_c20260301__20260301__dei--LegalEntityAxis__custom--S000005783Member__oef--ClassAxis__custom--C000015897Member_zCJXXxautrWE">19.25%</span> (quarter ended <span id="xdx_90__eoef--BarChartHighestQuarterlyReturnDate_c20260301__20260301__dei--LegalEntityAxis__custom--S000005783Member__oef--ClassAxis__custom--C000015897Member_zGZLf3lpwH0o">6/30/2020</span>) and the <span id="xdx_90__eoef--LowestQuarterlyReturnLabel_c20260301__20260301__dei--LegalEntityAxis__custom--S000005783Member__oef--ClassAxis__custom--C000015897Member_zTcLWrhuwcCK">lowest return for a quarter</span> was <span id="xdx_90__eoef--BarChartLowestQuarterlyReturn_c20260301__20260301__dei--LegalEntityAxis__custom--S000005783Member__oef--ClassAxis__custom--C000015897Member_zg1b9jStDfdK">(21.60)%</span> (quarter ended <span id="xdx_90__eoef--BarChartLowestQuarterlyReturnDate_c20260301__20260301__dei--LegalEntityAxis__custom--S000005783Member__oef--ClassAxis__custom--C000015897Member_z4LwVMvwjOMq">3/31/2020</span>). </p> highest return for a quarter 0.1925 2020-06-30 lowest return for a quarter -0.2160 2020-03-31 Average Annual Total Returns for Periods Ended December 31, 2025 <p id="xdx_A8__eoef--PerformanceTableNarrativeTextBlock_zclZfG0OLmBM" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90__eoef--PerformanceTableUsesHighestFederalRate_c20260301__20260301__dei--LegalEntityAxis__custom--S000005783Member_z3oZmZmX5U1w">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. <span id="xdx_90__eoef--PerformanceTableNotRelevantToTaxDeferred_c20260301__20260301__dei--LegalEntityAxis__custom--S000005783Member_zzxlqaHKkQ6Z">After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”).</span> <span id="xdx_90__eoef--PerformanceTableOneClassOfAfterTaxShown_c20260301__20260301__dei--LegalEntityAxis__custom--S000005783Member_zPpS6GyR2N2A">After-tax returns are shown for only the Investor Class Shares. After-tax returns for Institutional Class Shares will vary.</span> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Institutional Class Shares of the Fund commenced operations on November 3, 2005. As a result, the performance information provided for Institutional Class Shares incorporates the returns of Investor Class Shares of the Fund for periods before November 3, 2005. Institutional Class Shares would have substantially similar performance as Investor Class Shares because the shares are invested in the same portfolio of securities and the annual returns would generally differ only to the extent that total expenses of Institutional Class Shares are lower.  </p> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). After-tax returns are shown for only the Investor Class Shares. After-tax returns for Institutional Class Shares will vary. 0.1348 0.1106 0.1141 0.0933 0.0805 0.0833 0.0884 0.0780 0.1115 0.0830 0.0866 0.0754 0.1372 0.1128 0.1164 0.0951 0.1715 0.1315 0.1429 0.0878 0.1591 0.1133 0.1053 0.0763 Cambiar International Equity Fund Fund Investment Objective <p id="xdx_A8__eoef--ObjectivePrimaryTextBlock_zvEX1W9EjaSW" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Cambiar International Equity Fund (the “Fund”) seeks total return and capital preservation. </p> Fund Fees and Expenses <p id="xdx_A8__eoef--ExpenseNarrativeTextBlock_zISoJDnNMMSU" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. <b>You may be required to pay commissions and/or other forms of compensation to a broker for transactions in Institutional Class Shares and Investor Class Shares, which are not reflected in the table or the example below. </b></p> Shareholder Fees (fees paid directly from your investment) -0.0200 -0.0200 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0090 0.0090 0.0028 0.0040 0 0.0012 0.0028 0.0028 0.0118 0.0130 -0.0028 -0.0028 0.0090 0.0102 March 1, 2027 Example <p id="xdx_A8__eoef--ExpenseExampleNarrativeTextBlock_zkJ9LICUEjhn" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">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 (including one year of capped expenses in each period) remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </p> 92 347 622 1407 104 384 686 1543 Portfolio Turnover <p id="xdx_A8__eoef--PortfolioTurnoverTextBlock_zxr42jKdYTlo" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund pays transaction costs, such as brokerage commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in total annual fund operating expenses or in the Example, affect the Fund’s performance. During its most recent fiscal year, the Fund’s portfolio turnover rate was <span id="xdx_90__eoef--PortfolioTurnoverRate_c20260301__20260301__dei--LegalEntityAxis__custom--S000005784Member_zzHUtMKx475p">48%</span> of the average value of its portfolio. </span></p> 0.48 Principal Investment Strategies <p id="xdx_A8__eoef--StrategyNarrativeTextBlock_zuixPTb53FnF" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of foreign companies. This investment policy may be changed by the Fund upon 60 days’ prior written notice to shareholders. The Fund expects, under normal market conditions, to </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">invest in at least three different countries. In selecting investments for the Fund, the Adviser focuses predominantly on medium to large market capitalization equity securities. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund may consider a company to be a “foreign company” if: (i) 50% of the company’s assets are located outside of the United States; or (ii) 50% of the company’s revenues are generated outside of the United States; or (iii) the company is domiciled or doing a substantial amount of business outside of the United States. The majority of these companies operate in “established” markets; however, when opportunities warrant, the Fund may invest up to 15% of its assets in securities of companies in “emerging market” countries. An “emerging market” country is any country determined by the Adviser to have an emerging market economy, considering factors such as the country’s credit rating, its political and economic stability and the development of its financial and capital markets. Typically, emerging markets are in countries that are in the process of industrializing, with lower gross national products than more developed countries. In some circumstances, the Fund may purchase American Depositary Receipts (“ADRs”), which are traded on U.S. exchanges and markets and represent an ownership interest in a foreign security, rather than foreign shares that are traded on foreign exchanges, because the ADRs have greater liquidity or for other reasons. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">In selecting investments for the Fund, the Adviser uses a fundamental, relative value investment approach to build a diversified portfolio of companies. Companies entering the portfolio generally need to satisfy Cambiar’s criteria on four levels: quality, valuation, value creation/catalyst, and risk-reward criteria: </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><i>Quality</i> – Cambiar’s analysts seek companies that are best-of-breed operators within their industries. Eligible businesses for the portfolio are evaluated based on the following characteristics: </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Management</b> <b>–</b> Management teams should have a track record of success that has benefitted not just public shareholders such as the Fund, but a wide range of stakeholders, <i>e.g.</i>, employees, customers, suppliers. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Consistent margins –</b> Companies with above average and consistent margins suggest a relatively high value-add product or service and defensible market position. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Return on invested capital (ROIC)</b> <b>–</b> Demonstrates a pattern of value creation and capital discipline. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Low leverage</b> <b>–</b> Companies with strong balance sheets do not need to depend on the vagaries of the debt and/or equity markets to sustain their businesses. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Free cash flow (“FCF”) – </b>We view FCF to be a better measure of economic value creation versus alternative metrics such as earnings before interest, taxes, depreciation, and amortization (“EBITDA”) or earnings per share (“EPS”) because Cambiar believes that FCF is less subject to manipulation. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><i>Valuation</i> – Cambiar evaluates broadly accepted and recognized financial measures in gauging valuation. An underlying premise of the Cambiar philosophy is that certain industries tend to follow certain valuation ranges; the market does not randomly value stocks. Our preference is to invest in companies that are trading at a reasonable valuation relative to their historical trading range. The Cambiar team will use a variety of metrics in gauging valuation; examples include Price/Earnings, Price/Book Value and FCF Yield. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><i>Value Creation/Catalyst</i> – Cambiar’s research process also seeks to identify some form of fundamental positive development(s) that we believe the market is overlooking / underappreciating. Such catalysts may come in varying forms – examples include new product introductions, managerial changes, divestiture of an underperforming division, or simply better financial performance. Valuation, in and of itself, is not a catalyst – there must be some identifiable event that we believe will cause investors to positively reassess the business. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><i>Risk-Reward Criteria</i> – The final criteria is the investment team’s assessment of the issuer’s upside potential: companies entering the portfolio should possess an attractive total return potential that includes both price appreciation and dividends (if applicable) over a forward 1- to 2-year timeframe. While Cambiar may not achieve this return target over the desired timeframe – or at all – the return requirement is intended to channel research efforts toward those situations that appear to offer the most compelling risk/return tradeoffs. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Adviser constructs the Fund’s portfolio on a security-by-security basis, with the goal of building a portfolio that strikes a balance between the Adviser’s conviction in an investment and portfolio diversification. The Adviser seeks to manage the Fund’s risk through its research process as well as limits on individual position sizes and allocations to an economic sector or individual country. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Adviser will consider liquidating or reducing its investment in a company if: (a) the investment thesis is realized and the stock reaches its price target, (b) the stock price increases disproportionately relative to actual company developments, (c) position size, country or sector limits are reached, or (d) there is a negative change in fundamentals, or the investment thesis fails to develop as expected. The Adviser generally will not sell a stock simply because of a decline in price, and may add to the position if the investment thesis remains intact. </p> As with all mutual funds, a shareholder is subject to the risk that his or her investment could lose money. A Fund share is not a bank deposit and is not insured or guaranteed by the FDIC or any other government agency. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--EquityRiskMember_z3ZWplpBiIhg" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Equity Risk</b> - Since it purchases equity securities, the Fund is subject to the risk that stock prices may fall over short or extended periods of time. Historically, the equity markets have moved in cycles, and the value of the Fund’s equity securities may fluctuate significantly from day-to-day. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies, and hence, the Fund, may suffer a decline in response. Portfolio securities may be traded over-the-counter or listed on an exchange. </p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zwn8H0yK4Uag" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><b>Market Risk</b> - A number of factors can affect financial markets generally, which in turn, can impact the value of the Fund’s investments. Economic considerations such as GDP growth, interest rates, inflation, monetary and fiscal policy, trade policy and tariffs, barriers to capital formation and reinvestment, market instability, and budgetary deficits are key considerations in how overall markets perform. Political factors, including elections and political instability and unrest, foreign or domestic, can affect the extent to which investors choose to participate in financial markets. Actual or threatened war or armed conflicts and acts of terrorism could also affect the securities markets. 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, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseeable ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund’s performance and cause losses on your investment in the Fund. </span></p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignCompanyRiskMember_zz3fKYUiwym4" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Foreign Company Risk</b> - Because the Fund invests in foreign securities, including securities denominated in foreign currencies and ADRs, it will be subject to certain risks not typically associated with domestic securities. Foreign investments, especially investments in emerging markets, can be riskier and more volatile than investments in the United States, because of, among other things, unstable political and economic conditions, sovereign solvency considerations, and less developed and more thinly-traded securities markets. Adverse political and economic developments or changes in the value of foreign currency can make it more difficult for the Fund to sell its securities and could reduce the value of your shares. Securities of foreign companies may not be registered with the U.S. Securities and Exchange Commission (the “SEC”) </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">and foreign companies are generally not subject to the types of regulatory controls imposed on U.S. issuers and, as a consequence, there is often less publicly available information about foreign companies than is available about domestic companies. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Income from foreign securities owned by the Fund are often reduced by a withholding tax at the source, which tax would reduce income received from the securities comprising the Fund’s portfolio. Foreign securities may also be more difficult to value than securities of U.S. issuers. In addition, periodic U.S. government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund. Although ADRs and other depositary receipts are alternatives to directly purchasing the underlying foreign securities in their national markets and currencies, they are also subject to many of the same risks associated with investing directly in foreign securities. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">To the extent that it concentrates its investments in a specific geographic region, the Fund may be particularly susceptible to economic, political, regulatory or other events or conditions affecting issuers and countries within that region. As a result, the Fund’s net asset value may be more volatile than that of a fund holding more geographically diverse investments. </p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignCurrencyRiskMember_zx2g6JA039qL" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Foreign Currency Risk</b> - Fund investments in foreign currencies and securities denominated in foreign currencies are subject to currency risk. As a result, the value of securities denominated in foreign currencies can change significantly when foreign currencies strengthen or weaken relative to the U.S. dollar. Additionally, the value of the Fund’s assets measured in U.S. dollars may be affected by exchange control regulations. The Fund will generally incur transaction costs in connection with conversions between various currencies which will negatively impact performance. ADRs indirectly bear currency risk because they represent an interest in securities that are not denominated in U.S. dollars. </p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--ValueInvestingRiskMember_zJ8BBJK9PvMo" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Value Investing Risk</b> - The Fund is an actively managed mutual fund that pursues a “value” style of investing. Value investing focuses on companies whose stock appears undervalued in light of factors such as the company’s earnings, book value, revenues or cash flow. If the Adviser’s assessment of market conditions, or a company’s value or prospects for meeting or exceeding earnings expectations is inaccurate, the Fund may not achieve its intended results and could suffer losses or produce poor performance relative to other funds or market benchmarks. In addition, “value stocks” can continue to be undervalued by the market for long periods of time, and may never achieve the Adviser’s expected valuation. </p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsRiskMember_zHxx2axAgrRz" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Emerging Markets Risk</b> - Investments in emerging markets securities are considered speculative and subject to heightened risks in addition to the general risks of investing in foreign securities. Unlike more established markets, emerging markets may have governments that are less stable, markets that are less liquid and economies that are less developed. In addition, the securities </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">markets of emerging market countries may consist of companies with smaller market capitalizations and may suffer periods of relative illiquidity, significant price volatility, restrictions on foreign investment, and possible restrictions on repatriation of investment income and capital. Furthermore, foreign investors may be required to register the proceeds of sales, and future economic or political crises could lead to price controls, forced mergers, expropriation or confiscatory taxation, seizure, nationalization or creation of government monopolies. </p> Performance Information <p id="xdx_A8__eoef--PerformanceNarrativeTextBlock_zUsZHBspY9ut" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90__eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260301__20260301__dei--LegalEntityAxis__custom--S000005784Member_zmzAEhUenDQr">The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing changes in the Fund’s Investor Class Shares’ performance from year to year for the past 10 years and by showing how the Fund’s average annual total returns for 1, 5 and 10 years and since inception compare with those of a broad measure of market performance.</span> <span id="xdx_90__eoef--PerformancePastDoesNotIndicateFuture_c20260301__20260301__dei--LegalEntityAxis__custom--S000005784Member_zfREfFRa8dtp">Of course, the Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.</span> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Updated performance information is available at <span id="xdx_90__eoef--PerformanceAvailabilityWebSiteAddress_c20260301__20260301__dei--LegalEntityAxis__custom--S000005784Member_zxnSljAFBfcy">www.cambiar.com</span> or by calling <span id="xdx_90__eoef--PerformanceAvailabilityPhone_c20260301__20260301__dei--LegalEntityAxis__custom--S000005784Member_zKUO1CcaJn0t">1-866-777-8227</span>. </p> The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing changes in the Fund’s Investor Class Shares’ performance from year to year for the past 10 years and by showing how the Fund’s average annual total returns for 1, 5 and 10 years and since inception compare with those of a broad measure of market performance. Of course, the Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. www.cambiar.com 1-866-777-8227 -0.0093 0.2125 -0.1821 0.1979 -0.0023 0.0514 -0.1764 0.1272 0.0821 0.2619 <p id="xdx_A8__eoef--BarChartClosingTextBlock_ztDKx12a0fvh" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; display: none; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">During the periods shown in the chart, the Fund’s Investor Class Shares’ <span id="xdx_90__eoef--HighestQuarterlyReturnLabel_c20260301__20260301__dei--LegalEntityAxis__custom--S000005784Member__oef--ClassAxis__custom--C000015898Member_zXvXUFaqEIlh">highest return for a quarter</span> was <span id="xdx_90__eoef--BarChartHighestQuarterlyReturn_c20260301__20260301__dei--LegalEntityAxis__custom--S000005784Member__oef--ClassAxis__custom--C000015898Member_zU3qm55JWlUW">16.75%</span> (quarter ended <span id="xdx_90__eoef--BarChartHighestQuarterlyReturnDate_c20260301__20260301__dei--LegalEntityAxis__custom--S000005784Member__oef--ClassAxis__custom--C000015898Member_zgAxlMTD4rMu">12/31/2022</span>) and the <span id="xdx_90__eoef--LowestQuarterlyReturnLabel_c20260301__20260301__dei--LegalEntityAxis__custom--S000005784Member__oef--ClassAxis__custom--C000015898Member_zbJkiXU4j5g8">lowest return for a quarter</span> was <span id="xdx_90__eoef--BarChartLowestQuarterlyReturn_c20260301__20260301__dei--LegalEntityAxis__custom--S000005784Member__oef--ClassAxis__custom--C000015898Member_zkQ7juReqn1N">(27.05)%</span> (quarter ended <span id="xdx_90__eoef--BarChartLowestQuarterlyReturnDate_c20260301__20260301__dei--LegalEntityAxis__custom--S000005784Member__oef--ClassAxis__custom--C000015898Member_zgnZuSkckphP">3/31/2020</span>). </p> highest return for a quarter 0.1675 2022-12-31 lowest return for a quarter -0.2705 2020-03-31 Average Annual Total Returns for Periods Ended December 31, 2025 <p id="xdx_A8__eoef--PerformanceTableNarrativeTextBlock_z3cijBXPIboP" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90__eoef--PerformanceTableUsesHighestFederalRate_c20260301__20260301__dei--LegalEntityAxis__custom--S000005784Member_zwvudQaSLsGx">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span id="xdx_90__eoef--PerformanceTableNotRelevantToTaxDeferred_c20260301__20260301__dei--LegalEntityAxis__custom--S000005784Member_zV4fYsZNJYYO">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”).</span> <span id="xdx_90__eoef--PerformanceTableOneClassOfAfterTaxShown_c20260301__20260301__dei--LegalEntityAxis__custom--S000005784Member_zvw6bzzWkhGE">After-tax returns are shown for only the Investor Class Shares. After-tax returns for Institutional Class Shares will vary.</span> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Institutional Class Shares of the Fund commenced operations on November 30, 2012. As a result, the performance information provided for Institutional Class Shares incorporates the returns of Investor Class Shares of the Fund for periods before November 30, 2012. Institutional Class Shares would have substantially similar performance as Investor Class Shares because the shares are invested in the same portfolio of securities and the annual returns would generally differ only to the extent that total expenses of Institutional Class Shares are lower.</p> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). After-tax returns are shown for only the Investor Class Shares. After-tax returns for Institutional Class Shares will vary. 0.2619 0.0592 0.0458 0.0676 0.2637 0.0602 0.0470 0.0683 0.3122 0.0892 0.0818 0.0562 Cambiar Small Cap Fund Fund Investment Objective <p id="xdx_A8__eoef--ObjectivePrimaryTextBlock_zLfGwFYoQIZO" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Cambiar Small Cap Fund (the “Fund”) seeks long-term capital appreciation. </p> Fund Fees and Expenses <p id="xdx_A8__eoef--ExpenseNarrativeTextBlock_z1gGKgOpcAoY" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. <b>You may be required to pay commissions and/or other forms of compensation to a broker for transactions in Institutional Class Shares and Investor Class Shares, which are not reflected in the table or the example below. </b></p> Shareholder Fees (fees paid directly from your investment) -0.0200 -0.0200 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0085 0.0085 0.0031 0.0053 0 0.0022 0.0031 0.0031 0.0116 0.0138 -0.0026 -0.0026 0.0090 0.0112 March 1, 2027 Example <p id="xdx_A8__eoef--ExpenseExampleNarrativeTextBlock_zu6kVO8eKrXx" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">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 (including one year of capped expenses in each period) remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </p> 92 343 613 1386 114 411 730 1635 Portfolio Turnover <p id="xdx_A8__eoef--PortfolioTurnoverTextBlock_zSUGWwo09ise" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund pays transaction costs, such as brokerage commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in total annual fund operating expenses or in the Example, affect the Fund’s performance. During its most recent fiscal year, the Fund’s portfolio turnover rate was <span id="xdx_90__eoef--PortfolioTurnoverRate_c20260301__20260301__dei--LegalEntityAxis__custom--S000005785Member_z2YIt7EWLqnz">26%</span> of the average value of its portfolio. </span></p> 0.26 Principal Investment Strategies <p id="xdx_A8__eoef--StrategyNarrativeTextBlock_zQkRcAB74DIL" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in common stocks of small-cap companies. This investment policy may be changed by the Fund upon 60 days’ prior written notice to shareholders. The Fund generally considers small-cap companies to be those with market capitalizations not greater than that of the largest company in the Russell 2000^® Value Index ($31.15 billion as of December 31, 2025) at the time of initial purchase. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">In selecting investments for the Fund, the Adviser uses a fundamental, relative value investment approach to build a diversified portfolio of companies. Companies entering the portfolio generally need to satisfy Cambiar’s criteria on four levels: quality, valuation, value creation/catalyst, and risk-reward criteria: </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><i>Quality</i> – Cambiar’s analysts seek companies that are best-of-breed operators within their industries. Eligible businesses for the portfolio are evaluated based on the following characteristics: </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Management</b> <b>–</b> Management teams should have a track record of success that has benefitted not just public shareholders such as the Fund, but a wide range of stakeholders, <i>e.g.</i>, employees, customers, suppliers. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Consistent margins</b> <b>–</b> Companies with above average and consistent margins suggest a relatively high value-add product or service and defensible market position. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Return on invested capital (ROIC)</b> <b>–</b> Demonstrates a pattern of value creation and capital discipline. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Low leverage</b> <b>–</b> Companies with strong balance sheets do not need to depend on the vagaries of the debt and/or equity markets to sustain their businesses. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Free cash flow (“FCF”) – </b>We view FCF to be a better measure of economic value creation versus alternative metrics such as earnings before interest, taxes, depreciation, and amortization (“EBITDA”) or earnings per share (“EPS”) because Cambiar believes that FCF is less subject to manipulation. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><i>Valuation</i> – Cambiar evaluates broadly accepted and recognized financial measures in gauging valuation. An underlying premise of the Cambiar philosophy is that certain industries tend to follow certain valuation ranges; the market does not randomly value stocks. Our preference is to invest in companies that are trading at a reasonable valuation relative to their historical trading range. The Cambiar team will use a variety of metrics in gauging valuation; examples include Price/Earnings, Price/Book Value and FCF Yield. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><i>Value Creation/Catalyst</i> – Cambiar’s research process also seeks to identify some form of fundamental positive development(s) that we believe the market is overlooking / underappreciating. Such catalysts may come in varying forms – examples include new product introductions, managerial changes, divestiture of an underperforming division, or simply better financial performance. Valuation, in and of itself, is not a catalyst – there must be some identifiable event that we believe will cause investors to positively reassess the business. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><i>Risk-Reward Criteria</i> – The final criteria is the investment team’s assessment of the issuer’s upside potential: companies entering the portfolio should possess an attractive total return potential that includes both price appreciation and dividends (if applicable) over a forward 1- to 2-year timeframe. While Cambiar may not achieve </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">this return target over the desired timeframe – or at all – the return requirement is intended to channel research efforts toward those situations that appear to offer the most compelling risk/return tradeoffs. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Adviser constructs the Fund’s portfolio on a security-by-security basis, with the goal of building a portfolio that strikes a balance between the Adviser’s conviction in an investment and portfolio diversification. The Adviser seeks to manage the Fund’s risk through its research process as well as limits on individual position sizes and allocations to an economic sector. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Adviser will consider liquidating or reducing its investment in a company if: (a) the investment thesis is realized and the stock reaches its price target, (b) the stock price increases disproportionately relative to actual company developments, (c) position size, country or sector limits are reached, or (d) there is a negative change in fundamentals, or the investment thesis fails to develop as expected. The Adviser generally will not sell a stock simply because of a decline in price, and may add to the position if the investment thesis remains intact. </p> As with all mutual funds, a shareholder is subject to the risk that his or her investment could lose money. A Fund share is not a bank deposit and is not insured or guaranteed by the FDIC or any other government agency. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--EquityRiskMember_zBZZ4Z0dzgO8" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Equity Risk</b> - Since it purchases equity securities, the Fund is subject to the risk that stock prices may fall over short or extended periods of time. Historically, the equity markets have moved in cycles, and the value of the Fund’s equity securities may fluctuate significantly from day-to-day. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. </p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_z1c3iLsj6qWd" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><b>Market Risk</b> - A number of factors can affect financial markets generally, which in turn, can impact the value of the Fund’s investments. Economic considerations such as GDP growth, interest rates, inflation, monetary and fiscal policy, trade policy and tariffs, barriers to capital formation and reinvestment, market instability, and budgetary deficits are key considerations in how overall markets perform. Political factors, including elections and political instability and unrest, foreign or domestic, can affect the extent to which investors choose to participate in financial markets. Actual or threatened war or armed conflicts and acts of terrorism could also affect the securities markets. 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, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the </span></p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">markets in general in significant and unforeseeable ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund’s performance and cause losses on your investment in the Fund. </span></p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallCapitalizationCompanyRiskMember_zi2NUnICpqbj" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Small-Capitalization Company Risk</b> - The Fund is also subject to the risk that small capitalization stocks may underperform other segments of the equity market or the equity market as a whole. Small-capitalization companies may be more vulnerable to adverse corporate, business or economic events than larger, more established companies. In particular, investments in these small-sized companies may pose additional risks, including liquidity risk, because these companies tend to have limited product lines, markets and financial resources, may incur higher borrowing costs, and may depend upon a relatively small management team. Therefore, small-cap stocks may be more volatile than those of larger companies. Portfolio securities may be traded over-the-counter or listed on an exchange. </p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--ValueInvestingRiskMember_zOLjNrDMzB01" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Value Investing Risk</b> - The Fund is an actively managed mutual fund that pursues a “value” style of investing. Value investing focuses on companies whose stock appears undervalued in light of factors such as the company’s earnings, book value, revenues or cash flow. If the Adviser’s assessment of market conditions, or a company’s value or prospects for meeting or exceeding earnings expectations is inaccurate, the Fund may not achieve its intended results and could suffer losses or produce poor performance relative to other funds or market benchmarks. In addition, “value stocks” can continue to be undervalued by the market for long periods of time, and may never achieve the Adviser’s expected valuation. </p> Performance Information <p id="xdx_A8__eoef--PerformanceNarrativeTextBlock_zsY27Rwxs5ds" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90__eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260301__20260301__dei--LegalEntityAxis__custom--S000005785Member_zN3xfIU4JhHT">The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing changes in the Fund’s Investor Class Shares’ performance from year to year for the past 10 years and by showing how the Fund’s average annual total returns for 1, 5 and 10 years and since inception compare with those of a broad measure of equity market performance generally, as well as a narrower index with characteristics more relevant to the Fund’s investment strategies (Russell 2000^® Value Index).</span> <span id="xdx_90__eoef--PerformancePastDoesNotIndicateFuture_c20260301__20260301__dei--LegalEntityAxis__custom--S000005785Member_zYnmxnGIB4af">Of course, the Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.</span> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Updated performance information is available at <span id="xdx_90__eoef--PerformanceAvailabilityWebSiteAddress_c20260301__20260301__dei--LegalEntityAxis__custom--S000005785Member_zpMtVZX4vA83">www.cambiar.com</span> or by calling <span id="xdx_90__eoef--PerformanceAvailabilityPhone_c20260301__20260301__dei--LegalEntityAxis__custom--S000005785Member_zxUG8XxHTtiK">1-866-777-8227</span>. </p> The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing changes in the Fund’s Investor Class Shares’ performance from year to year for the past 10 years and by showing how the Fund’s average annual total returns for 1, 5 and 10 years and since inception compare with those of a broad measure of equity market performance generally, as well as a narrower index with characteristics more relevant to the Fund’s investment strategies (Russell 2000® Value Index). Of course, the Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. www.cambiar.com 1-866-777-8227 0.1708 0.0399 -0.1237 0.2898 0.0951 0.1730 -0.0871 0.1179 0.0612 0.0885 <p id="xdx_A8__eoef--BarChartClosingTextBlock_zE23mDrRagxM" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; display: none; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">During the periods shown in the chart, the Fund’s Investor Class Shares’ <span id="xdx_90__eoef--HighestQuarterlyReturnLabel_c20260301__20260301__dei--LegalEntityAxis__custom--S000005785Member__oef--ClassAxis__custom--C000015899Member_zzHWPUXEzhVA">highest return for a quarter</span> was <span id="xdx_90__eoef--BarChartHighestQuarterlyReturn_c20260301__20260301__dei--LegalEntityAxis__custom--S000005785Member__oef--ClassAxis__custom--C000015899Member_z2A58nNUDZPA">24.82%</span> (quarter ended <span id="xdx_90__eoef--BarChartHighestQuarterlyReturnDate_c20260301__20260301__dei--LegalEntityAxis__custom--S000005785Member__oef--ClassAxis__custom--C000015899Member_zMvjfg2qlL22">6/30/2020</span>) and the <span id="xdx_90__eoef--LowestQuarterlyReturnLabel_c20260301__20260301__dei--LegalEntityAxis__custom--S000005785Member__oef--ClassAxis__custom--C000015899Member_zQmX3i4gzQ6e">lowest return for a quarter</span> was <span id="xdx_90__eoef--BarChartLowestQuarterlyReturn_c20260301__20260301__dei--LegalEntityAxis__custom--S000005785Member__oef--ClassAxis__custom--C000015899Member_zCWcpKxR0WKG">(31.44)%</span> (quarter ended <span id="xdx_90__eoef--BarChartLowestQuarterlyReturnDate_c20260301__20260301__dei--LegalEntityAxis__custom--S000005785Member__oef--ClassAxis__custom--C000015899Member_zNuVCvB1GyXK">3/31/2020</span>). </p> highest return for a quarter 0.2482 2020-06-30 lowest return for a quarter -0.3144 2020-03-31 Average Annual Total Returns for Periods Ended December 31, 2025 <p id="xdx_A8__eoef--PerformanceTableNarrativeTextBlock_zxn0IyumyzR8" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90__eoef--PerformanceTableUsesHighestFederalRate_c20260301__20260301__dei--LegalEntityAxis__custom--S000005785Member_zAv9I5drxmPY">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. <span id="xdx_90__eoef--PerformanceTableNotRelevantToTaxDeferred_c20260301__20260301__dei--LegalEntityAxis__custom--S000005785Member_zH7Yt9WUE1Sf">After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”).</span> <span id="xdx_90__eoef--PerformanceTableOneClassOfAfterTaxShown_c20260301__20260301__dei--LegalEntityAxis__custom--S000005785Member_z5Cr4laAZMEb">After-tax returns are shown for only the Investor Class Shares. After-tax returns for Institutional Class Shares will vary.</span> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Institutional Class Shares of the Fund commenced operations on October 31, 2008. As a result, the performance information provided for Institutional Class Shares incorporates the returns of Investor Class Shares of the Fund for periods before October 31, 2008. Institutional Class Shares would have substantially similar performance as Investor Class Shares because the shares are invested in the same portfolio of securities and the annual returns would generally differ only to the extent that total expenses of Institutional Class Shares are lower. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). After-tax returns are shown for only the Investor Class Shares. After-tax returns for Institutional Class Shares will vary. 0.0885 0.0670 0.0762 0.0851 0.0621 0.0426 0.0559 0.0686 0.0686 0.0467 0.0557 0.0668 0.0909 0.0691 0.0782 0.0869 0.1715 0.1315 0.1429 0.1094 0.1259 0.0888 0.0927 0.0797 Cambiar SMID Fund Fund Investment Objective <p id="xdx_A8__eoef--ObjectivePrimaryTextBlock_zqdQyndH3joC" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Cambiar SMID Fund (the “Fund”) seeks long-term capital appreciation. </p> Fund Fees and Expenses <p id="xdx_A8__eoef--ExpenseNarrativeTextBlock_zEFv5PKZV5as" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. <b>You may be required to pay commissions and/or other forms of compensation to a broker for transactions in Institutional Class Shares and Investor Class Shares, which are not reflected in the table or the example below. </b></p> Shareholder Fees (fees paid directly from your investment) -0.0200 -0.0200 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0080 0.0080 0.0028 0.0039 0 0.0010 0.0028 0.0029 0.0108 0.0119 -0.0023 -0.0024 0.0085 0.0095 March 1, 2027 Example <p id="xdx_A8__eoef--ExpenseExampleNarrativeTextBlock_zOvetA6MpkWd" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">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 (including one year of capped expenses in each period) remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </p> 87 321 573 1296 97 354 631 1422 Portfolio Turnover <p id="xdx_A8__eoef--PortfolioTurnoverTextBlock_zl6hKwqlRuo2" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund pays transaction costs, such as brokerage commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in total annual fund operating expenses or in the Example, affect the Fund’s performance. During its most recent fiscal year, the Fund’s portfolio turnover rate was <span id="xdx_90__eoef--PortfolioTurnoverRate_c20260301__20260301__dei--LegalEntityAxis__custom--S000032898Member_zZ5juOXAAXTc">47%</span> of the average value of its portfolio. </span></p> 0.47 Principal Investment Strategies <p id="xdx_A8__eoef--StrategyNarrativeTextBlock_zO30HltgN2cI" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in common stocks of small- to mid-sized companies. This investment policy may be changed by the Fund upon 60 days’ prior written notice to shareholders. The Fund generally considers small- and mid-sized companies to be those with market capitalizations not greater than that of the largest company in the Russell 2500^® Value Index ($37.12 billion as of December 31, 2025) at the time of initial purchase.</span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">In selecting investments for the Fund, the Adviser uses a fundamental, relative value investment approach to build a diversified portfolio of companies. Companies entering the portfolio generally need to satisfy Cambiar’s criteria on four levels: quality, valuation, value creation/catalyst, and risk-reward criteria: </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><i>Quality</i> – Cambiar’s analysts seek companies that are best-of-breed operators within their industries. Eligible businesses for the portfolio are evaluated based on the following characteristics: </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Management</b> <b>–</b> Management teams should have a track record of success that has benefitted not just public shareholders such as the Fund, but a wide range of stakeholders, <i>e.g.</i>, employees, customers, suppliers. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Consistent margins</b> <b>–</b> Companies with above average and consistent margins suggest a relatively high value-add product or service and defensible market position. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Return on invested capital (ROIC)</b> <b>–</b> Demonstrates a pattern of value creation and capital discipline. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Low leverage</b> <b>–</b> Companies with strong balance sheets do not need to depend on the vagaries of the debt and/or equity markets to sustain their businesses. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Free cash flow (“FCF”) – </b>We view FCF to be a better measure of economic value creation versus alternative metrics such as earnings before interest, taxes, depreciation, and amortization (“EBITDA”) or earnings per share (“EPS”) because Cambiar believes that FCF is less subject to manipulation. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><i>Valuation</i> – Cambiar evaluates broadly accepted and recognized financial measures in gauging valuation. An underlying premise of the Cambiar philosophy is that certain industries tend to follow certain valuation ranges; the market does not randomly value stocks. Our preference is to invest in companies that are trading at a reasonable valuation relative to their historical trading range. The Cambiar team will use a variety of metrics in gauging valuation; examples include Price/Earnings, Price/Book Value and FCF Yield. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><i>Value Creation/Catalyst</i> – Cambiar’s research process also seeks to identify some form of fundamental positive development(s) that we believe the market is overlooking / underappreciating. Such catalysts may come in varying forms – examples include new product introductions, managerial changes, divestiture of an underperforming division, or simply better financial performance. Valuation, in and of itself, is not a catalyst – there must be some identifiable event that we believe will cause investors to positively reassess the business. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><i>Risk-Reward Criteria</i> – The final criteria is the investment team’s assessment of the issuer’s upside potential: companies entering the portfolio should possess an attractive total return potential that includes both price appreciation and dividends (if applicable) over a forward 1- to 2-year timeframe. While Cambiar </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">may not achieve this return target over the desired timeframe – or at all – the return requirement is intended to channel research efforts toward those situations that appear to offer the most compelling risk/return tradeoffs. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Adviser constructs the Fund’s portfolio on a security-by-security basis, with the goal of building a portfolio that strikes a balance between the Adviser’s conviction in an investment and portfolio diversification. The Adviser seeks to manage the Fund’s risk through its research process as well as limits on individual position sizes and allocations to an economic sector. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Adviser will consider liquidating or reducing its investment in a company if: (a) the investment thesis is realized and the stock reaches its price target, (b) the stock price increases disproportionately relative to actual company developments, (c) position size, country or sector limits are reached, or (d) there is a negative change in fundamentals, or the investment thesis fails to develop as expected. The Adviser generally will not sell a stock simply because of a decline in price, and may add to the position if the investment thesis remains intact. </p> As with all mutual funds, a shareholder is subject to the risk that his or her investment could lose money. A Fund share is not a bank deposit and is not insured or guaranteed by the FDIC or any other government agency. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--EquityRiskMember_zuX00whISyQS" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Equity Risk</b> - Since it purchases equity securities, the Fund is subject to the risk that stock prices may fall over short or extended periods of time. Historically, the equity markets have moved in cycles, and the value of the Fund’s equity securities may fluctuate significantly from day-to-day. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies, and hence, the Fund, may suffer a decline in response. </p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zGhKUePdUcZu" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><b>Market Risk</b> - A number of factors can affect financial markets generally, which in turn, can impact the value of the Fund’s investments. Economic considerations such as GDP growth, interest rates, inflation, monetary and fiscal policy, trade policy and tariffs, barriers to capital formation and reinvestment, market instability, and budgetary deficits are key considerations in how overall markets perform. Political factors, including elections and political instability and unrest, foreign or domestic, can affect the extent to which investors choose to participate in financial markets. Actual or threatened war or armed conflicts and acts of terrorism could also affect the securities markets. 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, as well as the economies of individual </span></p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseeable ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund’s performance and cause losses on your investment in the Fund. </span></p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallandMidCapitalizationCompanyRiskMember_zJlz3k5wsb5P" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Small- and Mid-Capitalization Company Risk</b> - The Fund is also subject to the risk that small- and mid-capitalization stocks may underperform other segments of the equity market or the equity market as a whole. Small- and mid-capitalization companies may be more vulnerable to adverse corporate, business or economic events than larger, more established companies. In particular, investments in smaller companies may pose additional risks, including liquidity risk, because these companies tend to have more limited product lines, markets and financial resources, may incur higher borrowing costs, and may depend upon a relatively small management team. Therefore, stocks of smaller companies may be more volatile than those of larger companies. Portfolio securities may be traded over-the-counter or listed on an exchange. </p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--ValueInvestingRiskMember_z7iT11GsTSLK" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Value Investing Risk</b> - The Fund is an actively managed mutual fund that pursues a “value” style of investing. Value investing focuses on companies whose stock appears undervalued in light of factors such as the company’s earnings, book value, revenues or cash flow. If the Adviser’s assessment of market conditions, or a company’s value or prospects for meeting or exceeding earnings expectations is inaccurate, the Fund may not achieve its intended results and could suffer losses or produce poor performance relative to other funds or market benchmarks. In addition, “value stocks” can continue to be undervalued by the market for long periods of time, and may never achieve the Adviser’s expected valuation. </p> Performance Information <p id="xdx_A8__eoef--PerformanceNarrativeTextBlock_z55EHOWXNE0y" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90__eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260301__20260301__dei--LegalEntityAxis__custom--S000032898Member_zFGS9fNwJ3MC">The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing changes in the Fund’s Investor Class Shares’ performance from year to year for the past 10 years and by showing how the Fund’s average annual total returns for 1, 5 and 10 years and since inception compare with those of a broad measure of equity market performance generally, as well as a narrower index with characteristics more relevant to the Fund’s investment strategies (Russell 2500^® Value Index).</span> <span id="xdx_90__eoef--PerformancePastDoesNotIndicateFuture_c20260301__20260301__dei--LegalEntityAxis__custom--S000032898Member_zLVk0E6Mqhjr">Of course, the Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.</span> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Updated performance information is available at <span id="xdx_90__eoef--PerformanceAvailabilityWebSiteAddress_c20260301__20260301__dei--LegalEntityAxis__custom--S000032898Member_z0Da6TnQUYfd">www.cambiar.com</span> or by calling <span id="xdx_90__eoef--PerformanceAvailabilityPhone_c20260301__20260301__dei--LegalEntityAxis__custom--S000032898Member_zdoglDqVtE9j">1-866-777-8227</span>. </p> The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing changes in the Fund’s Investor Class Shares’ performance from year to year for the past 10 years and by showing how the Fund’s average annual total returns for 1, 5 and 10 years and since inception compare with those of a broad measure of equity market performance generally, as well as a narrower index with characteristics more relevant to the Fund’s investment strategies (Russell 2500® Value Index). Of course, the Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. www.cambiar.com 1-866-777-8227 0.1796 0.1177 -0.0262 0.3100 0.0959 0.2335 -0.0609 0.1293 -0.0128 0.0004 <p id="xdx_A8__eoef--BarChartClosingTextBlock_zyafkgOIR5dZ" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; display: none; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">During the periods shown in the chart, the Fund’s Investor Class Shares’ <span id="xdx_90__eoef--HighestQuarterlyReturnLabel_c20260301__20260301__dei--LegalEntityAxis__custom--S000032898Member__oef--ClassAxis__custom--C000101540Member_zHONwXxckoFb">highest return for a quarter</span> was <span id="xdx_90__eoef--BarChartHighestQuarterlyReturn_c20260301__20260301__dei--LegalEntityAxis__custom--S000032898Member__oef--ClassAxis__custom--C000101540Member_zcU96Z4YiUNO">22.58%</span> (quarter ended <span id="xdx_90__eoef--BarChartHighestQuarterlyReturnDate_c20260301__20260301__dei--LegalEntityAxis__custom--S000032898Member__oef--ClassAxis__custom--C000101540Member_zstz2oVlCwvy">12/31/2020</span>) and the <span id="xdx_90__eoef--LowestQuarterlyReturnLabel_c20260301__20260301__dei--LegalEntityAxis__custom--S000032898Member__oef--ClassAxis__custom--C000101540Member_zG3WsAiu7mLJ">lowest return for a quarter</span> was <span id="xdx_90__eoef--BarChartLowestQuarterlyReturn_c20260301__20260301__dei--LegalEntityAxis__custom--S000032898Member__oef--ClassAxis__custom--C000101540Member_zysFBfmB0qSf">(31.26)%</span> (quarter ended <span id="xdx_90__eoef--BarChartLowestQuarterlyReturnDate_c20260301__20260301__dei--LegalEntityAxis__custom--S000032898Member__oef--ClassAxis__custom--C000101540Member_z6YVdCTgeQ7C">3/31/2020</span>). </p> highest return for a quarter 0.2258 2020-12-31 lowest return for a quarter -0.3126 2020-03-31 Average Annual Total Returns for Periods Ended December 31, 2025 <p id="xdx_A8__eoef--PerformanceTableNarrativeTextBlock_zJMwemPizZLy" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90__eoef--PerformanceTableUsesHighestFederalRate_c20260301__20260301__dei--LegalEntityAxis__custom--S000032898Member_z7inNc4CdWhf">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. <span id="xdx_90__eoef--PerformanceTableNotRelevantToTaxDeferred_c20260301__20260301__dei--LegalEntityAxis__custom--S000032898Member_zri8graweWVf">After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”).</span> <span id="xdx_90__eoef--PerformanceTableOneClassOfAfterTaxShown_c20260301__20260301__dei--LegalEntityAxis__custom--S000032898Member_zjhWenHzIbmG">After-tax returns are shown for only the Investor Class Shares. After-tax returns for Institutional Class Shares will vary.</span> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Institutional Class Shares of the Fund commenced operations on November 3, 2014. As a result, the performance information provided for Institutional Class Shares incorporates the returns of Investor Class Shares of the Fund for periods before November 3, 2014. Institutional Class Shares would have substantially similar performance as Investor Class Shares because the shares are invested in the same portfolio of securities and the annual returns would generally differ only to the extent that total expenses of Institutional Class Shares are lower. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><span id="xdx_904_eoef--PerformanceTableExplanationAfterTaxHigher_c20260301__20260301__dei--LegalEntityAxis__custom--S000032898Member_zZTOAlbApQG7">Returns after taxes on distributions and sale of Fund shares may be higher than before-tax returns when a net capital loss occurs upon the redemption of shares.</span> </span></p> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). After-tax returns are shown for only the Investor Class Shares. After-tax returns for Institutional Class Shares will vary. Returns after taxes on distributions and sale of Fund shares may be higher than before-tax returns when a net capital loss occurs upon the redemption of shares. 0.0004 0.0526 0.0906 0.0846 -0.0609 0.0281 0.0748 0.0725 0.0450 0.0387 0.0721 0.0688 0.0012 0.0535 0.0914 0.0851 0.1715 0.1315 0.1429 0.1336 0.1273 0.1002 0.0972 0.0920 Cambiar Aggressive Value ETF Fund Investment Objective <p id="xdx_A8__eoef--ObjectivePrimaryTextBlock_zK4spyUe9676" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Cambiar Aggressive Value ETF (the “Fund”) seeks long-term capital appreciation. </p> Fund Fees and Expenses <p id="xdx_A8__eoef--ExpenseNarrativeTextBlock_zFq1bwqYOmxq" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. <b>You may pay other fees, such as brokerage commissions and other fees, including to financial intermediaries, which are not reflected in the table and Example below.</b> </p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0059 0.0000 0.0059 Example <p id="xdx_A8__eoef--ExpenseExampleNarrativeTextBlock_zmR3v7nUJRgQ" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. </p> 60 189 329 738 Portfolio Turnover <p id="xdx_A8__eoef--PortfolioTurnoverTextBlock_zBtjA7jPTSzR" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund pays transaction costs, such as brokerage commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected </span></p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">in total annual Fund operating expenses or in the Example, affect the Fund’s performance. During its most recent fiscal year, the Fund’s portfolio turnover rate was <span id="xdx_90__eoef--PortfolioTurnoverRate_c20260301__20260301__dei--LegalEntityAxis__custom--S000077620Member_zG2hqIlp8boR">84%</span> of the average value of its portfolio. </span></p> 0.84 Principal Investment Strategies <p id="xdx_A8__eoef--StrategyNarrativeTextBlock_z5VSXS0MmD6j" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Under normal circumstances, the Fund primarily invests in equity securities of companies located in the United States. The equity securities in which the Fund invests are primarily common stocks and the Fund, while typically focusing on large capitalization U.S. investments, is generally unconstrained by market capitalization or sector. The Fund typically invests in a portfolio of 20-30 issuers that Cambiar Investors, LLC (“Cambiar” or the “Adviser”), the Fund’s investment adviser, believes represent the best opportunities for long-term capital appreciation. Due to the focused nature of the Fund’s investment strategy, the Fund is considered to be non-diversified, and may invest a significant portion of its assets in a relatively small number of securities. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund is permitted invest a portion of its assets in the equity securities of foreign companies. The Fund may consider a company to be a “foreign company” if: (i) 50% of the company’s assets are located outside of the United States; or (ii) 50% of the company’s revenues are generated outside of the United States; or (iii) the company is domiciled or doing a substantial amount of business outside of the United States. The Fund is generally unconstrained by any particular country or region. The Fund may purchase American Depositary Receipts (“ADRs”), rather than foreign shares that are traded on foreign exchanges, because the ADRs have greater liquidity or for other reasons. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">In selecting investments for the Fund, the Adviser uses a fundamental, relative value investment approach to build a focused portfolio of companies. Companies entering the portfolio generally need to satisfy Cambiar’s criteria on four levels: quality, valuation, value creation/catalyst, and risk-reward criteria: </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><i>Quality</i> – Cambiar’s analysts seek companies that are best-of-breed operators within their industries. Eligible businesses for the portfolio are evaluated based on the following characteristics: </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Management</b> – Management teams should have a track record of success that has benefitted not just public shareholders such as the Fund, but a wide range of stakeholders, e.g., employees, customers, suppliers. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Consistent margins</b> – Companies with above average and consistent margins suggest a relatively high value-add product or service and defensible market position. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Return on invested capital (“ROIC”)</b> – Demonstrates a pattern of value creation and capital discipline. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Low leverage</b> – Companies with strong balance sheets do not need to depend on the vagaries of the debt and/or equity markets to sustain their businesses. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Free cash flow (“FCF”)</b> – We view FCF to be a better measure of economic value creation versus alternative metrics such as earnings before interest, taxes, depreciation, and amortization (“EBITDA”) or earnings per share (“EPS”) because Cambiar believes that FCF is less subject to manipulation. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><i>Valuation</i> – Cambiar evaluates broadly accepted and recognized financial measures in gauging valuation. An underlying premise of the Cambiar philosophy is that certain industries tend to follow certain valuation ranges; the market does not randomly value stocks. Our preference is to invest in companies that are trading at a reasonable valuation relative to their historical trading range. The Cambiar team will use a variety of metrics in gauging valuation; examples include Price/Earnings, Price/Book Value and FCF Yield. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><i>Value Creation/Catalyst</i> – Cambiar’s research process also seeks to identify some form of fundamental positive development(s) that we believe the market is overlooking / underappreciating. Such catalysts may come in varying forms – examples include new product introductions, managerial changes, divestiture of an underperforming division, or simply better financial performance. Valuation, in and of itself, is not a catalyst – there must be some identifiable event that we believe will cause investors to positively reassess the business. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><i>Risk-Reward Criteria</i> – The final criteria is the investment team’s assessment of the issuer’s upside potential: companies entering the portfolio should possess an attractive total return potential that includes both price appreciation and dividends (if applicable) over a forward 1- to 2-year timeframe. While Cambiar may not achieve this return target over the desired timeframe – or at all – the return requirement is intended to channel research efforts toward those situations that appear to offer the most compelling risk/return tradeoffs. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Adviser constructs the Fund’s portfolio on a security-by-security basis, with the goal of building a portfolio that strikes a balance between the Adviser’s conviction in an investment and portfolio diversification. The Adviser seeks to manage the Fund’s risk through its research process as well as limits on individual position sizes and allocations to an economic sector or individual country. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Adviser will consider liquidating or reducing its investment in a company if: (a) the investment thesis is realized and the stock reaches its price target, (b) the stock price increases disproportionately relative to actual company developments, (c) any applicable position size, country or sector limits are reached, or (d) there is a negative change in fundamentals, or the investment thesis fails to develop as expected. The Adviser generally will not sell a stock simply because of a decline in price, and may add to the position if the investment thesis remains intact. </p> As with all funds, a shareholder is subject to the risk that his or her investment could lose money. A Fund share is not a bank deposit and is not insured or guaranteed by the FDIC or any other government agency. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--EquityRiskMember_zOztIkBnns4t" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Equity Risk</b> – Since it purchases equity securities, the Fund is subject to the risk that stock prices may fall over short or extended periods of time. Historically, the equity markets have moved in cycles, and the value of the Fund’s equity securities may fluctuate significantly from day-to-day. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies, and hence, the Fund, may suffer a decline in response. Portfolio securities may be traded over-the-counter or listed on an exchange. </p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zDnr3IUW9p9T" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><b>Market Risk</b> –A number of factors can affect financial markets generally, which in turn, can impact the value of the Fund’s investments. Economic considerations such as GDP growth, inflation, interest rates, monetary and fiscal policy, trade policy and tariffs, barriers to capital formation and reinvestment, market instability, and budgetary deficits are key considerations in how overall markets perform. Political factors, including elections and political instability and unrest, foreign or domestic, can affect the extent to which investors choose to participate in financial markets. Actual or threatened war or armed conflicts and acts of terrorism could also affect the securities markets. 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, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseeable ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund’s performance and cause losses on your investment in the Fund. </span></p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--ValueInvestingRiskMember_zztcctBpXeQY" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Value Investing Risk</b> – The Fund pursues a “value” style of investing. Value investing focuses on companies whose stock appears undervalued in light of factors such as the company’s earnings, book value, revenues or cash flow. If the Adviser’s assessment of market conditions, or a company’s value or prospects for meeting or exceeding earnings expectations is inaccurate, the Fund could suffer losses or produce poor performance relative to other funds or market benchmarks. In addition, “value stocks” can continue to be undervalued by the market for long periods of time, and may never achieve the Adviser’s expected valuation. </p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFRisksMember_z9c0DcNlItUI" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>ETF Risks</b> – The Fund is an exchange-traded fund (“ETF”) and, as a result of this structure, it is exposed to the following risks: </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Trading Risk</b> – Shares of the Fund may trade on the Exchange above (premium) or below (discount) their net asset value (“NAV”). In stressed market conditions, the market for Fund shares may become less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings, which may increase the variance between the market price of the Fund shares and the value of its underlying holdings. In addition, although the Fund’s shares are currently listed on the Exchange, there can be no assurance that an active trading market for Fund shares will develop or be maintained. Trading in Fund shares may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in shares of the Fund inadvisable. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Limited Authorized Participants, Market Makers and Liquidity Providers Risk</b> – As the Fund is an ETF, only a limited number of institutional investors (known as “Authorized Participants”) are authorized to purchase and redeem shares directly from the Fund. Retail investors cannot transact directly with the Fund. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace to transact in Fund shares. As a result of these and other considerations, Fund shares may trade at a material discount to NAV. In addition, the Fund may face possible delisting if: (i) Authorized Participants exit the business or otherwise become unable to process creation and/or redemption orders and no other Authorized Participants step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. </p> </td> </tr> </table> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNondiversifiedStatusMember_zGcLWww5LvFg" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Non-Diversification Risk</b> – The Fund is non-diversified, which means that it may invest in the securities of fewer issuers than a diversified fund. As a result, the Fund may be more susceptible to a single adverse corporate, economic or political occurrence affecting one or more of these issuers, and may experience increased volatility due to its investments in those securities. </p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignCompanyRiskMember_zTGpbSBDoAai" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Foreign Company Risk</b> – Because the Fund can invest in foreign securities, including American Depositary Receipts (“ADRs”) and securities denominated in foreign currencies, it will be subject to certain risks not typically associated with domestic securities. ADRs and other depositary receipts are alternatives to directly purchasing the underlying foreign securities in their national markets and currencies, and are subject to many of the risks associated with investing directly in foreign securities. Foreign investments, especially investments in emerging markets, can be riskier and more volatile than investments in the United States, because of, among other things, unstable political and economic conditions, sovereign solvency considerations, and less developed and more thinly-traded </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">securities markets. Adverse political and economic developments or changes in the value of foreign currency can make it more difficult for the Fund to sell its securities and could reduce the value of your investment in the Fund. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Securities of foreign companies may not be registered with the U.S. Securities and Exchange Commission (the “SEC”) and foreign companies are generally not subject to the types of regulatory controls imposed on U.S. issuers and, as a consequence, there is often less publicly available information about foreign companies than is available about domestic companies. Income from foreign securities owned by the Fund are often reduced by a withholding tax at the source, which reduces income received from the securities comprising the Fund’s portfolio. Foreign securities may also be more difficult to value than securities of U.S. issuers. In addition, periodic U.S. government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund. </p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignCurrencyRiskMember_zBhvOdU2jrrD" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Foreign Currency Risk</b> – Fund investments in foreign currencies and securities denominated in foreign currencies are subject to currency risk. As a result, the value of securities denominated in foreign currencies can change significantly when foreign currencies strengthen or weaken relative to the U.S. dollar. ADRs indirectly bear currency risk because they represent an interest in securities that are not denominated in U.S. dollars. The value of the Fund’s assets measured in U.S. dollars can also be affected by exchange control regulations. The Fund will generally incur transaction costs in connection with conversions between various currencies which will negatively impact performance. </p> Performance Information <p id="xdx_A8__eoef--PerformanceNarrativeTextBlock_zN7gGFn37JOA" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Prior to commencing operations, the Fund acquired the assets and liabilities of the Cambiar Aggressive Value Fund (the “Predecessor Fund”), the Fund’s predecessor fund (the “Reorganization”). After being approved by shareholders of the Predecessor Fund, the Reorganization became effective on February 13, 2023. As a result of the Reorganization, shareholders of the Predecessor Fund received shares of the Fund, and the Fund assumed the performance and accounting history of the Predecessor Fund. Accordingly, the performance shown below for periods prior to the Reorganization represents the performance of the Predecessor Fund. The Predecessor Fund had the same investment objective and similar investment policies, guidelines and restrictions as those of the Fund. The principal differences between the Fund’s investment policies, guidelines and restrictions and those of the Predecessor Fund are that: (i) the Fund invests in large capitalization domestic securities to a greater extent than the Predecessor Fund invested, and (ii) the Fund invests in derivative instruments and short sales to a lesser extent than the Predecessor Fund invested. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Predecessor Fund’s returns in the bar chart and table reflect the Predecessor Fund’s expenses but have not been adjusted to reflect the Fund’s expenses. If the Predecessor Fund’s performance information had been adjusted to reflect the Fund’s expenses, the performance may have been higher or lower for a given period depending on the expenses incurred by the Predecessor Fund for that period. Additionally, if the Predecessor Fund had operated as an ETF, its performance may have differed. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90__eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260301__20260301__dei--LegalEntityAxis__custom--S000077620Member_zVF5ovH38Ks2">The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing changes in the performance of the Fund and the Predecessor Fund, as applicable, from year to year for the past 10 years, and by showing how the average annual total returns of the Fund and the Predecessor Fund, as applicable, for 1, 5 and 10 years and since inception compare with those of a broad measure of equity market performance generally, as well as a narrower index with characteristics more relevant to the Fund’s investment strategies (Russell 1000^® Value Index).</span> <span id="xdx_90__eoef--PerformancePastDoesNotIndicateFuture_c20260301__20260301__dei--LegalEntityAxis__custom--S000077620Member_zJmdSkAuYuuN">Of course, the Fund’s and the Predecessor Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.</span> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Updated performance information is available at <span id="xdx_90__eoef--PerformanceAvailabilityWebSiteAddress_c20260301__20260301__dei--LegalEntityAxis__custom--S000077620Member_z8YmzI7AXAd8">www.cambiar.com</span> or by calling <span id="xdx_90__eoef--PerformanceAvailabilityPhone_c20260301__20260301__dei--LegalEntityAxis__custom--S000077620Member_zaokWhQVpqOi">1-866-777-8227</span>. </p> The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing changes in the performance of the Fund and the Predecessor Fund, as applicable, from year to year for the past 10 years, and by showing how the average annual total returns of the Fund and the Predecessor Fund, as applicable, for 1, 5 and 10 years and since inception compare with those of a broad measure of equity market performance generally, as well as a narrower index with characteristics more relevant to the Fund’s investment strategies (Russell 1000® Value Index). Of course, the Fund’s and the Predecessor Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. www.cambiar.com 1-866-777-8227 0.0126 0.0648 -0.2179 0.3007 0.0794 0.1949 -0.1202 0.2033 0.1249 0.0938 <p id="xdx_A8__eoef--BarChartClosingTextBlock_zxrKaLDpudc2" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">During the periods shown in the chart, the Fund’s or Predecessor Fund’s, as applicable, <span id="xdx_90__eoef--HighestQuarterlyReturnLabel_c20260301__20260301__dei--LegalEntityAxis__custom--S000077620Member__oef--ClassAxis__custom--C000238108Member_zJ35Q50YOeEp">highest return</span> for a quarter was <span id="xdx_90__eoef--BarChartHighestQuarterlyReturn_c20260301__20260301__dei--LegalEntityAxis__custom--S000077620Member__oef--ClassAxis__custom--C000238108Member_zU8jQJn6xK2A">22.11%</span> (quarter ended <span id="xdx_90__eoef--BarChartHighestQuarterlyReturnDate_c20260301__20260301__dei--LegalEntityAxis__custom--S000077620Member__oef--ClassAxis__custom--C000238108Member_zZyKhZZRXcIs">6/30/2020</span>) and the <span id="xdx_90__eoef--LowestQuarterlyReturnLabel_c20260301__20260301__dei--LegalEntityAxis__custom--S000077620Member__oef--ClassAxis__custom--C000238108Member_zpsRtYWP4X4R">lowest return</span> for a quarter was <span id="xdx_90__eoef--BarChartLowestQuarterlyReturn_c20260301__20260301__dei--LegalEntityAxis__custom--S000077620Member__oef--ClassAxis__custom--C000238108Member_zmYrgU7BeKOJ">(31.93)%</span> (quarter ended <span id="xdx_90__eoef--BarChartLowestQuarterlyReturnDate_c20260301__20260301__dei--LegalEntityAxis__custom--S000077620Member__oef--ClassAxis__custom--C000238108Member_zLkn6eouEho1">3/31/2020</span>). </p> highest return 0.2211 2020-06-30 lowest return -0.3193 2020-03-31 Average Annual Total Returns for Periods Ended December 31, 2025 <p id="xdx_A8__eoef--PerformanceTableNarrativeTextBlock_zWI2Wq6UyboY" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">This table compares the average annual total returns of the Fund and Predecessor Fund for the periods ended December 31, 2025 to those of the Russell 3000^® Index and the Russell 1000^® Value Index. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90__eoef--PerformanceTableUsesHighestFederalRate_c20260301__20260301__dei--LegalEntityAxis__custom--S000077620Member_zSehicImOxsF">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> Actual after-tax returns depend on an investor’s tax situation and may differ from </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">those shown. <span id="xdx_90__eoef--PerformanceTableNotRelevantToTaxDeferred_c20260301__20260301__dei--LegalEntityAxis__custom--S000077620Member_zdHVA8ysddNb">After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”).</span></p> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). 0.0938 0.0925 0.0630 0.0768 0.0892 0.0901 0.0610 0.0733 0.0589 0.0730 0.0504 0.0635 0.1715 0.1315 0.1429 0.1062 0.1591 0.1133 0.1053 0.0777 CIBC ATLAS DISCIPLINED EQUITY FUND Investment Objective The investment objective of the CIBC Atlas Disciplined Equity Fund (the “Fund”) is to seek long-term capital appreciation and, secondarily, current income. Fund Fees and Expenses <p id="xdx_A8__eoef--ExpenseNarrativeTextBlock_zHH1M56UQkP1" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.<b> You may pay other fees, such as brokerage commissions and other fees, including to financial intermediaries, which are not reflected in the table and Example below.</b> </span></p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0065 0.0065 0 0.0025 0.0006 0.0021 0 0.0015 0.0006 0.0006 0.0071 0.0111 February 28, 2027 Example <p id="xdx_A8__eoef--ExpenseExampleNarrativeTextBlock_zCNMiU3BFPNv" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </p> 73 227 395 883 113 353 612 1352 Portfolio Turnover <p id="xdx_A83_eoef--PortfolioTurnoverTextBlock_z4ziNKbNZ7J5" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in total annual Fund operating expenses or in the example, affect the Fund’s performance. During its most recent fiscal year, the Fund’s portfolio turnover rate was <span id="xdx_90__eoef--PortfolioTurnoverRate_c20260301__20260301__dei--LegalEntityAxis__custom--S000041987Member_zkRFW90WJSH7">19%</span> of the average value of its portfolio. </span></p> 0.19 Principal Investment Strategies <p id="xdx_A8__eoef--StrategyNarrativeTextBlock_zdIRzx0q9y0n" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90__eoef--StrategyPortfolioConcentration_c20260301__20260301__dei--LegalEntityAxis__custom--S000041987Member_zq4fheefLKAU">Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities and other instruments that have economic characteristics similar to equity securities. </span>The Fund invests primarily in equity securities of U.S. and foreign issuers, and it may invest up to 25% of its net assets in foreign securities. The principal type of equity securities in which the Fund invests is common stock. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund may invest in the securities of issuers of all capitalization sizes; however, a substantial number of the issuers in which the Fund invests are large-capitalization issuers. The Fund considers an issuer to be a large-capitalization issuer if it has a market capitalization, at the time of purchase, within the range of the largest and smallest capitalized companies included in the Russell 1000^® Index during the most recent 11-month period (based on month-end data) plus the most recent date during the current month. As of December 31, 2025, the market capitalization range for the Russell 1000^® Index was approximately $1.3 billion to $4.5 trillion. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund normally invests in securities that generate strong cash flow and are available at attractive valuations. The Fund’s portfolio managers will be opportunistic with regard to the prices the Fund will pay for new investments and at which it will terminate positions. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">In choosing securities, the Fund’s portfolio managers emphasize a bottom-up, fundamental stock selection investment strategy that focuses on issuers that can consistently deliver strong cash flow growth and return on invested capital. The portfolio managers also look to invest in securities of issuers with a proven track record of solid business execution because they believe that such a history is an indication of the value of the underlying franchise or market position. These issuers typically have a proprietary product or business approach that allows them to be leaders within their respective industries. In addition, the portfolio managers emphasize diversification in terms of sector exposure. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund’s portfolio managers consider selling a stock when its fundamental business prospects deteriorate, its ability to generate cash deteriorates, or when they think the stock is too expensive based on cash flow valuation metrics. In response to market, economic, political or other conditions, the Fund’s portfolio managers may temporarily use a different investment strategy for defensive purposes. If the Fund’s portfolio managers do so, different factors could affect the Fund’s performance and the Fund may not achieve its investment objective. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund’s investments in the types of securities described in this Prospectus vary from time to time, and, at any time, the Fund may not be invested in all of the types of securities described in this Prospectus. The Fund may also invest in securities and other investments not described in this Prospectus. Such investments will not constitute principal investment strategies of the Fund. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund is classified as “non-diversified,” which means that it may invest a larger percentage of its assets in a smaller number of issuers than a diversified fund. </p> Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities and other instruments that have economic characteristics similar to equity securities. You could lose money by investing in the Fund. A Fund share is not a bank deposit and it is not insured or guaranteed by the FDIC or any government agency. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zbjSLV9pMEIA" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Market Risk</b><span style="font-weight: normal; font-style: normal"> – The prices of and the income generated by the Fund’s securities may decline in response to, among other things, investor sentiment, general economic and market conditions, regional or global instability, and currency and interest rate fluctuations. 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, as </span></p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund’s performance and cause losses on your investment in the Fund. </p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--EquityRiskMember_z7XbpO6gSFyt" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Equity Risk</b><span style="font-weight: normal; font-style: normal"> – Since it purchases equity securities, the Fund is subject to the risk that stock prices will fall over short or extended periods of time. Historically, the equity markets have moved in cycles, and the value of the Fund’s equity securities may fluctuate drastically from day to day. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response. These factors contribute to price volatility, which is the principal risk of investing in the Fund. </span></p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationCompanyRiskMember_zCOvojcDTQPg" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Large-Capitalization Company Risk</b><span style="font-weight: normal; font-style: normal"> – The large capitalization companies in which the Fund may invest may lag the performance of smaller capitalization companies because large capitalization companies may experience slower rates of growth than smaller capitalization companies and may not respond as quickly to market changes and opportunities. </span></p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zjytlt4zxLM4" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Management Risk </b><span style="font-weight: normal; font-style: normal">– The investment techniques and risk analysis used by the Fund’s portfolio managers may not produce the desired results. </span></p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_zN3wdpr2weQd" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Foreign Securities Risk </b><span style="font-weight: normal; font-style: normal">– The Fund’s foreign investments may be affected by changes in a foreign country’s exchange rates, political and social instability, changes in economic or taxation policies, difficulties when enforcing obligations, decreased liquidity, and increased volatility. Foreign companies may be subject to less regulation resulting in less publicly available information about the companies. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund. </span></p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--NonDiversifiedRiskMember_zZ6iYX8txKE0" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Non-Diversified Risk </b><span style="font-weight: normal; font-style: normal">– </span><span style="font-weight: normal; font-style: normal">The Fund is non-diversified, which means that it may invest in the securities of relatively few issuers. As a result, the Fund may be more susceptible to a single adverse economic or political occurrence affecting one or more of these issuers and may experience increased volatility due to its investments in those securities. If the securities in which the Fund invests perform poorly, the Fund could incur greater losses than it would have had it invested in a greater number of securities. However, the Fund intends to satisfy the asset diversification requirements for qualification as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). </span><span style="font-weight: normal; font-style: normal"> </span></p> Performance Information <p id="xdx_A8__eoef--PerformanceNarrativeTextBlock_zsJ3EMrXvBaz" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90__eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260301__20260301__dei--LegalEntityAxis__custom--S000041987Member_zjLOKYOhPj4d">The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing changes in the Fund’s Institutional Class Shares’ performance from year to year for the past 10 years and by showing how the Fund’s Institutional Class Shares’ average annual total returns for 1, 5 and 10 years and since inception compare with those of a broad measure of market performance.</span> <span id="xdx_90__eoef--PerformancePastDoesNotIndicateFuture_c20260301__20260301__dei--LegalEntityAxis__custom--S000041987Member_zPHmcSDXBfOg">Of course, the Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.</span> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund acquired the assets and liabilities and assumed the historical performance of the Invesco Disciplined Equity Fund (the “Invesco Predecessor Fund”), a series of AIM Equity Funds (“Invesco Equity Funds”), on January 2, 2014 (the “Disciplined Equity Reorganization”). Accordingly, the performance shown for the periods prior to the Disciplined Equity Reorganization represents the performance of Class Y shares of the Invesco Predecessor Fund, which was the only class of shares of the Invesco Predecessor Fund outstanding at the time of the Disciplined Equity Reorganization. The Invesco Predecessor Fund’s returns in the bar chart and table have not been adjusted to reflect the Fund’s expenses. If the Invesco Predecessor Fund’s performance information had been adjusted to reflect the Fund’s expenses, the performance may have been higher or lower for a given period depending on the expenses incurred by Invesco Predecessor Fund for that period. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">As of the date of this Prospectus, Investor Class Shares of the Fund have not commenced operations and therefore have no performance information to report. Investor Class Shares of the Fund would have substantially similar performance as Institutional Class Shares because the shares are invested in the same portfolio of securities and the returns would generally differ only to the extent that expenses of Investor Class Shares are higher than the expenses of Institutional Class Shares, in which case the returns for Investor Class Shares would be lower than those of Institutional Class Shares. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Updated performance information is available by calling <span id="xdx_90__eoef--PerformanceAvailabilityPhone_c20260301__20260301__dei--LegalEntityAxis__custom--S000041987Member_z6cQgEytSElx">1-855-328-3863</span>. </p> The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing changes in the Fund’s Institutional Class Shares’ performance from year to year for the past 10 years and by showing how the Fund’s Institutional Class Shares’ average annual total returns for 1, 5 and 10 years and since inception compare with those of a broad measure of market performance. Of course, the Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. 1-855-328-3863 Annual Total Returns 0.0969 0.2089 0.0096 0.3062 0.1928 0.2563 -0.1896 0.2070 0.1911 0.1170 Best Quarter Worst Quarter 0.1993 -0.1779 2020-06-30 2020-03-31 Average Annual Total Returns for Periods Ended December 31, 2025 <p id="xdx_A8__eoef--PerformanceTableNarrativeTextBlock_zjphaqYvzamr" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">This table compares the Fund’s Institutional Class Shares’ average annual total returns for the periods ended December 31, 2025 to those of an appropriate broad based index. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90__eoef--PerformanceTableUsesHighestFederalRate_c20260301__20260301__dei--LegalEntityAxis__custom--S000041987Member_zIfmGBzJgPI3">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span>Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. <span id="xdx_90__eoef--PerformanceTableNotRelevantToTaxDeferred_c20260301__20260301__dei--LegalEntityAxis__custom--S000041987Member_zS0x1o42Trur">After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement. </span><span> </span></p> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement. 0.1170 0.1033 0.1305 0.1052 0.0825 0.0853 0.1167 0.0938 0.0930 0.0799 0.1063 0.0873 0.1788 0.1442 0.1482 0.1088 CIBC ATLAS MID CAP EQUITY FUND Investment Objective <p id="xdx_A8__eoef--ObjectivePrimaryTextBlock_zL5fGe8t1nJs" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The CIBC Atlas Mid Cap Equity Fund (the “Fund”) seeks long-term capital appreciation. </p> Fund Fees and Expenses <p id="xdx_A8__eoef--ExpenseNarrativeTextBlock_z3UyHMqXWVll" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. <b>You may pay other fees, such as brokerage commissions and other fees, including to financial intermediaries, which are not reflected in the table and Example below.</b> </span></p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0075 0.0075 0 0.0025 0.0007 0.0022 0 0.0015 0.0007 0.0007 0.0082 0.0122 February 28, 2027 Example <p id="xdx_A8__eoef--ExpenseExampleNarrativeTextBlock_zANACcE5lTPv" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </p> 84 262 455 1014 124 387 670 1477 Portfolio Turnover <p id="xdx_A87_eoef--PortfolioTurnoverTextBlock_zwQMt2liFSRl" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in total annual Fund operating expenses or in the example, affect the Fund’s performance. During its most recent fiscal year, the Fund’s portfolio turnover rate was <span id="xdx_90__eoef--PortfolioTurnoverRate_c20260301__20260301__dei--LegalEntityAxis__custom--S000042153Member_zuofSF8CrQDR">24%</span> of the average value of its portfolio. </span></p> 0.24 Principal Investment Strategies <p id="xdx_A8__eoef--StrategyNarrativeTextBlock_z36OXbbKPXNe" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90__eoef--StrategyPortfolioConcentration_c20260301__20260301__dei--LegalEntityAxis__custom--S000042153Member_zBAI95ud96OY">Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of mid-capitalization companies.</span> This investment policy may be changed by the Fund upon 60 days’ prior written notice to shareholders. For purposes of this policy, a mid-capitalization company is a company with a market capitalization of between $4 billion and $65 billion at the time of initial purchase. While the Fund expects to invest primarily in common stock, it may also invest in other equity securities, including preferred stock, convertible securities and American Depositary Receipts (“ADRs”). The Fund may invest up to 25% of its net assets in foreign securities, including ADRs. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">In selecting securities for the Fund, the Adviser utilizes a bottom-up, fundamental selection process that focuses on identifying companies across various sectors that can deliver consistently strong earnings growth, free cash flow growth and above average return on equity. The Adviser looks for a proven history of growth in the companies in which the Fund invests, because the Adviser believes that it is indicative of the value of the company’s underlying franchise or market position, and companies with such a history typically have a proprietary product or business approach that allows them to be leaders within their respective industries. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund intends to buy and hold securities of companies for the long-term, and seeks to limit portfolio turnover. The Fund may sell a security, however, when a company’s fundamental business prospects or ability to generate cash deteriorates, its capitalization exceeds the upper range of capitalizations of companies in the Fund’s benchmark index, its management becomes less stable or it becomes overvalued, or when more attractive alternatives exist. </p> Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of mid-capitalization companies. You could lose money by investing in the Fund. A Fund share is not a bank deposit and it is not insured or guaranteed by the FDIC or any government agency. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--EquityRiskMember_zkGD46FO2wqT" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Equity Risk</b><span style="font-weight: normal; font-style: normal"> – Since it purchases equity securities, the Fund is subject to the risk that stock prices will fall over short or extended periods of time. Historically, the equity markets have moved in cycles, and the value of the Fund’s equity securities may fluctuate drastically from day to day. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response. 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, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund’s performance and cause losses on your investment in the Fund. These factors contribute to price volatility, which is the principal risk of investing in the Fund. </span></p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--MidCapitalizationCompanyRiskMember_zvPUbi4GZAco" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><b>Mid-Capitalization Company Risk</b> <span style="font-style: normal; font-weight: normal">– The mid-capitalization companies the Fund invests in may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, investments in these medium-sized companies may pose additional risks, including liquidity risk, because these companies may have limited product lines, markets and financial resources, and may depend upon a relatively small management group. Therefore, the mid-capitalization stocks may be more volatile than those of larger companies. These securities may be traded over-the-counter or listed on an exchange. </span></span></p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentStyleRiskMember_znlW3CkzG06L" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Investment Style Risk</b><span style="font-weight: normal; font-style: normal"> – The Fund pursues a “growth style” of investing, </span><span style="font-weight: normal; font-style: normal">meaning that the Fund invests in equity securities of companies that the Adviser believes will increase their earnings at a certain rate that is generally </span></p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">higher than the rate expected for non-growth companies. If a growth company does not meet these expectations, the price of its stock may decline significantly, even if it has increased earnings. Many growth companies do not pay dividends. Companies that do not pay dividends often have greater stock price declines during market downturns. Over time, a growth investing style may go in and out of favor, and when out of favor, may cause the Fund to underperform other equity funds that use differing investing styles. </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_z0WLS3aRhCAb" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><b>Management Risk</b> - The Fund is actively managed, and the investment techniques and risk analysis used by the Fund’s portfolio managers may not produce the desired results.</span></p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignCurrencyRiskMember_zYDnaD5a9lrY" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Foreign Currency Risk</b><span style="font-weight: normal; font-style: normal"> – As a result of the Fund’s investments in securities or other investments denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar, in which case, the dollar value of an investment in the Fund would be adversely affected.</span><span style="font-weight: normal; font-style: normal"> </span></p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--ConvertibleSecuritiesRiskMember_znygZERIZmwf" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"></p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignCompanyRiskMember_z8a9lBsPBPlG" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Foreign Company Risk</b><span style="font-weight: normal; font-style: normal"> – Investing in foreign companies, including direct investments and through ADRs, which are traded on U.S. exchanges and represent an ownership in a foreign security, poses additional risks since political and economic events unique to a country or region will affect those markets and their issuers. These risks will not necessarily affect the U.S. economy or similar issuers located in the United States. In addition, investments in foreign companies generally are denominated in a foreign currency. Changes in the value of a currency compared to the U.S. dollar may affect (positively or negatively) the value of the Fund’s investments. These currency movements may occur separately from, and in response to, events that do not otherwise affect the value of the security in the issuer’s home country. Securities of foreign companies may not be registered with the U.S. Securities and Exchange Commission (the “SEC”) and foreign companies are generally not subject to the regulatory controls imposed on U.S. issuers and, as a consequence, there is generally less publicly available information about foreign securities than is available about domestic securities. Income from foreign securities owned by the Fund may be reduced by a withholding tax at the source, which would reduce income received from the securities </span></p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--PreferredStockRiskMember_zlOHngFhzVYX" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><b>Preferred Stock Risk </b><span style="font-style: normal; font-weight: normal">– Preferred stocks are sensitive to interest rate changes, and are also subject to equity risk, which is the risk that stock prices will fall over short or extended periods of time. The rights of preferred stocks on the distribution of a company’s assets in the event of a liquidation are generally subordinate to the rights associated with a company’s debt securities. </span></span></p> Performance Information <p id="xdx_A8__eoef--PerformanceNarrativeTextBlock_z4HkV2fYde4I" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90__eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260301__20260301__dei--LegalEntityAxis__custom--S000042153Member_zGZQngw1oHzy">The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing changes in the Fund’s Institutional Class Shares’ performance from year to year and by showing how the Fund’s Institutional Class Shares’ average annual total returns for 1, 5 and 10 years and since inception compare with those of a broad measure of market performance and a more narrowly based index with characteristics relevant to the Fund’s investment strategies.</span> <span id="xdx_90__eoef--PerformancePastDoesNotIndicateFuture_c20260301__20260301__dei--LegalEntityAxis__custom--S000042153Member_zx5CT7TqxbDv">Of course, the Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. </span> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">As of the date of this Prospectus, Investor Class Shares of the Fund have not commenced operations and therefore have no performance information to report. Investor Class Shares of the Fund would have substantially similar performance as Institutional Class Shares because the shares are invested in the same portfolio of securities and the returns would generally differ only to the extent that expenses of Investor Class Shares are higher than the expenses of Institutional Class Shares, in which case the returns for Investor Class Shares would be lower than those of Institutional Class Shares. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Updated performance information is available by calling <span id="xdx_90__eoef--PerformanceAvailabilityPhone_c20260301__20260301__dei--LegalEntityAxis__custom--S000042153Member_z6cTjunQnzbP">1-855-328-3863</span>. </p> The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing changes in the Fund’s Institutional Class Shares’ performance from year to year and by showing how the Fund’s Institutional Class Shares’ average annual total returns for 1, 5 and 10 years and since inception compare with those of a broad measure of market performance and a more narrowly based index with characteristics relevant to the Fund’s investment strategies. Of course, the Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. 1-855-328-3863 Annual Total Returns 0.0421 0.2087 -0.0676 0.3457 0.1837 0.1971 -0.2364 0.1955 0.1067 0.0225 Best Quarter Worst Quarter 0.2159 -0.2271 2020-06-30 2020-03-31 Average Annual Total Returns for Periods Ended December 31, 2025 <p id="xdx_A8__eoef--PerformanceTableNarrativeTextBlock_zjaI2q98a3hW" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">This table compares the Fund’s Institutional Class Shares’ average annual total returns for the periods ended December 31, 2025 to those of an appropriate broad based index and a more narrowly based index with characteristics relevant to the Fund’s investment strategies. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90__eoef--PerformanceTableUsesHighestFederalRate_c20260301__20260301__dei--LegalEntityAxis__custom--S000042153Member_zLnlClOzbcaS">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. <span id="xdx_90__eoef--PerformanceTableNotRelevantToTaxDeferred_c20260301__20260301__dei--LegalEntityAxis__custom--S000042153Member_zJQTJzI7cA0V">After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”).</span> </p> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). 0.0225 0.0434 0.0875 0.0866 -0.0024 0.0277 0.0783 0.0785 0.0307 0.0331 0.0712 0.0711 0.1715 0.1315 0.1429 0.1284 0.0866 0.0665 0.1249 0.1124 CIBC ATLAS INCOME OPPORTUNITIES FUND Investment Objective <p id="xdx_A8__eoef--ObjectivePrimaryTextBlock_zvDZyQVqpGMo" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The CIBC Atlas Income Opportunities Fund (the “Fund”) seeks current income and long-term capital appreciation. </p> Fund Fees and Expenses <p id="xdx_A8__eoef--ExpenseNarrativeTextBlock_zBNOP31elFRv" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. <b>You may pay other fees, such as brokerage commissions and other fees, including to financial intermediaries, which are not reflected in the table and Example below.</b> </span></p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0060 0.0060 0 0.0025 0.0008 0.0023 0 0.0015 0.0008 0.0008 0.0001 0.0001 0.0069 0.0109 AFFE are indirect fees and expenses that the Fund incurs from investing in shares of other funds, including money market funds and exchange-traded funds. February 28, 2027 The Total Annual Fund Operating Expenses in this fee table do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund, and exclude Acquired Fund Fees and Expenses. Example <p id="xdx_A8__eoef--ExpenseExampleNarrativeTextBlock_zXICoy3o2xUz" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </p> 70 221 384 859 111 347 601 1329 Portfolio Turnover <p id="xdx_A8__eoef--PortfolioTurnoverTextBlock_zGEjEVCQlbWz" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in total annual Fund operating expenses or in the example, affect the Fund’s performance. During its most recent fiscal year, the Fund’s portfolio turnover rate was <span id="xdx_906_eoef--PortfolioTurnoverRate_c20260301__20260301__dei--LegalEntityAxis__custom--S000042154Member_z8c6WSM7RRpd">24%</span> of the average value of its portfolio. </span></p> 0.24 Principal Investment Strategies <p id="xdx_A8__eoef--StrategyNarrativeTextBlock_ztTaAY2G6kW9" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><span id="xdx_90__eoef--StrategyPortfolioConcentration_c20260301__20260301__dei--LegalEntityAxis__custom--S000042154Member_zqJqootakkKD">Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in income producing securities. </span>This investment policy may be changed by the Fund upon 60 days’ prior written notice to shareholders. The Fund invests in a combination of common stock, preferred stock, convertible securities, fixed income securities (including corporate bonds, mortgage-backed and asset-backed securities, U.S. government securities, and money market instruments), and other investment companies (including exchange-traded funds (“ETFs”) and closed-end investment companies (“closed-end funds”)). The Fund may invest up to 25% of its net assets in foreign securities, including American Depositary Receipts (“ADRs”). The Fund focuses on companies with market capitalizations within the range of the Russell 1000^® Index during the prior year, but may invest in companies not included in the Index. As of December 31, 2025, the market capitalization range for the Russell 1000^® Index was approximately $1.3 billion to $4.5 trillion. The Fund may invest without limit in securities of any credit quality, including securities that are rated below investment grade (“high yield” or “junk” bonds) and </span></p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">those in default. The Fund may also invest up to 25% of its assets in the sale (writing) of covered call or put options on common stocks to generate additional income and reduce volatility. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">In selecting securities for the Fund, the Adviser utilizes a bottom-up, fundamental selection process that focuses on identifying companies across various sectors that are attractively valued and can deliver consistently strong free cash flow growth and above average return on equity. The Adviser looks for a proven history of solid business execution in the companies in which the Fund invests, because the Adviser believes that it is indicative of the value of the company’s underlying franchise or market position, and companies with such a history typically have a proprietary product or business approach that allows them to be leaders within their respective industries. Based on an assessment of relative and absolute attractiveness, an investment may be made in a company’s common stock, preferred stock, and/or debt. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund intends to buy and hold securities of companies for the long-term, and seeks to limit portfolio turnover. The Fund may sell a security, however, when a company’s fundamental business prospects or ability to generate cash deteriorates, its management becomes less stable or it becomes overvalued, or when more attractive alternatives exist. </p> Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in income producing securities. You could lose money by investing in the Fund. A Fund share is not a bank deposit and it is not insured or guaranteed by the FDIC or any government agency. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--EquityRiskMember_z5nbCWAw7oX1" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Equity Risk </b><span style="font-weight: normal; font-style: normal">– Since it purchases equity securities, the Fund is subject to the risk that stock prices will fall over short or extended periods of time. Historically, the equity markets have moved in cycles, and the value of the Fund’s equity securities may fluctuate drastically from day to day. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response. 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, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund’s performance and cause </span></p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">losses on your investment in the Fund. These factors contribute to price volatility, which is the principal risk of investing in the Fund. </p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--HighYieldBondRiskMember_znkjvQaq2IVy" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>High Yield Bond Risk </b><span style="font-weight: normal; font-style: normal">– High yield, or “junk,” bonds are highly speculative securities that are usually issued by smaller, less creditworthy and/or highly leveraged (indebted) companies. Compared with investment-grade bonds, high yield bonds are considered to carry a greater degree of risk and are considered to be less likely to make payments of interest and principal. In particular, lower-quality high yield bonds (rated CCC, CC, C, or unrated securities judged to be of comparable quality) are subject to a greater degree of credit risk than higher-quality high yield bonds and may be near default. High yield bonds rated D are in default. Market developments and the financial and business conditions of the corporation issuing these securities generally influence their price and liquidity more than changes in interest rates, when compared to investment-grade debt securities. </span></p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--ConvertibleSecuritiesRiskMember_z8IeTbSiHMg5" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Convertible Securities Risk</b><span style="font-weight: normal; font-style: normal"> – The value of a convertible security is influenced by changes in interest rates (with investment value declining as interest rates increase and increasing as interest rates decline) and the credit standing of the issuer. The price of a convertible security will also normally vary in some proportion to changes in the price of the underlying common stock because of the conversion or exercise feature. </span></p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--RisksMember_z716XRlDNRqP" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Risks of Investing in Other Investment Companies </b><span style="font-weight: normal; font-style: normal">– To the extent the Fund invests in other investment companies, such as ETFs and closed-end funds, the Fund will be subject to substantially the same risks as those associated with the direct ownership of the securities held by such other investment companies. As a shareholder of another investment company, the Fund relies on that investment company to achieve its investment objective. If the investment company fails to achieve its objective, the value of the Fund’s investment could decline, which could adversely affect the Fund’s performance. By investing in another investment company, Fund shareholders indirectly bear the Fund’s proportionate share of the fees and expenses of the other investment company, in addition to the fees and expenses that Fund shareholders directly bear in connection with the Fund’s own operations. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Because closed-end funds and ETFs are listed on national stock exchanges and are traded like stocks listed on an exchange, their shares potentially may trade at a discount or premium to their net asset value. Investments in closed-end funds and ETFs are also subject to brokerage and other trading costs, which could result in greater expenses to the Fund. In addition, because the value of closed-end funds and ETF shares depends on the demand in the market, the Adviser may not be able to liquidate the Fund’s holdings at the most optimal time, which could adversely affect Fund performance. </p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zwoJxWzWQ5j0" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Derivatives Risk</b><span style="font-weight: normal; font-style: normal"> – The Fund’s use of put and call options is subject to market risk, leverage risk, correlation risk, liquidity risk, credit risk and valuation risk. Credit risk is described above. Leverage risk and liquidity risk are described below. Market risk is the risk that the market value of an investment may move up and down, sometimes rapidly and unpredictably. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Valuation risk is the risk that the derivative may be difficult to value. Each of these risks could cause the Fund to lose more than the principal amount invested in a derivative instrument. </span></p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--PreferredStockRiskMember_z3yLucVc3pRn" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Preferred Stock Risk</b><span style="font-weight: normal; font-style: normal"> – Preferred stocks are sensitive to interest rate changes, and are also subject to equity risk, which is the risk that stock prices will fall over short or extended periods of time. The rights of preferred stocks on the distribution of a company’s assets in the event of a liquidation are generally subordinate to the rights associated with a company’s debt securities. </span></p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zEuFlKrGR1l2" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Leverage Risk</b><span style="font-weight: normal; font-style: normal"> – The use of leverage can amplify the effects of market volatility on the Fund’s share price and may also cause the Fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations. </span></p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--CreditRiskMember_zm1DR5IVylxq" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Credit Risk</b><span style="font-weight: normal; font-style: normal"> – The risk that the issuer of a security or the counterparty to a contract will default or otherwise become unable to honor a financial obligation.</span><span style="font-weight: normal; font-style: normal"> </span></p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--CorporateFixedIncomeSecuritiesRiskMember_zQGpy8oDemR3" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Corporate Fixed Income Securities Risk </b><span style="font-weight: normal; font-style: normal">– The prices of the Fund’s corporate fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness and business prospects of individual issuers. </span></p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeMarketRiskMember_zcExXWfXoiE3" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Fixed Income Market Risk </b><span style="font-weight: normal; font-style: normal">– The prices of the Fund’s fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. In the case of foreign securities, price fluctuations will reflect international economic and political events, as well as changes in currency valuations relative to the U.S. dollar. </span></p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--InterestRateRiskMember_zGn1qYRaj5cg" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Interest Rate Risk</b><span style="font-weight: normal; font-style: normal"> – The risk that the value of fixed income securities will fall due to rising interest rates. </span></p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_z7epjvSLMMTf" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Liquidity Risk</b><span style="font-weight: normal; font-style: normal"> – The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on Fund management or performance. </span></p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--AssetBackedSecuritiesRiskMember_z8ZlPrJ0vSif" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Asset-Backed Securities Risk</b><span style="font-weight: normal; font-style: normal"> – Payment of principal and interest on asset-backed securities is dependent largely on the cash flows generated by the assets backing the securities, and asset-backed securities may not have the benefit of any security interest in the related assets. </span></p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--MortgageBackedSecuritiesRiskMember_zt68akzqbYm4" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Mortgage-Backed Securities Risk</b><span style="font-weight: normal; font-style: normal"> – Mortgage-backed securities are affected by, among other things, interest rate changes and the possibility of prepayment of the underlying mortgage loans. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations.</span><span style="font-weight: normal; font-style: normal"> </span></p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentSecuritiesRiskMember_zbpzhApgnPJz" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>U.S. Government Securities Risk</b><span style="font-weight: normal; font-style: normal"> – The Fund’s investment in U.S. government obligations may include securities issued or guaranteed as to principal and interest by the U.S. government, or its agencies or instrumentalities. Payment of principal and interest on U.S. government obligations may be backed by the full faith and credit of the United States or may be backed solely by the issuing or guaranteeing agency or instrumentality itself. There can be no assurance that the U.S. government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) where it is not obligated to do so. In addition, U.S. government securities are not guaranteed against price movements due to changing interest rates. </span></p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignCompanyRiskMember_z3Z9pRdUHPA5" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Foreign Company Risk </b><span style="font-weight: normal; font-style: normal">– Investing in foreign companies, including direct investments and through ADRs, which are traded on U.S. exchanges and represent an ownership in a foreign security, poses additional risks since political and economic events unique to a country or region will affect those markets and their issuers. These risks will not necessarily affect the U.S. economy or similar issuers located in the United States. In addition, investments in foreign companies generally are denominated in a foreign currency. Changes in the value of a currency compared to the U.S. dollar may affect (positively or negatively) the value of the Fund’s investments. These currency movements may occur separately from, and in response to, events that do not otherwise affect the value of the security in the issuer’s home country. Securities of foreign companies may not be registered with the U.S. Securities and Exchange Commission (the “SEC”) and foreign companies are generally not subject to the regulatory controls imposed on U.S. issuers and, as a consequence, there is generally less publicly available information about foreign securities than is available about domestic securities. Income from foreign securities owned by the Fund may be reduced by a withholding tax at the source, which would reduce income received from the securities comprising the portfolio. Foreign securities may also be more difficult to value than securities of U.S. issuers. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund. While ADRs provide an alternative to directly </span></p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">purchasing the underlying foreign securities in their respective national markets and currencies, investments in ADRs continue to be subject to many of the risks associated with investing directly in foreign securities. </p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignCurrencyRiskMember_zYalbzcQWR5C" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Foreign Currency Risk</b><span style="font-weight: normal; font-style: normal"> – As a result of the Fund’s investments in securities or other investments denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar, in which case, the dollar value of an investment in the Fund would be adversely affected. </span></p> Performance Information <p id="xdx_A8__eoef--PerformanceNarrativeTextBlock_zQB3p6UPuhfd" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90__eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260301__20260301__dei--LegalEntityAxis__custom--S000042154Member_zCo4eGRChEq0">The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing changes in the Fund’s Institutional Class Shares’ performance from year to year and by showing how the Fund’s Institutional Class Shares’ average annual total returns for 1, 5 and 10 years and since inception compare with those of a broad measure of market performance and more narrowly based indices with characteristics relevant to the Fund’s investment strategies.</span> <span id="xdx_90__eoef--PerformancePastDoesNotIndicateFuture_c20260301__20260301__dei--LegalEntityAxis__custom--S000042154Member_z8doePhO7Xwv">Of course, the Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. </span> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">As of the date of this Prospectus, Investor Class Shares of the Fund have not commenced operations and therefore have no performance information to report. Investor Class Shares of the Fund would have substantially similar performance as Institutional Class Shares because the shares are invested in the same portfolio of securities and the returns would generally differ only to the extent that expenses of Investor Class Shares are higher than the expenses of Institutional Class Shares, in which case the returns for Investor Class Shares would be lower than those of Institutional Class Shares. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Updated performance information is available by calling <span id="xdx_90__eoef--PerformanceAvailabilityPhone_c20260301__20260301__dei--LegalEntityAxis__custom--S000042154Member_z0kIhe4PqftS">1-855-328-3863</span>. </p> The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing changes in the Fund’s Institutional Class Shares’ performance from year to year and by showing how the Fund’s Institutional Class Shares’ average annual total returns for 1, 5 and 10 years and since inception compare with those of a broad measure of market performance and more narrowly based indices with characteristics relevant to the Fund’s investment strategies. Of course, the Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. 1-855-328-3863 Annual Total Returns 0.1387 0.1379 -0.0353 0.2332 0.1190 0.1860 -0.1478 0.1506 0.1069 0.0724 Best Quarter Worst Quarter 0.1373 -0.1534 2020-06-30 2020-03-31 Average Annual Total Returns for Periods Ended December 31, 2025 <p id="xdx_A8__eoef--PerformanceTableNarrativeTextBlock_z1NNIbfYwLm1" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">This table compares the Fund’s Institutional Class Shares’ average annual total returns for the periods ended December 31, 2025 to those of an appropriate broad based index and more narrowly based indices with characteristics relevant to the Fund’s investment strategies. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90__eoef--PerformanceTableUsesHighestFederalRate_c20260301__20260301__dei--LegalEntityAxis__custom--S000042154Member_zqn0LPlSMK56">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. <span id="xdx_90__eoef--PerformanceTableNotRelevantToTaxDeferred_c20260301__20260301__dei--LegalEntityAxis__custom--S000042154Member_zzgdYDYZsguX">After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”).</span> </p> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). 0.0724 0.0666 0.0906 0.0756 0.0408 0.0518 0.0791 0.0645 0.0606 0.0494 0.0711 0.0585 0.1788 0.1442 0.1482 0.1346 0.0688 -0.0059 0.0216 0.0207 0.1352 0.0837 0.0985 0.0901 CIBC ATLAS ALL CAP GROWTH FUND Investment Objective <p id="xdx_A8__eoef--ObjectivePrimaryTextBlock_zpe6TREOzKKV" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The investment objective of the CIBC Atlas All Cap Growth Fund (the “Fund”) is long-term capital appreciation. </p> Fund Fees and Expenses <p id="xdx_A8__eoef--ExpenseNarrativeTextBlock_zMnBT45bqlMK" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. <b>You may pay other fees, such as brokerage commissions and other fees, including to financial intermediaries, which are not reflected in the table and Example below.</b> </span></p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0082 0.0082 0 0.0025 0.0009 0.0019 0 0.0010 0.0009 0.0009 0.0091 0.0126 February 28, 2027 Example <p id="xdx_A8__eoef--ExpenseExampleNarrativeTextBlock_z8mU68OI2Zl9" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </p> 93 290 504 1120 128 400 692 1523 Portfolio Turnover <p id="xdx_A8__eoef--PortfolioTurnoverTextBlock_zZ4aTksWAAmF" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in total annual Fund operating expenses or in the example, affect the Fund’s performance. During its most recent fiscal year, the Fund’s portfolio turnover rate was <span id="xdx_90__eoef--PortfolioTurnoverRate_c20260301__20260301__dei--LegalEntityAxis__custom--S000059860Member_zw0rFV98Ohqm">70%</span> of the average value of its portfolio. </span></p> 0.70 Principal Investment Strategies <p id="xdx_A8__eoef--StrategyNarrativeTextBlock_z5MOo8oPMmlW" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund seeks to achieve its investment objective by investing primarily in common stocks of U.S. companies without regard to market capitalizations. <span id="xdx_90__eoef--StrategyPortfolioConcentration_c20260301__20260301__dei--LegalEntityAxis__custom--S000059860Member_zy6aZgSRwbC9">Under normal conditions, the Fund may invest up to 100% of its net assets in common stocks, and may also invest in preferred stocks, of U.S. companies.</span> Additionally, the Fund may invest up to 30% of its net assets in securities of “foreign issuers.” “Foreign issuers” include non-U.S. companies: (a) whose securities are not traded on a U.S. exchange; (b) whose securities are traded on a U.S. exchange, and denominated in U.S. dollars, in the form of American Depositary Receipts (“ADRs”); or (c) who are organized and headquartered outside the United States but whose securities are publicly traded on a U.S. exchange. The Fund may invest up to 25% of its net assets in securities of “foreign issuers” located in emerging markets. “Emerging markets” are less developed countries as defined by the investment community and included in the Morgan Stanley Capital International Emerging Markets Index (“MSCI EM”) or that are publicly announced to be added to the MSCI EM. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Under normal market conditions, the Adviser uses a bottom-up, fundamental investment approach that focuses on identifying quality growth companies. This approach begins with the Adviser identifying an initial universe of securities based on the Adviser’s proprietary analysis. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">In assessing whether a company is a quality growth company, the Adviser may consider, among other things, whether such company has sustainable competitive advantages and highly visible future growth potential, including internal revenue growth, large market opportunities and simple business models, and shows strong cash flow generation and high return on invested capital. The Adviser utilizes proprietary research and a rigorous qualitative and quantitative investment process. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund’s investment strategy focuses on identifying stocks within multiple industry groups. Using quantitative and qualitative measures established by the Adviser, the Fund seeks to purchase common stocks that have stronger performance relative to other common stocks. The Adviser may sell the Fund’s investments for a variety of reasons, including to secure gains, limit losses or reinvest in more promising investment opportunities. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund is classified as “non-diversified,” which means that it may invest a larger percentage of its assets in a smaller number of issuers than a diversified fund. </span></p> Under normal conditions, the Fund may invest up to 100% of its net assets in common stocks, and may also invest in preferred stocks, of U.S. companies. You could lose money by investing in the Fund. A Fund share is not a bank deposit and it is not insured or guaranteed by the FDIC or any government agency. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zapyYJ9BNWW4" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Market Risk </b><span style="font-weight: normal; font-style: normal">– The prices of and the income generated by the Fund’s securities may decline in response to, among other things, investor sentiment, general economic and market conditions, regional or global instability, and currency and interest rate fluctuations. 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, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund’s performance and cause losses on your investment in the Fund. </span></p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--EquityRiskMember_znOIvETT8AJf" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Equity Risk </b><span style="font-weight: normal; font-style: normal">– Since it purchases equity securities, the Fund is subject to the risk that stock prices will fall over short or extended periods of time. Historically, the equity markets have moved in cycles, and the value of the Fund’s equity securities may fluctuate drastically from day to day. Individual companies may report poor results or be negatively affected by industry </span></p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response. These factors contribute to price volatility, which is the principal risk of investing in the Fund. </p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentStyleRiskMember_zrb8vwiZ0SD8" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Investment Style Risk</b><span style="font-weight: normal; font-style: normal"> – The Fund pursues a “growth style” of investing, meaning that the Fund invests in equity securities of companies that the Adviser believes will increase their earnings at a certain rate that is generally higher than the rate expected for non-growth companies. If a growth company does not meet these expectations, the price of its stock may decline significantly, even if it has increased earnings. Many growth companies do not pay dividends. Companies that do not pay dividends often have greater stock price declines during market downturns. Over time, a growth investing style may go in and out of favor, and when out of favor, may cause the Fund to underperform other equity funds that use differing investing styles. </span></p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallandMidCapitalizationCompanyRiskMember_zVqHAm2u6Azs" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Small- and Mid-Capitalization Company Risk</b><span style="font-weight: normal; font-style: normal"> – The small- and mid-capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, investments in these small- and mid-sized companies may pose additional risks, including liquidity risk, because these companies tend to have limited product lines, markets and financial resources, and may depend upon a relatively small management group. Therefore, small- and mid-cap stocks may be more volatile than those of larger companies. These securities may be traded over-the-counter or listed on an exchange. </span></p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zgYSg69mCmeK" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Management Risk</b><span style="font-weight: normal; font-style: normal"> – The Fund is actively managed, and the investment techniques and risk analysis used by the Fund’s portfolio managers may not produce the desired results. </span></p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationCompanyRiskMember_z7d7PIsdzsCU" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Large-Capitalization Company Risk</b><span style="font-weight: normal; font-style: normal"> – The large capitalization companies in which the Fund may invest may lag the performance of smaller capitalization companies because large capitalization companies may experience slower rates of growth than smaller capitalization companies and may not respond as quickly to market changes and opportunities. </span></p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--DepositaryReceiptsRiskMember_zbZYdUFbhdO5" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Depositary Receipts Risk </b><span style="font-weight: normal; font-style: normal">– Depositary receipts, including ADRs, are certificates evidencing ownership of shares of a foreign issuer that are issued by depositary banks and generally trade on an established market. ADRs are subject to many of the risks associated with investing directly in foreign securities, including, among other things, political, social and economic developments abroad, currency movements, and different legal, regulatory and tax environments. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund may invest in unsponsored ADRs, which are issued by one or more depositaries without a formal agreement with the company that issues the underlying securities. Holders of unsponsored ADRs generally bear all the costs thereof, and the depositaries of unsponsored ADRs frequently are under no obligation to distribute shareholder communications received from the issuers of the underlying securities or to pass through voting rights with respect to the underlying securities. In addition, the issuers of the securities underlying unsponsored ADRs are not obligated to disclose material information in the United States and, therefore, there may be less information available regarding such issuers and there may not be a correlation between such information and the market value of the ADRs. </p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--MicroCapitalizationCompanyRiskMember_z0HnsEKAxqBW" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Micro-Capitalization Company Risk</b><span style="font-weight: normal; font-style: normal"> – Micro-capitalization companies may be newly formed or in the early stages of development with limited product lines, markets or financial resources. Therefore, micro-capitalization companies may be less financially secure than large-, mid- and small-capitalization companies and may be more vulnerable to key personnel losses due to reliance on a smaller number of management personnel. In addition, there may be less public information available about these companies. Micro-cap stock prices may be more volatile than large-, mid- and small-capitalization companies and such stocks may be more thinly traded and thus difficult for the Fund to buy and sell in the market. </span></p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--PreferredStockRiskMember_z0Sq42XKo8Wt" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Preferred Stock Risk</b><span style="font-weight: normal; font-style: normal"> – Preferred stocks are sensitive to interest rate changes, and are also subject to equity risk, which is the risk that stock prices will fall over short or extended periods of time. The rights of preferred stocks on the distribution of a company’s assets in the event of a liquidation are generally subordinate to the rights associated with a company’s debt securities. </span></p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsSecuritiesRiskMember_zuGfoaDAHHC6" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Emerging Markets Securities Risk</b><span style="font-weight: normal; font-style: normal"> – The Fund’s investments in emerging markets securities are considered speculative and subject to heightened risks in addition to the general risks of investing in foreign securities. Unlike more established markets, emerging markets may have governments that are less stable, markets that are less liquid and economies that are less developed. In addition, the securities markets of emerging market countries may consist of companies with smaller market capitalizations and may suffer periods of relative illiquidity; significant price volatility; restrictions on foreign investment; and possible restrictions on repatriation of investment income and capital. Furthermore, foreign investors may be required to register the proceeds of sales, and future economic or political crises could lead to price controls, forced mergers, expropriation or confiscatory taxation, seizure, nationalization or creation of government monopolies. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund. </span></p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignCurrencyRiskMember_zgMLClYsGNZb" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Foreign Currency Risk</b><span style="font-weight: normal; font-style: normal"> – As a result of the Fund’s investments in securities denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar, in which case, dollar value of an investment in the Fund would be adversely affected. </span></p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignIssuerRiskMember_zbTeGzdJvHh2" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Foreign Issuer Risk</b><span style="font-weight: normal; font-style: normal"> – Investing in foreign issuers, including direct investments and investments through ADRs, poses additional risks since political and economic events unique to a country or region will affect those markets and their issuers. These risks will not necessarily affect the U.S. economy or similar issuers located in the U.S. Securities of foreign companies may not be registered with the U.S. Securities and Exchange Commission (the “SEC”) and foreign issuers are generally not subject to the regulatory controls imposed on U.S. issuers and, as a consequence, there is generally less publicly available information about foreign securities than is available about domestic securities. Income from foreign securities owned by the Fund may be reduced by a withholding tax at the source, which would reduce income received from the securities comprising the portfolio. Foreign securities may also be more difficult to value than securities of U.S. issuers. </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNondiversifiedStatusMember_zwyjZJfDWm24" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><b>Non-Diversified Risk</b><span style="font-weight: normal; font-style: normal"> </span><span style="font-weight: normal; font-style: normal">–</span><span style="font-weight: normal; font-style: normal"> The Fund is non-diversified, which means that it may invest in the securities of relatively few issuers. As a result, the Fund may be more susceptible to a single adverse economic or political occurrence affecting one or more of these issuers and may experience increased volatility due to its investments in those securities. If the securities in which the Fund invests perform poorly, the Fund could incur greater losses than it would have had it invested in a greater number of securities. However, the Fund intends to satisfy the asset diversification requirements for qualification as a regulated investment company (</span><span style="font-weight: normal; font-style: normal">“</span><span style="font-weight: normal; font-style: normal">RIC</span><span style="font-weight: normal; font-style: normal"><span>”</span></span><span style="font-weight: normal; font-style: normal">) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”).</span><span style="font-weight: normal; font-style: normal"> </span></span></p> Performance Information <p id="xdx_A8__eoef--PerformanceNarrativeTextBlock_zf0TAf9t3w8i" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90__eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260301__20260301__dei--LegalEntityAxis__custom--S000059860Member_zeo5L3nKZQZ9">The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing changes in the Fund’s Institutional Class Shares’ performance from year to year and by showing how the Fund’s Institutional Class Shares’ average annual returns for 1, 5 and 10 years and since inception compare with those of a broad measure of market performance and a more narrowly based index with characteristics relevant to the Fund’s investment strategies.</span> <span id="xdx_90__eoef--PerformancePastDoesNotIndicateFuture_c20260301__20260301__dei--LegalEntityAxis__custom--S000059860Member_zG3klzFuJ473">Of course, the Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.</span> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Before the Fund commenced operations, the Fund acquired the assets and liabilities of the Geneva Advisors All Cap Growth Fund (the “All Cap Growth Predecessor Fund”) in a reorganization (the “All Cap Growth Reorganization”). After being approved by shareholders of the All Cap Growth Predecessor Fund, the All Cap Growth Reorganization occurred on February 12, 2018. As a result of the All Cap Growth Reorganization, shareholders of the All Cap Growth Predecessor Fund’s Class I and Class R shares received Institutional Class Shares of the Fund, and the Fund assumed the performance and accounting history of the All Cap Growth Predecessor Fund’s Class I shares prior to the date of the All Cap Growth Reorganization. Accordingly, the performance shown for periods prior to the All Cap Growth Reorganization represents the performance of Class I shares of the All Cap Growth Predecessor Fund. The All Cap Growth Predecessor Fund’s returns in the bar chart and table have not been adjusted to reflect Fund expenses. If the All Cap Growth Predecessor Fund’s performance information had been adjusted to reflect Fund expenses, the performance may have been higher or lower for a given period depending on the expenses incurred by the All Cap Growth Predecessor Fund for that period. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">As of the date of this Prospectus, Investor Class Shares of the Fund have not commenced operations and therefore have no performance information to report. Investor Class Shares of the Fund would have substantially similar performance as Institutional Class Shares because the shares are invested in the same portfolio of securities and the annual returns would generally differ only to the extent that the expenses of Investor Class Shares are higher. Updated performance information is available by calling <span id="xdx_90__eoef--PerformanceAvailabilityPhone_c20260301__20260301__dei--LegalEntityAxis__custom--S000059860Member_znAtHXwWh32F">1-855-328-3863</span>. </p> The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing changes in the Fund’s Institutional Class Shares’ performance from year to year and by showing how the Fund’s Institutional Class Shares’ average annual returns for 1, 5 and 10 years and since inception compare with those of a broad measure of market performance and a more narrowly based index with characteristics relevant to the Fund’s investment strategies. Of course, the Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. 1-855-328-3863 Annual Total Returns -0.0045 0.3206 0.0244 0.3599 0.2976 0.2520 -0.2969 0.3545 0.2141 0.0618 Best Quarter Worst Quarter 0.2655 -0.1994 2020-06-30 2022-06-30 Average Annual Total Returns for Periods Ended December 31, 2025 <p id="xdx_A8__eoef--PerformanceTableNarrativeTextBlock_zSBUKatszhKm" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">This table compares the Fund’s Institutional Class Shares’ average annual total returns for the periods ended December 31, 2025 to those of an appropriate broad based index and a more narrowly based index with characteristics relevant to the Fund’s investment strategies. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90__eoef--PerformanceTableUsesHighestFederalRate_c20260301__20260301__dei--LegalEntityAxis__custom--S000059860Member_z863TVdnd03J">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. <span id="xdx_90__eoef--PerformanceTableNotRelevantToTaxDeferred_c20260301__20260301__dei--LegalEntityAxis__custom--S000059860Member_zCVC9vCgdtDP">After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> </p> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. 0.0618 0.0898 0.1383 0.0992 0.0479 0.0722 0.1153 0.0843 0.0459 0.0678 0.1080 0.0795 0.1715 0.1315 0.1429 0.1045 0.1815 0.1459 0.1759 0.1298 CIBC ATLAS EQUITY INCOME FUND Investment Objective <p id="xdx_A8__eoef--ObjectivePrimaryTextBlock_zt7O2G5XRTFO" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The CIBC Atlas Equity Income Fund (the “Fund”) seeks current income and long-term capital appreciation. </p> Fund Fees and Expenses <p id="xdx_A8__eoef--ExpenseNarrativeTextBlock_zAhx6082k8Vn" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. <b>You may pay other fees, such as brokerage commissions and other fees, including to financial intermediaries, which are not reflected in the table and Example below.</b> </span></p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0080 0.0080 0 0.0025 0.0009 0.0019 0 0.0010 0.0009 0.0009 0.0089 0.0124 February 28, 2027 Example <p id="xdx_A8__eoef--ExpenseExampleNarrativeTextBlock_zV4NBneOQMea" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </p> 91 284 493 1096 126 393 681 1500 Portfolio Turnover <p id="xdx_A88_eoef--PortfolioTurnoverTextBlock_zlSUZRI036rk" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in total annual Fund operating expenses or in the example, affect the Fund’s performance. During its most recent fiscal year, the Fund’s portfolio turnover rate was <span id="xdx_909_eoef--PortfolioTurnoverRate_c20260301__20260301__dei--LegalEntityAxis__custom--S000059859Member_z9SCnI9hNGJ2">29%</span> of the average value of its portfolio. </span></p> 0.29 Principal Investment Strategies <p id="xdx_A8__eoef--StrategyNarrativeTextBlock_z9l4UXBBuPt3" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund seeks to achieve its investment objective by investing in publicly traded securities without regard to market capitalizations. <span id="xdx_90__eoef--StrategyPortfolioConcentration_c20260301__20260301__dei--LegalEntityAxis__custom--S000059859Member_ze8KaTUjqLiH">Under normal circumstances, the Fund invests at least 80% of its net assets plus any borrowings for investment purposes, in equity securities.</span> This investment policy may be changed by the Fund upon 60 days’ prior written notice to shareholders. The equity securities in which the Fund may invest include common stocks, preferred stocks, real estate investment trusts (“REITs”), master limited partnerships (“MLPs”) and convertible securities. The Fund may invest in securities of companies of any market capitalization, including micro-capitalization. A REIT is a security of a company that invests in real estate, either through real estate property, mortgages and similar real estate investments, or all of the foregoing. MLPs are businesses organized as limited partnerships that trade their proportionate shares of the partnership (units) on a public exchange. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund may also invest up to 30% of its net assets in securities of “foreign issuers.” “Foreign issuers” include non-U.S. companies: (a) whose securities are not traded on a U.S. exchange; (b) whose securities are traded on a U.S. exchange, and denominated in U.S. dollars, in the form of American Depositary Receipts (“ADRs”); or (c) who are organized and headquartered outside the United States but whose securities are publicly traded on a U.S. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">exchange. The Fund may invest up to 25% of its net assets in securities of “foreign issuers” located in emerging markets. “Emerging markets” are less developed countries as defined by the investment community and included in the Morgan Stanley Capital International Emerging Markets Index (“MSCI EM”) or that are publicly announced to be added to the MSCI EM. From time to time, the Fund may focus its investments in a particular sector, such as the information technology or financials sector. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund pursues a “growth style” of investing, meaning that the Fund invests in equity securities of companies that the Adviser believes will increase their earnings at a certain rate that is generally higher than the rate expected for non-growth companies. The Fund’s investment strategy focuses on identifying stocks within multiple industry groups. The Fund seeks to generate current income while also providing capital appreciation. The Fund has wide flexibility in the types of securities used to generate a current income yield. Using quantitative and qualitative measures established by the Adviser, the Fund seeks to purchase dividend-paying and non-dividend-paying common stocks that have stronger performance relative to other dividend-paying and non-dividend-paying common stocks. The Adviser may sell the Fund’s investments for a variety of reasons, including to secure gains, limit losses or reinvest in more promising investment opportunities. </p> Under normal circumstances, the Fund invests at least 80% of its net assets plus any borrowings for investment purposes, in equity securities. You could lose money by investing in the Fund. A Fund share is not a bank deposit and it is not insured or guaranteed by the FDIC or any government agency. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zR4t949nUHhb" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Market Risk </b><span style="font-weight: normal; font-style: normal">– The prices of and the income generated by the Fund’s securities may decline in response to, among other things, investor sentiment, general economic and market conditions, regional or global instability, and currency and interest rate fluctuations. 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, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund’s performance and cause losses on your investment in the Fund. </span></p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--EquityRiskMember_zJ29H21Yyleg" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Equity Risk </b><span style="font-weight: normal; font-style: normal">– Since it purchases equity securities, the Fund is subject to the risk that stock prices will fall over short or extended periods of time. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Historically, the equity markets have moved in cycles, and the value of the Fund’s equity securities may fluctuate drastically from day to day. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response. These factors contribute to price volatility, which is the principal risk of investing in the Fund. </p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationCompanyRiskMember_z7FVoIPVvvf5" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Large-Capitalization Company Risk </b><span style="font-weight: normal; font-style: normal">– The large capitalization companies in which the Fund may invest may lag the performance of smaller capitalization companies because large capitalization companies may experience slower rates of growth than smaller capitalization companies and may not respond as quickly to market changes and opportunities. </span></p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--REITRiskMember_zdVnaa7bQxKx" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>REIT Risk</b><span style="font-weight: normal; font-style: normal"> – REITs are susceptible to the risks associated with direct ownership of real estate, such as the following: declines in property values; increases in property taxes, operating expenses, interest rates or competition; overbuilding; zoning changes; and losses from casualty or condemnation. </span></p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--MLPsRiskMember_zGcGHiMkMV2W" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>MLPs Risk </b><span style="font-weight: normal; font-style: normal">– To the extent that an MLP’s interests are all in a particular industry, such as the energy industry, the MLP will be negatively impacted by economic events adversely impacting that industry. Additional risks of investing in a MLP also include those involved in investing in a partnership as opposed to a corporation, such as limited control of management, limited voting rights and tax risks. MLPs may be subject to state taxation in certain jurisdictions, which will have the effect of reducing the amount of income paid by the MLP to its investors. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Energy companies are affected by worldwide energy prices and costs related to energy production. These companies may have significant operations in areas at risk for natural disasters, social unrest and environmental damage. These companies may also be at risk for increased government regulation and intervention, energy conservation efforts, litigation and negative publicity and perception. </p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentStyleRiskMember_z3PLeRQakyep" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Investment Style Risk </b><span style="font-weight: normal; font-style: normal">– The Fund pursues a “growth style” of investing, meaning that the Fund invests in equity securities of companies that the Adviser believes will increase their earnings at a certain rate that is generally higher than the rate expected for non-growth companies. If a growth company does not meet these expectations, the price of its stock may decline significantly, even if it has increased earnings. Many growth companies do not pay dividends. Companies that do not pay dividends often have greater stock price declines during market downturns. Over time, a growth investing style may go in and out of favor, and when out of favor, may cause the Fund to underperform other equity funds that use differing investing styles. </span></p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zxiYSawIfOir" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Management Risk</b><span style="font-weight: normal; font-style: normal"> – The Fund is actively managed, and the investment techniques and risk analysis used by the Fund’s portfolio managers may not produce the desired results. </span></p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--SectorFocusRiskMember_z7KhuyLxJ8ud" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Sector Focus Risk</b><span style="font-weight: normal; font-style: normal"> – Because the Fund may, from time to time, be more heavily invested in particular sectors, the value of its shares may be especially sensitive to factors and economic risks that specifically affect those sectors. As a result, the Fund’s share price may fluctuate more widely than the value of shares of a mutual fund that invests in a broader range of sectors. </span></p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignCurrencyRiskMember_zNOTIfcMOnyJ" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Foreign Currency Risk</b><span style="font-weight: normal; font-style: normal"> – As a result of the Fund’s investments in securities denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar, in which case, the dollar value of an investment in the Fund would be adversely affected. </span></p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--DepositaryReceiptsRiskMember_z83v7SrVK54t" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Depositary Receipts Risk</b><span style="font-weight: normal; font-style: normal"> – Depositary receipts, including ADRs, are certificates evidencing ownership of shares of a foreign issuer that are issued by depositary banks and generally trade on an established market. ADRs are subject to many of the risks associated with investing directly in foreign securities, including, among other things, political, social and economic developments abroad, currency movements, and different legal, regulatory and tax environments. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund may invest in unsponsored ADRs, which are issued by one or more depositaries without a formal agreement with the company that issues the underlying securities. Holders of unsponsored ADRs generally bear all the costs thereof, and the depositaries of unsponsored ADRs frequently are under no obligation to distribute shareholder communications received from the issuers of the underlying securities or to pass through voting rights with respect to the underlying securities. In addition, the issuers of the securities underlying unsponsored ADRs are not obligated to disclose material information in the United States and, therefore, there may be less information available regarding such issuers and there may not be a correlation between such information and the market value of the ADRs. </p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignIssuerRiskMember_zKAYoAQ5132Z" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Foreign Issuer Risk</b><span style="font-weight: normal; font-style: normal"> – Investing in foreign issuers, including direct investments and investments through ADRs, poses additional risks since political and economic events unique to a country or region will affect those markets and their issuers. These risks will not necessarily affect the U.S. economy or similar issuers located in the U.S. Securities of foreign companies may not be registered with the U.S. Securities and Exchange Commission (the “SEC”) and foreign issuers are generally not subject to the regulatory controls imposed on U.S. issuers and, as a consequence, there is generally less publicly available information about foreign securities than is available about domestic securities. Income from foreign securities owned </span></p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">by the Fund may be reduced by a withholding tax at the source, which would reduce income received from the securities comprising the portfolio. Foreign securities may also be more difficult to value than securities of U.S. issuers. </p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallandMidCapitalizationCompanyRiskMember_z36rGODda2Wm" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Small- and Mid-Capitalization Company Risk</b><span style="font-weight: normal; font-style: normal"> – The small- and mid-capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, investments in these small- and mid-sized companies may pose additional risks, including liquidity risk, because these companies tend to have limited product lines, markets and financial resources, and may depend upon a relatively small management group. Therefore, small- and mid-cap stocks may be more volatile than those of larger companies. These securities may be traded over-the-counter or listed on an exchange. </span></p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsSecuritiesRiskMember_ztevlB3fdHNT" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Emerging Markets Securities Risk </b><span style="font-weight: normal; font-style: normal">– The Fund’s investments in emerging markets securities are considered speculative and subject to heightened risks in addition to the general risks of investing in foreign securities. Unlike more established markets, emerging markets may have governments that are less stable, markets that are less liquid and economies that are less developed. In addition, the securities markets of emerging market countries may consist of companies with smaller market capitalizations and may suffer periods of relative illiquidity; significant price volatility; restrictions on foreign investment; and possible restrictions on repatriation of investment income and capital. Furthermore, foreign investors may be required to register the proceeds of sales, and future economic or political crises could lead to price controls, forced mergers, expropriation or confiscatory taxation, seizure, nationalization or creation of government monopolies. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund. </span></p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--MicroCapitalizationCompanyRiskMember_zVs7lyVwWXRm" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Micro-Capitalization Company Risk</b><span style="font-weight: normal; font-style: normal"> – Micro-capitalization companies may be newly formed or in the early stages of development with limited product lines, markets or financial resources. Therefore, micro-capitalization companies may be less financially secure than large-, mid- and small-capitalization companies and may be more vulnerable to key personnel losses due to reliance on a smaller number of management personnel. In addition, there may be less public information available about these companies. Micro-cap stock prices may be more volatile than large-, mid- and small-capitalization companies and such stocks may be more thinly traded and thus difficult for the Fund to buy and sell in the market. </span></p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--PreferredStockRiskMember_zJjp0zTSIepU" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Preferred Stock Risk</b><span style="font-weight: normal; font-style: normal"> – Preferred stocks are sensitive to interest rate changes, and are also subject to equity risk, which is the risk that stock prices will fall over short or extended periods of time. The rights of preferred stocks on the distribution of a company’s assets in the event of a liquidation are generally subordinate to the rights associated with a company’s debt securities. </span></p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--ConvertibleSecuritiesRiskMember_zHgNBoMSOvaS" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Convertible Securities Risk</b><span style="font-weight: normal; font-style: normal"> – The value of a convertible security is influenced by changes in interest rates (with investment value declining as interest rates increase and increasing as interest rates decline) and the credit standing of the issuer. The price of a convertible security will also normally vary in some proportion to changes in the price of the underlying common stock because of the conversion or exercise feature. </span></p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--InformationTechnologySectorRiskMember_z2ZrezFo7pPN" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Information Technology Sector Risk</b><span style="font-weight: normal; font-style: normal"> – Information technology companies face intense competition, both domestically and internationally, which may have an adverse effect on profit margins. Like other technology companies, information technology companies may have limited product lines, markets, financial resources or personnel. The products of information technology companies may face obsolescence due to rapid technological developments, frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Companies in the information technology sector are heavily dependent on patent and intellectual property rights. The loss or impairment of these rights may adversely affect the profitability of these companies. </span></p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--FinancialsSectorRiskMember_zRauQZzopSQg" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Financials Sector Risk </b><span style="font-weight: normal; font-style: normal">- Performance of companies in the financials sector may be adversely impacted by many factors, including, among others, government regulations, economic conditions, credit rating downgrades, changes in interest rates, and decreased liquidity in credit markets. The impact of more stringent capital requirements, recent or future regulation of any individual financial company, or recent or future regulation of the financials sector as a whole cannot be predicted. In recent years, cyber attacks and technology malfunctions have become increasingly frequent in this sector and have caused significant losses to companies in this sector, which may negatively impact the Fund. </span></p> Performance Information <p id="xdx_A8__eoef--PerformanceNarrativeTextBlock_zhK20iMhgoCC" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90__eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260301__20260301__dei--LegalEntityAxis__custom--S000059859Member_z5FZVbOpbCak">The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing changes in the Fund’s Institutional Class Shares’ performance from year to year and by showing how the Fund’s Institutional Class Shares’ average annual returns for 1, 5 and 10 years and since inception compare with those of a broad measure of market performance.</span> <span id="xdx_90__eoef--PerformancePastDoesNotIndicateFuture_c20260301__20260301__dei--LegalEntityAxis__custom--S000059859Member_zDkc825ihBlF">Of course, the Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. </span> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Before the Fund commenced operations, the Fund acquired the assets and liabilities of the Geneva Advisors Equity Income Fund (the “Equity Income Predecessor Fund”) in a reorganization (the “Equity Income Reorganization”). After being approved by shareholders of the Equity Income Predecessor Fund, the Equity Income Reorganization occurred on February 12, 2018. As a result of the Equity Income Reorganization, shareholders of the Equity Income Predecessor Fund’s Class I and Class R shares received Institutional Class Shares of the Fund, and the Fund assumed the performance and accounting history of the Equity Income Predecessor Fund’s Class I shares prior to the date of the Equity Income Reorganization. Accordingly, the performance shown for periods prior to the Equity Income Reorganization represents the performance of Class I shares of the Equity Income Predecessor Fund. The Equity Income Predecessor Fund’s returns in the bar chart and table have not been adjusted to reflect Fund expenses. If the Equity Income Predecessor Fund’s performance information had been adjusted to reflect Fund expenses, the performance may have been higher or lower for a given period depending on the expenses incurred by the Equity Income Predecessor Fund for that period. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">As of the date of this Prospectus, Investor Class Shares of the Fund have not commenced operations and therefore have no performance information to report. Investor Class Shares of the Fund would have substantially similar performance as Institutional Class Shares because the shares are invested in the same portfolio of securities and the annual returns would generally differ only to the extent that the expenses of Investor Class Shares are higher. Updated performance information is available by calling <span id="xdx_90__eoef--PerformanceAvailabilityPhone_c20260301__20260301__dei--LegalEntityAxis__custom--S000059859Member_zWOHdVlp0FDm">1-855-328-3863</span>. </p> The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing changes in the Fund’s Institutional Class Shares’ performance from year to year and by showing how the Fund’s Institutional Class Shares’ average annual returns for 1, 5 and 10 years and since inception compare with those of a broad measure of market performance. Of course, the Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. 1-855-328-3863 Annual Total Returns 0.0780 0.2062 -0.0177 0.3505 0.1272 0.2941 -0.1557 0.1638 0.1914 0.0767 Best Quarter Worst Quarter 0.1808 -0.1967 2020-06-30 2020-03-31 Average Annual Total Returns for Periods Ended December 31, 2025 <p id="xdx_A8__eoef--PerformanceTableNarrativeTextBlock_z4cks6tksaDG" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">This table compares the Fund’s Institutional Class Shares’ average annual total returns for the periods ended December 31, 2025 to those of an appropriate broad based index. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90__eoef--PerformanceTableUsesHighestFederalRate_c20260301__20260301__dei--LegalEntityAxis__custom--S000059859Member_zLz7a4LgTKd4">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. <span id="xdx_90__eoef--PerformanceTableNotRelevantToTaxDeferred_c20260301__20260301__dei--LegalEntityAxis__custom--S000059859Member_zbEiJG6bNRty">After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”).</span><span> </span></p> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). 0.0767 0.1028 0.1223 0.1156 0.0723 0.0911 0.1098 0.1042 0.0485 0.0785 0.0974 0.0943 0.1737 0.1359 0.1459 0.1377 CIBC ATLAS INTERNATIONAL GROWTH FUND Investment Objective <p id="xdx_A8__eoef--ObjectivePrimaryTextBlock_zR1ZWtPbCG8t" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The CIBC Atlas International Growth Fund (the “Fund”) seeks to provide long-term capital appreciation. </p> Fund Fees and Expenses <p id="xdx_A8__eoef--ExpenseNarrativeTextBlock_zf99AfRxLhQ7" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. <b>You may pay other fees, such as brokerage commissions and other fees, including to financial intermediaries, which are not reflected in the table and Example below.</b> </span></p> Shareholder Fees (fees paid directly from your investment) -0.0100 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0082 0.0082 0 0.0025 0.0010 0.0020 0 0.0010 0.0010 0.0010 0.0092 0.0127 February 28, 2027 Example <p id="xdx_A8__eoef--ExpenseExampleNarrativeTextBlock_zTr1a0007orD" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </p> 94 293 509 1131 129 403 697 1534 Portfolio Turnover <p id="xdx_A8__eoef--PortfolioTurnoverTextBlock_zdysRaDsTTzl" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in total annual Fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was <span id="xdx_90__eoef--PortfolioTurnoverRate_c20260301__20260301__dei--LegalEntityAxis__custom--S000065635Member_zmtObmWm2MFu">16%</span> of the average value of its portfolio. </span></p> 0.16 Principal Investment Strategies <p id="xdx_A8__eoef--StrategyNarrativeTextBlock_zxAW61vzYlOG" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund seeks to achieve its investment objective by investing primarily in common stocks of U.S. issuers and common stocks and American Depositary Receipts (“ADRs”), including unsponsored ADRs, of foreign issuers without regard to market capitalizations. “Foreign issuers” means non-U.S. companies: (a) whose securities are not traded on a U.S. exchange; (b) whose securities are traded on a U.S. exchange, and denominated in U.S. dollars, in the form of ADRs; or (c) who are organized and headquartered outside the United States but whose securities are publicly traded on a U.S. exchange. The Fund typically invests in securities of issuers domiciled in at least three non-U.S. countries, with at least 40% of the Fund’s net assets invested in securities of foreign issuers. The Fund’s investments in securities of foreign issuers may include securities of issuers located in emerging markets. Emerging markets are less developed countries as defined by the investment community and represented in the Morgan Stanley Capital International Emerging Markets Index. The Fund may also invest in real estate investment trusts (“REITs”), with a focus on office, industrial and residential REITs. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund will generally hold between 40-70 stocks of companies that the Adviser identifies as having superior quality and growth characteristics. The Adviser’s investment approach categorizes each stock into one of three groups, “Quality Compounders,” “Emerging Growers” and “Risk Mitigators.” Quality Compounders include companies that, based on the Adviser’s evaluation, have long track records, low volatility in their revenue and earnings streams, an advantageous market position over competition, and high returns on capital. Emerging Growers include growth companies the Adviser considers to have unique business models with large unaddressed target markets or novel products or services that can rapidly take market share. Risk Mitigators include companies that the Adviser believes investors traditionally do not consider to be growth companies but that still demonstrate superior quality and growth characteristics relative to their peer group. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">In selecting investments to buy for the Fund, the Adviser utilizes a quality growth style that incorporates elements of quantitative and fundamental investing. The Adviser’s quantitative investment model is first used as a tool to identify potential investment opportunities for further analysis and review. The Adviser’s fundamental analysis is then used to select from the pool of identified investment opportunities and construct a portfolio with the objective of generating alpha (<i>i.e.</i>, outperformance) and reducing the Fund’s risk of loss. The Adviser’s fundamental analysis, along with an evaluation of the positive return potential versus the negative return potential of each of the Fund’s holdings, is also used to monitor the Fund’s portfolio and find what the Adviser considers to be the most attractive equity holdings in each major country or region in international markets, as defined by the benchmark. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">In evaluating the potential sale of a security, the Adviser’s portfolio management team will review corporate progress relative to the team’s fundamental investment case, in addition to monitoring the price movement and valuation of the security. Portfolio holdings are also reviewed for upside or downside relative to the Adviser’s target prices for a given company. The portfolio management team may then sell a holding when it determines that such company’s fundamental business prospects have deteriorated. </p> You could lose money by investing in the Fund. A Fund share is not a bank deposit and it is not insured or guaranteed by the FDIC or any government agency. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zHTtHpWY4Bt2" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Market Risk</b><span style="font-weight: normal; font-style: normal"> – The prices of and the income generated by the Fund’s securities may decline in response to, among other things, investor sentiment, general economic and market conditions, regional or global instability, and currency and interest rate fluctuations. 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, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund’s performance and cause losses on your investment in the Fund. </span></p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--EquityRiskMember_zfpmnHNeChTT" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Equity Risk </b><span style="font-weight: normal; font-style: normal">– Since it purchases equity securities, the Fund is subject to the risk that stock prices will fall over short or extended periods of time. Historically, the equity markets have moved in cycles, and the value of the Fund’s equity securities may fluctuate drastically from day to day. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response. These factors contribute to price volatility, which is the principal risk of investing in the Fund. </span></p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsSecuritiesRiskMember_zwKygj7nNoHR" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Emerging Markets Securities Risk</b><span style="font-weight: normal; font-style: normal"> - The Fund’s investments in emerging markets securities are considered speculative and subject to heightened risks in addition to the general risks of investing in foreign securities. Unlike more established markets, emerging markets may have governments that are less stable, markets that are less liquid and economies that are less developed. In addition, the securities markets of emerging market countries may consist of companies with smaller market capitalizations and may suffer periods of relative illiquidity; significant price volatility; restrictions on foreign investment; and possible restrictions on repatriation of investment income and capital. Furthermore, foreign investors may be required to register the proceeds of sales, and future economic or political crises could lead to price controls, forced mergers, expropriation or confiscatory taxation, seizure, nationalization or creation of government monopolies. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund. </span></p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentStyleRiskMember_zAgMQwf2jW9r" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Investment Style Risk</b><span style="font-weight: normal; font-style: normal"> – The Fund pursues a “growth style” of investing, meaning that the Fund invests in equity securities of companies that the Adviser believes will increase their earnings at a certain rate that is generally higher than the rate expected for non-growth companies. If a growth company does not meet these expectations, the price of its stock may decline significantly, even if it has increased earnings. Many growth </span></p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">companies do not pay dividends. Companies that do not pay dividends often have greater stock price declines during market downturns. Over time, a growth investing style may go in and out of favor, and when out of favor, may cause the Fund to underperform other equity funds that use differing investing styles. </p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignIssuerRiskMember_zT1B0sAJtECA" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Foreign Issuer Risk</b><span style="font-weight: normal; font-style: normal"> – Investing in foreign issuers, including direct investments and investments through ADRs, poses additional risks since political, social, regulatory, currency and economic events unique to a country or region will affect those markets and their issuers. These risks will not necessarily affect the U.S. economy or similar issuers located in the U.S. Securities of foreign companies may not be registered with the U.S. Securities and Exchange Commission (the “SEC”) and foreign issuers are generally not subject to the regulatory controls imposed on U.S. issuers and, as a consequence, there is generally less publicly available information about foreign securities than is available about domestic securities. Income from foreign securities owned by the Fund may be reduced by a withholding tax at the source, which would reduce income received from the securities comprising the portfolio. Foreign securities may also be more difficult to value than securities of U.S. issuers. </span></p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignCurrencyRiskMember_zAUgszBgKLeR" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Foreign Currency Risk </b><span style="font-weight: normal; font-style: normal">– As a result of the Fund’s investments in securities or other investments denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency hedged. In either event, the dollar value of an investment in the Fund would be adversely affected. Currency exchange rates may fluctuate in response to, among other things, changes in interest rates, intervention (or failure to intervene) by U.S. or foreign governments, central banks or supranational entities, or by the imposition of currency controls or other political developments in the United States or abroad. </span></p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zRJVuv4uapXZ" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Management Risk </b><span style="font-weight: normal; font-style: normal">– The Fund is actively managed, and the investment techniques and risk analysis used by the Fund’s portfolio managers may not produce the desired results. </span></p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationCompanyRiskMember_zsbZyzLayiZw" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Large-Capitalization Company Risk</b><span style="font-weight: normal; font-style: normal"> – The large capitalization companies in which the Fund may invest may lag the performance of smaller capitalization companies because large capitalization companies may experience slower rates of growth than smaller capitalization companies and may not respond as quickly to market changes and opportunities. </span></p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallandMidCapitalizationCompanyRiskMember_zylB3Bpb988V" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Small- and Mid-Capitalization Company Risk</b><span style="font-weight: normal; font-style: normal"> – The small- and mid-capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more </span></p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">established companies. In particular, investments in these small- and mid-sized companies may pose additional risks, including liquidity risk, because these companies tend to have limited product lines, markets and financial resources, and may depend upon a relatively small management group. Therefore, small- and mid-cap stocks may be more volatile than those of larger companies. These securities may be traded over-the-counter or listed on an exchange. </p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--AmericanDepositaryReceiptsRiskMember_z9WVqnqz0ArR" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>American Depositary Receipts Risk </b><span style="font-weight: normal; font-style: normal">– Depositary receipts, including ADRs, are certificates evidencing ownership of shares of a foreign issuer that are issued by depositary banks and generally trade on an established market. ADRs are subject to many of the risks associated with investing directly in foreign securities, including, among other things, political, social and economic developments abroad, currency movements, and different legal, regulatory and tax environments. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund may invest in unsponsored ADRs, which are issued by one or more depositaries without a formal agreement with the company that issues the underlying securities. Holders of unsponsored ADRs generally bear all the costs thereof, and the depositaries of unsponsored ADRs frequently are under no obligation to distribute shareholder communications received from the issuers of the underlying securities or to pass through voting rights with respect to the underlying securities. In addition, the issuers of the securities underlying unsponsored ADRs are not obligated to disclose material information in the United States and, therefore, there may be less information available regarding such issuers and there may not be a correlation between such information and the market value of the ADRs. </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--REITRiskMember_z9Jwjn9u7UQ4" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>REIT Risk</b><span style="font-weight: normal; font-style: normal"> – REITs may concentrate their investments in specific geographic areas or in specific property types, and are susceptible to the risks associated with direct ownership of real estate, such as the following: declines in property values; increases in property taxes, operating expenses, interest rates or competition; overbuilding; zoning changes and losses from casualty or condemnation; and other factors outside the control of the issuer of the security. </span></p> Performance Information <p id="xdx_A8__eoef--PerformanceNarrativeTextBlock_zcRjXjkC55hR" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90__eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260301__20260301__dei--LegalEntityAxis__custom--S000065635Member_zLDSyeUHjtN7">The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing the Fund’s Institutional Shares’ performance from year to year by showing how the Fund’s Institutional Class Shares’ average annual returns for 1 year, 5 years and since inception compare with those of a broad measure of market performance. </span><span id="xdx_90__eoef--PerformancePastDoesNotIndicateFuture_c20260301__20260301__dei--LegalEntityAxis__custom--S000065635Member_zWMTSVwLDKBY">Of course, the Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. </span> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">As of the date of this Prospectus, Investor Class Shares of the Fund have not commenced operations and therefore have no performance information to report. Investor Class Shares of the Fund would have substantially similar performance as Institutional Class Shares because the shares are invested in the same portfolio of securities and the annual returns would generally differ only to the extent that the expenses of Investor Class Shares are higher. Updated performance information is available by calling <span id="xdx_90__eoef--PerformanceAvailabilityPhone_c20260301__20260301__dei--LegalEntityAxis__custom--S000065635Member_zHtUgpnNlA1L">1-855-328-3863</span>. </p> The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing the Fund’s Institutional Shares’ performance from year to year by showing how the Fund’s Institutional Class Shares’ average annual returns for 1 year, 5 years and since inception compare with those of a broad measure of market performance. Of course, the Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. 1-855-328-3863 Annual Total Returns 0.1702 0.0200 -0.1414 0.1531 0.0539 0.2610 Best Quarter Worst Quarter 0.1975 -0.2209 2020-12-31 2020-03-31 Average Annual Total Returns for Periods Ended December 31, 2025 <p id="xdx_A8__eoef--PerformanceTableNarrativeTextBlock_zaspwlCX1WJ2" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">This table compares the Fund’s Institutional Class Shares’ average annual total returns for the periods ended December 31, 2025 to those of an appropriate broad based index. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90__eoef--PerformanceTableUsesHighestFederalRate_c20260301__20260301__dei--LegalEntityAxis__custom--S000065635Member_z5zSzn0PuUPP">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. <span id="xdx_90__eoef--PerformanceTableNotRelevantToTaxDeferred_c20260301__20260301__dei--LegalEntityAxis__custom--S000065635Member_z9IV9Yd3cP1U">After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. </span><span> </span></p> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. 0.2610 0.0606 0.0867 0.2601 0.0584 0.0848 0.1573 0.0478 0.0697 0.3311 0.0846 0.1018 Investment Objective <p id="xdx_A8__eoef--ObjectivePrimaryTextBlock_zQBFkHtDuuvX" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Haverford Quality Growth Stock Fund’s (the “Fund”) investment objective is long-term growth of capital. </p> Fund Fees and Expenses <p id="xdx_A8__eoef--ExpenseNarrativeTextBlock_zzUNGYR9Q9en" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. <b>You may pay other fees, such as brokerage commissions and other fees, including to financial intermediaries, which are not reflected in the table and Example below.</b> </p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0060 0.0020 0.0080 February 28, 2027 Example <p id="xdx_A8__eoef--ExpenseExampleNarrativeTextBlock_zRwr2O8fTYUT" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">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 </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </p> 82 255 444 990 Portfolio Turnover <p id="xdx_A8__eoef--PortfolioTurnoverTextBlock_zmZiuUqLCuH3" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in total annual Fund operating expenses or in the example, affect the Fund’s performance. During its most recent fiscal year, the Fund’s portfolio turnover rate was <span id="xdx_90__eoef--PortfolioTurnoverRate_c20260301__20260301__dei--LegalEntityAxis__custom--S000011835Member_zX8yAArjU5BO">11%</span> of the average value of its portfolio. </span></p> 0.11 Principal Investment Strategy <p id="xdx_A8__eoef--StrategyNarrativeTextBlock_zhuy3SJr90JT" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Under normal circumstances, the Fund seeks to achieve its investment objective by investing at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities. This investment policy may be changed by the Fund upon 60 days’ prior written notice to shareholders. The Fund focuses on U.S. listed common stocks issued by companies with large market capitalizations that the Adviser believes are quality companies with stock that offers the potential for future price appreciation. The Adviser considers quality growth companies to: have a history of predictable and consistent earnings growth; have regular, growing dividend payments; and be industry leaders in their respective categories. After screening companies based on these criteria, the Adviser invests in companies that it believes offer exceptional financial strength, industry position, franchise recognition, and consistent and predictable growth in earnings and dividends. Using this strategy, the Fund will ordinarily expect to hold stocks of 25 to 35 different companies. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund seeks to buy and hold its securities for the long term and seeks to keep portfolio turnover to a minimum. However, the Adviser may sell a security for the following reasons: in response to deterioration in a company’s business prospects, performance, or financial strength; when it becomes over-valued or comprises too large of a position in the Fund’s portfolio; or when better opportunities are available among similar companies. </p> You could lose money by investing in the Fund. A Fund share is not a bank deposit and it is not insured or guaranteed by the FDIC or any government agency. <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquityMarketVolatilityRiskMember_zWGq41a4KD9h" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">Since it purchases equity securities, the Fund is subject to the risk that stock prices will fall over short or extended periods of time. Historically, the equity markets have moved in cycles, and the value of the Fund’s equity securities may fluctuate drastically from day-to-day. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response. A variety of factors can lead to volatility in local, regional, or global markets, including regulatory events, inflation, interest rates, government defaults, government shutdowns, war, regional conflicts, acts of terrorism, social unrest, the imposition of tariffs, trade disputes, and substantial economic downturn or recessions. 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, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund’s performance and cause losses on your investment in the Fund. These factors contribute to price volatility, which is the principal risk of investing in the Fund. </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--FocusedPortfolioConcentrationRiskMember_z8axfZ9dCPY4" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Although the Fund is diversified, its investment strategy often results in a relatively focused portfolio of stocks of companies that it believes hold the most growth potential. As a result, poor performance or adverse economic events affecting one or more of these companies could have a greater impact on the Fund than it would on another mutual fund with a broader range of investments. </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapGrowthStocksRiskMember_zDwwliXzJqRg" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund is also subject to the risk that large-cap growth stocks may underperform other equity market segments or the equity market as a whole. </p> Performance Information <p id="xdx_A8__eoef--PerformanceNarrativeTextBlock_zzZEhlIcnNLo" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90A_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260301__20260301__dei--LegalEntityAxis__custom--S000011835Member_zqdVhJ1h1i9b">The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual total returns for 1, 5 and 10 years and since inception compare with those of a broad measure of market performance.</span> <span id="xdx_90__eoef--PerformancePastDoesNotIndicateFuture_c20260301__20260301__dei--LegalEntityAxis__custom--S000011835Member_zsSWcmR952aP">Of course, the Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.</span> Updated performance information is available on the Fund’s website at <span id="xdx_90__eoef--PerformanceAvailabilityWebSiteAddress_c20260301__20260301__dei--LegalEntityAxis__custom--S000011835Member_zyCL3GsrMLxj">www.haverfordfunds.com</span> or by calling <span id="xdx_90__eoef--PerformanceAvailabilityPhone_c20260301__20260301__dei--LegalEntityAxis__custom--S000011835Member_zayS3xKi3zLN">1-866-301-7212</span>. </p> The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual total returns for 1, 5 and 10 years and since inception compare with those of a broad measure of market performance. Of course, the Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. www.haverfordfunds.com 1-866-301-7212 0.0834 0.1846 -0.0581 0.3326 0.1534 0.2435 -0.1208 0.0925 0.1544 0.1317 <p id="xdx_A8__eoef--BarChartClosingTextBlock_zJg0UvaG2aAh" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="2" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: bottom; width: 50%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><b><span id="xdx_90__eoef--HighestQuarterlyReturnLabel_c20260301__20260301__dei--LegalEntityAxis__custom--S000011835Member__oef--ClassAxis__custom--C000032337Member_zuMgQTkeY46z">BEST QUARTER</span></b></span></p></td> <td style="vertical-align: bottom; width: 50%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><b><span id="xdx_90__eoef--LowestQuarterlyReturnLabel_c20260301__20260301__dei--LegalEntityAxis__custom--S000011835Member__oef--ClassAxis__custom--C000032337Member_zdIGwMiQyftx">WORST QUARTER</span></b></span></p></td> </tr> <tr style="background-color: Gainsboro"> <td style="vertical-align: bottom; width: 50%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><span id="xdx_90__eoef--BarChartHighestQuarterlyReturn_c20260301__20260301__dei--LegalEntityAxis__custom--S000011835Member__oef--ClassAxis__custom--C000032337Member_zwPFK4p6lRqc">18.23%</span></span></p></td> <td style="vertical-align: bottom; width: 50%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><span id="xdx_90__eoef--BarChartLowestQuarterlyReturn_c20260301__20260301__dei--LegalEntityAxis__custom--S000011835Member__oef--ClassAxis__custom--C000032337Member_zmyQ3QeAs4RF">(20.71)%</span></span></p></td> </tr> <tr style="background-color: White"> <td style="vertical-align: bottom; width: 50%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">(<span id="xdx_90__eoef--BarChartHighestQuarterlyReturnDate_c20260301__20260301__dei--LegalEntityAxis__custom--S000011835Member__oef--ClassAxis__custom--C000032337Member_zQeLpJQdGVzc">6/30/2020</span>)</span></p></td> <td style="vertical-align: bottom; width: 50%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">(<span id="xdx_90__eoef--BarChartLowestQuarterlyReturnDate_c20260301__20260301__dei--LegalEntityAxis__custom--S000011835Member__oef--ClassAxis__custom--C000032337Member_zyFXKShCFJSS">3/31/2020</span>)</span></p></td> </tr> </table> BEST QUARTER WORST QUARTER 0.1823 -0.2071 2020-06-30 2020-03-31 Average Annual Total Returns for Periods Ended December 31, 2025 <p id="xdx_A88_eoef--PerformanceTableNarrativeTextBlock_zVXEEuPzFNy7" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">This table compares the Fund’s average annual total returns for the periods ended December 31, 2025 to those of an appropriate broad based index. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90__eoef--PerformanceTableUsesHighestFederalRate_c20260301__20260301__dei--LegalEntityAxis__custom--S000011835Member_z53Sm7mSsaHC">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> Actual after-tax returns will depend on an investor’s tax situation and may differ from those shown. <span id="xdx_90__eoef--PerformanceTableNotRelevantToTaxDeferred_c20260301__20260301__dei--LegalEntityAxis__custom--S000011835Member_zcixCNEzixTK">After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”).</span> </p> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). 0.1317 0.0931 0.1123 0.0775 0.1109 0.0768 0.1007 0.0701 0.0927 0.0716 0.0908 0.0644 0.1788 0.1442 0.1482 0.1079 loomis sayles full discretion institutional securitized fund Fund Investment Objective <p id="xdx_A8__eoef--ObjectivePrimaryTextBlock_zjxNmACRYZ3W" style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The investment objective of the Loomis Sayles Full Discretion Institutional Securitized Fund (the “Fund”) is to provide current income and the potential for total return. </p> Fund Fees and Expenses <p id="xdx_A8__eoef--ExpenseNarrativeTextBlock_zjSBTEO2pKTn" style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This table describes the fees and expenses that you may pay if you buy and hold Institutional Class Shares of the Fund. </p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0 0.0022 0.0022 -0.0002 0.0020 Example <p id="xdx_A8__eoef--ExpenseExampleNarrativeTextBlock_zNTgVagljqpS" style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">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 (including capped expenses described in the footnote to the fee table) remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </p> 20 69 122 278 Portfolio Turnover <p id="xdx_A8__eoef--PortfolioTurnoverTextBlock_zztQ0ariQ2l0" style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in total annual Fund operating expenses or in the example, affect the Fund’s performance. During its most recent fiscal year, the Fund’s portfolio turnover rate was <span id="xdx_90__eoef--PortfolioTurnoverRate_c20260301__20260301__dei--LegalEntityAxis__custom--S000032046Member_zF64XY4tOKr4">41%</span> of the average value of its portfolio. </span></p> 0.41 Principal Investment Strategies <p id="xdx_A8__eoef--StrategyNarrativeTextBlock_zffl8c5NS0de" style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90__eoef--StrategyPortfolioConcentration_c20260301__20260301__dei--LegalEntityAxis__custom--S000032046Member_z2PouocmjU8l">Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in mortgage-backed and other asset-backed securities.</span> This investment policy may be changed by the Fund upon 60 days’ prior written notice to shareholders. The Fund primarily invests in asset-backed securities (including collateralized loan obligations), commercial mortgage-backed securities, agency mortgage-backed securities and non-agency residential mortgage-backed securities, which are not issued, guaranteed, or backed by the U.S. government or its agencies or instrumentalities. The Fund may invest in both fixed-rate and adjustable rate securities. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The securities the Fund invests in may be issued by U.S. or non-U.S. issuers, including corporations, partnerships and trusts, and governments, including their agencies, instrumentalities and sponsored entities. There is no limit to the amount of Fund assets which may be invested in non-U.S. issuers. Securities issued by non-U.S. issuers must be U.S. dollar denominated. The Fund may invest in securities of any maturity. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">In addition to direct investments in securitized assets, the Fund may also invest in structured notes, which are instruments that are expected to provide economic exposure equivalent to securitized assets in which the Fund may invest directly. These investments are taken into account when determining compliance with the Fund’s 80% investment policy described above. The Fund may invest up to 20% of its assets, based on market value, in structured notes. The Fund may also invest up to 10% of its assets in cash and cash equivalents, including commercial paper, repurchase agreements and short-term fixed-income instruments. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The average duration and dollar weighted average maturity of the Fund will vary depending on the Adviser’s strategy for the Fund and its analysis of market and economic conditions. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund may invest without limit in securities of any credit quality, including securities that are rated below investment grade (“high yield” or “junk” bonds) and those in default, but seeks to maintain a minimum dollar weighted average portfolio quality equivalent to B- or higher as determined at the time of purchase. The Fund uses the highest rating assigned by Standard &amp; Poor’s Rating Services, Moody’s Investors Service, Inc. or Fitch, Inc. If none of those ratings agencies assign ratings to a particular security or issuer, the Adviser will use its internal rating to determine credit quality. The Fund may continue to hold securities that are downgraded in credit rating subsequent to their purchase if the Adviser believes it would be advantageous to do so. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The portfolio management team will seek to identify and purchase securitized assets that offer a high level of income and/or capital appreciation potential. The return potential and relative attractiveness of each security will be assessed on a potential loss-adjusted basis, with particular emphasis on scenario analysis aimed at assessing the risk-return profile of each security. The credit rating assigned by a nationally recognized rating agency will not be a key consideration in the security selection process, except for the need to maintain the minimum rating requirement of the Fund. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Adviser has full discretion in determining which investments to make and pursues a strategy of investing in securitized assets unconstrained with respect to sectors and ratings. In purchasing securities for the Fund, the Adviser uses a fundamental, top down approach to evaluate each sector in the securitized market, and then determines the sector allocation within each sector and the capital structure allocations for the Fund’s portfolio. The Adviser utilizes a bottom up approach to the individual security selection process, aimed at assigning an independent credit rating to a security and determining its risk/return profile. In evaluating a security, the Adviser utilizes a mix of third party and proprietary research models to generate performance expectations for the collateral backing the security (e.g., pooled mortgages in a mortgage-backed security) and the risks associated with such collateral. Qualitative factors such as the originator of the collateral, the servicer of the pool of assets and other key corporate connections of the security are also evaluated. The Adviser then compares the collateral performance expectations with the security’s structure to determine its ability to make interest and principal payments to its holders, and stress-tests the security across a broad range of scenarios to determine an internal credit rating and a risk/return profile for a security. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Adviser may sell a security when there is a change in the relative valuation of a security, the Adviser’s assessment of a particular sector, and/or the Adviser’s analysis of the credit or risk/return of a security. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund has adopted a policy to concentrate its investments (invest at least 25% of its assets) in the asset-backed securities, commercial mortgage-backed securities and residential mortgage-backed securities group of industries. Due to its investment strategies, the Fund may buy and sell securities frequently. This may result in higher transaction costs and additional capital gains tax liabilities than a fund with a buy and hold strategy. </p> Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in mortgage-backed and other asset-backed securities. You could lose money by investing in the Fund. A Fund share is not a bank deposit and it is not insured or guaranteed by the FDIC or any government agency. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_z9bB15gQ1w2i" style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><b>Market Risk. </b><span style="font-weight: normal; font-style: normal">The prices of and the income generated by the Fund’s securities may decline in response to, among other things, investor sentiment, general economic and market conditions, regional or global instability, and currency and interest rate fluctuations. A variety of factors can lead to volatility in local, regional, or global markets, including regulatory events, inflation, interest rates, government defaults, government shutdowns, war, regional conflicts, acts of terrorism, social unrest, the imposition of tariffs, trade disputes, and substantial economic downturn or recessions.</span><span style="font-weight: normal; font-style: normal"> </span><span style="font-weight: normal; font-style: normal">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, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund’s performance and cause losses on your investment in the Fund.</span><span style="font-weight: normal; font-style: normal"> </span></span></p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--CreditRiskMember_zvm0eBTRBJWe" style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Credit Risk. </b><span style="font-weight: normal; font-style: normal">The credit rating or financial condition of an issuer may affect the value of a fixed-income debt security. Generally, the lower the quality rating of a security, the greater the perceived risk that the issuer will fail to pay interest fully and return principal in a timely manner. If an issuer defaults or becomes unable to honor its financial obligations, the security may lose some or all of its value. The issuer of an investment-grade security is considered by the ratings agency to be more likely to pay interest and repay principal than an issuer of a lower rated bond. Adverse economic conditions or changing circumstances, however, may weaken the capacity of the issuer to pay interest and repay principal. </span></p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--HighYieldBondRiskMember_zpqZg8t7jAFw" style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>High Yield Bond Risk.</b><span style="font-weight: normal; font-style: normal"> High yield, or “junk,” bonds are highly speculative securities that are usually issued by smaller, less credit worthy and/or highly leveraged (indebted) companies. Compared with investment-grade bonds, high yield bonds are considered to carry a greater degree of risk and are considered to be less likely to make payments of interest and principal. Some may even be in default. Market developments and the financial and business conditions of the corporation issuing these securities generally influence their price and liquidity more than changes in interest rates, when compared to investment-grade debt securities. Insufficient liquidity in the high yield bond market may make it more difficult to dispose of high yield bonds and may cause the Fund to experience sudden and substantial price declines. A lack of reliable, objective data or market quotations may make it more difficult to value high yield bonds accurately. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Generally, the lower rated the security, as determined by rating agencies, the more vulnerable the security is to nonpayment. Securities rated below “B” are often dependent upon favorable financial and business conditions to meet their financial obligations, or may lack the capacity to make payments regardless of financial and business conditions. Default becomes more likely over the long or short term the lower rated the security. </p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zPgrgbsX3xeY" style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><b>Liquidity Risk. </b><span style="font-weight: normal; font-style: normal">Liquidity risk exists when particular investments are difficult to purchase or sell, possibly preventing the Fund from selling these illiquid securities at an advantageous price or at the time desired. A lack of liquidity also may cause the value of investments to decline. Illiquid investments also may be difficult to value.</span><span style="font-weight: normal; font-style: normal"> </span></span></p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--InflationDeflationRiskMember_zJtcCy1OEoUh" style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Inflation/Deflation Risk. </b><span style="font-weight: normal; font-style: normal">The value of assets or income from investments may be worth less in the future as inflation decreases the present value of future payments. Conversely, prices throughout the economy may decline over time due to deflation. Deflation may have an adverse effect on the creditworthiness of issuers and may make issuer default more likely, which may result in a decline in the value of the Fund’s portfolio. </span></p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--AgencySecuritiesRiskMember_zjParrziGuOU" style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Agency Securities Risk. </b><span style="font-weight: normal; font-style: normal">Certain obligations issued by U.S. government-sponsored agencies are backed solely by that agency’s own resources. As a result, investments in securities issued by the government sponsored agencies that are not backed by the U.S. Treasury are subject to higher credit risk than those that are. </span></p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--CollateralizedLoanObligationsCLOsRiskMember_z4PLzZwplokH" style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Collateralized Loan Obligations (“CLOs”) Risk. </b><span style="font-weight: normal; font-style: normal">CLOs are securities backed by an underlying portfolio of debt and loan obligations, respectively. CLOs issue classes or “tranches” that vary in risk and yield and may experience substantial losses due to actual defaults, decrease in market value due to collateral defaults and removal of subordinate tranches, market anticipation of defaults and investor aversion to CLO securities as a class. The risks of investing in CLOs depend largely on the tranche invested in and the type of the underlying debts and loans in the tranche of the CLO, respectively, in which the Fund invests. CLOs also carry risks including, but not limited to, interest rate risk and credit risk, which are described above. For example, a liquidity crisis in the global credit markets could cause substantial fluctuations in prices for leveraged loans and high-yield debt securities and limited liquidity for such instruments. When the Fund invests in CLOs, in addition to directly bearing the expenses associated with its own operations, it may bear a pro rata portion of the CLO’s expenses. </span></p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zB3Ych0pg1Im" style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Concentration Risk. </b><span style="font-weight: normal; font-style: normal">Due to the Fund’s concentration in the asset-backed securities, commercial mortgage-backed securities and residential mortgage-backed securities group of industries, events that affect an industry or industries within this group will have a greater effect on the Fund than they would on a fund that is more widely diversified among a number of unrelated industries. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">While the Fund will invest more than 25% of its assets in, collectively, the asset-backed, commercial mortgage-backed and residential mortgage-backed securities industries, it is expected that the Fund’s investments in any one or more of these industries may, from time to time, be significantly greater than 25%. </p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--CreditCrisisLiquidityRiskMember_zKMKanTQMSC4" style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Credit Crisis Liquidity Risk. </b><span style="font-weight: normal; font-style: normal">Certain types of credit instruments, such as investments in high-yield bonds, debt issued in leveraged buyout transactions (acquisition of a company using a substantial amount of debt and loans), mortgage- and asset-backed securities, and short-term asset-backed commercial paper, became very illiquid in the latter half of 2007. General market uncertainty and consequent re-pricing of risk led to market imbalances of sellers and buyers, which in turn resulted in significant valuation uncertainties in mortgage and credit-related securities and other instruments. These conditions resulted, and in many cases continue to result in, greater volatility, less liquidity, widening credit spreads and a lack of price transparency, with many instruments remaining illiquid and of uncertain value. Such market conditions, and the above factors, may make valuation uncertain and/or result in sudden and significant valuation declines. </span></p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecurityRiskMember_zkmDARC2yl49" style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Foreign Security Risk. </b><span style="font-weight: normal; font-style: normal">Investing in securities of foreign issuers and governments poses additional risks since political and economic events unique to a country or region will affect foreign securities markets and their issuers. Political events (civil unrest, national elections, changes in political conditions and foreign relations, imposition of exchange controls and repatriation restrictions), social and economic events (labor strikes, rising inflation) and natural disasters occurring in a country where the Fund invests could cause the Fund’s investments in that country to experience gains or losses. These risks will not necessarily affect the U.S. economy or similar issuers located in the United States. Securities of foreign companies may not be registered with the U.S. Securities and Exchange Commission (the “SEC”) and foreign companies are generally not subject to the regulatory controls imposed on U.S. issuers and, as a consequence, there is generally less publicly available information about foreign securities than is available about domestic securities. Income from foreign securities owned by the Fund may be reduced by a withholding tax at the source, which tax would reduce income received from the securities comprising the portfolio. Foreign securities may also be more difficult to value than securities of U.S. issuers. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund. </span></p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--InterestRateRiskMember_zuUW0jjMVocb" style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><b>Interest Rate Risk. </b><span style="font-weight: normal; font-style: normal">As with most funds that invest in fixed-income securities, changes in interest rates are one of the most important factors that could affect the value of your investment. Rising interest rates tend to cause the prices of fixed-income securities (especially those with longer maturities and durations) and the Fund’s share price to fall. </span></span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">A related risk is basis risk, which is the risk that a change in prevailing interest rates will change the price of a company’s interest-bearing liabilities disproportionately to the price of interest-bearing assets. This would have the effect of increasing liabilities and decreasing assets, resulting in a loss. </span></p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--MortgageBackedandAssetBackedSecuritiesRiskMember_zIK9S01D48Oa" style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Mortgage-Backed and Asset-Backed Securities Risk. </b><span style="font-weight: normal; font-style: normal">The Fund may invest in both residential and commercial mortgage-backed securities. A mortgage-backed security represents an interest in a pool of assets such as mortgage loans and matures when all the mortgages in the pool mature or are prepaid. While mortgage-backed securities do have fixed maturities, their expected durations may vary when interest rates rise or fall. Because the timing and speed of principal payments may vary, the cash flow on mortgage-backed securities is irregular. The value of mortgage-backed securities generally is more sensitive to changes in interest rates than other types of fixed-income securities. Rising interest rates tend to extend the maturities of mortgage-backed securities, causing the securities to exhibit additional volatility and their value to decrease more significantly. This is known as extension risk. In addition, mortgage-backed securities are subject to prepayment risk. When interest rates decline, borrowers may pay off their mortgages sooner than expected. This can reduce the returns of the Fund because the Fund will have to reinvest that money at the lower prevailing interest rates. While residential mortgagors in the United States have the option to pay more principal than required at each payment interval, commercial mortgages are often set for a fixed term and therefore experience a lower degree of prepayment risk. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund may invest in residential mortgage-backed securities that represent interests in pools of adjustable rate mortgages (“ARMs”), including payment option ARMs. Payment option ARMs give the borrower the option to pay less than the interest only amount, resulting in an increase in the principal balance of a loan as interest owed is added to the principal (known as “negative amortization payments”). While such instruments permit the borrower to avoid paying currently a portion of the interest accruing on the instrument and make the instrument more affordable to the borrower in the short term, they increase the risk that the borrower will be unable to make the resulting higher payment or payments that become due at the maturity of the loan. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund may invest a substantial amount of its assets in privately issued mortgage-backed securities that are not issued, guaranteed, or backed by the U.S. government or its agencies or instrumentalities and may bear a greater risk of nonpayment than securities that are backed by the U.S. Treasury. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">An asset-backed security is a security backed by non-mortgage assets such as company receivables, truck and auto loans, leases and credit card receivables. Asset-backed securities are subject to risks similar to those associated with mortgage-backed securities, including extension and prepayment risks, as well as additional risks associated with the nature of the assets and the servicing of those assets. Some asset-backed securities present credit risks that are not presented by mortgage-backed securities. This is because some asset-backed securities generally do not have the benefit of a security interest in collateral that is comparable in quality to mortgage </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">assets. Other asset-backed securities, such as credit card receivables, may not have the benefit of an underlying physical asset or security interest in collateral at all. If the issuer of an asset-backed security defaults on its payment obligations, there is the possibility that, in some cases, the Fund will be unable to possess and sell the underlying collateral and that the Fund’s recoveries on repossessed collateral may not be available to support payments on the security. In the event of a default, the Fund may suffer a loss if it cannot sell collateral quickly and receive the amount it is owed. The value of the collateral may also be insufficient to cover the principal amount. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">During periods of declining asset value, difficult or frozen credit markets, interest rate changes, or deteriorating economic conditions, mortgage-backed and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. Additionally, the value of these securities may fluctuate in response to the market’s perception of the credit worthiness of the issuers. Mortgage-backed and asset-backed securities are subject to the risk that an issuer will fail to make timely payments of interest or principal, or will default on payments. Such a risk is generally higher in the case of mortgage-backed securities that include so-called ‘sub-prime’ or “Alt-A” loans, which are loans made to borrowers with weakened credit histories or with a lower capacity to make timely payments on their loans. There is also a risk that the value of the underlying asset (e.g., a home) securing an obligation may not be sufficient to cover the amount of the obligation. Residential mortgage-backed securities in which the Fund may invest may have a loan to value ratio which exceeds 100%, meaning that the mortgage amount is greater than the appraised value of the underlying property. Certain commercial mortgage-backed securities may be backed by pools of mortgages of properties that have special purposes, which may be difficult to sell or liquidate. </p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_z4Y8s7YKjBpX" style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Portfolio Turnover Risk. </b><span style="font-weight: normal; font-style: normal">The Fund may buy and sell investments frequently. Such a strategy often involves higher expenses, including brokerage commissions, and may increase the amount of capital gains (in particular, short term gains) realized by the Fund. Shareholders may pay tax more frequently on capital gains and will indirectly incur additional expenses related to a fund with a higher portfolio turnover. </span></p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--RatingAgenciesRiskMember_zm20iTvsEjRJ" style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Rating Agencies Risk. </b><span style="font-weight: normal; font-style: normal">Ratings are not an absolute standard of quality, but rather general indicators that reflect only the view of the originating rating agencies from which an explanation of the significance of such ratings may be obtained. There is no assurance that a particular rating will continue for any given period of time or that any such rating will not be revised downward or withdrawn entirely if, in the judgment of the agency establishing the rating, circumstances so warrant. A downward revision or withdrawal of such ratings, or either of them, may have an effect on the liquidity or market price of the securities in which the Fund invests. The ratings of securitized assets may not adequately reflect the credit risk of those assets due to their structure. Rating agencies may fail to make timely changes in credit ratings and an issuer’s current financial condition may be better or worse than a rating indicates. In addition, rating agencies are subject to an inherent conflict of interest because they are often compensated by the same issuers whose securities they grade. </span></p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--StateSpecificRiskMember_zwUUl0lg0MLZ" style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>State-Specific Risk. </b><span style="font-weight: normal; font-style: normal">While the Fund does not expect to invest in single state pools of mortgages, underlying properties of mortgages of certain states may represent a significant percentage of the underlying mortgages in which the Fund invests as a whole. When the Fund invests in this manner, it is subject to the risk that the economy of the states in which it invests, and the value of properties within the states, may decline. Investing significantly in securities whose values are economically tied to a single state means that the Fund is more exposed to negative political or economic events affecting that state than a fund that invests more widely. Certain states have experienced significant declines in property values in recent years. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">It is anticipated that the Fund will invest more than 25% of its assets in mortgage-backed securities with underlying properties in California. Investing in such a manner subjects the Fund to economic conditions and government policies within California. As a result, the Fund may be more susceptible to factors that adversely affect the California property, housing and mortgage markets than a mutual fund that does not have as great a concentration in California. </p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--StructuredNotesRiskMember_zDW6NSFyLZLc" style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Structured Notes Risk</b><span style="font-weight: normal; font-style: normal">. Structured notes are debt obligations issued by industrial corporations, financial institutions or governmental or international agencies that obligate the issuer to pay amounts of principal or interest that are determined by reference to changes in some external factor or factors, or may vary from the stated rate because of changes in these factors. Investment in structured notes involves certain risks, including the risk that the issuer may be unable or unwilling to satisfy its obligations to pay principal or interest, which is separate from the risk that the note’s reference instruments may move in a manner that is disadvantageous to the holder of the note. Structured notes, which are often illiquid, are also subject to additional risk such as market risk, liquidity risk and interest rate risk. The terms of certain structured notes may provide that a decline in the reference instrument may result in the interest rate or principal amount being reduced to zero. Structured notes may be more volatile than the underlying reference instruments or traditional debt instruments. In addition, structured notes may charge fees and administrative expenses. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">A credit-linked note is a type of structured note whose value is linked to an underlying reference asset. Credit-linked notes typically provide periodic payments of interest as well as payment of principal upon maturity, the value of which is tied to the underlying reference asset. Like structured notes generally, investments in credit-linked notes are subject to the risk of loss of the principal investment and/or periodic interest payments expected to be received from an investment in a credit-linked note in the event that one or more of the underlying obligations of a note default or otherwise become non-performing. To the extent the Fund invests in a </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">credit-linked note that represents an interest in a single issuer or limited number of issuers, a credit event with respect to that issuer or limited number of issuers presents a greater risk of loss to the Fund than if the credit-linked note represented an interest in underlying obligations of multiple issuers. </p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentSecuritiesRiskMember_zl3ppr91106L" style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>U.S. Government Securities Risk.</b><span style="font-weight: normal; font-style: normal"> The Fund’s investment in U.S. government obligations may include securities issued or guaranteed as to principal and interest by the U.S. government, or its agencies or instrumentalities. Some obligations issued or guaranteed by U.S. government agencies and instrumentalities, including, for example, the Government National Mortgage Association (“Ginnie Mae”) pass-through certificates, are supported by the full faith and credit of the U.S. Treasury. Other obligations issued by or guaranteed by federal agencies, such as those securities issued by the Federal National Mortgage Association (“Fannie Mae”), are supported by the discretionary authority of the U.S. government to purchase certain obligations of the federal agency, while other obligations issued by or guaranteed by federal agencies, such as those of the Federal Home Loan Banks, are supported by the right of the issuer to borrow from the U.S. Treasury. There can be no assurance that the U.S. government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) where it is not obligated to do so. In addition, U.S. government securities are not guaranteed against price movements due to changing interest rates. </span></p> Performance Information <p id="xdx_A81_eoef--PerformanceNarrativeTextBlock_zvWPu2DlVnNc" style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90__eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260301__20260301__dei--LegalEntityAxis__custom--S000032046Member_zEDQRfBJOv9H">The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual total returns for 1, 5 and 10 years and since inception compare with those of a broad measure of market performance and a more narrowly based index with characteristics relevant to the Fund’s investment strategies.</span> <span id="xdx_90__eoef--PerformancePastDoesNotIndicateFuture_c20260301__20260301__dei--LegalEntityAxis__custom--S000032046Member_z1s6kY3b9YWX">Of course, the Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.</span> Updated performance information is available by calling <span id="xdx_90__eoef--PerformanceAvailabilityPhone_c20260301__20260301__dei--LegalEntityAxis__custom--S000032046Member_z3Luo2kDMnk2">1-800-343-2029</span>. </p> The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual total returns for 1, 5 and 10 years and since inception compare with those of a broad measure of market performance and a more narrowly based index with characteristics relevant to the Fund’s investment strategies. Of course, the Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. 1-800-343-2029 0.0587 0.0871 0.0469 0.0583 -0.0032 0.0716 -0.0492 0.1011 0.1952 0.1335 <p id="xdx_A8__eoef--BarChartClosingTextBlock_zZMCFDAk7uVz" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="2" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: bottom; width: 50%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_90__eoef--HighestQuarterlyReturnLabel_c20260301__20260301__dei--LegalEntityAxis__custom--S000032046Member__oef--ClassAxis__custom--C000099791Member_ziZjEh8Sgdo5">BEST QUARTER</span></b></p></td> <td style="vertical-align: bottom; width: 50%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_90__eoef--LowestQuarterlyReturnLabel_c20260301__20260301__dei--LegalEntityAxis__custom--S000032046Member__oef--ClassAxis__custom--C000099791Member_zfbaJWgaH0jF">WORST QUARTER</span></b></p></td> </tr> <tr style="background-color: Gainsboro"> <td style="vertical-align: bottom; width: 50%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90__eoef--BarChartHighestQuarterlyReturn_c20260301__20260301__dei--LegalEntityAxis__custom--S000032046Member__oef--ClassAxis__custom--C000099791Member_zwZj3MIHSgVU">5.10%</span></p></td> <td style="vertical-align: bottom; width: 50%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90__eoef--BarChartLowestQuarterlyReturn_c20260301__20260301__dei--LegalEntityAxis__custom--S000032046Member__oef--ClassAxis__custom--C000099791Member_z1BKrKJxHZIq">(9.64)%</span></p></td> </tr> <tr style="background-color: White"> <td style="vertical-align: bottom; width: 50%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90__eoef--BarChartHighestQuarterlyReturnDate_c20260301__20260301__dei--LegalEntityAxis__custom--S000032046Member__oef--ClassAxis__custom--C000099791Member_ztgufvQ4N4m4">12/31/2024</span></p></td> <td style="vertical-align: bottom; width: 50%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90__eoef--BarChartLowestQuarterlyReturnDate_c20260301__20260301__dei--LegalEntityAxis__custom--S000032046Member__oef--ClassAxis__custom--C000099791Member_z2lqoirU4RpC">3/31/2020</span></p></td> </tr> </table> BEST QUARTER WORST QUARTER 0.0510 -0.0964 2024-12-31 2020-03-31 Average Annual Total Returns for Periods Ended December 31, 2025 <p id="xdx_A8E_eoef--PerformanceTableNarrativeTextBlock_zpWKQNFS7rKj" style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">This table compares the Fund’s Institutional Class Shares’ average annual total returns for periods ended December 31, 2025 to those of an appropriate broad based index and a more narrowly based index with characteristics relevant to the Fund’s investment strategies. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90__eoef--PerformanceTableUsesHighestFederalRate_c20260301__20260301__dei--LegalEntityAxis__custom--S000032046Member_z8ob6HQcUrK4">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. <span id="xdx_90__eoef--PerformanceTableNotRelevantToTaxDeferred_c20260301__20260301__dei--LegalEntityAxis__custom--S000032046Member_zGfKg4VqtDTd">After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts (“IRAs”).</span> </p> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts (“IRAs”). 0.1335 0.0873 0.0681 0.0782 0.0954 0.0575 0.0408 0.0503 0.0790 0.0539 0.0402 0.0489 0.0730 -0.0036 0.0201 0.0206 0.0656 0.0205 0.0285 0.0284 LSV VALUE EQUITY FUND Investment Objective <p id="xdx_A8__eoef--ObjectivePrimaryTextBlock_zSxl3Zi5asCA" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The LSV Value Equity Fund’s (the “Fund”) investment objective is long-term growth of capital. </p> Fund Fees and Expenses <p id="xdx_A8__eoef--ExpenseNarrativeTextBlock_zki7afcgphjd" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This table describes the fees and expenses that you may pay if you buy and hold Institutional Class Shares and Investor Class Shares of the Fund. <b>You may be required to pay commissions and/or other forms of compensation to a broker for transactions in Institutional Class Shares, which are not reflected in the table or the example below.</b> </p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0055 0.0055 0 0.0025 0.0012 0.0012 0.0067 0.0092 Example <p id="xdx_A8__eoef--ExpenseExampleNarrativeTextBlock_znFXFC9CtFZo" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </p> 68 214 373 835 94 293 509 1131 Portfolio Turnover <p id="xdx_A8__eoef--PortfolioTurnoverTextBlock_zYHFPtZJc8e9" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in total annual Fund operating expenses or in the example, affect the Fund’s performance. During its most recent fiscal year, the Fund’s portfolio turnover rate was <span id="xdx_90__eoef--PortfolioTurnoverRate_c20260301__20260301__dei--LegalEntityAxis__custom--S000006448Member_zTng49RsZ8D1">12%</span> of the average value of its portfolio. </span></p> 0.12 Principal Investment Strategies <p id="xdx_A8__eoef--StrategyNarrativeTextBlock_zylOAXe6Qn8q" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90__eoef--StrategyPortfolioConcentration_c20260301__20260301__dei--LegalEntityAxis__custom--S000006448Member_zFr0iKOoIFiJ">Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities.</span> This investment policy can be changed by the Fund upon 60 days’ prior written notice to shareholders. The equity securities in which the Fund invests are mainly common stocks. Although the Fund may invest in securities of companies of any size, the Fund generally invests in companies with market capitalizations of $1 billion or more at the time of purchase. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">In selecting securities for the Fund, LSV Asset Management (the “Adviser” or “LSV”) focuses on companies whose securities, in the Adviser’s opinion, are out-of-favor (undervalued) in the marketplace at the time of purchase in light of factors such as the company’s earnings, book value, revenues or cash flow, but show signs of recent improvement. The Adviser believes that these out-of-favor securities will produce superior future returns if their future growth exceeds the market’s low expectations. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Adviser uses a quantitative investment model to make investment decisions for the Fund. The investment model ranks securities based on fundamental measures of value (such as the price-to-earnings ratio) and indicators of near-term appreciation potential (such as recent price appreciation). The investment model selects stocks to buy from the higher-ranked stocks and selects stocks to sell from those whose rankings have decreased, subject to overall risk controls. </p> Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities. You could lose money by investing in the Fund. A Fund share is not a bank deposit and it is not insured or guaranteed by the FDIC or any government agency. <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquityRiskMember_zUhTkgqcMnTc" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Since it purchases equity securities, the Fund is subject to the risk that stock prices will fall over short or extended periods of time. Historically, the equity markets have moved in cycles, and the value of the Fund’s equity securities may fluctuate drastically from day-to-day. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response. 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, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund’s performance and cause losses on your investment in the Fund. These factors contribute to price volatility, which is the principal risk of investing in the Fund. </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValueStyleRiskMember_zPRlkcghiMEg" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Since the Fund pursues a “value style” of investing, if the Adviser’s assessment of market conditions, or a company’s value or prospects for exceeding earnings expectations is wrong, the Fund could suffer losses or produce poor performance relative to other funds. In addition, “value stocks” can continue to be undervalued by the market for long periods of time. </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--QuantitativeModelRiskMember_zrdi1W18KpWc" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">There is potential for shortfall in any investment process due to a variety of factors including, but not limited to, data and system imperfections, analyst judgment, the complex nature of designing, coding, and maintaining portfolio construction systems, and/or other technology used in a quantitative model. Such shortfalls in systematic or quantitative processes in particular pose broader risk because they may be more pervasive in nature. Furthermore, the Adviser’s systems may not necessarily perform in a manner in which they have historically performed or were intended to perform and the Fund can perform differently from the market as a whole based on the factors used in the Adviser’s quantitative model, the weight placed on each factor and changes from the factors’ historical trends. These issues could negatively impact investment returns. Such risks should be viewed as an inherent element of investing in an investment strategy that relies heavily upon a quantitative model. </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallandMidCapitalizationCompanyRiskMember_zD8ILNScK0D5" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The medium- and smaller-capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, investments in these medium- and small-sized companies may pose additional risks, including liquidity risk, because these companies tend to have limited product lines, markets and financial resources, and may depend upon a relatively small management group. Therefore, medium- and small-capitalization stocks may be more volatile than those of larger companies. These securities may be traded over-the-counter or listed on an exchange.<span style="text-transform: uppercase"><b> </b></span></p> Performance Information <p id="xdx_A8__eoef--PerformanceNarrativeTextBlock_zjaBYeBOvnWR" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90__eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260301__20260301__dei--LegalEntityAxis__custom--S000006448Member_zD8RwrOtf8A6">The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing changes in the Fund’s Institutional Class Shares’ performance from year to year for the past ten years and by showing how the Fund’s average annual total returns for 1, 5, and 10 years and since inception compare with those of a broad measure of market performance and a more narrowly based index with characteristics relevant to the Fund’s investment strategies.</span> <span id="xdx_90__eoef--PerformancePastDoesNotIndicateFuture_c20260301__20260301__dei--LegalEntityAxis__custom--S000006448Member_ziROEs7eO6rX">Of course, the Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.</span> Updated performance information is available by calling the Fund at <span id="xdx_90__eoef--PerformanceAvailabilityWebSiteAddress_c20260301__20260301__dei--LegalEntityAxis__custom--S000006448Member_zGIgMM4iNPMR">1-888-FUND-LSV</span>. </p> The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing changes in the Fund’s Institutional Class Shares’ performance from year to year for the past ten years and by showing how the Fund’s average annual total returns for 1, 5, and 10 years and since inception compare with those of a broad measure of market performance and a more narrowly based index with characteristics relevant to the Fund’s investment strategies. Of course, the Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. 1-888-FUND-LSV 0.1760 0.1830 -0.1457 0.2518 -0.0158 0.2849 -0.0576 0.1240 0.1401 0.1753 <p id="xdx_A86_eoef--BarChartClosingTextBlock_zOMyJFGIO1xa" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="2" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: bottom; width: 50%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_90__eoef--HighestQuarterlyReturnLabel_c20260301__20260301__dei--LegalEntityAxis__custom--S000006448Member__oef--ClassAxis__custom--C000017646Member_zCWdQwJGDei7">Best Quarter</span></b></p></td> <td style="vertical-align: bottom; width: 50%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_90__eoef--LowestQuarterlyReturnLabel_c20260301__20260301__dei--LegalEntityAxis__custom--S000006448Member__oef--ClassAxis__custom--C000017646Member_zRTFGo4pY9NB">Worst Quarter</span></b></p></td> </tr> <tr style="background-color: Gainsboro"> <td style="vertical-align: bottom; width: 50%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90__eoef--BarChartHighestQuarterlyReturn_c20260301__20260301__dei--LegalEntityAxis__custom--S000006448Member__oef--ClassAxis__custom--C000017646Member_zsGtXxNaUsl8">20.11%</span></p></td> <td style="vertical-align: bottom; width: 50%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90__eoef--BarChartLowestQuarterlyReturn_c20260301__20260301__dei--LegalEntityAxis__custom--S000006448Member__oef--ClassAxis__custom--C000017646Member_ztlrjIKip2tx">(32.25)%</span></p></td> </tr> <tr style="background-color: White"> <td style="vertical-align: bottom; width: 50%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90__eoef--BarChartHighestQuarterlyReturnDate_c20260301__20260301__dei--LegalEntityAxis__custom--S000006448Member__oef--ClassAxis__custom--C000017646Member_zKSkCdN1wo7T">12/31/2020</span></p></td> <td style="vertical-align: bottom; width: 50%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90__eoef--BarChartLowestQuarterlyReturnDate_c20260301__20260301__dei--LegalEntityAxis__custom--S000006448Member__oef--ClassAxis__custom--C000017646Member_z3WUvror3dae">3/31/2020</span></p></td> </tr> </table> Best Quarter Worst Quarter 0.2011 -0.3225 2020-12-31 2020-03-31 Average Annual Total Returns for the Periods Ended December 31, 2025 <p id="xdx_A8__eoef--PerformanceTableNarrativeTextBlock_zQuOFnSJGCNM" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">This table compares the Fund’s average annual total returns for the periods ended December 31, 2025 to those of an appropriate broad based index and a more narrowly based index with characteristics relevant to the Fund’s investment strategies. </span></p> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). After-tax returns are shown only for Institutional Class Shares. After-tax returns for Investor Class Shares will vary. 1999-03-31 1999-03-31 1999-03-31 1999-03-31 1999-03-31 1999-03-31 0.1753 0.1277 0.1032 0.0872 0.1725 0.1250 0.1005 0.0845 0.1293 0.0970 0.0813 0.0758 0.1368 0.0972 0.0800 0.0731 0.1737 0.1359 0.1459 0.0856 0.1591 0.1133 0.1053 0.0768 LSV CONSERVATIVE VALUE EQUITY FUND Investment Objective <p id="xdx_A8__eoef--ObjectivePrimaryTextBlock_znVeiSb8kOzs" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The LSV Conservative Value Equity Fund’s (the “Fund”) investment objective is long-term growth of capital. </p> Fund Fees and Expenses <p id="xdx_A8__eoef--ExpenseNarrativeTextBlock_zBawCtGu6TsR" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This table describes the fees and expenses that you may pay if you buy and hold Institutional Class Shares and Investor Class Shares of the Fund. <b>You may be required to pay commissions and/or other forms of compensation to a broker for transactions in Institutional Class Shares, which are not reflected in the table or the example below. </b></p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0038 0.0038 0 0.0025 0.0018 0.0018 0.0056 0.0081 -0.0021 -0.0021 0.0035 0.0060 February 28, 2027 Example <p id="xdx_A8__eoef--ExpenseExampleNarrativeTextBlock_z6V382SuZJ1I" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">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 (including one year of capped expenses in each period) remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </p> 36 158 292 681 61 238 429 982 Portfolio Turnover <p id="xdx_A8__eoef--PortfolioTurnoverTextBlock_ze2r2PWIWwuO" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in total annual Fund operating expenses or in the example, affect the Fund’s performance. During its most recent fiscal year, the Fund’s portfolio turnover rate was <span id="xdx_90__eoef--PortfolioTurnoverRate_c20260301__20260301__dei--LegalEntityAxis__custom--S000016708Member_zUGG2fX8rNPx">25%</span> of the average value of its portfolio. </span></p> 0.25 Principal Investment Strategies <p id="xdx_A8__eoef--StrategyNarrativeTextBlock_zakvePhrfjLb" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90__eoef--StrategyPortfolioConcentration_c20260301__20260301__dei--LegalEntityAxis__custom--S000016708Member_zqyPcp9VUgKI">Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities.</span> This investment policy can be changed by the Fund upon 60 days’ prior written notice to shareholders. The equity securities in which the Fund invests are mainly common stocks. Although the Fund may invest in securities of companies of any size, the Fund generally invests in companies with market capitalizations of $1 billion or more at the time of purchase. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">In selecting securities for the Fund, the Adviser focuses on companies whose securities, in the Adviser’s opinion, are out-of-favor (undervalued) in the marketplace at the time of purchase in light of factors such as the company’s earnings, book value, revenues or cash flow, but show signs of recent improvement. The Adviser believes that these out-of-favor securities will produce superior future returns if their future growth exceeds the market’s low expectations. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Adviser uses a quantitative investment model to make investment decisions for the Fund. The investment model ranks securities based on fundamental measures of value (such as the price-to-earnings ratio) and indicators of near-term appreciation potential (such as recent price appreciation). The investment model selects stocks to buy from the higher-ranked stocks and selects stocks to sell from those whose rankings have decreased, subject to overall risk controls. The Adviser manages the Fund conservatively relative to the LSV Value Equity Fund by further restricting the investment model with respect to (1) industry and sector allocations and (2) security weightings relative to the Russell 1000^® Value Index benchmark. </p> Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities. You could lose money by investing in the Fund. A Fund share is not a bank deposit and it is not insured or guaranteed by the FDIC or any government agency. <p id="xdx_A89_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000016708Member__oef--RiskAxis__custom--EquityRiskMember_zsSzFC22pXHf" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Since it purchases equity securities, the Fund is subject to the risk that stock prices will fall over short or extended periods of time. Historically, the equity markets have moved in cycles, and the value of the Fund’s equity securities may fluctuate drastically from day-to-day. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response. 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, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund’s performance and cause losses on your investment in the Fund. These factors contribute to price volatility, which is the principal risk of investing in the Fund. Although the Fund is managed conservatively, as discussed above, the Fund will be subject to the same degree of volatility as its benchmark, which has been high over various historical periods. </p> <p id="xdx_A8A_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000016708Member__oef--RiskAxis__custom--ValueStyleRiskMember_zZdVjD14Ee6c" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Since the Fund pursues a “value style” of investing, if the Adviser’s assessment of market conditions, or a company’s value or prospects for exceeding earnings expectations is wrong, the Fund could suffer losses or produce poor performance relative to other funds. In addition, “value stocks” can continue to be undervalued by the market for long periods of time. </p> <p id="xdx_A88_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000016708Member__oef--RiskAxis__custom--QuantitativeModelRiskMember_zlZvZUJIbX03" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">There is potential for shortfall in any investment process due to a variety of factors including, but not limited to, data and system imperfections, analyst judgment, the complex nature of designing, coding, and maintaining portfolio construction systems, and/or other technology used in a quantitative model. Such shortfalls in systematic or quantitative processes in particular pose broader risk because they may be more pervasive in nature. Furthermore, the Adviser’s systems may not necessarily perform in a manner in which they have historically performed or were intended to perform and the Fund can perform differently from the market as a whole based on the factors used in the Adviser’s quantitative model, the weight placed on each factor and changes from the factors’ historical trends. These issues could negatively impact investment returns. Such risks should be viewed as an inherent element of investing in an investment strategy that relies heavily upon a quantitative model. </p> <p id="xdx_A8E_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000016708Member__oef--RiskAxis__custom--SmallandMidCapitalizationCompanyRiskMember_zhV8l5vRIFR6" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The medium- and smaller-capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, investments in these medium- and small-sized companies may pose additional risks, including liquidity risk, because these companies tend to have limited product lines, markets and financial resources, and may depend upon a relatively small management group. Therefore, medium- and small-capitalization stocks may be more volatile than those of larger companies. These securities may be traded over-the-counter or listed on an exchange. </p> Performance Information <p id="xdx_A8__eoef--PerformanceNarrativeTextBlock_zalDpA5UA01D" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90__eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260301__20260301__dei--LegalEntityAxis__custom--S000016708Member_z7adCaJkBEUV">The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing changes in the Fund’s Institutional Class Shares’ performance from year to year for the past 10 years and by showing how the Fund’s average annual total returns for 1, 5, and 10 years and since inception compare with those of a broad measure of market performance and a more narrowly based index with characteristics relevant to the Fund’s investment strategies.</span> <span id="xdx_90__eoef--PerformancePastDoesNotIndicateFuture_c20260301__20260301__dei--LegalEntityAxis__custom--S000016708Member_zbyEuEXOVNbV">Of course, the Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.</span> Updated performance information is available by calling the Fund at <span id="xdx_90__eoef--PerformanceAvailabilityPhone_c20260301__20260301__dei--LegalEntityAxis__custom--S000016708Member_zVh43MOmUSZM">1-888-FUND-LSV</span>. </p> The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing changes in the Fund’s Institutional Class Shares’ performance from year to year for the past 10 years and by showing how the Fund’s average annual total returns for 1, 5, and 10 years and since inception compare with those of a broad measure of market performance and a more narrowly based index with characteristics relevant to the Fund’s investment strategies. Of course, the Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. 1-888-FUND-LSV 0.1641 0.1618 -0.1108 0.2529 -0.0347 0.2856 -0.0403 0.1218 0.1627 0.1965 <p id="xdx_A82_eoef--BarChartClosingTextBlock_zQlnn2ulCSg8" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; display: none; text-align: center"> </p> <table cellpadding="2" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: bottom; width: 50%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_90__eoef--HighestQuarterlyReturnLabel_c20260301__20260301__dei--LegalEntityAxis__custom--S000016708Member__oef--ClassAxis__custom--C000046678Member_z6DJKNb5haVX">Best Quarter</span></b></p></td> <td style="vertical-align: bottom; width: 50%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_90__eoef--LowestQuarterlyReturnLabel_c20260301__20260301__dei--LegalEntityAxis__custom--S000016708Member__oef--ClassAxis__custom--C000046678Member_zsMQFNsG5QEy">Worst Quarter</span></b></p></td> </tr> <tr style="background-color: Gainsboro"> <td style="vertical-align: bottom; width: 50%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90__eoef--BarChartHighestQuarterlyReturn_c20260301__20260301__dei--LegalEntityAxis__custom--S000016708Member__oef--ClassAxis__custom--C000046678Member_zimUmp2WkofM">16.90%</span></p></td> <td style="vertical-align: bottom; width: 50%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90__eoef--BarChartLowestQuarterlyReturn_c20260301__20260301__dei--LegalEntityAxis__custom--S000016708Member__oef--ClassAxis__custom--C000046678Member_zdtod8E9Rxwn">(30.46)%</span></p></td> </tr> <tr style="background-color: White"> <td style="vertical-align: bottom; width: 50%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90__eoef--BarChartHighestQuarterlyReturnDate_c20260301__20260301__dei--LegalEntityAxis__custom--S000016708Member__oef--ClassAxis__custom--C000046678Member_zLEldygBxjgf">12/31/2020</span></p></td> <td style="vertical-align: bottom; width: 50%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90__eoef--BarChartLowestQuarterlyReturnDate_c20260301__20260301__dei--LegalEntityAxis__custom--S000016708Member__oef--ClassAxis__custom--C000046678Member_zsF52KuiX9DL">3/31/2020</span></p></td> </tr> </table> Best Quarter Worst Quarter 0.1690 -0.3046 2020-12-31 2020-03-31 Average Annual Total Returns for the Periods Ended December 31, 2025 <p id="xdx_A8__eoef--PerformanceTableNarrativeTextBlock_zc2Lfoz38FlQ" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">This table compares the Fund’s average annual total returns for the periods ended December 31, 2025 to those of an appropriate broad based index and a more narrowly based index with characteristics relevant to the Fund’s investment strategies. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90__eoef--PerformanceTableUsesHighestFederalRate_c20260301__20260301__dei--LegalEntityAxis__custom--S000016708Member_z2OObZy9yKLw">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> Actual after-tax returns will depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). <span id="xdx_90__eoef--PerformanceTableOneClassOfAfterTaxShown_c20260301__20260301__dei--LegalEntityAxis__custom--S000016708Member_zGUq2KHzkdiv">After-tax returns are shown only for Institutional Class Shares. After-tax returns for Investor Class Shares will vary.</span> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; display: none; text-align: center"><span id="xdx_90__eoef--PerformanceTableNotRelevantToTaxDeferred_c20260301__20260301__dei--LegalEntityAxis__custom--S000016708Member_zgKJlup5G6Tj">After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”).</span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Investor Class Shares of the Fund commenced operations on June 10, 2014. As a result, the performance information provided for Investor Class Shares incorporates the returns of Institutional Class Shares of the Fund for periods before June 10, 2014. Investor Class Shares would have substantially similar performance as Institutional Class Shares because the shares are invested in the same portfolio of securities and the annual returns would generally differ only to the extent that expenses of Investor Class Shares are higher. </p> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown only for Institutional Class Shares. After-tax returns for Investor Class Shares will vary. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). 0.1965 0.1400 0.1085 0.0761 0.1935 0.1371 0.1057 0.0737 0.1616 0.1177 0.0900 0.0630 0.1410 0.1091 0.0852 0.0602 0.1737 0.1359 0.1459 0.1078 0.1591 0.1133 0.1053 0.0766 LSV SMALL CAP VALUE FUND Investment Objective <p id="xdx_A8__eoef--ObjectivePrimaryTextBlock_zmH5CMbWksNh" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The LSV Small Cap Value Fund’s (the “Fund”) investment objective is long-term growth of capital. </p> Fund Fees and Expenses <p id="xdx_A8__eoef--ExpenseNarrativeTextBlock_zJi7fIV9BSDU" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This table describes the fees and expenses that you may pay if you buy and hold Institutional Class Shares and Investor Class Shares of the Fund. <b>You may be required to pay commissions and/or other forms of compensation to a broker for transactions in Institutional Class Shares, which are not reflected in the table or the example below.</b> </p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0070 0.0070 0 0.0025 0.0013 0.0013 0.0083 0.0108 Example <p id="xdx_A8__eoef--ExpenseExampleNarrativeTextBlock_zTZbPARB5nWA" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </p> 85 265 460 1025 110 343 595 1317 Portfolio Turnover <p id="xdx_A8__eoef--PortfolioTurnoverTextBlock_z7e8ZkrcQ8Eq" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in total annual Fund operating expenses or in the example, affect the Fund’s performance. During its most recent fiscal year, the Fund’s portfolio turnover rate was <span id="xdx_90__eoef--PortfolioTurnoverRate_c20260301__20260301__dei--LegalEntityAxis__custom--S000039922Member_zynzHjrKI4YR">33%</span> of the average value of its portfolio. </span></p> 0.33 Principal Investment Strategies <p id="xdx_A8__eoef--StrategyNarrativeTextBlock_zc1PpSe4amCp" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90__eoef--StrategyPortfolioConcentration_c20260301__20260301__dei--LegalEntityAxis__custom--S000039922Member_z9Fnuxx0lp57">Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of small-capitalization companies.</span> This investment policy can be changed by the Fund upon 60 days’ prior written notice to shareholders. For purposes of this policy, a small-capitalization company is a company with a market capitalization of less than $2.5 billion, or the highest market capitalization in the Russell 2000^® Value Index, whichever is greater, at the time of initial purchase. The Fund may also invest, to a lesser extent, in equity securities of companies with larger market capitalizations. The equity securities in which the Fund invests are mainly common stocks. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">In selecting securities for the Fund, the Adviser focuses on companies whose securities, in the Adviser’s opinion, are out-of-favor (undervalued) in the marketplace at the time of purchase in light of factors such as the company’s earnings, book value, revenues or cash flow, but show signs of recent improvement. The Adviser believes that these out-of-favor securities will produce superior future returns if their future growth exceeds the market’s low expectations. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Adviser uses a quantitative investment model to make investment decisions for the Fund. The investment model ranks securities based on fundamental measures of value (such as the price-to-earnings ratio) and indicators of near-term appreciation potential (such as recent price appreciation). The investment model selects stocks to buy from the higher-ranked stocks and selects stocks to sell from those whose rankings have decreased, subject to overall risk controls. </p> Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of small-capitalization companies. You could lose money by investing in the Fund. A Fund share is not a bank deposit and it is not insured or guaranteed by the FDIC or any government agency. <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquityRiskMember_zCqx8P0Fk3J8" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Since it purchases equity securities, the Fund is subject to the risk that stock prices will fall over short or extended periods of time. Historically, the equity markets have moved in cycles, and the value of the Fund’s equity securities may fluctuate drastically from day-to-day. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response. 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, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund’s performance and cause losses on your investment in the Fund. These factors contribute to price volatility, which is the principal risk of investing in the Fund. </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValueStyleRiskMember_zqNPDjUWgqU7" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Since the Fund pursues a “value style” of investing, if the Adviser’s assessment of market conditions, or a company’s value or prospects for exceeding earnings expectations is wrong, the Fund could suffer losses or produce poor performance relative to other funds. In addition, “value stocks” can continue to be undervalued by the market for long periods of time. </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--QuantitativeModelRiskMember_zwJHUZ15P4ug" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">There is potential for shortfall in any investment process due to a variety of factors including, but not limited to, data and system imperfections, analyst judgment, the complex nature of designing, coding, and maintaining portfolio construction systems, and/or other technology used in a quantitative model. Such shortfalls in systematic or quantitative processes in particular pose broader risk because they may be more pervasive in nature. Furthermore, the Adviser’s systems may not necessarily perform in a manner in which they have historically performed or were intended to perform and the Fund can perform differently from the market as a whole based on the factors used in the Adviser’s quantitative model, the weight placed on each factor and changes from the factors’ historical trends. These issues could negatively impact investment returns. Such risks should be viewed as an inherent element of investing in an investment strategy that relies heavily upon a quantitative model. </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallandMidCapitalizationCompanyRiskMember_zyBECCYevGjb" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Small-capitalization companies in which the Fund invests may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, investments in small-sized companies may pose additional risks, including liquidity risk, because these companies tend to have limited operating histories, product lines, markets and financial resources, and may depend upon a relatively small management group. Therefore, small-capitalization stocks may be more volatile than those of larger companies. These securities may be traded over-the-counter or listed on an exchange. </p> Performance Information <p id="xdx_A8__eoef--PerformanceNarrativeTextBlock_z5qHSilubz3j" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_907_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260301__20260301__dei--LegalEntityAxis__custom--S000039922Member_zcSSNDFIN5Ob">The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing changes in the Fund’s Institutional Class Shares’ performance from year to year and by showing how the Fund’s average annual total returns for 1, 5, and 10 years and since inception compare with those of a broad measure of market performance and a more narrowly based index with characteristics relevant to the Fund’s investment strategies.</span> <span id="xdx_90F_eoef--PerformancePastDoesNotIndicateFuture_c20260301__20260301__dei--LegalEntityAxis__custom--S000039922Member_zrAIGK26nxhg">Of course, the Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.</span> Updated performance information is available by calling the Fund at <span id="xdx_907_eoef--PerformanceAvailabilityPhone_c20260301__20260301__dei--LegalEntityAxis__custom--S000039922Member_zPZjJleL60x7">1-888-FUND-LSV</span>. </p> The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing changes in the Fund’s Institutional Class Shares’ performance from year to year and by showing how the Fund’s average annual total returns for 1, 5, and 10 years and since inception compare with those of a broad measure of market performance and a more narrowly based index with characteristics relevant to the Fund’s investment strategies. Of course, the Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. 1-888-FUND-LSV 0.2991 0.0612 -0.1735 0.2059 -0.0599 0.3455 -0.0627 0.1901 0.0739 0.0731 <p id="xdx_A8__eoef--BarChartClosingTextBlock_zYG1t1aGulj9" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="2" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: bottom; width: 50%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_90__eoef--HighestQuarterlyReturnLabel_c20260301__20260301__dei--LegalEntityAxis__custom--S000039922Member__oef--ClassAxis__custom--C000123807Member_ziapOUJY6yDQ">Best Quarter</span></b></p></td> <td style="vertical-align: bottom; width: 50%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_90__eoef--LowestQuarterlyReturnLabel_c20260301__20260301__dei--LegalEntityAxis__custom--S000039922Member__oef--ClassAxis__custom--C000123807Member_z9vKccKKpmJh">Worst Quarter</span></b></p></td> </tr> <tr style="background-color: Gainsboro"> <td style="vertical-align: bottom; width: 50%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90__eoef--BarChartHighestQuarterlyReturn_c20260301__20260301__dei--LegalEntityAxis__custom--S000039922Member__oef--ClassAxis__custom--C000123807Member_zXtCjWC34qtk">30.18%</span></p></td> <td style="vertical-align: bottom; width: 50%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90__eoef--BarChartLowestQuarterlyReturn_c20260301__20260301__dei--LegalEntityAxis__custom--S000039922Member__oef--ClassAxis__custom--C000123807Member_za1mAssrWXYQ">(43.65)%</span></p></td> </tr> <tr style="background-color: White"> <td style="vertical-align: bottom; width: 50%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90__eoef--BarChartHighestQuarterlyReturnDate_c20260301__20260301__dei--LegalEntityAxis__custom--S000039922Member__oef--ClassAxis__custom--C000123807Member_zFSGqhxJiyRw">12/31/2020</span></p></td> <td style="vertical-align: bottom; width: 50%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90__eoef--BarChartLowestQuarterlyReturnDate_c20260301__20260301__dei--LegalEntityAxis__custom--S000039922Member__oef--ClassAxis__custom--C000123807Member_zSzFPAM80e6P">3/31/2020</span></p></td> </tr> </table> Best Quarter Worst Quarter 0.3018 -0.4365 2020-12-31 2020-03-31 Average Annual Total Returns for the Periods Ended December 31, 2025 <p id="xdx_A8__eoef--PerformanceTableNarrativeTextBlock_zeZMD0nly4rs" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">This table compares the Fund’s average annual total returns for the periods ended December 31, 2025 to those of an appropriate broad based index and a more narrowly based index with characteristics relevant to the Fund’s investment strategies. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90__eoef--PerformanceTableUsesHighestFederalRate_c20260301__20260301__dei--LegalEntityAxis__custom--S000039922Member_zQMAy0ZblSMc">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> Actual after-tax returns will depend on an investor’s tax situation and may differ from those shown. <span id="xdx_90__eoef--PerformanceTableNotRelevantToTaxDeferred_c20260301__20260301__dei--LegalEntityAxis__custom--S000039922Member_ziuwbDMIwZaL">After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”).</span> <span id="xdx_90__eoef--PerformanceTableOneClassOfAfterTaxShown_c20260301__20260301__dei--LegalEntityAxis__custom--S000039922Member_zWXoZBHvnRzW">After-tax returns are shown only for Institutional Class Shares. After-tax returns for Investor Class Shares will vary. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Investor Class Shares of the Fund commenced operations on June 10, 2014. As a result, the performance information provided for Investor Class Shares incorporates the returns of Institutional Class Shares of the Fund for periods before June 10, 2014. Investor Class Shares would have substantially similar performance as Institutional Class Shares because the shares are invested in the same portfolio of securities and the annual returns would generally differ only to the extent that expenses of Investor Class Shares are higher. </p> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). After-tax returns are shown only for Institutional Class Shares. After-tax returns for Investor Class Shares will vary. 2013-02-28 2013-02-28 2013-02-28 2013-02-28 2013-02-28 2013-02-28 0.0731 0.1158 0.0837 0.0921 0.0700 0.1130 0.0809 0.0893 0.0529 0.1048 0.0733 0.0799 0.0562 0.0914 0.0658 0.0724 0.1715 0.1315 0.1429 0.1398 0.1259 0.0888 0.0927 0.0875 LSV U.S. MANAGED VOLATILITY FUND Investment Objective <p id="xdx_A8__eoef--ObjectivePrimaryTextBlock_zj3u62atop1V" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The LSV U.S. Managed Volatility Fund’s (the “Fund”) investment objective is long-term growth of capital. </p> Fund Fees and Expenses <p id="xdx_A8__eoef--ExpenseNarrativeTextBlock_zsvicG8CAUzC" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This table describes the fees and expenses that you may pay if you buy and hold Institutional Class Shares and Investor Class Shares of the Fund. <b>You may be required to pay commissions and/or other forms of compensation to a broker for transactions in Institutional Class Shares, which are not reflected in the table or the example below.</b> </p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0045 0.0045 0 0.0025 0.0051 0.0052 0.0096 0.0122 -0.0041 -0.0042 0.0055 0.0080 February 28, 2027 Example <p id="xdx_A8__eoef--ExpenseExampleNarrativeTextBlock_z1Da8b9H2b1y" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">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 (including one year of capped expenses in each period) remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </p> 56 265 491 1141 82 346 630 1440 Portfolio Turnover <p id="xdx_A8__eoef--PortfolioTurnoverTextBlock_zqVYN9JQnMcQ" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in total annual Fund operating expenses or in the example, affect the Fund’s performance. During its most recent fiscal year, the Fund’s portfolio turnover rate was <span id="xdx_90__eoef--PortfolioTurnoverRate_c20260301__20260301__dei--LegalEntityAxis__custom--S000045798Member_ziiuxgsY5NdZ">30%</span> of the average value of its portfolio. </span></p> 0.30 Principal Investment Strategies <p id="xdx_A8__eoef--StrategyNarrativeTextBlock_zOKnuKOkJgxW" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90__eoef--StrategyPortfolioConcentration_c20260301__20260301__dei--LegalEntityAxis__custom--S000045798Member_zBiPwc2vtRtl">Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of U.S. companies.</span> This investment policy can be changed by the Fund upon 60 days’ prior written notice to shareholders. The equity securities in which the Fund invests are mainly common stocks. Although the Fund may invest in securities of companies of any size, the Fund generally invests in companies with market capitalizations of $100 million or more at the time of purchase. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">In selecting securities for the Fund, the Adviser focuses on companies whose securities, in the Adviser’s opinion, are out-of-favor (undervalued) in the marketplace at the time of purchase in light of factors such as the company’s earnings, book value, revenues or cash flow, but show signs of recent improvement. The Adviser believes that these out-of-favor securities will produce superior future returns if their future growth exceeds the market’s low expectations. The Adviser seeks to manage volatility by selecting stocks for the Fund’s portfolio whose total returns are not expected to fluctuate as dramatically as those of the equity markets as a whole. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Adviser uses a quantitative investment model to make investment decisions for the Fund. The investment model ranks securities based on fundamental measures of value (such as price-to-earnings ratio) and indicators of near-term appreciation potential (such as recent price appreciation). Additionally, securities are ranked based on sensitivity to broader market movements or “beta,” standard deviation, and volatility of operating performance (cash flow and earnings) to identify securities that the Adviser believes will have less volatility than the overall equity markets. The investment model is used to select stocks to buy from those with higher expected returns and lower expected volatility and select stocks to sell from those whose expected returns have decreased and expected volatility has increased, subject to overall risk controls. </p> Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of U.S. companies. You could lose money by investing in the Fund. A Fund share is not a bank deposit and it is not insured or guaranteed by the FDIC or any government agency. <p id="xdx_A89_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000045798Member__oef--RiskAxis__custom--EquityRiskMember_zkA1DyaLs3G7" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Since it purchases equity securities, the Fund is subject to the risk that stock prices will fall over short or extended periods of time. Historically, the equity markets have moved in cycles, and the value of the Fund’s equity securities may fluctuate drastically from day-to-day. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response. 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, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund’s performance and cause losses on your investment in the Fund. These factors contribute to price volatility, which is the principal risk of investing in the Fund. </p> <p id="xdx_A8D_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000045798Member__oef--RiskAxis__custom--ManagedVolatilityRiskMember_zvy38ZSyARQf" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Although the Fund seeks to manage volatility within its portfolio, there is no guarantee that the Fund will be successful. Securities in the Fund’s portfolio may be subject to price volatility, and the Fund’s share price may not be any less volatile than the market as a whole and could be more volatile. The Adviser’s determinations/expectations regarding volatility may be incorrect or inaccurate, which may also adversely affect the Fund’s actual volatility. The Fund also may underperform other funds with similar investment objectives and </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">strategies. The Fund may provide protection in volatile markets by potentially curbing or mitigating the risk of loss in declining equity markets, but the Fund’s opportunity to achieve returns when the equity markets are rising may also be limited. In general, the greater the protection against downside loss, the lesser the Fund’s opportunity to participate in the returns generated by rising equity markets; however, there is no guarantee that the Fund will be successful in protecting the value of its portfolio in down markets. </p> <p id="xdx_A8A_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000045798Member__oef--RiskAxis__custom--ValueStyleRiskMember_zUDmB8t0OLsl" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Since the Fund pursues a “value style” of investing, if the Adviser’s assessment of market conditions, or a company’s value or prospects for exceeding earnings expectations is wrong, the Fund could suffer losses or produce poor performance relative to other funds. In addition, “value stocks” can continue to be undervalued by the market for long periods of time. </p> <p id="xdx_A88_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000045798Member__oef--RiskAxis__custom--QuantitativeModelRiskMember_zsocumZ6Vgyh" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">There is potential for shortfall in any investment process due to a variety of factors including, but not limited to, data and system imperfections, analyst judgment, the complex nature of designing, coding, and maintaining portfolio construction systems, and/or other technology used in a quantitative model. Such shortfalls in systematic or quantitative processes in particular pose broader risk because they may be more pervasive in nature. Furthermore, the Adviser’s systems may not necessarily perform in a manner in which they have historically performed or were intended to perform and the Fund can perform differently from the market as a whole based on the factors used in the Adviser’s quantitative model, the weight placed on each factor and changes from the factors’ historical trends. These issues could negatively impact investment returns. Such risks should be viewed as an inherent element of investing in an investment strategy that relies heavily upon a quantitative model. </p> <p id="xdx_A8E_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000045798Member__oef--RiskAxis__custom--SmallandMidCapitalizationCompanyRiskMember_zWLWAT0iBFu9" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The medium- and smaller-capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, investments in these medium- and small-sized companies may pose additional risks, including liquidity risk, because these companies tend to have limited product lines, markets and financial resources, and may depend upon a relatively small management group. Therefore, medium- and small-capitalization stocks may be more volatile than those of larger companies. These securities may be traded over-the-counter or listed on an exchange. </p> Performance Information <p id="xdx_A8__eoef--PerformanceNarrativeTextBlock_zKwT58KK4Xzx" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90__eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260301__20260301__dei--LegalEntityAxis__custom--S000045798Member_zHeONuwFscyN">The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing changes in the Fund’s Institutional Class Shares’ performance from year to year and by showing how the Fund’s average annual total returns for 1, 5 and 10 years and since inception compare with those of a broad measure of market performance. </span><span id="xdx_90__eoef--PerformancePastDoesNotIndicateFuture_c20260301__20260301__dei--LegalEntityAxis__custom--S000045798Member_zhZdLBDlnL1m">Of course, the Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. </span>Updated performance information is available by calling the Fund at <span id="xdx_90__eoef--PerformanceAvailabilityPhone_c20260301__20260301__dei--LegalEntityAxis__custom--S000045798Member_zIa3OhhQzqpG">1-888-FUND-LSV</span>. </p> The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing changes in the Fund’s Institutional Class Shares’ performance from year to year and by showing how the Fund’s average annual total returns for 1, 5 and 10 years and since inception compare with those of a broad measure of market performance. Of course, the Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. 1-888-FUND-LSV 0.1328 0.1370 -0.0175 0.2314 -0.0666 0.2131 -0.0243 0.0439 0.1638 0.1558 <p id="xdx_A82_eoef--BarChartClosingTextBlock_ztAWU3P4og3k" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; display: none; text-align: center"> </p> <table cellpadding="2" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: bottom; width: 50%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><b><span id="xdx_90__eoef--HighestQuarterlyReturnLabel_c20260301__20260301__dei--LegalEntityAxis__custom--S000045798Member__oef--ClassAxis__custom--C000142756Member_z84DLRlRIzzi">Best Quarter</span></b></span></p></td> <td style="vertical-align: bottom; width: 50%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><b><span id="xdx_90__eoef--LowestQuarterlyReturnLabel_c20260301__20260301__dei--LegalEntityAxis__custom--S000045798Member__oef--ClassAxis__custom--C000142756Member_z8VWKAthhtyR">Worst Quarter</span></b></span></p></td> </tr> <tr style="background-color: Gainsboro"> <td style="vertical-align: bottom; width: 50%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><span id="xdx_90__eoef--BarChartHighestQuarterlyReturn_c20260301__20260301__dei--LegalEntityAxis__custom--S000045798Member__oef--ClassAxis__custom--C000142756Member_zK52brr6XliW">13.47%</span></span></p></td> <td style="vertical-align: bottom; width: 50%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><span id="xdx_90__eoef--BarChartLowestQuarterlyReturn_c20260301__20260301__dei--LegalEntityAxis__custom--S000045798Member__oef--ClassAxis__custom--C000142756Member_z64QuItcwgz8">(23.64)%</span></span></p></td> </tr> <tr style="background-color: White"> <td style="vertical-align: bottom; width: 50%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><span id="xdx_90__eoef--BarChartHighestQuarterlyReturnDate_c20260301__20260301__dei--LegalEntityAxis__custom--S000045798Member__oef--ClassAxis__custom--C000142756Member_z4iJnf9QoYi8">12/31/2022</span></span></p></td> <td style="vertical-align: bottom; width: 50%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><span id="xdx_90__eoef--BarChartLowestQuarterlyReturnDate_c20260301__20260301__dei--LegalEntityAxis__custom--S000045798Member__oef--ClassAxis__custom--C000142756Member_zPh49qiVibA8">3/31/2020</span></span></p></td> </tr> </table> Best Quarter Worst Quarter 0.1347 -0.2364 2022-12-31 2020-03-31 Average Annual Total Returns for the Periods Ended December 31, 2025 <p id="xdx_A8__eoef--PerformanceTableNarrativeTextBlock_zXgwEIGJXlbS" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">This table compares the Fund’s average annual total returns for the periods ended December 31, 2025 to those of an appropriate broad based index. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90__eoef--PerformanceTableUsesHighestFederalRate_c20260301__20260301__dei--LegalEntityAxis__custom--S000045798Member_zVd5xigPkWTH">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span>Actual after-tax returns will depend on an investor’s tax situation and may differ from those shown. <span id="xdx_90__eoef--PerformanceTableNotRelevantToTaxDeferred_c20260301__20260301__dei--LegalEntityAxis__custom--S000045798Member_zkb2t476rmhg">After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”).</span> <span id="xdx_90__eoef--PerformanceTableExplanationAfterTaxHigher_c20260301__20260301__dei--LegalEntityAxis__custom--S000045798Member_zohFU32AgSMc">After-tax returns are shown only for Institutional Class Shares. After-tax returns for Investor Class Shares will vary.</span> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">Returns after taxes on distributions and sale of Fund shares may be higher than before-tax returns when a net capital loss occurs upon the redemption of Fund shares.</span></p> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). After-tax returns are shown only for Institutional Class Shares. After-tax returns for Investor Class Shares will vary. 0.1558 0.1070 0.0923 0.0858 0.1530 0.1042 0.0899 0.0834 0.1050 0.0720 0.0680 0.0641 0.1275 0.0804 0.0709 0.0663 0.1788 0.1442 0.1482 0.1346 LSV GLOBAL MANAGED VOLATILITY FUND Investment Objective <p id="xdx_A8__eoef--ObjectivePrimaryTextBlock_z23hehnJKAeq" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The LSV Global Managed Volatility Fund’s (the “Fund”) investment objective is long-term growth of capital. </p> Fund Fees and Expenses <p id="xdx_A8__eoef--ExpenseNarrativeTextBlock_zquxi9xw54PN" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This table describes the fees and expenses that you may pay if you buy and hold Institutional Class Shares and Investor Class Shares of the Fund. <b>You may be required to pay commissions and/or other forms of compensation to a broker for transactions in Institutional Class Shares, which are not reflected in the table or the example below</b>. </p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0060 0.0060 0 0.0025 0.0115 0.0115 0.0175 0.0200 -0.0100 -0.0100 0.0075 0.0100 February 28, 2027 Example <p id="xdx_A8__eoef--ExpenseExampleNarrativeTextBlock_zqX6HJUoXs2b" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">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 (including one year of capped expenses in each period) remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </p> 77 453 855 1979 102 531 985 2247 Portfolio Turnover <p id="xdx_A8__eoef--PortfolioTurnoverTextBlock_zIZaHlaC0Qd8" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in total annual Fund operating expenses or in the example, affect the Fund’s performance. During its most recent fiscal year, the Fund’s portfolio turnover rate was <span id="xdx_90__eoef--PortfolioTurnoverRate_c20260301__20260301__dei--LegalEntityAxis__custom--S000045799Member_zmFfA62ybGoT">22%</span> of the average value of its portfolio. </span></p> 0.22 Principal Investment Strategies <p id="xdx_A8__eoef--StrategyNarrativeTextBlock_zRURBvFwOI2G" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund invests primarily in equity securities of companies located throughout the world. The equity securities in which the Fund invests are mainly common stocks, but may also include American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs” and, together with ADRs, “Depositary Receipts”). Depositary     Receipts are certificates issued by a bank or trust company that represent ownership of shares of a foreign issuer and generally trade on an established market, in the United States or elsewhere. Although the Fund may invest in securities of companies of any size, the Fund generally invests in companies with market capitalizations of $100 million or more at the time of purchase. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90__eoef--StrategyPortfolioConcentration_c20260301__20260301__dei--LegalEntityAxis__custom--S000045799Member_zGQUKBRkVwgH">Under normal market conditions, the Fund will invest in at least three countries, including the United States, and at least 40% of its assets will be invested in non-U.S. companies, in both developed and emerging market countries.</span> The Fund considers a company to be a non-U.S. company if (i) the company’s primary issue trades on a non-U.S. exchange; or (ii) the company is organized, maintains its principal place of business, or primarily generates its revenues outside of the United States. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">In selecting securities for the Fund, the Adviser focuses on companies whose securities, in the Adviser’s opinion, are out-of-favor (undervalued) in the marketplace at the time of purchase in light of factors such as the company’s earnings, book value, revenues or cash flow, but show signs of recent improvement. The Adviser believes that these out-of-favor securities will produce superior future returns if their future growth exceeds the market’s low expectations. The Adviser seeks to manage volatility by selecting stocks for the Fund’s portfolio whose total returns are not expected to fluctuate as dramatically as those of the equity markets as a whole. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Adviser uses a quantitative investment model to make investment decisions for the Fund. The investment model ranks securities based on fundamental measures of value (such as the price-to-earnings ratio) and indicators of near-term appreciation potential (such as recent price appreciation). Additionally, securities are ranked based on sensitivity to broader market movements or “beta,” standard deviation, and volatility of operating performance (cash flow and earnings) to identify securities that the Adviser believes will have less volatility than the overall equity markets. The investment model is used to select stocks to buy from those with higher expected returns and lower expected volatility and select stocks to sell from those whose expected returns have decreased and expected volatility has increased, subject to overall risk controls. </p> Under normal market conditions, the Fund will invest in at least three countries, including the United States, and at least 40% of its assets will be invested in non-U.S. companies, in both developed and emerging market countries. You could lose money by investing in the Fund. A Fund share is not a bank deposit and it is not insured or guaranteed by the FDIC or any government agency. <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquityRiskMember_zPRj1YAdv5zh" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Since it purchases equity securities, the Fund is subject to the risk that stock prices will fall over short or extended periods of time. Historically, the equity markets have moved in cycles, and the value of the Fund’s equity securities may fluctuate drastically from day-to-day. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response. 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, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund’s performance and cause losses on your investment in the Fund. These factors contribute to price volatility, which is the principal risk of investing in the Fund. </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagedVolatilityRiskMember_zo40L4YiUGOb" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Although the Fund seeks to manage volatility within its portfolio, there is no guarantee that the Fund will be successful. Securities in the Fund’s portfolio may be subject to price volatility, and the Fund’s share price may not be any less volatile than the market as a whole and could be more volatile. The Adviser’s </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">determinations/expectations regarding volatility may be incorrect or inaccurate, which may also adversely affect the Fund’s actual volatility. The Fund also may underperform other funds with similar investment objectives and strategies. The Fund may provide protection in volatile markets by potentially curbing or mitigating the risk of loss in declining equity markets, but the Fund’s opportunity to achieve returns when the equity markets are rising may also be limited. In general, the greater the protection against downside loss, the lesser the Fund’s opportunity to participate in the returns generated by rising equity markets; however, there is no guarantee that the Fund will be successful in protecting the value of its portfolio in down markets. </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignCompanyRiskMember_z6gHkIWRt7ih" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Investing in foreign companies, including direct investments and through Depositary Receipts, which are traded on exchanges and represent an ownership in a foreign security, poses additional risks since political and economic events unique to a country or region will affect those markets and their issuers. These risks will not necessarily affect the U.S. economy or similar issuers located in the United States. In addition, investments in foreign companies are generally denominated in a foreign currency. As a result, changes in the value of those currencies compared to the U.S. dollar may affect (positively or negatively) the value of the Fund’s investments. These currency movements may occur separately from, and in response to, events that do not otherwise affect the value of the security in the issuer’s home country. Securities of foreign companies may not be registered with the Securities and Exchange Commission (the “SEC”) and foreign companies are generally not subject to the regulatory controls imposed on U.S. issuers and, as a consequence, there is generally less publicly available information about foreign securities than is available about domestic securities. Income from foreign securities owned by the Fund may be reduced by a withholding tax at the source, which would reduce income received from the securities comprising the portfolio. Foreign securities may also be more difficult to value than securities of U.S. issuers. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund. While Depositary Receipts provide an alternative to directly purchasing the underlying foreign securities in their respective national markets and currencies, investments in Depositary Receipts continue to be subject to many of the risks associated with investing directly in foreign securities. </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsSecuritiesRiskMember_zpB35Ai4hOc4" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Investments in emerging markets securities are considered speculative and subject to heightened risks in addition to the general risks of investing in foreign securities. Unlike more established markets, emerging markets may have governments that are less stable, markets that are less liquid and economies that are less developed. In addition, the securities markets of emerging market countries may consist of companies with smaller market capitalizations and may suffer periods of relative illiquidity; significant price volatility; restrictions on foreign investment; and possible restrictions on repatriation of investment income and capital. Furthermore, foreign investors may be required to register the proceeds of sales, and future economic or political crises could lead to price controls, forced mergers, expropriation or confiscatory taxation, seizure, nationalization or creation of government monopolies. </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValueStyleRiskMember_zHNQaCuWvIBl" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Since the Fund pursues a “value style” of investing, if the Adviser’s assessment of market conditions, or a company’s value or prospects for exceeding earnings expectations is wrong, the Fund could suffer losses or produce poor performance relative to other funds. In addition, “value stocks” can continue to be undervalued by the market for long periods of time. </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--QuantitativeModelRiskMember_zHFULVJVq8I8" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">There is potential for shortfall in any investment process due to a variety of factors including, but not limited to, data and system imperfections, analyst judgment, the complex nature of designing, coding, and maintaining portfolio construction systems, and/or other technology used in a quantitative model. Such shortfalls in systematic or quantitative processes in particular pose broader risk because they may be more pervasive in nature. Furthermore, the Adviser’s systems may not necessarily perform in a manner in which they have historically performed or were intended to perform and the Fund can perform differently from the market as a whole based on the factors used in the Adviser’s quantitative model, the weight placed on each factor and changes from the factors’ historical trends. These issues could negatively impact investment returns. Such risks should be viewed as an inherent element of investing in an investment strategy that relies heavily upon a quantitative model. </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--CurrencyRiskMember_zLfDHxBPvXCi" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">As a result of the Fund’s investments in securities or other investments denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar, in which case, the dollar value of an investment in the Fund would be adversely affected. </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallandMidCapitalizationCompanyRiskMember_zg6S4vMJ7UM6" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The medium- and smaller-capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, investments in these medium- and small-sized companies may pose additional risks, including liquidity risk, because these companies tend to have limited product lines, markets and financial resources, and may depend upon a relatively small management group. Therefore, medium- and small-capitalization stocks may be more volatile than those of larger companies. These securities may be traded over-the-counter or listed on an exchange. </p> Performance Information <p id="xdx_A8__eoef--PerformanceNarrativeTextBlock_z1baQFRfVvwQ" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90__eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260301__20260301__dei--LegalEntityAxis__custom--S000045799Member_zWxIrQOeZnS4">The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing changes in the Fund’s Institutional Class Shares’ performance from year to year and by showing how the Fund’s average annual total returns for 1, 5 and 10 years and since inception compare with those of a broad measure of market performance.</span> <span id="xdx_90__eoef--PerformancePastDoesNotIndicateFuture_c20260301__20260301__dei--LegalEntityAxis__custom--S000045799Member_z1Jzrai1eVG1">Of course, the Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.</span> Updated performance information is available by calling the Fund at <span id="xdx_90__eoef--PerformanceAvailabilityPhone_c20260301__20260301__dei--LegalEntityAxis__custom--S000045799Member_z0e1Rr7oq7Zc">1-888-FUND-LSV</span>. </p> The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing changes in the Fund’s Institutional Class Shares’ performance from year to year and by showing how the Fund’s average annual total returns for 1, 5 and 10 years and since inception compare with those of a broad measure of market performance. Of course, the Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. 1-888-FUND-LSV 0.1090 0.1904 -0.0625 0.1779 -0.0492 0.1764 -0.0386 0.1012 0.1292 0.2269 <p id="xdx_A8E_eoef--BarChartClosingTextBlock_zynPXDIXa08e" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="2" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: bottom; width: 50%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><b><span id="xdx_90__eoef--HighestQuarterlyReturnLabel_c20260301__20260301__dei--LegalEntityAxis__custom--S000045799Member__oef--ClassAxis__custom--C000142758Member_zWSdxgTh7E7H">Best Quarter</span></b></span></p></td> <td style="vertical-align: bottom; width: 50%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><b><span id="xdx_90__eoef--LowestQuarterlyReturnLabel_c20260301__20260301__dei--LegalEntityAxis__custom--S000045799Member__oef--ClassAxis__custom--C000142758Member_zJO62muAzJfG">Worst Quarter</span></b></span></p></td> </tr> <tr style="background-color: Gainsboro"> <td style="vertical-align: bottom; width: 50%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><span id="xdx_90__eoef--BarChartHighestQuarterlyReturn_c20260301__20260301__dei--LegalEntityAxis__custom--S000045799Member__oef--ClassAxis__custom--C000142758Member_zEIqOQAaSUh6">14.00%</span></span></p></td> <td style="vertical-align: bottom; width: 50%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><span id="xdx_90__eoef--BarChartLowestQuarterlyReturn_c20260301__20260301__dei--LegalEntityAxis__custom--S000045799Member__oef--ClassAxis__custom--C000142758Member_zQE23uaO9pyd">(23.20)%</span></span></p></td> </tr> <tr style="background-color: White"> <td style="vertical-align: bottom; width: 50%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><span id="xdx_90__eoef--BarChartHighestQuarterlyReturnDate_c20260301__20260301__dei--LegalEntityAxis__custom--S000045799Member__oef--ClassAxis__custom--C000142758Member_zwskbalyOWic">12/31/2022</span></span></p></td> <td style="vertical-align: bottom; width: 50%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><span id="xdx_90__eoef--BarChartLowestQuarterlyReturnDate_c20260301__20260301__dei--LegalEntityAxis__custom--S000045799Member__oef--ClassAxis__custom--C000142758Member_zQ7LPPsRORWX">3/31/2020</span></span></p></td> </tr> </table> Best Quarter Worst Quarter 0.1400 -0.2320 2022-12-31 2020-03-31 Average Annual Total Returns for the Periods Ended December 31, 2025 <p id="xdx_A8__eoef--PerformanceTableNarrativeTextBlock_zdwuCiSKIZiQ" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">This table compares the Fund’s average annual total returns for the periods ended December 31, 2025 to those of an appropriate broad based index. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90__eoef--PerformanceTableUsesHighestFederalRate_c20260301__20260301__dei--LegalEntityAxis__custom--S000045799Member_zUL5vpE0NV6q">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span>Actual after-tax returns will depend on an investor’s tax situation and may differ from those shown. <span id="xdx_90__eoef--PerformanceTableNotRelevantToTaxDeferred_c20260301__20260301__dei--LegalEntityAxis__custom--S000045799Member_zuesVAhn6mD6">After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). </span><span id="xdx_90__eoef--PerformanceTableOneClassOfAfterTaxShown_c20260301__20260301__dei--LegalEntityAxis__custom--S000045799Member_zUw1uHRUCYTs">After-tax returns are shown only for Institutional Class Shares. After-tax returns for Investor Class Shares will vary. </span></p> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). After-tax returns are shown only for Institutional Class Shares. After-tax returns for Investor Class Shares will vary. 0.2269 0.1153 0.0911 0.0746 0.2234 0.1125 0.0884 0.0720 0.1974 0.0909 0.0730 0.0584 0.1535 0.0875 0.0702 0.0569 0.2234 0.1119 0.1172 0.0972 LSV GLOBAL VALUE FUND Investment Objective <p id="xdx_A8__eoef--ObjectivePrimaryTextBlock_zDxtmyhRS2wX" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The LSV Global Value Fund’s (the “Fund”) investment objective is long-term growth of capital. </p> Fund Fees and Expenses <p id="xdx_A8__eoef--ExpenseNarrativeTextBlock_zyk2nbjtg0x4" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This table describes the fees and expenses that you may pay if you buy and hold Institutional Class Shares and Investor Class Shares of the Fund. <b>You may be required to pay commissions and/or other forms of compensation to a broker for transactions in Institutional Class Shares, which are not reflected in the table or the example below.</b> </p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0075 0.0075 0 0.0025 0.0026 0.0026 0.0101 0.0126 -0.0011 -0.0011 0.0090 0.0115 February 28, 2027 Example <p id="xdx_A8__eoef--ExpenseExampleNarrativeTextBlock_zDAEmlpVt8an" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">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 (including one year of capped expenses in each period) remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </p> 92 311 547 1226 117 389 681 1513 Portfolio Turnover <p id="xdx_A8__eoef--PortfolioTurnoverTextBlock_z5m19CA6TDvt" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in total annual Fund operating expenses or in the example, affect the Fund’s performance. During its most recent fiscal year, the Fund’s portfolio turnover rate was <span id="xdx_90__eoef--PortfolioTurnoverRate_c20260301__20260301__dei--LegalEntityAxis__custom--S000023533Member_ztIeAIGszgPa">15%</span> of the average value of its portfolio. </span></p> 0.15 Principal Investment Strategies <p id="xdx_A8__eoef--StrategyNarrativeTextBlock_zxhZYm1ZVSYJ" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund invests primarily in equity securities of companies located throughout the world. The equity securities in which the Fund invests are mainly common stocks, but may also include American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs” and, together with ADRs, “Depositary Receipts”). Depositary Receipts are certificates issued by a bank or trust company that represent ownership of shares of a foreign issuer and generally trade on an established market, in the United States or elsewhere. Although the Fund may invest in securities of companies of any size, the Fund generally invests in companies with market capitalizations of $100 million or more at the time of purchase. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90__eoef--StrategyPortfolioConcentration_c20260301__20260301__dei--LegalEntityAxis__custom--S000023533Member_zd4GQkk4xv5z">Under normal market conditions, the Fund will invest in at least three countries, including the United States, and at least 40% of its assets will be invested in non-U.S. companies, in both developed and emerging market countries.</span> The Fund considers a company to be a non-U.S. company if (i) the company’s primary issue trades on a non-U.S. exchange; or (ii) the company is organized, maintains its principal place of business, or primarily generates its revenues outside of the United States. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">In selecting securities for the Fund, the Adviser focuses on companies whose securities, in the Adviser’s opinion, are out-of-favor (undervalued) in the marketplace at the time of purchase in light of factors such as the company’s earnings, book value, revenues or cash flow, but show signs of recent improvement. The Adviser believes that these out-of-favor securities will produce superior future returns if their future growth exceeds the market’s low expectations. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Adviser uses a quantitative investment model to make investment decisions for the Fund. The investment model ranks securities based on fundamental measures of value (such as the price-to-earnings ratio) and indicators of near-term appreciation potential (such as recent price appreciation). The investment model selects stocks to buy from the higher-ranked stocks and selects stocks to sell from those whose rankings have decreased, subject to overall risk controls. </p> Under normal market conditions, the Fund will invest in at least three countries, including the United States, and at least 40% of its assets will be invested in non-U.S. companies, in both developed and emerging market countries. You could lose money by investing in the Fund. A Fund share is not a bank deposit and it is not insured or guaranteed by the FDIC or any government agency. <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquityRiskMember_zjg3ZpTXqfH2" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Since it purchases equity securities, the Fund is subject to the risk that stock prices will fall over short or extended periods of time. Historically, the equity markets have moved in cycles, and the value of the Fund’s equity securities may fluctuate drastically from day-to-day. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response. 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, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund’s performance and cause losses on your investment in the Fund. These factors contribute to price volatility, which is the principal risk of investing in the Fund. </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignCompanyRiskMember_zExlYKQfMjG7" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Investing in foreign companies, including direct investments and through Depositary Receipts, which are traded on exchanges and represent an ownership in a foreign security, poses additional risks since political and economic events unique to a country or region will affect those markets and their issuers. These risks will not necessarily affect the U.S. economy or similar issuers located in the United States. In addition, investments in foreign companies are generally denominated in a foreign currency. As a result, changes in the value of those currencies compared to the U.S. dollar may affect (positively or negatively) the value of the Fund’s investments. These currency movements may occur separately from, and in response to, events that do not otherwise affect the value of the security in the issuer’s home country. Securities of foreign companies may not be registered with the Securities and Exchange Commission (the “SEC”) and foreign companies are generally not subject to the regulatory controls imposed on U.S. issuers and, as a consequence, there is generally less publicly available information about foreign securities than is available about domestic securities. Income from foreign securities owned by the Fund may be reduced by a withholding tax at the source, which would reduce income received from the securities comprising the portfolio. Foreign securities may also be more difficult to value than securities of U.S. issuers. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund. While Depositary Receipts provide an alternative to directly purchasing the underlying foreign securities in their respective national markets and currencies, investments in Depositary Receipts continue to be subject to many of the risks associated with investing directly in foreign securities. </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsSecuritiesRiskMember_zcSOEydFJlj7" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Investments in emerging markets securities are considered speculative and subject to heightened risks in addition to the general risks of investing in foreign securities. Unlike more established markets, emerging markets may have governments that are less stable, markets that are less liquid and economies that are less developed. In addition, the securities markets of emerging market countries may consist of companies with smaller market capitalizations and may suffer periods of relative illiquidity; significant price volatility; restrictions on foreign investment; and possible restrictions on repatriation of investment income and capital. Furthermore, foreign investors may be required to register the proceeds of sales, and future economic or political crises could lead to price controls, forced mergers, expropriation or confiscatory taxation, seizure, nationalization or creation of government monopolies. </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValueStyleRiskMember_z8bHZTqSHMFb" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Since the Fund pursues a “value style” of investing, if the Adviser’s assessment of market conditions, or a company’s value or prospects for exceeding earnings expectations is wrong, the Fund could suffer losses or produce poor performance relative to other funds. In addition, “value stocks” can continue to be undervalued by the market for long periods of time. </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--QuantitativeModelRiskMember_zaaWPgu5AyIc" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">There is potential for shortfall in any investment process due to a variety of factors including, but not limited to, data and system imperfections, analyst judgment, the complex nature of designing, coding, and maintaining portfolio construction systems, and/or other technology used in a quantitative model. Such shortfalls in systematic or quantitative processes in particular pose broader risk because they may be more pervasive in nature. Furthermore, the Adviser’s systems may not necessarily perform in a manner in which they have historically performed or were intended to perform and the Fund can perform differently from the market as a whole based on the factors used in the Adviser’s quantitative model, the weight placed on each factor and changes from the factors’ historical trends. These issues could negatively impact investment returns. Such risks should be viewed as an inherent element of investing in an investment strategy that relies heavily upon a quantitative model. </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--CurrencyRiskMember_zU7MIWhTl4Qk" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">As a result of the Fund’s investments in securities or other investments denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar, in which case, the dollar value of an investment in the Fund would be adversely affected. </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallandMidCapitalizationCompanyRiskMember_ztnxQQYq0oo1" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The medium- and smaller-capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, investments in these medium- and small-sized companies may pose additional risks, including liquidity risk, because </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">these companies tend to have limited product lines, markets and financial resources, and may depend upon a relatively small management group. Therefore, medium- and small-capitalization stocks may be more volatile than those of larger companies. These securities may be traded over-the-counter or listed on an exchange. </p> Performance Information <p id="xdx_A8__eoef--PerformanceNarrativeTextBlock_zZ0Eqg1JmFN7" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90A_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260301__20260301__dei--LegalEntityAxis__custom--S000023533Member_z1XiJHJXkhzc">The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing changes in the Fund’s Institutional Class Shares’ performance from year to year and by showing how the Fund’s average annual total returns for 1, 5 and 10 years and since inception compare with those of a broad measure of market performance.</span> <span id="xdx_90D_eoef--PerformancePastDoesNotIndicateFuture_c20260301__20260301__dei--LegalEntityAxis__custom--S000023533Member_zCenaxLNBkX7">Of course, the Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.</span> Updated performance information is available by calling the Fund at <span id="xdx_90C_eoef--PerformanceAvailabilityPhone_c20260301__20260301__dei--LegalEntityAxis__custom--S000023533Member_z4O3C3Ht3mX8">1-888-FUND-LSV</span>. </p> The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing changes in the Fund’s Institutional Class Shares’ performance from year to year and by showing how the Fund’s average annual total returns for 1, 5 and 10 years and since inception compare with those of a broad measure of market performance. Of course, the Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. 1-888-FUND-LSV 0.1097 0.2185 -0.1552 0.2236 0.0046 0.2131 -0.0822 0.1906 0.1004 0.2710 <p id="xdx_A86_eoef--BarChartClosingTextBlock_zJiHyhH0y4Qg" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="2" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: bottom; width: 50%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_90__eoef--HighestQuarterlyReturnLabel_c20260301__20260301__dei--LegalEntityAxis__custom--S000023533Member__oef--ClassAxis__custom--C000069244Member_zrYv9tOHTdTh">Best Quarter</span></b></p></td> <td style="vertical-align: bottom; width: 50%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_90__eoef--LowestQuarterlyReturnLabel_c20260301__20260301__dei--LegalEntityAxis__custom--S000023533Member__oef--ClassAxis__custom--C000069244Member_zBj93Jgb4Tlv">Worst Quarter</span></b></p></td> </tr> <tr style="background-color: Gainsboro"> <td style="vertical-align: bottom; width: 50%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90__eoef--BarChartHighestQuarterlyReturn_c20260301__20260301__dei--LegalEntityAxis__custom--S000023533Member__oef--ClassAxis__custom--C000069244Member_z59XGq3b206t">20.17%</span></p></td> <td style="vertical-align: bottom; width: 50%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90__eoef--BarChartLowestQuarterlyReturn_c20260301__20260301__dei--LegalEntityAxis__custom--S000023533Member__oef--ClassAxis__custom--C000069244Member_zfxg9xlQXkdN">(30.69)%</span></p></td> </tr> <tr style="background-color: White"> <td style="vertical-align: bottom; width: 50%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90__eoef--BarChartHighestQuarterlyReturnDate_c20260301__20260301__dei--LegalEntityAxis__custom--S000023533Member__oef--ClassAxis__custom--C000069244Member_zHTtoTnjTTcq">12/31/2020</span></p></td> <td style="vertical-align: bottom; width: 50%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90__eoef--BarChartLowestQuarterlyReturnDate_c20260301__20260301__dei--LegalEntityAxis__custom--S000023533Member__oef--ClassAxis__custom--C000069244Member_zNKe5Mg9Q5YV">3/31/2020</span></p></td> </tr> </table> Best Quarter Worst Quarter 0.2017 -0.3069 2020-12-31 2020-03-31 Average Annual Total Returns for the Periods Ended December 31, 2025 <p id="xdx_A8__eoef--PerformanceTableNarrativeTextBlock_zeSE8ogYXBpi" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">This table compares the Fund’s average annual total returns for the periods ended December 31, 2025 to those of an appropriate broad based index. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90__eoef--PerformanceTableUsesHighestFederalRate_c20260301__20260301__dei--LegalEntityAxis__custom--S000023533Member_zIKi8lkuFjFu">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> Actual after-tax returns will depend on an investor’s tax situation and may differ from those shown. <span id="xdx_90__eoef--PerformanceTableNotRelevantToTaxDeferred_c20260301__20260301__dei--LegalEntityAxis__custom--S000023533Member_zbIBKg82NKx1">After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”).</span> <span id="xdx_90__eoef--PerformanceTableOneClassOfAfterTaxShown_c20260301__20260301__dei--LegalEntityAxis__custom--S000023533Member_zDDcyIWlRQFT">After-tax returns are shown only for Institutional Class Shares. After-tax returns for Investor Class Shares will vary.</span> </p> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). After-tax returns are shown only for Institutional Class Shares. After-tax returns for Investor Class Shares will vary. 2014-06-25 2014-06-25 2014-06-25 2014-06-25 2014-06-25 0.2710 0.1314 0.1004 0.0811 0.2686 0.1288 0.0977 0.0785 0.2516 0.1203 0.0914 0.0727 0.1742 0.1035 0.0804 0.0643 0.2234 0.1119 0.1172 0.0972 LSV EMERGING MARKETS EQUITY FUND Investment Objective <p id="xdx_A8__eoef--ObjectivePrimaryTextBlock_zQdQxaWLEJ7K" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The LSV Emerging Markets Equity Fund’s (the “Fund”) investment objective is long-term growth of capital. </p> Fund Fees and Expenses <p id="xdx_A8__eoef--ExpenseNarrativeTextBlock_z95AXOzzU9IN" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This table describes the fees and expenses that you may pay if you buy and hold Institutional Class Shares and Investor Class Shares of the Fund. <b>You may be required to pay commissions and/or other forms of compensation to a broker for transactions in Institutional Class Shares, which are not reflected in the table or the example below.</b> </p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0100 0.0100 0 0.0025 0.0043 0.0041 0.0143 0.0166 -0.0048 -0.0046 0.0095 0.0120 February 28, 2027 Example <p id="xdx_A8__eoef--ExpenseExampleNarrativeTextBlock_zWKWfJWEWxa4" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">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 (including one year of capped expenses in each period) remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </p> 97 405 736 1672 122 479 859 1927 Portfolio Turnover <p id="xdx_A8__eoef--PortfolioTurnoverTextBlock_zujNQv9opGZC" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in total annual Fund operating expenses or in the example, affect the Fund’s performance. During its most recent fiscal year, the Fund’s portfolio turnover rate was <span id="xdx_90__eoef--PortfolioTurnoverRate_c20260301__20260301__dei--LegalEntityAxis__custom--S000062890Member_z2h6RMY3CuZ7">27%</span> of the average value of its portfolio. </span></p> 0.27 Principal Investment Strategies <p id="xdx_A8__eoef--StrategyNarrativeTextBlock_zlaYV0OPdyyS" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90__eoef--StrategyPortfolioConcentration_c20260301__20260301__dei--LegalEntityAxis__custom--S000062890Member_zIEDFxUqW3uy">Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of emerging market companies.</span> This investment policy can be changed by the Fund upon 60 days’ prior written notice to shareholders. The equity securities in which the Fund invests are mainly common stocks, but may also include preferred stocks, American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs” and, together with ADRs, “Depositary Receipts”). Depositary Receipts are certificates issued by a bank or trust company that represent ownership of shares of a foreign issuer and generally trade on an established market, in the United States or elsewhere. Although the Fund may invest in securities of companies of any size, the Fund generally invests in companies with market capitalizations of $50 million or more at the time of initial purchase. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund considers a company to be an emerging market company if: (i) the company’s primary issue trades on the exchange of an emerging markets country; (ii) the company is organized or maintains its principal place of business in an emerging markets country; or (iii) the company primarily generates its revenues in emerging markets countries. The Fund considers an “emerging market country” to include any country that is included in the MSCI Emerging Markets Index (the “Index”) or that is publicly announced to be added to the Index. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">In selecting securities for the Fund, the Adviser focuses on companies whose securities, in the Adviser’s opinion, are out-of-favor (undervalued) in the marketplace at the time of purchase in light of factors such as the company’s earnings, book value, revenues or cash flow, but show signs of recent improvement. The Adviser believes that these out-of-favor securities will produce superior future returns if their future growth exceeds the market’s low expectations. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Adviser uses a quantitative investment model to make investment decisions for the Fund. The investment model ranks securities based on fundamental measures of value (such as the price-to-earnings ratio) and indicators of near-term appreciation potential (such as recent price appreciation). The investment model selects stocks to buy from the higher-ranked stocks and selects stocks to sell from those whose rankings have decreased, subject to overall risk controls. </p> Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of emerging market companies. You could lose money by investing in the Fund. A Fund share is not a bank deposit and it is not insured or guaranteed by the FDIC or any government agency. <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquityRiskMember_z865XYQwbT65" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Since it purchases equity securities, the Fund is subject to the risk that stock prices will fall over short or extended periods of time. Historically, the equity markets have moved in cycles, and the value of the Fund’s equity securities may fluctuate drastically from day-to-day. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response. 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, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund’s performance and cause losses on your investment in the Fund. These factors contribute to price volatility, which is the principal risk of investing in the Fund. </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsSecuritiesRiskMember_zxRU1hhQAom7" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Investments in emerging markets securities are considered speculative and subject to heightened risks in addition to the general risks of investing in foreign securities. Unlike more established markets, emerging markets may have governments that are less stable, markets that are less liquid and economies that are less developed. In addition, the securities markets of emerging market countries may consist of companies with smaller market capitalizations and may suffer periods of relative illiquidity; significant price volatility; restrictions on foreign investment; and possible restrictions on repatriation of investment income and capital. Furthermore, foreign investors may be required to register the proceeds of sales, and future economic or political crises could lead to price controls, forced mergers, expropriation or confiscatory taxation, seizure, nationalization or creation of government monopolies. </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignCompanyRiskMember_zq96QVTw4Z69" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Investing in foreign companies, including direct investments and through Depositary Receipts, which are traded on exchanges and represent an ownership in a foreign security, poses additional risks since political and economic events unique to a country or region will affect those markets and their issuers. These risks will not necessarily affect the U.S. economy or similar issuers located in the United States. In addition, investments in foreign companies are generally denominated in a foreign currency. As a result, changes in the value of those currencies compared to the U.S. dollar may affect (positively or negatively) the value of the Fund’s investments. These currency movements may occur separately from, and in response to, events that do not otherwise affect the value of the security in the issuer’s home country. Securities of foreign companies may not be registered with the Securities and Exchange Commission (the “SEC”) and foreign companies are generally not subject to the regulatory controls imposed on U.S. issuers and, as a consequence, there is generally less publicly available information about foreign securities than is available about domestic securities. Income from foreign securities owned by the Fund may be reduced by a withholding tax at the source, which would reduce income received from the securities comprising the portfolio. Foreign securities may also be more difficult to value than securities of U.S. issuers. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund. While Depositary Receipts provide an alternative to directly purchasing the underlying foreign securities in their respective national markets and currencies, investments in Depositary Receipts continue to be subject to many of the risks associated with investing directly in foreign securities. </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValueStyleRiskMember_znNrCL1nKI3a" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Value investing focuses on companies with stocks that appear undervalued in light of factors such as the company’s earnings, book value, revenues or cash flow. If the Adviser’s assessment of market conditions, or a company’s value or prospects for exceeding earnings expectations, is wrong, the Fund could suffer losses or produce poor performance relative to other funds. </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--QuantitativeModelRiskMember_zXtX5JRGNDf1" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">There is potential for shortfall in any investment process due to a variety of factors including, but not limited to, data and system imperfections, analyst judgment, the complex nature of designing, coding, and maintaining portfolio construction systems, and/or other technology used in a quantitative model. Such shortfalls in systematic or quantitative processes in particular pose broader risk because they may be more pervasive in nature. Furthermore, the Adviser’s systems may not necessarily perform in a manner in which they have historically performed or were intended to perform and the Fund can perform differently from the market as a whole based on the factors used in the Adviser’s quantitative model, the weight placed on each factor and changes from the factors’ historical trends. These issues could negatively impact investment returns. Such risks should be viewed as an inherent element of investing in an investment strategy that relies heavily upon a quantitative model. </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--CurrencyRiskMember_zN7evuKQAMp6" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">As a result of the Fund’s investments in securities or other investments denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar, in which case, the dollar value of an investment in the Fund would be adversely affected. </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallandMidCapitalizationCompanyRiskMember_zYYgK9KvwLbd" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The medium- and smaller-capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, investments in these medium- and small-sized companies may pose additional risks, including liquidity risk, because these companies tend to have limited product lines, markets and financial resources, and may depend upon a relatively small management group. Therefore, medium- and small-capitalization stocks may be more volatile than those of larger companies. These securities may be traded over-the-counter or listed on an exchange. </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--PreferredStockRiskMember_zojACr65DFM4" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Preferred stocks in which the Fund may invest are sensitive to interest rate changes, and are also subject to equity risk, which is the risk that stock prices will fall over short or extended periods of time. The rights of preferred stocks on the distribution of a company’s assets in the event of a liquidation are generally subordinate to the rights associated with a company’s debt securities. </p> Performance Information <p id="xdx_A8__eoef--PerformanceNarrativeTextBlock_zJKbCHdkbZ52" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90__eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260301__20260301__dei--LegalEntityAxis__custom--S000062890Member_zmcdHnk7Wh4i">The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing changes in the Fund’s Institutional Class Shares’ performance from year to year and by showing how the Fund’s average annual total returns for 1 and 5 years and since inception compare with those of a broad measure of market performance.</span> <span id="xdx_90__eoef--PerformancePastDoesNotIndicateFuture_c20260301__20260301__dei--LegalEntityAxis__custom--S000062890Member_zSiTDYO2kvVv">Of course, the Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.</span> Updated performance information is available by calling the Fund at <span id="xdx_90__eoef--PerformanceAvailabilityPhone_c20260301__20260301__dei--LegalEntityAxis__custom--S000062890Member_z5zvECRGm8LM">1-888-FUND-LSV</span>. </p> The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing changes in the Fund’s Institutional Class Shares’ performance from year to year and by showing how the Fund’s average annual total returns for 1 and 5 years and since inception compare with those of a broad measure of market performance. Of course, the Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. 1-888-FUND-LSV 0.0530 0.1406 -0.1292 0.2152 0.0763 0.4021 <p id="xdx_A8__eoef--BarChartClosingTextBlock_zcsL6ygmduBP" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="2" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: bottom; width: 50%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_90__eoef--HighestQuarterlyReturnLabel_c20260301__20260301__dei--LegalEntityAxis__custom--S000062890Member__oef--ClassAxis__custom--C000203678Member_z0mGGtounwYS">Best Quarter</span></b></p></td> <td style="vertical-align: bottom; width: 50%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_90__eoef--LowestQuarterlyReturnLabel_c20260301__20260301__dei--LegalEntityAxis__custom--S000062890Member__oef--ClassAxis__custom--C000203678Member_zXQ3e0FwC5Br">Worst Quarter</span></b></p></td> </tr> <tr style="background-color: Gainsboro"> <td style="vertical-align: bottom; width: 50%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90__eoef--BarChartHighestQuarterlyReturn_c20260301__20260301__dei--LegalEntityAxis__custom--S000062890Member__oef--ClassAxis__custom--C000203678Member_zl8Rk6reHAzC">21.35%</span></p></td> <td style="vertical-align: bottom; width: 50%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90__eoef--BarChartLowestQuarterlyReturn_c20260301__20260301__dei--LegalEntityAxis__custom--S000062890Member__oef--ClassAxis__custom--C000203678Member_zqoOqe8557xy">(28.64)%</span></p></td> </tr> <tr style="background-color: White"> <td style="vertical-align: bottom; width: 50%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90__eoef--BarChartHighestQuarterlyReturnDate_c20260301__20260301__dei--LegalEntityAxis__custom--S000062890Member__oef--ClassAxis__custom--C000203678Member_zdATwnfetxZN">12/31/2020</span></p></td> <td style="vertical-align: bottom; width: 50%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90__eoef--BarChartLowestQuarterlyReturnDate_c20260301__20260301__dei--LegalEntityAxis__custom--S000062890Member__oef--ClassAxis__custom--C000203678Member_zS52lvS1zKIf">3/31/2020</span></p></td> </tr> </table> Best Quarter Worst Quarter 0.2135 -0.2864 2020-12-31 2020-03-31 Average Annual Total Returns for the Periods Ended December 31, 2025 <p id="xdx_A8__eoef--PerformanceTableNarrativeTextBlock_zlsWVlkvLXLG" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">This table compares the Fund’s average annual total returns for the periods ended December 31, 2025 to those of an appropriate broad based index. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90__eoef--PerformanceTableUsesHighestFederalRate_c20260301__20260301__dei--LegalEntityAxis__custom--S000062890Member_zyC3QRRPphwI">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> Actual after-tax returns will depend on an investor’s tax situation and may differ from those shown. <span id="xdx_90__eoef--PerformanceTableNotRelevantToTaxDeferred_c20260301__20260301__dei--LegalEntityAxis__custom--S000062890Member_zc1gUkHNiDcm">After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”).</span> <span id="xdx_90__eoef--PerformanceTableOneClassOfAfterTaxShown_c20260301__20260301__dei--LegalEntityAxis__custom--S000062890Member_zYt0f0UQ4Z7X">After-tax returns are shown only for Institutional Class Shares. After-tax returns for Investor Class Shares will vary.</span> </p> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). After-tax returns are shown only for Institutional Class Shares. After-tax returns for Investor Class Shares will vary. 2019-01-17 2019-01-17 2019-01-17 2019-01-17 2019-01-17 0.4021 0.1274 0.1108 0.3987 0.1247 0.1085 0.3809 0.1158 0.1007 0.2460 0.0997 0.0876 0.3357 0.0420 0.0743 LSV DISCIPLINED VALUE ETF Investment Objective <p id="xdx_A8__eoef--ObjectivePrimaryTextBlock_ziWqNXarQ8gi" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The LSV Disciplined Value ETF (the “Fund”) seeks long-term growth of capital. </p> Fund Fees and Expenses <p id="xdx_A8__eoef--ExpenseNarrativeTextBlock_z0W0Fc4ml52w" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. <b>You may pay other fees, such as brokerage commissions and other fees, including to financial intermediaries, which are not reflected in the table and Example below.</b> </p> Annual Fund Operating Expenses1 (expenses that you pay each year as a percentage of the value of your investment) 0.0040 0.0000 0.0040 Example <p id="xdx_A8__eoef--ExpenseExampleNarrativeTextBlock_zHVQxswQuS3F" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">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 at current levels. This example does not include the brokerage commissions that investors may pay to buy and sell shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </p> 41 128 224 505 Portfolio Turnover <p id="xdx_A8__eoef--PortfolioTurnoverTextBlock_zsRMduZ94rq5" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund pays transaction costs, such as brokerage commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in total annual Fund operating expenses or in the Example, affect the Fund’s performance. Further, by writing covered call options, the Fund’s portfolio securities are susceptible to being called by the holder of the option, thereby creating a likelihood of additional portfolio turnover. During its most recent fiscal year, the Fund’s portfolio turnover rate was <span id="xdx_90__eoef--PortfolioTurnoverRate_c20260301__20260301__dei--LegalEntityAxis__custom--S000089218Member_zl0Pds9XbarR">1%</span> of the average value of its portfolio. </span></p> 0.01 Principal Investment Strategies <p id="xdx_A8__eoef--StrategyNarrativeTextBlock_ziwA9jEf9DHI" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund is an actively managed exchange-traded Fund (“ETF”). Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities. This investment policy can be changed by the Fund upon 60 days’ prior written notice to shareholders. The </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">equity securities in which the Fund invests are mainly common stocks. Although the Fund may invest in securities of companies of any size, the Fund generally invests in companies with market capitalizations of $1 billion or more at the time of purchase. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">In selecting securities for the Fund, the Adviser focuses on companies whose securities, in the Adviser’s opinion, are out-of-favor (undervalued) in the marketplace at the time of purchase in light of factors such as the company’s earnings, book value, revenues or cash flow, but show signs of recent improvement. The Adviser believes that these out-of-favor securities will produce superior future returns if their future growth exceeds the market’s low expectations. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Adviser uses a quantitative investment model to make investment decisions for the Fund. The investment model ranks securities based on fundamental measures of value (such as the price-to-earnings ratio) and indicators of near-term appreciation potential (such as recent price appreciation). The investment model selects stocks to buy from the higher-ranked stocks and selects stocks to sell from those whose rankings have decreased, subject to overall risk controls. The Adviser manages the Fund conservatively relative to the S&amp;P 500 Index by implementing a low tracking error strategy to the benchmark and further restricting the investment model with respect to (1) industry and sector weights to a maximum of +/- 5% of the benchmark weight and (2) security weightings to a maximum of +/- 3% of the benchmark weight. </p> As with all funds, a shareholder is subject to the risk that his or her investment could lose money. A Fund share is not a bank deposit and is not insured or guaranteed by the FDIC or any other government agency. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--ActiveManagementRiskMember_z4ZqMEEArup0" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Active Management Risk</b><span style="font-weight: normal; font-style: normal"> – The Fund is subject to management risk because it is an actively managed portfolio. In managing the Fund’s portfolio securities, the Sub-Adviser will apply investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these will produce the desired results. </span></p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--EquityRiskMember_zNfpcbeyNuym" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Equity Risk</b><span style="font-weight: normal; font-style: normal"> – The risk that stock prices will fall over short or extended periods of time, sometimes rapidly and unpredictably. The value of equity securities will fluctuate in response to factors affecting a particular company, as well as broader market and economic conditions. Broad movements in financial markets may adversely affect the price of the Fund’s investments, regardless of how well the companies in which the Fund invests perform. Moreover, in the event of a company’s bankruptcy, claims of certain creditors, including bondholders, will have priority over claims of common stock holders such as the Fund. </span></p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zCgqZ52Bbvc3" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Market Risk</b><span style="font-weight: normal; font-style: normal"> – The prices of and the income generated by the Fund’s securities may decline in response to, among other things, investor sentiment, general economic and market conditions, regional or global instability, and currency and interest rate fluctuations. 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, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund’s performance and cause losses on your investment in the Fund. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. </span></p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--ValueInvestingRiskMember_zN05nrJ4kKvA" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Value Investing Risk </b><span style="font-weight: normal; font-style: normal">– The Fund pursues a “value style” of investing. Value investing focuses on companies whose stock appears undervalued in light of factors such as the company’s earnings, book value, revenues or cash flow. If the Adviser’s assessment of market conditions, or a company’s value or prospects for meeting or exceeding earnings expectations is inaccurate, the Fund could suffer losses or produce poor performance relative to other funds or market benchmarks. In addition, “value stocks” can continue to be undervalued by the market for long periods of time, and may never achieve the Adviser’s expected valuation. </span></p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFRisksMember_zS7PlOadfQlz" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>ETF Risks </b><span style="font-weight: normal; font-style: normal">– The Fund is an ETF and, as a result of this structure, it is exposed to the following risks: </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 9pt"> </td> <td style="width: 18pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Trading Risk </b>– Shares of the Fund may trade on the Exchange above (premium) or below (discount) their net asset value (“NAV”). In stressed market conditions, the market for Fund shares may become less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings, which may increase the variance between the market price of the Fund shares and the value of its underlying holdings. In addition, although the Fund’s shares are currently listed on the Exchange, there can be no assurance that an active trading market for Fund shares will develop or be maintained. Trading in Fund shares may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in shares of the Fund inadvisable. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 9pt"> </td> <td style="width: 18pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Cash Transactions Risk</b> – Like other ETFs, the Fund sells and redeems its shares only in large blocks called Creation Units and only to “Authorized Participants.” Unlike many other ETFs, however, the Fund expects to effect its creations and redemptions at least partially for cash, rather than in-kind securities. Thus, an investment in the Fund may be less tax-efficient than an investment in other ETFs as the Fund may recognize a capital gain that it could have avoided by making redemptions in-kind. As a result, the Fund may pay out higher capital gains distributions than ETFs that redeem in-kind. Further, paying redemption proceeds at least partially in cash rather than through in-kind delivery of portfolio securities may require the Fund to dispose of or sell portfolio investments to obtain the cash needed to distribute redemption proceeds at an inopportune time. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 9pt"> </td> <td style="width: 18pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Limited Authorized Participants, Market Makers and Liquidity Providers Risk</b> – Because the Fund is an ETF, only a limited number of institutional investors (known as “Authorized Participants”) are authorized to purchase and redeem shares directly from the Fund. Retail investors cannot transact directly with the Fund. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace to transact in Fund shares. As a result of these and other considerations, Fund shares may trade at a material discount to its NAV. In addition, the Fund may face possible delisting if: (i) Authorized Participants exit the business or otherwise become unable to process creation and/or redemption orders and no other Authorized Participants step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. </p> </td> </tr> </table> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--QuantitativeInvestingRiskMember_znh1Zz5QtJUa" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Quantitative Investing Risk </b><span style="font-weight: normal; font-style: normal">— There is no guarantee that a quantitative model or algorithm used by the Adviser, and the investments selected based on the model or algorithm, will perform as expected or produce the desired results. The Fund may be adversely affected by imperfections, errors or limitations in the construction and implementation of the model or algorithm and the Adviser’s ability to properly analyze or timely adjust the metrics or update the data underlying the model or features of the algorithm. </span></p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationCompanyRiskMember_zMmzVFFrn9lt" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Large-Capitalization Company Risk</b><span style="font-weight: normal; font-style: normal"> – The large capitalization companies in which a Fund may invest may lag the performance of smaller capitalization companies because large capitalization companies may experience slower rates of growth than smaller capitalization companies and may not respond as quickly to market changes and opportunities. </span></p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--MidCapitalizationCompanyRiskMember_zqB3rNt4Ja3Y" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Mid-Capitalization Company Risk</b><span style="font-weight: normal; font-style: normal"> – The mid-capitalization companies the Fund invests in may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, investments in these medium-sized companies may pose additional risks, including liquidity risk, because these companies may have limited product lines, markets and financial resources, and may depend upon a relatively small management group. Therefore, the mid-capitalization stocks may be more volatile than those of larger companies. These securities may be traded over-the-counter or listed on an exchange. </span></p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_zl4AHnxvMNnG" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>New Fund Risk</b><span style="font-weight: normal; font-style: normal"> – Because the Fund is new, investors in the Fund bear the risk that the Fund may not be successful in implementing its investment strategy, may not employ a successful investment strategy, or may fail to attract sufficient assets under management to realize economies of scale, any of which could </span></p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">result in the Fund being liquidated at any time without shareholder approval and at a time that may not be favorable for all shareholders. Such liquidation could have negative tax consequences for shareholders and will cause shareholders to incur expenses of liquidation.<span style="text-transform: uppercase"><b> </b></span></p> Performance Information <p id="xdx_A8__eoef--PerformanceNarrativeTextBlock_zH754tDw2DHz" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><span id="xdx_90__eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260301__20260301__dei--LegalEntityAxis__custom--S000089218Member_zw3DSY93vASN">The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing the Fund’s performance for the 2025 calendar year and by showing how the Fund’s average annual total returns for 1 year and since inception compare with those of a broad measure of market performance.</span> <span id="xdx_90__eoef--PerformancePastDoesNotIndicateFuture_c20260301__20260301__dei--LegalEntityAxis__custom--S000089218Member_z4vBPpWOw51J">Of course, the Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.</span> </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">Current performance information is available by calling the Fund at <span id="xdx_90__eoef--PerformanceAvailabilityPhone_c20260301__20260301__dei--LegalEntityAxis__custom--S000089218Member_zTTitxsslKhp">1-888-FUND-LSV</span>. </span></p> The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing the Fund’s performance for the 2025 calendar year and by showing how the Fund’s average annual total returns for 1 year and since inception compare with those of a broad measure of market performance. Of course, the Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. 1-888-FUND-LSV 0.2208 <p id="xdx_A8__eoef--BarChartClosingTextBlock_z3uUWGOayR6a" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="2" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: bottom; width: 50%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><b><span id="xdx_90__eoef--HighestQuarterlyReturnLabel_c20260301__20260301__dei--LegalEntityAxis__custom--S000089218Member__oef--ClassAxis__custom--C000255733Member_zL8soPBKmMZD">Best Quarter</span></b></span></p></td> <td style="vertical-align: bottom; width: 50%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><b><span id="xdx_90__eoef--LowestQuarterlyReturnLabel_c20260301__20260301__dei--LegalEntityAxis__custom--S000089218Member__oef--ClassAxis__custom--C000255733Member_zTiSYklIUQuY">Worst Quarter</span></b></span></p></td> </tr> <tr style="background-color: Gainsboro"> <td style="vertical-align: bottom; width: 50%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><span id="xdx_90__eoef--BarChartHighestQuarterlyReturn_c20260301__20260301__dei--LegalEntityAxis__custom--S000089218Member__oef--ClassAxis__custom--C000255733Member_z1WMErXTSWYJ">10.09%</span></span></p></td> <td style="vertical-align: bottom; width: 50%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><span id="xdx_90__eoef--BarChartLowestQuarterlyReturn_c20260301__20260301__dei--LegalEntityAxis__custom--S000089218Member__oef--ClassAxis__custom--C000255733Member_zPohd1pRwPjG">(4.63)%</span></span></p></td> </tr> <tr style="background-color: White"> <td style="vertical-align: bottom; width: 50%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><span id="xdx_90__eoef--BarChartHighestQuarterlyReturnDate_c20260301__20260301__dei--LegalEntityAxis__custom--S000089218Member__oef--ClassAxis__custom--C000255733Member_zlmIGkXVEuQR">6/30/2025</span></span></p></td> <td style="vertical-align: bottom; width: 50%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><span id="xdx_90__eoef--BarChartLowestQuarterlyReturnDate_c20260301__20260301__dei--LegalEntityAxis__custom--S000089218Member__oef--ClassAxis__custom--C000255733Member_zbQXF3Qpq363">3/31/2025</span></span></p></td> </tr> </table> Best Quarter Worst Quarter 0.1009 -0.0463 2025-06-30 2025-03-31 Average Annual Total Returns for the Periods Ended December 31, 2025 <p id="xdx_A8__eoef--PerformanceTableNarrativeTextBlock_zZW8GMzfPwQu" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">This table compares the Fund’s average annual total returns for the periods ended December 31, 2025 to those of an appropriate broad-based index. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><span id="xdx_90__eoef--PerformanceTableUsesHighestFederalRate_c20260301__20260301__dei--LegalEntityAxis__custom--S000089218Member_zgElZro87Qvz">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. <span id="xdx_90__eoef--PerformanceTableNotRelevantToTaxDeferred_c20260301__20260301__dei--LegalEntityAxis__custom--S000089218Member_zyCOef16guRY">After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”).</span> </span></p> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). 0.2208 0.1853 0.2199 0.1844 0.1314 0.1413 0.1788 0.1406 Investment Objective <p id="xdx_A8__eoef--ObjectivePrimaryTextBlock_z3OcytSWZlD0" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Sands Capital Global Growth Fund’s (the “Fund”) investment objective is long-term capital appreciation. </p> Fund Fees and Expenses <p id="xdx_A8__eoef--ExpenseNarrativeTextBlock_z6sf0653kNQq" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">These tables describe the fees and expenses that you may pay if you buy and hold Institutional Class Shares of the Fund. <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </b>Shares of the Fund are available in other share classes that have different fees and expenses. </p> Shareholder Fees (fees paid directly from your investment) -0.0200 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0085 0.0012 0.0097 March 31, 2027 Example <p id="xdx_A8__eoef--ExpenseExampleNarrativeTextBlock_znXrDzE6Cadm" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </p> 99 309 536 1190 Portfolio Turnover <p id="xdx_A8__eoef--PortfolioTurnoverTextBlock_zpxY5GstkYFX" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in total annual Fund operating expenses or in the example, affect the Fund’s performance. During its most recent fiscal year, the Fund’s portfolio turnover rate was <span id="xdx_90__eoef--PortfolioTurnoverRate_c20260301__20260301__dei--LegalEntityAxis__custom--S000028356Member_zEynYyygTqgE">37%</span> of the average value of its portfolio. </span></p> 0.37 Principal Investment Strategy <p id="xdx_A8__eoef--StrategyNarrativeTextBlock_z4hId6EosTvb" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90__eoef--StrategyPortfolioConcentration_c20260301__20260301__dei--LegalEntityAxis__custom--S000028356Member_zWAFiVxXVGsB">Under normal circumstances, the Fund invests primarily in equity securities of publicly-traded companies located anywhere in the world, including equity securities in developed and emerging markets. Under normal market conditions, the Fund expects to invest in at least three countries, including the United States, and invest at least 40% of its net assets, plus the amount of any borrowings for investment purposes, in non-U.S. companies.</span> For purposes of this policy, a company is considered to be a non-U.S. company if: (i) at least 50% of the company’s revenues or operating income is generated outside of the United States; (ii) the company is organized or maintains its principal place of business outside of the United States; or (iii) the company’s primary trading market is located outside of the United States. From time to time, the Fund may also focus its investments in a particular geographic region, such as Europe, Asia and North America. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">In making investment decisions for the Fund, Sands Capital Management, LLC (the “Adviser”) focuses on companies that generate (or that the Adviser expects to generate) above average earnings growth and that, in the Adviser’s opinion, are leading growth businesses in the marketplace. The Fund typically invests in a portfolio of 30-50 issuers that the Adviser believes represents the best opportunities to achieve the Fund’s investment objective and, from time to time, may heavily invest in a particular sector. In selecting securities for the Fund, the Adviser utilizes a fundamental, bottom-up, business-focused research approach. This research starts with internal competitive landscape analysis, ongoing participation at industry conferences, review of industry and trade periodicals and quantitative screens to populate an initial universe of publicly traded companies that it expects will generate above average earnings growth. The Adviser then evaluates each company for six key investment criteria: </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 27pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">sustainable above-average earnings growth; </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 27pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">leadership position in a promising business space; </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 27pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">significant competitive advantages; </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 27pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">clear mission and value-added focus; </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 27pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">financial strength; and </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 27pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">rational valuation relative to the market and business prospects. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Companies that the Adviser determines may meet all six investment criteria are then screened with in-depth qualitative and quantitative research, including a full competitive analysis and proprietary financial modeling. This additional screening also typically includes identifying the key metrics for a particular business or industry, any specific risks or issues relating to a company, as well as a hypothetical “sell case,” i.e. evaluating a range of scenarios under which a position in a security would be reduced or sold. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund intends to buy and hold securities for the long term and seeks to maintain a low level of portfolio turnover. The portfolio turnover rate of the Fund is expected to be below 50% of the average value of its portfolio. The Adviser employs a sell discipline in which the security of a company is sold if an issue emerges that negatively impacts the Adviser’s assessment of one or more of the six investment criteria discussed above and the Adviser believes that the issue cannot be resolved within an acceptable time frame. The Adviser may also sell a holding if it becomes materially overvalued versus its underlying business, for risk management purposes, and/or if a more attractive investment opportunity presents itself. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">While the Fund may invest in equity securities of companies of any size, the Fund will primarily invest in large and mid-capitalization companies given the Adviser’s focus on what it considers to be established business “leaders.” As such, the Fund will generally not invest in companies with a market capitalization of less than $2 billion and its total median market capitalization will typically be significantly greater than that of the MSCI Barra’s (“MSCI”) All Country World Index, the Fund’s benchmark. As of December 31, 2025, the total median market capitalization of the MSCI All Country World Index was $17.3 billion. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The equity securities in which the Fund invests include common stocks as well as preferred securities. The Fund may also purchase American Depositary Receipts (“ADRs”), European Depositary Receipts (“EDRs”) and Global Depositary Receipts (“GDRs” and, together with ADRs and EDRs, “Depositary Receipts”), which are certificates typically issued by a bank or trust company that represent ownership interests in securities issued by a foreign or domestic company. From time to time, the Fund may have significant investments in one or more countries. The Fund may invest up to the greater of 30% of its net assets or three times the emerging markets component of the MSCI All Country World Index, in securities of companies located in emerging markets. As of December 31, 2025, the emerging markets component of the MSCI All Country World Index was 11.5% of the total index. The Fund may invest in A-Shares of companies based in China that trade on the Shanghai Stock Exchange and the Shenzhen Stock Exchange through the Shanghai – Hong Kong and Shenzhen – Hong Kong Stock Connect programs (“Stock Connect”). Stock Connect is a mutual stock market access program designed to, among other things, enable foreign investments in China. The Fund may use foreign exchange spot contracts to seek to hedge currency exposure. A foreign exchange spot contract is an agreement to buy or sell a specific currency for immediate delivery (i.e., “on the spot”) as opposed to at a set date in the future. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund may also invest in derivatives, specifically (i) foreign exchange forwards to seek to hedge currency exposure and (ii) “market access products,” to seek to gain economic exposure to markets where holding an underlying security is not feasible. A market access product is a derivative security that provides market exposure to an underlying foreign issuer. Examples of market access products are low exercise price warrants (“LEPWs”) and participatory notes (“P-notes”), both of which allow the holder to gain exposure </p> Under normal circumstances, the Fund invests primarily in equity securities of publicly-traded companies located anywhere in the world, including equity securities in developed and emerging markets. Under normal market conditions, the Fund expects to invest in at least three countries, including the United States, and invest at least 40% of its net assets, plus the amount of any borrowings for investment purposes, in non-U.S. companies. You could lose money by investing in the Fund. A Fund share is not a bank deposit and it is not insured or guaranteed by the FDIC or any government agency. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--EquityRiskMember_zAUuoBa02HUM" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><b>Equity Risk </b><span style="font-weight: normal; font-style: normal">– </span><span style="font-weight: normal; font-style: normal">Since it purchases equity securities, the Fund is subject to the risk that stock prices will fall over short or extended periods of time.</span><span style="font-weight: normal; font-style: normal"> </span><span style="font-weight: normal; font-style: normal">Historically, the equity markets have moved in cycles, and the value of the Fund’s equity securities may fluctuate drastically from day-to-day.</span><span style="font-weight: normal; font-style: normal"> </span><span style="font-weight: normal; font-style: normal">Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments.</span><span style="font-weight: normal; font-style: normal"> </span><span style="font-weight: normal; font-style: normal">The prices of securities issued by such companies may suffer a decline in response. A variety of factors can lead to volatility in local, regional, or global markets, including regulatory events, inflation, interest rates, government defaults, government shutdowns, war, regional conflicts, acts of terrorism, social unrest, the imposition of tariffs, trade disputes, and substantial economic downturn or recessions. 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, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in </span></span></p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund’s performance and cause losses on your investment in the Fund. These factors contribute to price volatility, which is the principal risk of investing in the Fund. </span></p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--GrowthStyleRiskMember_zn6wTIWTGrw0" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Growth Style Risk </b><span style="font-weight: normal; font-style: normal">– The Fund pursues a “growth style” of investing, meaning that the Fund invests in equity securities of companies that the Adviser believes will increase their earnings at a certain rate that is generally higher than the rate expected for non-growth companies. If a growth company does not meet these expectations, the price of its stock may decline significantly, even if it has increased earnings. Many growth companies do not pay dividends. Companies that pay dividends often have lower stock price declines during market downturns. Over time, a growth investing style may go in and out of favor, causing the Fund to sometimes underperform other equity funds that use differing investing styles. </span></p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zRoK074kZd1C" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Management Risk</b><span style="font-weight: normal; font-style: normal"> – The Fund is subject to the risk that the Adviser’s judgments about the attractiveness, value, or potential appreciation of the Fund’s investments may prove to be incorrect. If the investments selected and strategies employed by the Fund fail to produce the intended results, the Fund could underperform in comparison to other funds with similar objectives and investment strategies. </span></p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationCompanyRiskMember_zbJr2CcEOe8w" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Large-Capitalization Company Risk</b><span style="font-weight: normal; font-style: normal"> – The large capitalization companies in which the Fund may invest may lag the performance of smaller capitalization companies because large capitalization companies may experience slower rates of growth than smaller capitalization companies and may not respond as quickly to market changes and opportunities. </span></p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--MidCapitalizationCompanyRiskMember_zzVrT4mxlBQk" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Mid-Capitalization Company Risk</b><span style="font-weight: normal; font-style: normal"> – The mid-capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, investments in these mid-sized companies may pose additional risks, including liquidity risk, because these companies tend to have limited product lines, markets and financial resources, and may depend upon a relatively small management group. Therefore, mid-cap stocks may be more volatile than those of larger companies. </span></p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignCompanyRiskMember_zKlTPecZkzxU" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Foreign Company Risk </b><span style="font-weight: normal; font-style: normal">– Investing in foreign companies, including direct investments and through Depositary Receipts, poses </span></p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">additional risks since political and economic events unique to a country or region will affect those markets and their issuers. These risks will not necessarily affect the U.S. economy or similar issuers located in the United States. In addition, investments in foreign companies are generally denominated in a foreign currency, the value of which may be influenced by currency exchange rates and exchange control regulations. Changes in the value of a currency compared to the U.S. dollar may affect (positively or negatively) the value of the Fund’s investments. These currency movements may occur separately from, and in response to, events that do not otherwise affect the value of the security in the issuer’s home country. Securities of foreign companies may not be registered with the U.S. Securities and Exchange Commission (the “SEC”) and foreign companies are generally not subject to the regulatory controls imposed on U.S. issuers and, as a consequence, there is generally less publicly available information about foreign securities than is available about domestic securities. Income from foreign securities owned by the Fund may be reduced by a withholding tax at the source, which tax would reduce income received from the securities comprising the Fund’s portfolio. Foreign securities may also be more difficult to value than securities of U.S. issuers. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund. While Depositary Receipts provide an alternative to directly purchasing the underlying foreign securities in their respective national markets and currencies, investments in Depositary Receipts continue to be subject to many of the risks associated with investing directly in foreign securities. </p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--GeographicFocusRiskMember_zlRfOJrn6qvF" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Geographic Focus Risk </b><span style="font-weight: normal; font-style: normal">– To the extent that it focuses its investments in a particular country or geographic region, the Fund may be more susceptible to economic, political, regulatory or other events or conditions affecting issuers and countries within that country or geographic region. As a result, the Fund may be subject to greater price volatility and risk of loss than a fund holding more geographically diverse investments. </span></p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignCurrencyRiskMember_zHBQhw7vpdu4" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Foreign Currency Risk</b><span style="font-weight: normal; font-style: normal"> – As a result of the Fund’s investments in securities denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency hedged. In either event, </span></p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">the dollar value of an investment in the Fund would be adversely affected. </p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--SectorFocusRiskMember_zZslmsGCDtMc" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Sector Focus Risk</b><span style="font-weight: normal; font-style: normal"> – Because the Fund may, from time to time, be more heavily invested in particular sectors, the value of its shares may be especially sensitive to factors and economic risks that specifically affect those sectors. As a result, the Fund’s share price may fluctuate more widely than the value of shares of a mutual fund that invests in a broader range of sectors. </span></p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsSecuritiesRiskMember_zH5WmT02FhMB" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Emerging Markets Securities Risk</b><span style="font-weight: normal; font-style: normal"> – The Fund may invest in companies located or doing business in emerging market countries. An “emerging market” country is any country determined by the Adviser to have an emerging market economy, considering factors such as the country’s credit rating, its political and economic stability and the development of its financial and capital markets. Typically, emerging markets are in countries that are in the process of industrialization, with lower gross national products than more developed countries. For purposes of determining whether a particular country is considered a developed market or an emerging market, the Fund uses the designation set forth by the MSCI, a prominent provider of investment tools and data services for institutions worldwide. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Investments in emerging markets securities are considered speculative and subject to heightened risks in addition to the general risks of investing in non-U.S. securities. Unlike more established markets, emerging markets may have governments that are less stable, markets that are less liquid and economies that are less developed. Differences in tax and accounting standards and difficulties in obtaining information about foreign governments or foreign companies may impair investment decisions. In addition, emerging markets securities may be subject to smaller market capitalization of securities markets, which may suffer periods of relative illiquidity; significant price volatility; restrictions on foreign investment; and possible restrictions on repatriation of investment income and capital. Furthermore, emerging market governments may have limited ability to raise taxes or authorize appropriations for debt repayment. In addition, foreign investors may be required to register the proceeds of sales, and future economic or political crises could lead to price controls, forced mergers, expropriation or confiscatory taxation, seizure, nationalization or creation of government monopolies. Moreover, the currencies of emerging market countries may experience significant declines against the U.S. dollar, and devaluation may occur subsequent to investments </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">in these currencies by the Fund. Inflation and rapid fluctuations in inflation rates have had, and may continue to have, negative effects on the economies and securities markets of certain emerging market countries. The Fund may incur operating expenses that are higher than those of mutual funds that invest exclusively in U.S. equity securities due to higher custodial fees and brokerage commissions associated with investments in foreign securities. These risks may be magnified in less-established emerging markets. </p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zyvy2rwnxoJw" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Liquidity Risk </b><span style="font-weight: normal; font-style: normal">– The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance. </span></p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_z8HtjNtj6RJr" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Derivatives Risk</b><span style="font-weight: normal; font-style: normal"> – The Fund’s use of foreign exchange forwards and market access products (including P-Notes and LEPWs) is subject to market risk, correlation risk, valuation risk, liquidity risk and credit risk. Market risk is the risk that the market value of an investment may move up and down, sometimes rapidly and unpredictably. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Valuation risk is the risk that the derivative may be difficult to value. Liquidity risk is the risk that the derivative may be difficult or impossible to sell at the time and the price that the Fund would like, which may cause the Fund to have to accept a lower price to sell a derivative, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on the Fund’s management or performance. Credit risk is the risk that the counterparty to a derivative contract will default or otherwise become unable to honor a financial obligation. The Fund’s use of foreign exchange forwards is also subject to leverage risk and hedging risk. Leverage risk is the risk that the use of leverage may amplify the effects of market volatility on the Fund’s share price and may also cause the Fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations. Hedging risk in this context is the risk that the derivatives instrument used for hedging currency exposure may also limit any potential gain that may result from a change in relative values of the underlying currencies. To the extent that the Fund engages in hedging strategies, there can be no assurance that such strategy will be effective or that there will be a hedge in place at any given time. Each of these risks could cause the Fund to lose more than the principal amount invested in a derivative instrument. </span></p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--PreferredStockRiskMember_zacGuJ850AeY" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Preferred Stock Risk</b><span style="font-weight: normal; font-style: normal"> – Preferred stocks in which the Fund may invest are sensitive to interest rate changes, and are also subject to equity risk, which is the risk that stock prices will fall over short or extended periods of time. The rights of preferred stocks on the distribution of a company’s assets in the event of a liquidation are generally subordinate to the rights associated with a company’s debt securities. </span></p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--StockConnectInvestingRiskMember_z6d3DaB2eYJl" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Stock Connect Investing Risk</b><span style="font-weight: normal; font-style: normal"> – Trading through Stock Connect is subject to a number of restrictions that may affect the Fund’s investments and returns, including a daily quota that limits the maximum net purchases under Stock Connect each day. In addition, investments made through Stock Connect are subject to relatively untested trading, clearance and settlement procedures. Moreover, A-Shares purchased through Stock Connect generally may only be sold or otherwise transferred through Stock Connect. The Fund’s investments in A-Shares purchased through Stock Connect are generally subject to Chinese securities regulations and listing rules. While overseas investors currently are exempt from paying capital gains or value added taxes on income and gains from investments in A-Shares purchased through Stock Connect, these tax rules could be changed, which could result in unexpected tax liabilities for the Fund. Stock Connect operates only on days when both the Chinese and Hong Kong markets are open for trading and when banks in both markets are open on the corresponding settlement days. Therefore, the Fund may be subject to the risk of price fluctuations of A-Shares when Stock Connect is not trading. </span></p> Performance Information <p id="xdx_A8__eoef--PerformanceNarrativeTextBlock_zuEb2xJ0vmE0" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><span id="xdx_90__eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260301__20260301__dei--LegalEntityAxis__custom--S000028356Member_zBSiX6Goh7FL">The bar chart and the performance table below illustrate the risks and volatility of an investment in Institutional Class Shares of the Fund by showing changes in the Fund’s Institutional Class Shares’ performance from year to year and by showing how the Fund’s Institutional Class Shares’ average annual total returns for 1, 5 and 10 years and since inception compare with those of a broad measure of market performance.</span> <span id="xdx_90__eoef--PerformancePastDoesNotIndicateFuture_c20260301__20260301__dei--LegalEntityAxis__custom--S000028356Member_zLi9YRK9I4Me">Of course, the Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.</span> Updated performance information is available by calling <span id="xdx_90__eoef--PerformanceAvailabilityPhone_c20260301__20260301__dei--LegalEntityAxis__custom--S000028356Member_zzhtOtFDubA8">1-888-826-5646</span>. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; display: none; border-collapse: collapse"> <tr> <td style="border-top: #000000 1pt solid; border-bottom: #000000 1pt solid; vertical-align: top; width: 50%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">Year</span></p></td> <td id="xdx_48__eoef--AnnlRtrPct_zai0LZnwBPHa" style="border-top: #000000 1pt solid; border-bottom: #000000 1pt solid; vertical-align: top; width: 50%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">Return</span></p></td> </tr> <tr id="xdx_41__20160101__20161231__dei--LegalEntityAxis__custom--S000028356Member__oef--ClassAxis__custom--C000086650Member_zq3Iur1hr8ee"> <td style="border-top: #000000 1pt solid; border-bottom: #000000 1pt solid; vertical-align: top; width: 50%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">2016</span></p></td> <td style="border-top: #000000 1pt solid; border-bottom: #000000 1pt solid; vertical-align: top; width: 50%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">0.45%</span></p></td> </tr> <tr id="xdx_41__20170101__20171231__dei--LegalEntityAxis__custom--S000028356Member__oef--ClassAxis__custom--C000086650Member_zu6xmZTKlopw"> <td style="border-top: #000000 1pt solid; border-bottom: #000000 1pt solid; vertical-align: top; width: 50%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">2017</span></p></td> <td style="border-top: #000000 1pt solid; border-bottom: #000000 1pt solid; vertical-align: top; width: 50%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">38.70%</span></p></td> </tr> <tr id="xdx_41__20180101__20181231__dei--LegalEntityAxis__custom--S000028356Member__oef--ClassAxis__custom--C000086650Member_zcJVSRIba036"> <td style="border-top: #000000 1pt solid; border-bottom: #000000 1pt solid; vertical-align: top; width: 50%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">2018</span></p></td> <td style="border-top: #000000 1pt solid; border-bottom: #000000 1pt solid; vertical-align: top; width: 50%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">-2.72%</span></p></td> </tr> <tr id="xdx_41__20190101__20191231__dei--LegalEntityAxis__custom--S000028356Member__oef--ClassAxis__custom--C000086650Member_zNlsfnkWq34s"> <td style="border-top: #000000 1pt solid; border-bottom: #000000 1pt solid; vertical-align: top; width: 50%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">2019</span></p></td> <td style="border-top: #000000 1pt solid; border-bottom: #000000 1pt solid; vertical-align: top; width: 50%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">30.16%</span></p></td> </tr> <tr id="xdx_41__20200101__20201231__dei--LegalEntityAxis__custom--S000028356Member__oef--ClassAxis__custom--C000086650Member_zoiKwzsZmgOM"> <td style="border-top: #000000 1pt solid; border-bottom: #000000 1pt solid; vertical-align: top; width: 50%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">2020</span></p></td> <td style="border-top: #000000 1pt solid; border-bottom: #000000 1pt solid; vertical-align: top; width: 50%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">49.56%</span></p></td> </tr> <tr id="xdx_41__20210101__20211231__dei--LegalEntityAxis__custom--S000028356Member__oef--ClassAxis__custom--C000086650Member_zlEYTRnwdY3E"> <td style="border-top: #000000 1pt solid; border-bottom: #000000 1pt solid; vertical-align: top; width: 50%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">2021</span></p></td> <td style="border-top: #000000 1pt solid; border-bottom: #000000 1pt solid; vertical-align: top; width: 50%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">9.69%</span></p></td> </tr> <tr id="xdx_41__20220101__20221231__dei--LegalEntityAxis__custom--S000028356Member__oef--ClassAxis__custom--C000086650Member_zzaCVm3XcgOh"> <td style="border-top: #000000 1pt solid; border-bottom: #000000 1pt solid; vertical-align: top; width: 50%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">2022</span></p></td> <td style="border-top: #000000 1pt solid; border-bottom: #000000 1pt solid; vertical-align: top; width: 50%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">-43.46%</span></p></td> </tr> <tr id="xdx_41__20230101__20231231__dei--LegalEntityAxis__custom--S000028356Member__oef--ClassAxis__custom--C000086650Member_zcVH6KaEiUYm"> <td style="border-top: #000000 1pt solid; border-bottom: #000000 1pt solid; vertical-align: top; width: 50%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">2023</span></p></td> <td style="border-top: #000000 1pt solid; border-bottom: #000000 1pt solid; vertical-align: top; width: 50%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">31.82%</span></p></td> </tr> <tr id="xdx_41__20240101__20241231__dei--LegalEntityAxis__custom--S000028356Member__oef--ClassAxis__custom--C000086650Member_zWFxRqWE7u7e"> <td style="border-top: #000000 1pt solid; border-bottom: #000000 1pt solid; vertical-align: top; width: 50%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">2024</span></p></td> <td style="border-top: #000000 1pt solid; border-bottom: #000000 1pt solid; vertical-align: top; width: 50%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">15.61%</span></p></td> </tr> <tr id="xdx_41__20250101__20251231__dei--LegalEntityAxis__custom--S000028356Member__oef--ClassAxis__custom--C000086650Member_zIwvaI0Fy9tT"> <td style="border-top: #000000 1pt solid; border-bottom: #000000 1pt solid; vertical-align: top; width: 50%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">2025</span></p></td> <td style="border-top: #000000 1pt solid; border-bottom: #000000 1pt solid; vertical-align: top; width: 50%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">10.64%</span></p></td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><img alt="" src="fp0097538-1_11.jpg"/> </span></p> The bar chart and the performance table below illustrate the risks and volatility of an investment in Institutional Class Shares of the Fund by showing changes in the Fund’s Institutional Class Shares’ performance from year to year and by showing how the Fund’s Institutional Class Shares’ average annual total returns for 1, 5 and 10 years and since inception compare with those of a broad measure of market performance. Of course, the Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. 1-888-826-5646 0.0045 0.3870 -0.0272 0.3016 0.4956 0.0969 -0.4346 0.3182 0.1561 0.1064 BEST QUARTER WORST QUARTER 0.3524 -0.3224 2020-06-30 2022-06-30 Average Annual Total Returns for Periods Ended December 31, 2025 <p id="xdx_A8__eoef--PerformanceTableNarrativeTextBlock_zFtHFIvQEvtz" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">This table compares the Fund’s Institutional Class Shares’ average annual total returns for the periods ended December 31, 2025 to those of an appropriate broad based index. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90__eoef--PerformanceTableUsesHighestFederalRate_c20260301__20260301__dei--LegalEntityAxis__custom--S000028356Member_z66l8S8WanMR">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. <span id="xdx_90__eoef--PerformanceTableNotRelevantToTaxDeferred_c20260301__20260301__dei--LegalEntityAxis__custom--S000028356Member_z5DRJ7qgJn2Y">After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts (“IRAs”).</span> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><span id="xdx_90__eoef--PerformanceTableExplanationAfterTaxHigher_c20260301__20260301__dei--LegalEntityAxis__custom--S000028356Member_zJ6sUA5E0i2i">Returns after taxes on distributions and sale of Fund shares may be higher than before-tax returns when a net capital loss occurs upon the redemption of Fund shares.</span> </span></p> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts (“IRAs”). Returns after taxes on distributions and sale of Fund shares may be higher than before-tax returns when a net capital loss occurs upon the redemption of Fund shares. 0.1064 0.0090 0.1068 0.1101 0.0258 -0.0154 0.0888 0.0978 0.1216 0.0070 0.0872 0.0937 0.2234 0.1119 0.1172 0.0993 Sands Capital Global Growth Fund Investment Objective <p id="xdx_A8__eoef--ObjectivePrimaryTextBlock_zIWJZXvWy00D" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Sands Capital Global Growth Fund’s (the “Fund”) investment objective is long-term capital appreciation. </p> Fund Fees and Expenses <p id="xdx_A8__eoef--ExpenseNarrativeTextBlock_znpI2Id90lQR" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">These tables describe the fees and expenses that you may pay if you buy and hold Investor Class Shares of the Fund. <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </b>Shares of the Fund are available in other share classes that have different fees and expenses. </p> Shareholder Fees (fees paid directly from your investment) -0.0200 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0085 0.0037 0.0025 0.0012 0.0122 March 31, 2027 Example <p id="xdx_A8__eoef--ExpenseExampleNarrativeTextBlock_z9Ooz4xDxzXS" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </p> 124 387 670 1477 Portfolio Turnover <p id="xdx_A8__eoef--PortfolioTurnoverTextBlock_zDRmZXWh7Yyi" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in total annual Fund operating expenses or in the example, affect the Fund’s performance. During its most recent fiscal year, the Fund’s portfolio turnover rate was <span id="xdx_90__eoef--PortfolioTurnoverRate_c20260301__20260301__dei--DocumentInformationDocumentAxis__custom--SandsInvestorClassSharesMember__dei--LegalEntityAxis__custom--S000028356Member_zng7XfqkluSi">37%</span> of the average value of its portfolio. </span></p> 0.37 Principal Investment Strategy <p id="xdx_A8__eoef--StrategyNarrativeTextBlock_zTVB0yDGnvks" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90__eoef--StrategyPortfolioConcentration_c20260301__20260301__dei--DocumentInformationDocumentAxis__custom--SandsInvestorClassSharesMember__dei--LegalEntityAxis__custom--S000028356Member_z52RcoAZhLOd">Under normal circumstances, the Fund invests primarily in equity securities of publicly-traded companies located anywhere in the world, including equity securities in developed and emerging markets. Under normal market conditions, the Fund expects to invest in at least three countries, including the United States, and invest at least 40% of its net assets, plus the amount of any borrowings for investment purposes, in non-U.S. companies.</span> For purposes of this policy, a company is considered to be a non-U.S. company if: (i) at least 50% of the company’s revenues or operating income is generated outside of the United States; (ii) the company is organized or maintains its principal place of business outside of the United States; or (iii) the company’s primary trading market is located outside of the United States. From time to time, the Fund </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">may also focus its investments in a particular geographic region, such as Europe, Asia and North America. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">In making investment decisions for the Fund, Sands Capital Management, LLC (the “Adviser”) focuses on companies that generate (or that the Adviser expects to generate) above average earnings growth and that, in the Adviser’s opinion, are leading growth businesses in the marketplace. The Fund typically invests in a portfolio of 30-50 issuers that the Adviser believes represents the best opportunities to achieve the Fund’s investment objective and, from time to time, may heavily invest in a particular sector. In selecting securities for the Fund, the Adviser utilizes a fundamental, bottom-up, business-focused research approach. This research starts with internal competitive landscape analysis, ongoing participation at industry conferences, review of industry and trade periodicals and quantitative screens to populate an initial universe of publicly traded companies that it expects will generate above average earnings growth. The Adviser then evaluates each company for six key investment criteria: </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 27pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">sustainable above-average earnings growth; </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 27pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">leadership position in a promising business space; </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 27pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">significant competitive advantages; </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 27pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">clear mission and value-added focus; </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 27pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">financial strength; and </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 27pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">rational valuation relative to the market and business prospects. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Companies that the Adviser determines may meet all six investment criteria are then screened with in-depth qualitative and quantitative research, including a full competitive analysis and proprietary financial modeling. This additional screening also typically includes identifying the key metrics for a particular business or industry, any specific risks or issues relating to a company, as well as a hypothetical “sell case,” <i>i.e.</i> evaluating a range of scenarios under which a position in a security would be reduced or sold. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund intends to buy and hold securities for the long term and seeks to maintain a low level of portfolio turnover. The portfolio turnover rate of the Fund is expected to be below 50% of the average value of its portfolio. The Adviser employs a sell discipline in which the security of a company is sold if an issue emerges that negatively impacts the Adviser’s assessment of one or more of the six investment criteria discussed above and the Adviser believes that the issue cannot be resolved within an acceptable time frame. The </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Adviser may also sell a holding if it becomes materially overvalued versus its underlying business, for risk management purposes, and/or if a more attractive investment opportunity presents itself. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">While the Fund may invest in equity securities of companies of any size, the Fund will primarily invest in large and mid-capitalization companies given the Adviser’s focus on what it considers to be established business “leaders.” As such, the Fund will generally not invest in companies with a market capitalization of less than $2 billion and its total median market capitalization will typically be significantly greater than that of the MSCI Barra’s (“MSCI”) All Country World Index, the Fund’s benchmark. As of December 31, 2025, the total median market capitalization of the MSCI All Country World Index was $17.3 billion. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The equity securities in which the Fund invests include common stocks as well as preferred securities. The Fund may also purchase American Depositary Receipts (“ADRs”), European Depositary Receipts (“EDRs”) and Global Depositary Receipts (“GDRs” and, together with ADRs and EDRs, “Depositary Receipts”), which are certificates typically issued by a bank or trust company that represent ownership interests in securities issued by a foreign or domestic company. From time to time, the Fund may have significant investments in one or more countries. The Fund may invest up to the greater of 30% of its net assets or three times the emerging markets component of the MSCI All Country World Index, in securities of companies located in emerging markets. As of December 31, 2025, the emerging markets component of the MSCI All Country World Index was 11.5% of the total index. The Fund may invest in A-Shares of companies based in China that trade on the Shanghai Stock Exchange and the Shenzhen Stock Exchange through the Shanghai – Hong Kong and Shenzhen – Hong Kong Stock Connect programs (“Stock Connect”). Stock Connect is a mutual stock market access program designed to, among other things, enable foreign investments in China. The Fund may use foreign exchange spot contracts to seek to hedge currency exposure. A foreign exchange spot contract is an agreement to buy or sell a specific currency for immediate delivery (i.e., “on the spot”) as opposed to at a set date in the future. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund may also invest in derivatives, specifically (i) foreign exchange forwards to seek to hedge currency exposure and (ii) “market access products,” to seek to gain economic exposure to markets where holding an underlying security is not feasible. A market access product is a derivative security that provides market </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">exposure to an underlying foreign issuer. Examples of market access products are low exercise price warrants (“LEPWs”) and participatory notes (“P-notes”), both of which allow the holder to gain exposure to issuers in certain emerging market countries. A LEPW entitles the holder to purchase a security with an exercise price significantly below the market price of the underlying security. Because of its low exercise price, a LEPW is virtually certain to be exercised and the value and performance of its intrinsic value is effectively identical to that of the underlying security. These features are designed to allow participation in the performance of a security where there are legal or financial obstacles to purchasing the underlying security directly. If the LEPW is cash-settled, the buyer profits to the same extent as with a direct holding in the underlying security, but without having to transact in it. P-notes are derivatives that are generally traded over the counter and constitute general unsecured contractual obligations of the banks and broker-dealers that issue them. Generally, these banks and broker-dealers buy securities listed on certain foreign exchanges and then issue P-notes which are designed to replicate the performance of certain issuers and markets. The Fund may invest up to 20% of its net assets in market access products. </p> Under normal circumstances, the Fund invests primarily in equity securities of publicly-traded companies located anywhere in the world, including equity securities in developed and emerging markets. Under normal market conditions, the Fund expects to invest in at least three countries, including the United States, and invest at least 40% of its net assets, plus the amount of any borrowings for investment purposes, in non-U.S. companies. You could lose money by investing in the Fund. A Fund share is not a bank deposit and it is not insured or guaranteed by the FDIC or any government agency. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--EquityRiskMember_znBwIgRv4nyc" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><b>Equity Risk</b><span style="font-weight: normal; font-style: normal"> – </span><span style="font-weight: normal; font-style: normal">Since it purchases equity securities, the Fund is subject to the risk that stock prices will fall over short or extended periods of time.</span><span style="font-weight: normal; font-style: normal"> </span><span style="font-weight: normal; font-style: normal">Historically, the equity markets have moved in cycles, and the value of the Fund’s equity securities may fluctuate drastically from day-to-day.</span><span style="font-weight: normal; font-style: normal"> </span><span style="font-weight: normal; font-style: normal">Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments.</span><span style="font-weight: normal; font-style: normal"> </span><span style="font-weight: normal; font-style: normal">The prices of securities issued by such companies may suffer a decline in response. A variety of factors can lead to volatility in local, regional, or global markets, including regulatory events, inflation, interest rates, government defaults, government shutdowns, war, regional conflicts, acts of terrorism, social unrest, the imposition of tariffs, trade disputes, and substantial economic downturn or recessions. In addition, the impact of any epidemic, pandemic or natural disaster, or widespread fear that such events </span></span></p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">may occur, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund’s performance and cause losses on your investment in the Fund. These factors contribute to price volatility, which is the principal risk of investing in the Fund. </span></p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--GrowthStyleRiskMember_zKHSk4DvTuMF" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Growth Style Risk</b><span style="font-weight: normal; font-style: normal"> – The Fund pursues a “growth style” of investing, meaning that the Fund invests in equity securities of companies that the Adviser believes will increase their earnings at a certain rate that is generally higher than the rate expected for non-growth companies. If a growth company does not meet these expectations, the price of its stock may decline significantly, even if it has increased earnings. Many growth companies do not pay dividends. Companies that pay dividends often have lower stock price declines during market downturns. Over time, a growth investing style may go in and out of favor, causing the Fund to sometimes underperform other equity funds that use differing investing styles. </span></p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zFxdM2Peat4Y" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Management Risk</b><span style="font-weight: normal; font-style: normal"> – The Fund is subject to the risk that the Adviser’s judgments about the attractiveness, value, or potential appreciation of the Fund’s investments may prove to be incorrect. If the investments selected and strategies employed by the Fund fail to produce the intended results, the Fund could underperform in comparison to other funds with similar objectives and investment strategies. </span></p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationCompanyRiskMember_zXE0oNFtcTHu" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Large-Capitalization Company Risk</b><span style="font-weight: normal; font-style: normal"> – The large capitalization companies in which the Fund may invest may lag the performance of smaller capitalization companies because large capitalization companies may experience slower rates of growth than smaller capitalization companies and may not respond as quickly to market changes and opportunities. </span></p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--MidCapitalizationCompanyRiskMember_zmQanNZIcR14" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Mid-Capitalization Company Risk</b><span style="font-weight: normal; font-style: normal"> – The mid-capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, investments in these mid-sized companies may pose additional risks, including liquidity risk, because these companies tend to have limited product lines, markets and financial resources, and may depend upon a relatively small management </span></p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">group. Therefore, mid-cap stocks may be more volatile than those of larger companies. </p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignCompanyRiskMember_zciGR2covgwV" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Foreign Company Risk</b><span style="font-weight: normal; font-style: normal"> – Investing in foreign companies, including direct investments and through Depositary Receipts, poses additional risks since political and economic events unique to a country or region will affect those markets and their issuers. These risks will not necessarily affect the U.S. economy or similar issuers located in the United States. In addition, investments in foreign companies are generally denominated in a foreign currency, the value of which may be influenced by currency exchange rates and exchange control regulations. Changes in the value of a currency compared to the U.S. dollar may affect (positively or negatively) the value of the Fund’s investments. These currency movements may occur separately from, and in response to, events that do not otherwise affect the value of the security in the issuer’s home country. Securities of foreign companies may not be registered with the U.S. Securities and Exchange Commission (the “SEC”) and foreign companies are generally not subject to the regulatory controls imposed on U.S. issuers and, as a consequence, there is generally less publicly available information about foreign securities than is available about domestic securities. Income from foreign securities owned by the Fund may be reduced by a withholding tax at the source, which tax would reduce income received from the securities comprising the Fund’s portfolio. Foreign securities may also be more difficult to value than securities of U.S. issuers. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund. While Depositary Receipts provide an alternative to directly purchasing the underlying foreign securities in their respective national markets and currencies, investments in Depositary Receipts continue to be subject to many of the risks associated with investing directly in foreign securities. </span></p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--GeographicFocusRiskMember_zihyHt1HMkkl" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Geographic Focus Risk </b><span style="font-weight: normal; font-style: normal">– To the extent that it focuses its investments in a particular country or geographic region, the Fund may be more susceptible to economic, political, regulatory or other events or conditions affecting issuers and countries within that country or geographic region. As a result, the Fund may be subject to greater price volatility and risk of loss than a fund holding more geographically diverse investments. </span></p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignCurrencyRiskMember_z2tx6XfIlOcP" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Foreign Currency Risk</b><span style="font-weight: normal; font-style: normal"> – As a result of the Fund’s investments in securities denominated in, and/or receiving revenues in, foreign </span></p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency hedged. In either event, the dollar value of an investment in the Fund would be adversely affected. </p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--SectorFocusRiskMember_zyIdJpLuVmVj" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Sector Focus Risk </b><span style="font-weight: normal; font-style: normal">– Because the Fund may, from time to time, be more heavily invested in particular sectors, the value of its shares may be especially sensitive to factors and economic risks that specifically affect those sectors. As a result, the Fund’s share price may fluctuate more widely than the value of shares of a mutual fund that invests in a broader range of sectors. </span></p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsSecuritiesRiskMember_zkVwLnfPP8Cp" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Emerging Markets Securities Risk</b><span style="font-weight: normal; font-style: normal"> – The Fund may invest in companies located or doing business in emerging market countries. An “emerging market” country is any country determined by the Adviser to have an emerging market economy, considering factors such as the country’s credit rating, its political and economic stability and the development of its financial and capital markets. Typically, emerging markets are in countries that are in the process of industrialization, with lower gross national products than more developed countries. For purposes of determining whether a particular country is considered a developed market or an emerging market, the Fund uses the designation set forth by the MSCI, a prominent provider of investment tools and data services for institutions worldwide. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Investments in emerging markets securities are considered speculative and subject to heightened risks in addition to the general risks of investing in non-U.S. securities. Unlike more established markets, emerging markets may have governments that are less stable, markets that are less liquid and economies that are less developed. Differences in tax and accounting standards and difficulties in obtaining information about foreign governments or foreign companies may impair investment decisions. In addition, emerging markets securities may be subject to smaller market capitalization of securities markets, which may suffer periods of relative illiquidity; significant price volatility; restrictions on foreign investment; and possible restrictions on repatriation of investment income and capital. Furthermore, emerging market governments may have limited ability to raise taxes or authorize appropriations for debt repayment. In addition, foreign investors may be required to register the proceeds of sales, and future economic or political crises could lead to price controls, forced mergers, expropriation or confiscatory taxation, seizure, nationalization or creation of </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">government monopolies. Moreover, the currencies of emerging market countries may experience significant declines against the U.S. dollar, and devaluation may occur subsequent to investments in these currencies by the Fund. Inflation and rapid fluctuations in inflation rates have had, and may continue to have, negative effects on the economies and securities markets of certain emerging market countries. The Fund may incur operating expenses that are higher than those of mutual funds that invest exclusively in U.S. equity securities due to higher custodial fees and brokerage commissions associated with investments in foreign securities. These risks may be magnified in less-established emerging markets. </p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zS9kY0mLQGmV" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Liquidity Risk </b><span style="font-weight: normal; font-style: normal">– The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance. </span></p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zIODISRQ3gw3" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Derivatives Risk</b><span style="font-weight: normal; font-style: normal"> – The Fund’s use of foreign exchange forwards and market access products (including P-Notes and LEPWs) is subject to market risk, correlation risk, valuation risk, liquidity risk and credit risk. Market risk is the risk that the market value of an investment may move up and down, sometimes rapidly and unpredictably. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Valuation risk is the risk that the derivative may be difficult to value. Liquidity risk is the risk that the derivative may be difficult or impossible to sell at the time and the price that the Fund would like, which may cause the Fund to have to accept a lower price to sell a derivative, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on the Fund’s management or performance. Credit risk is the risk that the counterparty to a derivative contract will default or otherwise become unable to honor a financial obligation. The Fund’s use of foreign exchange forwards is also subject to leverage risk and hedging risk. Leverage risk is the risk that the use of leverage may amplify the effects of market volatility on the Fund’s share price and may also cause the Fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations. Hedging risk in this context is the risk that the derivatives instrument used for hedging currency exposure may also limit any potential gain that may result from a change in relative values of the underlying currencies. To the extent that the Fund engages in hedging strategies, there can be no assurance that such strategy </span></p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">will be effective or that there will be a hedge in place at any given time. Each of these risks could cause the Fund to lose more than the principal amount invested in a derivative instrument. </p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--PreferredStockRiskMember_zICiOOi1E1Vh" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Preferred Stock Risk</b><span style="font-weight: normal; font-style: normal"> – Preferred stocks in which the Fund may invest are sensitive to interest rate changes, and are also subject to equity risk, which is the risk that stock prices will fall over short or extended periods of time. The rights of preferred stocks on the distribution of a company’s assets in the event of a liquidation are generally subordinate to the rights associated with a company’s debt securities. </span></p> <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--StockConnectInvestingRiskMember_zWUfKtLcT2vo" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Stock Connect Investing Risk </b><span style="font-weight: normal; font-style: normal">– Trading through Stock Connect is subject to a number of restrictions that may affect the Fund’s investments and returns, including a daily quota that limits the maximum net purchases under Stock Connect each day. In addition, investments made through Stock Connect are subject to relatively untested trading, clearance and settlement procedures. Moreover, A-Shares purchased through Stock Connect generally may only be sold or otherwise transferred through Stock Connect. The Fund’s investments in A-Shares purchased through Stock Connect are generally subject to Chinese securities regulations and listing rules. While overseas investors currently are exempt from paying capital gains or value added taxes on income and gains from investments in A-Shares purchased through Stock Connect, these tax rules could be changed, which could result in unexpected tax liabilities for the Fund. Stock Connect operates only on days when both the Chinese and Hong Kong markets are open for trading and when banks in both markets are open on the corresponding settlement days. Therefore, the Fund may be subject to the risk of price fluctuations of A-Shares when Stock Connect is not trading. </span></p> Performance Information <p id="xdx_A8__eoef--PerformanceNarrativeTextBlock_zbeCQeLGZlQS" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90__eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260301__20260301__dei--DocumentInformationDocumentAxis__custom--SandsInvestorClassSharesMember__dei--LegalEntityAxis__custom--S000028356Member_z6TYYvvHcY12">The bar chart and the performance table below illustrate the risks and volatility of an investment in Investor Class Shares of the Fund by showing changes in the Fund’s Investor Class Shares’ performance from year to year and by showing how the Fund’s Investor Class Shares’ average annual total returns for 1, 5 and 10 years and since inception compare with those of a broad measure of market performance.</span> <span id="xdx_90__eoef--PerformancePastDoesNotIndicateFuture_c20260301__20260301__dei--DocumentInformationDocumentAxis__custom--SandsInvestorClassSharesMember__dei--LegalEntityAxis__custom--S000028356Member_zdOI7UHY7rwc">Of course, the Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.</span> Updated performance information is available by calling <span id="xdx_90__eoef--PerformanceAvailabilityPhone_c20260301__20260301__dei--DocumentInformationDocumentAxis__custom--SandsInvestorClassSharesMember__dei--LegalEntityAxis__custom--S000028356Member_zirKPaaxAnur">1-888-826-5646</span>. </p> The bar chart and the performance table below illustrate the risks and volatility of an investment in Investor Class Shares of the Fund by showing changes in the Fund’s Investor Class Shares’ performance from year to year and by showing how the Fund’s Investor Class Shares’ average annual total returns for 1, 5 and 10 years and since inception compare with those of a broad measure of market performance. Of course, the Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. 1-888-826-5646 0.0017 0.3838 -0.0286 0.2985 0.4929 0.0948 -0.4349 0.3149 0.1538 0.1038 <p id="xdx_A8F_eoef--BarChartClosingTextBlock_zn8D31nV8in3" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="2" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: bottom; width: 50%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_90__eoef--HighestQuarterlyReturnLabel_c20260301__20260301__dei--DocumentInformationDocumentAxis__custom--SandsInvestorClassSharesMember__dei--LegalEntityAxis__custom--S000028356Member__oef--ClassAxis__custom--C000086651Member_zRD9q2gH3BMm">BEST QUARTER</span></b></p></td> <td style="vertical-align: bottom; width: 50%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_90__eoef--LowestQuarterlyReturnLabel_c20260301__20260301__dei--DocumentInformationDocumentAxis__custom--SandsInvestorClassSharesMember__dei--LegalEntityAxis__custom--S000028356Member__oef--ClassAxis__custom--C000086651Member_z41qTHRtBGpN">WORST QUARTER</span></b></p></td> </tr> <tr style="background-color: Gainsboro"> <td style="vertical-align: bottom; width: 50%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90__eoef--BarChartHighestQuarterlyReturn_c20260301__20260301__dei--DocumentInformationDocumentAxis__custom--SandsInvestorClassSharesMember__dei--LegalEntityAxis__custom--S000028356Member__oef--ClassAxis__custom--C000086651Member_zdSlOhGO7POr">35.17%</span></p></td> <td style="vertical-align: bottom; width: 50%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90__eoef--BarChartLowestQuarterlyReturn_c20260301__20260301__dei--DocumentInformationDocumentAxis__custom--SandsInvestorClassSharesMember__dei--LegalEntityAxis__custom--S000028356Member__oef--ClassAxis__custom--C000086651Member_zkq1VwLdAAEj">(32.22)%</span></p></td> </tr> <tr style="background-color: White"> <td style="vertical-align: bottom; width: 50%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90__eoef--BarChartHighestQuarterlyReturnDate_c20260301__20260301__dei--DocumentInformationDocumentAxis__custom--SandsInvestorClassSharesMember__dei--LegalEntityAxis__custom--S000028356Member__oef--ClassAxis__custom--C000086651Member_zINElCMB9HJu">6/30/2020</span></p></td> <td style="vertical-align: bottom; width: 50%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90__eoef--BarChartLowestQuarterlyReturnDate_c20260301__20260301__dei--DocumentInformationDocumentAxis__custom--SandsInvestorClassSharesMember__dei--LegalEntityAxis__custom--S000028356Member__oef--ClassAxis__custom--C000086651Member_zmOnu2AnpWg2">6/30/2022</span></p></td> </tr> </table> BEST QUARTER WORST QUARTER 0.3517 -0.3222 2020-06-30 2022-06-30 Average Annual Total Returns for Periods Ended December 31, 2025 <p id="xdx_A8__eoef--PerformanceTableNarrativeTextBlock_zGpNfSOQ4WQt" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">This table compares the Fund’s Investor Class Shares’ average annual total returns for the periods ended December 31, 2025 to those of an appropriate broad based index. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90__eoef--PerformanceTableUsesHighestFederalRate_c20260301__20260301__dei--DocumentInformationDocumentAxis__custom--SandsInvestorClassSharesMember__dei--LegalEntityAxis__custom--S000028356Member_zjktLNMqbxaB">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. <span id="xdx_90__eoef--PerformanceTableNotRelevantToTaxDeferred_c20260301__20260301__dei--DocumentInformationDocumentAxis__custom--SandsInvestorClassSharesMember__dei--LegalEntityAxis__custom--S000028356Member_zeqlyvaRPKJD">After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts (“IRAs”).</span> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">Returns after taxes on distributions and sale of Fund shares may be higher than before-tax returns when a net capital loss occurs upon the redemption of Fund shares. </span></p> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts (“IRAs”). 0.1038 0.0071 0.1046 0.1078 0.0209 -0.0179 0.0862 0.0953 0.1217 0.0056 0.0853 0.0916 0.2234 0.1119 0.1172 0.0993 Acadian Asset Management LLC (“Acadian” or the “Adviser”) has contractually agreed to waive or reduce fees and reimburse expenses in order to keep Total Annual Fund Operating Expenses (but excluding any class-specific expenses (including distribution and service (12b-1) Fees and Shareholder Servicing Fees), interest, taxes, brokerage commissions, acquired fund fees and expenses, fees and expenses incurred in connection with tax reclaim recovery services, other expenditures which are capitalized in accordance with generally accepted accounting principles, and other non-routine expenses not incurred in the ordinary course of said Fund’s business (including litigation expenses) (collectively, “excluded expenses”)) from exceeding 1.10% of the average daily net assets of each of the Fund’s share classes until March 1, 2027. In addition, the Adviser may receive from the Fund the difference between the Total Annual Fund Operating Expenses (not including excluded expenses) and the contractual expense limit to recoup all or a portion of its prior fee waivers or expense reimbursements made during the three-year period preceding the date of the recoupment if at any point Total Annual Fund Operating Expenses (not including excluded expenses) are below the contractual expense limit (i) at the time of the fee waiver or expense payment, and (ii) at the time of the reimbursement. This agreement may be terminated: (i) by the Trust, for any reason at any time, or (ii) by the Adviser, for any reason, upon ninety (90) days’ prior written notice to the Trust, effective as of the close of business on March 1, 2027. This agreement terminates automatically upon the termination of the Adviser’s investment advisory agreement with the Trust, on behalf of the Fund. Investor Class Shares of the Fund were offered beginning June 17, 1993. Y Class Shares and I Class Shares of the Fund were offered beginning October 31, 2016. On July 31, 2024, the Fund’s benchmark changed from the MSCI Emerging Markets (Gross) Index to the MSCI Emerging Markets (Net) Index because the Adviser believes that this benchmark aligns with the investors’ experience. The Fund’s Investor Class Shares are subject to a maximum annual shareholder servicing fee of 0.25% of the average daily net assets of the Fund’s Investor Class Shares. Cambiar Investors, LLC (“Cambiar,” or, the “Adviser”) has contractually agreed to reduce fees and reimburse expenses in order to keep net operating expenses (excluding any class-specific expenses (including shareholder servicing fees), interest, taxes, brokerage commissions and other costs and expenses relating to the securities that are purchased and sold by the Fund, acquired fund fees and expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles, and other non-routine expenses (collectively, “excluded expenses”)) from exceeding 0.65% of the average daily net assets of each of the Fund’s share classes until March 1, 2027. In addition, the Adviser may receive from the Fund the difference between the Total Annual Fund Operating Expenses (not including excluded expenses) and the expense cap to recoup all or a portion of the fees waived or reduced or other payments remitted by the Adviser during the rolling three-year period preceding the date of the reimbursement if at any point Total Annual Fund Operating Expenses (not including excluded expenses) are below the expense cap (i) at the time of the fee waiver or expense payment; and (ii) at the time of the reimbursement. This Agreement may be terminated: (i) by the Board of Trustees (the “Board”) of The Advisors’ Inner Circle Fund (the “Trust”), for any reason at any time; or (ii) by the Adviser, upon ninety (90) days’ prior written notice to the Trust, effective as of the close of business on March 1, 2027. This Agreement automatically terminates upon the termination of the investment advisory agreement. The Fund’s Investor Class Shares are subject to a maximum annual shareholder servicing fee of 0.25% of the average daily net assets of the Fund’s Investor Class Shares. Cambiar Investors, LLC (“Cambiar,” or, the “Adviser”) has contractually agreed to reduce fees and reimburse expenses in order to keep net operating expenses (excluding any class-specific expenses (including shareholder servicing fees), interest, taxes, brokerage commissions and other costs and expenses relating to the securities that are purchased and sold by the Fund, acquired fund fees and expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles, and other non-routine expenses (collectively, “excluded expenses”)) from exceeding 0.90% of the average daily net assets of each of the Fund’s share classes until March 1, 2027. In addition, the Adviser may receive from the Fund the difference between the Total Annual Fund Operating Expenses (not including excluded expenses) and the expense cap to recoup all or a portion of the fees waived or reduced or other payments remitted by the Adviser during the rolling three-year period preceding the date of the reimbursement if at any point Total Annual Fund Operating Expenses (not including excluded expenses) are below the expense cap (i) at the time of the fee waiver or expense payment; and (ii) at the time of the reimbursement. This Agreement may be terminated: (i) by the Board of Trustees (the “Board”) of The Advisors’ Inner Circle Fund (the “Trust”), for any reason at any time; or (ii) by the Adviser, upon ninety (90) days’ prior written notice to the Trust, effective as of the close of business on March 1, 2027. This Agreement automatically terminates upon the termination of the investment advisory agreement. The Fund’s Investor Class Shares are subject to a maximum annual shareholder servicing fee of 0.25% of the average daily net assets of the Fund’s Investor Class Shares. Cambiar Investors, LLC (“Cambiar,” or, the “Adviser”) has contractually agreed to reduce fees and reimburse expenses in order to keep net operating expenses (excluding any class-specific expenses (including shareholder servicing fees), interest, taxes, brokerage commissions and other costs and expenses relating to the securities that are purchased and sold by the Fund, acquired fund fees and expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles, and other non-routine expenses (collectively, “excluded expenses”)) from exceeding 0.90% of the average daily net assets of each of the Fund’s share classes until March 1, 2027. In addition, the Adviser may receive from the Fund the difference between the Total Annual Fund Operating Expenses (not including excluded expenses) and the expense cap to recoup all or a portion of the fees waived or reduced or other payments remitted by the Adviser during the rolling three-year period preceding the date of the reimbursement if at any point Total Annual Fund Operating Expenses (not including excluded expenses) are below the expense cap (i) at the time of the fee waiver or expense payment; and (ii) at the time of the reimbursement. This Agreement may be terminated: (i) by the Board of Trustees (the “Board”) of The Advisors’ Inner Circle Fund (the “Trust”), for any reason at any time, or (ii) by the Adviser, upon ninety (90) days’ prior written notice to the Trust, effective as of the close of business on March 1, 2027. This Agreement automatically terminates upon the termination of the investment advisory agreement. The Fund’s Investor Class Shares are subject to a maximum annual shareholder servicing fee of 0.25% of the average daily net assets of the Fund’s Investor Class Shares. Cambiar Investors, LLC (“Cambiar,” or, the “Adviser”) has contractually agreed to reduce fees and reimburse expenses in order to keep net operating expenses (excluding any class-specific expenses (including shareholder servicing fees), interest, taxes, brokerage commissions and other costs and expenses relating to the securities that are purchased and sold by the Fund, acquired fund fees and expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles, and other non-routine expenses (collectively, “excluded expenses”)) from exceeding 0.85% of the average daily net assets of each of the Fund’s share classes until March 1, 2027. In addition, the Adviser may receive from the Fund the difference between the Total Annual Fund Operating Expenses (not including excluded expenses) and the expense cap to recoup all or a portion of the fees waived or reduced or other payments remitted by the Adviser during the rolling three-year period preceding the date of the reimbursement if at any point Total Annual Fund Operating Expenses (not including excluded expenses) are below the expense cap (i) at the time of the fee waiver or expense payment; and (ii) at the time of the reimbursement. This Agreement may be terminated: (i) by the Board of Trustees (the “Board”) of The Advisors’ Inner Circle Fund (the “Trust”), for any reason at any time; or (ii) by the Adviser, upon ninety (90) days’ prior written notice to the Trust, effective as of the close of business on March 1, 2027. This Agreement automatically terminates upon the termination of the investment advisory agreement. CIBC Private Wealth Advisors, Inc. (the “Adviser”) has contractually agreed to reduce fees and reimburse expenses to the extent necessary to keep Total Annual Fund Operating Expenses (excluding 12b-1 Fees, Shareholder Servicing Fees, interest, taxes, brokerage commissions, acquired fund fees and expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles, and extraordinary expenses (collectively, “excluded expenses”)) from exceeding 0.80% of the Fund’s average daily net assets until February 28, 2027. In addition, the Adviser may receive from the Fund the difference between the Total Annual Fund Operating Expenses (not including excluded expenses) and the expense cap to recoup all or a portion of its prior fee reductions or expense reimbursements made during the rolling three-year period preceding the date of the recoupment if at any point Total Annual Fund Operating Expenses (not including excluded expenses) are below the expense cap (i) at the time of the fee reduction and/or expense reimbursement and (ii) at the time of the recoupment. This Agreement may be terminated: (i) by the Board of Trustees (the “Board”) of The Advisors’ Inner Circle Fund (the “Trust”), for any reason at any time, or (ii) by the Adviser, upon ninety (90) days’ prior written notice to the Trust, effective as of the close of business on February 28, 2027. CIBC Private Wealth Advisors, Inc. (the “Adviser”) has contractually agreed to reduce fees and reimburse expenses to the extent necessary to keep Total Annual Fund Operating Expenses (excluding 12b-1 Fees, Shareholder Servicing Fees, interest, taxes, brokerage commissions, acquired fund fees and expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles, and extraordinary expenses (collectively, “excluded expenses”)) from exceeding 1.00% of the Fund’s average daily net assets until February 28, 2027. In addition, the Adviser may receive from the Fund the difference between the Total Annual Fund Operating Expenses (not including excluded expenses) and the expense cap to recoup all or a portion of its prior fee reductions or expense reimbursements made during the rolling three-year period preceding the date of the recoupment if at any point Total Annual Fund Operating Expenses (not including excluded expenses) are below the expense cap (i) at the time of the fee reduction and/or expense reimbursement and (ii) at the time of the recoupment. This Agreement may be terminated: (i) by the Board of Trustees (the “Board”) of The Advisors’ Inner Circle Fund (the “Trust”), for any reason at any time, or (ii) by the Adviser, upon ninety (90) days’ prior written notice to the Trust, effective as of the close of business on February 28, 2027. AFFE are indirect fees and expenses that the Fund incurs from investing in shares of other funds, including money market funds and exchange-traded funds. CIBC Private Wealth Advisors, Inc. (the “Adviser”) has contractually agreed to reduce fees and reimburse expenses to the extent necessary to keep Total Annual Fund Operating Expenses (excluding 12b-1 Fees, Shareholder Servicing Fees, interest, taxes, brokerage commissions, Acquired Fund Fees and Expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles, and extraordinary expenses (collectively, “excluded expenses”)) from exceeding 0.85% of the Fund’s average daily net assets until February 28, 2027. In addition, the Adviser may receive from the Fund the difference between the Total Annual Fund Operating Expenses (not including excluded expenses) and the expense cap to recoup all or a portion of its prior fee reductions or expense reimbursements made during the rolling three-year period preceding the date of the recoupment if at any point Total Annual Fund Operating Expenses (not including excluded expenses) are below the expense cap (i) at the time of the fee reduction and/or expense reimbursement and (ii) at the time of the recoupment. This Agreement may be terminated: (i) by the Board of Trustees (the “Board”) of The Advisors’ Inner Circle Fund (the “Trust”), for any reason at any time, or (ii) by the Adviser, upon ninety (90) days’ prior written notice to the Trust, effective as of the close of business on February 28, 2027. The Total Annual Fund Operating Expenses in this fee table do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund, and exclude Acquired Fund Fees and Expenses. CIBC Private Wealth Advisors, Inc. (the “Adviser”) has contractually agreed to reduce fees and reimburse expenses to the extent necessary to keep Total Annual Fund Operating Expenses (excluding 12b-1 Fees, Shareholder Servicing Fees, interest, taxes, brokerage commissions, acquired fund fees and expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles, and extraordinary expenses (collectively, “excluded expenses”)) from exceeding 1.10% of the Fund’s average daily net assets until February 28, 2027. In addition, the Adviser may receive from the Fund the difference between the Total Annual Fund Operating Expenses (not including excluded expenses) and the expense cap to recoup all or a portion of its prior fee reductions or expense reimbursements made during the rolling three-year period preceding the date of the recoupment if at any point Total Annual Fund Operating Expenses (not including excluded expenses) are below the expense cap (i) at the time of the fee waiver and/or expense reimbursement and (ii) at the time of the recoupment. This Agreement may be terminated: (i) by the Board of Trustees (the “Board”) of The Advisors’ Inner Circle Fund (the “Trust”), for any reason at any time, or (ii) by the Adviser, upon ninety (90) days’ prior written notice to the Trust, effective as of the close of business on February 28, 2027. CIBC Private Wealth Advisors, Inc. (the “Adviser”) has contractually agreed to reduce fees and reimburse expenses to the extent necessary to keep Total Annual Fund Operating Expenses (excluding 12b-1 Fees, Shareholder Servicing Fees, interest, taxes, brokerage commissions, acquired fund fees and expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles, and extraordinary expenses (collectively, “excluded expenses”)) from exceeding 1.10% of the Fund’s average daily net assets until February 28, 2027. In addition, the Adviser may receive from the Fund the difference between the Total Annual Fund Operating Expenses (not including excluded expenses) and the expense cap to recoup all or a portion of its prior fee reductions or expense reimbursements made during the rolling three-year period preceding the date of the recoupment if at any point Total Annual Fund Operating Expenses (not including excluded expenses) are below the expense cap (i) at the time of the fee waiver and/or expense reimbursement and (ii) at the time of the recoupment. This Agreement may be terminated: (i) by the Board of Trustees (the “Board”) of The Advisors’ Inner Circle Fund (the “Trust”), for any reason at any time, or (ii) by the Adviser, upon ninety (90) days’ prior written notice to the Trust, effective as of the close of business on February 28, 2027. CIBC Private Wealth Advisors, Inc. (the “Adviser”) has contractually agreed to reduce fees and reimburse expenses to the extent necessary to keep Total Annual Fund Operating Expenses (excluding 12b-1 Fees, Shareholder Servicing Fees, interest, taxes, brokerage commissions, acquired fund fees and expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles, and extraordinary expenses (collectively, “excluded expenses”)) from exceeding 1.21% of the Fund’s average daily net assets until February 28, 2027. In addition, the Adviser may receive from the Fund the difference between the Total Annual Fund Operating Expenses (not including excluded expenses) and the expense cap to recoup all or a portion of its prior fee reductions or expense reimbursements made during the rolling three-year period preceding the date of the recoupment if at any point Total Annual Fund Operating Expenses (not including excluded expenses) are below the expense cap (i) at the time of the fee reduction and/or expense reimbursement and (ii) at the time of the recoupment. This Agreement may be terminated: (i) by the Board of Trustees (the “Board”) of The Advisors’ Inner Circle Fund (the “Trust”), for any reason at any time, or (ii) by the Adviser, upon ninety (90) days’ prior written notice to the Trust, effective as of the close of business on February 28, 2027. Haverford Financial Services, Inc. (“Haverford” or the “Adviser”) has contractually agreed to reduce fees and reimburse expenses in order to keep Total Annual Fund Operating Expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles, extraordinary expenses, and amounts payable pursuant to any plan adopted in accordance with Rule 12b-1 under the Investment Company Act of 1940, as amended (collectively, “excluded expenses”)) from exceeding 1.00% of the Fund’s average daily net assets until February 28, 2027. In addition, the Adviser may receive from the Fund the difference between the Total Annual Fund Operating Expenses (not including excluded expenses) and the expense cap to recoup all or a portion of its prior fee reductions or expense reimbursements made during the rolling three-year period preceding the date of the recoupment if at any point Total Annual Fund Operating Expenses (not including excluded expenses) are below the expense cap (i) at the time of fee waiver and/or expense reimbursement and (ii) at the time of the recoupment. This Agreement may be terminated: (i) by the Board of Trustees (the “Board”) of The Advisors’ Inner Circle Fund (the “Trust”), for any reason at any time, or (ii) by the Adviser upon ninety (90) days’ prior written notice to the Trust, effective as of the close of business on February 28, 2027. The Fund does not pay a management fee. Shares of the Fund are only available to institutional advisory clients of Loomis, Sayles & Company, L.P. (“Loomis Sayles” or the “Adviser”), the Fund’s Adviser. The institutional advisory clients of the Adviser pay the Adviser or its affiliates a fee for their investment advisory services. The Adviser has contractually agreed to reduce fees and reimburse expenses in order to keep Total Annual Fund Operating Expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles, and extraordinary expenses (“excluded expenses”)) from exceeding 0.20% of the Fund’s Institutional Class Shares’ average daily net assets. This Agreement may only be terminated by the Board of Trustees (the “Board”) of The Advisors’ Inner Circle Fund (the “Trust”). LSV Asset Management (“LSV” or the “Adviser”) has contractually agreed to waive fees and reimburse expenses in order to keep Total Annual Fund Operating Expenses after Fee Waivers and/or Expense Reimbursements (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles, and extraordinary expenses) from exceeding 0.35% and 0.60% of the Fund’s Institutional Class Shares’ and Investor Class Shares’ average daily net assets, respectively, until February 28, 2027. This Agreement may be terminated: (i) by the Board of Trustees (the “Board”) of The Advisors’ Inner Circle Fund (the “Trust”), for any reason at any time, or (ii) by the Adviser, upon ninety (90) days’ prior written notice to the Trust, effective as of the close of business on February 28, 2027. LSV Asset Management (“LSV” or the “Adviser”) has contractually agreed to waive fees and reimburse expenses in order to keep Total Annual Fund Operating Expenses after Fee Waivers and/or Expense Reimbursements (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles, and extraordinary expenses) from exceeding 0.55% and 0.80% of the Fund’s Institutional Class Shares’ and Investor Class Shares’ average daily net assets, respectively, until February 28, 2027. This Agreement may be terminated: (i) by the Board of Trustees (the “Board”) of The Advisors’ Inner Circle Fund (the “Trust”), for any reason at any time, or (ii) by the Adviser, upon ninety (90) days’ prior written notice to the Trust, effective as of the close of business on February 28, 2027. LSV Asset Management (“LSV” or the “Adviser”) has contractually agreed to waive fees and reimburse expenses in order to keep Total Annual Fund Operating Expenses after Fee Waivers and/or Expense Reimbursements (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles, and extraordinary expenses) from exceeding 0.75% and 1.00% of the Fund’s Institutional Class Shares’ and Investor Class Shares’ average daily net assets, respectively, until February 28, 2027. This Agreement may be terminated: (i) by the Board of Trustees (the “Board”) of The Advisors’ Inner Circle Fund (the “Trust”), for any reason at any time, or (ii) by the Adviser, upon ninety (90) days’ prior written notice to the Trust, effective as of the close of business on February 28, 2027. LSV Asset Management (“LSV” or the “Adviser”) has contractually agreed to waive fees and reimburse expenses in order to keep Total Annual Fund Operating Expenses after Fee Waivers and/or Expense Reimbursements (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles, and extraordinary expenses) from exceeding 0.90% and 1.15% of the Fund’s Institutional Class Shares’ and Investor Class Shares’ average daily net assets, respectively, until February 28, 2027. This Agreement may be terminated: (i) by the Board of Trustees (the “Board”) of The Advisors’ Inner Circle Fund (the “Trust”), for any reason at any time, or (ii) by the Adviser, upon ninety (90) days’ prior written notice to the Trust, effective as of the close of business on February 28, 2027. LSV Asset Management (“LSV” or the “Adviser”) has contractually agreed to waive fees and reimburse expenses in order to keep Total Annual Fund Operating Expenses after Fee Waivers and/or Expense Reimbursements (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles, and extraordinary expenses) from exceeding 0.95% and 1.20% of the Fund’s Institutional Class Shares’ and Investor Class Shares’ average daily net assets, respectively, until February 28, 2027. This Agreement may be terminated: (i) by the Board of Trustees (the “Board”) of The Advisors’ Inner Circle Fund (the “Trust”), for any reason at any time, or (ii) by the Adviser, upon ninety (90) days’ prior written notice to the Trust, effective as of the close of business on February 28, 2027. LSV Asset Management (the “Adviser” or “LSV”), the Fund’s investment adviser, will pay all of the Fund’s expenses, except for the following: the advisory fee, interest, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, non-routine expenses, and distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act, as amended (the “1940 Act”), litigation expenses, and other non-routine or extraordinary expenses. Sands Capital Management, LLC (the “Adviser”) has contractually agreed to waive or reduce fees and reimburse expenses in order to keep Total Annual Fund Operating Expenses for Institutional Class Shares (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles, and extraordinary expenses (collectively, “excluded expenses”)) from exceeding 1.10% of the Fund’s Institutional Class Shares’ average daily net assets (the “expense cap”) until March 31, 2027. In addition, the Adviser may receive from the Fund the difference between the Total Annual Fund Operating Expenses (not including excluded expenses) and the expense cap to recoup all or a portion of its prior fee waivers or expense reimbursements made during the three-year period preceding the recoupment if at any point Total Annual Fund Operating Expenses (not including excluded expenses) are below the expense cap (i) at the time of the fee waiver and/or expense reimbursement and (ii) at the time of the recoupment. This Agreement may be terminated: (i) by the Board of Trustees (the “Board”) of The Advisors’ Inner Circle Fund (the “Trust”), for any reason at any time, or (ii) by the Adviser upon ninety (90) days’ prior written notice to the Trust, effective as of the close of business on March 31, 2027. Sands Capital Management, LLC (the “Adviser”) has contractually agreed to waive or reduce fees and reimburse expenses in order to keep Total Annual Fund Operating Expenses for Investor Class Shares (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles, and extraordinary expenses (collectively, “excluded expenses”)) from exceeding 1.35% of the Fund’s Investor Class Shares’ average daily net assets (the “expense cap”) until March 31, 2027. In addition, the Adviser may receive from the Fund the difference between the Total Annual Fund Operating Expenses (not including excluded expenses) and the expense cap to recoup all or a portion of its prior fee waivers or expense reimbursements made during the three-year period preceding the recoupment if at any point Total Annual Fund Operating Expenses (not including excluded expenses) are below the expense cap (i) at the time of the fee waiver and/or expense reimbursement and (ii) at the time of the recoupment. This Agreement may be terminated: (i) by the Board of Trustees (the “Board”) of The Advisors’ Inner Circle Fund (the “Trust”), for any reason at any time, or (ii) by the Adviser upon ninety (90) days’ prior written notice to the Trust, effective as of the close of business on March 31, 2027. The Total Annual Fund Operating Expenses in this fee table do not correlate to the expense ratios in the Fund's Financial Highlights because the maximum Shareholder Servicing Fees were not incurred during the prior fiscal year.