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Westwood Quality Value Fund (the “Fund” or “Value Fund”) is to seek long-term capital appreciation.</span></p> Fund Fees and Expenses <p id="xdx_A88_eoef--ExpenseNarrativeTextBlock_z6N0kGB9grqc" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify">These tables describe the fees and expenses that you may pay if you buy, hold and sell 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 and A Class Shares, which are not reflected in the table or the example below. </b><span id="xdx_90C_eoef--ExpenseBreakpointDiscounts_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000072844Member_zhuSybdSSRg3">You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $<span id="xdx_90D_eoef--ExpenseBreakpointMinimumInvestmentRequiredAmount_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000072844Member_zRyOxxbNt3le">50,000</span> in A Class Shares of the Fund.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">More information about these and other discounts is available (i) from your financial professiona</span><span style="color: rgb(52,96,148); font-family: Times New Roman, Times, Serif; font-size: 10pt">l and (ii) in the section “Sales Charges” of this Prospectus. Investors investing in A Class Shares of the Fund through an intermediary should consult Appendix A - Intermediary-Specific Sales Charge Discounts and Waivers, which includes information regarding broker-defined sales charges and related discount and/or waiver policies that apply to purchases through certain intermediaries. Shares of the Fund are available in other share classes that have different fees and expenses.</span></p> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in A Class Shares of the Fund. 50000 Shareholder Fees (fees paid directly from your investment) <div id="xdx_A86_eoef--ShareholderFeesTableTextBlock_zav0vBIz1y9g"></div> <table cellpadding="3" cellspacing="0" id="xdx_A57_dU_zSlS1ejZp1pc" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="color: rgb(52,96,148); background-color: #dcdcdc"> <td style="border: #346094 1pt solid; color: rgb(52,96,148); vertical-align: top; width: 76%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></td> <td id="xdx_492_20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000072844Member__oef--ClassAxis__custom--C000229483Member_zM70YdRImAY8" style="border-top: #346094 1pt solid; border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; vertical-align: bottom; color: rgb(52,96,148); text-align: center; width: 12%"><span style="color: rgb(52,96,148)"><b>Institutional Shares</b></span></td> <td id="xdx_499_20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000072844Member__oef--ClassAxis__custom--C000229481Member_zDokjGXtKztc" style="border-top: #346094 1pt solid; border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; width: 12%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>A Class Shares</b></span></td></tr> <tr id="xdx_40E_eoef--MaximumSalesChargeImposedOnPurchasesOverOfferingPrice_dpn_z2zOrOG0Auuh" style="color: rgb(52,96,148); vertical-align: top"> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148); text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; vertical-align: bottom; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">None</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">3.00%</span></td></tr> <tr style="color: rgb(52,96,148); vertical-align: top"> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148); text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">Maximum Deferred Sales Charge (Load) (as a percentage of net asset value)</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; vertical-align: bottom; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"><span id="xdx_907_eoef--MaximumDeferredSalesChargeOverOfferingPrice_dpn_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000072844Member__oef--ClassAxis__custom--C000229483Member_zVHpsjNFlZsj" title="Maximum Deferred Sales Charge (Load) (as a percentage of net asset value)">None</span></span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><span id="xdx_902_eoef--MaximumDeferredSalesChargeOverOfferingPrice_dpn_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000072844Member__oef--ClassAxis__custom--C000229481Member_fMQ_____zXlSs1YhZ9Q9" title="Maximum Deferred Sales Charge (Load) (as a percentage of net asset value)">None</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">¹</span></td></tr> <tr id="xdx_400_eoef--MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther_dpn_z6gVo6wx6NPe" style="color: rgb(52,96,148); vertical-align: top"> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148); text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">Maximum Sales Charge (Load) Imposed on Reinvested Dividends and Other Distributions (as a percentage of offering price)</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; vertical-align: bottom; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">None</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">None</span></td></tr> <tr id="xdx_400_eoef--RedemptionFeeOverRedemption_iN_dpin_zZIkswQzSbYh" style="color: rgb(52,96,148); vertical-align: top"> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148); text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">Redemption Fee (as a percentage of amount redeemed, if applicable)</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; vertical-align: bottom; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">None</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">None</span></td></tr> </table> <p style="color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt"><span style="color: rgb(52,96,148)"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="color: rgb(52,96,148); vertical-align: top"> <td style="color: rgb(52,96,148); width: 0%; text-align: justify"></td><td style="color: rgb(52,96,148); width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><sup id="xdx_F01_zlaoZuiflrih">1</sup></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: justify"><span id="xdx_F19_zEXm6JDNbu85" style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> A Class Shares purchases of $250,000 or more made may be subject to a 1.00% Contingent Deferred Sales Charge (“CDSC”) if redeemed within 18 months of purchase.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> 0 0.0300 0 0 0 0 -0 -0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A84_eoef--AnnualFundOperatingExpensesTableTextBlock_zNinYpCjWXti"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5C_dU_zPNQzE3UJN7g" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; color: rgb(52,96,148); width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="color: rgb(52,96,148); background-color: #dcdcdc"> <td style="border: #346094 1pt solid; color: rgb(52,96,148); vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></td> <td colspan="2" id="xdx_49E_20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000072844Member__oef--ClassAxis__custom--C000229483Member_zvY5emWLJmEd" style="border-top: #346094 1pt solid; border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"><b>Institutional Shares</b></span></td> <td id="xdx_492_20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000072844Member__oef--ClassAxis__custom--C000229481Member_zb9DehzD7f85" style="border-top: #346094 1pt solid; border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>A Class Shares</b></span></td></tr> <tr id="xdx_40D_eoef--ManagementFeesOverAssets_dpn_zlXrEZLxVizc" style="color: rgb(52,96,148); vertical-align: top"> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148); text-align: left; vertical-align: top; width: 64%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">Management Fees</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; vertical-align: bottom; color: rgb(52,96,148); text-align: center; width: 12%"><span style="color: rgb(52,96,148)"> </span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; vertical-align: bottom; color: rgb(52,96,148); text-align: center; width: 12%"><span style="color: rgb(52,96,148)">0.50%</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; text-align: center; width: 12%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">0.50%</span></td></tr> <tr id="xdx_40A_eoef--DistributionAndService12b1FeesOverAssets_dpn_zvWEnSENx0p8" style="color: rgb(52,96,148); vertical-align: top"> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148); text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">Distribution (12b-1) Fees</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; vertical-align: bottom; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; vertical-align: bottom; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">None</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">0.25%</span></td></tr> <tr id="xdx_400_eoef--OtherExpensesOverAssets_dpn_zTwsH7hYLIY4" style="color: rgb(52,96,148); vertical-align: top"> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148); text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">Other Expenses</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; vertical-align: bottom; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; vertical-align: bottom; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">0.21%</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">0.13%</span></td></tr> <tr style="color: rgb(52,96,148); vertical-align: top"> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148); padding-left: 0.125in; text-align: left; vertical-align: top"><span style="color: rgb(52,96,148)">Administrative Services Plan Fees<sup id="xdx_F4F_zbiQgAmYNRJe">1</sup></span></td> <td id="xdx_987_eoef--Component1OtherExpensesOverAssets_dpn_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000072844Member__oef--ClassAxis__custom--C000229483Member_fMQ_____zQDPPTvFZkvi" style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; vertical-align: bottom; color: rgb(52,96,148); text-align: center" title="Administrative Services Plan Fees"><span style="color: rgb(52,96,148)">0.08%</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; vertical-align: bottom; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)"> </span></td></tr> <tr style="color: rgb(52,96,148); vertical-align: top"> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148); padding-left: 0.125in; text-align: left; vertical-align: top"><span style="color: rgb(52,96,148)">Other Operating Expenses</span></td> <td id="xdx_986_eoef--Component2OtherExpensesOverAssets_dpn_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000072844Member__oef--ClassAxis__custom--C000229483Member_zDcpAeeJEmC9" style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; vertical-align: bottom; color: rgb(52,96,148); text-align: center" title="Other Operating Expenses"><span style="color: rgb(52,96,148)">0.13%</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; vertical-align: bottom; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)"> </span></td></tr> <tr id="xdx_403_eoef--ExpensesOverAssets_dpn_zaibsfs0rlDc" style="color: rgb(52,96,148); vertical-align: top"> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148); text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">Total Annual Fund Operating Expenses</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; vertical-align: bottom; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; vertical-align: bottom; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">0.71%</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">0.88%</span></td></tr> <tr id="xdx_408_eoef--FeeWaiverOrReimbursementOverAssets_dpn_zno7AQlWugAa" style="color: rgb(52,96,148); vertical-align: top"> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148); text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">Less Fee Reductions and/or Expense Reimbursements<sup id="xdx_F4E_z7aZO5z838C7">2</sup></span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; vertical-align: bottom; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; vertical-align: bottom; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">(0.08)%</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">(0.08)%</span></td></tr> <tr id="xdx_40E_eoef--NetExpensesOverAssets_dpn_zimhArPxaOuc" style="color: rgb(52,96,148); vertical-align: top"> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148); text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">Total Annual Fund Operating Expenses After Fee Reductions and/or Expense Reimbursements</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; vertical-align: bottom; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; vertical-align: bottom; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">0.63%</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">0.80%</span></td></tr> </table> <p style="color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt"><span style="color: rgb(52,96,148)"> </span></p> <p style="color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt"><span style="color: rgb(52,96,148)"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="-sec-ix-redline: true; color: rgb(52,96,148); vertical-align: top"> <td style="color: rgb(52,96,148); width: 0%; text-align: justify"></td><td style="color: rgb(52,96,148); width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><sup id="xdx_F0A_zJC0sjl2j57e">1</sup></span></td> <td style="color: rgb(52,96,148); text-align: justify"><span id="xdx_F1B_zphDq2KxYMj5" style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> The Fund has adopted an Administrative Services Plan that provides that the Fund may pay financial intermediaries for shareholder services in an annual amount not to exceed 0.10% based on the average daily net assets of the Fund’s Institutional Shares. The Fund paid 0.08% of its Institutional Shares’ average daily net assets in Administrative Services Plan Fees for the fiscal year ended October 31, 2025.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; color: rgb(52,96,148); width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="color: rgb(52,96,148); vertical-align: top"> <td style="color: rgb(52,96,148); width: 0%; text-align: justify"></td><td style="color: rgb(52,96,148); width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><sup id="xdx_F0D_zJA4ydOukdkh">2</sup></span></td> <td style="color: rgb(52,96,148); text-align: justify"><span id="xdx_F14_zaTFVnlFOro4" style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> Westwood Management Corp. (the “Adviser”) has contractually agreed to reduce fees and reimburse expenses in order to keep Total Annual Fund Operating Expenses for Institutional and A Class Shares (excluding interest, taxes, brokerage commissions, Rule 12b-1 distribution fees (if any), administrative servicing fees (if any), borrowing expenses such as dividend and interest expenses on securities sold short, Acquired Fund fees and expenses, costs to organize the Fund, other expenditures which are capitalized in accordance with generally accepted accounting principles, and extraordinary expenses (collectively, “excluded expenses”)) from exceeding 0.55% of each of the Fund’s Institutional and A Class Shares’ average daily net assets until <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><span id="xdx_90A_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000072844Member_zkWc1o1fVnic">March 1, 2027</span></span>. 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 36-month 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 Ultimus Managers Trust (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 will terminate automatically if the Fund’s investment advisory agreement with the Adviser is terminated. </span></td></tr> </table> 0.0050 0.0050 0 0.0025 0.0021 0.0013 0.0008 0.0013 0.0071 0.0088 -0.0008 -0.0008 0.0063 0.0080 March 1, 2027 Example <p id="xdx_A8E_eoef--ExpenseExampleNarrativeTextBlock_zzD5TQlZjzdd" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same and the contractual agreement to limit expenses remains in effect until March 1, 2027. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A83_eoef--ExpenseExampleWithRedemptionTableTextBlock_zwKISFIDzNhc"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5F_dU_zmCuQPGoF3t3" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; color: rgb(52,96,148); width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="color: rgb(52,96,148); vertical-align: top; background-color: #dcdcdc"> <td style="border-top: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148); width: 52%"><span style="color: rgb(52,96,148)"><b> </b></span></td> <td id="xdx_489_eoef--ExpenseExampleYear01_zGoEgf9Qqg63" style="border: #346094 1pt solid; color: rgb(52,96,148); width: 12%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>1 Year</b></span></td> <td id="xdx_48F_eoef--ExpenseExampleYear03_z1w1R05v5tN4" style="border-top: #346094 1pt solid; border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); width: 12%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>3 Years</b></span></td> <td id="xdx_48C_eoef--ExpenseExampleYear05_ztSsZvh8gC7f" style="border-top: #346094 1pt solid; border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); width: 12%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>5 Years</b></span></td> <td id="xdx_488_eoef--ExpenseExampleYear10_zMoLFbqgymw7" style="border-top: #346094 1pt solid; border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); width: 12%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>10 Years</b></span></td></tr> <tr id="xdx_414_20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000072844Member__oef--ClassAxis__custom--C000229483Member_zDNK5jLKTmVc" style="color: rgb(52,96,148); vertical-align: top"> <td style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"><b>Institutional</b></span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">$64</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">$219</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">$387</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">$875</span></td></tr> <tr id="xdx_417_20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000072844Member__oef--ClassAxis__custom--C000229481Member_zy8f3ychHYw5" style="color: rgb(52,96,148); vertical-align: top"> <td style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"><b>A Class</b></span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148); text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">$379</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">$565</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">$765</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">$1,345</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="color: rgb(52,96,148)"> </span></p> 64 219 387 875 379 565 765 1345 Portfolio Turnover <p id="xdx_A87_eoef--PortfolioTurnoverTextBlock_zqOMMezEbqA" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">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 ended October 31, 2025, the portfolio turnover rate of the Fund was <span id="xdx_906_eoef--PortfolioTurnoverRate_dp_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000072844Member_ztRHoErZq5Fd">77%</span> </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">of the average value of its portfolio.</span></p> 0.77 Principal Investment Strategies <p id="xdx_A85_eoef--StrategyNarrativeTextBlock_zzbRypf8ksVh" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in common stocks and other equity securities of large capitalization companies. This investment policy may be changed by the Fund upon 60 days’ prior written notice to shareholders. The Fund considers large capitalization companies to be companies that have market capitalizations of greater than $5 billion at the time of initial purchase. The equity securities in which the Fund invests are primarily common stocks, but may also include real estate investment trusts (“REITs”), and master limited partnerships (“MLPs”). The Fund generally invests in equity securities of domestic companies, but may also invest in equity securities of foreign companies and American Depositary Receipts (“ADRs”). In the event that the Fund invests in foreign securities and ADRs, the Adviser expects that the Fund’s investments in such securities would normally represent less than 25% of the Fund’s assets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">The Fund invests in approximately 40-60 securities that are well diversified among market sectors. The Adviser utilizes a value style of investing to select securities for the Fund that it believes are undervalued, generally maintain high-quality characteristics, and offer an attractive opportunity for price appreciation coupled with downside risk limitation. Value investing focuses on companies with stocks that appear undervalued in light of factors such as the company’s earnings, book values, revenues and cash flow. The Fund considers quality characteristics from a quantitative perspective, such as free</span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">cash flow generation, attractive returns on capital, and conservative balance sheets. Additionally, from a qualitative perspective, quality characteristics include strong management teams, durable competitive advantages, and reasonable growth prospects. Key metrics for evaluating the risk/return profile of an investment may include strong free cash flow, an improving return on equity, a strengthening balance sheet and, in the case of common equities, positive earnings surprises without a corresponding change in the stock price. The Adviser has disciplines in place that serve as sell signals, such as a security reaching a predetermined price target or a change to a company’s fundamentals that negatively impacts the original investment thesis. The Adviser will not necessarily sell a security that has depreciated below the stated market capitalization defined above.</span></p> <p id="xdx_A8A_eoef--RiskTextBlock_zXzXaqSb2zae" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">As with all mutual funds, there is no guarantee that the Fund will achieve its investment objective. <span id="xdx_90B_eoef--RiskTextBlock_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000072844Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zZLKbcyCK5Aj">You could lose money by investing in the Fund.</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b><span id="xdx_90F_eoef--RiskTextBlock_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000072844Member__oef--RiskAxis__oef--RiskNotInsuredDepositoryInstitutionMember_zt7WjgptBVw6">A Fund share is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency</span>.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">The principal risk factors affecting shareholders’ investments in the Fund are set forth below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_91E_exdx--NextElement_zd8Q4ITT8aZd"></span></div> You could lose money by investing in the Fund. A Fund share is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquityRiskMember_zLdryfKXvwoj" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Equity Risk –</b> 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 military action, 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 style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_916_exdx--NextElement_zrK9DwHGzhA3"></span></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationCompanyRiskMember_zgEdGFuVBYR9" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Large-Capitalization Company Risk</b> – The large capitalization companies in which the Fund invests 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 style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_919_exdx--NextElement_z7K4zVsstHM7"></span></div> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zbayglaHY6f5" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Market Risk</b> – 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 military action, 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 style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_919_exdx--NextElement_zE6IpgkAPu58"></span></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--RealEstateSecuritiesAndREITRiskMember_zGvqTCcOTSae" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Real Estate Securities and REIT Risk – </b>A Fund that focuses its investments in opportunities in the real estate industry or otherwise invests in real estate-related securities has certain risks associated with investments in entities focused on real estate activities. REITs are pooled investment vehicles that own, and usually operate, income-producing real estate. 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. REITs typically incur fees that are separate from those of the Fund. Accordingly, the Fund’s investments in REITs will result in the layering of expenses such that shareholders will indirectly bear a proportionate share of the REITs’ operating expenses, in addition to paying Fund expenses. REIT operating expenses are not reflected in the fee table and example in this Prospectus.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_916_exdx--NextElement_zoNYiUwRZmSh"></span></div> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--MLPRiskMember_zl4cZhDTC1me" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>MLP Risk – </b>MLPs are limited partnerships in which the ownership units are publicly traded. MLPs often own several properties or businesses (or own interests) that are related to oil and gas industries or other natural resources, but they also may finance other projects. To the extent that an MLP’s interests are all in a particular industry or industries, such as the energy industries, the MLP will be negatively impacted by economic events adversely impacting that industry or industries.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">Additional risks of investing in an MLP also include those involved in investing in a partnership as opposed to a corporation. For example, state law governing partnerships is often less restrictive than state law governing corporations. Accordingly, there may be fewer protections afforded to investors in a MLP than investors in a corporation. For example, investors in MLPs may have limited voting rights or be liable under certain circumstances for amounts greater than the amount of their investment. In addition, 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: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_916_exdx--NextElement_zoyPybUNAJc7"></span></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--SectorRiskMember_zJx4A2OsXkwg" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Sector Risk –</b> The Fund may, at times, be more heavily invested in certain sectors. When the Fund emphasizes investment in one or more sectors, the value of its net assets will be more susceptible to the financial, market or economic events affecting issuers and industries within those sectors than would be the case for mutual funds that do not emphasize investment in particular sectors. As of October 31, 2025, 20.2% of the Fund’s net assets were invested in stocks within the financials sector. The values of securities of companies in the financials sector may be adversely impacted by many factors, including, among others, changes in government regulations, economic conditions, and interest rates, credit rating downgrades, adverse public perception, exposure concentration and decreased liquidity in credit markets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_91B_exdx--NextElement_zcYCuatioei4"></span></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValueInvestingRiskMember_zRezwHxkTnUe" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Value Investing Risk</b> <b>–</b> Investments in value stocks present the risk that a stock may decline in value or never reach the value the Adviser believes is its full market value. In addition, the Fund’s value investment style may go out of favor with investors.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_918_exdx--NextElement_zqTXwfgrSReb"></span></div> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_zzfylpzMY9f4" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="color: rgb(52,96,148)"><b>Foreign Securities Risk</b> <b>–</b> Investing in foreign securities, including direct investments and through ADRs, which are traded on exchanges and represent an ownership interest 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. 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 ADRs provide an alternative to directly 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_91E_exdx--NextElement_z28nIIxSwc6h"></span></div> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignCurrencyRiskMember_zkDHyJnPI8o4" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Foreign Currency Risk </b>– 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> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_91E_exdx--NextElement_z5ZXm2pTuC6f"></span></div> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--GeographicFocusRiskMember_zPZeQIDaex0k" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="color: rgb(52,96,148)"><b>Geographic Focus Risk</b> – 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> Performance Information <p id="xdx_A82_eoef--PerformanceNarrativeTextBlock_zt7ZLrvGdNra" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span id="xdx_903_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000072844Member_zQv93vq3Yulf" style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in the performance of the Institutional and A Class Shares of the Fund from year-to-year and by showing how the average annual returns for 1-year, 5-years and 10-years of the Fund compare with those of the Russell 3000^® Index and the Russell 1000^® Value Index. </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">The performance shown in the bar chart and table for periods prior to November 1, 2021 represents the performance of the Institutional and A Class Shares of the Westwood Quality Value Fund, a series of The Advisor’s Inner Circle Fund (the “Predecessor Fund”). The Fund is the successor to the Predecessor Fund through a reorganization with the Fund on November 1, 2021 (the “2021 Reorganization”). <span id="xdx_908_eoef--PerformancePastDoesNotIndicateFuture_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000072844Member_z74uR8etcACc">How the Fund and the Predecessor Fund have performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> Updated performance information is available on the Fund’s website at <span id="xdx_901_eoef--PerformanceAvailabilityWebSiteAddress_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000072844Member_zsJXJ4dtd1Ud">www.westwoodfunds.com</span> or by calling <span id="xdx_907_eoef--PerformanceAvailabilityPhone_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000072844Member_zKXWnikWXhBb">1-877-FUND-WHG (1-877-386-3944)</span>.</span></p> The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in the performance of the Institutional and A Class Shares of the Fund from year-to-year and by showing how the average annual returns for 1-year, 5-years and 10-years of the Fund compare with those of the Russell 3000® Index and the Russell 1000® Value Index. How the Fund and the Predecessor Fund have performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.westwoodfunds.com 1-877-FUND-WHG (1-877-386-3944) Calendar Year Returns - Institutional Shares* <p id="xdx_A87_eoef--BarChartTableTextBlock_ztFm0gzoC5C" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: center"> </p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img alt="" src="pro-whglx_001.jpg" style="height: 250px; width: 500px"/></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zIVbbzGrOkdd" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="color: rgb(52,96,148); display: none; vertical-align: top; text-align: left"> <td style="color: rgb(52,96,148); display: none; width: 50%"><span style="color: rgb(52,96,148)">Year</span></td> <td style="color: rgb(52,96,148); display: none; width: 50%"><span style="color: rgb(52,96,148)">Return*</span></td></tr> <tr style="color: rgb(52,96,148); display: none; vertical-align: top; text-align: left"> <td style="color: rgb(52,96,148); display: none"><span style="color: rgb(52,96,148)">Annual return 2016</span></td> <td id="xdx_986_eoef--AnnlRtrPct_c20160101__20161231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__oef--ClassAxis__custom--C000229483Member_fKg_____zRTgUwGwwCjd" style="color: rgb(52,96,148); display: none"><span style="color: rgb(52,96,148)">10.93%</span></td></tr> <tr style="color: rgb(52,96,148); display: none; vertical-align: top; text-align: left"> <td style="color: rgb(52,96,148); display: none"><span style="color: rgb(52,96,148)">Annual return 2017</span></td> <td id="xdx_986_eoef--AnnlRtrPct_c20170101__20171231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__oef--ClassAxis__custom--C000229483Member_fKg_____z3jNNrqYIIvd" style="color: rgb(52,96,148); display: none"><span style="color: rgb(52,96,148)">20.85%</span></td></tr> <tr style="color: rgb(52,96,148); display: none; vertical-align: top; text-align: left"> <td style="color: rgb(52,96,148); display: none"><span style="color: rgb(52,96,148)">Annual return 2018</span></td> <td id="xdx_983_eoef--AnnlRtrPct_c20180101__20181231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__oef--ClassAxis__custom--C000229483Member_fKg_____z3tfS67HFsbh" style="color: rgb(52,96,148); display: none"><span style="color: rgb(52,96,148)">-6.04%</span></td></tr> <tr style="color: rgb(52,96,148); display: none; vertical-align: top; text-align: left"> <td style="color: rgb(52,96,148); display: none"><span style="color: rgb(52,96,148)">Annual return 2019</span></td> <td id="xdx_98D_eoef--AnnlRtrPct_c20190101__20191231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__oef--ClassAxis__custom--C000229483Member_fKg_____z9Y1bDvVtwS6" style="color: rgb(52,96,148); display: none"><span style="color: rgb(52,96,148)">27.35%</span></td></tr> <tr style="color: rgb(52,96,148); display: none; vertical-align: top; text-align: left"> <td style="color: rgb(52,96,148); display: none"><span style="color: rgb(52,96,148)">Annual return 2020</span></td> <td id="xdx_98B_eoef--AnnlRtrPct_c20200101__20201231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__oef--ClassAxis__custom--C000229483Member_fKg_____zBTD26200nyj" style="color: rgb(52,96,148); display: none"><span style="color: rgb(52,96,148)">2.73%</span></td></tr> <tr style="color: rgb(52,96,148); display: none; vertical-align: top; text-align: left"> <td style="color: rgb(52,96,148); display: none"><span style="color: rgb(52,96,148)">Annual return 2021</span></td> <td id="xdx_981_eoef--AnnlRtrPct_c20210101__20211231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__oef--ClassAxis__custom--C000229483Member_fKg_____zA5ygcgIAQ21" style="color: rgb(52,96,148); display: none"><span style="color: rgb(52,96,148)">23.79%</span></td></tr> <tr style="color: rgb(52,96,148); display: none; vertical-align: top; text-align: left"> <td style="color: rgb(52,96,148); display: none"><span style="color: rgb(52,96,148)">Annual return 2022</span></td> <td id="xdx_98A_eoef--AnnlRtrPct_c20220101__20221231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__oef--ClassAxis__custom--C000229483Member_fKg_____z2KY13thJKqg" style="color: rgb(52,96,148); display: none"><span style="color: rgb(52,96,148)">-5.66%</span></td></tr> <tr style="color: rgb(52,96,148); display: none; vertical-align: top; text-align: left"> <td style="color: rgb(52,96,148); display: none"><span style="color: rgb(52,96,148)">Annual return 2023</span></td> <td id="xdx_98E_eoef--AnnlRtrPct_c20230101__20231231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__oef--ClassAxis__custom--C000229483Member_fKg_____zZabV6mg80v9" style="color: rgb(52,96,148); display: none"><span style="color: rgb(52,96,148)"> 8.91%</span></td></tr> <tr style="color: rgb(52,96,148); display: none; vertical-align: top; text-align: left"> <td style="color: rgb(52,96,148); display: none"><span style="color: rgb(52,96,148)">Annual return 2024</span></td> <td id="xdx_983_eoef--AnnlRtrPct_c20240101__20241231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__oef--ClassAxis__custom--C000229483Member_fKg_____zU2w65q2fer" style="color: rgb(52,96,148); display: none">10.56%</td></tr> <tr style="color: rgb(52,96,148); display: none; vertical-align: top; text-align: left"> <td style="color: rgb(52,96,148); display: none"><span style="color: rgb(52,96,148)">Annual return 2025</span></td> <td id="xdx_982_eoef--AnnlRtrPct_c20250101__20251231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__oef--ClassAxis__custom--C000229483Member_fKg_____zJcJ3npMNlV9" style="color: rgb(52,96,148); display: none">5.78%</td></tr> </table> <div style="color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt"></div> 0.1093 0.2085 -0.0604 0.2735 0.0273 0.2379 -0.0566 0.0891 0.1056 0.0578 <div id="xdx_A85_eoef--BarChartClosingTextBlock_zIRzXqqQrKYj"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt auto; -sec-ix-redline: true; color: rgb(52,96,148); width: 550px"> <tr style="color: rgb(52,96,148); vertical-align: top; text-align: justify"> <td style="color: rgb(52,96,148); width: 0in"></td><td style="color: rgb(52,96,148); width: 0.25in; text-align: left"><span id="xdx_F0A_zg7Vd9BEHYT3" style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">*</span></td> <td style="color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> <span id="xdx_F1E_zozxntAbmy4" style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> <span id="xdx_903_eoef--YearToDateReturnLabel_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000072844Member_zZE7qqQb6Mr5">The Fund’s year-to-date return</span> through <span id="xdx_904_eoef--BarChartYearToDateReturnDate_dd_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000072844Member_z66wwqT8CaPl">December 31, 2025</span> was <span id="xdx_90A_eoef--BarChartYearToDateReturn_dp_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000072844Member_zkHRxphLVqQe">5.78%</span></span>.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-left: auto; width: 50%; border-collapse: collapse; margin-right: auto"> <tr style="color: rgb(52,96,148); vertical-align: top"> <td style="color: rgb(52,96,148); width: 50%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b><span id="xdx_904_eoef--HighestQuarterlyReturnLabel_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000072844Member_zgtt6BikZ1L5">Best Quarter</span></b></span></td> <td style="color: rgb(52,96,148); width: 50%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b><span id="xdx_908_eoef--LowestQuarterlyReturnLabel_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000072844Member_zqr7x5SnWqw2">Worst Quarter</span></b></span></td></tr> <tr style="color: rgb(52,96,148); vertical-align: bottom"> <td style="color: rgb(52,96,148); text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b><span id="xdx_908_eoef--BarChartHighestQuarterlyReturn_dp_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000072844Member_zwKOmgIreYA">13.27%</span></b></span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b><span id="xdx_905_eoef--BarChartLowestQuarterlyReturn_dp_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000072844Member_z91DDzP2Z9ti">(23.07)%</span></b></span></td></tr> <tr style="color: rgb(52,96,148); vertical-align: bottom"> <td style="color: rgb(52,96,148); text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>(<span id="xdx_905_eoef--BarChartHighestQuarterlyReturnDate_dd_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000072844Member_zaYCRHDF41Aj">12/31/2020</span></b></span><b><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">)</span></b></td> <td style="color: rgb(52,96,148); text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>(<span id="xdx_906_eoef--BarChartLowestQuarterlyReturnDate_dd_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000072844Member_zMhzlrsmG9R7">03/31/2020</span></b></span><b><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">)</span></b></td></tr> </table> The Fund’s year-to-date return 2025-12-31 0.0578 Best Quarter Worst Quarter 0.1327 -0.2307 2020-12-31 2020-03-31 Average Annual Total Returns for Periods Ended December 31, 2025 <p id="xdx_A8A_eoef--PerformanceTableNarrativeTextBlock_z9N0fyabAWv4" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148); -sec-ix-redline: true">This table compares the Fund’s Institutional and A Class Shares’ average annual total returns for the periods ended December 31, 2025 to those of an appropriate broad-based index and a secondary index.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><span id="xdx_906_eoef--PerformanceTableUsesHighestFederalRate_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000072844Member_zmzvnul1gn23">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> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><span id="xdx_904_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000072844Member_zZKfGmXn6mda">Your actual after-tax returns will depend on your 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></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="color: rgb(52,96,148)"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="color: rgb(52,96,148)">The figures in the average annual total returns table below reflect the A Class Shares maximum front-end sales charge of 3.00%. Prior to March 1, 2020, A Class Shares of the Predecessor Fund were subject to a <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">maximum front-end sales charge of 5.00%. If the prior maximum front-end sales charge of 5.00% was reflected, performance for A Class Shares of the Predecessor Fund in the average annual total returns table would be lower.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><span id="xdx_901_eoef--PerformanceTableExplanationAfterTaxHigher_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000072844Member_zyxuZEwO91v7">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. Your actual after-tax returns will depend on your 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”). 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. <div id="xdx_A84_eoef--PerformanceTableTextBlock_zVzHkUD4wsId"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zE4ZixWwjCe" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; color: rgb(52,96,148); border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="color: rgb(52,96,148); vertical-align: bottom"> <td style="color: rgb(52,96,148); text-indent: -0.125in; padding-left: 0.125in; text-align: center; vertical-align: bottom"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); font-weight: bold; text-align: center; vertical-align: bottom"><span style="color: rgb(52,96,148)"> </span></td> <td id="xdx_499_20250101__20251231_zcnUZsTC6Ea1" style="color: rgb(52,96,148); font-weight: bold; text-align: center; vertical-align: bottom"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); font-weight: bold; text-align: center; vertical-align: bottom"><span style="color: rgb(52,96,148)"> </span></td> <td id="xdx_493_20210101__20251231_zLTmr7e7NFzc" style="color: rgb(52,96,148); font-weight: bold; text-align: center; vertical-align: bottom"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); font-weight: bold; text-align: center; vertical-align: bottom"><span style="color: rgb(52,96,148)"> </span></td> <td id="xdx_490_20160101__20251231_zskFgs2HguGf" style="color: rgb(52,96,148); font-weight: bold; text-align: center; vertical-align: bottom"><span style="color: rgb(52,96,148)"> </span></td> </tr> <tr style="color: rgb(52,96,148); vertical-align: bottom"> <td style="border-bottom: rgb(52,96,148) 1pt solid; color: rgb(52,96,148); font-weight: bold; text-align: left; vertical-align: bottom"><span style="color: rgb(52,96,148)"><b>WESTWOOD QUALITY VALUE FUND</b></span></td> <td style="border-bottom: rgb(52,96,148) 1pt solid; color: rgb(52,96,148); padding-bottom: 1pt; text-align: center"><span style="color: rgb(52,96,148)"><b> </b></span></td> <td style="border-bottom: rgb(52,96,148) 1pt solid; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"><b>1 Year</b></span></td> <td style="border-bottom: rgb(52,96,148) 1pt solid; color: rgb(52,96,148); padding-bottom: 1pt; text-align: center"><span style="color: rgb(52,96,148)"><b> </b></span></td> <td style="border-bottom: rgb(52,96,148) 1pt solid; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"><b>5 Years</b></span></td> <td style="border-bottom: rgb(52,96,148) 1pt solid; color: rgb(52,96,148); padding-bottom: 1pt; text-align: center"><span style="color: rgb(52,96,148)"><b> </b></span></td> <td style="border-bottom: rgb(52,96,148) 1pt solid; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"><b>10 Years</b></span></td> </tr> <tr style="color: rgb(52,96,148); vertical-align: bottom"> <td style="color: rgb(52,96,148); text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; vertical-align: bottom"><span style="color: rgb(52,96,148)">INSTITUTIONAL</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> </tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_hdei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__oef--ClassAxis__custom--C000229483Member_zXZrkmQ6Xkad" style="color: rgb(52,96,148); vertical-align: bottom"> <td style="color: rgb(52,96,148); text-indent: -0.125in; padding-left: 0.25in; width: 61%; font-weight: bold; text-align: left; vertical-align: top"><span style="color: rgb(52,96,148)">Fund <span id="xdx_909_eoef--AverageAnnualReturnLabel_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__oef--ClassAxis__custom--C000229483Member_zqFHNOb77ROi">Returns Before Taxes</span></span></td> <td style="color: rgb(52,96,148); width: 1%; text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); width: 12%; text-align: center"><span style="color: rgb(52,96,148)">5.78%</span></td> <td style="color: rgb(52,96,148); width: 1%; text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); width: 12%; text-align: center"><span style="color: rgb(52,96,148)">8.26%</span></td> <td style="color: rgb(52,96,148); width: 1%; text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); width: 12%; text-align: center"><span style="color: rgb(52,96,148)">9.38%</span></td> </tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_hdei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__oef--ClassAxis__custom--C000229483Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zYGHRBUG6q78" style="color: rgb(52,96,148); vertical-align: bottom"> <td style="color: rgb(52,96,148); text-indent: -0.125in; padding-left: 0.25in; font-weight: bold; text-align: left; vertical-align: top"><span style="color: rgb(52,96,148)">Fund Returns After Taxes on Distributions</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">1.24%</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">5.80%</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">7.32%</span></td> </tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_hdei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__oef--ClassAxis__custom--C000229483Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zDPG5M7vSbW1" style="color: rgb(52,96,148); vertical-align: bottom"> <td style="color: rgb(52,96,148); text-indent: -0.125in; padding-left: 0.25in; font-weight: bold; text-align: left; vertical-align: top"><span style="color: rgb(52,96,148)">Fund Returns After Taxes on Distributions and Sale of Fund Shares</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">6.70%</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">6.27%</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">7.28%</span></td> </tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_hdei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__oef--ClassAxis__custom--C000229483Member__oef--PerformanceMeasureAxis__custom--Russell3000IndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zjSmoj2jRr2e" style="color: rgb(52,96,148); vertical-align: bottom"> <td style="color: rgb(52,96,148); text-indent: -0.125in; padding-left: 0.25in; font-weight: bold; text-align: left; vertical-align: top"><span style="color: rgb(52,96,148)">Russell 3000^® Index </span><span style="color: rgb(52,96,148)">(<span id="xdx_908_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000072844Member_z4ijHDq20Tig">reflects no deduction for fees, expenses, or taxes</span>)</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">17.15%</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">13.15%</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">14.29%</span></td> </tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_hdei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__oef--ClassAxis__custom--C000229483Member__oef--PerformanceMeasureAxis__custom--Russell1000ValueIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zI1VHiLnL79c" style="color: rgb(52,96,148); vertical-align: bottom"> <td style="color: rgb(52,96,148); text-indent: -0.125in; padding-left: 0.25in; font-weight: bold; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Russell 1000</b>^® <b>Value Index</b></span><b> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">(reflects no deduction for fees, expenses, or taxes)</span></b></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">15.91%</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">11.33%</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">10.53%</span></td> </tr> <tr style="color: rgb(52,96,148); vertical-align: bottom"> <td style="color: rgb(52,96,148); text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; vertical-align: top"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> </tr> <tr style="color: rgb(52,96,148); vertical-align: bottom"> <td style="color: rgb(52,96,148); text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; vertical-align: bottom"><span style="color: rgb(52,96,148)">A Class</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> </tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_hdei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__oef--ClassAxis__custom--C000229481Member_zxQ2XGeD4Rnk" style="color: rgb(52,96,148); vertical-align: bottom"> <td style="color: rgb(52,96,148); text-indent: -0.125in; padding-left: 0.25in; font-weight: bold; text-align: left; vertical-align: top"><span style="color: rgb(52,96,148)">Fund <span id="xdx_90F_eoef--AverageAnnualReturnLabel_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__oef--ClassAxis__custom--C000229481Member_zIC0d8q0CQrb">Returns Before Taxes</span></span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">5.61%</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">8.04%</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">9.13%</span></td> </tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_hdei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__oef--ClassAxis__custom--C000229481Member__oef--PerformanceMeasureAxis__custom--Russell3000IndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zwEt5Rwz3FJb" style="color: rgb(52,96,148); vertical-align: bottom"> <td style="color: rgb(52,96,148); text-indent: -0.125in; padding-left: 0.25in; font-weight: bold; text-align: left; vertical-align: top"><span style="color: rgb(52,96,148)">Russell 3000^® Index </span><span style="color: rgb(52,96,148)">(<span id="xdx_909_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000072844Member_zd7Paq58s36g">reflects no deduction for fees, expenses, or taxes</span>)</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">17.15%</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">13.15%</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">14.29%</span></td> </tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_hdei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__oef--ClassAxis__custom--C000229481Member__oef--PerformanceMeasureAxis__custom--Russell1000ValueIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zAg9jshvAyQe" style="color: rgb(52,96,148); vertical-align: bottom"> <td style="color: rgb(52,96,148); text-indent: -0.125in; padding-left: 0.25in; font-weight: bold; text-align: left; vertical-align: top"><span style="color: rgb(52,96,148)">Russell 1000^® Value Index</span> <span style="color: rgb(52,96,148)">(reflects no deduction for fees, expenses, or taxes)</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">15.91%</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">11.33%</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">10.53%</span></td> </tr> </table> Returns Before Taxes 0.0578 0.0826 0.0938 0.0124 0.0580 0.0732 0.0670 0.0627 0.0728 reflects no deduction for fees, expenses, or taxes 0.1715 0.1315 0.1429 0.1591 0.1133 0.1053 Returns Before Taxes 0.0561 0.0804 0.0913 reflects no deduction for fees, expenses, or taxes 0.1715 0.1315 0.1429 0.1591 0.1133 0.1053 WESTWOOD QUALITY SMIDCAP FUND Fund Investment Objective <p id="xdx_A8A_eoef--ObjectivePrimaryTextBlock_zu1LUVZDROTf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">The investment objective of the Westwood Quality SMidCap Fund (the “Fund” or “SMidCap Fund”) is to seek long-term capital appreciation.</span></p> Fund Fees and Expenses <p id="xdx_A8B_eoef--ExpenseNarrativeTextBlock_zcAkWI9SoHI2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">This table describes the fees and expenses that you may pay if you buy, hold and sell 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 Shares, which are not reflected in the table or the example below.</b> Shares of the Fund are available in other share classes that have different fees and expenses.</span></p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A86_eoef--AnnualFundOperatingExpensesTableTextBlock_zZYb0MdDsx2g"></div> <table cellpadding="3" cellspacing="0" id="xdx_A52_dU_zRvFSBZDaXx" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; color: rgb(52,96,148); width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148)"> <td style="border-top: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: left; vertical-align: bottom; background-color: #D9D9D9"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></td> <td colspan="2" id="xdx_496_20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesMember__dei--LegalEntityAxis__custom--S000072843Member__oef--ClassAxis__custom--C000229480Member_zEBV6kUQ1T47" style="border: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; background-color: #D9D9D9; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Institutional Shares</b></span></td> </tr> <tr id="xdx_40D_eoef--ManagementFeesOverAssets_dpn_zqlHIDVMn5R2" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148)"> <td style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: left; vertical-align: bottom; width: 76%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">Management Fees</span></td> <td style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: center; vertical-align: bottom; width: 12%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center; width: 12%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">0.75%</span></td> </tr> <tr id="xdx_400_eoef--OtherExpensesOverAssets_dpn_zwtPRzP36nhd" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148)"> <td style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: left; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">Other Expenses</span></td> <td style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">0.32%</span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148)"> <td style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); padding-left: 0.125in; text-align: left; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">Administrative Services Plan Fees¹</span></td> <td id="xdx_98F_eoef--Component1OtherExpensesOverAssets_dpn_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesMember__dei--LegalEntityAxis__custom--S000072843Member__oef--ClassAxis__custom--C000229480Member_fMQ_____zdJt1uiOBYqe" style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center" title="Administrative Services Plan Fees"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">0.17%</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148)"> <td style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); padding-left: 0.125in; text-align: left; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">Other Operating Expenses</span></td> <td id="xdx_98B_eoef--Component2OtherExpensesOverAssets_dpn_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesMember__dei--LegalEntityAxis__custom--S000072843Member__oef--ClassAxis__custom--C000229480Member_zjn9c4IxBLk" style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center" title="Other Operating Expenses"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">0.15%</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></td> </tr> <tr id="xdx_403_eoef--ExpensesOverAssets_dpn_zuNnzYFjvAxc" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148)"> <td style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: left; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">Total Annual Fund Operating Expenses</span></td> <td style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">1.07%</span></td> </tr> <tr id="xdx_408_eoef--FeeWaiverOrReimbursementOverAssets_dpn_zEToATlUQts2" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148)"> <td style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: left; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">Less Fee Reductions and/or Expense Reimbursements<sup id="xdx_F40_zCRj8eidlrd2">2</sup></span></td> <td style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">(0.22)%</span></td> </tr> <tr id="xdx_40E_eoef--NetExpensesOverAssets_dpn_z2gbzJYS42q2" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148)"> <td style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: left; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">Total Annual Fund Operating Expenses After Fee Reductions and/or Expense Reimbursements</span></td> <td style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">0.85%</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; color: rgb(52,96,148); margin-top: 0in; margin-bottom: 0in; width: 100%"> <tr style="color: rgb(52,96,148); vertical-align: top; text-align: justify"> <td style="color: rgb(52,96,148)"></td><td style="color: rgb(52,96,148); text-align: left"><span style="color: rgb(52,96,148)"><sup id="xdx_F04_zC2pYyugt1t9">1</sup></span></td> <td style="color: rgb(52,96,148); text-align: justify"><span id="xdx_F14_z2CxXn2EDMFj" style="color: rgb(52,96,148)"> The Fund has adopted an Administrative Services Plan that provides that the Fund may pay financial intermediaries for shareholder services in an annual amount not to exceed 0.20% based on the average daily net assets of the Fund’s Institutional Shares. The Fund paid 0.17% of its Institutional Shares’ average daily net assets in Administrative Services Plan Fees for the fiscal year ended October 31, 2025.</span></td></tr> <tr style="color: rgb(52,96,148); vertical-align: top; text-align: justify"> <td style="color: rgb(52,96,148); width: 0in"></td><td style="color: rgb(52,96,148); width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><sup id="xdx_F03_zGmi9vSCVW0g">2</sup></span></td> <td id="xdx_F18_zzQt1bRktGWe" style="color: rgb(52,96,148); text-align: justify"> Westwood Management Corp. (the “Adviser”) has contractually agreed to reduce fees and reimburse expenses in order to keep Total Annual Fund Operating Expenses for Institutional Shares (excluding interest, taxes, brokerage commissions, Rule 12b-1 distribution fees (if any), administrative servicing fees (if any), borrowing expenses such as dividend and interest expenses on securities sold short, Acquired Fund fees and expenses, costs to organize the Fund, other expenditures which are capitalized in accordance with generally accepted accounting principles, and extraordinary expenses (collectively, “excluded expenses”)) from exceeding 0.68% of the Fund’s Institutional Shares’ average daily net assets until <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><span id="xdx_90D_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesMember__dei--LegalEntityAxis__custom--S000072843Member_zq4SY8Rl48V6">March 1, 2027</span></span>. 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 36-month 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 Ultimus Managers Trust (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 will terminate automatically if the Fund’s investment advisory agreement with the Adviser is terminated.</td> </tr> </table> 0.0075 0.0032 0.0017 0.0015 0.0107 -0.0022 0.0085 March 1, 2027 Example <p id="xdx_A89_eoef--ExpenseExampleNarrativeTextBlock_znyjINNtk1R3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same and the contractual agreement to limit expenses remains in effect until March 1, 2027. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A8F_eoef--ExpenseExampleWithRedemptionTableTextBlock_zjGGQVqHdEI2"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5D_dU_zrrcKph6vvrd" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; color: rgb(52,96,148); width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: top; background-color: #D9D9D9"> <td id="xdx_48F_eoef--ExpenseExampleYear01_zBVmIIZ29cl3" style="border-top: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; width: 25%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>1 Year</b></span></td> <td id="xdx_48E_eoef--ExpenseExampleYear03_z2C1Ed0hW9r8" style="border-top: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; width: 25%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>3 Years</b></span></td> <td id="xdx_48E_eoef--ExpenseExampleYear05_zgqdkHl6jMZ3" style="border-top: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; width: 25%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>5 Years</b></span></td> <td id="xdx_48D_eoef--ExpenseExampleYear10_zOt2S5VmmRve" style="border: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; width: 25%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>10 Years</b></span></td></tr> <tr id="xdx_414_20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesMember__dei--LegalEntityAxis__custom--S000072843Member__oef--ClassAxis__custom--C000229480Member_zefa9Lt2oJT1" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom"> <td style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">$87</span></td> <td style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">$318</span></td> <td style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">$569</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">$1,286</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)"> </span></p> 87 318 569 1286 Portfolio Turnover <p id="xdx_A8F_eoef--PortfolioTurnoverTextBlock_zCVWRirLVcpb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">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 ended October 31, 2025, the portfolio turnover rate of the Fund, was <span id="xdx_900_eoef--PortfolioTurnoverRate_dp_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesMember__dei--LegalEntityAxis__custom--S000072843Member_zIOiQ88b8fmk">66%</span> </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">of the average value of its portfolio.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> 0.66 Principal Investment Strategies <p id="xdx_A83_eoef--StrategyNarrativeTextBlock_z3uz0r81JuE2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of small- and mid-cap companies. This investment policy may be changed by the Fund upon 60 days’ prior written notice to shareholders. The Fund considers small- and mid-cap companies to be those companies within the market capitalization range of the Russell 2500^® Index at the time of initial purchase. While the market capitalization range of the Russell 2500^® Index changes throughout the year, it undergoes an annual reconstitution in June of each year. As of December 31, 2025, the market capitalization range of the companies in the index was between $1.3 million and $37.0 billion. The equity securities in which the Fund invests are primarily common stocks, but may also include shares of exchange-traded funds (“ETFs”), real estate investment trusts (“REITs”), and master limited partnerships (“MLPs”). The Fund generally invests in securities of domestic companies, but may also invest in equity securities of foreign companies and American Depositary Receipts (“ADRs”). In the event the Fund invests in foreign securities or ADRs, the Adviser expects that the Fund’s investment in such securities would normally represent less than 15% of the Fund’s assets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">The Fund invests in approximately 45-75 securities that are well diversified among market sectors. The Adviser utilizes a value style of investing to select securities for the Fund that it believes are undervalued, generally maintain high-quality characteristics, and offer an attractive opportunity for price appreciation coupled with downside risk limitation. Value investing focuses on companies with stocks that appear undervalued in light of factors such as the company’s earnings, book values, revenues and cash flow. Key metrics for evaluating the risk/return profile of an investment may include strong free cash flow, an improving return on equity, a strengthening balance sheet and, in the case of common equities, positive earnings surprises without a corresponding change in the stock price. The Adviser has disciplines in place that serve as sell signals, such as a security reaching a predetermined price target, a change to a company’s fundamentals that makes the risk/return profile unattractive, or a need to improve the overall risk/return profile of the Fund. The Adviser will not necessarily sell a security that has appreciated or depreciated outside the Fund’s target capitalization range.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_z6yOUQjdSe0j" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">As with all mutual funds, there is no guarantee that the Fund will achieve its investment objective. <span id="xdx_90A_eoef--RiskTextBlock_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesMember__dei--LegalEntityAxis__custom--S000072843Member__oef--RiskAxis__oef--RiskLoseMoneyMember_ze7UsDMLm2d9">You could lose money by investing in the Fund.</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b><span id="xdx_905_eoef--RiskTextBlock_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesMember__dei--LegalEntityAxis__custom--S000072843Member__oef--RiskAxis__oef--RiskNotInsuredDepositoryInstitutionMember_zMYH5kqtBIF9">A Fund share is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency.</span></b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">The principal risk factors affecting shareholders’ investments in the Fund are set forth below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_916_exdx--NextElement_zSzCRiHidOQ9"></span></div> You could lose money by investing in the Fund. A Fund share is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency. <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquityRiskMember_ziVSvdIvgQ8g" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Equity Risk –</b> 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 military action, 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</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">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 style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_917_exdx--NextElement_zJ7Z0MxVFcb1"></span></div> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallAndMidCapitalizationCompanyRiskMember_zWNYtXCXhTL5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Small- and Mid-Capitalization Company Risk</b> <b>–</b> The small- and mid-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 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 style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_914_exdx--NextElement_zQTcS6TgLuzc"></span></div> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zpUXOz9ucdOg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)"><b>Liquidity Risk</b> – 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 style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_91F_exdx--NextElement_zY7Z7h72mnJ5"></span></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zSbnsjx0te1i" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Market Risk</b> – 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 military action, 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 style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_912_exdx--NextElement_zMA0t3jPKwVj"></span></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--RealEstateSecuritiesAndREITRiskMember_zZBITfxFSODg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Real Estate Securities and REIT Risk –</b> A Fund that focuses its investments in opportunities in the real estate industry or otherwise invests in real estate-related securities has certain risks associated with investments in entities focused on real estate activities. REITs are pooled investment vehicles that own, and usually operate, income-producing real estate. 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. REITs typically incur fees that are separate from those of the Fund. Accordingly, the Fund’s investments in REITs will result in the layering of expenses such that shareholders will indirectly bear a proportionate share of the REITs’ operating expenses, in addition to paying Fund expenses. REIT operating expenses are not reflected in the fee table and example in this Prospectus.</span></p> <div style="display: none"><span id="xdx_913_exdx--NextElement_zSmLZNoMVB74"></span></div> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--SectorMember_z2y6JVDe7ULh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148); -sec-ix-redline: true"><b>Sector Risk – </b></span>The Fund may, at times, be more heavily invested in certain sectors. When the Fund emphasizes investment in one or more sectors, the value of its net assets will be more susceptible to the financial, market or economic events affecting issuers and industries within those sectors than would be the case for mutual funds that do not emphasize investment in particular sectors. As of October 31, 2025, 16.2%, 12.9% and 22.4% of the Fund’s net assets were invested in stocks within the financials sector, materials sector and industrials sector, respectively. The values of securities of companies in the financials sector may be adversely impacted by many factors, including, among others, changes in government regulations, economic conditions, and interest rates, credit rating downgrades, adverse public perception, exposure concentration and decreased liquidity in credit markets. Companies in the materials sector can be negatively affected by various factors, including the volatility of commodity prices, exchange rates, and/or depletion of resources. Economic factors, government regulation, and litigation including liabilities from environmental damage can also cause sector-wide harm. The industrials sector comprises companies who produce capital goods used in construction and manufacturing, such as companies that make and sell machinery, equipment and supplies that are used to produce other goods. Companies in the industrials sector may be adversely affected by changes in government regulation, world events and economic conditions. In addition, companies in the industrials sector be adversely affected by environmental damages, product liability claims and exchange rates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_91D_exdx--NextElement_zHrtvDc9OIbc"></span></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValueInvestingRiskMember_ztQSXslaoaN7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Value Investing Risk –</b> Investments in value stocks present the risk that a stock may decline in value or never reach the value the Adviser believes is its full market value. In addition, the Fund’s value investment style may go out of favor with investors.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_919_exdx--NextElement_z3KFBykix3f7"></span></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignCurrencyRiskMember_zrLUwaJGkSde" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Foreign Currency Risk –</b> 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_917_exdx--NextElement_zdyrRRKRVnVc"></span></div> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--MLPRiskMember_zSBUa8tX4Xo" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>MLP Risk –</b> MLPs are limited partnerships in which the ownership units are publicly traded. MLPs often own several properties or businesses (or own interests) that are related to oil and gas industries or other natural resources, but they also may finance other projects. To the extent that an MLP’s interests are all in a particular industry or industries, such as the energy industries, the MLP will be negatively impacted by economic events adversely impacting that industry or industries. Additional risks of investing in an MLP also include those involved in investing in a partnership as opposed to a corporation. For example, state law governing partnerships is often less restrictive than state law governing corporations. Accordingly, there may be fewer protections afforded to investors in a MLP than investors in a corporation. For example, investors in MLPs may have limited voting rights or be liable under certain circumstances for amounts greater than the amount of their investment. In addition, 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_91F_exdx--NextElement_ztFVkMVGlk0h"></span></div> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_z5J1FRCgpjQ1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)"><b>Foreign Securities Risk</b> – Investing in foreign securities, including direct investments and through ADRs, which are traded on exchanges and represent an ownership interest 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. 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 ADRs provide an alternative to directly 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_91E_exdx--NextElement_zYtPq1HsJJY7"></span></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--GeographicFocusRiskMember_z9Fpg1W4pF91" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)"><b>Geographic Focus Risk</b> – 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 style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_917_exdx--NextElement_zAJzzBgQYfBb"></span></div> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFRiskMember_zy6HBPgFRBka" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>ETF Risk –</b> ETFs are pooled investment vehicles, such as registered investment companies and grantor trusts, whose shares are listed and traded on U.S. stock exchanges or otherwise traded in the over-the-counter market. To the extent that the Fund invests in ETFs, the Fund will be subject to substantially the same risks as those associated with the direct ownership of the securities in which the ETF invests, and the value of the Fund’s investment will fluctuate in response to the performance of the ETF’s holdings. ETFs typically incur fees that are separate from those of the Fund. Accordingly, the Fund’s investments in ETFs will result in the layering of expenses such that shareholders will indirectly bear a proportionate share of the ETFs’ operating expenses, in addition to paying Fund expenses. Because the value of ETF shares depends on the demand in the market, shares may trade at a discount or premium to their net asset value and the Adviser may not be able to liquidate the Fund’s holdings at the most optimal time, which could adversely affect the Fund’s performance.</span></p> Performance Information <p id="xdx_A8D_eoef--PerformanceNarrativeTextBlock_zxksHtriQ4ud" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span id="xdx_90B_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesMember__dei--LegalEntityAxis__custom--S000072843Member_zKqQgezHcGMe" style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in the performance of the Institutional Shares of the Fund from year-to-year and by showing how the average annual returns for 1-year, 5-years and 10-years of the Fund compare with those of the Russell 3000^® Index and the Russell 2500^® Value Index.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">The performance shown in the bar chart and table for periods prior to November 1, 2021 represents the performance of the Institutional Shares of the Westwood Quality SMidCap Fund, a series of The Advisor’s Inner Circle Fund (the “Predecessor Fund”). The Fund is the successor to the Predecessor Fund through a reorganization with the Fund on November 1, 2021 (the “2021 Reorganization”). <span id="xdx_904_eoef--PerformancePastDoesNotIndicateFuture_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesMember__dei--LegalEntityAxis__custom--S000072843Member_za2Uka3VGIw1">How the Fund and the Predecessor Fund have performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> Updated performance information is available on the Fund’s website at <span id="xdx_901_eoef--PerformanceAvailabilityWebSiteAddress_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesMember__dei--LegalEntityAxis__custom--S000072843Member_zq9CyfOsstm8">www.westwoodfunds.com</span> or by calling <span id="xdx_906_eoef--PerformanceAvailabilityPhone_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesMember__dei--LegalEntityAxis__custom--S000072843Member_zjNICcg45oPh">1-877-FUND-WHG (1-877-386-3944)</span>.</span></p> The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in the performance of the Institutional Shares of the Fund from year-to-year and by showing how the average annual returns for 1-year, 5-years and 10-years of the Fund compare with those of the Russell 3000® Index and the Russell 2500® Value Index. How the Fund and the Predecessor Fund have performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.westwoodfunds.com 1-877-FUND-WHG (1-877-386-3944) Calendar Year Returns - Institutional Shares* <p id="xdx_A89_eoef--BarChartTableTextBlock_zBj0DH0sbc2i" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: rgb(52,96,148); text-align: center"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: rgb(52,96,148); text-align: center"><img alt="" src="pro-whgmx_001.jpg" style="height: 253px; width: 500px"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zOkEUs7lBcD" style="font: 11pt Calibri, Helvetica, Sans-Serif; color: rgb(52,96,148); width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; color: rgb(52,96,148); vertical-align: top"> <td style="display: none; color: rgb(52,96,148); text-align: left; width: 50%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="display: none; color: rgb(52,96,148)">Year</span></td> <td style="display: none; color: rgb(52,96,148); text-align: left; width: 50%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="display: none; color: rgb(52,96,148)">Return<sup style="display: none">*</sup></span></td></tr> <tr style="display: none; color: rgb(52,96,148); vertical-align: top"> <td style="display: none; color: rgb(52,96,148); text-align: left; padding-right: 5.4pt; padding-left: 5.4pt"><span style="display: none; font-size: 10pt; color: rgb(52,96,148)">Annual Return 2016</span></td> <td id="xdx_988_eoef--AnnlRtrPct_c20160101__20161231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesMember__oef--ClassAxis__custom--C000229480Member_fKg_____zZ4rFwD7BaHa" style="display: none; color: rgb(52,96,148); text-align: left; padding-right: 5.4pt; padding-left: 5.4pt"><span style="display: none; color: rgb(52,96,148)">12.04%</span></td></tr> <tr style="display: none; color: rgb(52,96,148); vertical-align: top"> <td style="display: none; color: rgb(52,96,148); text-align: left; padding-right: 5.4pt; padding-left: 5.4pt"><span style="display: none; font-size: 10pt; color: rgb(52,96,148)">Annual Return 2017</span></td> <td id="xdx_98A_eoef--AnnlRtrPct_c20170101__20171231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesMember__oef--ClassAxis__custom--C000229480Member_fKg_____zWfcGpYIC2t3" style="display: none; color: rgb(52,96,148); text-align: left; padding-right: 5.4pt; padding-left: 5.4pt"><span style="display: none; color: rgb(52,96,148)">10.39%</span></td></tr> <tr style="display: none; color: rgb(52,96,148); vertical-align: top"> <td style="display: none; color: rgb(52,96,148); text-align: left; padding-right: 5.4pt; padding-left: 5.4pt"><span style="display: none; font-size: 10pt; color: rgb(52,96,148)">Annual Return 2018</span></td> <td id="xdx_98A_eoef--AnnlRtrPct_c20180101__20181231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesMember__oef--ClassAxis__custom--C000229480Member_fKg_____zP0SKPAxRFO9" style="display: none; color: rgb(52,96,148); text-align: left; padding-right: 5.4pt; padding-left: 5.4pt"><span style="display: none; color: rgb(52,96,148)">-11.47%</span></td></tr> <tr style="display: none; color: rgb(52,96,148); vertical-align: top"> <td style="display: none; color: rgb(52,96,148); text-align: left; padding-right: 5.4pt; padding-left: 5.4pt"><span style="display: none; font-size: 10pt; color: rgb(52,96,148)">Annual Return 2019</span></td> <td id="xdx_985_eoef--AnnlRtrPct_c20190101__20191231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesMember__oef--ClassAxis__custom--C000229480Member_fKg_____zmxtQwfwXBZg" style="display: none; color: rgb(52,96,148); text-align: left; padding-right: 5.4pt; padding-left: 5.4pt"><span style="display: none; color: rgb(52,96,148)">29.40%</span></td></tr> <tr style="display: none; color: rgb(52,96,148); vertical-align: top"> <td style="display: none; color: rgb(52,96,148); text-align: left; padding-right: 5.4pt; padding-left: 5.4pt"><span style="display: none; font-size: 10pt; color: rgb(52,96,148)">Annual Return 2020</span></td> <td id="xdx_98B_eoef--AnnlRtrPct_c20200101__20201231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesMember__oef--ClassAxis__custom--C000229480Member_fKg_____z0YGJTtTBwZf" style="display: none; color: rgb(52,96,148); text-align: left; padding-right: 5.4pt; padding-left: 5.4pt"><span style="display: none; color: rgb(52,96,148)">5.40%</span></td></tr> <tr style="display: none; color: rgb(52,96,148); vertical-align: top"> <td style="display: none; color: rgb(52,96,148); text-align: left; padding-right: 5.4pt; padding-left: 5.4pt"><span style="display: none; font-size: 10pt; color: rgb(52,96,148)">Annual Return 2021</span></td> <td id="xdx_985_eoef--AnnlRtrPct_c20210101__20211231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesMember__oef--ClassAxis__custom--C000229480Member_fKg_____zCktnYvKioIg" style="display: none; color: rgb(52,96,148); text-align: left; padding-right: 5.4pt; padding-left: 5.4pt"><span style="display: none; color: rgb(52,96,148)">21.31%</span></td></tr> <tr style="display: none; color: rgb(52,96,148); vertical-align: top"> <td style="display: none; color: rgb(52,96,148); text-align: left; padding-right: 5.4pt; padding-left: 5.4pt"><span style="display: none; font-size: 10pt; color: rgb(52,96,148)">Annual Return 2022</span></td> <td id="xdx_985_eoef--AnnlRtrPct_c20220101__20221231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesMember__oef--ClassAxis__custom--C000229480Member_fKg_____zRBB5QpPPD6e" style="display: none; color: rgb(52,96,148); text-align: left; padding-right: 5.4pt; padding-left: 5.4pt"><span style="display: none; color: rgb(52,96,148)">-10.36%</span></td></tr> <tr style="display: none; color: rgb(52,96,148); vertical-align: top"> <td style="display: none; color: rgb(52,96,148); text-align: left; padding-right: 5.4pt; padding-left: 5.4pt"><span style="display: none; font-size: 10pt; color: rgb(52,96,148)">Annual Return 2023</span></td> <td id="xdx_988_eoef--AnnlRtrPct_c20230101__20231231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesMember__oef--ClassAxis__custom--C000229480Member_fKg_____zE2qhdJw8SEe" style="display: none; color: rgb(52,96,148); text-align: left; padding-right: 5.4pt; padding-left: 5.4pt"><span style="display: none; color: rgb(52,96,148)">17.78%</span></td></tr> <tr style="display: none; color: rgb(52,96,148); vertical-align: top"> <td style="display: none; color: rgb(52,96,148); text-align: left; padding-right: 5.4pt; padding-left: 5.4pt"><span style="display: none; font-size: 10pt; color: rgb(52,96,148)">Annual Return 2024</span></td> <td id="xdx_984_eoef--AnnlRtrPct_c20240101__20241231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesMember__oef--ClassAxis__custom--C000229480Member_fKg_____zUjPZfocBsea" style="display: none; color: rgb(52,96,148); text-align: left; padding-right: 5.4pt; padding-left: 5.4pt">10.42%</td></tr> <tr style="display: none; color: rgb(52,96,148); vertical-align: top"> <td style="display: none; color: rgb(52,96,148); text-align: left; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt; color: rgb(52,96,148)">Annual Return 2025</span></td> <td id="xdx_98F_eoef--AnnlRtrPct_c20250101__20251231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesMember__oef--ClassAxis__custom--C000229480Member_fKg_____zmCuBXLS4Lv9" style="display: none; color: rgb(52,96,148); text-align: left; padding-right: 5.4pt; padding-left: 5.4pt">8.45%</td></tr> </table> <div style="color: rgb(52,96,148)"></div> 0.1204 0.1039 -0.1147 0.2940 0.0540 0.2131 -0.1036 0.1778 0.1042 0.0845 <div id="xdx_A8A_eoef--BarChartClosingTextBlock_zoZuK2E222ci"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin: 0in auto; -sec-ix-redline: true; color: rgb(52,96,148); width: 550px"> <tr style="color: rgb(52,96,148); vertical-align: top; text-align: justify"> <td style="color: rgb(52,96,148); width: 0in"></td><td style="color: rgb(52,96,148); width: 0.25in; text-align: left"><span id="xdx_F0B_zTFX75hnaPsg" style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">*</span></td> <td style="color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> <span id="xdx_F1C_zW2SeUe2tqs2" style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> <span id="xdx_901_eoef--YearToDateReturnLabel_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesMember__dei--LegalEntityAxis__custom--S000072843Member_zUoRJBJ6IWg3">The Fund’s year-to-date return</span> through <span id="xdx_907_eoef--BarChartYearToDateReturnDate_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesMember__dei--LegalEntityAxis__custom--S000072843Member_zSKmNCcENdi7">December 31, 2025</span> was <span id="xdx_90C_eoef--BarChartYearToDateReturn_dp_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesMember__dei--LegalEntityAxis__custom--S000072843Member_zBmAXQwvZugl">8.45%</span></span>.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-left: auto; width: 50%; border-collapse: collapse; margin-right: auto"> <tr style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); width: 25%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b><span id="xdx_901_eoef--HighestQuarterlyReturnLabel_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesMember__dei--LegalEntityAxis__custom--S000072843Member_zHknSA5eU1l">Best Quarter</span></b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); width: 25%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b><span id="xdx_90A_eoef--LowestQuarterlyReturnLabel_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesMember__dei--LegalEntityAxis__custom--S000072843Member_z0Z3loU1Vjf">Worst Quarter</span></b></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b><span id="xdx_907_eoef--BarChartHighestQuarterlyReturn_dp_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesMember__dei--LegalEntityAxis__custom--S000072843Member_z2s2gwvUSP28">22.59%</span></b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b><span id="xdx_90B_eoef--BarChartLowestQuarterlyReturn_dp_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesMember__dei--LegalEntityAxis__custom--S000072843Member_zlq4qqOQ6He4">(30.79)%</span></b></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: center"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>(<span id="xdx_909_eoef--BarChartHighestQuarterlyReturnDate_dd_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesMember__dei--LegalEntityAxis__custom--S000072843Member_zUTlIYpZTpV1">12/31/2020</span></b></span><b><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">)</span></b></td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: center"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>(<span id="xdx_907_eoef--BarChartLowestQuarterlyReturnDate_dd_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesMember__dei--LegalEntityAxis__custom--S000072843Member_zQBK9oXcZ4b2">3/31/2020</span></b></span><b><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">)</span></b></td></tr> </table> The Fund’s year-to-date return 2025-12-31 0.0845 Best Quarter Worst Quarter 0.2259 -0.3079 2020-12-31 2020-03-31 Average Annual Total Returns for Periods Ended December 31, 2025 <p id="xdx_A8B_eoef--PerformanceTableNarrativeTextBlock_z2ZfEAnfaEWb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148); -sec-ix-redline: true">This table compares the Fund’s Institutional Shares’ average annual total returns for the periods ended December 31, 2025 to those of an appropriate broad-based index and a secondary index.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><span id="xdx_90B_eoef--PerformanceTableUsesHighestFederalRate_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesMember__dei--LegalEntityAxis__custom--S000072843Member_zF0cKLzp6Of6">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> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><span id="xdx_90B_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesMember__dei--LegalEntityAxis__custom--S000072843Member_zbCYc4wTwoZh">Your actual after-tax returns will depend on your 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></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </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. Your actual after-tax returns will depend on your 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”). <div id="xdx_A8B_eoef--PerformanceTableTextBlock_zctBc4IN8eof"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_z6l2E9GB7Pp3" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; color: rgb(52,96,148); width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148)"> <td style="border-bottom: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: left; vertical-align: bottom; width: 61%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>WESTWOOD QUALITY SMIDCAP FUND </b></span></td> <td style="border-bottom: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; text-align: center; width: 1%"><span style="color: rgb(52,96,148)"> </span></td> <td id="xdx_49F_20250101__20251231_z9MaSErEO4k1" style="border-bottom: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; width: 12%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>1 Year</b></span></td> <td style="border-bottom: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; text-align: center; width: 1%"><span style="color: rgb(52,96,148)"> </span></td> <td id="xdx_499_20210101__20251231_zl3J1zrexmCj" style="border-bottom: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; width: 12%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>5 Years</b></span></td> <td style="border-bottom: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; text-align: center; width: 1%"><span style="color: rgb(52,96,148)"> </span></td> <td id="xdx_490_20160101__20251231_z3R2So6PApud" style="border-bottom: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; width: 12%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>10 Years</b></span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148)"> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: left; vertical-align: bottom"><span style="color: rgb(52,96,148)"><b>INSTITUTIONAL</b></span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center"> </td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center"> </td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center"> </td> </tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_hdei--DocumentInformationDocumentAxis__custom--InstitutionalSharesMember__oef--ClassAxis__custom--C000229480Member_zfEqScGpI5r8" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148)"> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-indent: -0.125in; padding-left: 0.25in; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Fund <span id="xdx_907_eoef--AverageAnnualReturnLabel_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesMember__oef--ClassAxis__custom--C000229480Member_zl54CWZdDVi2">Returns Before Taxes</span></b></span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">8.45%</span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">8.93%</span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">8.64%</span></td> </tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_hdei--DocumentInformationDocumentAxis__custom--InstitutionalSharesMember__oef--ClassAxis__custom--C000229480Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zLQv6ajklRHg" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148)"> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-indent: -0.125in; padding-left: 0.25in; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Fund Returns After Taxes on Distributions</b></span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">6.90%</span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">7.38%</span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">6.76%</span></td> </tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_hdei--DocumentInformationDocumentAxis__custom--InstitutionalSharesMember__oef--ClassAxis__custom--C000229480Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zDNyvE3yHpY1" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148)"> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-indent: -0.125in; padding-left: 0.25in; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Fund Returns After Taxes on Distributions and Sale of Fund Shares</b></span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">5.64%</span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">6.63%</span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">6.43%</span></td> </tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_hdei--DocumentInformationDocumentAxis__custom--InstitutionalSharesMember__oef--ClassAxis__custom--C000229480Member__oef--PerformanceMeasureAxis__custom--Russell3000IndexReflectsNoDeductionForFeesExpensesOrTaxesMember_z0wnZcpVPS9a" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148)"> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-indent: -0.125in; padding-left: 0.25in; text-align: left; vertical-align: top"><span style="color: rgb(52,96,148)"><b>Russell 3000^® Index</b></span><b> <span style="color: rgb(52,96,148)">(<span id="xdx_90E_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesMember__dei--LegalEntityAxis__custom--S000072843Member_zDJkHR6ULIU">reflects no deduction for fees, expenses, or taxes</span>)</span></b></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)">17.15%</span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)">13.15%</span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)">14.29%</span></td> </tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_hdei--DocumentInformationDocumentAxis__custom--InstitutionalSharesMember__oef--ClassAxis__custom--C000229480Member__oef--PerformanceMeasureAxis__custom--Russell2500ValueIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_z8yIMyzgqPmg" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148)"> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-indent: -0.125in; padding-left: 0.25in; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Russell 2500</b>^® <b>Value Index</b></span><b> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">(reflects no deduction for fees, expenses, or taxes)</span></b></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">12.73%</span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">10.02%</span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">9.72%</span></td> </tr> </table> Returns Before Taxes 0.0845 0.0893 0.0864 0.0690 0.0738 0.0676 0.0564 0.0663 0.0643 reflects no deduction for fees, expenses, or taxes 0.1715 0.1315 0.1429 0.1273 0.1002 0.0972 WESTWOOD QUALITY SMALLCAP FUND Fund Investment Objective <p id="xdx_A8B_eoef--ObjectivePrimaryTextBlock_zPpxUTNRdLsh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">The investment objective of the Westwood Quality SmallCap Fund (the “Fund” or “SmallCap Fund”) is to seek long-term capital appreciation.</span></p> Fund Fees and Expenses <p id="xdx_A8F_eoef--ExpenseNarrativeTextBlock_zBbZD5HVWuHb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)">These tables describe the fees and expenses that you may pay if you buy, hold and sell 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, A Class, and C Class Shares, which are not reflected in the table or the example below.</b> <span id="xdx_901_eoef--ExpenseBreakpointDiscounts_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000072842Member_zPqYQJMZKzqb">You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $<span id="xdx_90C_eoef--ExpenseBreakpointMinimumInvestmentRequiredAmount_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000072842Member_zL8wqvTmnIKk">50,000</span> in A Class Shares of the Fund.</span> More information about these and other discounts is available (i) from your financial professional and (ii) in the section “Sales Charges” of this Prospectus. Investors investing in the A Class and C Class Shares of the Fund through an intermediary should consult Appendix A - Intermediary-Specific Sales Charge Discounts and Waivers, which includes information regarding broker-defined sales charges and related discount and/or waiver policies that apply to purchases through certain intermediaries. Shares of the Fund are available in other share classes that have different fees and expenses.</span></p> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in A Class Shares of the Fund. 50000 Shareholder Fees (fees paid directly from your investment) <div id="xdx_A85_eoef--ShareholderFeesTableTextBlock_zuum39Bxx3i8"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5B_dU_zrgFmuUBC3ei" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="color: rgb(52,96,148); background-color: Gainsboro"> <td style="border: #346094 1pt solid; color: rgb(52,96,148); vertical-align: top; width: 64%; text-align: justify"><span style="color: rgb(52,96,148)"> </span></td> <td id="xdx_49A_20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000072842Member__oef--ClassAxis__custom--C000229476Member_z7RnCOhCb9n1" style="border-top: #346094 1pt solid; border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; width: 12%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Institutional Shares</b></span></td> <td id="xdx_498_20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000072842Member__oef--ClassAxis__custom--C000229475Member_zc1iSc8ga7a5" style="border-top: #346094 1pt solid; border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; width: 12%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>A Class Shares</b></span></td> <td id="xdx_496_20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000072842Member__oef--ClassAxis__custom--C000229478Member_zP4pdgc6f2L4" style="border-top: #346094 1pt solid; border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; width: 12%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>C Class Shares</b></span></td></tr> <tr id="xdx_40C_eoef--MaximumSalesChargeImposedOnPurchasesOverOfferingPrice_dpn_zFwUIqenguua" style="color: rgb(52,96,148)"> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148); vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">None</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">4.00%</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">None</span></td></tr> <tr style="color: rgb(52,96,148)"> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148); vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">Maximum Deferred Sales Charge (Load) (as a percentage of net asset value)</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><span id="xdx_90C_eoef--MaximumDeferredSalesChargeOverOfferingPrice_dpn_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000072842Member__oef--ClassAxis__custom--C000229476Member_zHjzBjAIche8" title="Maximum Deferred Sales Charge (Load) (as a percentage of net asset value)">None</span></span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><span id="xdx_901_eoef--MaximumDeferredSalesChargeOverOfferingPrice_dpn_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000072842Member__oef--ClassAxis__custom--C000229475Member_fMQ_____ze2fg9AhIhV6" title="Maximum Deferred Sales Charge (Load) (as a percentage of net asset value)">None</span>¹</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><span id="xdx_900_eoef--MaximumDeferredSalesChargeOverOfferingPrice_dpn_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000072842Member__oef--ClassAxis__custom--C000229478Member_fMg_____ztobuKJWmrDe" title="Maximum Deferred Sales Charge (Load) (as a percentage of net asset value)">1.00%</span>² </span></td></tr> <tr id="xdx_404_eoef--MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther_dpn_zL8NwV1ifNm3" style="color: rgb(52,96,148)"> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148); vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">Maximum Sales Charge (Load) Imposed on Reinvested Dividends and Other Distributions (as a percentage of offering price)</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">None</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">None</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">None</span></td></tr> <tr id="xdx_405_eoef--RedemptionFeeOverRedemption_iN_dpin_zZZWDCxGYeCb" style="color: rgb(52,96,148)"> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148); vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">Redemption Fee (as a percentage of amount redeemed, if applicable)</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">None</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">None</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">None</span></td></tr> </table> <p style="color: rgb(52,96,148); margin-top: 0; margin-bottom: 0"><span style="color: rgb(52,96,148)"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="color: rgb(52,96,148); vertical-align: top; text-align: justify"> <td style="color: rgb(52,96,148); width: 0in"></td><td style="color: rgb(52,96,148); width: 0.25in; text-align: left"><span style="color: rgb(52,96,148)"><sup id="xdx_F09_znuWxNk71Fq3">1</sup></span></td> <td style="color: rgb(52,96,148); text-align: justify"><span id="xdx_F14_zTYwAZppXfrh" style="color: rgb(52,96,148)"> A Class Shares purchases of $1,000,000 or more may be subject to a 1.00% Contingent Deferred Sales Charge (“CDSC”) if redeemed within 18 months of purchase.</span></td> </tr> <tr style="color: rgb(52,96,148); vertical-align: top; text-align: justify"> <td style="color: rgb(52,96,148); width: 0in"></td><td style="color: rgb(52,96,148); width: 0.25in; text-align: left"><span style="color: rgb(52,96,148)"><sup id="xdx_F03_zcNFTa6CjUA3">2</sup></span></td> <td style="color: rgb(52,96,148); text-align: justify"><span id="xdx_F1F_z0xCuwAX8Npe" style="color: rgb(52,96,148)"> C Class Shares may be subject to a 1.00% Contingent Deferred Sales Charge (“CDSC”) if redeemed within 12 months of purchase.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> 0 0.0400 0 0 0 0.0100 0 0 0 -0 -0 -0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A8D_eoef--AnnualFundOperatingExpensesTableTextBlock_zqF36d9shwR5"></div> <table cellpadding="3" cellspacing="0" id="xdx_A56_dU_zpcrFpCb6aw3" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; color: rgb(52,96,148); width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); background-color: Gainsboro"> <td style="border: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b> </b></span></td> <td colspan="2" id="xdx_49A_20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000072842Member__oef--ClassAxis__custom--C000229476Member_zzpmCEYvdrm3" style="border-top: #346094 1pt solid; border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Institutional Shares</b></span></td> <td id="xdx_49F_20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000072842Member__oef--ClassAxis__custom--C000229475Member_zWMkixpHDMSg" style="border-top: #346094 1pt solid; border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)"><b>A Class Shares</b></span></td> <td id="xdx_49B_20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000072842Member__oef--ClassAxis__custom--C000229478Member_z6dqdOAE8iB7" style="border-top: #346094 1pt solid; border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; text-align: center"> <p style="color: rgb(52,96,148); margin-top: 0; margin-bottom: 0"><span style="color: rgb(52,96,148)"><b>C Class Shares</b></span></p></td></tr> <tr id="xdx_40D_eoef--ManagementFeesOverAssets_dpn_z8h1ULBAdsv6" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148)"> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: left; vertical-align: top; width: 52%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">Management Fees</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: center; vertical-align: bottom; width: 12%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center; width: 12%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">0.85%</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; text-align: center; width: 12%"><span style="color: rgb(52,96,148)">0.85%</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; text-align: center; width: 12%"><span style="color: rgb(52,96,148)">0.85%</span></td></tr> <tr id="xdx_40A_eoef--DistributionAndService12b1FeesOverAssets_dpn_zDjfSaxhrPI6" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148)"> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: left; vertical-align: top"><span style="color: rgb(52,96,148)">Distribution (12b-1) Fees</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: center; vertical-align: bottom"><span style="color: rgb(52,96,148)"> </span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)">None</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)">0.25%</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)">1.00%</span></td></tr> <tr id="xdx_400_eoef--OtherExpensesOverAssets_dpn_z4eimAqPNmKl" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148)"> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">Other Expenses</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">0.21%</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)">0.08%</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)">0.08%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148)"> <td style="border-right: rgb(52,96,148) 1pt solid; border-left: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); padding-left: 0.125in; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">Administrative Services Plan Fees<sup id="xdx_F4C_zdWyO3otJhhj">1</sup></span></td> <td id="xdx_989_eoef--Component1OtherExpensesOverAssets_dpn_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000072842Member__oef--ClassAxis__custom--C000229476Member_fMQ_____z1qBSdiHwMT4" style="border-right: rgb(52,96,148) 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center" title="Administrative Services Plan Fees"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">0.13%</span></td> <td style="border-right: rgb(52,96,148) 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></td> <td style="border-right: rgb(52,96,148) 1pt solid; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="border-right: rgb(52,96,148) 1pt solid; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148)"> <td style="border: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); padding-left: 0.125in; text-align: left; vertical-align: top; width: 52%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">Other Operating Expenses</span></td> <td id="xdx_987_eoef--Component2OtherExpensesOverAssets_dpn_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000072842Member__oef--ClassAxis__custom--C000229476Member_zuE4k2ZnGck4" style="border-top: #346094 1pt solid; border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center; width: 12%" title="Other Operating Expenses"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">0.08%</span></td> <td style="border-top: #346094 1pt solid; border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: center; vertical-align: bottom; width: 12%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></td> <td style="border-top: #346094 1pt solid; border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; text-align: center; width: 12%"><span style="color: rgb(52,96,148)"> </span></td> <td style="border-top: #346094 1pt solid; border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; text-align: center; width: 12%"><span style="color: rgb(52,96,148)"> </span></td></tr> <tr id="xdx_403_eoef--ExpensesOverAssets_dpn_zWAzBvBiCIFf" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148)"> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">Total Annual Fund Operating Expenses</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">1.06%</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)">1.18%</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)">1.93%</span></td></tr> <tr id="xdx_408_eoef--FeeWaiverOrReimbursementOverAssets_dpn_zhg7chRTtqVj" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148)"> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">Less Fee Reductions and/or Expense Reimbursements<sup id="xdx_F47_zSh7M3oiF4Wa">2</sup></span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">(0.14)%</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)">(0.14)%</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)">(0.14)%</span></td></tr> <tr id="xdx_40E_eoef--NetExpensesOverAssets_dpn_z1V21LVd5Ujg" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148)"> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">Total Annual Fund Operating Expenses After Fee Reductions and/or Expense Reimbursements</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">0.92%</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)">1.04</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)">1.79%</span></td></tr> </table> <p style="margin: 0; color: rgb(52,96,148)"><span style="font-size: 10pt; color: rgb(52,96,148)"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; color: rgb(52,96,148); margin-top: 0in; margin-bottom: 0in; width: 100%"> <tr style="color: rgb(52,96,148); vertical-align: top; text-align: justify"> <td style="color: rgb(52,96,148); width: 0in"></td><td style="color: rgb(52,96,148); text-align: left; width: 0.25in"><span style="color: rgb(52,96,148)"><sup id="xdx_F08_zaKhb0DsKoq4">1</sup></span></td> <td style="color: rgb(52,96,148); text-align: justify"><span id="xdx_F18_zz3dEx2VXh3c" style="color: rgb(52,96,148)"> The Fund has adopted an Administrative Services Plan that provides that the Fund may pay financial intermediaries for shareholder services in an annual amount not to exceed 0.20% based on the average daily net assets of the Fund’s Institutional Shares. The Fund paid 0.13% of its Institutional Shares’ average daily net assets in Administrative Services Plan Fees for the fiscal year ended October 31, 2025.</span></td></tr> </table> <p style="margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; color: rgb(52,96,148); margin-top: 0in; margin-bottom: 0in; width: 100%"> <tr style="color: rgb(52,96,148); vertical-align: top; text-align: justify"> <td style="color: rgb(52,96,148); width: 0in"></td><td style="color: rgb(52,96,148); width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><sup id="xdx_F02_zEwd9MrEgp6f">2</sup></span></td> <td id="xdx_F11_zHMFhae9MRp4" style="color: rgb(52,96,148); text-align: justify"> Westwood Management Corp. (the “Adviser”) has contractually agreed to reduce fees and reimburse expenses in order to keep Total Annual Fund Operating Expenses for each of the Institutional, A Class, and C Class Shares (excluding interest, taxes, brokerage commissions, Rule 12b-1 distribution fees (if any), administrative servicing fees (if any), borrowing expenses such as dividend and interest expenses on securities sold short, Acquired Fund fees and expenses, costs to organize the Fund, other expenditures which are capitalized in accordance with generally accepted accounting principles, and extraordinary expenses (collectively, “excluded expenses”)) from exceeding 0.79% of the Fund’s Institutional, A Class, and C Class Shares’ average daily net assets until <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><span id="xdx_901_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000072842Member_zpMWgqH3vx17">March 1, 2027</span></span>. 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 36-month 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 Ultimus Managers 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 will terminate automatically if the Fund’s investment advisory agreement with the Adviser is terminated.</td> </tr> </table> 0.0085 0.0085 0.0085 0 0.0025 0.0100 0.0021 0.0008 0.0008 0.0013 0.0008 0.0106 0.0118 0.0193 -0.0014 -0.0014 -0.0014 0.0092 0.0104 0.0179 March 1, 2027 Example <p id="xdx_A85_eoef--ExpenseExampleNarrativeTextBlock_zJChLFlQxW5a" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same and the contractual agreement to limit expenses remains in effect until March 1, 2027. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A8B_eoef--ExpenseExampleWithRedemptionTableTextBlock_zKdtuqI1vLU3"></div> <table cellpadding="3" cellspacing="0" id="xdx_A57_dU_zTbMmabPXcgh" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; color: rgb(52,96,148); width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: top; background-color: #D9D9D9"> <td style="border: #346094 1pt solid; color: rgb(52,96,148); width: 52%"><span style="color: rgb(52,96,148)"><b> </b></span></td> <td id="xdx_487_eoef--ExpenseExampleYear01_zTpYgExRBVLh" style="border-top: #346094 1pt solid; border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); width: 12%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>1 Year</b></span></td> <td id="xdx_48A_eoef--ExpenseExampleYear03_z99g2u0bYfMa" style="border-top: #346094 1pt solid; border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); width: 12%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>3 Years</b></span></td> <td id="xdx_485_eoef--ExpenseExampleYear05_zLbux3yMtFq" style="border-top: #346094 1pt solid; border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); width: 12%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>5 Years</b></span></td> <td id="xdx_489_eoef--ExpenseExampleYear10_zPJYQh9kiAIb" style="border-top: #346094 1pt solid; border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); width: 12%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>10 Years</b></span></td></tr> <tr id="xdx_410_20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000072842Member__oef--ClassAxis__custom--C000229476Member_zqlS5Dh7fj0a" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom"> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"><b>Institutional</b></span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">$94</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">$323</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">$571</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">$1,281</span></td></tr> <tr id="xdx_418_20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000072842Member__oef--ClassAxis__custom--C000229475Member_zkjVslZRmC6d" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom"> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"><b>A Class</b></span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">$502</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">$746</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">$1,010</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">$1,763</span></td></tr> <tr id="xdx_41A_20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000072842Member__oef--ClassAxis__custom--C000229478Member_zfGEAhS940qi" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom"> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"><b>C Class</b></span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">$282</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">$593</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">$1,029</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">$2,242</span></td></tr> </table> 94 323 571 1281 502 746 1010 1763 282 593 1029 2242 Portfolio Turnover <p id="xdx_A86_eoef--PortfolioTurnoverTextBlock_zwnDpD8Tp301" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">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 ended October 31, 2025, the portfolio turnover rate of the Fund, was <span id="xdx_901_eoef--PortfolioTurnoverRate_dp_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000072842Member_zcs3p5wHyT7i">63%</span> </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">of the average value of its portfolio.</span></p> 0.63 Principal Investment Strategies <p id="xdx_A86_eoef--StrategyNarrativeTextBlock_z5V128mDNbg4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of small-cap companies. This investment policy may be changed by the Fund upon 60 days’ prior written notice to shareholders. The Fund considers small-cap companies to be those companies within the market capitalization range of the Russell 2000^® Index at the time of initial purchase. While the market capitalization range of the Russell 2000^® Index changes throughout the year, it undergoes an annual reconstitution in June of each year. As of December 31, 2025, the market capitalization range of the companies in the index was between $1.27 million and $31.3 billion. The equity securities in which the Fund invests are primarily common stocks, but may also include shares of exchange-traded funds (“ETFs”), real estate investment trusts (“REITs”), and master limited partnerships (“MLPs”). The Fund generally invests in securities of domestic companies, but may also invest in equity securities of foreign companies and American Depositary Receipts (“ADRs”). In the event the Fund invests in foreign securities and ADRs, the Adviser expects that the Fund’s investment in such securities would normally represent less than 25% of the Fund’s assets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">The Fund invests in approximately 50-70 securities that are well diversified among market sectors. The Adviser utilizes a value style of investing to select securities for the Fund that it believes are undervalued, generally maintain high-quality characteristics, and offer an attractive opportunity for price appreciation coupled with downside risk limitation. Value investing focuses on companies with stocks that appear undervalued in light of factors such as the company’s earnings, book values, revenues and cash flow. The Fund considers quality characteristics from a quantitative perspective, such as free cash flow generation, attractive returns on capital, and conservative balance sheets. Additionally, from a qualitative perspective, quality characteristics include strong management teams, durable competitive advantages, and reasonable growth prospects. Key metrics for evaluating the risk/return profile of an</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">investment may include strong free cash flow, an improving return on equity, a strengthening balance sheet and, in the case of common equities, positive earnings surprises without a corresponding change in the stock price. The Adviser has disciplines in place that serve as sell signals, such as a security reaching a predetermined price target, a change to a company’s fundamentals that makes the risk/return profile unattractive, or a need to improve the overall risk/return profile of the Fund. The Adviser will not necessarily sell a security that has appreciated or depreciated outside the Fund’s target capitalization range.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_zgtw20tZRwbk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">As with all mutual funds, there is no guarantee that the Fund will achieve its investment objective. <span id="xdx_906_eoef--RiskTextBlock_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000072842Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zUMDDh43HLc4">You could lose money by investing in the Fund.</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b><span id="xdx_902_eoef--RiskTextBlock_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000072842Member__oef--RiskAxis__oef--RiskNotInsuredDepositoryInstitutionMember_zWEPG0goDym6">A Fund share is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency.</span></b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">The principal risk factors affecting shareholders’ investments in the Fund are set forth below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_91D_exdx--NextElement_zSaYIAIadWlj"></span></div> You could lose money by investing in the Fund. A Fund share is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency. <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquityRiskMember_zNEGRKnKQNNd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Equity Risk –</b> 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 military action, 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 style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_91F_exdx--NextElement_zeMpmgETqHld"></span></div> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallCapitalizationCompanyRiskMember_zAQwtEQdpBXi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Small-Capitalization Company Risk –</b> The 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 these 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, small-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 style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_919_exdx--NextElement_zk8RDZhvWmx8"></span></div> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zZulnTaUzMFf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)"><b>Liquidity Risk</b> – 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 style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_918_exdx--NextElement_zyASBxZDzDG2"></span></div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zhxD9QMA9Wqj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Market Risk</b> – 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 military action, 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 style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_912_exdx--NextElement_zhVnRxtvtm0f"></span></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--RealEstateSecuritiesAndREITRiskMember_zJrVYxqXiN5d" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)"><b>Real Estate Securities and REIT Risk – </b>A Fund that focuses its investments in opportunities in the real estate industry or otherwise invests in real estate-related securities has certain risks associated with investments in entities focused on real estate activities. REITs are pooled investment vehicles that own, and usually operate, income-producing real estate. 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. REITs typically incur fees that are separate from those of the Fund. Accordingly, the Fund’s investments in REITs will result in the layering of expenses such that shareholders will indirectly bear a proportionate share of the REITs’ operating expenses, in addition to paying Fund expenses. REIT operating expenses are not reflected in the fee table and example in this Prospectus.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_913_exdx--NextElement_zDC98MCPfI0b"></span></div> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--MLPRiskMember_zvBOQuNLDiC3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>MLP Risk –</b> MLPs are limited partnerships in which the ownership units are publicly traded. MLPs often own several properties or businesses (or own interests) that are related to oil and gas industries or other natural resources, but they also may finance other projects. To the extent that an MLP’s interests are all in a particular industry or industries, such as the energy industries, the MLP will be negatively impacted by economic events adversely impacting that industry or industries. Additional risks of investing in an MLP also include those involved in investing in a partnership as opposed to a corporation. For example, state law governing partnerships is often less restrictive than state law governing corporations. Accordingly, there may be fewer protections afforded to investors in a MLP than investors in a corporation. For example, investors in MLPs may have limited voting rights or be liable under certain circumstances for amounts greater than the amount of their investment. In addition, 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_914_exdx--NextElement_zpD1SftWzB0f"></span></div> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--SectorRiskMember_ztUId0DiriAc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148); -sec-ix-redline: true"><b>Sector Risk – </b></span>The Fund may, at times, be more heavily invested in certain sectors. When the Fund emphasizes investment in one or more sectors, the value of its net assets will be more susceptible to the financial, market or economic events affecting issuers and industries within those sectors than would be the case for mutual funds that do not emphasize investment in particular sectors. As of October 31, 2025, 23.4% and 20.6% of the Fund’s net assets were invested in stocks within the financials sector and the industrials sector, respectively. The values of securities of companies in the financials sector may be adversely impacted by many factors, including, among others, changes in government regulations, economic conditions, and interest rates, credit rating downgrades, adverse public perception, exposure concentration and decreased liquidity in credit markets. The industrials sector comprises companies who produce capital goods used in construction and manufacturing, such as companies that make and sell machinery, equipment and supplies that are used to produce other goods. Companies in the industrials sector may be adversely affected by changes in government regulation, world events and economic conditions. In addition, companies in the industrials sector may be adversely affected by environmental damages, product liability claims and exchange rates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_919_exdx--NextElement_zIzB87fTmrm2"></span></div> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValueInvestingRiskMember_zRbDQWKGVgk3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Value Investing Risk –</b> Investments in value stocks present the risk that a stock may decline in value or never reach the value the Adviser believes is its full market value. In addition, the Fund’s value investment style may go out of favor with investors.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_91D_exdx--NextElement_zS8agFhX38ai"></span></div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_zlI6kLpTgY7e" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Foreign Securities Risk </b>– Investing in foreign securities, including direct investments and through ADRs, which are traded on exchanges and represent an ownership interest 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. 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 ADRs provide an alternative to directly 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_91F_exdx--NextElement_zGs7bCdV607l"></span></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignCurrencyRiskMember_zxPGluG6kSo" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Foreign Currency Risk –</b> 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_911_exdx--NextElement_zZYUvXEKzlA3"></span></div> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--GeographicFocusRiskMember_zIwyXAKVR5o1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)"><b>Geographic Focus Risk</b> – 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 style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_910_exdx--NextElement_z47zabUMUa52"></span></div> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFRiskMember_zzxiNS4lqJVi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>ETF Risk –</b> ETFs are pooled investment vehicles, such as registered investment companies and grantor trusts, whose shares are listed and traded on U.S. stock exchanges or otherwise traded in the over-the-counter market. To the extent that the Fund invests in ETFs, the Fund will be subject to substantially the same risks as those associated with the direct ownership of the securities in which the ETF invests, and the value of the Fund’s investment will fluctuate in response to the performance of the ETF’s holdings. ETFs typically incur fees that are separate from those of the Fund. Accordingly, the Fund’s investments in ETFs will result in the layering of expenses such that shareholders will indirectly bear a proportionate</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">share of the ETFs’ operating expenses, in addition to paying Fund expenses. Because the value of ETF shares depends on the demand in the market, shares may trade at a discount or premium to their net asset value and the Adviser may not be able to liquidate the Fund’s holdings at the most optimal time, which could adversely affect the Fund’s performance.</span></p> Performance Information <p id="xdx_A8C_eoef--PerformanceNarrativeTextBlock_zytHzMm88M55" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span id="xdx_90B_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000072842Member_zHQoslFhyYP4" style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in the performance of the Institutional, A Class, and C Class Shares of the Fund from year-to-year and by showing how the average annual returns for 1-year, 5-years, 10-years and since inception of the Fund compare with those of the Russell 3000^® Index and the Russell 2000^{^®}Index.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">The performance shown in the bar chart and table for period priors to November 1, 2021 represents the performance of the Institutional, A Class, and A Class Shares of the Westwood Quality SmallCap Fund, a series of the Advisors’ Inner Circle Fund (the “Predecessor Fund”). The Fund is the successor to the Predecessor Fund through a reorganization with the Fund on November 1, 2021 (the “2021 Reorganization”). <span id="xdx_901_eoef--PerformancePastDoesNotIndicateFuture_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000072842Member_zU4uvz3W6Ds">How the Fund and Predecessor Fund have performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> Updated performance information is available on the Fund’s website at <span id="xdx_90D_eoef--PerformanceAvailabilityWebSiteAddress_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000072842Member_zZyDjNjCpkUj">www.westwoodfunds.com</span> or by calling <span id="xdx_90D_eoef--PerformanceAvailabilityPhone_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000072842Member_zHDwN1KBtyG4">1-877-FUND-WHG (1-877-386-3944)</span>.</span></p> The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in the performance of the Institutional, A Class, and C Class Shares of the Fund from year-to-year and by showing how the average annual returns for 1-year, 5-years, 10-years and since inception of the Fund compare with those of the Russell 3000® Index and the Russell 2000® Index. How the Fund and Predecessor Fund have performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.westwoodfunds.com 1-877-FUND-WHG (1-877-386-3944) Calendar Year Returns - Institutional Shares* <p id="xdx_A89_eoef--BarChartTableTextBlock_zMdz80w0muq4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: rgb(52,96,148); text-align: center"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: rgb(52,96,148); text-align: center"><img alt="" src="pro-whgsx_001.jpg" style="height: 244px; width: 500px"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zvvJu3tRFq6i" style="font: 11pt Calibri, Helvetica, Sans-Serif; color: rgb(52,96,148); width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; color: rgb(52,96,148); vertical-align: top"> <td style="display: none; color: rgb(52,96,148); text-align: left; width: 50%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="display: none; color: rgb(52,96,148)">Year</span></td> <td style="display: none; color: rgb(52,96,148); text-align: left; width: 50%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="display: none; color: rgb(52,96,148)">Return<sup style="display: none">*</sup></span></td></tr> <tr style="display: none; color: rgb(52,96,148); vertical-align: top"> <td style="display: none; color: rgb(52,96,148); text-align: left; padding-right: 5.4pt; padding-left: 5.4pt"><span style="display: none; font-size: 10pt; color: rgb(52,96,148)">Annual Return 2016</span></td> <td id="xdx_989_eoef--AnnlRtrPct_c20160101__20161231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000072842Member_fKg_____zjZCCgZFwkel" style="display: none; color: rgb(52,96,148); text-align: left; padding-right: 5.4pt; padding-left: 5.4pt"><span style="display: none; color: rgb(52,96,148)">28.33%</span></td></tr> <tr style="display: none; color: rgb(52,96,148); vertical-align: top"> <td style="display: none; color: rgb(52,96,148); text-align: left; padding-right: 5.4pt; padding-left: 5.4pt"><span style="display: none; font-size: 10pt; color: rgb(52,96,148)">Annual Return 2017</span></td> <td id="xdx_989_eoef--AnnlRtrPct_c20170101__20171231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000072842Member_fKg_____zolcsEFgOkmi" style="display: none; color: rgb(52,96,148); text-align: left; padding-right: 5.4pt; padding-left: 5.4pt"><span style="display: none; color: rgb(52,96,148)">12.36%</span></td></tr> <tr style="display: none; color: rgb(52,96,148); vertical-align: top"> <td style="display: none; color: rgb(52,96,148); text-align: left; padding-right: 5.4pt; padding-left: 5.4pt"><span style="display: none; font-size: 10pt; color: rgb(52,96,148)">Annual Return 2018</span></td> <td id="xdx_986_eoef--AnnlRtrPct_c20180101__20181231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000072842Member_fKg_____zy4SMIx6PqYl" style="display: none; color: rgb(52,96,148); text-align: left; padding-right: 5.4pt; padding-left: 5.4pt"><span style="display: none; color: rgb(52,96,148)">-14.16%</span></td></tr> <tr style="display: none; color: rgb(52,96,148); vertical-align: top"> <td style="display: none; color: rgb(52,96,148); text-align: left; padding-right: 5.4pt; padding-left: 5.4pt"><span style="display: none; font-size: 10pt; color: rgb(52,96,148)">Annual Return 2019</span></td> <td id="xdx_98D_eoef--AnnlRtrPct_c20190101__20191231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000072842Member_fKg_____zuAY2TighFpl" style="display: none; color: rgb(52,96,148); text-align: left; padding-right: 5.4pt; padding-left: 5.4pt"><span style="display: none; color: rgb(52,96,148)">27.13%</span></td></tr> <tr style="display: none; color: rgb(52,96,148); vertical-align: top"> <td style="display: none; color: rgb(52,96,148); text-align: left; padding-right: 5.4pt; padding-left: 5.4pt"><span style="display: none; font-size: 10pt; color: rgb(52,96,148)">Annual Return 2020</span></td> <td id="xdx_98B_eoef--AnnlRtrPct_c20200101__20201231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000072842Member_fKg_____zzj3rgP0rn05" style="display: none; color: rgb(52,96,148); text-align: left; padding-right: 5.4pt; padding-left: 5.4pt"><span style="display: none; color: rgb(52,96,148)">2.16%</span></td></tr> <tr style="display: none; color: rgb(52,96,148); vertical-align: top"> <td style="display: none; color: rgb(52,96,148); text-align: left; padding-right: 5.4pt; padding-left: 5.4pt"><span style="display: none; font-size: 10pt; color: rgb(52,96,148)">Annual Return 2021</span></td> <td id="xdx_98F_eoef--AnnlRtrPct_c20210101__20211231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000072842Member_fKg_____zwn8Jtt2moXd" style="display: none; color: rgb(52,96,148); text-align: left; padding-right: 5.4pt; padding-left: 5.4pt"><span style="display: none; color: rgb(52,96,148)">27.93%</span></td></tr> <tr style="display: none; color: rgb(52,96,148); vertical-align: top"> <td style="display: none; color: rgb(52,96,148); text-align: left; padding-right: 5.4pt; padding-left: 5.4pt"><span style="display: none; font-size: 10pt; color: rgb(52,96,148)">Annual Return 2022</span></td> <td id="xdx_984_eoef--AnnlRtrPct_c20220101__20221231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000072842Member_fKg_____ze11AjZLajR6" style="display: none; color: rgb(52,96,148); text-align: left; padding-right: 5.4pt; padding-left: 5.4pt"><span style="display: none; color: rgb(52,96,148)">-12.46%</span></td></tr> <tr style="display: none; color: rgb(52,96,148); vertical-align: top"> <td style="display: none; color: rgb(52,96,148); text-align: left; padding-right: 5.4pt; padding-left: 5.4pt"><span style="display: none; font-size: 10pt; color: rgb(52,96,148)">Annual Return 2023</span></td> <td id="xdx_981_eoef--AnnlRtrPct_c20230101__20231231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000072842Member_fKg_____z1PAJ7OP66B1" style="display: none; color: rgb(52,96,148); text-align: left; padding-right: 5.4pt; padding-left: 5.4pt"><span style="display: none; color: rgb(52,96,148)">17.17%</span></td></tr> <tr style="display: none; color: rgb(52,96,148); vertical-align: top"> <td style="display: none; color: rgb(52,96,148); text-align: left; padding-right: 5.4pt; padding-left: 5.4pt"><span style="display: none; font-size: 10pt; color: rgb(52,96,148)">Annual Return 2024</span></td> <td id="xdx_981_eoef--AnnlRtrPct_c20240101__20241231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000072842Member_fKg_____zHhFRcuBaOCe" style="display: none; color: rgb(52,96,148); text-align: left; padding-right: 5.4pt; padding-left: 5.4pt">4.80%</td></tr> <tr style="display: none; color: rgb(52,96,148); vertical-align: top"> <td style="display: none; color: rgb(52,96,148); text-align: left; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt; color: rgb(52,96,148)">Annual Return 2025</span></td> <td id="xdx_986_eoef--AnnlRtrPct_c20250101__20251231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000072842Member_fKg_____zbEBHzOiGvH8" style="display: none; color: rgb(52,96,148); text-align: left; padding-right: 5.4pt; padding-left: 5.4pt">-0.06%</td></tr> </table> <div style="color: rgb(52,96,148)"></div> 0.2833 0.1236 -0.1416 0.2713 0.0216 0.2793 -0.1246 0.1717 0.0480 -0.0006 <div id="xdx_A87_eoef--BarChartClosingTextBlock_zf5vEhoGKzfa"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin: 0in auto; -sec-ix-redline: true; color: rgb(52,96,148); width: 550px"> <tr style="color: rgb(52,96,148); vertical-align: top; text-align: justify"> <td style="color: rgb(52,96,148); width: 0in"></td><td style="color: rgb(52,96,148); width: 0.25in; text-align: left"><span id="xdx_F07_zjxOibAfKPS3" style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">*</span></td> <td style="color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> <span id="xdx_F15_zQdz0upFFiul" style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> <span id="xdx_90A_eoef--YearToDateReturnLabel_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000072842Member_zLU0Tdffrvje">The Fund’s year-to-date return</span> through <span id="xdx_90E_eoef--BarChartYearToDateReturnDate_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000072842Member_zFsiUICILOA5">December 31, 2025</span> was (<span id="xdx_906_eoef--BarChartYearToDateReturn_dp_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000072842Member_zK8tZ745J4db">0.06</span>)%</span>.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-left: auto; width: 50%; border-collapse: collapse; margin-right: auto"> <tr style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); width: 25%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b><span id="xdx_903_eoef--HighestQuarterlyReturnLabel_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000072842Member_zkZkFja2eT1e">Best Quarter</span></b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); width: 25%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b><span id="xdx_908_eoef--LowestQuarterlyReturnLabel_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000072842Member_zhdvBObqwTi1">Worst Quarter</span></b></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148)"> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b><span id="xdx_905_eoef--BarChartHighestQuarterlyReturn_dp_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000072842Member_zvxkkNtstBQe">25.98%</span></b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b><span id="xdx_90A_eoef--BarChartLowestQuarterlyReturn_dp_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000072842Member_zQxKLQTz4NG">(32.64)%</span></b></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148)"> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: top; text-align: center"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>(<span id="xdx_903_eoef--BarChartHighestQuarterlyReturnDate_dd_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000072842Member_zFXDNKtaD4sf">12/31/2020</span></b></span><b><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">)</span></b></td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>(<span id="xdx_909_eoef--BarChartLowestQuarterlyReturnDate_dd_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000072842Member_z8TdwYRRquD4">3/31/2020</span></b></span><b><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">)</span></b></td></tr> </table> <p style="color: rgb(52,96,148); text-align: center; margin-top: 0; margin-bottom: 0"><span style="font-size: 10pt; color: rgb(52,96,148)"> </span></p> The Fund’s year-to-date return 2025-12-31 0.0006 Best Quarter Worst Quarter 0.2598 -0.3264 2020-12-31 2020-03-31 Average Annual Total Returns for Periods Ended December 31, 2025 <p id="xdx_A8A_eoef--PerformanceTableNarrativeTextBlock_zEQu6kA4VN7c" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">This table compares the Fund’s Institutional, A Class and C Class Shares’ average annual total returns for the periods ended December 31, 2025 to those of an appropriate broad-based index and a secondary index.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><span id="xdx_908_eoef--PerformanceTableUsesHighestFederalRate_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000072842Member_zHVe1HjMkip2">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> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><span id="xdx_907_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000072842Member_zeKZw7L7BCAa">Your actual after-tax returns will depend on your 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><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </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. Your actual after-tax returns will depend on your 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”) <div id="xdx_A8B_eoef--PerformanceTableTextBlock_zaYY7sDnVvp3"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_zqOyZaf1ZHt8" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; color: rgb(52,96,148); border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom"> <td style="border-bottom: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: left; width: 48%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"></span><span style="color: rgb(52,96,148)"><br/> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>WESTWOOD QUALITY SMALLCAP FUND </b></span></span></td> <td style="border-bottom: #346094 1pt solid; color: rgb(52,96,148); text-align: center; width: 1%"><span style="color: rgb(52,96,148)"> </span></td> <td id="xdx_492_20250101__20251231_zhiL7xW5ibu7" style="border-bottom: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); width: 12%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>1 Year</b></span></td> <td style="border-bottom: #346094 1pt solid; color: rgb(52,96,148); text-align: center; width: 1%"><span style="color: rgb(52,96,148)"> </span></td> <td id="xdx_494_20210101__20251231_zZS5F0sUJUX" style="border-bottom: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); width: 12%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>5 Years</b></span></td> <td style="border-bottom: #346094 1pt solid; color: rgb(52,96,148); text-align: center; width: 1%"><span style="color: rgb(52,96,148)"> </span></td> <td style="border-bottom: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); width: 12%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>10 Years</b></span></td> <td style="border-bottom: #346094 1pt solid; color: rgb(52,96,148); text-align: center; width: 1%"><span style="color: rgb(52,96,148)"> </span></td> <td style="border-bottom: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: center; width: 12%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Inception Date</b></span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: top; text-align: left"><span style="color: rgb(52,96,148)"><b>INSTITUTIONAL</b></span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"><b>(<span id="xdx_901_eoef--PerfInceptionDate_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__oef--ClassAxis__custom--C000229476Member_zdt0EF6c0sHd">April 2, 2007</span>)</b></span></td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_hdei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__oef--ClassAxis__custom--C000229476Member_zr6FsvhatYVl" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148)"> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-indent: -0.125in; padding-left: 0.25in; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Fund <span id="xdx_908_eoef--AverageAnnualReturnLabel_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__oef--ClassAxis__custom--C000229476Member_zN3GKaGU0Q8h">Returns Before Taxes</span></b></span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center">(<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">0.06)%</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">6.57%</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td id="xdx_984_eoef--AvgAnnlRtrPct_c20160101__20251231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__oef--ClassAxis__custom--C000229476Member_zpwhz0Fl94W4" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">8.25%</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">N/A</span></td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_hdei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__oef--ClassAxis__custom--C000229476Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zPdrnYCS7wpf" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148)"> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-indent: -0.125in; padding-left: 0.25in; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Fund Returns After Taxes on Distributions</b></span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center">(<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">1.58)%</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">5.23%</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td id="xdx_982_eoef--AvgAnnlRtrPct_c20160101__20251231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__oef--ClassAxis__custom--C000229476Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_z9qseckJESM3" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">7.10%</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">N/A</span></td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_hdei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__oef--ClassAxis__custom--C000229476Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zdzlwDSeklBc" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148)"> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-indent: -0.125in; padding-left: 0.25in; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Fund Returns After Taxes on Distributions and Sale of Fund Shares</b></span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">0.79%</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">4.96%</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td id="xdx_988_eoef--AvgAnnlRtrPct_c20160101__20251231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__oef--ClassAxis__custom--C000229476Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zyhBUO7qdUrj" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">6.47%</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">N/A</span></td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_hdei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__oef--ClassAxis__custom--C000229476Member__oef--PerformanceMeasureAxis__custom--Russell3000IndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zxbCKs1iPKmd" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148)"> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-indent: -0.125in; padding-left: 0.25in; text-align: left; vertical-align: top"><span style="color: rgb(52,96,148)"><b>Russell 3000^® Index</b></span><b> <span style="color: rgb(52,96,148)">(<span id="xdx_903_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000072842Member_zGqy84qBABLg">reflects no deduction for fees, expenses, or taxes</span>)</span></b></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)">17.15%</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)">13.15%</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td id="xdx_987_eoef--AvgAnnlRtrPct_c20160101__20251231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__oef--ClassAxis__custom--C000229476Member__oef--PerformanceMeasureAxis__custom--Russell3000IndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zFvEbITr74Lc" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)">14.29%</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)">N/A</span></td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_hdei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__oef--ClassAxis__custom--C000229476Member__oef--PerformanceMeasureAxis__custom--Russell2000ValueIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zvJOSa0J3aJ9" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148)"> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-indent: -0.125in; padding-left: 0.25in; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Russell 2000</b>^® <b>Value Index</b></span><b> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">(reflects no deduction for fees, expenses, or taxes)</span></b></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">12.59%</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">8.88%</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td id="xdx_982_eoef--AvgAnnlRtrPct_c20160101__20251231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__oef--ClassAxis__custom--C000229476Member__oef--PerformanceMeasureAxis__custom--Russell2000ValueIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_z3WZ3kp6fb07" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">9.27%</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">N/A</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148)"> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148)"> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: bottom"><span style="color: rgb(52,96,148)"><b>A Class</b></span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)"><b>(<span id="xdx_906_eoef--PerfInceptionDate_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__oef--ClassAxis__custom--C000229475Member_zC0mUIxAaevk">September 3, 2019</span>)</b></span></td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_hdei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__oef--ClassAxis__custom--C000229475Member_zNPLUTFR1wOl" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148)"> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-indent: -0.125in; padding-left: 0.25in; text-align: left; vertical-align: top"><span style="color: rgb(52,96,148)"><b>Fund <span id="xdx_907_eoef--AverageAnnualReturnLabel_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__oef--ClassAxis__custom--C000229475Member_zobLquuIZxSc">Returns Before Taxes</span></b></span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center">(<span style="color: rgb(52,96,148)">0.19)%</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)">6.43%</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)">N/A</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td id="xdx_98E_eoef--AvgAnnlRtrPct_c20190903__20251231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__oef--ClassAxis__custom--C000229475Member_zYEKLHhiKgX5" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)">7.22%</span></td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_hdei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__oef--ClassAxis__custom--C000229475Member__oef--PerformanceMeasureAxis__custom--Russell3000IndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zNb8QGYVLHxh" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148)"> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-indent: -0.125in; padding-left: 0.25in; text-align: left; vertical-align: top"><span style="color: rgb(52,96,148)"><b>Russell 3000^® Index</b></span><b> <span style="color: rgb(52,96,148)">(reflects no deduction for fees, expenses, or taxes)</span></b></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)">17.15%</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)">13.15%</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)">N/A</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td id="xdx_98E_eoef--AvgAnnlRtrPct_c20190903__20251231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__oef--ClassAxis__custom--C000229475Member__oef--PerformanceMeasureAxis__custom--Russell3000IndexReflectsNoDeductionForFeesExpensesOrTaxesMember_z1nfACRDwfr6" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)">15.65%</span></td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_hdei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__oef--ClassAxis__custom--C000229475Member__oef--PerformanceMeasureAxis__custom--Russell2000ValueIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zOTGYoZ3cINi" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148)"> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-indent: -0.125in; padding-left: 0.25in; text-align: left; vertical-align: top"><span style="color: rgb(52,96,148)"><b>Russell 2000^® Value Index</b></span><b> <span style="color: rgb(52,96,148)">(reflects no deduction for fees, expenses, or taxes)</span></b></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)">12.59%</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)">8.88%</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)">N/A</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td id="xdx_98E_eoef--AvgAnnlRtrPct_c20190903__20251231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__oef--ClassAxis__custom--C000229475Member__oef--PerformanceMeasureAxis__custom--Russell2000ValueIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zNBdA7psmcDc" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)">10.21%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148)"> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-indent: -0.125in; padding-left: 0.25in; text-align: left; vertical-align: top"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)"> </span></td></tr> <tr style="color: rgb(52,96,148)"> <td style="color: rgb(52,96,148); text-align: left; vertical-align: bottom; width: 48%"> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="color: rgb(52,96,148)"><b>C Class</b></span></p></td> <td style="color: rgb(52,96,148); text-align: center; width: 1%"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center; width: 12%"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center; width: 1%"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center; width: 12%"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center; width: 1%"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center; width: 12%"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center; width: 1%"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center; width: 12%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>(<span id="xdx_90D_eoef--PerfInceptionDate_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__oef--ClassAxis__custom--C000229478Member_zrocuaQwNuli">September 3, 2019</span>)</b></span></td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_hdei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__oef--ClassAxis__custom--C000229478Member_zk3UJmVMxzC2" style="color: rgb(52,96,148)"> <td style="color: rgb(52,96,148); text-indent: -0.125in; padding-left: 0.25in; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Fund <span id="xdx_90D_eoef--AverageAnnualReturnLabel_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__oef--ClassAxis__custom--C000229478Member_zK9sFvffKPJ4">Returns Before Taxes</span></b></span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center">(<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">0.92)%</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">5.63%</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">N/A</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td id="xdx_983_eoef--AvgAnnlRtrPct_c20190903__20251231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__oef--ClassAxis__custom--C000229478Member_zg7FYkIBaGLa" style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">6.43%</span></td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_hdei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__oef--ClassAxis__custom--C000229478Member__oef--PerformanceMeasureAxis__custom--Russell3000IndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zeYubfceyoZi" style="color: rgb(52,96,148)"> <td style="color: rgb(52,96,148); text-indent: -0.125in; padding-left: 0.25in; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Russell 3000</b>^® <b>Index</b></span><b> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">(reflects no deduction for fees, expenses, or taxes)</span></b></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">17.15%</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">13.15%</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">N/A</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td id="xdx_98A_eoef--AvgAnnlRtrPct_c20190903__20251231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__oef--ClassAxis__custom--C000229478Member__oef--PerformanceMeasureAxis__custom--Russell3000IndexReflectsNoDeductionForFeesExpensesOrTaxesMember_z7rT8iul1tp7" style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">15.65%</span></td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_hdei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__oef--ClassAxis__custom--C000229478Member__oef--PerformanceMeasureAxis__custom--Russell2000ValueIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_znwjzXgQBJva" style="color: rgb(52,96,148)"> <td style="color: rgb(52,96,148); text-indent: -0.125in; padding-left: 0.25in; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Russell 2000</b>^® <b>Value Index</b></span><b> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">(reflects no deduction for fees, expenses, or taxes)</span></b></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">12.59%</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">8.88%</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">N/A</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td id="xdx_988_eoef--AvgAnnlRtrPct_c20190903__20241231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__oef--ClassAxis__custom--C000229478Member__oef--PerformanceMeasureAxis__custom--Russell2000ValueIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zvfLjEMDCfTf" style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">10.21%</span></td></tr> </table> 2007-04-02 Returns Before Taxes 0.0006 0.0657 0.0825 0.0158 0.0523 0.0710 0.0079 0.0496 0.0647 reflects no deduction for fees, expenses, or taxes 0.1715 0.1315 0.1429 0.1259 0.0888 0.0927 2019-09-03 Returns Before Taxes 0.0019 0.0643 0.0722 0.1715 0.1315 0.1565 0.1259 0.0888 0.1021 2019-09-03 Returns Before Taxes 0.0092 0.0563 0.0643 0.1715 0.1315 0.1565 0.1259 0.0888 0.1021 WESTWOOD INCOME OPPORTUNITY FUND Fund Investment Objectives <p id="xdx_A8F_eoef--ObjectivePrimaryTextBlock_zMNxvRLFfGW9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">The primary investment objective of the Westwood Income Opportunity Fund (the “Fund” or “Income Opportunity Fund”) is to provide current income. A secondary investment objective of the Fund is to provide the opportunity for long-term capital appreciation.</span></p> Fund Fees and Expenses <p id="xdx_A85_eoef--ExpenseNarrativeTextBlock_z6sGhDg1G2I1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)">These tables describe the fees and expenses that you may pay if you buy, hold and sell 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, A Class, and C Class Shares, which are not reflected in the table or the example below. </b><span id="xdx_900_eoef--ExpenseBreakpointDiscounts_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000072841Member_zyXLt2Ermqya">You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $<span id="xdx_909_eoef--ExpenseBreakpointMinimumInvestmentRequiredAmount_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000072841Member_zJ0xAVxYfZR">50,000</span> in the A Class Shares of the Fund.</span> More information about these and other discounts is available (i) from your financial professional and (ii) in the section “Sales Charges” of this Prospectus. Investors investing in A Class and C Class Shares of the Fund through an intermediary should consult Appendix A - Intermediary-Specific Sales Charge Discounts and Waivers, which includes information regarding broker-defined sales charges and related discount and/or waiver policies that apply to purchases through certain intermediaries. Shares of the Fund are available in other share classes that have different fees and expenses.</span></p> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the A Class Shares of the Fund. 50000 Shareholder Fees (fees paid directly from your investment) <div id="xdx_A81_eoef--ShareholderFeesTableTextBlock_zOMkxmisO4Ej"></div> <table cellpadding="3" cellspacing="0" id="xdx_A54_dU_z5uhy7bUv7J7" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="color: rgb(52,96,148); background-color: Gainsboro"> <td style="border: #346094 1pt solid; color: rgb(52,96,148); vertical-align: top; width: 64%; text-align: left"><span style="color: rgb(52,96,148)"> </span></td> <td id="xdx_495_20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000072841Member__oef--ClassAxis__custom--C000229473Member_zxQLcRAswE79" style="border-top: #346094 1pt solid; border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; width: 12%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Institutional Shares</b></span></td> <td id="xdx_497_20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000072841Member__oef--ClassAxis__custom--C000229474Member_zNaCdqfydFBj" style="border-top: #346094 1pt solid; border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; width: 12%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>A Class Shares</b></span></td> <td id="xdx_49E_20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000072841Member__oef--ClassAxis__custom--C000229472Member_zuWqZnnPhkCa" style="border-top: #346094 1pt solid; border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; width: 12%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>C Class Shares</b></span></td></tr> <tr id="xdx_40F_eoef--MaximumSalesChargeImposedOnPurchasesOverOfferingPrice_dpn_zL5PwY8uDUPc" style="color: rgb(52,96,148)"> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148); vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">None</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">3.00%</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">None</span></td></tr> <tr id="xdx_407_eoef--MaximumDeferredSalesChargeOverOther_dpn_zNcCnWw2g7Gd" style="color: rgb(52,96,148)"> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148); vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">Maximum Deferred Sales Charge (Load) (as a percentage of net asset value)</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><span id="xdx_90A_eoef--MaximumDeferredSalesChargeOverOfferingPrice_dpn_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000072841Member__oef--ClassAxis__custom--C000229473Member_zkU9fDt2H35c" title="Maximum Deferred Sales Charge (Load) (as a percentage of net asset value)">None</span></span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><span id="xdx_904_eoef--MaximumDeferredSalesChargeOverOfferingPrice_dpn_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000072841Member__oef--ClassAxis__custom--C000229474Member_fMQ_____zqjGStBavRkh" title="Maximum Deferred Sales Charge (Load) (as a percentage of net asset value)">None</span>¹</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><span id="xdx_901_eoef--MaximumDeferredSalesChargeOverOfferingPrice_dpn_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000072841Member__oef--ClassAxis__custom--C000229472Member_fMg_____zT7p6OaPXalh" title="Maximum Deferred Sales Charge (Load) (as a percentage of net asset value)">1.00%</span>²</span></td></tr> <tr id="xdx_405_eoef--MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther_dpn_zuPCRIUOdBqe" style="color: rgb(52,96,148)"> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148); vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">Maximum Sales Charge (Load) Imposed on Reinvested Dividends and Other Distributions (as a percentage of offering price)</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">None</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">None</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">None</span></td></tr> <tr id="xdx_405_eoef--RedemptionFeeOverRedemption_iN_dpin_zxoWyYGgvkDi" style="color: rgb(52,96,148)"> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148); vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">Redemption Fee (as a percentage of amount redeemed, if applicable)</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">None</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">None</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">None</span></td></tr> </table> <p style="color: rgb(52,96,148); margin-top: 0; margin-bottom: 0"><span style="color: rgb(52,96,148)"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="color: rgb(52,96,148); vertical-align: top; text-align: justify"> <td style="color: rgb(52,96,148); width: 0in"></td><td style="color: rgb(52,96,148); width: 0.25in; text-align: left"><span style="color: rgb(52,96,148)"><sup id="xdx_F0A_ztc30tWIqRUc">1</sup></span></td> <td style="color: rgb(52,96,148); text-align: justify"><span id="xdx_F11_zvZg1YxuMMs5" style="color: rgb(52,96,148)"> A Class Shares purchases of $250,000 or more may be subject to a 1.00% Contingent Deferred Sales Charge (“CDSC”) if redeemed within 18 months of purchase.</span></td> </tr> <tr style="color: rgb(52,96,148); vertical-align: top; text-align: justify"> <td style="color: rgb(52,96,148); width: 0in"></td><td style="color: rgb(52,96,148); width: 0.25in; text-align: left"><span style="color: rgb(52,96,148)"><sup id="xdx_F0F_zzefSrJofoze">2</sup></span></td> <td style="color: rgb(52,96,148); text-align: justify"><span id="xdx_F18_zcdbfuCogQBe" style="color: rgb(52,96,148)"> C Class Shares may be subject to a 1.00% Contingent Deferred Sales Charge (“CDSC”) if redeemed within 12 months of purchase.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt"><span style="color: rgb(52,96,148)"> </span></p> 0 0.0300 0 0 0 0 0.01 0.0100 0.0100 0 0 0 -0 -0 -0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A8C_eoef--AnnualFundOperatingExpensesTableTextBlock_zq2W4UxrLVs5"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5A_dU_zB4cuu8IfJW" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; color: rgb(52,96,148); width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); background-color: Gainsboro"> <td style="border: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: left; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b> </b></span></td> <td colspan="2" id="xdx_492_20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000072841Member__oef--ClassAxis__custom--C000229473Member_zbGanulneom6" style="border-top: #346094 1pt solid; border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Institutional Shares</b></span></td> <td id="xdx_49E_20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000072841Member__oef--ClassAxis__custom--C000229474Member_zEGYrFJQ3mq3" style="border-top: #346094 1pt solid; border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"><b>A Class Shares</b></span></td> <td id="xdx_499_20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000072841Member__oef--ClassAxis__custom--C000229472Member_zbIBrbwTPt9a" style="border-top: #346094 1pt solid; border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"><b>C Class Shares</b></span></td></tr> <tr id="xdx_40D_eoef--ManagementFeesOverAssets_dpn_zYpsA6Q2PMf6" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148)"> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: left; vertical-align: bottom; width: 52%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">Management Fees</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center; width: 12%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center; width: 12%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">0.65%</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); text-align: center; width: 12%"><span style="color: rgb(52,96,148)">0.65%</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); text-align: center; width: 12%"><span style="color: rgb(52,96,148)">0.65%</span></td></tr> <tr id="xdx_40A_eoef--DistributionAndService12b1FeesOverAssets_dpn_zU5VThxGBltc" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148)"> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: left; vertical-align: bottom"><span style="color: rgb(52,96,148)">Distribution (12b-1) Fees</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)">None</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">0.25%</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">1.00%</span></td></tr> <tr id="xdx_400_eoef--OtherExpensesOverAssets_dpn_z6tJU2ioDi3c" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148)"> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: left; vertical-align: bottom; width: 52%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">Other Expenses</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center; width: 12%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center; width: 12%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">0.19%</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); text-align: center; width: 12%"><span style="color: rgb(52,96,148)">0.12%</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); text-align: center; width: 12%"><span style="color: rgb(52,96,148)">0.12%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148)"> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); padding-left: 0.125in; text-align: left; vertical-align: bottom"><span style="color: rgb(52,96,148)">Administrative Services Plan Fees¹</span></td> <td id="xdx_98F_eoef--Component1OtherExpensesOverAssets_dpn_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000072841Member__oef--ClassAxis__custom--C000229473Member_fMQ_____z5mDlyRTfLIf" style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center" title="Administrative Services Plan Fees"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">0.07%</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148)"> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); padding-left: 0.125in; text-align: left; vertical-align: bottom"><span style="color: rgb(52,96,148)">Other Operating Expenses</span></td> <td id="xdx_98D_eoef--Component2OtherExpensesOverAssets_dpn_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000072841Member__oef--ClassAxis__custom--C000229473Member_zHmbgoAfaP08" style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center" title="Other Operating Expenses"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">0.12%</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td></tr> <tr id="xdx_409_eoef--ExpensesOverAssets_dpn_z6MkPg8H0Szk" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148)"> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: left; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">Total Annual Fund Operating Expenses<sup id="xdx_F4B_z3LyhiSoP7b6">2,3</sup></span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">0.84%</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">1.02%</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">1.77%</span></td></tr> </table> <p style="margin: 0; color: rgb(52,96,148)"><span style="font-size: 10pt; color: rgb(52,96,148)"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; color: rgb(52,96,148); margin-top: 0in; margin-bottom: 0in; width: 100%"> <tr style="color: rgb(52,96,148); vertical-align: top; text-align: justify"> <td style="color: rgb(52,96,148); width: 0in"></td><td style="color: rgb(52,96,148); width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><sup id="xdx_F03_z7YFUcNvYON2">1</sup></span></td> <td style="color: rgb(52,96,148); text-align: justify"><span id="xdx_F1C_ztjw2E3QP0R4" style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> The Fund has adopted an Administrative Services Plan that provides that the Fund may pay financial intermediaries for shareholder services in an annual amount not to exceed 0.10% based on the average daily net assets of the Fund’s Institutional Shares. The Fund paid 0.07% of its Institutional Shares’ average daily net assets in Administrative Services Plan Fees for the fiscal year ended October 31, 2025.</span></td> </tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0in; margin-bottom: 0in; width: 100%"> <tr style="color: rgb(52,96,148); vertical-align: top; text-align: justify"> <td style="color: rgb(52,96,148); width: 0pt"></td><td style="color: rgb(52,96,148); width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><sup id="xdx_F04_zHVxMnG7OPte">2</sup></span></td> <td style="color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> <span id="xdx_F19_zEyLwS62JHdl" style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> <span id="xdx_905_eoef--OtherExpensesNewFundBasedOnEstimates_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000072841Member_zUojThfVwFO1">“Total Annual Fund Operating Expenses” and “Total Annual Fund Operating Expenses After Fee Reductions and/or Expense Reimbursements” will not correlate to the ratio of expenses to the average net assets in the Fund’s Financial Highlights, which reflect the operating expenses of the Fund and do not include “Acquired Fund Fees and Expenses”.</span></span></span></td> </tr> <tr style="-sec-ix-redline: true; color: rgb(52,96,148); vertical-align: top; text-align: justify"> <td style="color: rgb(52,96,148)"></td><td style="color: rgb(52,96,148); text-align: left"><span style="color: rgb(52,96,148)"><sup id="xdx_F0B_zjOPR07TF9k6">3</sup></span></td> <td style="color: rgb(52,96,148); text-align: justify"><span id="xdx_F18_zQ9psOBXHKqa" style="color: rgb(52,96,148)"> Westwood Management Corp. (the “Adviser”) has contractually agreed to reduce fees and reimburse expenses in order to keep Total Annual Fund Operating Expenses for each of the Institutional, A Class, and C Class Shares (excluding interest, taxes, brokerage commissions, Rule 12b-1 distribution fees (if any), administrative servicing fees (if any), borrowing expenses such as dividend and interest expenses on securities sold short, Acquired Fund fees and expenses, costs to organize the Fund, other expenditures which are capitalized in accordance with generally accepted accounting principles, and extraordinary expenses (collectively, “excluded expenses”)) from exceeding 0.74% of the Fund’s Institutional, A Class, and C Class Shares’ average daily net assets until <span style="color: rgb(52,96,148)"><span id="xdx_904_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000072841Member_zbhOyCJtn3m6">March 1, 2027</span></span>. 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 36-month 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 Ultimus Managers Trust (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 will terminate automatically if the Fund’s investment advisory agreement with the Adviser is terminated.</span></td></tr> </table> 0.0065 0.0065 0.0065 0 0.0025 0.0100 0.0019 0.0012 0.0012 0.0007 0.0012 0.0084 0.0102 0.0177 “Total Annual Fund Operating Expenses” and “Total Annual Fund Operating Expenses After Fee Reductions and/or Expense Reimbursements” will not correlate to the ratio of expenses to the average net assets in the Fund’s Financial Highlights, which reflect the operating expenses of the Fund and do not include “Acquired Fund Fees and Expenses”. March 1, 2027 Example <p id="xdx_A80_eoef--ExpenseExampleNarrativeTextBlock_zvRyFdgsYGo" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same and the contractual agreement to limit expenses remains in effect until March 1, 2027. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A89_eoef--ExpenseExampleWithRedemptionTableTextBlock_zVzLIYFjab8"></div> <table cellpadding="3" cellspacing="0" id="xdx_A53_dU_zQwEApNWAHB5" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; color: rgb(52,96,148); width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: top; background-color: #D9D9D9"> <td style="border-top: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148); width: 52%"><span style="color: rgb(52,96,148)"><b> </b></span></td> <td id="xdx_48E_eoef--ExpenseExampleYear01_zuZUhyqjHgfi" style="border-top: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); width: 12%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>1 Year</b></span></td> <td id="xdx_48D_eoef--ExpenseExampleYear03_z3Gaojd0Oab3" style="border-top: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); width: 12%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>3 Years</b></span></td> <td id="xdx_48A_eoef--ExpenseExampleYear05_zKFwFyryqEW8" style="border-top: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); width: 12%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>5 Years</b></span></td> <td id="xdx_485_eoef--ExpenseExampleYear10_zGqSIRpMCZ5b" style="border: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); width: 12%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>10 Years</b></span></td></tr> <tr id="xdx_41E_20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000072841Member__oef--ClassAxis__custom--C000229473Member_zS3oD9JH8hH8" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom"> <td style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"><b>Institutional</b></span></td> <td style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">$86</span></td> <td style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">$268</span></td> <td style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">$466</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">$1,037</span></td></tr> <tr id="xdx_41C_20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000072841Member__oef--ClassAxis__custom--C000229474Member_ztoLFZY2GRO5" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom"> <td style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"><b>A Class</b></span></td> <td style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">$401</span></td> <td style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">$615</span></td> <td style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">$846</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">$1,510</span></td></tr> <tr id="xdx_41A_20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000072841Member__oef--ClassAxis__custom--C000229472Member_zPO1aM0RfSpa" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom"> <td style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"><b>C Class</b></span></td> <td style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">$280</span></td> <td style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">$557</span></td> <td style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">$959</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">$2,084</span></td></tr> </table> 86 268 466 1037 401 615 846 1510 280 557 959 2084 Portfolio Turnover <p id="xdx_A85_eoef--PortfolioTurnoverTextBlock_zdeEiW6Ddpf4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">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 ended October 31, 2025, the portfolio turnover rate of the Fund was <span id="xdx_90A_eoef--PortfolioTurnoverRate_dp_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000072841Member_zQcxRGFpEekg">67%</span> </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">of the average value of its portfolio.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> 0.67 Principal Investment Strategies <p id="xdx_A8D_eoef--StrategyNarrativeTextBlock_zdfzeTTWkZT2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">Under normal circumstances, the Fund seeks to meet its investment objectives by investing generally more than 80% of its net assets, plus any borrowings for investment purposes, in dividend-paying and/or interest-bearing securities. By utilizing primarily income-producing securities from diverse asset classes, the Fund also seeks to maintain a lower volatility profile than traditional equity-only products. The Fund aims to invest in securities of companies with a strong and improving cash flow sufficient to support a sustainable or rising income stream for investors. In selecting securities for the Fund, the Adviser chooses among a diversified group of primarily income-producing asset classes. Equity securities may include common stocks, preferred stocks, convertible securities and warrants. Fixed income securities may include bonds and other debt securities, and money market instruments. Other types of income-producing securities may include interests in master limited partnerships (“MLPs”), securities of real estate investment trusts (“REITs”) and shares of exchange-traded funds (“ETFs”). The Fund generally invests in securities of domestic companies, but may also invest in securities of foreign companies and American Depositary Receipts (“ADRs”). In the event the Fund invests in foreign securities and ADRs, the Adviser expects that the Fund’s investments in such securities would normally represent less than 25% of the Fund’s assets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">The Fund is permitted to invest in companies of any capitalization range. The Fund’s fixed income investments are, in the aggregate, of investment grade (i.e., those rated in one of the three highest rating categories by a rating agency), but may at times include securities rated below investment grade (high yield or “junk” bonds) and unrated securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">In addition to direct investments in securities, derivatives, which are instruments that have a value based on another instrument, exchange rate or index, may be used as substitutes for securities in which the Fund can invest. The Fund may use futures contracts, foreign currency transactions, options and swaps to help manage duration, sector and yield curve exposure and credit and spread volatility. The Fund may also use such derivatives to manage equity, country, regional and currency exposure, to increase income or gain to the Fund, for hedging and for risk management. The Fund may hedge its non-dollar investments back to the U.S. dollar through the use of foreign currency derivatives, including forward foreign currency contracts and currency futures, but may not always do so. In addition to hedging non-dollar investments, the Fund may use such derivatives to increase income and gain to the Fund and/or as part of its risk management process by establishing or adjusting exposure to particular foreign securities, markets or currencies.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">The Fund seeks to provide a higher level of current income than that offered by traditional fixed income products such as U.S. government bonds and money market securities. The Adviser’s investment process incorporates relative value analysis among capital instruments, as well as among asset classes, to determine where downside potential can be limited to achieve the goal of generating an attractive level of current income along with capital appreciation. Key metrics for evaluating the risk/return profile of an investment may include strong free cash flow, an improving return on equity, a strengthening balance sheet and, in the case of common equities, positive earnings surprises without a corresponding change in the stock price. The Adviser has disciplines in place that serve as sell signals, such as a security reaching a predetermined price target, a change to a company’s fundamentals that makes the risk/return profile unattractive, or a need to improve the overall risk/return profile of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">The Fund invests across various asset classes, sectors and securities, and, from time to time, will engage in frequent trading.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_z55lFkXK2jjl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">As with all mutual funds, there is no guarantee that the Fund will achieve its investment objective. <span id="xdx_90E_eoef--RiskTextBlock_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000072841Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zUAO0985D877">You could lose money by investing in the Fund.</span> </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b><span id="xdx_90A_eoef--RiskTextBlock_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000072841Member__oef--RiskAxis__oef--RiskNotInsuredDepositoryInstitutionMember_z6B19hThaHI2">A Fund share is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency.</span></b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">The principal risk factors affecting shareholders’ investments in the Fund are set forth below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_91E_exdx--NextElement_zrIe5yRcrI87"></span></div> You could lose money by investing in the Fund. A Fund share is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency. <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquityRiskMember_ziSaaHrM7iQ5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Equity Risk –</b> 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. 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 style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_91D_exdx--NextElement_zxcli4IxZEhj"></span></div> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationCompanyRiskMember_zw6as1oAugE7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Large-Capitalization Company Risk –</b> 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 style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_911_exdx--NextElement_zWVvi3ZDS1y9"></span></div> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallAndMidCapitalizationCompanyRiskMember_zpvikBWRZgec" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Small- and Mid-Capitalization Company Risk –</b> 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 style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"> </p> <div style="display: none"><span id="xdx_911_exdx--NextElement_zOvGEXczLxBa"></span></div> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--MicroCapitalizationCompanyRiskMember_zxFRPehD2GEf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-size: 10pt; color: rgb(52,96,148)"><b>Micro-Capitalization Company Risk</b></span><b> <span style="color: rgb(52,96,148)">–</span></b><span style="color: rgb(52,96,148)"> <span style="font-size: 10pt">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></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_914_exdx--NextElement_z30R2aBkHild"></span></div> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--RealEstateSecuritiesAndREITRiskMember_zKmd9eqECPb2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)"><b>Real Estate Securities and REIT Risk – </b>A Fund that focuses its investments in opportunities in the real estate industry or otherwise invests in real estate-related securities has certain risks associated with investments in entities focused on real estate activities. REITs are pooled investment vehicles that own, and usually operate, income-producing real estate. 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. REITs typically incur fees that are separate from those of the Fund. Accordingly, the Fund’s investments in REITs will result in the layering of expenses such that shareholders will indirectly bear a proportionate share of the REITs’ operating expenses, in addition to paying Fund expenses. REIT operating expenses are not reflected in the fee table and example in this Prospectus.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_91C_exdx--NextElement_zlyc8a9OTCj6"></span></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFRiskMember_zatDQ2lUkTN3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)"><b>ETF Risk </b>– ETFs are pooled investment vehicles, such as registered investment companies and grantor trusts, whose shares are listed and traded on U.S. and non-U.S. stock exchanges or otherwise traded in the over-the-counter market. To the extent that the Fund invests in ETFs, the Fund will be subject to substantially the same risks as those associated with the direct ownership of the securities in which the ETF invests, and the value of the Fund’s investment will fluctuate in response to the performance of the ETF’s holdings. ETFs typically incur fees that are separate from those of the Fund. Accordingly, the Fund’s investments in ETFs will result in the layering of expenses such that shareholders will indirectly bear a proportionate share of the ETFs’ operating expenses, in addition to paying Fund expenses. Because the value of ETF shares depends on the demand in the market, shares may trade at a discount or premium to their net asset value (“NAV”) and the Adviser may not be able to liquidate the Fund’s holdings at the most optimal time, which could adversely affect the Fund’s performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_911_exdx--NextElement_zikQeHBJKpnf"></span></div> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--MLPRiskMember_zhdf3hSie5t1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>MLP Risk –</b> MLPs are limited partnerships in which the ownership units are publicly traded. MLPs often own several properties or businesses (or own interests) that are related to oil and gas industries or other natural resources, but they also may finance other projects. To the extent that an MLP’s interests are all in a particular industry or industries, such as the energy industries, the MLP will be negatively impacted by economic events adversely impacting that industry or industries. Additional risks of investing in an MLP also include those involved in investing in a partnership as opposed to a corporation. For example, state law governing partnerships is often less restrictive than state law governing corporations. Accordingly, there may be fewer protections afforded to investors in a MLP than investors in a corporation. For example, investors in MLPs may have limited voting rights or be liable under certain circumstances for amounts greater than the amount of their investment. In addition, 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_912_exdx--NextElement_zC60sdhfWyi6"></span></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--SectorRiskMember_zmXHkq6O6QGi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)"><b>Sector Risk –</b> The Fund may, at times, be more heavily invested in certain sectors. When the Fund emphasizes investment in one or more sectors, the value of its net assets will be more susceptible to the financial, market or economic events affecting issuers and industries within those sectors than would be the case for mutual funds that do not emphasize investment in particular sectors. As of October 31, 2025, 23.6% of the Fund’s net assets were invested in stocks within the financials sector. The values of securities of companies in the financials sector may be adversely impacted by many factors, including, among others, changes in government regulations, economic conditions, and interest rates, credit rating downgrades, adverse public perception, exposure concentration and decreased liquidity in credit markets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_913_exdx--NextElement_zKf0emj91csa"></span></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConvertibleSecuritiesRiskMember_zwITov27WRHi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Convertible Securities Risk –</b> 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 style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"> </p> <div style="display: none"><span id="xdx_91F_exdx--NextElement_zA8SqT9iDUac"></span></div> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighYieldBondRiskMember_zUpdwF77sJf5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>High Yield Bond Risk –</b> High yield bonds (often called “junk bonds”) are debt securities rated below investment grade. Junk bonds are speculative, involve greater risks of default, downgrade, or price declines and are more volatile and tend to be less liquid than investment-grade securities. Companies issuing high yield bonds are less financially strong, are more likely to encounter financial difficulties, and are more vulnerable to adverse market events and negative sentiments than companies with higher credit ratings.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_91C_exdx--NextElement_zRhHm5EBTaji"></span></div> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeRiskMember_zTJICuyv9sff" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Fixed Income Risk</b> – Fixed income securities are subject to a number of risks, including credit and interest rate risks. Credit risk is the risk that the issuer or obligor will not make timely payments of principal and interest. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also affect the value of the Fund’s investment in that issuer. The Fund is subject to greater levels of credit risk to the extent it holds below investment grade debt securities, or “junk bonds.” Interest rate risk is the risk that the value of a fixed income security will fall when interest rates rise. In general, the longer the maturity and the lower the credit quality of a fixed income security, the more likely its value will decline.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_91C_exdx--NextElement_zWXxlhdL1HUi"></span></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentsRiskMember_zxIO543BoTbd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)"><b>Money Market Instruments Risk</b> – The value of money market instruments may be affected by changing interest rates and by changes in the credit ratings of the investments. An investment in a money market fund is not a bank deposit and is not insured or guaranteed by any bank, the FDIC or any other government agency. A money market fund’s sponsor has no legal obligation to provide financial support to the fund, and there should be no expectation that the sponsor will provide financial support to the fund at any time. Certain money market funds float their NAV while others seek to preserve the value of investments at a stable NAV (typically, $1.00 per share). An investment in a money market fund, even an investment in a fund seeking to maintain a stable NAV per share, is not guaranteed and it is possible for the Fund to lose money by investing in these and other types of money market funds. If the liquidity of a money market fund’s portfolio deteriorates below certain levels, the money market fund may impose discretionary or mandatory liquidity fees. These measures may result in an investment loss or prohibit the Fund from redeeming shares when the Adviser would otherwise redeem shares. Money market funds and the securities they invest in are subject to comprehensive regulations. The enactment of new legislation or regulations, as well as changes in interpretation and enforcement of current laws, may affect the manner of operation, performance and/or yield of money market funds.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_916_exdx--NextElement_zPhwkZGjVtn1"></span></div> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--CorporateBondRiskMember_zWKDQ8MXpQu7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)"><b>Corporate Bond Risk</b> – Corporate bonds respond to economic developments, especially changes in interest rates, as well as perceptions of the creditworthiness and business prospects of individual issuers.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_913_exdx--NextElement_ztCIyx2Xb2D1"></span></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentSecuritiesRiskMember_zqFWCX1PiKr8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)"><b>U.S. Government Securities Risk</b> – 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 style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_912_exdx--NextElement_zBdslkUOZexj"></span></div> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_zIK1eaXIHdCa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)"><b>Foreign Securities Risk</b> – Investing in foreign securities, including direct investments and through ADRs, which are traded on exchanges and represent an ownership interest 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. 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 ADRs provide an alternative to directly 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"> </p> <div style="display: none"><span id="xdx_912_exdx--NextElement_zUEG88uaBrY1"></span></div> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignCurrencyRiskMember_zh9xoyfl5Tje" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Foreign Currency Risk –</b> 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_914_exdx--NextElement_zf1tvmbiZsS"></span></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsSecuritiesRiskMember_zwOjm25Jx3Tf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)"><b>Emerging Markets Securities Risk</b> – 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_91E_exdx--NextElement_za7VbX6Re5J7"></span></div> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--GeographicFocusRiskMember_z5L8EFBZ4od7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)"><b>Geographic Focus Risk</b> – 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 style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_91A_exdx--NextElement_zy2noGHBLVx6"></span></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--PreferredStockRiskMember_zCXmkNHBAVaj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)"><b>Preferred Stock Risk</b> – 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 style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_91D_exdx--NextElement_zYHVw3dURhi3"></span></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--MortgageBackedSecuritiesRiskMember_zxLBuGavstMg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)"><b>Mortgage-Backed Securities Risk</b> – 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></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_91C_exdx--NextElement_zgH2T49kchza"></span></div> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--WarrantsRiskMember_zG6wR8tnox74" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Warrants Risk –</b> Warrants in which the Fund may invest are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Warrants may be more speculative than other types of investments. The price of a warrant may be more volatile than the price of its underlying security, and an investment in a warrant may therefore create greater potential for capital loss than an investment in the underlying security. A warrant ceases to have value if it is not exercised prior to its expiration date.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_918_exdx--NextElement_zS6HhGXKBD9k"></span></div> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zKboJYoMFxy5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Liquidity Risk</b> – 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 style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_919_exdx--NextElement_zOpAonpMri5h"></span></div> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_z2vYVVwB9i4b" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Derivatives Risk –</b> The Fund’s use of futures contracts, forward contracts, options and swaps is subject to market risk, leverage risk, correlation risk, hedging risk and liquidity risk. Market risk is the risk that the market value of an investment may move up and down, sometimes rapidly and unpredictably. 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. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly or at all with the underlying asset, rate or index. Hedging risk is the risk that derivative instruments used for hedging purposes may also limit any potential gain that may result from the increase in value of the hedged asset. 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. Liquidity risk is described elsewhere in this section. The Fund’s use of forwards and swaps is also subject to credit risk and valuation risk. Credit risk is the risk that the counterparty to a derivative contract will default or otherwise become unable to honor a financial obligation. 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 style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_918_exdx--NextElement_zpwh9etHa5Hl"></span></div> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zOrPHRdYCYJd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Market Risk</b> – 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 military action, 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 style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_910_exdx--NextElement_zXJufc6lruZg"></span></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--FrequentTradingRiskMember_zqb31uxJlRhh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Frequent Trading Risk –</b> The Fund’s frequent trading strategy will result in high portfolio turnover and may be more likely to result in realized capital gains that must be distributed to shareholders as taxable income. High turnover may also cause the Fund to pay more brokerage commissions and other transaction costs, which may detract from performance. The Fund’s portfolio turnover rate and the amount of brokerage commissions it pays will vary over time-based on market conditions.</span></p> Performance Information <p id="xdx_A89_eoef--PerformanceNarrativeTextBlock_zlBZXFPRuMvb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span id="xdx_90A_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000072841Member_zi8KQwWxrpsb" style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in the performance of the Institutional, A Class and C Class Shares of the Fund from year-to-year and by showing how the average annual returns for 1-year, 5-years, 10-years and since inception of the Fund compare with those of the Russell 3000^® Index and the Blended 60/40 Bloomberg U.S. Aggregate Bond Index/S&amp;P 500^® Index.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">The performance shown in bar chart and table for periods prior to November 1, 2021 represents the performance of the Institutional, A Class and C Class Shares of the Westwood Income Opportunity Fund, a series of The Advisors’ Inner Circle Fund (the “Predecessor Fund”). The Fund is the successor to the Predecessor Fund through a reorganization with the Fund on November 1, 2021 (the “2021 Reorganization”). <span id="xdx_908_eoef--PerformancePastDoesNotIndicateFuture_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000072841Member_zvs8uEU6TRG7">How the Fund and the Predecessor Fund have performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> Updated performance information is available on the Fund’s website at <span id="xdx_900_eoef--PerformanceAvailabilityWebSiteAddress_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000072841Member_zFoAEKnuqYRl">www.westwoodfunds.com</span> or by calling <span id="xdx_905_eoef--PerformanceAvailabilityPhone_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000072841Member_zsUPzttJnvec">1-877-FUND-WHG (1-877-386-3944)</span>.</span></p> The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in the performance of the Institutional, A Class and C Class Shares of the Fund from year-to-year and by showing how the average annual returns for 1-year, 5-years, 10-years and since inception of the Fund compare with those of the Russell 3000® Index and the Blended 60/40 Bloomberg U.S. Aggregate Bond Index/S&P 500® Index. How the Fund and the Predecessor Fund have performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.westwoodfunds.com 1-877-FUND-WHG (1-877-386-3944) Calendar Year Returns - Institutional Shares* <p id="xdx_A85_eoef--BarChartTableTextBlock_zqSF47pD1Gl5" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: rgb(52,96,148); text-align: center"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: rgb(52,96,148); text-align: center"><img alt="" src="pro-whgix_001.jpg" style="height: 254px; width: 500px"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zgI5KE8yenHj" style="font: 11pt Calibri, Helvetica, Sans-Serif; color: rgb(52,96,148); width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; color: rgb(52,96,148); vertical-align: top"> <td style="display: none; color: rgb(52,96,148); text-align: left; width: 50%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="display: none; color: rgb(52,96,148)">Year</span></td> <td style="display: none; color: rgb(52,96,148); text-align: left; width: 50%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="display: none; color: rgb(52,96,148)">Return<sup style="display: none">*</sup></span></td></tr> <tr style="display: none; color: rgb(52,96,148); vertical-align: top"> <td style="display: none; color: rgb(52,96,148); text-align: left; padding-right: 5.4pt; padding-left: 5.4pt"><span style="display: none; font-size: 10pt; color: rgb(52,96,148)">Annual Return 2016</span></td> <td id="xdx_98B_eoef--AnnlRtrPct_c20160101__20161231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__oef--ClassAxis__custom--C000229473Member_fKg_____zkPZeYJrkLAa" style="display: none; color: rgb(52,96,148); text-align: left; padding-right: 5.4pt; padding-left: 5.4pt"><span style="display: none; color: rgb(52,96,148)">6.66%</span></td></tr> <tr style="display: none; color: rgb(52,96,148); vertical-align: top"> <td style="display: none; color: rgb(52,96,148); text-align: left; padding-right: 5.4pt; padding-left: 5.4pt"><span style="display: none; font-size: 10pt; color: rgb(52,96,148)">Annual Return 2017</span></td> <td id="xdx_98A_eoef--AnnlRtrPct_c20170101__20171231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__oef--ClassAxis__custom--C000229473Member_fKg_____zS5We28zymfh" style="display: none; color: rgb(52,96,148); text-align: left; padding-right: 5.4pt; padding-left: 5.4pt"><span style="display: none; color: rgb(52,96,148)">10.96%</span></td></tr> <tr style="display: none; color: rgb(52,96,148); vertical-align: top"> <td style="display: none; color: rgb(52,96,148); text-align: left; padding-right: 5.4pt; padding-left: 5.4pt"><span style="display: none; font-size: 10pt; color: rgb(52,96,148)">Annual Return 2018</span></td> <td id="xdx_983_eoef--AnnlRtrPct_c20180101__20181231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__oef--ClassAxis__custom--C000229473Member_fKg_____zdmKAdPbd8xe" style="display: none; color: rgb(52,96,148); text-align: left; padding-right: 5.4pt; padding-left: 5.4pt"><span style="display: none; color: rgb(52,96,148)">-4.87%</span></td></tr> <tr style="display: none; color: rgb(52,96,148); vertical-align: top"> <td style="display: none; color: rgb(52,96,148); text-align: left; padding-right: 5.4pt; padding-left: 5.4pt"><span style="display: none; font-size: 10pt; color: rgb(52,96,148)">Annual Return 2019</span></td> <td id="xdx_980_eoef--AnnlRtrPct_c20190101__20191231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__oef--ClassAxis__custom--C000229473Member_fKg_____zdWDJiLjZsGb" style="display: none; color: rgb(52,96,148); text-align: left; padding-right: 5.4pt; padding-left: 5.4pt"><span style="display: none; color: rgb(52,96,148)">17.67%</span></td></tr> <tr style="display: none; color: rgb(52,96,148); vertical-align: top"> <td style="display: none; color: rgb(52,96,148); text-align: left; padding-right: 5.4pt; padding-left: 5.4pt"><span style="display: none; font-size: 10pt; color: rgb(52,96,148)">Annual Return 2020</span></td> <td id="xdx_98D_eoef--AnnlRtrPct_c20200101__20201231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__oef--ClassAxis__custom--C000229473Member_fKg_____zTxKCO4QiI5h" style="display: none; color: rgb(52,96,148); text-align: left; padding-right: 5.4pt; padding-left: 5.4pt"><span style="display: none; color: rgb(52,96,148)">10.81%</span></td></tr> <tr style="display: none; color: rgb(52,96,148); vertical-align: top"> <td style="display: none; color: rgb(52,96,148); text-align: left; padding-right: 5.4pt; padding-left: 5.4pt"><span style="display: none; font-size: 10pt; color: rgb(52,96,148)">Annual Return 2021</span></td> <td id="xdx_98A_eoef--AnnlRtrPct_c20210101__20211231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__oef--ClassAxis__custom--C000229473Member_fKg_____zLLOgrsUEkCk" style="display: none; color: rgb(52,96,148); text-align: left; padding-right: 5.4pt; padding-left: 5.4pt"><span style="display: none; color: rgb(52,96,148)">8.51%</span></td></tr> <tr style="display: none; color: rgb(52,96,148); vertical-align: top"> <td style="display: none; color: rgb(52,96,148); text-align: left; padding-right: 5.4pt; padding-left: 5.4pt"><span style="display: none; font-size: 10pt; color: rgb(52,96,148)">Annual Return 2022</span></td> <td id="xdx_98A_eoef--AnnlRtrPct_c20220101__20221231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__oef--ClassAxis__custom--C000229473Member_fKg_____zab7RIGG5Loe" style="display: none; color: rgb(52,96,148); text-align: left; padding-right: 5.4pt; padding-left: 5.4pt"><span style="display: none; color: rgb(52,96,148)">-12.80%</span></td></tr> <tr style="display: none; color: rgb(52,96,148); vertical-align: top"> <td style="display: none; color: rgb(52,96,148); text-align: left; padding-right: 5.4pt; padding-left: 5.4pt"><span style="display: none; color: rgb(52,96,148)">Annual Return 2023</span></td> <td id="xdx_984_eoef--AnnlRtrPct_c20230101__20231231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__oef--ClassAxis__custom--C000229473Member_fKg_____zZ7DUkNwEob1" style="display: none; color: rgb(52,96,148); text-align: left; padding-right: 5.4pt; padding-left: 5.4pt"><span style="display: none; color: rgb(52,96,148)">9.90%</span></td></tr> <tr style="display: none; color: rgb(52,96,148); vertical-align: top"> <td style="display: none; color: rgb(52,96,148); text-align: left; padding-right: 5.4pt; padding-left: 5.4pt"><span style="display: none; color: rgb(52,96,148)">Annual Return 2024</span></td> <td id="xdx_984_eoef--AnnlRtrPct_c20240101__20241231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__oef--ClassAxis__custom--C000229473Member_fKg_____zbq1jfyW2CFe" style="display: none; color: rgb(52,96,148); text-align: left; padding-right: 5.4pt; padding-left: 5.4pt">9.08%</td></tr> <tr style="display: none; color: rgb(52,96,148); vertical-align: top"> <td style="display: none; color: rgb(52,96,148); text-align: left; padding-right: 5.4pt; padding-left: 5.4pt"><span style="color: rgb(52,96,148)">Annual Return 2025</span></td> <td id="xdx_980_eoef--AnnlRtrPct_c20250101__20251231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__oef--ClassAxis__custom--C000229473Member_fKg_____zi3XydblWdyk" style="display: none; color: rgb(52,96,148); text-align: left; padding-right: 5.4pt; padding-left: 5.4pt">11.90%</td></tr> </table> <div style="color: rgb(52,96,148)"></div> 0.0666 0.1096 -0.0487 0.1767 0.1081 0.0851 -0.1280 0.0990 0.0908 0.1190 <div id="xdx_A8B_eoef--BarChartClosingTextBlock_z7ItpQYC9G86"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin: 0in auto; -sec-ix-redline: true; color: rgb(52,96,148); width: 550px"> <tr style="color: rgb(52,96,148); vertical-align: top; text-align: justify"> <td style="color: rgb(52,96,148); width: 0in"></td><td style="color: rgb(52,96,148); width: 0.25in; text-align: left"><span id="xdx_F0B_zACluX6PN2Dk" style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">*</span></td> <td style="color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> <span id="xdx_F13_zFaT9IHgZBTg" style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> <span id="xdx_902_eoef--YearToDateReturnLabel_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000072841Member_zKj5nEHph9s8">The Fund’s year-to-date return</span> through <span id="xdx_909_eoef--BarChartYearToDateReturnDate_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000072841Member_zyeihpOawcRi">December 31, 2025</span> was <span id="xdx_90B_eoef--BarChartYearToDateReturn_dp_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000072841Member_zZz7FvmphbOg">11.90%</span></span>.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-left: auto; width: 50%; border-collapse: collapse; margin-right: auto"> <tr style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); width: 25%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b><span id="xdx_905_eoef--HighestQuarterlyReturnLabel_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000072841Member_zU5CQC4gP3X1">Best Quarter</span></b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); width: 25%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b><span id="xdx_903_eoef--LowestQuarterlyReturnLabel_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000072841Member_z6vsrso8tHbf">Worst Quarter</span></b></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b><span id="xdx_902_eoef--BarChartHighestQuarterlyReturn_dp_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000072841Member_zayJetf1t5I1">13.16%</span></b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b><span id="xdx_904_eoef--BarChartLowestQuarterlyReturn_dp_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000072841Member_zNPlA5nlIbX9">(12.99)%</span></b></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: center"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>(<span id="xdx_909_eoef--BarChartHighestQuarterlyReturnDate_dd_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000072841Member_ztVfD4IhTEn7">6/30/2020</span></b></span><b><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">)</span></b></td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: center"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>(<span id="xdx_900_eoef--BarChartLowestQuarterlyReturnDate_dd_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000072841Member_zTwa6QKJAe35">3/31/2020</span></b></span><b><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">)</span></b></td></tr> </table> The Fund’s year-to-date return 2025-12-31 0.1190 Best Quarter Worst Quarter 0.1316 -0.1299 2020-06-30 2020-03-31 Average Annual Total Returns for Periods Ended December 31, 2025 <p id="xdx_A8D_eoef--PerformanceTableNarrativeTextBlock_zmluAMervfJ9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">This table compares the Fund’s Institutional, A Class and C Class Shares’ average annual total returns for the periods ended December 31, 2025 to those of an appropriate broad-based index and a blended secondary index that represents the investment strategy of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><span id="xdx_90F_eoef--PerformanceTableUsesHighestFederalRate_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000072841Member_zuqKZpNhoV89">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> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><span id="xdx_900_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000072841Member_zpIMBSW4Qzkl">Your actual after-tax returns will depend on your 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><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">.</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. Your actual after-tax returns will depend on your 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”) <div id="xdx_A81_eoef--PerformanceTableTextBlock_zj6IYIpxO4Rg"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zucjccxFE5rj" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; color: rgb(52,96,148); border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="color: rgb(52,96,148); vertical-align: bottom"> <td style="border-bottom: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; font-weight: bold; text-align: left"><span style="color: rgb(52,96,148)"><br/> WESTWOOD INCOME OPPORTUNITY FUND</span></td> <td style="border-bottom: #346094 1pt solid; color: rgb(52,96,148); text-align: center; font-weight: bold; vertical-align: bottom"><span style="color: rgb(52,96,148)"> <br/>  </span></td> <td id="xdx_497_20250101__20251231_zHzbRrE6HBn5" style="border-bottom: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; font-weight: bold; text-align: center"><span style="color: rgb(52,96,148)">1 Year</span></td> <td style="border-bottom: #346094 1pt solid; color: rgb(52,96,148); text-align: center; font-weight: bold; vertical-align: bottom"><span style="color: rgb(52,96,148)"> <br/>  </span></td> <td id="xdx_497_20210101__20251231_zdpi7JBvBM58" style="border-bottom: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; font-weight: bold; text-align: center"><span style="color: rgb(52,96,148)">5 Years</span></td> <td style="border-bottom: #346094 1pt solid; color: rgb(52,96,148); text-align: center; font-weight: bold; vertical-align: bottom"><span style="color: rgb(52,96,148)"> <br/>  </span></td> <td style="border-bottom: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; font-weight: bold; text-align: center"><span style="color: rgb(52,96,148)">10 Years</span></td> <td style="border-bottom: #346094 1pt solid; color: rgb(52,96,148); text-align: center; font-weight: bold; vertical-align: bottom"><span style="color: rgb(52,96,148)"> <br/>  </span></td> <td style="border-bottom: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; font-weight: bold; text-align: center"><span style="color: rgb(52,96,148)">Inception Date</span></td> </tr> <tr style="color: rgb(52,96,148); vertical-align: bottom"> <td style="color: rgb(52,96,148); vertical-align: bottom; font-weight: bold; text-align: left"><span style="color: rgb(52,96,148)">INSTITUTIONAL</span></td> <td style="color: rgb(52,96,148); text-align: center; font-weight: bold; vertical-align: bottom"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; font-weight: bold; text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center; font-weight: bold; vertical-align: bottom"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; font-weight: bold; text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center; font-weight: bold; vertical-align: bottom"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; font-weight: bold; text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center; font-weight: bold; vertical-align: bottom"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; font-weight: bold; text-align: center"><span style="color: rgb(52,96,148)">(<span id="xdx_90F_eoef--PerfInceptionDate_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__oef--ClassAxis__custom--C000229473Member_zpNOHbgDVNJc">December 19, 2005</span>)</span></td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_hdei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__oef--ClassAxis__custom--C000229473Member_zsQ2LFXrJJff" style="color: rgb(52,96,148); vertical-align: bottom"> <td style="color: rgb(52,96,148); text-indent: -0.125in; padding-left: 0.25in; vertical-align: top; width: 48%; font-weight: bold; text-align: left"><span style="color: rgb(52,96,148)">Fund <span id="xdx_904_eoef--AverageAnnualReturnLabel_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__oef--ClassAxis__custom--C000229473Member_zn1RyoJH2hG9">Returns Before Taxes</span></span></td> <td style="color: rgb(52,96,148); text-align: center; width: 1%; vertical-align: bottom"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; width: 12%; text-align: center"><span style="color: rgb(52,96,148)">11.90%</span></td> <td style="color: rgb(52,96,148); text-align: center; width: 1%; vertical-align: bottom"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; width: 12%; text-align: center"><span style="color: rgb(52,96,148)">4.89%</span></td> <td style="color: rgb(52,96,148); text-align: center; width: 1%; vertical-align: bottom"><span style="color: rgb(52,96,148)"> </span></td> <td id="xdx_98D_eoef--AvgAnnlRtrPct_c20160101__20251231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__oef--ClassAxis__custom--C000229473Member_zUGZr2i88lwk" style="color: rgb(52,96,148); vertical-align: bottom; width: 12%; text-align: center"><span style="color: rgb(52,96,148)">6.42%</span></td> <td style="color: rgb(52,96,148); text-align: center; width: 1%; vertical-align: bottom"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; width: 12%; text-align: center"><span style="color: rgb(52,96,148)">N/A</span></td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_hdei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__oef--ClassAxis__custom--C000229473Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zdOTLISs1eW2" style="color: rgb(52,96,148); vertical-align: bottom"> <td style="color: rgb(52,96,148); text-indent: -0.125in; padding-left: 0.25in; vertical-align: top; font-weight: bold; text-align: left"><span style="color: rgb(52,96,148)">Fund Returns After Taxes on Distributions</span></td> <td style="color: rgb(52,96,148); text-align: center; vertical-align: bottom"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)">10.77%</span></td> <td style="color: rgb(52,96,148); text-align: center; vertical-align: bottom"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)">3.24%</span></td> <td style="color: rgb(52,96,148); text-align: center; vertical-align: bottom"><span style="color: rgb(52,96,148)"> </span></td> <td id="xdx_98B_eoef--AvgAnnlRtrPct_c20160101__20251231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__oef--ClassAxis__custom--C000229473Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zMUgOdrWaiX3" style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)">4.42%</span></td> <td style="color: rgb(52,96,148); text-align: center; vertical-align: bottom"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)">N/A</span></td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_hdei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__oef--ClassAxis__custom--C000229473Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_z9g7K2PUT4i8" style="color: rgb(52,96,148); vertical-align: bottom"> <td style="color: rgb(52,96,148); text-indent: -0.125in; padding-left: 0.25in; vertical-align: top; font-weight: bold; text-align: left"><span style="color: rgb(52,96,148)">Fund Returns After Taxes on Distributions and Sale of Fund Shares</span></td> <td style="color: rgb(52,96,148); text-align: center; vertical-align: bottom"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)">7.14%</span></td> <td style="color: rgb(52,96,148); text-align: center; vertical-align: bottom"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)">3.17%</span></td> <td style="color: rgb(52,96,148); text-align: center; vertical-align: bottom"><span style="color: rgb(52,96,148)"> </span></td> <td id="xdx_989_eoef--AvgAnnlRtrPct_c20160101__20251231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__oef--ClassAxis__custom--C000229473Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zbwzGbumezwl" style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)">4.51%</span></td> <td style="color: rgb(52,96,148); text-align: center; vertical-align: bottom"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)">N/A</span></td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_hdei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__oef--ClassAxis__custom--C000229473Member__oef--PerformanceMeasureAxis__custom--Russell3000IndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zCzpeCpRO3Sb" style="color: rgb(52,96,148); vertical-align: bottom"> <td style="color: rgb(52,96,148); text-indent: -0.125in; padding-left: 0.25in; vertical-align: top; font-weight: bold; text-align: left">Russell 3000^® Index (reflects no deduction for fees, expenses,or taxes)</td> <td style="color: rgb(52,96,148); text-align: center; vertical-align: bottom"> </td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center">17.15%</td> <td style="color: rgb(52,96,148); text-align: center; vertical-align: bottom"> </td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center">13.15%</td> <td style="color: rgb(52,96,148); text-align: center; vertical-align: bottom"> </td> <td id="xdx_983_eoef--AvgAnnlRtrPct_c20160101__20251231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__oef--ClassAxis__custom--C000229473Member__oef--PerformanceMeasureAxis__custom--Russell3000IndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zrohGz8TO5n6" style="color: rgb(52,96,148); vertical-align: bottom; text-align: center">14.29%</td> <td style="color: rgb(52,96,148); text-align: center; vertical-align: bottom"> </td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center">N/A</td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_hdei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__oef--ClassAxis__custom--C000229473Member__oef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zzuB85B9rTC8" style="color: rgb(52,96,148); vertical-align: bottom"> <td style="color: rgb(52,96,148); text-indent: -0.125in; padding-left: 0.25in; vertical-align: top; font-weight: bold; text-align: left"><span style="color: rgb(52,96,148)">Bloomberg U.S. Aggregate Bond Index</span> <span style="color: rgb(52,96,148)">(reflects no deduction for fees, expenses, or taxes)</span></td> <td style="color: rgb(52,96,148); text-align: center; vertical-align: bottom"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)">7.30%</span></td> <td style="color: rgb(52,96,148); text-align: center; vertical-align: bottom"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)">(0.36)%</span></td> <td style="color: rgb(52,96,148); text-align: center; vertical-align: bottom"><span style="color: rgb(52,96,148)"> </span></td> <td id="xdx_982_eoef--AvgAnnlRtrPct_c20160101__20251231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__oef--ClassAxis__custom--C000229473Member__oef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zNViXAtEalak" style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)">2.01%</span></td> <td style="color: rgb(52,96,148); text-align: center; vertical-align: bottom"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)">N/A</span></td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_hdei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__oef--ClassAxis__custom--C000229473Member__oef--PerformanceMeasureAxis__custom--BlendedSixtyFortyBloombergBarclaysUSAggregateBondIndexSAndP500IndexReflectsNoDeductionForFeesExpensesOrTaxesMember_z6FIKYpwCAY9" style="color: rgb(52,96,148); vertical-align: bottom"> <td style="color: rgb(52,96,148); text-indent: -0.125in; padding-left: 0.25in; vertical-align: top; font-weight: bold; text-align: left"><span style="color: rgb(52,96,148)">Blended 60/40 Bloomberg U.S. Aggregate Bond Index/S&amp;P 500^® Index</span> <span style="color: rgb(52,96,148)">(<span id="xdx_90E_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000072841Member_zyMEu42mb3x">reflects no deduction for fees, expenses, or taxes</span>)</span></td> <td style="color: rgb(52,96,148); text-align: center; vertical-align: bottom"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)">11.58%</span></td> <td style="color: rgb(52,96,148); text-align: center; vertical-align: bottom"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)">5.51%</span></td> <td style="color: rgb(52,96,148); text-align: center; vertical-align: bottom"><span style="color: rgb(52,96,148)"> </span></td> <td id="xdx_984_eoef--AvgAnnlRtrPct_c20160101__20251231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__oef--ClassAxis__custom--C000229473Member__oef--PerformanceMeasureAxis__custom--BlendedSixtyFortyBloombergBarclaysUSAggregateBondIndexSAndP500IndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zDvTq6YCYMEl" style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)">7.21%</span></td> <td style="color: rgb(52,96,148); text-align: center; vertical-align: bottom"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)">N/A</span></td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_hdei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__oef--ClassAxis__custom--C000229473Member__oef--PerformanceMeasureAxis__custom--SAndP500IndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zEGJ3AcNWBS4" style="color: rgb(52,96,148); vertical-align: bottom"> <td style="color: rgb(52,96,148); text-indent: -0.125in; padding-left: 0.25in; vertical-align: top; font-weight: bold; text-align: left"><span id="xdx_F4E_zL7jFOU971Kl" style="color: rgb(52,96,148)">S&amp;P 500 Index</span> <span style="color: rgb(52,96,148)">(reflects no deduction for fees, expenses, or taxes</span><span style="color: rgb(52,96,148)">)</span></td> <td style="color: rgb(52,96,148); text-align: center; vertical-align: bottom"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)">17.88%</span></td> <td style="color: rgb(52,96,148); text-align: center; vertical-align: bottom"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)">14.42%</span></td> <td style="color: rgb(52,96,148); text-align: center; vertical-align: bottom"><span style="color: rgb(52,96,148)"> </span></td> <td id="xdx_984_eoef--AvgAnnlRtrPct_c20160101__20251231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__oef--ClassAxis__custom--C000229473Member__oef--PerformanceMeasureAxis__custom--SAndP500IndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zUXCg4nzygVd" style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)">14.82%</span></td> <td style="color: rgb(52,96,148); text-align: center; vertical-align: bottom"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)">N/A</span></td></tr> <tr style="color: rgb(52,96,148); vertical-align: bottom"> <td style="color: rgb(52,96,148); text-indent: -0.125in; padding-left: 0.25in; vertical-align: top; font-weight: bold; text-align: left"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center; vertical-align: bottom"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center; vertical-align: bottom"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center; vertical-align: bottom"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center; vertical-align: bottom"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)"> </span></td></tr> <tr style="color: rgb(52,96,148)"> <td style="color: rgb(52,96,148); text-align: left; vertical-align: bottom; width: 48%"> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="color: rgb(52,96,148)"><b>A Class</b></span></p></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center; width: 1%"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center; width: 12%"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center; width: 1%"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center; width: 12%"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center; width: 1%"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center; width: 12%"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center; width: 1%"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center; width: 12%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>(<span id="xdx_907_eoef--PerfInceptionDate_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__oef--ClassAxis__custom--C000229474Member_zm5wj46nmsb">December 31, 2007</span>)</b></span></td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_hdei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__oef--ClassAxis__custom--C000229474Member_z6HoU0rhOzK6" style="color: rgb(52,96,148)"> <td style="color: rgb(52,96,148); text-indent: -0.125in; padding-left: 0.25in; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Fund <span id="xdx_903_eoef--AverageAnnualReturnLabel_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__oef--ClassAxis__custom--C000229474Member_zS2Oo1P7ybhc">Returns Before Taxes</span></b></span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">11.73%</span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">4.68%</span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td id="xdx_98D_eoef--AvgAnnlRtrPct_c20160101__20251231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__oef--ClassAxis__custom--C000229474Member_zl0VkHBZerSd" style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">6.19%</span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">N/A</span></td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_hdei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__oef--ClassAxis__custom--C000229474Member__oef--PerformanceMeasureAxis__custom--Russell3000IndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zrvkZjTR69kg" style="color: rgb(52,96,148); vertical-align: bottom"> <td style="color: rgb(52,96,148); text-indent: -0.125in; padding-left: 0.25in; vertical-align: top; font-weight: bold; text-align: left">Russell 3000^® Index (reflects no deduction for fees, expenses,or taxes)</td> <td style="color: rgb(52,96,148); text-align: center; vertical-align: bottom"> </td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center">17.15%</td> <td style="color: rgb(52,96,148); text-align: center; vertical-align: bottom"> </td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center">13.15%</td> <td style="color: rgb(52,96,148); text-align: center; vertical-align: bottom"> </td> <td id="xdx_98F_eoef--AvgAnnlRtrPct_c20160101__20251231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__oef--ClassAxis__custom--C000229474Member__oef--PerformanceMeasureAxis__custom--Russell3000IndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zVUpeCBL2ig3" style="color: rgb(52,96,148); vertical-align: bottom; text-align: center">14.29%</td> <td style="color: rgb(52,96,148); text-align: center; vertical-align: bottom"> </td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center">N/A</td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_hdei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__oef--ClassAxis__custom--C000229474Member__oef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zDIUO9bmoGda" style="color: rgb(52,96,148)"> <td style="color: rgb(52,96,148); text-indent: -0.125in; padding-left: 0.25in; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Bloomberg U.S. Aggregate Bond Index</b></span><b> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">(reflects no deduction for fees, expenses, or taxes)</span></b></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">7.30%</span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">(0.36)%</span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td id="xdx_981_eoef--AvgAnnlRtrPct_c20160101__20251231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__oef--ClassAxis__custom--C000229474Member__oef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zRpwkmtx1Up4" style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">2.01%</span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">N/A</span></td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_hdei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__oef--ClassAxis__custom--C000229474Member__oef--PerformanceMeasureAxis__custom--BlendedSixtyFortyBloombergBarclaysUSAggregateBondIndexSAndP500IndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zodLZiPsgsYh" style="color: rgb(52,96,148)"> <td style="color: rgb(52,96,148); text-indent: -0.125in; padding-left: 0.25in; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Blended 60/40 Bloomberg U.S. Aggregate Bond Index/S&amp;P 500^® Index (reflects no deduction for fees, expenses, or taxes)</b></span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">11.58%</span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">5.51%</span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td id="xdx_986_eoef--AvgAnnlRtrPct_c20160101__20251231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__oef--ClassAxis__custom--C000229474Member__oef--PerformanceMeasureAxis__custom--BlendedSixtyFortyBloombergBarclaysUSAggregateBondIndexSAndP500IndexReflectsNoDeductionForFeesExpensesOrTaxesMember_z5xUSEs5ZOth" style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">7.21%</span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">N/A</span></td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_hdei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__oef--ClassAxis__custom--C000229474Member__oef--PerformanceMeasureAxis__custom--SAndP500IndexReflectsNoDeductionForFeesExpensesOrTaxesMember_z34WImxW0l3g" style="color: rgb(52,96,148)"> <td style="color: rgb(52,96,148); text-indent: -0.125in; padding-left: 0.25in; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>S&amp;P 500 Index</b></span><b> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">(<span id="xdx_90F_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000072841Member_zPhcpL14243j">reflects no deduction for fees, expenses, or taxes</span>)</span></b></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">17.88%</span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">14.42%</span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td id="xdx_981_eoef--AvgAnnlRtrPct_c20160101__20251231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__oef--ClassAxis__custom--C000229474Member__oef--PerformanceMeasureAxis__custom--SAndP500IndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zTMNIUhKPtR4" style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">14.82%</span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">N/A</span></td></tr> <tr style="color: rgb(52,96,148)"> <td style="color: rgb(52,96,148); text-indent: -0.125in; padding-left: 0.25in; vertical-align: top; text-align: left"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)"> </span></td></tr> <tr style="color: rgb(52,96,148)"> <td style="color: rgb(52,96,148); text-align: left; vertical-align: bottom"> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="color: rgb(52,96,148)"><b>C Class</b></span></p></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>(<span id="xdx_902_eoef--PerfInceptionDate_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__oef--ClassAxis__custom--C000229472Member_zDKSKv5ShP2g">September 3, 2019</span>)</b></span></td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_hdei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__oef--ClassAxis__custom--C000229472Member_zowB5nV7txKk" style="color: rgb(52,96,148)"> <td style="color: rgb(52,96,148); text-indent: -0.125in; padding-left: 0.25in; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Fund <span id="xdx_905_eoef--AverageAnnualReturnLabel_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__oef--ClassAxis__custom--C000229472Member_z81gBQyusYU7">Returns Before Taxes</span></b></span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">10.96%</span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">3.92%</span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">N/A</span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td id="xdx_987_eoef--AvgAnnlRtrPct_c20190903__20251231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__oef--ClassAxis__custom--C000229472Member_zFDEogEDdkYi" style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">5.19%</span></td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_hdei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__oef--ClassAxis__custom--C000229472Member__oef--PerformanceMeasureAxis__custom--Russell3000IndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zxaWrtoLIR1f" style="color: rgb(52,96,148)"> <td style="color: rgb(52,96,148); text-indent: -0.125in; padding-left: 0.25in; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Russell 3000^® Index</b></span><b> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">(reflects no deduction for fees, expenses, or taxes)</span></b></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">17.15%</span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">13.15%</span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">N/A</span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td id="xdx_98A_eoef--AvgAnnlRtrPct_c20190903__20251231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__oef--ClassAxis__custom--C000229472Member__oef--PerformanceMeasureAxis__custom--Russell3000IndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zTHNEIypDLE1" style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">15.65%</span></td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_hdei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__oef--ClassAxis__custom--C000229472Member__oef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zfp5zoENLxu" style="color: rgb(52,96,148)"> <td style="color: rgb(52,96,148); text-indent: -0.125in; padding-left: 0.25in; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Bloomberg U.S. Aggregate Bond Index</b></span><b> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">(reflects no deduction for fees, expenses, or taxes)</span></b></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">7.30%</span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">(0.36)%</span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">N/A</span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td id="xdx_981_eoef--AvgAnnlRtrPct_c20190903__20251231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__oef--ClassAxis__custom--C000229472Member__oef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zCJF15DZhH16" style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> 0.77%</span></td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_hdei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__oef--ClassAxis__custom--C000229472Member__oef--PerformanceMeasureAxis__custom--BlendedSixtyFortyBloombergBarclaysUSAggregateBondIndexSAndP500IndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zJbQHDK1ufV5" style="color: rgb(52,96,148)"> <td style="color: rgb(52,96,148); text-indent: -0.125in; padding-left: 0.25in; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Blended 60/40 Bloomberg U.S. Aggregate Bond Index/S&amp;P 500^® Index</b></span><b> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">(reflects no deduction for fees, expenses, or taxes)</span></b></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">11.58%</span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">5.51%</span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">N/A</span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td id="xdx_986_eoef--AvgAnnlRtrPct_c20190903__20251231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__oef--ClassAxis__custom--C000229472Member__oef--PerformanceMeasureAxis__custom--BlendedSixtyFortyBloombergBarclaysUSAggregateBondIndexSAndP500IndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zTJ34Nc6AJU" style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> 7.01%</span></td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_hdei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__oef--ClassAxis__custom--C000229472Member__oef--PerformanceMeasureAxis__custom--SAndP500IndexReflectsNoDeductionForFeesExpensesOrTaxesMember_z2glAXB5ksg3" style="color: rgb(52,96,148)"> <td style="color: rgb(52,96,148); text-indent: -0.125in; padding-left: 0.25in; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>S&amp;P 500^® Index</b></span><b> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">(<span id="xdx_904_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000072841Member_zLKq8IOJ59m6">reflects no deduction for fees, expenses, or taxes</span>)</span></b></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">17.88%</span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">14.42%</span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">N/A</span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td id="xdx_98D_eoef--AvgAnnlRtrPct_c20190903__20251231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__oef--ClassAxis__custom--C000229472Member__oef--PerformanceMeasureAxis__custom--SAndP500IndexReflectsNoDeductionForFeesExpensesOrTaxesMember_z0Q6MUA1ViCi" style="color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">16.29% </span></td></tr> </table> 2005-12-19 Returns Before Taxes 0.1190 0.0489 0.0642 0.1077 0.0324 0.0442 0.0714 0.0317 0.0451 0.1715 0.1315 0.1429 0.0730 -0.0036 0.0201 reflects no deduction for fees, expenses, or taxes 0.1158 0.0551 0.0721 0.1788 0.1442 0.1482 2007-12-31 Returns Before Taxes 0.1173 0.0468 0.0619 0.1715 0.1315 0.1429 0.0730 -0.0036 0.0201 0.1158 0.0551 0.0721 reflects no deduction for fees, expenses, or taxes 0.1788 0.1442 0.1482 2019-09-03 Returns Before Taxes 0.1096 0.0392 0.0519 0.1715 0.1315 0.1565 0.0730 -0.0036 0.0077 0.1158 0.0551 0.0701 reflects no deduction for fees, expenses, or taxes 0.1788 0.1442 0.1629 WESTWOOD MULTI-ASSET INCOME FUND Fund Investment Objective <p id="xdx_A80_eoef--ObjectivePrimaryTextBlock_zRucr8XQCxB7" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">The investment objective of the Westwood Multi-Asset Income Fund (formerly, the Westwood High Income Fund) (the “Fund” or “Multi-Asset Income Fund”) seeks to maximize total return through a high level of current income and capital appreciation. </span></p> Fund Fees and Expenses <p id="xdx_A80_eoef--ExpenseNarrativeTextBlock_zyxT05luTgmc" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">These tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><b>You may be required to pay commissions and/or other forms of compensation to a broker for transactions in Institutional and A Class Shares, which are not reflected in the table or the example below.</b> <span id="xdx_904_eoef--ExpenseBreakpointDiscounts_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000072840Member_zJlzosNDBYB8">You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $<span id="xdx_908_eoef--ExpenseBreakpointMinimumInvestmentRequiredAmount_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000072840Member_zmF93Mf4gcsg">50,000</span> in A Class Shares of the Fund.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">More information about these and other discounts is available (i) from your financial professional and (ii) in the section “Sales Charges” of this Prospectus. Investors investing in A Class Shares of the Fun</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">d through an intermediary should consult Appendix A - Intermediary-Specific Sales Charge Discounts and Waivers, which includes information regarding broker-defined sales charges and related discount and/or waiver policies that apply to purchases through certain intermediaries.</span></p> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in A Class Shares of the Fund. 50000 Shareholder Fees (fees paid directly from your investment) <div id="xdx_A8A_eoef--ShareholderFeesTableTextBlock_zMQxXeMmQDQ6"></div> <table cellpadding="3" cellspacing="0" id="xdx_A59_dU_zMRCAS6SzRH5" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="color: rgb(52,96,148); background-color: #D9D9D9"> <td style="border-top: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148); vertical-align: top; width: 76%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></td> <td id="xdx_49C_20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000072840Member__oef--ClassAxis__custom--C000229469Member_zkVKtOLTC9p3" style="border-top: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; vertical-align: bottom; color: rgb(52,96,148); text-align: center; width: 12%"><span style="color: rgb(52,96,148)"><b>Institutional Shares</b></span></td> <td id="xdx_49A_20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000072840Member__oef--ClassAxis__custom--C000229470Member_zBaiVdNlTGGe" style="border: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; width: 12%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>A Class Shares</b></span></td></tr> <tr id="xdx_40F_eoef--MaximumSalesChargeImposedOnPurchasesOverOfferingPrice_dpn_z5hBqHTW3MHb" style="color: rgb(52,96,148); vertical-align: top"> <td style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148); text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)</span></td> <td style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; vertical-align: bottom; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">None</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; vertical-align: bottom; color: rgb(52,96,148); text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">3.00%</span></td></tr> <tr style="color: rgb(52,96,148); vertical-align: top"> <td style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148); text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">Maximum Deferred Sales Charge (Load) (as a percentage of net asset value)</span></td> <td style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; vertical-align: bottom; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"><span id="xdx_903_eoef--MaximumDeferredSalesChargeOverOther_dpn_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000072840Member__oef--ClassAxis__custom--C000229469Member_zxakWTCDPR6b">None</span></span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; vertical-align: bottom; color: rgb(52,96,148); text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><span id="xdx_903_eoef--MaximumDeferredSalesChargeOverOther_dpn_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000072840Member__oef--ClassAxis__custom--C000229470Member_fMQ_____zM3w1lQVoaS3">None</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">¹</span></td></tr> <tr id="xdx_40E_eoef--MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther_dpn_zx2tSTx5EYq9" style="color: rgb(52,96,148); vertical-align: top"> <td style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148); text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">Maximum Sales Charge (Load) Imposed on Reinvested Dividends and Other Distributions (as a percentage of offering price)</span></td> <td style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; vertical-align: bottom; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">None</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; vertical-align: bottom; color: rgb(52,96,148); text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">None</span></td></tr> <tr id="xdx_40D_eoef--RedemptionFeeOverRedemption_iN_dpin_z1NTopjJJD8c" style="color: rgb(52,96,148); vertical-align: top"> <td style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148); text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">Redemption Fee (as a percentage of amount redeemed, if applicable)</span></td> <td style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; vertical-align: bottom; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">None</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; vertical-align: bottom; color: rgb(52,96,148); text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">None</span></td></tr> </table> <p style="color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt"><span style="color: rgb(52,96,148)"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="color: rgb(52,96,148); vertical-align: top"> <td style="color: rgb(52,96,148); width: 0%; text-align: justify"></td><td style="color: rgb(52,96,148); width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><sup id="xdx_F03_zzXi2WPpMCZc">1</sup></span></td> <td style="color: rgb(52,96,148); text-align: justify"><span id="xdx_F18_zyp5D6JYotoj" style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> A Class Shares purchases of $250,000 may be subject to a 1.00% Contingent Deferred Sales Charge (“CDSC”) if redeemed within 18 months of purchase.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> 0 0.0300 0 0 0 0 -0 -0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A81_eoef--AnnualFundOperatingExpensesTableTextBlock_zyID7vEW4RUh"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5B_dU_zi7X7bF6z5h7" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; color: rgb(52,96,148); width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="color: rgb(52,96,148); background-color: #dcdcdc"> <td style="border-top: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148); vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></td> <td colspan="2" id="xdx_497_20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000072840Member__oef--ClassAxis__custom--C000229469Member_zlB8Wwxurqn9" style="border-top: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"><b>Institutional Shares</b></span></td> <td id="xdx_49E_20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000072840Member__oef--ClassAxis__custom--C000229470Member_zxiMPhlcCaQ7" style="border: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>A Class Shares</b></span></td></tr> <tr id="xdx_40D_eoef--ManagementFeesOverAssets_dpn_zBWPTxEUsinb" style="color: rgb(52,96,148); vertical-align: top"> <td style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148); text-align: left; vertical-align: top; width: 64%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">Management Fees<sup id="xdx_F40_zFKK4JMzTRrh">1</sup></span></td> <td style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; vertical-align: bottom; color: rgb(52,96,148); text-align: center; width: 12%"><span style="color: rgb(52,96,148)"> </span></td> <td style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; vertical-align: bottom; color: rgb(52,96,148); text-align: center; width: 12%"><span style="color: rgb(52,96,148)">0.13%</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; vertical-align: bottom; color: rgb(52,96,148); text-align: center; width: 12%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">0.13%</span></td></tr> <tr id="xdx_40A_eoef--DistributionAndService12b1FeesOverAssets_dpn_zDvMdLiTTAvc" style="color: rgb(52,96,148); vertical-align: top"> <td style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148); text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">Distribution (12b-1) Fees</span></td> <td style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; vertical-align: bottom; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; vertical-align: bottom; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">None</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; vertical-align: bottom; color: rgb(52,96,148); text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">0.25%</span></td></tr> <tr id="xdx_400_eoef--OtherExpensesOverAssets_dpn_zOJps5GSmn6h" style="color: rgb(52,96,148); vertical-align: top"> <td style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148); text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">Other Expenses</span></td> <td style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; vertical-align: bottom; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; vertical-align: bottom; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">0.23%</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; vertical-align: bottom; color: rgb(52,96,148); text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">0.20%</span></td></tr> <tr style="color: rgb(52,96,148); vertical-align: top"> <td style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148); padding-left: 0.125in; text-align: left; vertical-align: top"><span style="color: rgb(52,96,148)">Administrative Services Plan Fees²</span></td> <td id="xdx_983_eoef--Component1OtherExpensesOverAssets_dpn_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000072840Member__oef--ClassAxis__custom--C000229469Member_fMg_____zc7vKkksaRI7" style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; vertical-align: bottom; color: rgb(52,96,148); text-align: center" title="Administrative Services Plan Fees"><span style="color: rgb(52,96,148)">0.03%</span></td> <td style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; vertical-align: bottom; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; vertical-align: bottom; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td></tr> <tr style="color: rgb(52,96,148); vertical-align: top"> <td style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148); padding-left: 0.125in; text-align: left; vertical-align: top"><span style="color: rgb(52,96,148)">Other Operating Expenses</span></td> <td id="xdx_98B_eoef--Component2OtherExpensesOverAssets_dpn_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000072840Member__oef--ClassAxis__custom--C000229469Member_zZ8Mr3xE1oNg" style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; vertical-align: bottom; color: rgb(52,96,148); text-align: center" title="Other Operating Expenses"><span style="color: rgb(52,96,148)">0.20%</span></td> <td style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; vertical-align: bottom; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; vertical-align: bottom; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td></tr> <tr id="xdx_403_eoef--ExpensesOverAssets_dpn_zY4ChFGriAq5" style="color: rgb(52,96,148); vertical-align: top"> <td style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148); text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">Total Annual Fund Operating Expenses<sup id="xdx_F47_zc2vHXCyOfM5">3</sup></span></td> <td style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; vertical-align: bottom; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; vertical-align: bottom; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">0.36%</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; vertical-align: bottom; color: rgb(52,96,148); text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">0.58%</span></td></tr> <tr id="xdx_408_eoef--FeeWaiverOrReimbursementOverAssets_dpn_zDH8muCMtP13" style="color: rgb(52,96,148); vertical-align: top"> <td style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148); text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">Less Fee Reductions and/or Expense Reimbursements<sup id="xdx_F4A_zLBbaY5x2Jf6">4</sup></span></td> <td style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; vertical-align: bottom; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; vertical-align: bottom; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">(0.09)%</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; vertical-align: bottom; color: rgb(52,96,148); text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">(0.09)%</span></td></tr> <tr id="xdx_40E_eoef--NetExpensesOverAssets_dpn_zusBk7McuGOb" style="color: rgb(52,96,148); vertical-align: top"> <td style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148); text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">Total Annual Fund Operating Expenses After Fee Reductions and/or Expense Reimbursements<sup id="xdx_F45_zRzaC3JR1mVi">3,4</sup></span></td> <td style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; vertical-align: bottom; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; vertical-align: bottom; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">0.27%</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; vertical-align: bottom; color: rgb(52,96,148); text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">0.49%</span></td></tr> </table> <p style="color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt"><span style="color: rgb(52,96,148)"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="-sec-ix-redline: true; color: rgb(52,96,148); vertical-align: top"> <td style="color: rgb(52,96,148); width: 0in; text-align: justify"></td><td style="color: rgb(52,96,148); width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><sup id="xdx_F0A_zCOMGqKHkivd">1</sup></span></td> <td style="color: rgb(52,96,148); text-align: justify"><span id="xdx_F15_zml7jkla6Zj7" style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> Management Fees consist of a base fee at an annualized rate of 0.38% of the Fund’s average daily net assets, and a positive or negative performance adjustment of up to an annualized rate of 0.32% based on the Fund’s Institutional Shares’ performance relative to the Blended 80/20 Bloomberg U.S. Aggregate Bond Index/S&amp;P 500^® Index plus 1.00%, resulting in a minimum total fee of 0.06% and a maximum total fee of 0.70%.</span></td></tr> </table> <p style="margin: 0"> </p> <p style="margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="-sec-ix-redline: true; color: rgb(52,96,148); vertical-align: top"> <td style="color: rgb(52,96,148); text-align: justify; width: 0in"></td><td style="color: rgb(52,96,148); text-align: justify; width: 0.25in"><span style="color: rgb(52,96,148)"><sup id="xdx_F08_zAz6NgEN9D6g">2</sup></span></td> <td style="color: rgb(52,96,148); text-align: justify"><span id="xdx_F1B_z40fvXPsDJHk" style="color: rgb(52,96,148)"> The Fund has adopted an Administrative Services Plan that provides that the Fund may pay financial intermediaries for shareholder services in an annual amount not to exceed 0.19% based on the average daily net assets of the Fund’s Institutional Shares. The Fund paid 0.03% of its Institutional Shares’ average daily net assets in Administrative Services Plan Fees for the fiscal year ended October 31, 2025.</span></td></tr> <tr style="color: rgb(52,96,148); vertical-align: top"> <td style="color: rgb(52,96,148); text-align: justify"></td><td style="color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)"><sup id="xdx_F04_zgzOTP8Tefc9">3</sup></span></td> <td style="color: rgb(52,96,148); text-align: justify"><span id="xdx_F1A_zWNYickhX2Q6" style="color: rgb(52,96,148)"> <span id="xdx_908_eoef--OtherExpensesNewFundBasedOnEstimates_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000072840Member_zR2ckWDpwh53">“Total Annual Fund Operating Expenses” and “Total Annual Fund Operating Expenses After Fee Reductions and/or Expense Reimbursements” will not correlate to the ratio of expenses to the average net assets in the Fund’s Financial Highlights, which reflect the operating expenses of the Fund and do not include “Acquired Fund Fees and Expenses”.</span></span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="-sec-ix-redline: true; color: rgb(52,96,148); vertical-align: top"> <td style="color: rgb(52,96,148); width: 0%; text-align: justify"></td><td style="color: rgb(52,96,148); width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><sup id="xdx_F0A_z80MIbiqNmwl">4</sup></span></td> <td style="color: rgb(52,96,148); text-align: justify"><span id="xdx_F1E_zDLAaLcCkouh" style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> Westwood Management Corp. (the “Adviser”) has contractually agreed to reduce fees and reimburse expenses in order to keep Total Annual Fund Operating Expenses for each of the Institutional and A Class Shares (excluding Management Fees, interest, taxes, brokerage commissions, Rule 12b-1 distribution fees (if any), administrative servicing fee (if any), borrowing expenses such as dividend and interest expenses on securities sold short, Acquired Fund fees and expenses, costs to organize the Fund, other expenditures which are capitalized in accordance with generally accepted accounting principles, and extraordinary expenses (collectively, “excluded expenses”)) from exceeding 0.10% of the Fund’s Institutional and A Class Shares’ average daily net assets until <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><span id="xdx_902_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000072840Member_znn9LADI8Qgf">March 1, 2027</span></span>. 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 36-month 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 Ultimus Managers Trust (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 will terminate automatically if the Fund’s investment advisory agreement with the Adviser is terminated.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> 0.0013 0.0013 0 0.0025 0.0023 0.0020 0.0003 0.0020 0.0036 0.0058 -0.0009 -0.0009 0.0027 0.0049 “Total Annual Fund Operating Expenses” and “Total Annual Fund Operating Expenses After Fee Reductions and/or Expense Reimbursements” will not correlate to the ratio of expenses to the average net assets in the Fund’s Financial Highlights, which reflect the operating expenses of the Fund and do not include “Acquired Fund Fees and Expenses”. March 1, 2027 Example <p id="xdx_A80_eoef--ExpenseExampleNarrativeTextBlock_zZ8k5tl3wZYe" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same and the contractual agreement to limit expenses remains in effect until March 1, 2027. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A83_eoef--ExpenseExampleWithRedemptionTableTextBlock_zwFrgvCfM6md"></div> <table cellpadding="3" cellspacing="0" id="xdx_A55_dU_zfV5JRV8Zs84" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; color: rgb(52,96,148); width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="color: rgb(52,96,148); vertical-align: top; background-color: #D9D9D9"> <td style="border-top: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148); text-align: left; width: 52%"><span style="color: rgb(52,96,148)"> </span></td> <td id="xdx_481_eoef--ExpenseExampleYear01_z6b1gICkXOa9" style="border-top: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148); width: 12%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>1 Year</b></span></td> <td id="xdx_481_eoef--ExpenseExampleYear03_ziNGDhZEAPD7" style="border-top: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148); width: 12%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>3 Years</b></span></td> <td id="xdx_48A_eoef--ExpenseExampleYear05_z3oWP9V39bPi" style="border-top: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148); width: 12%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>5 Years</b></span></td> <td id="xdx_48C_eoef--ExpenseExampleYear10_zAzXv2Lxg5ed" style="border: #346094 1pt solid; color: rgb(52,96,148); width: 12%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>10 Years</b></span></td></tr> <tr id="xdx_410_20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000072840Member__oef--ClassAxis__custom--C000229469Member_zMCaP73iJH96" style="color: rgb(52,96,148); vertical-align: top"> <td style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148); text-align: left"><span style="color: rgb(52,96,148)"><b>Institutional</b></span></td> <td style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">$28</span></td> <td style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">$107</span></td> <td style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">$193</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">$447</span></td></tr> <tr id="xdx_414_20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000072840Member__oef--ClassAxis__custom--C000229470Member_zIDrmAySBaqf" style="color: rgb(52,96,148); vertical-align: top"> <td style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148); text-align: left"><span style="color: rgb(52,96,148)"><b>A Class</b></span></td> <td style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148); text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">$349</span></td> <td style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148); text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">$471</span></td> <td style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148); text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">$605</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148); text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">$996</span></td></tr> </table> 28 107 193 447 349 471 605 996 Portfolio Turnover <p id="xdx_A81_eoef--PortfolioTurnoverTextBlock_zaupkiejTQck" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">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 ended October 31, 2025, the portfolio turnover rate of the Fund was <span id="xdx_90C_eoef--PortfolioTurnoverRate_dp_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000072840Member_z9fKKurRGMe1">66%</span> </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">of the average value of its portfolio.</span></p> 0.66 Principal Investment Strategies <p id="xdx_A8C_eoef--StrategyNarrativeTextBlock_zOyXHVfgHSt6" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">The Fund has flexibility to achieve its investment objective and invests in a broad range of income-producing securities, including debt and equity securities in the U.S. and other markets throughout the world, both developed and emerging. “Emerging markets” include countries in the MSCI Emerging Markets Index, and other countries that the Fund considers to be equivalent to those in that index based on their level of economic development or the size and experience of their securities markets. There is no limit on the number of countries in which the Fund may invest, and the Fund may focus its investments in a single country or a small group of countries. As attractive investments across asset classes and strategies arise, the Adviser attempts to capture these opportunities and has latitude to allocate the Fund’s assets among asset classes. The Adviser buys and sells securities and investments for the Fund based on the Adviser’s view of issuer fundamentals, global economics, sectors and overall portfolio construction, taking into account risk/return analyses and relative value considerations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">Under normal circumstances, the Fund invests at least 80% of its net assets in securities of U.S. issuers. U.S. issuers include the U.S. government and its agencies and instrumentalities. In addition, a company is considered by the Fund to be a U.S. issuer if: (i) at least 50% of the company’s assets are located in the U.S.; (ii) at least 50% of the company’s revenue is generated in the U.S.; (iii) the company is organized or maintains its principal place of business in the U.S.; or (iv) the company’s securities are traded principally in the U.S.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">The Fund seeks to achieve a neutral allocation of 80% of its total assets in debt securities and 20% of its total assets in equity securities. The Adviser’s bottom up investment process and top-down macroeconomic views will drive tactical allocation decisions by overweighting/underweighting stocks and bonds to outperform the benchmark.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">The Fund may invest up to 100% of its total assets in debt securities, including corporate bonds, mortgage-backed, mortgage-related and asset-backed securities (including collateralized mortgage obligations), inflation-linked securities (including Treasury Inflation Protected Securities (“TIPS”)), bank loan assignments and participations (“Loans”). The Fund may invest up to 35% of its total assets in Loans. The Fund may invest in debt securities with any maturity, duration or credit quality, including securities rated below investment grade or, if unrated, deemed by the Adviser to be of comparable quality (“junk bonds”). The Fund currently expects to invest no more than 70% of its total assets in junk bonds.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">The Fund may purchase or sell mortgage-backed securities on a delayed delivery or forward commitment basis through the “to-be-announced” (“TBA”) market. With TBA transactions, the particular securities to be delivered are not identified at the trade date but the delivered securities must meet specified terms and standards. The Fund would generally enter into TBA transactions with the intention of taking possession of the underlying mortgage-backed securities. However, in an effort to obtain underlying mortgage securities on more preferable terms or to enhance returns, the Fund may extend the settlement by entering into dollar roll transactions in which the Fund sells mortgage-backed securities and simultaneously agrees to purchase substantially similar securities on a future date.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">The Fund may invest up to 30% of its total assets in equity securities, including common stocks, American Depositary Receipts (“ADRs”) and real estate investment trusts (“REITs”). The Fund may invest up to 25% of its total assets in REITs. In addition to investments in equity securities, the Fund may also invest up to 50% of its total assets in preferred stocks and convertible securities that have characteristics of both equity and debt securities. The Fund may invest in equity securities, preferred stocks and convertible securities of companies of any market capitalization.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">In addition to direct investments in securities, derivatives, which are instruments that have a value based on another instrument, exchange rate or index, may be used as substitutes for securities in which the Fund can invest. The Fund may use futures contracts, foreign currency transactions, options and swaps to help manage duration, sector and yield curve exposure and credit and spread volatility. The Fund may also use such derivatives to manage equity, country, regional and currency exposure, to increase income or gain to the Fund, for hedging and for risk management. The Fund may hedge its non-dollar investments back to the U.S. dollar through the use of foreign currency derivatives, including forward foreign currency contracts and currency futures, but may not always do so. In addition to hedging non-dollar investments, the Fund may use such derivatives to increase income and gain to the Fund and/or as part of its risk management process by establishing or adjusting exposure to particular foreign securities, markets or currencies.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">As a result of the Fund’s investment style, the Fund, from time to time, will engage in frequent trading.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_z537IsLqGak3" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">As with all mutual funds, there is no guarantee that the Fund will achieve its investment objective. <span id="xdx_906_eoef--RiskTextBlock_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000072840Member__oef--RiskAxis__oef--RiskLoseMoneyMember_z8vOtctcOWVf">You could lose money by investing in the Fund.</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b><span id="xdx_908_eoef--RiskTextBlock_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000072840Member__oef--RiskAxis__oef--RiskNotInsuredDepositoryInstitutionMember_zb9SCzdf6gI6">A Fund share is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency</span></b></span><b><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">. </span></b><span style="color: rgb(52,96,148); font-family: Times New Roman, Times, Serif; font-size: 10pt">The principal risk factors affecting shareholders’ investments in the Fund are set forth below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_918_exdx--NextElement_zVSixkeD4sx6"></span></div> You could lose money by investing in the Fund. A Fund share is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighYieldBondRiskMember_zDMBqxE3Y4e9" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>High Yield Bond Risk</b> – High yield bonds (often called “junk bonds”) are debt securities rated below investment grade. Junk bonds are speculative, involve greater risks of default, downgrade, or price declines and are more volatile and tend to be less liquid than investment-grade securities. Companies issuing high yield bonds are less financially strong, are more likely to encounter financial difficulties, and are more vulnerable to adverse market events and negative sentiments than companies with higher credit ratings.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <div style="display: none"><span id="xdx_91A_exdx--NextElement_zCgYC9Z2eOVg"></span></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeRiskMember_zuI9cVeudtQg" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Fixed Income Risk </b>– Fixed income securities are subject to a number of risks, including credit and interest rate risks. Credit risk is the risk that the issuer or obligor will not make timely payments of principal and interest. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also affect the value of the Fund’s investment in that issuer. The Fund is subject to greater levels of credit risk to the extent it holds below investment grade debt securities, or “junk bonds.” Interest rate risk is the risk that the value of a fixed income security will fall when interest rates rise. In general, the longer the maturity and the lower the credit quality of a fixed income security, the more likely its value will decline.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_91D_exdx--NextElement_zEWMbtmsiUtk"></span></div> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--CorporateBondRiskMember_zIxk2S72kVjd" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Corporate Bond Risk</b> – Corporate bonds respond to economic developments, especially changes in interest rates, as well as perceptions of the creditworthiness and business prospects of individual issuers.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_91D_exdx--NextElement_zeytSLUXoQe"></span></div> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConvertibleSecuritiesRiskMember_zNgvAoyzRYQi" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Convertible Securities Risk</b> – 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 style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_910_exdx--NextElement_zMO1pwgHFrpc"></span></div> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--RealEstateSecuritiesAndREITRiskMember_z3KNhqgzCJec" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Real Estate Securities and REIT Risk </b>– A Fund that focuses its investments in opportunities in the real estate industry or otherwise invests in real estate-related securities has certain risks associated with investments in entities focused on real estate activities. REITs are pooled investment vehicles that own, and usually operate, income-producing real estate. 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. REITs typically incur fees that are separate from those of the Fund. Accordingly, the Fund’s investments in REITs will result in the layering of expenses such that shareholders will indirectly bear a proportionate share of the REITs’ operating expenses, in addition to paying Fund expenses. REIT operating expenses are not reflected in the fee table and example in this Prospectus.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_915_exdx--NextElement_zFVw413695G4"></span></div> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--PreferredStockRiskMember_zjRC5qs7yM05" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Preferred Stock Risk</b> – 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 style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_911_exdx--NextElement_z2lByluR9388"></span></div> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquityRiskMember_zeB1rFwY9df4" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="color: rgb(52,96,148)"><b>Equity Risk –</b> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_91A_exdx--NextElement_zrrqPmvFvabi"></span></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationCompanyRiskMember_z8DeYDP8I68d" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Large-Capitalization Company Risk</b> – 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 style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_91D_exdx--NextElement_zCXi4stO2cz3"></span></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallAndMidCapitalizationCompanyRiskMember_zJqorph4JV57" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Small- and Mid-Capitalization Company Risk</b> – 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 style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_91F_exdx--NextElement_zu0lEPzi9Ta7"></span></div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--MicroCapitalizationCompanyRiskMember_zd24L0hkwBDc" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-size: 10pt; color: rgb(52,96,148)"><b>Micro-Capitalization Company Risk</b></span><b> <span style="color: rgb(52,96,148)">– </span></b><span style="color: rgb(52,96,148)"><span style="font-size: 10pt">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></span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-size: 10pt; color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_915_exdx--NextElement_zqxQtIb5Ovu8"></span></div> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_zLgGu1KID8i1" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Foreign Securities Risk</b> – Investing in foreign securities, including direct investments and through ADRs, which are traded on exchanges and represent an ownership interest 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. 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 ADRs provide an alternative to directly 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_918_exdx--NextElement_z29zQeqgRHZ5"></span></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsSecuritiesRiskMember_zWEE7H1hduFb" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Emerging Markets Securities Risk</b> – 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_91B_exdx--NextElement_zxfsVChVp7g"></span></div> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--SectorRiskMember_zii70yg8r1Fj" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="color: rgb(52,96,148)"><b>Sector Risk – </b>The Fund may, at times, be more heavily invested in certain sectors. When the Fund emphasizes investment in one or more sectors, the value of its net assets will be more susceptible to the financial, market or economic events affecting issuers and industries within those sectors than would be the case for mutual funds that do not emphasize investment in particular sectors.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_911_exdx--NextElement_zWdrNGDVkro6"></span></div> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--AssetBackedSecuritiesRiskMember_zjM9wX8xP2e8" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Asset-Backed Securities Risk</b> – 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 style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_910_exdx--NextElement_z3TUA4ZWxRRc"></span></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--MortgageBackedSecuritiesRiskMember_zM0vXUoA6T44" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Mortgage-Backed Securities Risk</b> – 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></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_915_exdx--NextElement_zzdoN1Pd4Bm4"></span></div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentSecuritiesRiskMember_ztlmfVUZncJa" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>U.S. Government Securities Risk</b> – 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 style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_914_exdx--NextElement_zFIlVDhvph9f"></span></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--InflationLinkedSecuritiesRiskMember_zT418aJOj3j6" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Inflation-Linked Securities Risk</b> – The value of inflation-linked securities is expected to change in response to changes in real interest rates (the market rate of interest less the anticipated rate of inflation). Real interest rates change over time as a result of many factors, such as currency exchange rates, central bank monetary policies and general economic conditions. In general, the price of an inflation-linked security tends to decline when real interest rates increase. Unlike conventional bonds, the principal and interest payments of inflation-protected securities such as TIPS are adjusted periodically to a specified rate of inflation (e.g. the Consumer Price Index (the “CPI”)). There can be no assurance that the inflation index used will accurately measure the actual rate of inflation. These securities may lose value in the event that the actual rate of inflation is different than the rate of the inflation index. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of TIPS. For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <div style="display: none"><span id="xdx_91A_exdx--NextElement_z9fYwFEuLDph"></span></div> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignCurrencyRiskMember_zIWCCmv9Xy1i" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Foreign Currency Risk</b> – 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> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_91A_exdx--NextElement_zhxOMQ4po5c1"></span></div> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--GeographicFocusRiskMember_zv2WJ8ggwwD7" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Geographic Focus Risk</b> – 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 style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_919_exdx--NextElement_zLVJQe4TsoS"></span></div> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zq8CnRtUeNPd" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Liquidity Risk</b> – 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 style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_91B_exdx--NextElement_zWoS5fHRitN1"></span></div> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zP5wru3wpbd" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Derivatives Risk</b> – The Fund’s use of futures contracts, forward contracts, options and swaps is subject to market risk, leverage risk, correlation risk, hedging risk and liquidity risk. Market risk is the risk that the market value of an investment may move up and down, sometimes rapidly and unpredictably. 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. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly or at all with the underlying asset, rate or index. Hedging risk is the risk that derivative instruments used for hedging purposes may also limit any potential gain that may result from the increase in value of the hedged asset. 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. Liquidity risk is described elsewhere in this section. The Fund’s use of forwards and swaps is also subject to credit risk and valuation risk. Credit risk is the risk that the counterparty to a derivative contract will default or otherwise become unable to honor a financial obligation. 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 style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_915_exdx--NextElement_z0W8XAIJEVq9"></span></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--CollateralizedMortgageObligationsRiskMember_zK8vv0gdEv53" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Collateralized Mortgage Obligations Risk </b>– Collateralized mortgage obligations exhibit similar risks to those of mortgage-backed securities but also present certain special risks. Collateralized mortgage obligations are created by dividing the principal and interest payments collected on a pool of mortgages into several revenue streams (tranches) with different priority rights to portions of the underlying mortgage payments. Collateralized mortgage obligation tranches may be specially structured in a manner that provides a variety of investment characteristics, such as yield, effective maturity and interest rate sensitivity. As market conditions change, however, particularly during periods of rapid or unanticipated changes in interest rates, the ability of a collateralized mortgage obligation tranche to provide the anticipated investment characteristics and performance may be significantly reduced. These changes may result in volatility in the market value, and in some instances reduced liquidity, of the collateralized mortgage obligation tranche.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_91C_exdx--NextElement_zfwXHx0QPPU5"></span></div> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--TBADollarRollRiskMember_zHXVNCLsFfQg" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>TBA/Dollar Roll Risk</b> – Although the securities that are delivered in TBA transactions must meet certain standards, there is a risk that the actual securities received by the Fund may be less favorable than what was anticipated when entering into the transaction. Default by or bankruptcy of a counterparty to a TBA transaction would expose the Fund to possible loss because of adverse market action, expenses or delays in connection with the purchase or sale of the pools of mortgage pass-through securities specified in the TBA transaction. Whether or not the Fund takes delivery of the securities at the termination date of a TBA transaction, it will nonetheless be exposed to changes in the value of the underlying investments during the term of the agreement. Also, the Fund’s portfolio turnover rate and transaction costs are increased when the Fund enters into dollar roll transactions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_91B_exdx--NextElement_zhIQaojwVGT4"></span></div> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--BankLoansRiskMember_zJBw181WPaJi" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Bank Loans Risk</b> – Investments in bank loans (through both assignments and participations) are generally subject to the same risks as investments in other types of debt instruments, including, in many cases, investments in junk bonds. There may be limited public information available regarding bank loans and bank loans may be difficult to value. If the Fund holds a bank</span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">loan through another financial institution, or relies on a financial institution to administer the loan, its receipt of principal and interest on the loan may be subject to the credit risk of that financial institution. It is possible that any collateral securing a loan may be insufficient or unavailable to the Fund, and that the Fund’s rights to collateral may be limited by bankruptcy or insolvency laws. In addition, the secondary market for bank loans may be subject to irregular trading activity, wide bid/ask spreads, and extended trade settlement periods, which may cause the Fund to be unable to realize the full value of its investment in a bank loan.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">Bank loans may not be considered “securities,” and purchasers, such as the Fund, therefore may not be entitled to rely on the anti-fraud protections of the federal securities laws.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_91D_exdx--NextElement_zpeL58uasGrh"></span></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_z1SPzga2dsTf" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Market Risk</b> – 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 military action, 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 style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_91C_exdx--NextElement_zO4uLHcHrf78"></span></div> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--FrequentTradingRiskMember_zuv8CJuGDqz5" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="color: rgb(52,96,148)"><b>Frequent Trading Risk</b> – The Fund’s frequent trading strategy will result in high portfolio turnover and may be more likely to result in realized capital gains that must be distributed to shareholders as taxable income and in increased brokerage and other transaction costs.</span></p> Performance Information <p id="xdx_A8D_eoef--PerformanceNarrativeTextBlock_z1v5mj9NYe2" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span id="xdx_90F_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000072840Member_z4KHsRYGvZJj" style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in the performance of the Institutional and A Class Shares of the Fund from year-to-year and by showing how the average annual returns for 1-year, 5-years, 10-years and since inception of the Fund compare with those of the Russell 3000^® Index and the Blended 80/20 Bloomberg U.S. Aggregate Bond Index/S&amp;P 500^® Index.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">The performance shown in bar chart and table for periods prior to November 1, 2021 represents the performance of the Institutional and A Class Shares of the Westwood High Income Fund, a series of The Advisors’ Inner Circle Fund (the “Predecessor Fund”). The Fund is the successor to the Predecessor Fund through a reorganization with the Fund on November 1, 2021 (the “2021 Reorganization”). Prior to August 31, 2019, the Predecessor Fund had a sub-adviser and, prior to November 1, 2019, the Predecessor Fund employed a different investment strategy. Therefore, the past performance shown for periods prior to August 31, 2019 may have differed if the Predecessor Fund had not had a sub-adviser and the Fund’s current investment strategy had been in effect. <span id="xdx_902_eoef--PerformancePastDoesNotIndicateFuture_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000072840Member_zSfjG2lij0Zc">How the Fund and the Predecessor Fund have performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> Updated performance information is available on the Fund’s website at <span id="xdx_90E_eoef--PerformanceAvailabilityWebSiteAddress_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000072840Member_zjoIGUqZRTZh">www.westwoodfunds.com</span> or by calling <span id="xdx_904_eoef--PerformanceAvailabilityPhone_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000072840Member_zepiLbB62qrg">1-877-FUND-WHG (1-877-386-3944)</span>.</span></p> The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in the performance of the Institutional and A Class Shares of the Fund from year-to-year and by showing how the average annual returns for 1-year, 5-years, 10-years and since inception of the Fund compare with those of the Russell 3000® Index and the Blended 80/20 Bloomberg U.S. Aggregate Bond Index/S&P 500® Index. How the Fund and the Predecessor Fund have performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.westwoodfunds.com 1-877-FUND-WHG (1-877-386-3944) Calendar Year Returns - Institutional Shares* <p id="xdx_A83_eoef--BarChartTableTextBlock_zQsim9AKK3fc" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: center"> </p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img alt="" src="pro-whghx_001.jpg" style="height: 249px; width: 500px"/></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zivtPtNWSIFj" style="font: 11pt Calibri, Helvetica, Sans-Serif; color: rgb(52,96,148); width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; color: rgb(52,96,148); vertical-align: top"> <td style="display: none; color: rgb(52,96,148); width: 50%"><span style="display: none; color: rgb(52,96,148)">Year</span></td> <td style="display: none; color: rgb(52,96,148); width: 50%"><span style="display: none; color: rgb(52,96,148)">Return<sup style="display: none">*</sup></span></td></tr> <tr style="display: none; color: rgb(52,96,148); vertical-align: top"> <td style="display: none; color: rgb(52,96,148)"><span style="display: none; font-size: 10pt; color: rgb(52,96,148)">Annual Return 2016</span></td> <td id="xdx_98B_eoef--AnnlRtrPct_c20160101__20161231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__oef--ClassAxis__custom--C000229469Member_fKg_____zpyfToUpkJ6c" style="display: none; color: rgb(52,96,148)"><span style="display: none; color: rgb(52,96,148)">7.60%</span></td></tr> <tr style="display: none; color: rgb(52,96,148); vertical-align: top"> <td style="display: none; color: rgb(52,96,148)"><span style="display: none; font-size: 10pt; color: rgb(52,96,148)">Annual Return 2017</span></td> <td id="xdx_988_eoef--AnnlRtrPct_c20170101__20171231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__oef--ClassAxis__custom--C000229469Member_fKg_____zsFwCTuutHvf" style="display: none; color: rgb(52,96,148)"><span style="display: none; color: rgb(52,96,148)">4.20%</span></td></tr> <tr style="display: none; color: rgb(52,96,148); vertical-align: top"> <td style="display: none; color: rgb(52,96,148)"><span style="display: none; font-size: 10pt; color: rgb(52,96,148)">Annual Return 2018</span></td> <td id="xdx_983_eoef--AnnlRtrPct_c20180101__20181231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__oef--ClassAxis__custom--C000229469Member_fKg_____zmMdmO774Lak" style="display: none; color: rgb(52,96,148)"><span style="display: none; color: rgb(52,96,148)">0.36%</span></td></tr> <tr style="display: none; color: rgb(52,96,148); vertical-align: top"> <td style="display: none; color: rgb(52,96,148)"><span style="display: none; font-size: 10pt; color: rgb(52,96,148)">Annual Return 2019</span></td> <td id="xdx_986_eoef--AnnlRtrPct_c20190101__20191231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__oef--ClassAxis__custom--C000229469Member_fKg_____zdl1kfUpyvol" style="display: none; color: rgb(52,96,148)"><span style="display: none; color: rgb(52,96,148)">9.45%</span></td></tr> <tr style="display: none; color: rgb(52,96,148); vertical-align: top"> <td style="display: none; color: rgb(52,96,148)"><span style="display: none; font-size: 10pt; color: rgb(52,96,148)">Annual Return 2020</span></td> <td id="xdx_98B_eoef--AnnlRtrPct_c20200101__20201231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__oef--ClassAxis__custom--C000229469Member_fKg_____zAY4YcoNmUZ6" style="display: none; color: rgb(52,96,148)"><span style="display: none; color: rgb(52,96,148)">14.88%</span></td></tr> <tr style="display: none; color: rgb(52,96,148); vertical-align: top"> <td style="display: none; color: rgb(52,96,148)"><span style="display: none; font-size: 10pt; color: rgb(52,96,148)">Annual Return 2021</span></td> <td id="xdx_983_eoef--AnnlRtrPct_c20210101__20211231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__oef--ClassAxis__custom--C000229469Member_fKg_____zyaAq4NqoQm8" style="display: none; color: rgb(52,96,148)"><span style="display: none; color: rgb(52,96,148)">7.24%</span></td></tr> <tr style="display: none; color: rgb(52,96,148); vertical-align: top"> <td style="display: none; color: rgb(52,96,148)"><span style="display: none; font-size: 10pt; color: rgb(52,96,148)">Annual Return 2022</span></td> <td id="xdx_989_eoef--AnnlRtrPct_c20220101__20221231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__oef--ClassAxis__custom--C000229469Member_fKg_____zvwkDzsl6KL8" style="display: none; color: rgb(52,96,148)"><span style="display: none; color: rgb(52,96,148)">-11.11%</span></td></tr> <tr style="display: none; color: rgb(52,96,148); vertical-align: top"> <td style="display: none; color: rgb(52,96,148)"><span style="display: none; font-size: 10pt; color: rgb(52,96,148)">Annual Return 2023</span></td> <td id="xdx_981_eoef--AnnlRtrPct_c20230101__20231231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__oef--ClassAxis__custom--C000229469Member_fKg_____z8YtlPSWGi77" style="display: none; color: rgb(52,96,148)"><span style="display: none; color: rgb(52,96,148)">11.52%</span></td></tr> <tr style="display: none; color: rgb(52,96,148); vertical-align: top"> <td style="display: none; color: rgb(52,96,148)"><span style="display: none; font-size: 10pt; color: rgb(52,96,148)">Annual Return 2024</span></td> <td id="xdx_98F_eoef--AnnlRtrPct_c20240101__20241231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__oef--ClassAxis__custom--C000229469Member_fKg_____zEuHTxRCSW5i" style="display: none; color: rgb(52,96,148)">9.72%</td></tr> <tr style="display: none; color: rgb(52,96,148); vertical-align: top"> <td style="display: none; color: rgb(52,96,148)"><span style="display: none; font-size: 10pt; color: rgb(52,96,148)">Annual Return 2025</span></td> <td id="xdx_980_eoef--AnnlRtrPct_c20250101__20251231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__oef--ClassAxis__custom--C000229469Member_fKg_____z63Gigknz6Q2" style="display: none; color: rgb(52,96,148)">9.59%</td></tr> </table> <div style="color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt"></div> 0.0760 0.0420 0.0036 0.0945 0.1488 0.0724 -0.1111 0.1152 0.0972 0.0959 <div id="xdx_A8C_eoef--BarChartClosingTextBlock_zAHYSGZdnua1"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt auto; color: rgb(52,96,148); width: 550px"> <tr style="-sec-ix-redline: true; color: rgb(52,96,148); vertical-align: top; text-align: justify"> <td style="color: rgb(52,96,148); width: 0in"></td><td style="color: rgb(52,96,148); width: 0.25in; text-align: left"><span id="xdx_F0E_zOF7CxLPZnHe" style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">*</span></td> <td style="color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> <span id="xdx_F1E_zPmz1j8OmsH8" style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> <span id="xdx_905_eoef--YearToDateReturnLabel_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000072840Member_zGHVeSFqjZLb">The Fund’s year-to-date return</span> through <span id="xdx_90C_eoef--BarChartYearToDateReturnDate_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000072840Member_z7CItlUFMU09">December 31, 2025</span> was <span id="xdx_90E_eoef--BarChartYearToDateReturn_dp_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000072840Member_zloZKddNOQml">9.59%</span></span>.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-left: auto; width: 50%; border-collapse: collapse; margin-right: auto"> <tr style="color: rgb(52,96,148); vertical-align: top"> <td style="color: rgb(52,96,148); width: 50%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b><span id="xdx_90B_eoef--HighestQuarterlyReturnLabel_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000072840Member_z0vtsKz0rWo">Best Quarter</span></b></span></td> <td style="color: rgb(52,96,148); width: 50%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b><span id="xdx_90A_eoef--LowestQuarterlyReturnLabel_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000072840Member_z2oGuSQS1lk6">Worst Quarter</span></b></span></td></tr> <tr style="color: rgb(52,96,148); vertical-align: bottom"> <td style="color: rgb(52,96,148); text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b><span id="xdx_901_eoef--BarChartHighestQuarterlyReturn_dp_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000072840Member_zuqz4ASUSyO2">12.59%</span></b></span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b><span id="xdx_901_eoef--BarChartLowestQuarterlyReturn_dp_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000072840Member_zPTjZ5aPGXmk">(10.88)%</span></b></span></td></tr> <tr style="color: rgb(52,96,148); vertical-align: bottom"> <td style="color: rgb(52,96,148); text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>(<span id="xdx_901_eoef--BarChartHighestQuarterlyReturnDate_dd_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000072840Member_z0RhaVfUnjIc">6/30/2020</span></b></span><b><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">)</span></b></td> <td style="color: rgb(52,96,148); text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>(<span id="xdx_90D_eoef--BarChartLowestQuarterlyReturnDate_dd_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000072840Member_zOKFSZjBGsd5">3/31/2020</span></b></span><b><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">)</span></b></td></tr> </table> The Fund’s year-to-date return 2025-12-31 0.0959 Best Quarter Worst Quarter 0.1259 -0.1088 2020-06-30 2020-03-31 Average Annual Total Returns for Periods Ended December 31, 2025 <p id="xdx_A8C_eoef--PerformanceTableNarrativeTextBlock_zqzuQNn6ih6b" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">This table compares the Fund’s Institutional and A Class Shares’ average annual total returns for the periods ended December 31, 2025 to those of an appropriate broad-based index and a blended secondary index that represents the investment strategy of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><span id="xdx_90A_eoef--PerformanceTableUsesHighestFederalRate_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000072840Member_zwq9Fw0WKIka">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> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><span id="xdx_900_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000072840Member_zFDoBwjjGrek">Your actual after-tax returns will depend on your 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></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </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. Your actual after-tax returns will depend on your 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”). <div id="xdx_A86_eoef--PerformanceTableTextBlock_zwkOs2NSf2D9"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_z8ChmM4fKAW4" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; color: rgb(52,96,148); border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="color: rgb(52,96,148); vertical-align: bottom"> <td style="border-bottom: #346094 1pt solid; color: rgb(52,96,148); font-weight: bold; text-align: left; vertical-align: bottom"><span style="color: rgb(52,96,148)">WESTWOOD MULTI-ASSET INCOME FUND</span></td> <td style="border-bottom: #346094 1pt solid; color: rgb(52,96,148); font-weight: bold; text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td id="xdx_499_20250101__20251231_zFdNeHbx5OZi" style="border-bottom: #346094 1pt solid; color: rgb(52,96,148); font-weight: bold; text-align: center"><span style="color: rgb(52,96,148)">1 Year</span></td> <td style="border-bottom: #346094 1pt solid; color: rgb(52,96,148); font-weight: bold; text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td id="xdx_490_20210101__20251231_zwzIR30r6kjl" style="border-bottom: #346094 1pt solid; color: rgb(52,96,148); font-weight: bold; text-align: center"><span style="color: rgb(52,96,148)">5 Years</span></td> <td style="border-bottom: #346094 1pt solid; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td id="xdx_49E_20160101__20251231_z4tSFjQ8HK3k" style="border-bottom: #346094 1pt solid; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"><b>10 Years</b></span></td> <td style="border-bottom: #346094 1pt solid; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="border-bottom: #346094 1pt solid; color: rgb(52,96,148); text-align: center"> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Inception Date</b></span></p> </td></tr> <tr style="color: rgb(52,96,148); vertical-align: bottom"> <td style="color: rgb(52,96,148); text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; vertical-align: bottom">Institutional</td> <td style="color: rgb(52,96,148); text-align: center"> </td> <td style="color: rgb(52,96,148); text-align: center"> </td> <td style="color: rgb(52,96,148); text-align: center"> </td> <td style="color: rgb(52,96,148); text-align: center"> </td> <td style="color: rgb(52,96,148)"> </td> <td style="color: rgb(52,96,148); text-align: center"> </td> <td style="color: rgb(52,96,148); text-align: center"> </td> <td style="color: rgb(52,96,148); text-align: center"> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>(<span id="xdx_908_eoef--PerfInceptionDate_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__oef--ClassAxis__custom--C000229469Member_zCNkSEcedZub">December 28, 2011</span></b></span><b><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">) </span></b></p></td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_hdei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__oef--ClassAxis__custom--C000229469Member_zNjhBwu91Pi6" style="color: rgb(52,96,148); vertical-align: bottom"> <td style="color: rgb(52,96,148); text-indent: -0.125in; padding-left: 0.25in; width: 48%; font-weight: bold; text-align: left; vertical-align: top"><span style="color: rgb(52,96,148)">Fund <span id="xdx_903_eoef--AverageAnnualReturnLabel_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__oef--ClassAxis__custom--C000229469Member_zEqPttsFozEk">Returns Before Taxes</span></span></td> <td style="color: rgb(52,96,148); width: 1%; text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); width: 12%; text-align: center"><span style="color: rgb(52,96,148)">9.59%</span></td> <td style="color: rgb(52,96,148); width: 1%; text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); width: 12%; text-align: center"><span style="color: rgb(52,96,148)">5.03%</span></td> <td style="color: rgb(52,96,148); width: 1%"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center; width: 12%"><span style="color: rgb(52,96,148)">6.10%</span></td> <td style="color: rgb(52,96,148); width: 1%; text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); width: 12%; text-align: center"><span style="color: rgb(52,96,148)">N/A</span></td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_hdei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__oef--ClassAxis__custom--C000229469Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zQDQNQOj40xl" style="color: rgb(52,96,148); vertical-align: bottom"> <td style="color: rgb(52,96,148); text-indent: -0.125in; padding-left: 0.25in; font-weight: bold; text-align: left; vertical-align: top"><span style="color: rgb(52,96,148)">Fund Returns After Taxes on Distributions</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">6.87%</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">2.94%</span></td> <td style="color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">4.08%</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">N/A</span></td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_hdei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__oef--ClassAxis__custom--C000229469Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zhLdZYuQgcB9" style="color: rgb(52,96,148); vertical-align: bottom"> <td style="color: rgb(52,96,148); text-indent: -0.125in; padding-left: 0.25in; font-weight: bold; text-align: left; vertical-align: top"><span style="color: rgb(52,96,148)">Fund Returns After Taxes on Distributions and Sale of Fund Shares</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">5.69%</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">2.96%</span></td> <td style="color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">3.84%</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">N/A</span></td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_hdei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__oef--ClassAxis__custom--C000229469Member__oef--PerformanceMeasureAxis__custom--Russell3000IndexReflectsNoDeductionForFeesExpensesOrTaxesMember_z5bQHsnrDtI8" style="color: rgb(52,96,148); vertical-align: bottom"> <td style="color: rgb(52,96,148); text-indent: -0.125in; padding-left: 0.25in; font-weight: bold; text-align: left; vertical-align: top"><span style="color: rgb(52,96,148)">Russell 3000^® Index</span> <span style="color: rgb(52,96,148)">(<span id="xdx_909_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000072840Member_z2jVBWvnWUc">reflects no deduction for fees, expenses, or taxes</span></span><span style="color: rgb(52,96,148)">)</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">17.15%</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">13.15%</span></td> <td style="color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">14.29%</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">N/A</span></td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_hdei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__oef--ClassAxis__custom--C000229469Member__oef--PerformanceMeasureAxis__custom--BlendedEightyTwentyBloombergBarclaysUSAggregateBondIndexSAndP500IndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zeuNmVOW24j3" style="color: rgb(52,96,148); vertical-align: bottom"> <td style="color: rgb(52,96,148); text-indent: -0.125in; padding-left: 0.25in; font-weight: bold; text-align: left; vertical-align: top"><span style="color: rgb(52,96,148)">Blended 80/20 Bloomberg U.S. Aggregate Bond Index/S&amp;P 500^® Index</span> <span style="color: rgb(52,96,148)">(<span id="xdx_900_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000072840Member_zsR66gDUukM8">reflects no deduction for fees, expenses, or taxes</span></span><span style="color: rgb(52,96,148)">)</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">9.45%</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">2.57%</span></td> <td style="color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">4.62%</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">N/A</span></td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_hdei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__oef--ClassAxis__custom--C000229469Member__oef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zBzJr9J3s2e4" style="color: rgb(52,96,148); vertical-align: bottom"> <td style="color: rgb(52,96,148); text-indent: -0.125in; padding-left: 0.25in; font-weight: bold; text-align: left; vertical-align: top"><span style="color: rgb(52,96,148)">Bloomberg U.S. Aggregate Bond Index</span> <span style="color: rgb(52,96,148)">(reflects no deduction for fees, expenses, or taxes)</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">7.30%</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">(0.36)%</span></td> <td style="color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">2.01%</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">N/A</span></td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_hdei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__oef--ClassAxis__custom--C000229469Member__oef--PerformanceMeasureAxis__custom--SAndP500IndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zz5e0bJOZt65" style="color: rgb(52,96,148); vertical-align: bottom"> <td style="color: rgb(52,96,148); text-indent: -0.125in; padding-left: 0.25in; font-weight: bold; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>S&amp;P 500^® Index</b></span><b> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">(reflects no deduction for fees, expenses, or taxes)</span></b></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">17.88%</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">14.42%</span></td> <td style="color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">14.82%</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">N/A</span></td></tr> </table> <p style="margin: 0"> </p> <p style="margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: #346094 1pt solid; width: 48%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #346094"><b>WESTWOOD MULTI-ASSET INCOME FUND</b></span></td> <td style="border-bottom: #346094 1pt solid; text-align: center; width: 1%"> </td> <td style="border-bottom: #346094 1pt solid; text-align: center; width: 12%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #346094"><b>1 Year</b></span></td> <td style="border-bottom: #346094 1pt solid; text-align: center; width: 1%"> </td> <td style="border-bottom: #346094 1pt solid; text-align: center; width: 12%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #346094"><b>5 Years</b></span></td> <td style="border-bottom: #346094 1pt solid; width: 1%"> </td> <td style="border-bottom: #346094 1pt solid; text-align: center; width: 12%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #346094"><b>10 Years</b></span></td> <td style="border-bottom: #346094 1pt solid; text-align: center; width: 1%"> </td> <td style="border-bottom: #346094 1pt solid; text-align: center; width: 12%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #346094"><b>Inception Date</b></span></td></tr> <tr style="color: rgb(52,96,148); vertical-align: bottom"> <td style="color: rgb(52,96,148); text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; vertical-align: bottom; width: 48%"><span style="color: rgb(52,96,148)">A Class</span></td> <td style="color: rgb(52,96,148); text-align: center; width: 1%"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center; width: 12%"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center; width: 1%"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center; width: 12%"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); width: 1%"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center; width: 12%"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center; width: 1%"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center; width: 12%"><span style="color: rgb(52,96,148)"><b>(<span id="xdx_90E_eoef--PerfInceptionDate_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__oef--ClassAxis__custom--C000229470Member_zLZkY5nrk7fi">June 28, 2013</span>)</b></span></td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_hdei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__oef--ClassAxis__custom--C000229470Member_z1K8zrvpikz7" style="color: rgb(52,96,148); vertical-align: bottom"> <td style="color: rgb(52,96,148); text-indent: -0.125in; padding-left: 0.25in; font-weight: bold; text-align: left; vertical-align: top"><span style="color: rgb(52,96,148)">Fund <span id="xdx_902_eoef--AverageAnnualReturnLabel_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__oef--ClassAxis__custom--C000229470Member_zaTmdGx8aJ46">Returns Before Taxes</span></span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">9.28%</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">4.77%</span></td> <td style="color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">5.87%</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">N/A</span></td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_hdei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__oef--ClassAxis__custom--C000229470Member__oef--PerformanceMeasureAxis__custom--Russell3000IndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zkofTDGVzHIc" style="color: rgb(52,96,148); vertical-align: bottom"> <td style="color: rgb(52,96,148); text-indent: -0.125in; padding-left: 0.25in; font-weight: bold; text-align: left; vertical-align: top"><span style="color: rgb(52,96,148)">Russell 3000^® Index</span> <span style="color: rgb(52,96,148)">(reflects no deduction for fees, expenses, or taxes)</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">17.15%</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">13.15%</span></td> <td style="color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">14.29%</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">N/A</span></td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_hdei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__oef--ClassAxis__custom--C000229470Member__oef--PerformanceMeasureAxis__custom--BlendedEightyTwentyBloombergBarclaysUSAggregateBondIndexSAndP500IndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zzVesGejYjx1" style="color: rgb(52,96,148); vertical-align: bottom"> <td style="color: rgb(52,96,148); text-indent: -0.125in; padding-left: 0.25in; font-weight: bold; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Blended 80/20 Bloomberg U.S. Aggregate Bond Index/S&amp;P 500^® Index</b></span><b> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">(<span id="xdx_905_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000072840Member_zv3Ik1S8huvk">reflects no deduction for fees, expenses, or taxes</span></span></b><b><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">)</span></b></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">9.45%</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">2.57%</span></td> <td style="color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">4.62%</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">N/A</span></td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_hdei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__oef--ClassAxis__custom--C000229470Member__oef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_z3cVmA4rN8n5" style="color: rgb(52,96,148); vertical-align: bottom"> <td style="color: rgb(52,96,148); text-indent: -0.125in; padding-left: 0.25in; font-weight: bold; text-align: left; vertical-align: top"><span style="color: rgb(52,96,148)">Bloomberg U.S. Aggregate Bond Index</span> <span style="color: rgb(52,96,148)">(reflects no deduction for fees, expenses, or taxes)</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">7.30%</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">(0.36)%</span></td> <td style="color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">2.01%</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">N/A</span></td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_hdei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__oef--ClassAxis__custom--C000229470Member__oef--PerformanceMeasureAxis__custom--SAndP500IndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zQ3e89x5nrP5" style="color: rgb(52,96,148); vertical-align: bottom"> <td style="color: rgb(52,96,148); text-indent: -0.125in; padding-left: 0.25in; font-weight: bold; text-align: left; vertical-align: top"><span style="color: rgb(52,96,148)">S&amp;P 500^® Index</span> <span style="color: rgb(52,96,148)">(reflects no deduction for fees, expenses, or taxes)</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">17.88%</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">14.42%</span></td> <td style="color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">14.82%</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">N/A</span></td></tr> </table> 2011-12-28 Returns Before Taxes 0.0959 0.0503 0.0610 0.0687 0.0294 0.0408 0.0569 0.0296 0.0384 reflects no deduction for fees, expenses, or taxes 0.1715 0.1315 0.1429 reflects no deduction for fees, expenses, or taxes 0.0945 0.0257 0.0462 0.0730 -0.0036 0.0201 0.1788 0.1442 0.1482 2013-06-28 Returns Before Taxes 0.0928 0.0477 0.0587 0.1715 0.1315 0.1429 reflects no deduction for fees, expenses, or taxes 0.0945 0.0257 0.0462 0.0730 -0.0036 0.0201 0.1788 0.1442 0.1482 WESTWOOD ALTERNATIVE INCOME FUND Fund Investment Objective <p id="xdx_A8E_eoef--ObjectivePrimaryTextBlock_z2KiLBejqHsg" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">The investment objective of the Westwood Alternative Income Fund (the “Fund” or “Alternative Income Fund”) seeks to provide absolute returns through a combination of current income and capital appreciation with low correlation to equity and fixed income markets.</span></p> Fund Fees and Expenses <p id="xdx_A87_eoef--ExpenseNarrativeTextBlock_za7XmjoyngKb" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">These tables describe the fees and expenses that you may pay if you buy, hold and sell Institutional shares of the Fund.</span> <b>You may be required to pay commissions and/or other forms of compensation to a broker for transactions in Institutional and A Class Shares, which are not reflected in the table or the example below.</b> <span id="xdx_908_eoef--ExpenseBreakpointDiscounts_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000072839Member_z3GOOmJKQuIg">You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $<span id="xdx_900_eoef--ExpenseBreakpointMinimumInvestmentRequiredAmount_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000072839Member_zhFVUnEt8u73">50,000</span> in A Class Shares of the Fund.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">More information about these and other discounts is available (i) from your financial professional and (ii) in the section “Sales Charges” on page 127 of this Prospectus. Investors investing in A Class Shares of the Fund through an intermediary should consult Appendix A - Intermediary-Specific Sales Charge Discounts and Waivers, whi</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">ch includes information regarding broker-defined sales charges and related discount and/or waiver policies that apply to purchases through certain intermediaries. Shares of the Fund are available in other share classes that have different fees and expenses.</span></p> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in A Class Shares of the Fund. 50000 Shareholder Fees (fees paid directly from your investments) <div id="xdx_A81_eoef--ShareholderFeesTableTextBlock_zdFQVENMJoCe"></div> <table cellpadding="3" cellspacing="0" id="xdx_A55_dU_z773jAGyjr1k" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="color: rgb(52,96,148); background-color: #D9D9D9"> <td style="border-top: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148); vertical-align: top; width: 76%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></td> <td id="xdx_49A_20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000072839Member__oef--ClassAxis__custom--C000229466Member_zBzsCSxpIOVc" style="border-top: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; vertical-align: bottom; color: rgb(52,96,148); text-align: center; width: 12%"><span style="color: rgb(52,96,148)"><b>Institutional Shares</b></span></td> <td id="xdx_496_20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000072839Member__oef--ClassAxis__custom--C000229467Member_zXqpXNuS7DY1" style="border: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; width: 12%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>A Class Shares</b></span></td></tr> <tr id="xdx_403_eoef--MaximumSalesChargeImposedOnPurchasesOverOfferingPrice_dpn_zJRhEsb6t4q4" style="color: rgb(52,96,148); vertical-align: top"> <td style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148); text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)</span></td> <td style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; vertical-align: bottom; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">None</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; vertical-align: bottom; color: rgb(52,96,148); text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">3.00%</span></td></tr> <tr id="xdx_40B_eoef--MaximumDeferredSalesChargeOverOther_dpn_zcseeXOieZh9" style="color: rgb(52,96,148)"> <td style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148); vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">Maximum Deferred Sales Charge (Load) (as a percentage of net asset value)</span></td> <td style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; vertical-align: bottom; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"><span id="xdx_90C_eoef--MaximumDeferredSalesChargeOverOfferingPrice_dpn_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000072839Member__oef--ClassAxis__custom--C000229466Member_zCerm5BB0fMd" title="Maximum Deferred Sales Charge (Load) (as a percentage of net asset value)">None</span></span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><span id="xdx_90D_eoef--MaximumDeferredSalesChargeOverOfferingPrice_dpn_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000072839Member__oef--ClassAxis__custom--C000229467Member_fMQ_____zMjpkVQyzdWc" title="Maximum Deferred Sales Charge (Load) (as a percentage of net asset value)">None</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">¹</span></td></tr> <tr id="xdx_402_eoef--MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther_dpn_zPfMKQoalFLb" style="color: rgb(52,96,148)"> <td style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148); vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">Maximum Sales Charge (Load) Imposed on Reinvested Dividends and Other Distributions (as a percentage of offering price)</span></td> <td style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; vertical-align: bottom; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">None</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">None</span></td></tr> </table> <p style="color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt"><span style="color: rgb(52,96,148)"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="color: rgb(52,96,148); vertical-align: top"> <td style="color: rgb(52,96,148); width: 0%; text-align: justify"></td><td style="color: rgb(52,96,148); width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><sup id="xdx_F0C_zZoqrVsNSkI2">1</sup></span></td> <td style="color: rgb(52,96,148); text-align: justify"><span id="xdx_F19_zfFB7TN0ztG4" style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> A Class Shares purchases of $250,000 or more may be subject to a 1.00% Contingent Deferred Sales Charge (“CDSC”) if redeemed within 18 months of purchase.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> 0 0.0300 0 0 0 0.01 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A80_eoef--AnnualFundOperatingExpensesTableTextBlock_zgsLE1os8zof"></div> <table cellpadding="3" cellspacing="0" id="xdx_A58_dU_zyh6UYTM2OO2" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; color: rgb(52,96,148); width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="color: rgb(52,96,148); background-color: #D9D9D9"> <td style="border-top: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></td> <td colspan="2" id="xdx_49D_20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000072839Member__oef--ClassAxis__custom--C000229466Member_zpCjMApnLrdg" style="border-top: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"><b>Institutional Shares</b></span></td> <td id="xdx_49C_20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000072839Member__oef--ClassAxis__custom--C000229467Member_zXJY9SudQYRh" style="border: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>A Class Shares</b></span></td></tr> <tr id="xdx_40D_eoef--ManagementFeesOverAssets_dpn_zobs9jwt9Y87" style="color: rgb(52,96,148); vertical-align: top"> <td style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148); text-align: left; width: 64%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">Management Fees<sup id="xdx_F49_zMpVkiFIaBx5">1</sup></span></td> <td style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; vertical-align: bottom; color: rgb(52,96,148); text-align: center; width: 12%"><span style="color: rgb(52,96,148)"> </span></td> <td style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; vertical-align: bottom; color: rgb(52,96,148); text-align: center; width: 12%"><span style="color: rgb(52,96,148)">0.80%</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; vertical-align: bottom; color: rgb(52,96,148); text-align: center; width: 12%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">0.80%</span></td></tr> <tr id="xdx_40A_eoef--DistributionAndService12b1FeesOverAssets_dpn_zVCQKk7xRJq2" style="color: rgb(52,96,148); vertical-align: top"> <td style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148); text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">Distribution (12b-1) Fees</span></td> <td style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; vertical-align: bottom; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; vertical-align: bottom; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">None</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; vertical-align: bottom; color: rgb(52,96,148); text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">0.25%</span></td></tr> <tr id="xdx_400_eoef--OtherExpensesOverAssets_dpn_zoGA5ltLkfw6" style="color: rgb(52,96,148); vertical-align: top"> <td style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148); text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">Other Expenses</span></td> <td style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; vertical-align: bottom; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; vertical-align: bottom; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">0.30%</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; vertical-align: bottom; color: rgb(52,96,148); text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">0.16%</span></td></tr> <tr style="color: rgb(52,96,148); vertical-align: top"> <td style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148); padding-left: 0.125in; text-align: left"><span style="color: rgb(52,96,148)">Administrative Services Plan Fees²</span></td> <td id="xdx_987_eoef--Component1OtherExpensesOverAssets_dpn_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000072839Member__oef--ClassAxis__custom--C000229466Member_fMg_____zllKoQIfANv7" style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; vertical-align: bottom; color: rgb(52,96,148); text-align: center" title="Administrative Services Plan Fees"><span style="color: rgb(52,96,148)">0.14%</span></td> <td style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; vertical-align: bottom; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; vertical-align: bottom; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td></tr> <tr style="color: rgb(52,96,148); vertical-align: top"> <td style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148); padding-left: 0.125in; text-align: left"><span style="color: rgb(52,96,148)">Other Operating Expenses</span></td> <td id="xdx_984_eoef--Component2OtherExpensesOverAssets_dpn_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000072839Member__oef--ClassAxis__custom--C000229467Member_zE0fNUO3sAui" style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; vertical-align: bottom; color: rgb(52,96,148); text-align: center" title="Other Operating Expenses"><span style="color: rgb(52,96,148)">0.16%</span></td> <td style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; vertical-align: bottom; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; vertical-align: bottom; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td></tr> <tr id="xdx_403_eoef--ExpensesOverAssets_dpn_zag2Hx6CNLgh" style="color: rgb(52,96,148); vertical-align: top"> <td style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148); text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">Total Annual Fund Operating Expenses</span></td> <td style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; vertical-align: bottom; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; vertical-align: bottom; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">1.10%</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; vertical-align: bottom; color: rgb(52,96,148); text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">1.21%</span></td></tr> <tr id="xdx_408_eoef--FeeWaiverOrReimbursementOverAssets_dpn_zPHaBQ66PFac" style="color: rgb(52,96,148); vertical-align: top"> <td style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148); text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">Less Fee Reductions and/or Expense Reimbursements<sup id="xdx_F40_znIQnD9DU1Dc">3</sup></span></td> <td style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; vertical-align: bottom; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; vertical-align: bottom; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">(0.20)%</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; vertical-align: bottom; color: rgb(52,96,148); text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">(0.20)%</span></td></tr> <tr id="xdx_40E_eoef--NetExpensesOverAssets_dpn_z3w3nVYUaXq1" style="color: rgb(52,96,148); vertical-align: top"> <td style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148); text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">Total Annual Fund Operating Expenses After Fee Reductions and/or Expense Reimbursements<sup id="xdx_F4E_zgChBXptTEh8">3</sup></span></td> <td style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; vertical-align: bottom; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; vertical-align: bottom; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">0.90%</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; vertical-align: bottom; color: rgb(52,96,148); text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">1.01%</span></td></tr> </table> <p style="color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt"><span style="color: rgb(52,96,148)"> </span></p> <p style="color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt"><span style="color: rgb(52,96,148)"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; color: rgb(52,96,148); width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="color: rgb(52,96,148); vertical-align: top"> <td style="color: rgb(52,96,148); width: 0; text-align: justify"></td><td style="color: rgb(52,96,148); width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><sup id="xdx_F09_zjgCOeTNlRAa">1</sup></span></td> <td style="color: rgb(52,96,148); text-align: justify"><span id="xdx_F16_zOf7AAaVM7Ra" style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> Management Fees consist of a base fee at an annualized rate of 0.53% of the Fund’s average daily net assets, and a positive or negative performance adjustment of up to an annualized rate of 0.32% based on the Fund’s Institutional Shares’ performance relative to the FTSE 1-Month U.S. Treasury Bill Index plus 2.00%, resulting in a minimum total fee of 0.21% and a maximum total fee of 0.85%.</span></td></tr> <tr style="-sec-ix-redline: true; color: rgb(52,96,148); vertical-align: top"> <td style="color: rgb(52,96,148); text-align: justify"></td><td style="color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)"><sup id="xdx_F06_zLDEd63POnU7">2</sup></span></td> <td style="color: rgb(52,96,148); text-align: justify"><span id="xdx_F14_zPZekhoJjDf5" style="color: rgb(52,96,148)"> The Fund has adopted an Administrative Services Plan that provides that the Fund may pay financial intermediaries for shareholder services in an annual amount not to exceed 0.15% based on the average daily net assets of the Fund’s Institutional Shares. The Fund paid 0.14% of its Institutional Shares’ average daily net assets in Administrative Services Plan Fees for the fiscal year ended October 31, 2025.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="-sec-ix-redline: true; color: rgb(52,96,148); vertical-align: top"> <td style="color: rgb(52,96,148); width: 0; text-align: justify"></td><td style="color: rgb(52,96,148); width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><sup id="xdx_F03_zU0ILkpIERw8">3</sup></span></td> <td style="color: rgb(52,96,148); text-align: justify"><span id="xdx_F14_z4xmg7BNiFhh" style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> Westwood Management Corp. (the “Adviser”) has contractually agreed to waive its Management Fee at an annual rate in the amount of 0.01% of the Fund’s average daily net assets until March 1, 2027 (the “Management Fee Waiver Agreement”). The Adviser has contractually agreed to reduce fees and reimburse expenses in order to keep Total Annual Fund Operating Expenses for each of the Institutional and A Class Shares (excluding Management Fees, interest, taxes, brokerage commissions, Rule 12b-1 distribution fees (if any), administrative servicing fee (if any), borrowing expenses such as dividend and interest expenses on securities sold short, Acquired Fund fees and expenses, costs to organize the Fund, other expenditures which are capitalized in accordance with generally accepted accounting principles, and extraordinary expenses (collectively, “excluded expenses”)) from exceeding 0.00% of the Fund’s Institutional and A Class Shares’ average daily net assets until <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><span id="xdx_90F_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000072839Member_zSRTtF5JOfy1">March 1, 2027</span></span>. 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 (other than Management Fee waivers pursuant to the Management Fee Waiver Agreement) made during the rolling 36-month 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 Ultimus Managers Trust (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 will terminate automatically if the Fund’s investment advisory agreement with the Adviser is terminated.</span></td></tr> </table> 0.0080 0.0080 0 0.0025 0.0030 0.0016 0.0014 0.0016 0.0110 0.0121 -0.0020 -0.0020 0.0090 0.0101 March 1, 2027 Example <p id="xdx_A86_eoef--ExpenseExampleNarrativeTextBlock_z1BfPrBRkS1l" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same and the contractual agreements to limit expenses remain in effect until March 1, 2027. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A83_eoef--ExpenseExampleWithRedemptionTableTextBlock_zfbRlXlbcsib"></div> <table cellpadding="3" cellspacing="0" id="xdx_A52_dU_zXbm80f7xF63" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; color: rgb(52,96,148); width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="color: rgb(52,96,148); vertical-align: top; background-color: #D9D9D9"> <td style="border-top: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148); text-align: left; width: 52%"><span style="color: rgb(52,96,148)"> </span></td> <td id="xdx_48F_eoef--ExpenseExampleYear01_ziYPl3UXv9f8" style="border-top: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148); width: 12%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>1 Year</b></span></td> <td id="xdx_48B_eoef--ExpenseExampleYear03_zxvm88WjH3Q7" style="border-top: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148); width: 12%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>3 Years</b></span></td> <td id="xdx_480_eoef--ExpenseExampleYear05_ztf5Adodqbs1" style="border-top: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148); width: 12%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>5 Years</b></span></td> <td id="xdx_483_eoef--ExpenseExampleYear10_zi1Scren69t6" style="border: #346094 1pt solid; color: rgb(52,96,148); width: 12%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>10 Years</b></span></td></tr> <tr id="xdx_41F_20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000072839Member__oef--ClassAxis__custom--C000229466Member_zJQIwSF3arE3" style="color: rgb(52,96,148); vertical-align: top"> <td style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148); text-align: left"><span style="color: rgb(52,96,148)"><b>Institutional</b></span></td> <td style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">$92</span></td> <td style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">$330</span></td> <td style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">$587</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">$1,322</span></td></tr> <tr id="xdx_412_20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000072839Member__oef--ClassAxis__custom--C000229467Member_zfeSKKmUWQ0j" style="color: rgb(52,96,148); vertical-align: top"> <td style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148); text-align: left"><span style="color: rgb(52,96,148)"><b>A Class</b></span></td> <td style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148); text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">$400</span></td> <td style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148); text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">$653</span></td> <td style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148); text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">$926</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148); text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">$1,705</span></td></tr> </table> 92 330 587 1322 400 653 926 1705 Portfolio Turnover <p id="xdx_A8D_eoef--PortfolioTurnoverTextBlock_zjlnFgS1W6We" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">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 ended October 31, 2025, the portfolio turnover rate of the Fund was <span id="xdx_901_eoef--PortfolioTurnoverRate_dp_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000072839Member_zv3sVSDtzHq1">89%</span> </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">of the average value of its portfolio.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> 0.89 Principal Investment Strategies <p id="xdx_A82_eoef--StrategyNarrativeTextBlock_zotZw1hrMkMa" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">The Fund employs an absolute return strategy, which means that the Fund seeks to earn a positive total return through a combination of current income and capital appreciation in all market conditions, by maintaining a portfolio that is designed to have low volatility and low correlations with equity and fixed income markets over a full market cycle.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">In seeking to achieve its goals, the Fund invests primarily in income producing convertible securities. Convertible securities include, but are not limited to, corporate bonds, debentures, notes or preferred stocks and their hybrids that can be converted into (exchanged for) common stock or other securities, such as warrants or options, which provide an opportunity for equity participation. Once a convertible security converts to common stock, the Fund would be an equity owner of the particular company as a common stockholder. The Fund may also invest in equity securities and non-convertible fixed income securities, and may invest in securities of any market capitalization, maturity, duration or credit quality, including securities rated below investment grade or, if unrated, deemed by the Adviser to be of comparable quality (“junk bonds”). The Fund may invest in foreign companies in both developed and emerging markets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">The Fund may seek to exploit certain arbitrage opportunities by, for example, selling common stocks or bonds short against positions in which the Fund has invested in convertible securities, or establishing short positions in convertible securities with long positions in the corresponding common stock or bond. When the Fund sells a security short, it is selling a security it does not own. The Fund may invest in derivative instruments, such as futures contracts, forward contracts, options and swaps (including credit default swaps) to seek to hedge risks such as issuer, equity market, credit, interest rate and foreign currency risks, or enhance the returns of the Fund. The Fund may also seek to generate income from option premiums by writing (selling) call and put options on individual securities, broad-based securities indexes or exchange-traded funds (“ETFs”). The Adviser seeks to identify undervalued convertible securities by utilizing quantitative tools and fundamental research to assess a security’s income characteristics, liquidity, credit quality, volatility and equity value. The Adviser seeks to invest in companies with strong business models, quality management, and favorable financial conditions. The Adviser will consider selling a convertible security when it believes that the security is no longer undervalued, or there are unfavorable changes in the fundamentals of the underlying company or the structure of the convertible security. The Fund may buy and sell securities frequently, which could result in a high portfolio turnover rate.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">When the Adviser believes that market conditions are unfavorable for profitable investing, or is otherwise unable to locate attractive investment opportunities, it may increase the Fund’s investments in cash or money market instruments to protect the Fund’s assets and maintain liquidity. When the Fund’s investments in cash or money market instruments increase, it may not participate in market advances or declines to the same extent that it would if the Fund remained more fully invested in equity and fixed income securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="color: rgb(52,96,148)"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">The Fund invests across various asset classes, sectors and securities, and, from time to time, will engage in frequent trading.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">As a result of the Fund’s investment style, the Fund, from time to time, will engage in frequent trading.</span></p> <p id="xdx_A8B_eoef--RiskTextBlock_z2i1EBmI9Z1e" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">As with all mutual funds, there is no guarantee that the Fund will achieve its investment objective. <span id="xdx_900_eoef--RiskTextBlock_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000072839Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zSUgBgoSXVnd">You could lose money by investing in the Fund.</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b><span id="xdx_903_eoef--RiskTextBlock_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000072839Member__oef--RiskAxis__oef--RiskNotInsuredDepositoryInstitutionMember_zxkh7IIMrTZh">A Fund share is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency.</span></b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">The principal risk factors affecting shareholders’ investments in the Fund are set forth below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_915_exdx--NextElement_zuacxxy3gxyi"></span></div> You could lose money by investing in the Fund. A Fund share is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency. <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConvertibleSecuritiesRiskMember_zASIYn7nuTcd" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Convertible Securities Risk </b>– 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. Convertible securities may be subordinate to other debt securities issued by the same issuer. Issuers of convertible securities are often not as strong financially as issuers with higher credit ratings. Convertible securities typically provide yields lower than comparable non-convertible securities. Their values may be more volatile than those of non-convertible securities, reflecting changes in the values of the securities into which they are convertible.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_911_exdx--NextElement_zSAa7ZgJIuKd"></span></div> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--CorporateBondRiskMember_zVd8HikanUJj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)"><b>Corporate Bond Risk –</b> Corporate bonds respond to economic developments, especially changes in interest rates, as well as perceptions of the creditworthiness and business prospects of individual issuers. Investments in corporate bonds are also subject to the same risks as fixed income securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_91C_exdx--NextElement_zyS9SMjJQSZ6"></span></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighYieldBondRiskMember_z4aW1iix38T6" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>High Yield Bond Risk</b> – High yield bonds (often called “junk bonds”) are debt securities rated below investment grade. Junk bonds are speculative, involve greater risks of default, downgrade, or price declines and are more volatile and tend to be less liquid than investment-grade securities. Companies issuing high yield bonds are less financially strong, are more likely to encounter financial difficulties, and are more vulnerable to adverse market events and negative sentiments than companies with higher credit ratings.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <div style="display: none"><span id="xdx_914_exdx--NextElement_zosYT8iLbty4"></span></div> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeRiskMember_zB8WtlwKKYrk" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Fixed Income Risk</b> – Fixed income securities are subject to a number of risks, including credit and interest rate risks. Credit risk is the risk that the issuer or obligor will not make timely payments of principal and interest. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also affect the value of the Fund’s investment in that issuer. The Fund is subject to greater levels of credit risk to the extent it holds below investment grade debt securities, or “junk bonds.” Interest rate risk is the risk that the value of a fixed income security will fall when interest rates rise. In general, the longer the maturity and the lower the credit quality of a fixed income security, the more likely its value will decline.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_91C_exdx--NextElement_zfikKztu51w2"></span></div> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsSecuritiesRiskMember_zPHk2LeSkQ7d" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Emerging Markets Securities Risk</b> – 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_91B_exdx--NextElement_z4Ekh3YWoLQ3"></span></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_ztgelCJg78ec" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Foreign Securities Risk</b> – Investing in foreign securities 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. 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_914_exdx--NextElement_zxbYKGLSKPN8"></span></div> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zJAuBz9FRcEa" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Derivatives Risk</b> – The Fund’s use of futures contracts, forward contracts, options and swaps is subject to market risk, leverage risk, correlation risk, hedging risk and liquidity risk. Market risk is the risk that the market value of an investment may move up and down, sometimes rapidly and unpredictably. 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. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly or at all with the underlying asset, rate or index. Hedging risk is the risk that derivative instruments used for hedging purposes may also limit any potential gain that may result from the increase in value of the hedged asset. 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. Liquidity risk is described elsewhere in this section. The Fund’s use of forwards and swaps is also subject to credit risk and valuation risk. Credit risk is the risk that the counterparty to a derivative contract will default or otherwise become unable to honor a financial obligation. 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 style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_911_exdx--NextElement_zf3uVKr6fd6"></span></div> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--ShortSalesRiskMember_zAZLtMy5Q4Mi" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Short Sales Risk – </b>A short sale involves the sale of a security that the Fund does not own in the expectation of purchasing the same security (or a security exchangeable therefore) at a later date at a lower price. Short sales expose the Fund to the risk that it will be required to buy the security sold short (also known as “covering” the short position) at a time when the security has appreciated in value, thus resulting in a loss to the Fund. Investment in short sales may also cause the Fund to incur expenses related to borrowing securities. Reinvesting proceeds received from short selling may create leverage which can amplify the effects of market volatility on the Fund and, therefore, the Fund’s share price. Theoretically, uncovered short sales have the potential to expose the Fund to unlimited losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_91E_exdx--NextElement_z2tTqnuhl8Ci"></span></div> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquityRiskMember_zL3o3RrwxeXj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)"><b>Equity Risk</b> – 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_913_exdx--NextElement_z3cMXL3pHNMf"></span></div> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--SectorRiskMember_zgfsrEFybDre" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Sector Risk</b> – The Fund may, at times, be more heavily invested in certain sectors. When the Fund emphasizes investment in one or more sectors, the value of its net assets will be more susceptible to the financial, market or economic events affecting issuers and industries within those sectors than would be the case for mutual funds that do not emphasize investment in particular sectors. As of October 31, 2025, 34.8% and 19.0% of the Fund’s net assets were invested in stocks within the technology sector and the industrials sector, respectively. The value of stocks of technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. The industrials sector comprises companies who produce capital goods used in construction and manufacturing, such as companies that make and sell machinery, equipment and supplies that are used to produce other goods. Companies in the industrials sector may be adversely affected by changes in government regulation, world events and economic conditions. In addition, companies in the industrials sector be adversely affected by environmental damages, product liability claims and exchange rates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_912_exdx--NextElement_zHCXTRPJGHZh"></span></div> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--WarrantsRiskMember_zZoKnp8IgGl4" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Warrants Risk</b> – Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Warrants may be more speculative than other types of investments. The price of a warrant may be more volatile than the price of its underlying security, and an investment in a warrant may therefore create greater potential for capital loss than an investment in the underlying security. A warrant ceases to have value if it is not exercised prior to its expiration date.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_91E_exdx--NextElement_zwvGR80KTrX8"></span></div> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zQeG10ISnkyg" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Liquidity Risk</b> – 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 style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_914_exdx--NextElement_zZzPNaAhZMpl"></span></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--MicroCapitalizationCompanyRiskMember_zzHJhHWys7b5" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-size: 10pt; color: rgb(52,96,148)"><b>Micro-Capitalization Company Risk</b></span><b> <span style="color: rgb(52,96,148)">–</span></b><span style="color: rgb(52,96,148)"> <span style="font-size: 10pt">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></span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_914_exdx--NextElement_zjjlGzFKZnYj"></span></div> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallAndMidCapitalizationCompanyRiskMember_zes9zW6O7qMl" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Small- and Mid-Capitalization Company Risk</b> – 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 style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_916_exdx--NextElement_zp5Kt5EGZZVg"></span></div> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationCompanyRiskMember_zr6Pese4FFLg" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Large-Capitalization Company Risk</b> – 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 style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_911_exdx--NextElement_z4QVQ4g04MYd"></span></div> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--AbsoluteReturnStrategyRiskMember_zJng71m76MWb" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Absolute Return Strategy Risk – </b>The Fund’s absolute return strategy may cause the Fund to underperform compared to equity or fixed income markets or other mutual funds that do not utilize an absolute return strategy. For example, in rising markets, the Fund’s short positions may significantly impact the Fund’s overall performance and cause the Fund to underperform or sustain losses. Periodic underperformance is to be expected and is a result of the Fund’s overall hedging techniques employed for the absolute return strategy. Additionally, there is a risk that the Adviser will be unable to construct a portfolio that limits the Fund’s exposure to market movements, and as a result, the Fund’s performance may reflect general market movements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_917_exdx--NextElement_zPY2BUxVNZH2"></span></div> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignCurrencyRiskMember_zColMZrzK6E7" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Foreign Currency Risk</b> – 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> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_91C_exdx--NextElement_zuWYREOGsS2i"></span></div> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--PreferredStockRiskMember_za6vuneoCyai" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Preferred Stock Risk</b> – 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 style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_91E_exdx--NextElement_zux2pP8WWcrl"></span></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--GeographicFocusRiskMember_zPlfeRsoTBDg" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="color: rgb(52,96,148)"><b>Geographic Focus Risk</b> – 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 style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_91B_exdx--NextElement_zq5KBKAsgbY8"></span></div> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFRiskMember_zcPxhY0NSV6i" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>ETF Risk</b> – ETFs are pooled investment vehicles, such as registered investment companies and grantor trusts, whose shares are listed and traded on U.S. and non-U.S. stock exchanges or otherwise traded in the over-the-counter market. To the extent that the Fund invests in ETFs, the Fund will be subject to substantially the same risks as those associated with the direct ownership of the securities in which the ETF invests, and the value of the Fund’s investment will fluctuate in response to the performance of the ETF’s holdings. ETFs typically incur fees that are separate from those of the Fund. Accordingly, the Fund’s investments in ETFs will result in the layering of expenses such that shareholders will indirectly bear a proportionate share of the ETFs’ operating expenses, in addition to paying Fund expenses. Because the value of ETF shares depends on the demand in the market, shares may trade at a discount or premium to their net asset value (“NAV”) and the Adviser may not be able to liquidate the Fund’s holdings at the most optimal time, which could adversely affect the Fund’s performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_917_exdx--NextElement_zeN0XHIibAVg"></span></div> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentSecuritiesRiskMember_zKeKAsSIEd85" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="color: rgb(52,96,148)"><b>U.S. Government Securities Risk</b> – 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 style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_910_exdx--NextElement_zsCvl6BGUKk2"></span></div> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentsRiskMember_zkAtnL0OtNZh" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="color: rgb(52,96,148)"><b>Money Market Instruments Risk</b> – The value of money market instruments may be affected by changing interest rates and by changes in the credit ratings of the investments. An investment in a money market fund is not a bank deposit and is not insured or guaranteed by any bank, the FDIC or any other government agency. A money market fund’s sponsor has no legal obligation to provide financial support to the fund, and there should be no expectation that the sponsor will provide financial support to the fund at any time. Certain money market funds float their NAV while others seek to preserve the value of investments at a stable NAV (typically, $1.00 per share). An investment in a money market fund, even an investment in a fund seeking to maintain a stable NAV per share, is not guaranteed and it is possible for the Fund to lose money by investing in these and other types of money market funds. If the liquidity of a money market fund’s portfolio deteriorates below certain levels, the money market fund may impose discretionary or mandatory liquidity fees. These measures may result in an investment loss or prohibit the Fund from redeeming shares when the Adviser would otherwise redeem shares. Money market funds and the securities they invest in are subject to comprehensive regulations. The enactment of new legislation or regulations, as well as changes in interpretation and enforcement of current laws, may affect the manner of operation, performance and/or yield of money market funds.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_918_exdx--NextElement_zhrNTXQK2Egi"></span></div> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zzoPexrzAsu9" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Market Risk</b> – 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 military action, 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 style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_915_exdx--NextElement_zFbXczsggUBi"></span></div> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--FrequentTradingRiskMember_zez3vCH1Irb6" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="color: rgb(52,96,148)"><b>Frequent Trading Risk – </b> The Fund’s frequent trading strategy will result in high portfolio turnover and may be more likely to result in realized capital gains that must be distributed to shareholders as taxable income and in increased brokerage and other transaction costs.</span></p> Performance Information <p id="xdx_A8F_eoef--PerformanceNarrativeTextBlock_zM4oNFewkCK8" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><span id="xdx_909_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000072839Member_zuuHRtHFYos2">The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in the performance of the Institutional and A Class Shares of the Fund from year-to-year and by showing how the average annual returns for 1-year, 5-years, 10-years, and since inception of the Fund compare with those of the Bloomberg U.S. Aggregate Bond Index and the FTSE 1-Month U.S. Treasury Bill Index.</span> </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">The performance shown in bar chart and table for periods prior to November 1, 2021 represents the performance of the Institutional and A Class Shares of the Westwood Alternative Income Fund, a series of The Advisors’ Inner Circle Fund (the “Predecessor Fund”). The Fund is the successor to the Predecessor Fund through a reorganization with the Fund on November 1, 2021 (the “2021 Reorganization”). <span id="xdx_900_eoef--PerformancePastDoesNotIndicateFuture_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000072839Member_zBzWEfirE9c">How the Fund and the Predecessor Fund have performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">Updated performance information is available on the Fund’s website at <span id="xdx_906_eoef--PerformanceAvailabilityWebSiteAddress_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000072839Member_zpxJP1zQBh7b">www.westwoodfunds.com</span> </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">or by calling <span id="xdx_905_eoef--PerformanceAvailabilityPhone_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000072839Member_z2hAZdNrURj">1-877-FUND-WHG (1-877-386-3944)</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in the performance of the Institutional and A Class Shares of the Fund from year-to-year and by showing how the average annual returns for 1-year, 5-years, 10-years, and since inception of the Fund compare with those of the Bloomberg U.S. Aggregate Bond Index and the FTSE 1-Month U.S. Treasury Bill Index. How the Fund and the Predecessor Fund have performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.westwoodfunds.com 1-877-FUND-WHG (1-877-386-3944) Calendar Year Returns - Institutional Shares* <p id="xdx_A8D_eoef--BarChartTableTextBlock_ziHolWqxnBx8" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: center"> </p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img alt="" src="pro-wmnix_001.jpg" style="height: 240px; width: 500px"/></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zVVKEr811F78" style="font: 11pt Calibri, Helvetica, Sans-Serif; color: rgb(52,96,148); width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; color: rgb(52,96,148); vertical-align: top"> <td style="display: none; color: rgb(52,96,148); width: 50%"><span style="display: none; color: rgb(52,96,148)">Year</span></td> <td style="display: none; color: rgb(52,96,148); width: 50%"><span style="display: none; color: rgb(52,96,148)">Return<sup style="display: none">*</sup></span></td></tr> <tr style="display: none; color: rgb(52,96,148); vertical-align: top"> <td style="display: none; color: rgb(52,96,148)"> <span style="display: none; font-size: 10pt; color: rgb(52,96,148)">Annual Return 2016</span></td> <td id="xdx_98F_eoef--AnnlRtrPct_c20160101__20161231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__oef--ClassAxis__custom--C000229466Member_fKg_____zcybu1SlPw9c" style="display: none; color: rgb(52,96,148)">5.23%</td></tr> <tr style="display: none; color: rgb(52,96,148); vertical-align: top"> <td style="display: none; color: rgb(52,96,148)"> <span style="display: none; font-size: 10pt; color: rgb(52,96,148)">Annual Return 2017</span></td> <td id="xdx_988_eoef--AnnlRtrPct_c20170101__20171231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__oef--ClassAxis__custom--C000229466Member_fKg_____zZNHDjArLF44" style="display: none; color: rgb(52,96,148)">0.59%</td></tr> <tr style="display: none; color: rgb(52,96,148); vertical-align: top"> <td style="display: none; color: rgb(52,96,148)"> <span style="display: none; font-size: 10pt; color: rgb(52,96,148)">Annual Return 2018</span></td> <td id="xdx_984_eoef--AnnlRtrPct_c20180101__20181231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__oef--ClassAxis__custom--C000229466Member_fKg_____zOU5VCepttk3" style="display: none; color: rgb(52,96,148)">0.42%</td></tr> <tr style="display: none; color: rgb(52,96,148); vertical-align: top"> <td style="display: none; color: rgb(52,96,148)"> <span style="display: none; font-size: 10pt; color: rgb(52,96,148)">Annual Return 2019</span></td> <td id="xdx_986_eoef--AnnlRtrPct_c20190101__20191231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__oef--ClassAxis__custom--C000229466Member_fKg_____zV7fMLqTuf31" style="display: none; color: rgb(52,96,148)">8.37%</td></tr> <tr style="display: none; color: rgb(52,96,148); vertical-align: top"> <td style="display: none; color: rgb(52,96,148)"> <span style="display: none; font-size: 10pt; color: rgb(52,96,148)">Annual Return 2020</span> </td> <td id="xdx_982_eoef--AnnlRtrPct_c20200101__20201231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__oef--ClassAxis__custom--C000229466Member_fKg_____zAqsP33JAw95" style="display: none; color: rgb(52,96,148)">7.47%</td></tr> <tr style="display: none; color: rgb(52,96,148); vertical-align: top"> <td style="display: none; color: rgb(52,96,148)"><span style="display: none; font-size: 10pt; color: rgb(52,96,148)">Annual Return 2021</span></td> <td id="xdx_985_eoef--AnnlRtrPct_c20210101__20211231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__oef--ClassAxis__custom--C000229466Member_fKg_____zqcZeCJYAGDi" style="display: none; color: rgb(52,96,148)"><span style="display: none; color: rgb(52,96,148)">3.07%</span></td></tr> <tr style="display: none; color: rgb(52,96,148); vertical-align: top"> <td style="display: none; color: rgb(52,96,148)"><span style="display: none; font-size: 10pt; color: rgb(52,96,148)">Annual Return 2022</span></td> <td id="xdx_98B_eoef--AnnlRtrPct_c20220101__20221231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__oef--ClassAxis__custom--C000229466Member_fKg_____zSvFAkJnwOBb" style="display: none; color: rgb(52,96,148)"><span style="display: none; color: rgb(52,96,148)">-1.22%</span></td></tr> <tr style="display: none; color: rgb(52,96,148); vertical-align: top"> <td style="display: none; color: rgb(52,96,148)"><span style="display: none; font-size: 10pt; color: rgb(52,96,148)">Annual Return 2023</span></td> <td id="xdx_98F_eoef--AnnlRtrPct_c20230101__20231231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__oef--ClassAxis__custom--C000229466Member_fKg_____zIqfDrl9u1n2" style="display: none; color: rgb(52,96,148)"><span style="display: none; color: rgb(52,96,148)">6.82%</span></td></tr> <tr style="display: none; color: rgb(52,96,148); vertical-align: top"> <td style="display: none; color: rgb(52,96,148)"><span style="display: none; font-size: 10pt; color: rgb(52,96,148)">Annual Return 2024</span></td> <td id="xdx_985_eoef--AnnlRtrPct_c20240101__20241231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__oef--ClassAxis__custom--C000229466Member_fKg_____z1LNeOkAIk5i" style="display: none; color: rgb(52,96,148)">5.98%</td></tr> <tr style="display: none; color: rgb(52,96,148); vertical-align: top"> <td style="display: none; color: rgb(52,96,148)"><span style="display: none; font-size: 10pt; color: rgb(52,96,148)">Annual Return 2025</span></td> <td id="xdx_98E_eoef--AnnlRtrPct_c20250101__20251231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__oef--ClassAxis__custom--C000229466Member_fKg_____zLcqIgjcY8nj" style="display: none; color: rgb(52,96,148)">7.55%</td></tr> </table> <div style="color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt"></div> 0.0523 0.0059 0.0042 0.0837 0.0747 0.0307 -0.0122 0.0682 0.0598 0.0755 <div id="xdx_A8E_eoef--BarChartClosingTextBlock_zOjg0qvwXIwc"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt auto; color: rgb(52,96,148); width: 550px"> <tr style="-sec-ix-redline: true; color: rgb(52,96,148); vertical-align: top; text-align: justify"> <td style="color: rgb(52,96,148); width: 0in"></td><td style="color: rgb(52,96,148); width: 0.25in; text-align: left"><span id="xdx_F01_z1PIHVtMTEil" style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">*</span></td> <td style="color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> <span id="xdx_F19_z1sdNVMztMxj" style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> <span id="xdx_909_eoef--YearToDateReturnLabel_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000072839Member_ziJT11tvsKP7">The Fund’s year-to-date return</span> through <span id="xdx_901_eoef--BarChartYearToDateReturnDate_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000072839Member_zPw8vAl1yN1b">December 31, 2025</span> was <span id="xdx_901_eoef--BarChartYearToDateReturn_dp_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000072839Member_zhvUOy1J9ZGl">7.55%</span></span>.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-left: auto; width: 50%; border-collapse: collapse; margin-right: auto"> <tr style="color: rgb(52,96,148); vertical-align: top"> <td style="color: rgb(52,96,148); width: 50%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b><span id="xdx_908_eoef--HighestQuarterlyReturnLabel_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000072839Member_zhCiOjn84Mql">Best Quarter</span></b></span></td> <td style="color: rgb(52,96,148); width: 50%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b><span id="xdx_90D_eoef--LowestQuarterlyReturnLabel_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000072839Member_zyDBbWFW2jrh">Worst Quarter</span></b></span></td></tr> <tr style="color: rgb(52,96,148); vertical-align: top"> <td style="color: rgb(52,96,148); text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b><span id="xdx_90B_eoef--BarChartHighestQuarterlyReturn_dp_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000072839Member_zAh3HqU5kIMg">3.52%</span></b></span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b><span id="xdx_904_eoef--BarChartLowestQuarterlyReturn_dp_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000072839Member_zF2MNryr2hi">(2.76)%</span></b></span></td></tr> <tr style="color: rgb(52,96,148); vertical-align: top"> <td style="color: rgb(52,96,148); text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>(<span id="xdx_907_eoef--BarChartHighestQuarterlyReturnDate_dd_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000072839Member_zaB0YsOEQ7L5">9/30/2024</span></b></span><b><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">)</span></b></td> <td style="color: rgb(52,96,148); text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>(<span id="xdx_909_eoef--BarChartLowestQuarterlyReturnDate_dd_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000072839Member_zhd3MErbQ0Lc">3/31/2020</span></b></span><b><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">)</span></b></td></tr> </table> The Fund’s year-to-date return 2025-12-31 0.0755 Best Quarter Worst Quarter 0.0352 -0.0276 2024-09-30 2020-03-31 Average Annual Total Returns for Periods Ended December 31, 2025 <p id="xdx_A87_eoef--PerformanceTableNarrativeTextBlock_zEVrzXteHYt8" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">This table compares the Fund’s Institutional and A Class Shares’ average annual total returns for the periods ended December 31, 2025 to those of an appropriate broad-based index and a secondary index.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><span id="xdx_904_eoef--PerformanceTableUsesHighestFederalRate_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000072839Member_zzHr88TGzOCd">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> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><span id="xdx_90B_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000072839Member_zABt7wh1asCc">Your actual after-tax returns will depend on your 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></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. Your actual after-tax returns will depend on your 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”). <div id="xdx_A8F_eoef--PerformanceTableTextBlock_z65BNlru4h67"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zALScIgfP7Qj" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; color: rgb(52,96,148); border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="color: rgb(52,96,148); vertical-align: bottom"> <td style="border-bottom: rgb(52,96,148) 1pt solid; color: rgb(52,96,148); font-weight: bold; text-align: left; vertical-align: bottom"><span style="color: rgb(52,96,148)">WESTWOOD ALTERNATIVE INCOME FUND</span></td> <td style="border-bottom: rgb(52,96,148) 1pt solid; color: rgb(52,96,148); font-weight: bold; text-align: center; vertical-align: bottom"><span style="color: rgb(52,96,148)"> </span></td> <td id="xdx_491_20250101__20251231_zMnCiLln6A3h" style="border-bottom: rgb(52,96,148) 1pt solid; color: rgb(52,96,148); font-weight: bold; text-align: center; vertical-align: bottom"><span style="color: rgb(52,96,148)">1 Year</span></td> <td style="border-bottom: rgb(52,96,148) 1pt solid; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td id="xdx_49F_20210101__20251231_z3BdfMTlYJi4" style="border-bottom: rgb(52,96,148) 1pt solid; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"><b>5 Years</b></span></td> <td style="border-bottom: rgb(52,96,148) 1pt solid; color: rgb(52,96,148); font-weight: bold; text-align: center; vertical-align: bottom"><span style="color: rgb(52,96,148)"> </span></td> <td style="border-bottom: rgb(52,96,148) 1pt solid; text-align: center"><b>10 Years</b></td> <td style="border-bottom: rgb(52,96,148) 1pt solid"> </td> <td style="border-bottom: rgb(52,96,148) 1pt solid; color: rgb(52,96,148); font-weight: bold; text-align: center; vertical-align: bottom"><span style="color: rgb(52,96,148)">Inception Date</span></td></tr> <tr style="color: rgb(52,96,148); vertical-align: bottom"> <td style="color: rgb(52,96,148); text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; vertical-align: top">Institutional</td> <td style="color: rgb(52,96,148); text-align: center"> </td> <td style="color: rgb(52,96,148); text-align: center"> </td> <td style="color: rgb(52,96,148); text-align: center"> </td> <td style="color: rgb(52,96,148); text-align: center"> </td> <td style="color: rgb(52,96,148); text-align: center"> </td> <td style="text-align: center"> </td> <td> </td> <td style="color: rgb(52,96,148); text-align: center"><b>(<span id="xdx_90F_eoef--PerfInceptionDate_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__oef--ClassAxis__custom--C000229466Member_zdSXfq3U4Rrf">May 1, 2015</span><span style="color: rgb(52,96,148)">)</span></b></td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_hdei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__oef--ClassAxis__custom--C000229466Member_zMqkrFUSNil8" style="color: rgb(52,96,148); vertical-align: bottom"> <td style="color: rgb(52,96,148); text-indent: -0.125in; padding-left: 0.25in; width: 48%; font-weight: bold; text-align: left; vertical-align: top"><span style="color: rgb(52,96,148)">Fund <span id="xdx_90B_eoef--AverageAnnualReturnLabel_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__oef--ClassAxis__custom--C000229466Member_zRS3nn5BX9ce">Returns Before Taxes</span></span></td> <td style="color: rgb(52,96,148); width: 1%; text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); width: 12%; text-align: center"><span style="color: rgb(52,96,148)">7.55%</span></td> <td style="color: rgb(52,96,148); text-align: center; width: 1%"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center; width: 12%"><span style="color: rgb(52,96,148)">4.39%</span></td> <td style="color: rgb(52,96,148); width: 1%; text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td id="xdx_98F_eoef--AvgAnnlRtrPct_dp_c20160101__20251231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__oef--ClassAxis__custom--C000229466Member_zoNbm2rv16G7" style="text-align: center; width: 12%">4.38%</td> <td style="width: 1%"> </td> <td style="color: rgb(52,96,148); width: 12%; text-align: center">N/A</td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_hdei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__oef--ClassAxis__custom--C000229466Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zpFuwYTVLzwf" style="color: rgb(52,96,148); vertical-align: bottom"> <td style="color: rgb(52,96,148); text-indent: -0.125in; padding-left: 0.25in; font-weight: bold; text-align: left; vertical-align: top"><span style="color: rgb(52,96,148)">Fund Returns After Taxes on Distributions</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">6.53%</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">2.43%</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td id="xdx_984_eoef--AvgAnnlRtrPct_dp_c20160101__20251231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__oef--ClassAxis__custom--C000229466Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zie99gsC2h2f" style="text-align: center">2.97%</td> <td> </td> <td style="color: rgb(52,96,148); text-align: center">N/A</td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_hdei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__oef--ClassAxis__custom--C000229466Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zH7MGJfA3Y27" style="color: rgb(52,96,148); vertical-align: bottom"> <td style="color: rgb(52,96,148); text-indent: -0.125in; padding-left: 0.25in; font-weight: bold; text-align: left; vertical-align: top"><span style="color: rgb(52,96,148)">Fund Returns After Taxes on Distributions and Sale of Fund Shares</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">4.45%</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">2.48%</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td id="xdx_980_eoef--AvgAnnlRtrPct_dp_c20160101__20251231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__oef--ClassAxis__custom--C000229466Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zrl5xxYhtkm1" style="text-align: center">2.77%</td> <td> </td> <td style="color: rgb(52,96,148); text-align: center">N/A</td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_hdei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__oef--ClassAxis__custom--C000229466Member__oef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zxMNPyCWmAbf" style="color: rgb(52,96,148); vertical-align: bottom"> <td style="color: rgb(52,96,148); text-indent: -0.125in; padding-left: 0.25in; font-weight: bold; text-align: left; vertical-align: top"><span style="color: rgb(52,96,148)">Bloomberg U.S. Aggregate Bond Index</span> <span style="color: rgb(52,96,148)">(<span id="xdx_900_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000072839Member_zCAGKCbP6nnb">reflects no deduction for fees, expenses, or taxes</span></span><span style="color: rgb(52,96,148)">)</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">7.30%</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">(0.36)%</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td id="xdx_98A_eoef--AvgAnnlRtrPct_dp_c20160101__20251231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__oef--ClassAxis__custom--C000229466Member__oef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zPBrzWhiHfU5" style="text-align: center">1.85%</td> <td> </td> <td style="color: rgb(52,96,148); text-align: center">N/A</td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_hdei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__oef--ClassAxis__custom--C000229466Member__oef--PerformanceMeasureAxis__custom--FTSEOneMonthUSTreasuryBillIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zogwS36QKaKa" style="color: rgb(52,96,148); vertical-align: bottom"> <td style="color: rgb(52,96,148); text-indent: -0.125in; padding-left: 0.25in; font-weight: bold; text-align: left; vertical-align: top"><span style="color: rgb(52,96,148)">FTSE 1-Month U.S. Treasury Bill Index</span> <span style="color: rgb(52,96,148)">(reflects no deduction for fees, expenses, or taxes)</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">4.35%</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">3.25%</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td id="xdx_985_eoef--AvgAnnlRtrPct_dp_c20160101__20251231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__oef--ClassAxis__custom--C000229466Member__oef--PerformanceMeasureAxis__custom--FTSEOneMonthUSTreasuryBillIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zvpgaadO5ymc" style="text-align: center">2.17%</td> <td> </td> <td style="color: rgb(52,96,148); text-align: center">N/A</td></tr> <tr style="color: rgb(52,96,148); vertical-align: bottom"> <td style="color: rgb(52,96,148); text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; vertical-align: top"> </td> <td style="color: rgb(52,96,148); text-align: center"> </td> <td style="color: rgb(52,96,148); text-align: center"> </td> <td style="color: rgb(52,96,148); text-align: center"> </td> <td style="color: rgb(52,96,148); text-align: center"> </td> <td style="color: rgb(52,96,148); text-align: center"> </td> <td style="text-align: center"> </td> <td> </td> <td style="color: rgb(52,96,148); text-align: center"> </td></tr> <tr style="color: rgb(52,96,148); vertical-align: bottom"> <td style="color: rgb(52,96,148); text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; vertical-align: top"><span style="color: rgb(52,96,148)">A Class</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="text-align: center"> </td> <td> </td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"><b>(<span id="xdx_903_eoef--PerfInceptionDate_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__oef--ClassAxis__custom--C000229467Member_zOopEJlvZIWe">March 1, 2020</span>)</b></span></td></tr> <tr style="color: rgb(52,96,148); vertical-align: bottom"> <td style="color: rgb(52,96,148); text-indent: -0.125in; padding-left: 0.25in; font-weight: bold; text-align: left; vertical-align: top"><span style="color: rgb(52,96,148)">Fund <span id="xdx_90D_eoef--AverageAnnualReturnLabel_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__oef--ClassAxis__custom--C000229467Member_zqygxEqNWqNe">Returns Before Taxes</span></span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td id="xdx_989_eoef--AvgAnnlRtrPct_c20250101__20251231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__oef--ClassAxis__custom--C000229467Member_zzuR8t0AZLjl" style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">7.57%</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td id="xdx_981_eoef--AvgAnnlRtrPct_c20210101__20251231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__oef--ClassAxis__custom--C000229467Member_zSlloX2Tluw4" style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">4.27%</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="text-align: center">N/A</td> <td> </td> <td id="xdx_988_eoef--AvgAnnlRtrPct_c20200301__20251231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__oef--ClassAxis__custom--C000229467Member_zGTY9mfEM4Na" style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">5.50%</span></td></tr> <tr style="color: rgb(52,96,148); vertical-align: bottom"> <td style="color: rgb(52,96,148); text-indent: -0.125in; padding-left: 0.25in; font-weight: bold; text-align: left; vertical-align: top"><span style="color: rgb(52,96,148)">Bloomberg U.S. Aggregate Bond Index</span> <span style="color: rgb(52,96,148)">(<span id="xdx_909_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000072839Member_z0ufzo7fzh67">reflects no deduction for fees, expenses, or taxes</span></span><span style="color: rgb(52,96,148)">)</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td id="xdx_98E_eoef--AvgAnnlRtrPct_c20250101__20251231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__oef--ClassAxis__custom--C000229467Member__oef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zKbsFGxYYnf5" style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">7.30%</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td id="xdx_982_eoef--AvgAnnlRtrPct_c20210101__20251231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__oef--ClassAxis__custom--C000229467Member__oef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zKqehV6h1hJ5" style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">(0.36)%</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="text-align: center">N/A</td> <td> </td> <td id="xdx_981_eoef--AvgAnnlRtrPct_c20200301__20251231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__oef--ClassAxis__custom--C000229467Member__oef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zrfy7Z3EBcU4" style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">0.40%</span></td></tr> <tr style="color: rgb(52,96,148); vertical-align: bottom"> <td style="color: rgb(52,96,148); text-indent: -0.125in; padding-left: 0.25in; font-weight: bold; text-align: left; vertical-align: top"><span style="color: rgb(52,96,148)">FTSE 1-Month U.S. Treasury Bill Index</span> <span style="color: rgb(52,96,148)">(reflects no deduction for fees, expenses, or taxes)</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td id="xdx_982_eoef--AvgAnnlRtrPct_c20250101__20251231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__oef--ClassAxis__custom--C000229467Member__oef--PerformanceMeasureAxis__custom--FTSEOneMonthUSTreasuryBillIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zDVZZrvbAzY1" style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">4.35%</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td id="xdx_98C_eoef--AvgAnnlRtrPct_c20210101__20251231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__oef--ClassAxis__custom--C000229467Member__oef--PerformanceMeasureAxis__custom--FTSEOneMonthUSTreasuryBillIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zr09AwLctvs7" style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">3.25%</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="text-align: center">N/A</td> <td> </td> <td id="xdx_98C_eoef--AvgAnnlRtrPct_c20200301__20251231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__oef--ClassAxis__custom--C000229467Member__oef--PerformanceMeasureAxis__custom--FTSEOneMonthUSTreasuryBillIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zN4y9lpmdaGj" style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">2.83%</span></td></tr> </table> 2015-05-01 Returns Before Taxes 0.0755 0.0439 0.0438 0.0653 0.0243 0.0297 0.0445 0.0248 0.0277 reflects no deduction for fees, expenses, or taxes 0.0730 -0.0036 0.0185 0.0435 0.0325 0.0217 2020-03-01 Returns Before Taxes 0.0757 0.0427 0.0550 reflects no deduction for fees, expenses, or taxes 0.0730 -0.0036 0.0040 0.0435 0.0325 0.0283 Westwood REAL ESTATE Income Fund Investment Objective <p id="xdx_A8E_eoef--ObjectivePrimaryTextBlock_zA54XwLxLkt2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">The Westwood Real Estate Income Fund (formerly, the Westwood Select Income Fund) (the “Fund”) seeks high current income and potential for modest long-term growth of capital.</span></p> Fund Fees and Expenses <p id="xdx_A84_eoef--ExpenseNarrativeTextBlock_zGsQ4fFVFFa6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify">These tables describe the fees and expenses you may pay if you buy, hold, and sell 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 and A Class Shares, which are not reflected in the table or the example below.</b> <span id="xdx_90B_eoef--ExpenseBreakpointDiscounts_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000077492Member_z8Erc4zxnyBc">You may qualify for sales charge discounts on A Class Shares if you and your family invest, or agree to invest in the future, at least $<span id="xdx_907_eoef--ExpenseBreakpointMinimumInvestmentRequiredAmount_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000077492Member_zvrwQw0CNzvj">50,000</span> in the A Class Shares of the Fund.</span> More information about these and other discounts is available (i) from your financial professional and (ii) in the section “Sales Charges” of this Prospectus. Investors investing in A Class Shares of the Fund through an intermediary should consult Appendix A - Intermediary-Specific Sales Charge Discounts and Waivers, which includes information regarding broker-defined sales charges and related discount and/or waiver policies that apply to purchases through certain intermediaries. Shares of the Fund are available in other share classes that have different fees and expenses.</p> You may qualify for sales charge discounts on A Class Shares if you and your family invest, or agree to invest in the future, at least $50,000 in the A Class Shares of the Fund. 50000 Shareholder Fees (fees paid directly from your investment) <div id="xdx_A8B_eoef--ShareholderFeesTableTextBlock_zNJYcxybohd1"></div> <table cellpadding="3" cellspacing="0" id="xdx_A57_dU_zAW4rTTIfTk2" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Shareholder Fees"> <tr style="color: rgb(52,96,148); background-color: Gainsboro; vertical-align: bottom"> <td style="border: #346094 1pt solid; color: rgb(52,96,148); text-align: center"><span style="font-family: Times New Roman, Times, Serif; color: rgb(52,96,148)"> </span></td> <td id="xdx_498_20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000077492Member__oef--ClassAxis__custom--C000237966Member_zKQM2Ae0HKve" style="border-top: #346094 1pt solid; border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; color: rgb(52,96,148)">Institutional Shares</span></td> <td id="xdx_49F_20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000077492Member__oef--ClassAxis__custom--C000237968Member_zLbEfNrJHNk" style="border-top: #346094 1pt solid; border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; color: rgb(52,96,148)">A Class Shares</span></td> </tr> <tr id="xdx_40E_eoef--MaximumSalesChargeImposedOnPurchasesOverOfferingPrice_dpn_zuzfsWbJkOre" style="color: rgb(52,96,148); vertical-align: bottom"> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148); width: 76%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; color: rgb(52,96,148)">Maximum Sales Charge (load) on Purchases (as a percentage of offering price)</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); width: 12%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; color: rgb(52,96,148)">None</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); width: 12%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; color: rgb(52,96,148)">3.00%</span></td> </tr> <tr style="color: rgb(52,96,148); vertical-align: bottom"> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148); text-align: left"><span style="font-family: Times New Roman, Times, Serif; color: rgb(52,96,148)">Maximum Deferred Sales Charge (load) (as a percentage of the lesser of original purchase price or redemption proceeds)</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); text-align: center"><span style="font-family: Times New Roman, Times, Serif; color: rgb(52,96,148)"><span id="xdx_90F_eoef--MaximumDeferredSalesChargeOverOfferingPrice_dpn_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000077492Member__oef--ClassAxis__custom--C000237966Member_z2gD21UKJLv4" title="Maximum Deferred Sales Charge (Load) (as a percentage of net asset value)">None</span></span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><span id="xdx_903_eoef--MaximumDeferredSalesChargeOverOfferingPrice_dpn_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000077492Member__oef--ClassAxis__custom--C000237968Member_fMQ_____zyBR9cRLOcrf" title="Maximum Deferred Sales Charge (Load) (as a percentage of net asset value)">None</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">¹</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; color: rgb(52,96,148); text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><i> </i></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="color: rgb(52,96,148); vertical-align: top; text-align: justify"> <td style="color: rgb(52,96,148); width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><sup id="xdx_F04_zKbNEvKdRQI2">1</sup></span></td> <td style="color: rgb(52,96,148); text-align: justify"><span id="xdx_F1C_zeOKSJEatKS6" style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> A Class Shares purchases of $250,000 or more may be subject to a 1.00% Contingent Deferred Sales Charge (“CDSC”) if redeemed within 18 months of purchase.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; color: rgb(52,96,148); text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> 0 0.0300 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A8C_eoef--AnnualFundOperatingExpensesTableTextBlock_zmu7ceXrIsY2"></div> <table cellpadding="3" cellspacing="0" id="xdx_A59_dU_zgBpcgLWKMK1" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; color: rgb(52,96,148); border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="color: rgb(52,96,148); background-color: Gainsboro; vertical-align: bottom"> <td style="border: #346094 1pt solid; color: rgb(52,96,148); font-style: normal; text-align: left; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; color: rgb(52,96,148)"><b> </b></span></td> <td colspan="2" id="xdx_493_20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000077492Member__oef--ClassAxis__custom--C000237966Member_zu5V6BQo55V8" style="border-top: #346094 1pt solid; border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); text-align: center"><span style="font-family: Times New Roman, Times, Serif; color: rgb(52,96,148)"><b>Institutional Share</b></span></td> <td colspan="2" id="xdx_497_20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000077492Member__oef--ClassAxis__custom--C000237968Member_zMlZSy7k5u6e" style="border-top: #346094 1pt solid; border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); text-align: center"><span style="font-family: Times New Roman, Times, Serif; color: rgb(52,96,148)"><b>A Class Shares</b></span></td> </tr> <tr id="xdx_40D_eoef--ManagementFeesOverAssets_dpn_z8xU8YssbMci" style="color: rgb(52,96,148); vertical-align: bottom"> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148); font-style: normal; width: 52%; text-align: left; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; color: rgb(52,96,148)">Management Fees<sup id="xdx_F42_z5OP2QOZTjQh">1</sup></span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); text-align: center; width: 12%"><span style="color: rgb(52,96,148)"> </span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); width: 12%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; color: rgb(52,96,148)">0.70%</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); text-align: center; width: 12%"><span style="color: rgb(52,96,148)"> </span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); width: 12%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; color: rgb(52,96,148)">0.70%</span></td> </tr> <tr id="xdx_40A_eoef--DistributionAndService12b1FeesOverAssets_dpn_z71JNbAoU4Bj" style="color: rgb(52,96,148); vertical-align: bottom"> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148); font-style: normal; text-align: left; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; color: rgb(52,96,148)">Distribution (12b-1) Fees</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); text-align: center"><span style="font-family: Times New Roman, Times, Serif; color: rgb(52,96,148)">None</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); text-align: center"><span style="font-family: Times New Roman, Times, Serif; color: rgb(52,96,148)">0.25%</span></td> </tr> <tr id="xdx_400_eoef--OtherExpensesOverAssets_dpn_zkKd8tTcGVz8" style="color: rgb(52,96,148); vertical-align: bottom"> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148); font-style: normal; text-align: left; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; color: rgb(52,96,148)">Other Expenses</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); text-align: center"><span style="font-family: Times New Roman, Times, Serif; color: rgb(52,96,148)">0.15%</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); text-align: center"><span style="font-family: Times New Roman, Times, Serif; color: rgb(52,96,148)">0.19%</span></td> </tr> <tr style="color: rgb(52,96,148); vertical-align: bottom"> <td style="border-right: rgb(52,96,148) 1pt solid; border-bottom: rgb(52,96,148) 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148); font-style: normal; padding-left: 0.125in; text-align: left; font-weight: normal; width: 52%"><span style="font-family: Times New Roman, Times, Serif; color: rgb(52,96,148)">Administrative Services Plan Fees¹</span></td> <td id="xdx_98E_eoef--Component1OtherExpensesOverAssets_dpn_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000077492Member__oef--ClassAxis__custom--C000237966Member_fMQ_____zYnGW21RGb5g" style="border-right: rgb(52,96,148) 1pt solid; border-bottom: rgb(52,96,148) 1pt solid; color: rgb(52,96,148); text-align: center; width: 12%" title="Administrative Services Plan Fees"><span style="color: rgb(52,96,148)">0.05%</span></td> <td style="border-right: rgb(52,96,148) 1pt solid; border-bottom: rgb(52,96,148) 1pt solid; color: rgb(52,96,148); text-align: center; width: 12%"><span style="color: rgb(52,96,148)"> </span></td> <td id="xdx_98E_eoef--Component1OtherExpensesOverAssets_dpn_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000077492Member__oef--ClassAxis__custom--C000237968Member_fMQ_____zBRyHsPbKhqk" style="border-right: rgb(52,96,148) 1pt solid; border-bottom: rgb(52,96,148) 1pt solid; color: rgb(52,96,148); text-align: center; width: 12%" title="Administrative Services Plan Fees"><span style="color: rgb(52,96,148)">0.09%</span></td> <td style="border-right: rgb(52,96,148) 1pt solid; border-bottom: rgb(52,96,148) 1pt solid; color: rgb(52,96,148); text-align: center; width: 12%"><span style="color: rgb(52,96,148)"> </span></td> </tr> <tr style="color: rgb(52,96,148); vertical-align: bottom"> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148); font-style: normal; padding-left: 0.125in; text-align: left; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">Other Operating Expenses</span></td> <td id="xdx_980_eoef--Component2OtherExpensesOverAssets_dpn_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000077492Member__oef--ClassAxis__custom--C000237966Member_zhLumZsyFBnh" style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); text-align: center" title="Other Operating Expenses"><span style="color: rgb(52,96,148)">0.10%</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td id="xdx_984_eoef--Component2OtherExpensesOverAssets_dpn_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000077492Member__oef--ClassAxis__custom--C000237968Member_zBV2IOfHpr1j" style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); text-align: center" title="Other Operating Expenses"><span style="color: rgb(52,96,148)">0.10%</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> </tr> <tr style="color: rgb(52,96,148); vertical-align: bottom"> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148); font-style: normal; font-weight: normal; text-align: left"><span style="font-family: Times New Roman, Times, Serif; color: rgb(52,96,148)">Total Annual Fund Operating Expenses²</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td id="xdx_98B_eoef--ExpensesOverAssets_dpn_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000077492Member__oef--ClassAxis__custom--C000237966Member_fMg_____zUPPBAdHWQie" style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); text-align: center" title="Total Annual Fund Operating Expenses"><span style="font-family: Times New Roman, Times, Serif; color: rgb(52,96,148)">0.85%</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td id="xdx_980_eoef--ExpensesOverAssets_dpn_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000077492Member__oef--ClassAxis__custom--C000237968Member_fMg_____zP0Rq1q11gMg" style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); text-align: center" title="Total Annual Fund Operating Expenses"><span style="font-family: Times New Roman, Times, Serif; color: rgb(52,96,148)">1.14%</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; color: rgb(52,96,148); text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; color: rgb(52,96,148)"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="-sec-ix-redline: true; color: rgb(52,96,148); vertical-align: top; text-align: justify"> <td style="color: rgb(52,96,148); width: 0in"></td><td style="color: rgb(52,96,148); width: 0.25in; text-align: left"><span style="color: rgb(52,96,148)"><sup id="xdx_F07_z7cM0fGAxKN7">1</sup></span></td> <td style="color: rgb(52,96,148); text-align: justify"><span id="xdx_F16_z6KbRJjH4KT6" style="color: rgb(52,96,148)"> The Fund has adopted an Administrative Services Plan that provides that the Fund may pay financial intermediaries for shareholder services in an annual amount not to exceed 0.05% and 0.20% based on the average daily net assets of the Fund’s Institutional Shares and A Class Shares, respectively. The Fund paid 0.05% and 0.09% of its Institutional Shares’ and A Class Shares’ average daily net assets, respectively, in Administrative Services Plan Fees for the fiscal year ended October 31, 2025.</span></td> </tr> <tr style="-sec-ix-redline: true; color: rgb(52,96,148); vertical-align: top"> <td style="color: rgb(52,96,148); width: 0"></td><td style="color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"><sup id="xdx_F05_zD8gIQ1xPeo8">2</sup></span></td> <td style="color: rgb(52,96,148); text-align: justify"><span id="xdx_F17_zOOD05N70Ud1" style="color: rgb(52,96,148)"> Westwood Management Corp. (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, borrowing expenses such as dividend and interest expenses on securities sold short, Acquired Fund fees and expenses, costs to organize the Fund, 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 Shares’ average daily net assets, and 1.50% of the Fund’s A Class Shares’ average daily net assets, average daily net assets, until <span id="xdx_902_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000077492Member_z43colHkuhX4">March 1, 2027</span>. 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 fee waiver and expense reimbursement agreement may be terminated: (i) by the Board of Trustees (the “Board”) of Ultimus Managers Trust (the “Trust”), for any reason at any time; or (ii) by the Advisor, upon ninety (90) days’ prior written notice to the Trust, effective as of the close of business on March 1, 2027. This agreement will terminate automatically if the Fund’s investment advisory agreement with the Adviser is terminated. </span></td></tr> </table> 0.0070 0.0070 0 0.0025 0.0015 0.0019 0.0005 0.0009 0.0010 0.0010 0.0085 0.0114 March 1, 2027 Examples <p id="xdx_A82_eoef--ExpenseExampleNarrativeTextBlock_zcQU9MFq6KC4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span></p> The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all 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 and the contractual agreement to limit expenses remains in effect until March 1, 2027. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A8B_eoef--ExpenseExampleWithRedemptionTableTextBlock_zpPDafr0JoDc"></div> <table cellpadding="3" cellspacing="0" id="xdx_A59_dU_zBiNDsIP9aia" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; color: rgb(52,96,148); border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr style="color: rgb(52,96,148); background-color: Gainsboro; vertical-align: bottom"> <td style="border: #346094 1pt solid; color: rgb(52,96,148); text-align: left"><span style="font-family: Times New Roman, Times, Serif; color: rgb(52,96,148)"><b> </b></span></td> <td id="xdx_487_eoef--ExpenseExampleYear01_znIMSKsi6PZc" style="border-top: #346094 1pt solid; border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; color: rgb(52,96,148)"><b>1 Year</b></span></td> <td id="xdx_48F_eoef--ExpenseExampleYear03_zOSDEGgVDYk6" style="border-top: #346094 1pt solid; border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; color: rgb(52,96,148)"><b>3 Years</b></span></td> <td id="xdx_487_eoef--ExpenseExampleYear05_z4gdoQYIHz6d" style="border-top: #346094 1pt solid; border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; color: rgb(52,96,148)"><b>5 Years</b></span></td> <td id="xdx_481_eoef--ExpenseExampleYear10_zNJLUF0oT8Bk" style="border-top: #346094 1pt solid; border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"><b>10 Years</b></span></td></tr> <tr id="xdx_414_20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000077492Member__oef--ClassAxis__custom--C000237966Member_z8fYbQnszbo7" style="color: rgb(52,96,148); vertical-align: bottom"> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148); width: 52%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; color: rgb(52,96,148)"><b>Institutional Shares</b></span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); width: 12%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; color: rgb(52,96,148)">$87</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); width: 12%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; color: rgb(52,96,148)">$271</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); width: 12%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; color: rgb(52,96,148)">$471</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); text-align: center; width: 12%"><span style="color: rgb(52,96,148)">$1,049</span></td></tr> <tr id="xdx_418_20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000077492Member__oef--ClassAxis__custom--C000237968Member_zUU3yK63YWO6" style="color: rgb(52,96,148); vertical-align: bottom"> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148); text-align: left"><span style="font-family: Times New Roman, Times, Serif; color: rgb(52,96,148)"><b>A Class Shares</b></span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); text-align: center"><span style="font-family: Times New Roman, Times, Serif; color: rgb(52,96,148)">$413</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); text-align: center"><span style="font-family: Times New Roman, Times, Serif; color: rgb(52,96,148)">$651</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); text-align: center"><span style="font-family: Times New Roman, Times, Serif; color: rgb(52,96,148)">$909</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">$1,645</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; color: rgb(52,96,148)"> </span></p> 87 271 471 1049 413 651 909 1645 Portfolio Turnover <p id="xdx_A8A_eoef--PortfolioTurnoverTextBlock_z9VsOi2cH6T7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the examples, affect the Fund’s performance. During the most recent fiscal year ended October 31, 2025, the Fund’s portfolio turnover rate was <span id="xdx_903_eoef--PortfolioTurnoverRate_dp_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000077492Member_zahz18fyrwed">67%</span> </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">of the average value of its portfolio.</span></p> 0.67 Principal Investment Strategies <p id="xdx_A80_eoef--StrategyNarrativeTextBlock_zZesfOzcTJn8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)">Under normal conditions, the Fund invests at least 80% of its net assets plus borrowings for investment purposes, if any, in income-producing securities. The Fund invests primarily in securities of companies in the real estate industry, such as real estate investment trusts (“REITs”), master limited partnerships and other real estate firms. Investments in these issuers are expected to include a significant portion of assets in preferred stock, and may also include convertible preferred stock, debt obligations and other senior securities. The Fund may also invest in common stock, rights and warrants to purchase securities, and limited partnership interests to the extent the Adviser deems appropriate. To select investments for the Fund, the Adviser uses a value-oriented philosophy focused on an issuer’s cash flow and future cash generation capability, its asset valuations, and the capabilities of its management. Specific to real estate companies, the Adviser analyzes an issuer’s cash flow potential, current and future occupancy and rental trends, underlying tenant health, and the costs associated with maintaining the physical condition of assets in its portfolio. The evaluation of an issuer’s management team primarily consists of understanding its capital allocation track record regarding property acquisition, development and disposition, and how it chooses to fund these endeavors. For broad financial companies, the Adviser assesses financial characteristics such as likely asset growth, margins, credit risk, balance sheet funding, and revenue growth potential of various fee generating businesses. By using this approach, the Adviser seeks to identify investments with the opportunity to generate attractive risk adjusted returns over time.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">The Fund invests in securities of companies having any capitalization, any maturity and any credit quality (including bonds commonly referred to as “junk bonds”). The Fund may purchase restricted securities or securities which are deemed to be not readily marketable.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">The Fund may write (sell) call options and purchase put options on individual stocks or broad-based stock indices, including exchange-traded funds (“ETFs”) that replicate such indices. The Fund may also enter into put option spreads, which consist of paired purchased and written options with different strike prices on the same stock or index. The Fund generally intends to use option strategies to seek to generate premium income, acquire a security at a specified price, or reduce the Fund’s exposure to market risk and volatility.</span></p> <p id="xdx_A8D_eoef--RiskTextBlock_z7oOZUv353yh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">As with all mutual funds, there is no guarantee that the Fund will achieve its investment objective. <span id="xdx_90C_eoef--RiskTextBlock_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000077492Member__oef--RiskAxis__oef--RiskLoseMoneyMember_z4YFPpgRDU6l">You could lose money by investing in the Fund.</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b><span id="xdx_90B_eoef--RiskTextBlock_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000077492Member__oef--RiskAxis__oef--RiskNotInsuredDepositoryInstitutionMember_zh71HI4vaKL4">A Fund share is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any government agency</span></b></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">. The principal risks of investing in the Fund, which could adversely affect its net asset value and total return, are:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_915_exdx--NextElement_zh9j71ljghn"></span></div> You could lose money by investing in the Fund. A Fund share is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any government agency <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--RealEstateSecuritiesAndREITsRiskMember_z8HPIJKVUVOf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Real Estate Securities and REITs Risk: </b>Investments in real estate securities may be adversely impacted by the performance of the real estate market generally or that of a particular sub-sector or geographic region. Real estate values can fluctuate as a result of general and local economic conditions, overbuilding and increased competition, increases in property taxes and operating expenses, changes in zoning laws, increases in interest rates, and the availability of financing. The availability of financing may be adversely impacted by, among other things, banks’ view of the adequacy of real estate collateral and defaults by borrowers or tenants. The Fund is subject to risks related to investment in real estate investment trusts or “REITs,” including fluctuations in the value of underlying properties, defaults by borrowers or tenants, lack of diversification, heavy cash flow dependency, self-liquidation, and potential failure to qualify for tax-free pass through of income and exemption from registration as an investment company. In addition, the Fund’s investment in REITs is subject to the risks associated with the direct ownership of real estate, including fluctuations in value due to general and local economic conditions, increases in property taxes and operating expenses, changes in zoning laws, casualty or condemnation losses, regulatory limitations on rents, changes in neighborhood values, changes in the appeal of properties to tenants, increases in interest rates and defaults by borrowers or tenants. Treasury Regulations make available to Fund shareholders, on a pass-through basis, the same tax deduction for qualified business income based on dividends received from REITs that is available to individuals who invest directly in REITs.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_91C_exdx--NextElement_zosIcdh8Vc26"></span></div> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zxTXN03wm6Bd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Liquidity Risk: </b>Certain securities may trade less frequently than those of larger companies due to their smaller capitalizations. In the event certain securities experience limited trading volumes, the prices may display abrupt or erratic movements at times. Additionally, it may be more difficult for the Fund to buy and sell significant amounts of such securities without an unfavorable impact on prevailing market prices. As a result, these securities may be difficult to dispose of at a fair price at the times when the Adviser believes it is desirable to do so. The Fund’s investment in securities that are less actively traded or over time experience decreased trading volume may restrict its ability to take advantage of other market opportunities or to dispose of securities. This also may affect adversely the Fund’s ability to make dividend distributions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_91A_exdx--NextElement_zCWYZbeHaTea"></span></div> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--LowerRatedDebtSecuritiesJunkBondsRiskMember_zA078etdvcz5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Lower-Rated Debt Securities (“Junk Bonds”) Risk:</b> Securities rated below investment grade and comparable unrated securities are often referred to as “junk bonds.” Junk bonds involve greater risks of default or downgrade and are more volatile than investment grade securities. In addition, issuers of junk bonds may be more susceptible than other issuers to economic downturns. Junk bonds are subject to the risk that the issuer may not be able to pay interest or dividends or ultimately repay principal upon maturity. Analysis of the creditworthiness of issuers of lower-rated debt securities may be more complex than for issuers of higher-rated securities, and the use of credit ratings to evaluate lower-rated securities can involve certain risks.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_91B_exdx--NextElement_zlC1BDBsjdn5"></span></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquityRiskMember_zXYySbFACQy2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Equity Risk: </b>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 military action, 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 style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_91B_exdx--NextElement_zupgdDzDUOTj"></span></div> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallAndMidCapitalizationCompanyRiskMember_zAQVshDuRiti" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)"><b>Small- and Mid-Capitalization Company Risk:</b> Small- and mid-capitalization companies in which a 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 style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_91A_exdx--NextElement_zadT2irVXnv9"></span></div> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationStocksRiskMember_zFl6qrit2x0k" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Large-Capitalization Stocks Risk:</b> The large capitalization companies in which the Fund invests 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 style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_91D_exdx--NextElement_zmLShYHbIshl"></span></div> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--BorrowingRiskMember_zkLD0rQ22fJ1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Borrowing Risk:</b> Borrowing for investment purposes creates leverage, which will exaggerate the effect of any increase or decrease in the market price of securities in the Fund’s portfolio on the Fund’s net asset value and, therefore, may increase the volatility of the Fund. Money borrowed will be subject to interest and other costs (that may include commitment fees and/or the cost of maintaining minimum average balances). These costs may exceed the gain on securities purchased with borrowed funds. Increased operating costs, including the financing cost associated with any leverage, may reduce the Fund’s total return. Unless the income and capital appreciation, if any, on securities acquired with borrowed funds exceed the cost of borrowing, the use of leverage will diminish the investment performance of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_914_exdx--NextElement_z5dzDM8Rn0ri"></span></div> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zhlvSDW2eEfl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Concentration Risk: </b>The Fund concentrates its investments in issuers of the real estate industry to the extent permitted by applicable regulatory guidance. There is a risk that those issuers (or industry sector) will perform poorly and negatively impact the Fund. Concentration risk results from maintaining exposure (long or short) to issuers conducting business in a specific industry. The risk of concentrating investments in a limited number of issuers in a particular industry is that the Fund will be more susceptible to market, economic, political, regulatory, and other conditions and risks associated with that industry than a fund that does not concentrate its investments and invests more broadly across industries and sectors.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_91B_exdx--NextElement_zVnMZTPyeZAj"></span></div> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_znV4tht0XLnf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Counterparty Risk:</b> In general, a derivative contract typically involves leverage, <i>i.e.</i>, it provides exposure to potential gain or loss from a change in the level of the market price of a security, currency or commodity (or a basket or index) in a notional amount that exceeds the amount of cash or assets required to establish or maintain the derivative contract. Many of these derivative contracts will be privately negotiated in the OTC market. These contracts also involve exposure to credit risk, since contract performance depends in part on the financial condition of the counterparty. If a privately negotiated OTC contract calls for payments by the Fund, the Fund must be prepared to make such payments when due. In addition, if a counterparty’s creditworthiness declines, the Fund may not receive payments owed under the contract, or such payments may be delayed under such circumstances and the value of agreements with such counterparty can be expected to decline, potentially resulting in losses by the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_918_exdx--NextElement_zNdT98kLjd8h"></span></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--DebtInstrumentsRiskMember_zucK0pms0AS3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Debt Instruments Risk:</b> Debt instruments are generally subject to credit risk and interest rate risk. Credit risk refers to the possibility that the issuer of a security will be unable to make interest payments and/or repay the principal on its debt. Interest rate risk refers to fluctuations in the value of a fixed income security resulting from changes in the general level of interest rates. When the general level of interest rates goes up, the prices of most fixed income securities go down. When the general level of interest rates goes down, the prices of most fixed income securities go up. Derivatives related to debt instruments may be exposed to similar risks for individual securities, groups of securities or indices tracking multiple securities or markets. Both debt securities and debt-related derivative instruments may be exposed to one or more of the following risks:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: justify; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); padding-left: 0in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">Credit Risk: Credit risk refers to the possibility that the issuer of the security will not be able to make principal and interest payments when due. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also affect the value of the Fund’s investment in that issuer. The degree of credit risk depends on both the financial condition of the issuer and the terms of the obligation. Securities rated by the rating agencies in the four highest categories (Fitch, Inc. (“Fitch”) (AAA, AA, A, and BBB), Moody’s Investors Service, Inc. (“Moody’s”) (Aaa, Aa, A, and Baa) or S&amp;P^® Global Ratings (“S&amp;P”) (AAA, AA, A, and BBB)) are considered investment grade, but they may also have some speculative characteristics, meaning that they carry more risk than higher rated securities and may have problems making principal and interest payments in difficult economic climates. Investment grade ratings do not guarantee that bonds will not lose value.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: justify; margin-top: 0pt; margin-bottom: 0pt"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: justify; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">Extension Risk: Extension risk is the risk that, when interest rates rise, certain obligations will be paid off by the issuer (or obligor) more slowly than anticipated, causing the value of these securities to fall. Rising interest rates tend to extend the duration of securities, making them more sensitive to changes in interest rates. The value of longer-term securities generally changes more in response to changes in interest rates than shorter-term securities. As a result, in a period of rising interest rates, securities may exhibit additional volatility and may lose value.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: justify; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">Interest Rate Risk: The yields for certain securities are susceptible in the short-term to fluctuations in interest rates, and the prices of such securities may decline when interest rates rise. Interest rate risk in general is the risk that prices of fixed income securities generally increase when interest rates decline and decrease when interest rates increase. The Fund may decline in value or suffer losses if short-term or long-term interest rates rise sharply or otherwise change in a manner not anticipated by the Adviser.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: justify; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">Prepayment Risk: Prepayment risk is the risk that certain debt securities with high interest rates will be prepaid by the issuer before they mature. In periods of falling interest rates, the rate of prepayments tends to increase (as does price fluctuation) as borrowers are motivated to pay off debt and refinance at new lower rates. During such periods, reinvestment of the prepayment proceeds by the management team will generally be at lower rates of return than the return on the assets that were prepaid. Prepayment reduces the yield to maturity and the average life of the security.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_918_exdx--NextElement_zEQZIZKpGvl4"></span></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_z1on0213pJ1h" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Derivatives Risk:</b> The market value of the derivative instruments in which the Fund may invest, including options, futures contracts, forward currency contracts, swap agreements and other similar instruments, may be more volatile than that of other instruments. A Fund’s use of derivative instruments involves risks different from, and possibly greater than, the risks associated with investing directly in securities and other more traditional investments, and certain derivatives may create a risk of loss greater than the amount invested. There can be no assurance given that each derivative position will perform as expected, or that a particular derivative position will be available when sought by the portfolio manager. A Fund’s use of derivative instruments to obtain short exposures may result in greater volatility because losses are potentially unlimited. In addition there can be no assurance given that any derivatives strategy will succeed and the Fund may lose money as a result of its use of derivative instruments. Changes in regulation relating to a mutual fund’s use of derivatives and related instruments could potentially limit or impact the Fund’s ability to invest in derivatives, limit the Fund’s ability to employ certain strategies that use derivatives and adversely affect the value or performance of derivatives and the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_91C_exdx--NextElement_zI8K0eT2nw3l"></span></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--ExchangeTradedFundsETFsRiskMember_zxbmqcu3EGk1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Exchange-Traded Funds (“ETFs”) Risk: </b>Because the Fund invests in ETFs and in options on ETFs, the Fund is exposed to the risks associated with the securities and other investments held by such ETFs. The value of any investment in an ETF will fluctuate according to the performance of that ETF. In addition, the Fund will indirectly bear a proportionate share of expenses, including any management fees, paid by each ETF in which the Fund invests. Such expenses are in addition to the operating expenses of the Fund, which are borne directly by shareholders of the Fund. Further, individual shares of an ETF may be purchased and sold only on a national securities exchange through a broker-dealer. Lack of liquidity in an ETF could result in the ETF being more volatile than its underlying securities. The price of such shares is based on market price, and because ETF shares trade at market prices rather than net asset value (“NAV”), shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). The market price of an ETF’s shares, like the price of any exchange-traded security, includes a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. The bid-ask spread often increases significantly during times of market disruption, which means that, to the extent that the Fund invests directly in an ETF, the shares of that ETF may trade at a greater discount at a time when the Fund wishes to sell its shares. Under the Investment Company Act of 1940, as amended (the “1940 Act”), the Fund is subject to restrictions that may limit the amount of any particular ETF that the Fund may own. However, the Fund may invest in accordance with Rule 12d1-4 under the 1940 Act, which permits funds to invest in shares of ETFs beyond the limitations otherwise imposed by the 1940 Act, subject to certain conditions. To the extent the Fund relies on Rule 12d1-4 to invest in ETFs, the risks described above may be greater than if the Fund limited its investment in an ETF in accordance with the limitations imposed by the 1940 Act without relying on Rule 12d1-4.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_91C_exdx--NextElement_zYSU4w6hqTq3"></span></div> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementStyleRiskMember_zLsEF3lfauPk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)"><b>Management Style Risk: <i> </i></b>The portfolio manager’s method of security selection may not be successful, and the Fund may underperform relative to other mutual funds that employ similar investment strategies. In addition, the Adviser may select investments that fail to perform as anticipated.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_913_exdx--NextElement_z3KALfuKZLY6"></span></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zNcHiiK9v4fj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)"><b>Market Risk: </b> 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 military action, 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 style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_91F_exdx--NextElement_ztv4oUaiDlA"></span></div> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketEventsRiskMember_z2DP1t338bYk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Market Events Risk:</b> Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times, and for varying periods of time, result in unusually high market volatility, which could negatively impact the Fund’s performance and cause the Fund to experience illiquidity, shareholder redemptions, or other potentially adverse effects. Reduced liquidity in credit and fixed income markets could negatively affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_915_exdx--NextElement_zfA2VxAPAXk9"></span></div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--MasterLimitedPartnershipsMLPsRiskMember_zR2UtPrgH6F8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Master Limited Partnerships (“MLPs”) Risk:</b> Investments in the debt and equity securities of MLPs involve risks that differ from investments in the debt and equity securities of corporate issuers, including risks related to limited control and limited rights to vote on matters affecting the partnership, risks related to potential conflicts of interest between the partnership and its general partner, cash flow risks, dilution risks and risks related to the general partner’s right to require unitholders to sell their common units at an undesirable time or price. The Fund and its shareholders are not eligible for a tax deduction based on income received from MLPs that is available to individuals who invest directly in MLPs.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_91F_exdx--NextElement_zyDg30lEcNP1"></span></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--MortgageRelatedAndOtherAssetBackedSecuritiesRiskMember_zOiS1oYE6mak" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Mortgage-Related and Other Asset-Backed Securities Risk:</b> Rising interest rates tend to extend the duration of mortgage-related securities, making them more sensitive to changes in interest rates. As a result, in a period of rising interest rates, the Fund may exhibit additional volatility (<i>i.e.</i>, extension risk). In addition, 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 (<i>i.e.</i>, prepayment risk). The Fund’s investments in asset-backed securities are subject to risks similar to those associated with mortgage-related securities, as well as additional risks associated with the nature of the assets and the servicing of those assets. Asset-backed securities present credit risks that are not presented by mortgage-backed securities because asset-backed securities generally do not have the benefit of a security interest in collateral that is comparable in quality to mortgage assets. 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_918_exdx--NextElement_zsamXu1hhWs8"></span></div> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--RestrictedAndIlliquidSecuritiesRiskMember_zz6Gzen8JIP4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Restricted and Illiquid Securities Risk:</b> Certain securities generally trade in lower volume and may be less liquid than securities of large established companies. If a security is illiquid, the Fund may not be able to sell the security at a time when the Adviser might wish to sell, which means that the Fund could lose money. In addition, the security could have the effect of decreasing the overall level of the Fund’s liquidity. Certain restricted securities, <i>i.e.</i>, securities subject to legal or contractual restrictions on resale, may be treated as liquid even though they may be less liquid than registered securities traded on established secondary markets.</span></p> Performance Information <p id="xdx_A8E_eoef--PerformanceNarrativeTextBlock_zfXgMk82AZKe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><span id="xdx_902_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000077492Member_zR5Q2qrrd4j2">The bar chart and table that follow provide some indication of the risks of an investment in the Institutional and A Class Shares of the Fund for 1-year, 5-years and 10-years compared with those of the Bloomberg U.S. Aggregate Bond Index and the ICE BofAML Fixed Rate Preferred Securities Index.</span> The Fund is the successor to the Salient Select Income Fund, a series of Forward Funds (the “Predecessor Fund”) through a reorganization with the Fund on November 18, 2022 (the “2022 Reorganization”). The performance shown in the bar chart and table for periods prior to November 18, 2022 represents the performance of the Institutional Class and Class A shares of the Predecessor Fund. In connection with the 2022 Reorganization, Institutional Class and Class A shares of the Predecessor Fund were exchanged for and renamed Institutional Shares and A</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">Class Shares of the Fund, respectively. In addition, Investor Class shares of the Predecessor Fund were exchanged for A Class Shares of the Fund. The performance of any index does not reflect deductions for fees, expenses or taxes. If the investment adviser to the Fund and the Predecessor Fund had not agreed to waive or reimburse certain Fund or Predecessor Fund expenses during the period shown, if applicable, the Fund’s and the Predecessor Fund’s returns would have been less than those shown. <span id="xdx_90F_eoef--PerformancePastDoesNotIndicateFuture_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000077492Member_zidbVpSuQaj1">Past performance, including before- and after-tax returns, is not necessarily an indication of how the Fund will perform in the future.</span> </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">Updated information on the Fund’s performance is available on the Fund’s website at <span id="xdx_906_eoef--PerformanceAvailabilityWebSiteAddress_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000077492Member_zzJHIKWuNiO">www.westwoodfunds.com</span> </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">or by calling <span id="xdx_903_eoef--PerformanceAvailabilityPhone_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000077492Member_zyoiZGxEcBhh">1-877-FUND-WHG (1-877-386-3944)</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)">The Adviser has served as the investment adviser to the Fund since the 2022 Reorganization and has not used a sub-adviser to manage the Fund since the 2022 Reorganization. This name change does not reflect a change in the Adviser’s role in managing the Fund’s portfolio or the advisory structure.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">The bar chart shows the performance of the Fund’s Institutional Shares. The returns for the Fund’s A Class Shares will be lower than the Institutional Shares’ returns shown in the bar chart because the expenses of the classes differ. All returns reflect reinvestment of all dividend and capital gain distributions.</span></p> The bar chart and table that follow provide some indication of the risks of an investment in the Institutional and A Class Shares of the Fund for 1-year, 5-years and 10-years compared with those of the Bloomberg U.S. Aggregate Bond Index and the ICE BofAML Fixed Rate Preferred Securities Index. Past performance, including before- and after-tax returns, is not necessarily an indication of how the Fund will perform in the future. www.westwoodfunds.com 1-877-FUND-WHG (1-877-386-3944) Calendar Year Returns - Institutional Shares* <p id="xdx_A85_eoef--BarChartTableTextBlock_zI43f4CKazG9" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><img alt="" src="pro-kifyx_001.jpg" style="height: 300px; width: 500px"/></span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zUEFThXAbLt3" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; color: rgb(52,96,148); vertical-align: top; text-align: left"> <td style="display: none; color: rgb(52,96,148); width: 50%"><span style="display: none; color: rgb(52,96,148)">Years</span></td> <td style="display: none; color: rgb(52,96,148); width: 50%"><span style="display: none; color: rgb(52,96,148)">Returns<sup style="display: none">*</sup></span></td></tr> <tr style="display: none; color: rgb(52,96,148); vertical-align: top; text-align: left"> <td style="display: none; color: rgb(52,96,148)"><span style="display: none; color: rgb(52,96,148)">2016</span></td> <td id="xdx_98D_eoef--AnnlRtrPct_c20160101__20161231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__oef--ClassAxis__custom--C000237966Member_fKg_____znXvAfCKLcQd" style="display: none; color: rgb(52,96,148)"><span style="display: none; color: rgb(52,96,148)">14.09%</span></td></tr> <tr style="display: none; color: rgb(52,96,148); vertical-align: top; text-align: left"> <td style="display: none; color: rgb(52,96,148)"><span style="display: none; color: rgb(52,96,148)">2017</span></td> <td id="xdx_986_eoef--AnnlRtrPct_c20170101__20171231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__oef--ClassAxis__custom--C000237966Member_fKg_____zMWijOQzwmKg" style="display: none; color: rgb(52,96,148)"><span style="display: none; color: rgb(52,96,148)">1.84%</span></td></tr> <tr style="display: none; color: rgb(52,96,148); vertical-align: top; text-align: left"> <td style="display: none; color: rgb(52,96,148)"><span style="display: none; color: rgb(52,96,148)">2018</span></td> <td id="xdx_983_eoef--AnnlRtrPct_c20180101__20181231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__oef--ClassAxis__custom--C000237966Member_fKg_____zSAXAHNpO5p5" style="display: none; color: rgb(52,96,148)"><span style="display: none; color: rgb(52,96,148)">-8.52%</span></td></tr> <tr style="display: none; color: rgb(52,96,148); vertical-align: top; text-align: left"> <td style="display: none; color: rgb(52,96,148)"><span style="display: none; color: rgb(52,96,148)">2019</span></td> <td id="xdx_98F_eoef--AnnlRtrPct_c20190101__20191231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__oef--ClassAxis__custom--C000237966Member_fKg_____zM1eWcml9BR4" style="display: none; color: rgb(52,96,148)"><span style="display: none; color: rgb(52,96,148)">18.64%</span></td></tr> <tr style="display: none; color: rgb(52,96,148); vertical-align: top; text-align: left"> <td style="display: none; color: rgb(52,96,148)"><span style="display: none; color: rgb(52,96,148)">2020</span></td> <td id="xdx_98C_eoef--AnnlRtrPct_c20200101__20201231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__oef--ClassAxis__custom--C000237966Member_fKg_____zyBILveIkaS1" style="display: none; color: rgb(52,96,148)"><span style="display: none; color: rgb(52,96,148)">-2.75%</span></td></tr> <tr style="display: none; color: rgb(52,96,148); vertical-align: top; text-align: left"> <td style="display: none; color: rgb(52,96,148)"><span style="display: none; color: rgb(52,96,148)">2021</span></td> <td id="xdx_987_eoef--AnnlRtrPct_c20210101__20211231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__oef--ClassAxis__custom--C000237966Member_fKg_____z7i2Wo7DcUH" style="display: none; color: rgb(52,96,148)"><span style="display: none; color: rgb(52,96,148)">15.44%</span></td></tr> <tr style="display: none; color: rgb(52,96,148); vertical-align: top; text-align: left"> <td style="display: none; color: rgb(52,96,148)"><span style="display: none; color: rgb(52,96,148)">2022</span></td> <td id="xdx_983_eoef--AnnlRtrPct_c20220101__20221231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__oef--ClassAxis__custom--C000237966Member_fKg_____zPzfsoxVvAXg" style="display: none; color: rgb(52,96,148)"><span style="display: none; color: rgb(52,96,148)">-14.10%</span></td></tr> <tr style="display: none; color: rgb(52,96,148); vertical-align: top; text-align: left"> <td style="display: none; color: rgb(52,96,148)"><span style="display: none; color: rgb(52,96,148)">2023</span></td> <td id="xdx_980_eoef--AnnlRtrPct_c20230101__20231231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__oef--ClassAxis__custom--C000237966Member_fKg_____z7KBkPIw5RHh" style="display: none; color: rgb(52,96,148)"><span style="display: none; color: rgb(52,96,148)">14.61%</span></td></tr> <tr style="display: none; color: rgb(52,96,148); vertical-align: top; text-align: left"> <td style="display: none; color: rgb(52,96,148)">2024</td> <td id="xdx_989_eoef--AnnlRtrPct_c20240101__20241231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__oef--ClassAxis__custom--C000237966Member_fKg_____zqzFIL8vKcW7" style="display: none; color: rgb(52,96,148)">7.08%</td></tr> <tr style="display: none; color: rgb(52,96,148); vertical-align: top; text-align: left"> <td style="display: none; color: rgb(52,96,148)">2025</td> <td id="xdx_986_eoef--AnnlRtrPct_c20250101__20251231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__oef--ClassAxis__custom--C000237966Member_fKg_____zvUoxYoJmUx9" style="display: none; color: rgb(52,96,148)">1.75%</td></tr> </table> 0.1409 0.0184 -0.0852 0.1864 -0.0275 0.1544 -0.1410 0.1461 0.0708 0.0175 <div id="xdx_A83_eoef--BarChartClosingTextBlock_z7Z1lwRrIXph"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin: 0in auto; color: rgb(52,96,148); width: 550px"> <tr style="-sec-ix-redline: true; color: rgb(52,96,148); vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="color: rgb(52,96,148); text-align: left; width: 0.25in"><span id="xdx_F0B_zizAa7eOrZd9" style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">*</span></td> <td style="color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> <span id="xdx_F13_zCd3mCKS4Zfg" style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> <span id="xdx_907_eoef--YearToDateReturnLabel_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000077492Member_zLnyNlJwdMr">The Fund’s year-to-date return</span> through <span id="xdx_909_eoef--BarChartYearToDateReturnDate_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000077492Member_zXxHhHlRFzic">December 31, 2025</span> was <span id="xdx_909_eoef--BarChartYearToDateReturn_dp_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000077492Member_zMJ1RMkjicRj">1.75%</span></span>.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <div style="color: rgb(52,96,148)"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-left: auto; width: 50%; border-collapse: collapse; margin-right: auto"> <tr style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148)"> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: center; vertical-align: top; width: 25%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b><span id="xdx_90C_eoef--HighestQuarterlyReturnLabel_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000077492Member_z9Ujmb4eEqWh">Best Quarter</span> </b></span><b><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"></span></b></td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: center; vertical-align: bottom; width: 25%"><span style="color: rgb(52,96,148)"><b><span id="xdx_90B_eoef--LowestQuarterlyReturnLabel_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000077492Member_zOnRNGKnqd8l">Worst Quarter</span></b></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148)"> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: center; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b><span id="xdx_902_eoef--BarChartHighestQuarterlyReturn_dp_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000077492Member_zPpdMpblnlzj">20.09%</span></b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b><span id="xdx_903_eoef--BarChartLowestQuarterlyReturn_dp_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000077492Member_zA5SG9Lq7Ff7">(31.56)%</span></b></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148)"> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: center; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b><span id="xdx_903_eoef--BarChartHighestQuarterlyReturnDate_dd_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000077492Member_z5bW1fWNU0m5">June 30, 2020</span></b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: center; vertical-align: bottom"><span style="color: rgb(52,96,148)"><b><span id="xdx_902_eoef--BarChartLowestQuarterlyReturnDate_dd_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000077492Member_zOI3fO1N54Fi">March 31, 2020</span></b></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; color: rgb(52,96,148)"> </span></p> The Fund’s year-to-date return 2025-12-31 0.0175 Best Quarter Worst Quarter 0.2009 -0.3156 2020-06-30 2020-03-31 Average Annual Total Returns For the period ended December 31, 2025 <p id="xdx_A85_eoef--PerformanceTableNarrativeTextBlock_zaZYHrdeKUCk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148); -sec-ix-redline: true">This table compares the Fund’s Institutional and A Class Shares’ average annual total returns for the periods ended December 31, 2025 to those of an appropriate broad-based index and a secondary index.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)"><span id="xdx_907_eoef--PerformanceTableUsesHighestFederalRate_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000077492Member_zpHv6qHi1eb4">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_907_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000077492Member_zsx3VHuW0mMg">Your actual after-tax returns will depend on your 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></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. Your actual after-tax returns will depend on your 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”) <div id="xdx_A8F_eoef--PerformanceTableTextBlock_zEBiqqY6y5lg"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zyhD90xfgLUf" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; color: rgb(52,96,148); border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="color: rgb(52,96,148); vertical-align: bottom"> <td style="border-bottom: #346094 1pt solid; vertical-align: bottom; text-align: left; color: rgb(52,96,148)"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>WESTWOOD REAL ESTATE INCOME FUND</b></span></td> <td style="border-bottom: #346094 1pt solid; text-align: justify; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td id="xdx_490_20250101__20251231_ze6LKhb7jUUh" style="border-bottom: #346094 1pt solid; text-align: center; color: rgb(52,96,148)"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>1 Year</b></span></td> <td style="border-bottom: #346094 1pt solid; text-align: justify; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td id="xdx_49E_20210101__20251231_zbKshySKMnr8" style="border-bottom: #346094 1pt solid; text-align: center; color: rgb(52,96,148)"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>5 Years</b></span></td> <td style="border-bottom: #346094 1pt solid; text-align: justify; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td id="xdx_492_20160101__20251231_zDUx20w6dAN5" style="border-bottom: #346094 1pt solid; text-align: center; color: rgb(52,96,148)"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>10 Years</b></span></td> </tr> <tr style="color: rgb(52,96,148); vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; color: rgb(52,96,148)"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Institutional </b></span></td> <td style="text-align: justify; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="text-align: center; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="text-align: justify; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="text-align: center; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="text-align: justify; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="text-align: center; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> </tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_hdei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__oef--ClassAxis__custom--C000237966Member_zCoIxcKrArgh" style="color: rgb(52,96,148); vertical-align: bottom; background-color: white"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; width: 61%; text-align: left; color: rgb(52,96,148)"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b><span id="xdx_902_eoef--AverageAnnualReturnLabel_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__oef--ClassAxis__custom--C000237966Member_zKuhHK3Y2cF2">Return Before Taxes</span></b></span></td> <td style="width: 1%; text-align: justify; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="width: 12%; text-align: center; color: rgb(52,96,148)"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">1.75%</span></td> <td style="width: 1%; text-align: justify; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="width: 12%; text-align: center; color: rgb(52,96,148)"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">4.37%</span></td> <td style="width: 1%; text-align: justify; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="width: 12%; text-align: center; color: rgb(52,96,148)"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">4.27%</span></td> </tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_hdei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__oef--ClassAxis__custom--C000237966Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zB5MAFNQ3tE5" style="color: rgb(52,96,148); vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; color: rgb(52,96,148)"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Return After Taxes on Distributions</b></span></td> <td style="text-align: justify; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="text-align: center; color: rgb(52,96,148)"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">0.46%</span></td> <td style="text-align: justify; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="text-align: center; color: rgb(52,96,148)"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">3.00%</span></td> <td style="text-align: justify; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="text-align: center; color: rgb(52,96,148)"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">2.65%</span></td> </tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_hdei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__oef--ClassAxis__custom--C000237966Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zcWcZF0wcv55" style="color: rgb(52,96,148); vertical-align: bottom; background-color: white"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; color: rgb(52,96,148)"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Return After Taxes on Distributions and Sale of Fund Shares</b></span></td> <td style="text-align: justify; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="text-align: center; color: rgb(52,96,148)"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">1.94%</span></td> <td style="text-align: justify; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="text-align: center; color: rgb(52,96,148)"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">3.18%</span></td> <td style="text-align: justify; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="text-align: center; color: rgb(52,96,148)"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">2.87%</span></td> </tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_hdei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__oef--ClassAxis__custom--C000237966Member__oef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_ziz6NAUMnUxf" style="color: rgb(52,96,148); vertical-align: bottom; background-color: white"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; color: rgb(52,96,148)"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Bloomberg U.S. Aggregate Bond Index</b></span><b> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">(<span id="xdx_90B_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000077492Member_zBlotCx9PIE7">reflects no deduction for fees, expenses, or taxes</span>)</span></b></td> <td style="text-align: justify; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="text-align: center; color: rgb(52,96,148)"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">7.30%</span></td> <td style="text-align: justify; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="text-align: center; color: rgb(52,96,148)"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">(0.36)%</span></td> <td style="text-align: justify; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="text-align: center; color: rgb(52,96,148)"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">2.01%</span></td> </tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_hdei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__oef--ClassAxis__custom--C000237966Member__oef--PerformanceMeasureAxis__custom--ICEBofAMLFixedRatePreferredSecuritiesIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_z2ckzGwD2e9i" style="color: rgb(52,96,148); vertical-align: bottom; background-color: white"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; color: rgb(52,96,148)"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>ICE BofAML Fixed Rate Preferred Securities Index</b></span><b> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">(reflects no deduction for fees, expenses, or taxes)</span></b></td> <td style="text-align: justify; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="text-align: center; color: rgb(52,96,148)"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">5.21%</span></td> <td style="text-align: justify; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="text-align: center; color: rgb(52,96,148)"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">1.65%</span></td> <td style="text-align: justify; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="text-align: center; color: rgb(52,96,148)"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">3.99%</span></td> </tr> <tr style="color: rgb(52,96,148); vertical-align: bottom; background-color: white"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="text-align: justify; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="text-align: center; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="text-align: justify; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="text-align: center; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="text-align: justify; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="text-align: center; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> </tr> <tr style="color: rgb(52,96,148); vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; color: rgb(52,96,148)"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>A Class </b></span></td> <td style="text-align: justify; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="text-align: center; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="text-align: justify; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="text-align: center; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="text-align: justify; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="text-align: center; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> </tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_hdei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__oef--ClassAxis__custom--C000237968Member_ziGrfoV3F2ll" style="color: rgb(52,96,148); vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; color: rgb(52,96,148)"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b><span id="xdx_901_eoef--AverageAnnualReturnLabel_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__oef--ClassAxis__custom--C000237968Member_zul3hVUculXi">Return Before Taxes</span></b></span></td> <td style="text-align: justify; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="text-align: center; color: rgb(52,96,148)"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">1.50%</span></td> <td style="text-align: justify; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="text-align: center; color: rgb(52,96,148)"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">4.03%</span></td> <td style="text-align: justify; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="text-align: center; color: rgb(52,96,148)"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">3.89%</span></td> </tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_hdei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__oef--ClassAxis__custom--C000237968Member__oef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_z6dLFQALq3Vc" style="color: rgb(52,96,148); vertical-align: bottom; background-color: white"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; color: rgb(52,96,148)"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Bloomberg U.S. Aggregate Bond Index</b></span><b> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">(<span id="xdx_90A_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000077492Member_zCWh5XFcUUs3">reflects no deduction for fees, expenses, or taxes</span>)</span></b></td> <td style="text-align: justify; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="text-align: center; color: rgb(52,96,148)"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">7.30%</span></td> <td style="text-align: justify; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="text-align: center; color: rgb(52,96,148)"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">(0.36)%</span></td> <td style="text-align: justify; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="text-align: center; color: rgb(52,96,148)"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">2.01%</span></td> </tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_hdei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__oef--ClassAxis__custom--C000237968Member__oef--PerformanceMeasureAxis__custom--ICEBofAMLFixedRatePreferredSecuritiesIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zaXopIxztTqb" style="color: rgb(52,96,148); vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; color: rgb(52,96,148)"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>ICE BofAML Fixed Rate Preferred Securities Index</b></span><b> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">(reflects no deduction for fees, expenses, or taxes)</span></b></td> <td style="text-align: justify; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="text-align: center; color: rgb(52,96,148)"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">5.21%</span></td> <td style="text-align: justify; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="text-align: center; color: rgb(52,96,148)"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">1.65%</span></td> <td style="text-align: justify; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="text-align: center; color: rgb(52,96,148)"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">3.99%</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; color: rgb(52,96,148)"> </span></p> Return Before Taxes 0.0175 0.0437 0.0427 0.0046 0.0300 0.0265 0.0194 0.0318 0.0287 reflects no deduction for fees, expenses, or taxes 0.0730 -0.0036 0.0201 0.0521 0.0165 0.0399 Return Before Taxes 0.0150 0.0403 0.0389 reflects no deduction for fees, expenses, or taxes 0.0730 -0.0036 0.0201 0.0521 0.0165 0.0399 <p id="xdx_A8F_eoef--PerformanceTableClosingTextBlock_zYegbChUJNIa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><span id="xdx_90B_eoef--PerformanceTableUsesHighestFederalRate_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000077492Member_zijzfOOEhHj9">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> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><span id="xdx_906_eoef--PerformanceTableOneClassOfAfterTaxShown_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAndClassASharesMember__dei--LegalEntityAxis__custom--S000077492Member_zjrcoSRdK6H4">After-tax returns are shown only for Institutional Shares. After-tax returns for other classes will vary. The table includes all applicable fees and sales charges. All returns reflect reinvestment of all dividend and capital gain distributions.</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 are shown only for Institutional Shares. After-tax returns for other classes will vary. The table includes all applicable fees and sales charges. All returns reflect reinvestment of all dividend and capital gain distributions. Westwood Broadmark Tactical Growth Fund Investment Objective <p id="xdx_A8F_eoef--ObjectivePrimaryTextBlock_zGCN7XEjvX5h" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">The Westwood Broadmark Tactical Growth Fund’s (the “Fund”) investment objective is to produce above-average, risk adjusted returns, in any market environment, while exhibiting less downside volatility than the S&amp;P 500 Index.</span></p> Fund Fees and Expenses <p id="xdx_A8E_eoef--ExpenseNarrativeTextBlock_zAGxtkCogLH" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify">These tables describe the fees and expenses you may pay if you buy, hold, and sell 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, A Class and C Class Shares, which are not reflected in the tables and Examples below</b>. <span id="xdx_90B_eoef--ExpenseBreakpointDiscounts_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAClassCClassMember__dei--LegalEntityAxis__custom--S000077488Member_zNTidVDxgSY5">You may qualify for sales charge discounts on A Class and C Class Shares if you and your family invest, or agree to invest in the future, at least $<span id="xdx_903_eoef--ExpenseBreakpointMinimumInvestmentRequiredAmount_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAClassCClassMember__dei--LegalEntityAxis__custom--S000077488Member_zeVs3j1RhMji">50,000</span> in the A Class Shares of the Fund.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">More information about these and other discounts is available from (i) your financial professional and (ii) in the section “Sales Charges” of this Prospectus. Investors investing in A Class Shares of the Fund through an intermediary should consult Appendix A - Intermediary-Specific Sales Charge Discounts and Waivers, which includes information regarding broker-defined sales charges and related discount and/or waiver policies that apply to purchases through certain intermediaries. </span></p> You may qualify for sales charge discounts on A Class and C Class Shares if you and your family invest, or agree to invest in the future, at least $50,000 in the A Class Shares of the Fund. 50000 Shareholder Fees (fees paid directly from your investment) <div id="xdx_A8B_eoef--ShareholderFeesTableTextBlock_zqbVDFS8PVp8"></div> <table cellpadding="3" cellspacing="0" id="xdx_A50_dU_z9TvXdmGgtD" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Shareholder Fees"> <tr style="color: rgb(52,96,148); background-color: Gainsboro; vertical-align: bottom"> <td style="border: #346094 1pt solid; color: rgb(52,96,148); text-align: left"><span style="font-family: Times New Roman, Times, Serif; color: rgb(52,96,148)"> </span></td> <td id="xdx_499_20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAClassCClassMember__dei--LegalEntityAxis__custom--S000077488Member__oef--ClassAxis__custom--C000237951Member_zJvVX33BAht8" style="border-top: #346094 1pt solid; border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; color: rgb(52,96,148)">Institutional Shares</span></td> <td id="xdx_496_20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAClassCClassMember__dei--LegalEntityAxis__custom--S000077488Member__oef--ClassAxis__custom--C000237952Member_zxG0o2XPAeBe" style="border-top: #346094 1pt solid; border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; color: rgb(52,96,148)">A Class Shares</span></td> <td id="xdx_496_20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAClassCClassMember__dei--LegalEntityAxis__custom--S000077488Member__oef--ClassAxis__custom--C000237949Member_zLPTeyoSYWnl" style="border-top: #346094 1pt solid; border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; color: rgb(52,96,148)">C Class Shares</span></td></tr> <tr id="xdx_404_eoef--MaximumSalesChargeImposedOnPurchasesOverOfferingPrice_dpn_z8Cq7cTFiWod" style="color: rgb(52,96,148); vertical-align: bottom"> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148); width: 64%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; color: rgb(52,96,148)">Maximum Sales Charge (load) on purchases (as a percentage of offering price)</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); width: 12%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; color: rgb(52,96,148)">None</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); width: 12%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; color: rgb(52,96,148)">4.00%</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); width: 12%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; color: rgb(52,96,148)">None</span></td></tr> <tr style="color: rgb(52,96,148); vertical-align: bottom"> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148); text-align: left"><span style="font-family: Times New Roman, Times, Serif; color: rgb(52,96,148)">Maximum Deferred Sales Charge (load) (as a percentage of the lesser of original purchase price or redemption proceeds)</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); text-align: center"><span style="font-family: Times New Roman, Times, Serif; color: rgb(52,96,148)"><span id="xdx_902_eoef--MaximumDeferredSalesChargeOverOfferingPrice_dpn_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAClassCClassMember__dei--LegalEntityAxis__custom--S000077488Member__oef--ClassAxis__custom--C000237951Member_z9wIhhYLfYCd" title="Maximum Deferred Sales Charge (load) (as a percentage of the lesser of original purchase price or redemption proceeds)">None</span></span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><span id="xdx_900_eoef--MaximumDeferredSalesChargeOverOfferingPrice_dpn_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAClassCClassMember__dei--LegalEntityAxis__custom--S000077488Member__oef--ClassAxis__custom--C000237952Member_fMQ_____zu4u5kTqYq38" title="Maximum Deferred Sales Charge (load) (as a percentage of the lesser of original purchase price or redemption proceeds)">None</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><sup id="xdx_F29_zr0rtMmtxvKb">1</sup></span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><span id="xdx_90F_eoef--MaximumDeferredSalesChargeOverOfferingPrice_dpn_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAClassCClassMember__dei--LegalEntityAxis__custom--S000077488Member__oef--ClassAxis__custom--C000237949Member_fMg_____z9xPPnMC9LQ1" title="Maximum Deferred Sales Charge (load) (as a percentage of the lesser of original purchase price or redemption proceeds)">1.00%</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><sup id="xdx_F24_zqftlcwyYQPg">2</sup></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; color: rgb(52,96,148); text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; color: rgb(52,96,148)"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="color: rgb(52,96,148); vertical-align: top; text-align: justify"> <td style="color: rgb(52,96,148); width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><sup id="xdx_F0C_z5FTYX5FLb1l">1</sup></span></td> <td style="color: rgb(52,96,148); text-align: justify"><span id="xdx_F1D_zCndnicU7G43" style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> A Class Shares purchases of $1,000,000 or more may be subject to a 1.00% Contingent Deferred Sales Charge (“CDSC”) if redeemed within 18 months of purchase.</span></td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="color: rgb(52,96,148); vertical-align: top; text-align: justify"> <td style="color: rgb(52,96,148); width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><sup id="xdx_F05_zR7XlOLmkL3a">2</sup></span></td> <td style="color: rgb(52,96,148); text-align: justify"><span id="xdx_F1C_zgeaC12fyKJa" style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> C Class Shares may be subject to a 1.00% CDSC if redeemed within 12 months of purchase.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; color: rgb(52,96,148); text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> 0 0.0400 0 0 0 0.0100 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)* <div id="xdx_A8A_eoef--AnnualFundOperatingExpensesTableTextBlock_z3VLitFTrYud"></div> <table cellpadding="3" cellspacing="0" id="xdx_A54_dU_zFPj2AOoIjwf" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; color: rgb(52,96,148); border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="color: rgb(52,96,148); vertical-align: bottom"> <td style="padding: 0pt; color: rgb(52,96,148); vertical-align: top; text-align: left"> </td> <td style="padding: 0pt; color: rgb(52,96,148); vertical-align: bottom; text-align: center"> </td> <td id="xdx_49F_20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAClassCClassMember__dei--LegalEntityAxis__custom--S000077488Member__oef--ClassAxis__custom--C000237951Member_zW2HVUQyBtL4" style="padding: 0pt; color: rgb(52,96,148); text-align: center"> </td> <td style="padding: 0pt; color: rgb(52,96,148); vertical-align: bottom; text-align: center"> </td> <td id="xdx_49A_20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAClassCClassMember__dei--LegalEntityAxis__custom--S000077488Member__oef--ClassAxis__custom--C000237952Member_zypZCByfNCte" style="padding: 0pt; color: rgb(52,96,148); text-align: center"> </td> <td style="padding: 0pt; color: rgb(52,96,148); vertical-align: bottom; text-align: center"> </td> <td id="xdx_49E_20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAClassCClassMember__dei--LegalEntityAxis__custom--S000077488Member__oef--ClassAxis__custom--C000237949Member_zsGmY8FFjRv3" style="padding: 0pt; color: rgb(52,96,148); text-align: center"> </td></tr> <tr style="color: rgb(52,96,148); background-color: Gainsboro; vertical-align: bottom"> <td style="border: #346094 1pt solid; color: rgb(52,96,148); vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-style: normal; color: rgb(52,96,148)"><b> </b></span></td> <td colspan="2" style="border-top: #346094 1pt solid; border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); text-align: center"><span style="font-family: Times New Roman, Times, Serif; color: rgb(52,96,148)"><b>Institutional Shares</b></span></td> <td colspan="2" style="border-top: #346094 1pt solid; border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); text-align: center"><span style="font-family: Times New Roman, Times, Serif; color: rgb(52,96,148)"><b>A Class Shares</b></span></td> <td colspan="2" style="border-top: #346094 1pt solid; border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); text-align: center"><span style="font-family: Times New Roman, Times, Serif; color: rgb(52,96,148)"><b>C Class Shares</b></span></td></tr> <tr id="xdx_408_eoef--ManagementFeesOverAssets_dpn_zgxQJij692d2" style="color: rgb(52,96,148); vertical-align: bottom"> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148); vertical-align: top; width: 28%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-style: normal; font-weight: normal; color: rgb(52,96,148)">Management Fee</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; text-align: center; width: 12%"><span style="color: rgb(52,96,148)"> </span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); padding-top: 3pt; width: 12%; text-align: center; padding-bottom: 3pt"><span style="font-family: Times New Roman, Times, Serif; color: rgb(52,96,148)">1.10%</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; text-align: center; width: 12%"><span style="color: rgb(52,96,148)"> </span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); padding-top: 3pt; width: 12%; text-align: center; padding-bottom: 3pt"><span style="font-family: Times New Roman, Times, Serif; color: rgb(52,96,148)">1.10%</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; text-align: center; width: 12%"><span style="color: rgb(52,96,148)"> </span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); padding-top: 3pt; width: 12%; text-align: center; padding-bottom: 3pt"><span style="font-family: Times New Roman, Times, Serif; color: rgb(52,96,148)">1.10%</span></td></tr> <tr id="xdx_408_eoef--DistributionAndService12b1FeesOverAssets_dpn_ziStINvgeyug" style="color: rgb(52,96,148); vertical-align: bottom"> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148); vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-style: normal; font-weight: normal; color: rgb(52,96,148)">Distribution (12b-1) Fees</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-family: Times New Roman, Times, Serif; color: rgb(52,96,148)">None</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-family: Times New Roman, Times, Serif; color: rgb(52,96,148)">0.25%</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-family: Times New Roman, Times, Serif; color: rgb(52,96,148)">0.75%</span></td></tr> <tr id="xdx_40A_eoef--OtherExpensesOverAssets_dpn_zyFKsVHn8KGb" style="color: rgb(52,96,148); vertical-align: bottom"> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148); vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-style: normal; font-weight: normal; color: rgb(52,96,148)">Other Expenses</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-family: Times New Roman, Times, Serif; color: rgb(52,96,148)">0.17%</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-family: Times New Roman, Times, Serif; color: rgb(52,96,148)">0.21%</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-family: Times New Roman, Times, Serif; color: rgb(52,96,148)">0.37%</span></td></tr> <tr style="color: rgb(52,96,148); vertical-align: bottom"> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; padding-left: 0.125in; color: rgb(52,96,148); vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-style: normal; font-weight: normal; color: rgb(52,96,148)">Administrative Services Plan Fees¹</span></td> <td id="xdx_987_eoef--Component1OtherExpensesOverAssets_dpn_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAClassCClassMember__dei--LegalEntityAxis__custom--S000077488Member__oef--ClassAxis__custom--C000237951Member_fMQ_____zaaYqqlXsuu5" style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; text-align: center" title="Administrative Services Plan Fees"><span style="color: rgb(52,96,148)">0.05%</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="color: rgb(52,96,148)"> </span></td> <td id="xdx_98B_eoef--Component1OtherExpensesOverAssets_dpn_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAClassCClassMember__dei--LegalEntityAxis__custom--S000077488Member__oef--ClassAxis__custom--C000237952Member_fMQ_____zqsV9fJDaRPa" style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; text-align: center" title="Administrative Services Plan Fees"><span style="color: rgb(52,96,148)">0.09%</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="color: rgb(52,96,148)"> </span></td> <td id="xdx_98D_eoef--Component1OtherExpensesOverAssets_dpn_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAClassCClassMember__dei--LegalEntityAxis__custom--S000077488Member__oef--ClassAxis__custom--C000237949Member_fMQ_____z2B9xpmIfmu4" style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; text-align: center" title="Administrative Services Plan Fees"><span style="color: rgb(52,96,148)">0.25%</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="color: rgb(52,96,148)"> </span></td></tr> <tr style="color: rgb(52,96,148); vertical-align: bottom"> <td style="border-right: rgb(52,96,148) 1pt solid; border-bottom: rgb(52,96,148) 1pt solid; border-left: #346094 1pt solid; padding-left: 0.125in; color: rgb(52,96,148); vertical-align: top; text-align: left; width: 28%"><span style="font: normal 10pt Times New Roman, Times, Serif; color: rgb(52,96,148)">Other Operating Expenses</span></td> <td id="xdx_98F_eoef--Component2OtherExpensesOverAssets_dpn_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAClassCClassMember__dei--LegalEntityAxis__custom--S000077488Member__oef--ClassAxis__custom--C000237951Member_z7bQajxCqZBj" style="border-right: rgb(52,96,148) 1pt solid; border-bottom: rgb(52,96,148) 1pt solid; color: rgb(52,96,148); vertical-align: bottom; text-align: center; width: 12%" title="Other Operating Expenses"><span style="color: rgb(52,96,148)">0.12%</span></td> <td style="border-right: rgb(52,96,148) 1pt solid; border-bottom: rgb(52,96,148) 1pt solid; color: rgb(52,96,148); padding-top: 3pt; text-align: center; padding-bottom: 3pt; width: 12%"><span style="color: rgb(52,96,148)"> </span></td> <td id="xdx_980_eoef--Component2OtherExpensesOverAssets_dpn_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAClassCClassMember__dei--LegalEntityAxis__custom--S000077488Member__oef--ClassAxis__custom--C000237952Member_zQlRDlxvoala" style="border-right: rgb(52,96,148) 1pt solid; border-bottom: rgb(52,96,148) 1pt solid; color: rgb(52,96,148); vertical-align: bottom; text-align: center; width: 12%" title="Other Operating Expenses"><span style="color: rgb(52,96,148)">0.12%</span></td> <td style="border-right: rgb(52,96,148) 1pt solid; border-bottom: rgb(52,96,148) 1pt solid; color: rgb(52,96,148); padding-top: 3pt; text-align: center; padding-bottom: 3pt; width: 12%"><span style="color: rgb(52,96,148)"> </span></td> <td id="xdx_98E_eoef--Component2OtherExpensesOverAssets_dpn_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAClassCClassMember__dei--LegalEntityAxis__custom--S000077488Member__oef--ClassAxis__custom--C000237949Member_zV0plFgzTBc2" style="border-right: rgb(52,96,148) 1pt solid; border-bottom: rgb(52,96,148) 1pt solid; color: rgb(52,96,148); vertical-align: bottom; text-align: center; width: 12%" title="Other Operating Expenses"><span style="color: rgb(52,96,148)">0.12%</span></td> <td style="border-right: rgb(52,96,148) 1pt solid; border-bottom: rgb(52,96,148) 1pt solid; color: rgb(52,96,148); padding-top: 3pt; text-align: center; padding-bottom: 3pt; width: 12%"><span style="color: rgb(52,96,148)"> </span></td></tr> <tr style="color: rgb(52,96,148); vertical-align: bottom"> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148); vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-style: normal; font-weight: normal; color: rgb(52,96,148)">Acquired Fund Fees and Expenses²</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td id="xdx_98B_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAClassCClassMember__dei--LegalEntityAxis__custom--S000077488Member__oef--ClassAxis__custom--C000237951Member_fMg_____zKtSEO2zbnT6" style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); padding-top: 3pt; text-align: center; padding-bottom: 3pt" title="Acquired Fund Fees and Expenses"><span style="font-family: Times New Roman, Times, Serif; color: rgb(52,96,148)">0.14%</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td id="xdx_983_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAClassCClassMember__dei--LegalEntityAxis__custom--S000077488Member__oef--ClassAxis__custom--C000237952Member_fMg_____z8jFiPlvtPXb" style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); padding-top: 3pt; text-align: center; padding-bottom: 3pt" title="Acquired Fund Fees and Expenses"><span style="font-family: Times New Roman, Times, Serif; color: rgb(52,96,148)">0.14%</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td id="xdx_986_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAClassCClassMember__dei--LegalEntityAxis__custom--S000077488Member__oef--ClassAxis__custom--C000237949Member_fMg_____zn3iaSGiK0I3" style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); padding-top: 3pt; text-align: center; padding-bottom: 3pt" title="Acquired Fund Fees and Expenses"><span style="font-family: Times New Roman, Times, Serif; color: rgb(52,96,148)">0.14%</span></td></tr> <tr style="color: rgb(52,96,148); vertical-align: bottom"> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148); vertical-align: top; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-style: normal; font-weight: normal; color: rgb(52,96,148)">Total Annual Fund Operating Expenses²</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td id="xdx_986_eoef--ExpensesOverAssets_dpn_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAClassCClassMember__dei--LegalEntityAxis__custom--S000077488Member__oef--ClassAxis__custom--C000237951Member_fMg_____zrecJJcdnxkg" style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); padding-top: 3pt; text-align: center; padding-bottom: 3pt" title="Total Annual Fund Operating Expenses"><span style="font-family: Times New Roman, Times, Serif; color: rgb(52,96,148)">1.41%</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td id="xdx_987_eoef--ExpensesOverAssets_dpn_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAClassCClassMember__dei--LegalEntityAxis__custom--S000077488Member__oef--ClassAxis__custom--C000237952Member_fMg_____zpVk7LM5qRVh" style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); padding-top: 3pt; text-align: center; padding-bottom: 3pt" title="Total Annual Fund Operating Expenses"><span style="font-family: Times New Roman, Times, Serif; color: rgb(52,96,148)">1.70%</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td id="xdx_981_eoef--ExpensesOverAssets_dpn_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAClassCClassMember__dei--LegalEntityAxis__custom--S000077488Member__oef--ClassAxis__custom--C000237949Member_fMg_____zzefcog1tUXd" style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); padding-top: 3pt; text-align: center; padding-bottom: 3pt" title="Total Annual Fund Operating Expenses"><span style="font-family: Times New Roman, Times, Serif; color: rgb(52,96,148)">2.36%</span></td></tr> </table> <p style="color: rgb(52,96,148); margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; color: rgb(52,96,148)"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="-sec-ix-redline: true; color: rgb(52,96,148); vertical-align: top; text-align: justify"> <td style="color: rgb(52,96,148); width: 0in"></td><td style="color: rgb(52,96,148); width: 0.25in; text-align: left"><span style="color: rgb(52,96,148)"><sup id="xdx_F0B_zgI6wEgsIZS">1</sup></span></td> <td style="color: rgb(52,96,148); text-align: justify"><span id="xdx_F16_zcow58HlrWE9" style="color: rgb(52,96,148)"> The Fund has adopted an Administrative Services Plan that provides that the Fund may pay financial intermediaries for shareholder services in an annual amount not to exceed 0.05%, 0.20% and 0.25% based on the average daily net assets of the Fund’s Institutional Shares, A Class Shares and C Class Shares, respectively. The Fund paid 0.05%, 0.09% and 0.25% of its Institutional Shares’, A Class Shares’ and C Class Shares’ average daily net assets, respectively, in Administrative Services Plan Fees for the fiscal year ended October 31, 2025.</span></td> </tr> <tr style="color: rgb(52,96,148); vertical-align: top"> <td style="color: rgb(52,96,148); width: 0"></td><td style="color: rgb(52,96,148); width: 0.25in"><span style="color: rgb(52,96,148)"><sup id="xdx_F0A_zy4qrv1iZ5dg">2</sup></span></td> <td style="color: rgb(52,96,148); text-align: justify"><span id="xdx_F18_zAuL3Xt33tKh" style="color: rgb(52,96,148)"> <span id="xdx_90B_eoef--OtherExpensesNewFundBasedOnEstimates_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAClassCClassMember__dei--LegalEntityAxis__custom--S000077488Member_zmySFlMpsOH2">“Total Annual Fund Operating Expenses” and “Total Annual Fund Operating Expenses After Fee Reductions and/or Expense Reimbursements” will not correlate to the ratio of expenses to the average net assets in the Fund’s Financial Highlights, which reflect the operating expenses of the Fund and do not include “Acquired Fund Fees and Expenses”.</span></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt"><span style="color: rgb(52,96,148)"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt"><span style="color: rgb(52,96,148)"> </span></p> 0.0110 0.0110 0.0110 0 0.0025 0.0075 0.0017 0.0021 0.0037 0.0005 0.0009 0.0025 0.0012 0.0012 0.0012 0.0014 0.0014 0.0014 0.0141 0.0170 0.0236 “Total Annual Fund Operating Expenses” and “Total Annual Fund Operating Expenses After Fee Reductions and/or Expense Reimbursements” will not correlate to the ratio of expenses to the average net assets in the Fund’s Financial Highlights, which reflect the operating expenses of the Fund and do not include “Acquired Fund Fees and Expenses”. Example <p id="xdx_A8B_eoef--ExpenseExampleNarrativeTextBlock_zs1CtJzImjlk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all 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 total annual operating expenses remain the same.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A84_eoef--ExpenseExampleWithRedemptionTableTextBlock_zNdzDZ6qJPKi"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5A_dU_zCdt9CONBDo1" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; color: rgb(52,96,148); border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr style="color: rgb(52,96,148); background-color: Gainsboro; vertical-align: bottom"> <td style="border: #346094 1pt solid; color: rgb(52,96,148); text-align: left"><span style="font-family: Times New Roman, Times, Serif; color: rgb(52,96,148)"><b> </b></span></td> <td id="xdx_48A_eoef--ExpenseExampleYear01_zZuy7ek4A2hf" style="border-top: #346094 1pt solid; border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; color: rgb(52,96,148)"><b>1 Year</b></span></td> <td id="xdx_483_eoef--ExpenseExampleYear03_zU9GK2qD1alc" style="border-top: #346094 1pt solid; border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; color: rgb(52,96,148)"><b>3 Years</b></span></td> <td id="xdx_486_eoef--ExpenseExampleYear05_zVPJ8aKaCcL" style="border-top: #346094 1pt solid; border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; color: rgb(52,96,148)"><b>5 Years</b></span></td> <td id="xdx_48D_eoef--ExpenseExampleYear10_zCcM4ADyjmEh" style="border-top: #346094 1pt solid; border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"><b>10 Years</b></span></td></tr> <tr id="xdx_415_20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAClassCClassMember__dei--LegalEntityAxis__custom--S000077488Member__oef--ClassAxis__custom--C000237951Member_zzUE3h1e1vP3" style="color: rgb(52,96,148); vertical-align: bottom"> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148); width: 52%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; color: rgb(52,96,148)"><b>Institutional Shares</b></span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); width: 12%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; color: rgb(52,96,148)">$144</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); width: 12%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; color: rgb(52,96,148)">$446</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); width: 12%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; color: rgb(52,96,148)">$771</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); text-align: center; width: 12%"><span style="color: rgb(52,96,148)">$1,691</span></td></tr> <tr id="xdx_419_20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAClassCClassMember__dei--LegalEntityAxis__custom--S000077488Member__oef--ClassAxis__custom--C000237952Member_zIee8WQhyQRe" style="color: rgb(52,96,148); vertical-align: bottom"> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148); text-align: left"><span style="font-family: Times New Roman, Times, Serif; color: rgb(52,96,148)"><b>A Class Shares</b></span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); text-align: center"><span style="font-family: Times New Roman, Times, Serif; color: rgb(52,96,148)">$566</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); text-align: center"><span style="font-family: Times New Roman, Times, Serif; color: rgb(52,96,148)">$914</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); text-align: center"><span style="font-family: Times New Roman, Times, Serif; color: rgb(52,96,148)">$1,286</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">$2,328</span></td></tr> <tr id="xdx_419_20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAClassCClassMember__dei--LegalEntityAxis__custom--S000077488Member__oef--ClassAxis__custom--C000237949Member_z4bg28thQtl3" style="-sec-ix-redline: true; color: rgb(52,96,148); vertical-align: bottom"> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148); text-align: left"><span style="font-family: Times New Roman, Times, Serif; color: rgb(52,96,148)"><b>C Class Shares</b></span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); text-align: center"><span style="font-family: Times New Roman, Times, Serif; color: rgb(52,96,148)">$239</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); text-align: center"><span style="font-family: Times New Roman, Times, Serif; color: rgb(52,96,148)">$736</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); text-align: center"><span style="font-family: Times New Roman, Times, Serif; color: rgb(52,96,148)">$1,260</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">$2,696</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; color: rgb(52,96,148)"> </span></p> 144 446 771 1691 566 914 1286 2328 239 736 1260 2696 You would pay the following expenses if you did not redeem your shares: <div id="xdx_A80_eoef--ExpenseExampleNoRedemptionTableTextBlock_z124B4F0I9z4"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5A_dU_zCaydCs1hEsj" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; color: rgb(52,96,148); border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example, No Redemption"> <tr style="color: rgb(52,96,148); background-color: Gainsboro; vertical-align: bottom"> <td style="border: #346094 1pt solid; color: rgb(52,96,148); text-align: left; padding-bottom: 3pt; width: 52%"><span style="font-family: Times New Roman, Times, Serif; color: rgb(52,96,148)"><b> </b></span></td> <td id="xdx_480_eoef--ExpenseExampleNoRedemptionYear01_zOVE5Pfo0aWd" style="border-top: #346094 1pt solid; border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); font-weight: bold; text-align: center; padding-bottom: 3pt; width: 12%"><span style="font-family: Times New Roman, Times, Serif; color: rgb(52,96,148)"><b>1 Year</b></span></td> <td id="xdx_481_eoef--ExpenseExampleNoRedemptionYear03_z45DgsBPqq61" style="border-top: #346094 1pt solid; border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); font-weight: bold; text-align: center; padding-bottom: 3pt; width: 12%"><span style="font-family: Times New Roman, Times, Serif; color: rgb(52,96,148)"><b>3 Years</b></span></td> <td id="xdx_482_eoef--ExpenseExampleNoRedemptionYear05_zXoymqlXOz18" style="border-top: #346094 1pt solid; border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); font-weight: bold; text-align: center; padding-bottom: 3pt; width: 12%"><span style="font-family: Times New Roman, Times, Serif; color: rgb(52,96,148)"><b>5 Years</b></span></td> <td id="xdx_489_eoef--ExpenseExampleNoRedemptionYear10_zCPAlHPNlMol" style="border-top: #346094 1pt solid; border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); text-align: center; width: 12%"><span style="color: rgb(52,96,148)"><b>10 Years</b></span></td></tr> <tr id="xdx_419_20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAClassCClassMember__dei--LegalEntityAxis__custom--S000077488Member__oef--ClassAxis__custom--C000237949Member_zD18YDdNgiqi" style="color: rgb(52,96,148); vertical-align: bottom"> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148); padding-top: 3pt; text-align: left; padding-bottom: 3pt"><span style="font-family: Times New Roman, Times, Serif; color: rgb(52,96,148)"><b>C Class Shares<span id="xdx_F44_zJNMH7ZJnD46">*</span></b></span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-family: Times New Roman, Times, Serif; color: rgb(52,96,148)">$339</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-family: Times New Roman, Times, Serif; color: rgb(52,96,148)">$736</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-family: Times New Roman, Times, Serif; color: rgb(52,96,148)">$1,260</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">$2,696</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; color: rgb(52,96,148)"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="color: rgb(52,96,148); vertical-align: top; text-align: justify"> <td style="color: rgb(52,96,148); width: 0in"></td><td style="color: rgb(52,96,148); width: 0.25in; text-align: left"><span id="xdx_F07_zNZWYJ7DJYUi" style="color: rgb(52,96,148)">*</span></td> <td style="color: rgb(52,96,148); text-align: justify"><span id="xdx_F1D_zW68uxeAkOYb" style="color: rgb(52,96,148)"> Institutional and A Class Shares do not charge a CDSC.</span></td> </tr> </table> 339 736 1260 2696 Portfolio Turnover <p id="xdx_A89_eoef--PortfolioTurnoverTextBlock_z5lpq6icUqAk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the examples, affect the Fund’s performance. During the most recent fiscal year ended October 31, 2025, the Fund’s portfolio turnover rate was <span id="xdx_904_eoef--PortfolioTurnoverRate_dp_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAClassCClassMember__dei--LegalEntityAxis__custom--S000077488Member_zOZNPpopKZff">179</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">% of the average value of its portfolio.</span></p> 1.79 Principal Investment Strategies <p id="xdx_A85_eoef--StrategyNarrativeTextBlock_zVj6TVmgpC6l" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)">The Fund’s investment strategy is designed to evaluate the market to determine whether the market as a whole or a particular sector or industry is undervalued or overvalued. Broadmark Asset Management LLC (“Broadmark” or the “Sub-Adviser”) seeks to identify potential long and short investments that it believes offer the greatest risk adjusted potential for returns. The Fund seeks to gain exposure to equity indices, sectors and industry groups that it believes are more attractive on a relative basis and may take short positions in equity indices, sectors or industry groups that it believes are less attractive on a relative basis. The Sub-Adviser will rely on a variety of factors to reach its determination of the relative value of potential investments, including valuation, monetary conditions, investor sentiment, and momentum factors. The Sub-Adviser uses equity valuation models, such as historical price-earnings ratios, price-sales ratios, 10-year normalized earnings, dividend discount models and other measures to determine equity valuation relative to the economic and business cycles. Similar valuation and relative strength metrics are applied to sectors and industries in order to determine undervaluation and overvaluation relative to historical precedent and within the context of the overall stock market, business, and economic cycles. Additionally, the Sub-Adviser uses a series of momentum models, which are used to determine the overall money flow into and out of an equity security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">Relative to the U.S. equity market, the Fund is designed to outperform during periods of higher volatility or when the U.S. equity market is falling. The Fund may underperform the U.S. equity market in other market environments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">The Fund may employ both leveraged investment techniques as well as short positions which allow the Fund to obtain investment exposure that can range from 120% long to 100% short, as a percentage of the Fund’s net assets at the time of investment. In most market conditions, the Fund maintains investment exposure between 100% long and 100% short, as a percentage of the Fund’s net assets at the time of investment.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">The Fund invests in instruments providing exposure to securities market indices, industries or sectors within U.S. and overseas equity markets. These instruments primarily include exchange-traded funds (“ETFs”) and futures on securities indices. The Fund may obtain exposure to equity securities of U.S. and non-U.S. issuers, including issuers in countries considered to be emerging market countries, in all market capitalization ranges, including small capitalization stocks. Under certain market conditions, the Fund may hold a substantial portion of its assets in cash, cash equivalents, fixed income securities of U.S. and non-U.S. issuers that are of investment grade quality and of any maturity, exchange-traded notes (“ETNs”), and/or money market or other funds that invest in these instruments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">On occasion, the Fund may write covered put and call options and purchase put and call options on securities, securities indices and shares of ETFs. The Fund may purchase or write options in combination with each other (simultaneously writing call options and purchasing put options) to adjust risk and return of its overall investment positions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">The Fund is generally expected to engage in frequent and active trading of portfolio securities to achieve its investment objective.</span></p> <p id="xdx_A89_eoef--RiskTextBlock_zncRbS1zwv42" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">As with all mutual funds, there is no guarantee that the Fund will achieve its investment objective. <span id="xdx_903_eoef--RiskTextBlock_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAClassCClassMember__dei--LegalEntityAxis__custom--S000077488Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zdroH0a81uTl">You could lose money by investing in the Fund.</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b><span id="xdx_900_eoef--RiskTextBlock_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAClassCClassMember__dei--LegalEntityAxis__custom--S000077488Member__oef--RiskAxis__oef--RiskNotInsuredDepositoryInstitutionMember_zVEVJxmLQe5h">A Fund share is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any government agency</span></b></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">. The principal risks of investing in the Fund, which could adversely affect its net asset value and total return, are:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)"> </span></p> You could lose money by investing in the Fund. A Fund share is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any government agency <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementStyleRiskMember_zGeOrrlyWId3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)"><b>Management Style Risk: <i> </i></b>The portfolio manager’s method of security selection may not be successful, and the Fund may underperform relative to other mutual funds that employ similar investment strategies. In addition, the Adviser may select investments that fail to perform as anticipated.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--ModelAndDataRiskMember_zcU5rsZdACN1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)"><b>Model and Data Risk:</b> Given the complexity of the investments and strategies of the Fund, the Fund’s investment advisor, Westwood Management Corp. (the “Adviser”) and/or the Sub-Adviser, as appropriate, rely heavily on quantitative models (both proprietary models developed by the Adviser and/or Sub-Adviser, and those supplied by third-party vendors) and information and data supplied by third-party vendors (“Models and Data”). Models and Data are used to construct sets of transactions and investments and to provide risk management insights.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">When Models and Data prove to be incorrect or incomplete, any decisions made in reliance thereon expose the Fund to potential risks. The success of relying on such models may depend on the accuracy and reliability of historical data supplied by third party vendors.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">All models rely on correct market data inputs. If incorrect market data is entered into even a well-founded model, the resulting information will be incorrect. However, even if market data is input correctly, “model prices” will often differ substantially from market prices, especially for securities with complex characteristics, such as derivative securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketEventsRiskMember_zgf9cPFIPML" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Market Events Risk: </b>Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times, and for varying periods of time, result in unusually high market volatility, which could negatively impact the Fund’s performance and cause the Fund to experience illiquidity, shareholder redemptions, or other potentially adverse effects. Reduced liquidity in credit and fixed income markets could negatively affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zWhUS5g0Y5M3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Market Risk: </b> 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 military action, 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 style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--BorrowingRiskMember_znTCWCLMMAAh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Borrowing Risk: </b>Borrowing for investment purposes creates leverage, which will exaggerate the effect of any increase or decrease in the market price of securities in the Fund’s portfolio on the Fund’s net asset value and, therefore, may increase the volatility of the Fund. Money borrowed will be subject to interest and other costs (that may include commitment fees and/or the cost of maintaining minimum average balances). These costs may exceed the gain on securities purchased with borrowed funds. Increased operating costs, including the financing cost associated with any leverage, may reduce the Fund’s total return. Unless the income and capital appreciation, if any, on securities acquired with borrowed funds exceed the cost of borrowing, the use of leverage will diminish the investment performance of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashAndCashEquivalentsRisksMember_zumBi6Wo4cfg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Cash and Cash Equivalents Risk: </b>It is part of the Fund’s investment strategy to, at times, hold a substantial portion of its assets in cash and/or cash equivalents, including money market instruments. Under certain market conditions, such as during a rising stock market, this strategy could have a negative effect on the Fund’s ability to achieve its investment objective. To the extent that the Fund invests in a money market fund, the Fund will indirectly bear a proportionate share of the money market fund’s expenses, in addition to the operating expenses of the Fund, which are borne directly by Fund shareholders.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zNQCfZMXHrpi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Counterparty Risk:</b> In general, a derivative contract typically involves leverage, <i>i.e.</i>, it provides exposure to potential gain or loss from a change in the level of the market price of a security, currency or commodity (or a basket or index) in a notional amount that exceeds the amount of cash or assets required to establish or maintain the derivative contract. Many of these derivative contracts will be privately negotiated in the OTC market. These contracts also involve exposure to credit risk, since contract performance depends in part on the financial condition of the counterparty. If a privately negotiated OTC contract calls for payments by the Fund, the Fund must be prepared to make such payments when due. In addition, if a counterparty’s creditworthiness declines, the Fund may not receive payments owed under the contract, or such payments may be delayed under such circumstances and the value of agreements with such counterparty can be expected to decline, potentially resulting in losses by the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--DebtInstrumentsRiskMember_zoa8obJszzph" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Debt Instruments Risk:</b> Debt instruments are generally subject to credit risk and interest rate risk. Credit risk refers to the possibility that the issuer of a security will be unable to make interest payments and/or repay the principal on its debt. Interest rate risk refers to fluctuations in the value of a fixed income security resulting from changes in the general level of interest rates. When the general level of interest rates goes up, the prices of most fixed income securities go down. When the general level of interest rates goes down, the prices of most fixed income securities go up. Derivatives related to debt instruments may be exposed to similar risks for individual securities, groups of securities or indices tracking multiple securities or markets. Both debt securities and debt-related derivative instruments may be exposed to one or more of the following risks:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: justify; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">Credit Risk: Credit risk refers to the possibility that the issuer of the security will not be able to make principal and interest payments when due. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also affect the value of the Fund’s investment in that issuer. The degree of credit risk depends on both the financial condition of the issuer and the terms of the obligation. Securities rated by the rating agencies in the four highest categories (Fitch, Inc. (“Fitch”) (AAA, AA, A, and BBB), Moody’s Investors Service, Inc. (“Moody’s”) (Aaa, Aa, A, and Baa) or S&amp;P^® Global Ratings (“S&amp;P”) (AAA, AA, A, and BBB)) are considered investment grade, but they may also have some speculative characteristics, meaning that they carry more risk than higher rated securities and may have problems making principal and interest payments in difficult economic climates. Investment grade ratings do not guarantee that bonds will not lose value.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: justify; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">Extension Risk: Extension risk is the risk that, when interest rates rise, certain obligations will be paid off by the issuer (or obligor) more slowly than anticipated, causing the value of these securities to fall. Rising interest rates tend to extend the duration of securities, making them more sensitive to changes in interest rates. The value of longer-term securities generally changes more in response to changes in interest rates than shorter-term securities. As a result, in a period of rising interest rates, securities may exhibit additional volatility and may lose value.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: justify; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">Interest Rate Risk: The yields for certain securities are susceptible in the short-term to fluctuations in interest rates, and the prices of such securities may decline when interest rates rise. Interest rate risk in general is the risk that prices of fixed income securities generally increase when interest rates decline and decrease when interest rates increase. The Fund may decline in value or suffer losses if short-term or long-term interest rates rise sharply or otherwise change in a manner not anticipated by the Adviser (defined below).</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: justify; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">Prepayment Risk: Prepayment risk is the risk that certain debt securities with high interest rates will be prepaid by the issuer before they mature. In periods of falling interest rates, the rate of prepayments tends to increase (as does price fluctuation) as borrowers are motivated to pay off debt and refinance at new lower rates. During such periods, reinvestment of the prepayment proceeds by the management team will generally be at lower rates of return than the return on the assets that were prepaid. Prepayment reduces the yield to maturity and the average life of the security.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zD4CUhrtNn5l" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify; border-top-width: 0in; border-top-color: Black; border-bottom-width: 0in; border-bottom-color: Black"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Derivatives Risk: </b>The market value of the derivative instruments in which the Fund may invest, including options, futures contracts, forward currency contracts, swap agreements and other similar instruments, may be more volatile than that of other instruments. A Fund’s use of derivative instruments involves risks different from, and possibly greater than, the risks associated with investing directly in securities and other more traditional investments, and certain derivatives may create a risk of loss greater than the amount invested. There can be no assurance given that each derivative position will perform as expected, or that a particular derivative position will be available when sought by the portfolio manager. A Fund’s use of derivative instruments to obtain short exposures may result in greater volatility because losses are potentially unlimited. In addition, there can be no assurance given that any derivatives strategy will succeed, and the Fund may lose money as a result of its use of derivative instruments. Changes in regulation relating to a mutual fund’s use of derivatives and related instruments could potentially limit or impact the Fund’s ability to invest in derivatives, limit the Fund’s ability to employ certain strategies that use derivatives and adversely affect the value or performance of derivatives and the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify; border-top-width: 0in; border-top-color: Black; border-bottom-width: 0in; border-bottom-color: Black"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketRiskMember_zSmX2jBPrjme" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Emerging Market Risk: </b>Emerging market securities present greater investment risks than investing in the securities of companies in developed markets. These risks include a greater likelihood of economic, political or social instability, less liquid and more volatile stock markets, foreign exchange controls, a lack of government regulation and different legal systems, and immature economic structures.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquityRiskMember_zlfjbFJiDUzl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Equity Risk: </b>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 military action, 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 style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--ExchangeTradedFundsETFsRiskMember_zyIq65YNzq05" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Exchange-Traded Funds (“ETFs”) Risk: </b>Because the Fund invests in ETFs and in options on ETFs, the Fund is exposed to the risks associated with the securities and other investments held by such ETFs. The value of any investment in an ETF will fluctuate according to the performance of that ETF. In addition, the Fund will indirectly bear a proportionate share of expenses, including any management fees, paid by each ETF in which the Fund invests. Such expenses are in addition to the operating expenses of the Fund, which are borne directly by shareholders of the Fund. Further, individual shares of an ETF may be purchased and sold only on a national securities exchange through a broker-dealer. Lack of liquidity in an ETF could result in the ETF being more volatile than its underlying securities. The price of such shares is based on market price, and because ETF shares trade at market prices rather than net asset value (“NAV”), shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). The market price of an ETF’s shares, like the price of any exchange-traded security, includes a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. The bid-ask spread often increases significantly during times of market disruption, which means that,</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> to the extent that the Fund invests directly in an ETF, the shares of that ETF may trade at a greater discount at a time when the Fund wishes to sell its shares. Under the Investment Company Act of 1940, as amended (the “1940 Act”), the Fund is subject to restrictions that may limit the amount of any particular ETF that the Fund may own. However, the Fund may invest in accordance with Rule 12d1-4 under the 1940 Act, which permits funds to invest in shares of ETFs beyond the limitations otherwise imposed by the 1940 Act, subject to certain conditions. To the extent the Fund relies on Rule 12d1-4 to invest in ETFs, the risks described above may be greater than if the Fund limited its investment in an ETF in accordance with the limitations imposed by the 1940 Act without relying on Rule 12d1-4.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--ExchangeTradedNotesETNsRiskMember_zbfgd494Swc6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Exchange-Traded Notes (“ETNs”) Risk: </b>The value of an ETN may be influenced by time to maturity, level of supply and demand for the ETN, volatility and lack of liquidity in the underlying market, changes in applicable interest rates, and changes in the issuer’s credit rating. The Fund bears its proportionate share of any fees and expenses associated with investment in such securities. There may be restrictions on the Fund’s right to redeem its investment in an ETN meant to be held to maturity, and it may be difficult for the Fund to sell its ETN holdings due to limited availability of a secondary market.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_zXdvVtOMWFie" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Foreign Securities Risk: </b>Foreign investments often involve special risks not present in U.S. investments that can increase the chances that the Fund will lose money. These risks include:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: justify; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">The Fund generally holds its foreign securities and cash in foreign banks and securities depositories, which may be recently organized or new to the foreign custody business and may be subject to only limited or no regulatory oversight.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: justify; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">Changes in foreign currency exchange rates can affect the value of the Fund’s portfolio.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: justify; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">Political and economic developments may also adversely impact the value of foreign securities.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: justify; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">The economies of certain foreign markets may not compare favorably with the economy of the United States with respect to such issues as growth of gross national product, reinvestment of capital, resources and balance of payments position.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: justify; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">The governments of certain countries may prohibit or impose substantial restrictions on foreign investments in their capital markets or in certain industries.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: justify; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">Many foreign governments do not supervise and regulate stock exchanges, brokers and the sale of securities to the same extent as does the United States and may not have laws to protect investors that are comparable to U.S. securities laws.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: justify; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">Settlement and clearance procedures in certain foreign markets may result in delays in payment for or delivery of securities not typically associated with settlement and clearance of U.S. investments.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentInMoneyMarketMutualFundsRiskMember_z9onfDt0splf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Investment in Money Market Mutual Funds Risk:</b> The Fund invests in money market mutual funds. While government money market funds seek to transact at a $1.00 per share stable net asset value, certain other money market funds transact at a fluctuating net asset value, and it is possible to lose money by investing in money market funds. Further, money market funds may impose discretionary or mandatory liquidity fees upon redemption. Investments in money market funds are not insured or guaranteed by the FDIC or any other government agency.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148)"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zilepnXK9bra" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Leverage Risk: </b>If the Fund makes investments in futures contracts, forward currency contracts and other derivative instruments, the futures contracts and certain other derivatives provide the economic effect of financial leverage by creating additional investment exposure, as well as the potential for greater loss. If the Fund uses leverage through activities such as borrowing, entering into short sales, purchasing securities on margin or on a “when-issued” basis or purchasing derivative instruments in an effort to increase its returns, the Fund has the risk of magnified capital losses that occur when losses affect an asset base, enlarged by borrowings or the creation of liabilities, that exceeds the net assets of the Fund. The net asset value of the Fund when employing leverage will be more volatile and sensitive to market movements. Leverage may involve the creation of a liability that requires the Fund to pay interest.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zlbvzNMEOkv6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Liquidity Risk: </b>Certain securities may trade less frequently than those of larger companies due to their smaller capitalizations. In the event certain securities experience limited trading volumes, the prices may display abrupt or erratic movements at times. Additionally, it may be more difficult for the Fund to buy and sell significant amounts of such securities without an unfavorable impact on prevailing market prices. As a result, these securities may be difficult to dispose of at a fair price at the times when the Adviser believes it is desirable to do so. The Fund’s investment in securities that are less actively traded or over time experience decreased trading volume may restrict its ability to take advantage of other market opportunities or to dispose of securities. This also may affect adversely the Fund’s ability to make dividend distributions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_zB16jGtYOKF9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Portfolio Turnover Risk: </b>The Fund is generally expected to engage in frequent and active trading of portfolio securities to achieve its investment objective. A higher turnover rate (100% or more) will involve correspondingly greater transaction costs, which will be borne directly by the Fund, may have an adverse impact on performance, and may increase the potential for more taxable distributions being paid to shareholders, including short-term capital gains that are taxed at ordinary income rates. To the extent a Fund engages in short sales (which are not included in calculating the portfolio turnover rate), the transaction costs incurred by a Fund are likely to be greater than the transaction costs incurred by a mutual fund that does not take short positions and has a similar portfolio turnover rate.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--ShortSaleRiskMember_zY5bU2JOd1M6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Short Sale Risk: </b>The Fund may take a short position in a derivative instrument, such as a future, forward or swap. A short position on a derivative instrument involves the risk of a theoretically unlimited increase in the value of the underlying instrument. The Fund may also from time to time sell securities short, which involves borrowing and selling a security and covering such borrowed security through a later purchase. A short sale creates the risk of an unlimited loss, in that the price of the underlying security could theoretically increase without limit, thus increasing the cost of buying those securities to cover the short position. There can be no assurance that the securities necessary to cover a short position will be available for purchase. The Fund must set aside “cover” for short sales to comply with applicable U.S. Securities and Exchange Commission (the “SEC”) provisions under the 1940 Act.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallAndMidCapitalizationCompanyRiskMember_zxkOkMoJ5gb5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)"><b>Small- and Mid-Capitalization Company Risk:</b> Small- and mid-capitalization companies in which a 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 style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationStocksRiskMember_zt9Cx3xfwcn4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Large-Capitalization Stocks Risk:</b> The large capitalization companies in which the Fund invests 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 style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--SubAdvisorRiskMember_zJ4AimzvwK31" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Sub-Adviser Risk:</b> The Fund is subject to management risk because it relies on the Sub-Adviser’s ability to pursue the Fund’s objective. 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 style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_z15eoRJlndwh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Tax Risk: </b>The federal income tax treatment of the complex securities in which the Fund may invest may not be clear or may be subject to recharacterization by the Internal Revenue Service (“IRS”). It could be more difficult to comply with the tax requirements applicable to regulated investment companies if the tax characterization of investments or the tax treatment of the income from such investments were successfully challenged by the IRS. If the tax characterization of a Fund’s investments, or the tax treatment of income from such investments, were successfully challenged by the IRS, the Fund may have to alter its investment strategy to remain compliant with the rules applicable to regulated investment companies. If the Fund were to fail to comply with such rules, the Fund’s taxable income would be subject to tax at the Fund level at regular corporate tax rates (without reduction for distributions to shareholders) and to a further tax at the shareholder level when such income is distributed.</span></p> Performance Information <p id="xdx_A8F_eoef--PerformanceNarrativeTextBlock_zRmhQhamlIZ6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span id="xdx_90E_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAClassCClassMember__dei--LegalEntityAxis__custom--S000077488Member_zoMpwujvyjfg" style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">The bar chart and table below provide some indication of the risks of an investment in the Fund by showing changes in the performance of the Institutional, A Class and C Class Shares of the Fund for 1-year, 5-years and 10-years compared with those of the S&amp;P 500^{^®}Index and the HFRX Equity Hedge Index.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">The Fund is the successor to the Salient Tactical Growth Fund, a series of Forward Funds (the “Predecessor Fund”) through a reorganization with the Fund on November 18, 2022 (the “2022 Reorganization”). The performance shown in the bar chart and table for periods prior to November 18, 2022 represents the performance of the Institutional Class, Class A and Class C shares of the Predecessor Fund. In connection with the 2022 Reorganization, Institutional Class, Class A and Class C shares of the Predecessor Fund were exchanged for and renamed Institutional Shares, A Class Shares and C Class Shares of the Fund, respectively. In addition, Investor Class shares of the Predecessor Fund were exchanged for A Class Shares of the Fund. The performance of any index does not reflect deductions for fees, expenses or taxes. If the investment adviser to the Predecessor Fund had not agreed to waive or reimburse certain Predecessor Fund expenses during the period shown, if applicable, the Fund’s and the Predecessor Fund’s returns would have been less than those shown. <span id="xdx_903_eoef--PerformancePastDoesNotIndicateFuture_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAClassCClassMember__dei--LegalEntityAxis__custom--S000077488Member_zMf9sl5wshQj">Past performance, including before- and after-tax returns, is not necessarily an indication of how the Fund will perform in the future.</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">Updated information on the Fund’s performance is available on the Fund’s website at <span id="xdx_904_eoef--PerformanceAvailabilityWebSiteAddress_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAClassCClassMember__dei--LegalEntityAxis__custom--S000077488Member_zBGJtLmcbmk1">www.westwoodfunds.com </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">or by calling <span id="xdx_90B_eoef--PerformanceAvailabilityPhone_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAClassCClassMember__dei--LegalEntityAxis__custom--S000077488Member_z6LjFrZVrcCc">1-877-FUND-WHG (1-877-386-3944)</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">The bar chart shows the performance of the Fund’s Institutional Shares. The returns for Fund’s A Class Shares and C Class Shares will be lower than the Institutional Shares’ returns shown in the bar chart because the expenses of the classes differ. All returns reflect reinvestment of all dividend and capital gain distributions.</span></p> The bar chart and table below provide some indication of the risks of an investment in the Fund by showing changes in the performance of the Institutional, A Class and C Class Shares of the Fund for 1-year, 5-years and 10-years compared with those of the S&P 500® Index and the HFRX Equity Hedge Index. Past performance, including before- and after-tax returns, is not necessarily an indication of how the Fund will perform in the future. www.westwoodfunds.com 1-877-FUND-WHG (1-877-386-3944) Calendar Year Returns - Institutional Shares* <p id="xdx_A87_eoef--BarChartTableTextBlock_z4QgMuv17RR4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img alt="" src="pro-ftgwx_001.jpg" style="height: 282px; width: 500px"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zl1Gmq4Axy58" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; color: rgb(52,96,148); vertical-align: top; text-align: left"> <td style="display: none; color: rgb(52,96,148); width: 50%"><span style="display: none; color: rgb(52,96,148)">Years</span></td> <td style="display: none; color: rgb(52,96,148); width: 50%"><span style="display: none; color: rgb(52,96,148)">Returns<sup style="display: none"></sup></span></td></tr> <tr style="display: none; color: rgb(52,96,148); vertical-align: top; text-align: left"> <td style="display: none; color: rgb(52,96,148)"><span style="display: none; color: rgb(52,96,148)">2016</span></td> <td id="xdx_98E_eoef--AnnlRtrPct_c20160101__20161231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAClassCClassMember__dei--LegalEntityAxis__custom--S000077488Member__oef--ClassAxis__custom--C000237951Member_fKg_____zr6WHM6i9T9g" style="display: none; color: rgb(52,96,148)"><span style="display: none; color: rgb(52,96,148)">3.61%</span></td></tr> <tr style="display: none; color: rgb(52,96,148); vertical-align: top; text-align: left"> <td style="display: none; color: rgb(52,96,148)"><span style="display: none; color: rgb(52,96,148)">2017</span></td> <td id="xdx_981_eoef--AnnlRtrPct_c20170101__20171231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAClassCClassMember__dei--LegalEntityAxis__custom--S000077488Member__oef--ClassAxis__custom--C000237951Member_fKg_____z9877alFQ3w7" style="display: none; color: rgb(52,96,148)"><span style="display: none; color: rgb(52,96,148)">10.91%</span></td></tr> <tr style="display: none; color: rgb(52,96,148); vertical-align: top; text-align: left"> <td style="display: none; color: rgb(52,96,148)"><span style="display: none; color: rgb(52,96,148)">2018</span></td> <td id="xdx_98B_eoef--AnnlRtrPct_c20180101__20181231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAClassCClassMember__dei--LegalEntityAxis__custom--S000077488Member__oef--ClassAxis__custom--C000237951Member_fKg_____zhY3SIzVvThc" style="display: none; color: rgb(52,96,148)"><span style="display: none; color: rgb(52,96,148)">-4.76%</span></td></tr> <tr style="display: none; color: rgb(52,96,148); vertical-align: top; text-align: left"> <td style="display: none; color: rgb(52,96,148)"><span style="display: none; color: rgb(52,96,148)">2019</span></td> <td id="xdx_982_eoef--AnnlRtrPct_c20190101__20191231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAClassCClassMember__dei--LegalEntityAxis__custom--S000077488Member__oef--ClassAxis__custom--C000237951Member_fKg_____z0cpBn3IkRVg" style="display: none; color: rgb(52,96,148)"><span style="display: none; color: rgb(52,96,148)">10.69%</span></td></tr> <tr style="display: none; color: rgb(52,96,148); vertical-align: top; text-align: left"> <td style="display: none; color: rgb(52,96,148)"><span style="display: none; color: rgb(52,96,148)">2020</span></td> <td id="xdx_985_eoef--AnnlRtrPct_c20200101__20201231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAClassCClassMember__dei--LegalEntityAxis__custom--S000077488Member__oef--ClassAxis__custom--C000237951Member_fKg_____z50jpBkZXYb9" style="display: none; color: rgb(52,96,148)"><span style="display: none; color: rgb(52,96,148)">8.40%</span></td></tr> <tr style="display: none; color: rgb(52,96,148); vertical-align: top; text-align: left"> <td style="display: none; color: rgb(52,96,148)"><span style="display: none; color: rgb(52,96,148)">2021</span></td> <td id="xdx_986_eoef--AnnlRtrPct_c20210101__20211231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAClassCClassMember__dei--LegalEntityAxis__custom--S000077488Member__oef--ClassAxis__custom--C000237951Member_fKg_____zn0uUxaKWRWk" style="display: none; color: rgb(52,96,148)"><span style="display: none; color: rgb(52,96,148)">8.02%</span></td></tr> <tr style="display: none; color: rgb(52,96,148); vertical-align: top; text-align: left"> <td style="display: none; color: rgb(52,96,148)"><span style="display: none; color: rgb(52,96,148)">2022</span></td> <td id="xdx_989_eoef--AnnlRtrPct_c20220101__20221231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAClassCClassMember__dei--LegalEntityAxis__custom--S000077488Member__oef--ClassAxis__custom--C000237951Member_fKg_____zbbZqn5VSjkb" style="display: none; color: rgb(52,96,148)"><span style="display: none; color: rgb(52,96,148)">-7.90%</span></td></tr> <tr style="display: none; color: rgb(52,96,148); vertical-align: top; text-align: left"> <td style="display: none; color: rgb(52,96,148)"><span style="display: none; color: rgb(52,96,148)">2023</span></td> <td id="xdx_982_eoef--AnnlRtrPct_c20230101__20231231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAClassCClassMember__dei--LegalEntityAxis__custom--S000077488Member__oef--ClassAxis__custom--C000237951Member_fKg_____zjBJpnHJIzdj" style="display: none; color: rgb(52,96,148)"><span style="display: none; color: rgb(52,96,148)">2.25%</span></td></tr> <tr style="display: none; color: rgb(52,96,148); vertical-align: top; text-align: left"> <td style="display: none; color: rgb(52,96,148)">2024</td> <td id="xdx_981_eoef--AnnlRtrPct_c20240101__20241231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAClassCClassMember__dei--LegalEntityAxis__custom--S000077488Member__oef--ClassAxis__custom--C000237951Member_fKg_____zHdGbLBYUWbf" style="display: none; color: rgb(52,96,148)">6.57%</td></tr> <tr style="display: none; color: rgb(52,96,148); vertical-align: top; text-align: left"> <td style="display: none; color: rgb(52,96,148)">2025</td> <td id="xdx_98D_eoef--AnnlRtrPct_c20250101__20251231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAClassCClassMember__dei--LegalEntityAxis__custom--S000077488Member__oef--ClassAxis__custom--C000237951Member_fKg_____z10O6IUTdN2b" style="display: none; color: rgb(52,96,148)">9.14%</td></tr> </table> 0.0361 0.1091 -0.0476 0.1069 0.0840 0.0802 -0.0790 0.0225 0.0657 0.0914 <div id="xdx_A84_eoef--BarChartClosingTextBlock_zZsaEOdwt2pl"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin: 0in auto; color: rgb(52,96,148); width: 550px"> <tr style="-sec-ix-redline: true; color: rgb(52,96,148); vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="color: rgb(52,96,148); text-align: left; width: 0.25in"><span id="xdx_F0D_zCZ8idGU7MR3" style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">*</span></td> <td style="color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> <span id="xdx_F17_zHDg9sTkwT2h" style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> <span id="xdx_907_eoef--YearToDateReturnLabel_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAClassCClassMember__dei--LegalEntityAxis__custom--S000077488Member_zChC5eSJk5Fj">The Fund’s year-to-date return</span> through <span id="xdx_90B_eoef--BarChartYearToDateReturnDate_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAClassCClassMember__dei--LegalEntityAxis__custom--S000077488Member_zaqrP0B2Z0Wa">December 31, 2025</span> was <span id="xdx_902_eoef--BarChartYearToDateReturn_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAClassCClassMember__dei--LegalEntityAxis__custom--S000077488Member_zlaQ7G9bA9Il">9.14%</span></span>.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></p> <div style="color: rgb(52,96,148)"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; color: rgb(52,96,148); margin-left: auto; width: 50%; border-collapse: collapse; margin-right: auto"> <tr style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148)"> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: center; vertical-align: top; width: 25%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b><span id="xdx_909_eoef--HighestQuarterlyReturnLabel_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAClassCClassMember__dei--LegalEntityAxis__custom--S000077488Member_z7Rw88Cz825a">Best Quarter</span> </b></span><b><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </span></b></td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: center; vertical-align: bottom; width: 25%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b><span id="xdx_90F_eoef--LowestQuarterlyReturnLabel_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAClassCClassMember__dei--LegalEntityAxis__custom--S000077488Member_zviwueD0Nqq1">Worst Quarter</span> </b></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148)"> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: center; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b><span id="xdx_900_eoef--BarChartHighestQuarterlyReturn_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAClassCClassMember__dei--LegalEntityAxis__custom--S000077488Member_zTG33ZV5RMFa">6.49%</span></b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b><span id="xdx_90C_eoef--BarChartLowestQuarterlyReturn_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAClassCClassMember__dei--LegalEntityAxis__custom--S000077488Member_z457a0tNVNw">(6.87)%</span></b></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148)"> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: center; vertical-align: top"><span style="color: rgb(52,96,148)"><b><span id="xdx_90A_eoef--BarChartHighestQuarterlyReturnDate_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAClassCClassMember__dei--LegalEntityAxis__custom--S000077488Member_zPYjvHB4sam1">September 30, 2025</span></b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: center; white-space: nowrap; vertical-align: bottom"><span style="color: rgb(52,96,148)"><b><span id="xdx_90C_eoef--BarChartLowestQuarterlyReturnDate_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAClassCClassMember__dei--LegalEntityAxis__custom--S000077488Member_zm23DPTyU5za">December 31, 2018</span></b></span></td></tr> </table> The Fund’s year-to-date return 2025-12-31 0.0914 Best Quarter Worst Quarter 0.0649 -0.0687 2025-09-30 2018-12-31 Average Annual Total Returns For the period ended December 31, 2025 <p id="xdx_A87_eoef--PerformanceTableNarrativeTextBlock_zGdhbDMaNOF" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)">This table compares the Fund’s Institutional, A Class, and C Class Shares’ average annual total returns for the periods ended December 31, 2025 to those of an appropriate broad-based index and a secondary index.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)"><span id="xdx_908_eoef--PerformanceTableUsesHighestFederalRate_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAClassCClassMember__dei--LegalEntityAxis__custom--S000077488Member_z49VCU6asMn">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_906_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAClassCClassMember__dei--LegalEntityAxis__custom--S000077488Member_ztFi7cG6xwh2">Your actual after-tax returns will depend on your 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></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"> </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. Your actual after-tax returns will depend on your 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”). <div id="xdx_A87_eoef--PerformanceTableTextBlock_zkQsP3Bithef"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zHIgI2InxtYa" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; color: rgb(52,96,148); border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="color: rgb(52,96,148); vertical-align: bottom"> <td style="border-bottom: #346094 1pt solid; vertical-align: top; text-align: left; color: rgb(52,96,148)"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>WESTWOOD BROADMARK TACTICAL GROWTH FUND</b></span></td> <td style="border-bottom: #346094 1pt solid; text-align: justify; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td id="xdx_49B_20250101__20251231_zEdxA3Z4JnQi" style="border-bottom: #346094 1pt solid; text-align: center; color: rgb(52,96,148)"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>1 Year</b></span></td> <td style="border-bottom: #346094 1pt solid; text-align: justify; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td id="xdx_497_20210101__20251231_zwUuosbcURF7" style="border-bottom: #346094 1pt solid; text-align: center; color: rgb(52,96,148)"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>5 Years</b></span></td> <td style="border-bottom: #346094 1pt solid; text-align: justify; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td id="xdx_496_20160101__20251231_zZeOOCt2Ja7g" style="border-bottom: #346094 1pt solid; text-align: center; color: rgb(52,96,148)"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>10 Years</b></span></td> </tr> <tr style="color: rgb(52,96,148); vertical-align: bottom"> <td style="vertical-align: bottom; text-indent: -0.125in; padding-left: 0.125in; text-align: left; color: rgb(52,96,148)"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Institutional </b></span></td> <td style="text-align: justify; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="text-align: center; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="text-align: justify; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="text-align: center; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="text-align: justify; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="text-align: center; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> </tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hdei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAClassCClassMember__oef--ClassAxis__custom--C000237951Member_zlpaPzDiUoJ6" style="color: rgb(52,96,148); vertical-align: bottom; background-color: white"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; width: 61%; text-align: left; color: rgb(52,96,148)"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b><span id="xdx_902_eoef--AverageAnnualReturnLabel_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAClassCClassMember__oef--ClassAxis__custom--C000237951Member_zC29PSfuNMpd">Return Before Taxes</span></b></span></td> <td style="width: 1%; text-align: justify; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="width: 12%; text-align: center; color: rgb(52,96,148)"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">9.14%</span></td> <td style="width: 1%; text-align: justify; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="width: 12%; text-align: center; color: rgb(52,96,148)"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">3.42%</span></td> <td style="width: 1%; text-align: justify; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="width: 12%; text-align: center; color: rgb(52,96,148)"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">4.50%</span></td> </tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hdei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAClassCClassMember__oef--ClassAxis__custom--C000237951Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zHmQDRIZRdu3" style="color: rgb(52,96,148); vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; color: rgb(52,96,148)"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Return After Taxes on Distributions</b></span></td> <td style="text-align: justify; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="text-align: center; color: rgb(52,96,148)"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">8.60%</span></td> <td style="text-align: justify; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="text-align: center; color: rgb(52,96,148)"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">2.38%</span></td> <td style="text-align: justify; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="text-align: center; color: rgb(52,96,148)"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">3.30%</span></td> </tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hdei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAClassCClassMember__oef--ClassAxis__custom--C000237951Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zWzE8W3iN6ua" style="color: rgb(52,96,148); vertical-align: bottom; background-color: white"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; color: rgb(52,96,148)"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Return After Taxes on Distributions and Sale of Fund Shares</b></span></td> <td style="text-align: justify; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="text-align: center; color: rgb(52,96,148)"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">5.56%</span></td> <td style="text-align: justify; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="text-align: center; color: rgb(52,96,148)"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">2.27%</span></td> <td style="text-align: justify; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="text-align: center; color: rgb(52,96,148)"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">3.07%</span></td> </tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hdei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAClassCClassMember__oef--ClassAxis__custom--C000237951Member__oef--PerformanceMeasureAxis__custom--SAndP500IndexReflectsNoDeductionForFeesExpensesOrTaxesMember_z8IAJky4cvh3" style="color: rgb(52,96,148); vertical-align: bottom; background-color: white"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; color: rgb(52,96,148)"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>S&amp;P 500</b></span><b><span style="font-size: 10pt; color: rgb(52,96,148)">^® <span style="font-family: Times New Roman, Times, Serif">Index </span></span></b><b><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">(<span id="xdx_907_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAClassCClassMember__dei--LegalEntityAxis__custom--S000077488Member_zo5Yw9SQLBWh">reflects no deduction for fees, expenses, or taxes</span>)</span></b></td> <td style="text-align: justify; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="text-align: center; color: rgb(52,96,148)"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">17.88%</span></td> <td style="text-align: justify; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="text-align: center; color: rgb(52,96,148)"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">14.42%</span></td> <td style="text-align: justify; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="text-align: center; color: rgb(52,96,148)"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">14.82%</span></td> </tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hdei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAClassCClassMember__oef--ClassAxis__custom--C000237951Member__oef--PerformanceMeasureAxis__custom--HFRXEquityHedgeIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zcGODGBCrgHg" style="color: rgb(52,96,148); vertical-align: bottom; background-color: white"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; color: rgb(52,96,148)"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>HFRX Equity Hedge Index</b></span><b> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">(reflects no deduction for fees, expenses, or taxes)</span></b></td> <td style="text-align: justify; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="text-align: center; color: rgb(52,96,148)"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">10.06%</span></td> <td style="text-align: justify; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="text-align: center; color: rgb(52,96,148)"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">6.61%</span></td> <td style="text-align: justify; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="text-align: center; color: rgb(52,96,148)"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">4.75%</span></td> </tr> <tr style="color: rgb(52,96,148); vertical-align: bottom; background-color: white"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="text-align: justify; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="text-align: center; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="text-align: justify; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="text-align: center; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="text-align: justify; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="text-align: center; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> </tr> <tr style="color: rgb(52,96,148); vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; color: rgb(52,96,148); width: 61%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>A Class </b></span></td> <td style="text-align: justify; color: rgb(52,96,148); width: 1%"><span style="color: rgb(52,96,148)"> </span></td> <td style="text-align: center; color: rgb(52,96,148); width: 12%"><span style="color: rgb(52,96,148)"> </span></td> <td style="text-align: justify; color: rgb(52,96,148); width: 1%"><span style="color: rgb(52,96,148)"> </span></td> <td style="text-align: center; color: rgb(52,96,148); width: 12%"><span style="color: rgb(52,96,148)"> </span></td> <td style="text-align: justify; color: rgb(52,96,148); width: 1%"><span style="color: rgb(52,96,148)"> </span></td> <td style="text-align: center; color: rgb(52,96,148); width: 12%"><span style="color: rgb(52,96,148)"> </span></td> </tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hdei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAClassCClassMember__oef--ClassAxis__custom--C000237952Member_zTLqZSpPe4Rg" style="color: rgb(52,96,148); vertical-align: bottom; background-color: white"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; color: rgb(52,96,148)"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b><span id="xdx_904_eoef--AverageAnnualReturnLabel_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAClassCClassMember__oef--ClassAxis__custom--C000237952Member_zdhF9x7dSrS3">Return Before Taxes</span></b></span></td> <td style="text-align: justify; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="text-align: center; color: rgb(52,96,148)"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">8.83%</span></td> <td style="text-align: justify; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="text-align: center; color: rgb(52,96,148)"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">3.09%</span></td> <td style="text-align: justify; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="text-align: center; color: rgb(52,96,148)"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">4.10%</span></td> </tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hdei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAClassCClassMember__oef--ClassAxis__custom--C000237952Member__oef--PerformanceMeasureAxis__custom--SAndP500IndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zJ4Plz7LQUN5" style="color: rgb(52,96,148); vertical-align: bottom; background-color: white"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; color: rgb(52,96,148)"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>S&amp;P 500</b></span><b><span style="font-size: 10pt; color: rgb(52,96,148)">^® <span style="font-family: Times New Roman, Times, Serif">Index </span></span></b><b><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">(<span id="xdx_906_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAClassCClassMember__dei--LegalEntityAxis__custom--S000077488Member_znwNPERMFsHh">reflects no deduction for fees, expenses, or taxes</span>)</span></b></td> <td style="text-align: justify; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="text-align: center; color: rgb(52,96,148)"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">17.88%</span></td> <td style="text-align: justify; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="text-align: center; color: rgb(52,96,148)"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">14.42%</span></td> <td style="text-align: justify; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="text-align: center; color: rgb(52,96,148)"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">14.82%</span></td> </tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hdei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAClassCClassMember__oef--ClassAxis__custom--C000237952Member__oef--PerformanceMeasureAxis__custom--HFRXEquityHedgeIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_z1TX3t2fwsq6" style="color: rgb(52,96,148); vertical-align: bottom; background-color: white"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; color: rgb(52,96,148)"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>HFRX Equity Hedge Index</b></span><b> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">(reflects no deduction for fees, expenses, or taxes)</span></b></td> <td style="text-align: justify; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="text-align: center; color: rgb(52,96,148)"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">10.06%</span></td> <td style="text-align: justify; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="text-align: center; color: rgb(52,96,148)"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">6.61%</span></td> <td style="text-align: justify; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="text-align: center; color: rgb(52,96,148)"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">4.75%</span></td> </tr> <tr style="color: rgb(52,96,148); vertical-align: bottom; background-color: white"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="text-align: justify; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="text-align: center; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="text-align: justify; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="text-align: center; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="text-align: justify; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="text-align: center; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> </tr> <tr style="color: rgb(52,96,148); vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; color: rgb(52,96,148)"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>C Class </b></span></td> <td style="text-align: justify; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="text-align: center; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="text-align: justify; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="text-align: center; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="text-align: justify; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="text-align: center; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> </tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hdei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAClassCClassMember__oef--ClassAxis__custom--C000237949Member_z7czwZOPua7j" style="color: rgb(52,96,148); vertical-align: bottom; background-color: white"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; color: rgb(52,96,148)"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b><span id="xdx_906_eoef--AverageAnnualReturnLabel_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAClassCClassMember__oef--ClassAxis__custom--C000237949Member_zOcyf5ljznT7">Return Before Taxes</span></b></span></td> <td style="text-align: justify; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="text-align: center; color: rgb(52,96,148)"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">8.13%</span></td> <td style="text-align: justify; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="text-align: center; color: rgb(52,96,148)"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">2.45%</span></td> <td style="text-align: justify; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="text-align: center; color: rgb(52,96,148)"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">3.49%</span></td> </tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hdei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAClassCClassMember__oef--ClassAxis__custom--C000237949Member__oef--PerformanceMeasureAxis__custom--SAndP500IndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zklBK46AgoBc" style="color: rgb(52,96,148); vertical-align: bottom; background-color: white"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; color: rgb(52,96,148)"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>S&amp;P 500</b></span><b><span style="font-size: 10pt; color: rgb(52,96,148)">^® <span style="font-family: Times New Roman, Times, Serif">Index </span></span></b><b><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">(<span id="xdx_90E_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAClassCClassMember__dei--LegalEntityAxis__custom--S000077488Member_zsMZWZhiD8ve">reflects no deduction for fees, expenses, or taxes</span>)</span></b></td> <td style="text-align: justify; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="text-align: center; color: rgb(52,96,148)"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">17.88%</span></td> <td style="text-align: justify; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="text-align: center; color: rgb(52,96,148)"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">14.42%</span></td> <td style="text-align: justify; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="text-align: center; color: rgb(52,96,148)"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">14.82%</span></td> </tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hdei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAClassCClassMember__oef--ClassAxis__custom--C000237949Member__oef--PerformanceMeasureAxis__custom--HFRXEquityHedgeIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_z6557SSKs0Bd" style="color: rgb(52,96,148); vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; color: rgb(52,96,148)"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>HFRX Equity Hedge Index </b></span><b> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">(reflects no deduction for fees, expenses, or taxes)</span></b></td> <td style="text-align: justify; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="text-align: center; color: rgb(52,96,148)"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">10.06%</span></td> <td style="text-align: justify; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="text-align: center; color: rgb(52,96,148)"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">6.61%</span></td> <td style="text-align: justify; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="text-align: center; color: rgb(52,96,148)"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">4.75%</span></td> </tr> </table> <p style="color: rgb(52,96,148); margin-top: 0; margin-bottom: 0"><span style="color: rgb(52,96,148)"> </span></p> Return Before Taxes 0.0914 0.0342 0.0450 0.0860 0.0238 0.0330 0.0556 0.0227 0.0307 reflects no deduction for fees, expenses, or taxes 0.1788 0.1442 0.1482 0.1006 0.0661 0.0475 Return Before Taxes 0.0883 0.0309 0.0410 reflects no deduction for fees, expenses, or taxes 0.1788 0.1442 0.1482 0.1006 0.0661 0.0475 Return Before Taxes 0.0813 0.0245 0.0349 reflects no deduction for fees, expenses, or taxes 0.1788 0.1442 0.1482 0.1006 0.0661 0.0475 <p id="xdx_A80_eoef--PerformanceTableClosingTextBlock_zFt51wVFZHTh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">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 style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (IRAs”)</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">. <span id="xdx_908_eoef--PerformanceTableOneClassOfAfterTaxShown_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesAClassCClassMember__dei--LegalEntityAxis__custom--S000077488Member_zP6Xj7GagVAh">After-tax returns are shown only for Institutional Shares. After-tax returns for other classes will vary. The table includes all applicable fees and sales charges. All returns reflect reinvestment of all dividend and capital gain distributions.</span></span></p> After-tax returns are shown only for Institutional Shares. After-tax returns for other classes will vary. The table includes all applicable fees and sales charges. All returns reflect reinvestment of all dividend and capital gain distributions. WESTWOOD BROADMARK TACTICAL PLUS FUND Investment Objective <p id="xdx_A80_eoef--ObjectivePrimaryTextBlock_zVMqWvxBMNU" style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)">The Westwood Broadmark Tactical Plus Fund (the “Fund”) seeks to produce, in any market environment, above-average risk adjusted returns and less downside volatility than the S&amp;P 500 Index.</span></p> Fund Fees and Expenses <p id="xdx_A8F_eoef--ExpenseNarrativeTextBlock_z9njgWU5Hlki" style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)">These tables describe the fees and expenses you may pay if you buy, hold, and sell 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, A Class and F Class Shares, which are not reflected in the tables and Examples below.</b> <span id="xdx_908_eoef--ExpenseBreakpointDiscounts_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassFSharesMember__dei--LegalEntityAxis__custom--S000077489Member_zj5R6w674tS1">You may qualify for sales charge discounts on A Class Shares if you and your family invest, or agree to invest in the future, at least $<span id="xdx_902_eoef--ExpenseBreakpointMinimumInvestmentRequiredAmount_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassFSharesMember__dei--LegalEntityAxis__custom--S000077489Member_zH5kJLrFTR7c">50,000</span> in the Fund.</span> More information about these and other discounts is available from (i) your financial professional and (ii) in the section “Sales Charges” of this Prospectus. Investors investing in A Class Shares of the Fund through an intermediary should consult Appendix A - Intermediary-Specific Sales Charge Discounts and Waivers, which includes information regarding broker-defined sales charges and related discount and/or waiver policies that apply to purchases through certain intermediaries. Shares of the Fund are available in other share classes that have different fees and expenses.</span></p> You may qualify for sales charge discounts on A Class Shares if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. 50000 Shareholder Fees (fees paid directly from your investment) <div id="xdx_A89_eoef--ShareholderFeesTableTextBlock_zDLFlX3Dn62"></div> <table cellpadding="3" cellspacing="0" id="xdx_A50_dU_zgaEI7guBn35" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Shareholder Fees"> <tr style="color: rgb(52,96,148); background-color: Gainsboro; vertical-align: bottom"> <td style="border: #346094 1pt solid; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td id="xdx_498_20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassFSharesMember__dei--LegalEntityAxis__custom--S000077489Member__oef--ClassAxis__custom--C000237956Member_z5oiv7Lmnjg4" style="border-top: #346094 1pt solid; border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); font-weight: bold; text-align: center"><span style="color: rgb(52,96,148)">Institutional Shares</span></td> <td id="xdx_49C_20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassFSharesMember__dei--LegalEntityAxis__custom--S000077489Member__oef--ClassAxis__custom--C000237953Member_z3K8ppiicPB2" style="border-top: #346094 1pt solid; border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); font-weight: bold; text-align: center"><span style="color: rgb(52,96,148)">A Class Shares</span></td> <td id="xdx_495_20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassFSharesMember__dei--LegalEntityAxis__custom--S000077489Member__oef--ClassAxis__custom--C000237955Member_zhUHqdFHS511" style="border-top: #346094 1pt solid; border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); font-weight: bold; text-align: center"><span style="color: rgb(52,96,148)">F Class Shares</span></td></tr> <tr id="xdx_407_eoef--MaximumDeferredSalesChargeOverOfferingPrice_dpn_z6GwZlWxp3jb" style="color: rgb(52,96,148); vertical-align: bottom"> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148); width: 64%; text-align: left"><span style="color: rgb(52,96,148)">Maximum Front-End Sales Charge (load) on Purchases (as a percentage of purchase price)</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); width: 12%; text-align: center"><span style="color: rgb(52,96,148)">None</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); width: 12%; text-align: center"><span style="color: rgb(52,96,148)">3.00%</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); width: 12%; text-align: center"><span style="color: rgb(52,96,148)">None</span></td></tr> <tr style="color: rgb(52,96,148); vertical-align: bottom"> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148); text-align: left"><span style="color: rgb(52,96,148)">Maximum Deferred Sales Charge (load) (as a percentage of the purchase or sale price, whichever is less)</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"><span id="xdx_909_eoef--MaximumSalesChargeImposedOnPurchasesOverOfferingPrice_dpn_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassFSharesMember__dei--LegalEntityAxis__custom--S000077489Member__oef--ClassAxis__custom--C000237956Member_zBQp6DpmXyBe" title="Maximum Front-End Sales Charge (load) on Purchases (as a percentage of purchase price)">None</span></span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"><span id="xdx_90A_eoef--MaximumSalesChargeImposedOnPurchasesOverOfferingPrice_dpn_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassFSharesMember__dei--LegalEntityAxis__custom--S000077489Member__oef--ClassAxis__custom--C000237953Member_fMQ_____zbISmeRqfPC1" title="Maximum Front-End Sales Charge (load) on Purchases (as a percentage of purchase price)">None</span>¹</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"><span id="xdx_90F_eoef--MaximumSalesChargeImposedOnPurchasesOverOfferingPrice_dpn_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassFSharesMember__dei--LegalEntityAxis__custom--S000077489Member__oef--ClassAxis__custom--C000237955Member_zocCMWIEOcI4" title="Maximum Front-End Sales Charge (load) on Purchases (as a percentage of purchase price)">None</span></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); width: 100%; border-collapse: collapse"> <tr style="color: rgb(52,96,148)"> <td style="color: rgb(52,96,148); vertical-align: top; width: 0in; text-align: right; vertical-align: top"></td><td style="color: rgb(52,96,148); vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"><span style="color: rgb(52,96,148)"><sup id="xdx_F06_zgPECUcZe6q3">1</sup></span></td> <td style="color: rgb(52,96,148); vertical-align: top; text-align: justify; text-indent: 0in"><span id="xdx_F14_zhICH0uzAuji" style="color: rgb(52,96,148)"> A Class Shares purchases of $250,000 or more may be subject to a 1.00% Contingent Deferred Sales Charge (“CDSC”) if redeemed within 18 months of purchase.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></p> 0 0.0300 0 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A86_eoef--AnnualFundOperatingExpensesTableTextBlock_zLwJJsxkbsF4"></div> <table cellpadding="3" cellspacing="0" id="xdx_A59_dU_zdau2K5oJ1j8" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; color: rgb(52,96,148); width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="color: rgb(52,96,148); background-color: Gainsboro; vertical-align: bottom"> <td style="border: #346094 1pt solid; vertical-align: top; color: rgb(52,96,148); text-align: left"><span style="color: rgb(52,96,148)"> </span></td> <td colspan="2" id="xdx_49E_20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassFSharesMember__dei--LegalEntityAxis__custom--S000077489Member__oef--ClassAxis__custom--C000237956Member_zrnvaadG7IBl" style="border-top: #346094 1pt solid; border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; vertical-align: bottom; color: rgb(52,96,148); text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>Institutional Shares</b></span></td> <td colspan="2" id="xdx_490_20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassFSharesMember__dei--LegalEntityAxis__custom--S000077489Member__oef--ClassAxis__custom--C000237953Member_zLiNynDj0aY3" style="border-top: #346094 1pt solid; border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; vertical-align: bottom; color: rgb(52,96,148); text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>A Class Shares</b></span></td> <td colspan="2" id="xdx_496_20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassFSharesMember__dei--LegalEntityAxis__custom--S000077489Member__oef--ClassAxis__custom--C000237955Member_z8h9AaxQo73k" style="border-top: #346094 1pt solid; border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; vertical-align: bottom; color: rgb(52,96,148); text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)"><b>F Class Shares</b></span></td></tr> <tr id="xdx_40D_eoef--ManagementFeesOverAssets_dpn_zeWMYQ3dSG71" style="color: rgb(52,96,148)"> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148); vertical-align: top; width: 28%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">Management Fee</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); text-align: center; vertical-align: bottom; width: 12%"><span style="color: rgb(52,96,148)"> </span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; width: 12%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">1.40%</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); text-align: center; vertical-align: bottom; width: 12%"><span style="color: rgb(52,96,148)"> </span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; width: 12%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">1.40%</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); text-align: center; vertical-align: bottom; width: 12%"><span style="color: rgb(52,96,148)"> </span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; width: 12%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">1.40%</span></td></tr> <tr id="xdx_40A_eoef--DistributionAndService12b1FeesOverAssets_dpn_zoE8cxdX3Brc" style="color: rgb(52,96,148); background-color: white"> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148); vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">Distribution (12b-1) Fees</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); text-align: center; vertical-align: bottom"><span style="color: rgb(52,96,148)"> </span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">None</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); text-align: center; vertical-align: bottom"><span style="color: rgb(52,96,148)"> </span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">0.25%</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); text-align: center; vertical-align: bottom"><span style="color: rgb(52,96,148)"> </span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">None</span></td></tr> <tr id="xdx_400_eoef--OtherExpensesOverAssets_dpn_z7gbc3OgYrKc" style="color: rgb(52,96,148)"> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148); vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">Other Expenses</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">0.34%</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">0.34%</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">0.34%</span></td></tr> <tr style="color: rgb(52,96,148); background-color: white"> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; padding-left: 0.125in; color: rgb(52,96,148); vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">Administration Services Plan Fees¹</span></td> <td id="xdx_98A_eoef--Component1OtherExpensesOverAssets_dpn_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassFSharesMember__dei--LegalEntityAxis__custom--S000077489Member__oef--ClassAxis__custom--C000237956Member_fMQ_____zs2hMgTvh2Re" style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; text-align: center" title="Administrative Services Plan Fees"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">0.10%</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td id="xdx_98F_eoef--Component1OtherExpensesOverAssets_dpn_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassFSharesMember__dei--LegalEntityAxis__custom--S000077489Member__oef--ClassAxis__custom--C000237953Member_fMQ_____zPNNp2yA50bl" style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; text-align: center" title="Administrative Services Plan Fees"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">0.10%</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td id="xdx_983_eoef--Component1OtherExpensesOverAssets_dpn_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassFSharesMember__dei--LegalEntityAxis__custom--S000077489Member__oef--ClassAxis__custom--C000237955Member_fMQ_____zl3jvWhd4xc3" style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; text-align: center" title="Administrative Services Plan Fees"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">0.10%</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="color: rgb(52,96,148)"> </span></td></tr> <tr style="color: rgb(52,96,148)"> <td style="border-right: rgb(52,96,148) 1pt solid; border-bottom: rgb(52,96,148) 1pt solid; border-left: #346094 1pt solid; padding-left: 0.125in; color: rgb(52,96,148); vertical-align: top; text-align: left; width: 28%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">Other Operating Expenses²</span></td> <td id="xdx_98C_eoef--Component2OtherExpensesOverAssets_dpn_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassFSharesMember__dei--LegalEntityAxis__custom--S000077489Member__oef--ClassAxis__custom--C000237956Member_fMg_____zxu0AQY3zWYb" style="border-right: rgb(52,96,148) 1pt solid; border-bottom: rgb(52,96,148) 1pt solid; color: rgb(52,96,148); vertical-align: bottom; text-align: center; width: 12%" title="Other Operating Expenses"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">0.24%</span></td> <td style="border-right: rgb(52,96,148) 1pt solid; border-bottom: rgb(52,96,148) 1pt solid; color: rgb(52,96,148); vertical-align: bottom; text-align: center; width: 12%"><span style="color: rgb(52,96,148)"> </span></td> <td id="xdx_987_eoef--Component2OtherExpensesOverAssets_dpn_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassFSharesMember__dei--LegalEntityAxis__custom--S000077489Member__oef--ClassAxis__custom--C000237953Member_fMg_____zHCKZ4YVGuvl" style="border-right: rgb(52,96,148) 1pt solid; border-bottom: rgb(52,96,148) 1pt solid; color: rgb(52,96,148); vertical-align: bottom; text-align: center; width: 12%" title="Other Operating Expenses"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">0.24%</span></td> <td style="border-right: rgb(52,96,148) 1pt solid; border-bottom: rgb(52,96,148) 1pt solid; color: rgb(52,96,148); vertical-align: bottom; text-align: center; width: 12%"><span style="color: rgb(52,96,148)"> </span></td> <td id="xdx_985_eoef--Component2OtherExpensesOverAssets_dpn_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassFSharesMember__dei--LegalEntityAxis__custom--S000077489Member__oef--ClassAxis__custom--C000237955Member_fMg_____zXsNMUlwyGBk" style="border-right: rgb(52,96,148) 1pt solid; border-bottom: rgb(52,96,148) 1pt solid; color: rgb(52,96,148); vertical-align: bottom; text-align: center; width: 12%" title="Other Operating Expenses"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">0.24%</span></td> <td style="border-right: rgb(52,96,148) 1pt solid; border-bottom: rgb(52,96,148) 1pt solid; color: rgb(52,96,148); vertical-align: bottom; text-align: center; width: 12%"><span style="color: rgb(52,96,148)"> </span></td></tr> <tr id="xdx_40A_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zUqWxAGsJWY2" style="color: rgb(52,96,148); background-color: white"> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148); vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">Acquired Fund Fees and Expenses<sup id="xdx_F43_zrH4ruzqJ89c">2</sup></span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); text-align: center; vertical-align: bottom"><span style="color: rgb(52,96,148)"> </span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">0.13%</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); text-align: center; vertical-align: bottom"><span style="color: rgb(52,96,148)"> </span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">0.13%</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); text-align: center; vertical-align: bottom"><span style="color: rgb(52,96,148)"> </span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">0.13%</span></td></tr> <tr id="xdx_403_eoef--ExpensesOverAssets_dpn_zaIc1sEuYUEk" style="color: rgb(52,96,148)"> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148); vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">Total Annual Fund Operating Expenses<sup id="xdx_F4A_zOgNkPgW9Ogh">2</sup></span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); text-align: center; vertical-align: bottom"><span style="color: rgb(52,96,148)"> </span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">1.87%</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); text-align: center; vertical-align: bottom"><span style="color: rgb(52,96,148)"> </span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">2.12%</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); text-align: center; vertical-align: bottom"><span style="color: rgb(52,96,148)"> </span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">1.87%</span></td></tr> <tr id="xdx_408_eoef--FeeWaiverOrReimbursementOverAssets_dpn_z3psVDV79Lk" style="color: rgb(52,96,148); background-color: white"> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148); vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">Fee Waiver and/or Expense Reimbursement<sup id="xdx_F48_zmn9UnAvHbg7">3</sup></span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); text-align: center; vertical-align: bottom"><span style="color: rgb(52,96,148)"> </span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">(0.39)%</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); text-align: center; vertical-align: bottom"><span style="color: rgb(52,96,148)"> </span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">(0.39)%</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); text-align: center; vertical-align: bottom"><span style="color: rgb(52,96,148)"> </span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">(0.70)%</span></td></tr> <tr id="xdx_40E_eoef--NetExpensesOverAssets_dpn_z89ZRfRbklOh" style="color: rgb(52,96,148); vertical-align: bottom"> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; vertical-align: top; color: rgb(52,96,148); text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement<sup id="xdx_F42_zGgTwA5yiwA4">2,3</sup></span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; vertical-align: bottom; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; vertical-align: bottom; color: rgb(52,96,148); text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">1.48%</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; vertical-align: bottom; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; vertical-align: bottom; color: rgb(52,96,148); text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">1.73%</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; vertical-align: bottom; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; vertical-align: bottom; color: rgb(52,96,148); text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(52,96,148)">1.17%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); width: 100%; border-collapse: collapse"> <tr style="-sec-ix-redline: true; color: rgb(52,96,148)"> <td style="color: rgb(52,96,148); vertical-align: top; width: 0in; text-align: right; vertical-align: top"></td><td style="color: rgb(52,96,148); vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"><span style="color: rgb(52,96,148)"><sup id="xdx_F06_zQzvD7MUidja">1</sup></span></td> <td style="color: rgb(52,96,148); vertical-align: top; text-align: justify; text-indent: 0in"><span id="xdx_F1D_z26zAnrZj5f8" style="color: rgb(52,96,148)"> The Fund has adopted an Administrative Services Plan that provides that the Fund may pay financial intermediaries for shareholder services in an annual amount not to exceed 0.10% based on the average daily net assets of the Fund’s Institutional Shares, A Class Shares and F Class Shares, respectively. The Fund paid 0.10% of its Institutional Shares’, A Class Shares’ and F Class Shares’ average daily net assets, respectively, in Administrative Services Plan Fees for the fiscal year ended October 31, 2025.</span></td> </tr> <tr style="color: rgb(52,96,148)"> <td style="color: rgb(52,96,148); vertical-align: top; width: 0in; text-align: right; vertical-align: top"></td><td style="color: rgb(52,96,148); vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"><span style="color: rgb(52,96,148)"><sup id="xdx_F04_z99nQ7v4MdX">2</sup></span></td> <td style="color: rgb(52,96,148); vertical-align: top; text-align: justify; text-indent: 0in"><span id="xdx_F19_zEBJnDSuC8s6" style="color: rgb(52,96,148)"> “Total Annual Fund Operating Expenses” and “Total Annual Fund Operating Expenses After Fee Reductions and/or Expense Reimbursements” will not correlate to the ratio of expenses to the average net assets in the Fund’s Financial Highlights, which reflect the operating expenses of the Fund and do not include “Acquired Fund Fees and Expenses”.</span></td> </tr> <tr style="-sec-ix-redline: true; color: rgb(52,96,148)"> <td style="color: rgb(52,96,148); vertical-align: top; width: 0in; text-align: right; vertical-align: top"></td><td style="color: rgb(52,96,148); vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"><span style="color: rgb(52,96,148)"><sup id="xdx_F07_z7jFaJvLgPgc">3</sup></span></td> <td style="color: rgb(52,96,148); vertical-align: top; text-align: justify; text-indent: 0in"><span id="xdx_F14_z9Rt2ns0AQDd" style="color: rgb(52,96,148)"> The Fund’s investment adviser, Salient Advisors, L.P. (“Salient Advisors” 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, borrowing expenses such as dividend and interest expenses on securities sold short, Acquired Fund fees and expenses, costs to organize the Fund, 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 Institutional Shares’ average daily net assets, 1.60% of the Fund’s A Class Shares, and 1.04% of the Fund’s F Class Shares, until <span id="xdx_90B_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassFSharesMember__dei--LegalEntityAxis__custom--S000077489Member_zp480hctQeB5">April 30, 2027</span>. 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 fee waiver and expense reimbursement agreement may be terminated: (i) by the Board of Trustees (the “Board”) of Ultimus Managers Trust (the “Trust”), for any reason at any time; or (ii) by the Advisor, upon ninety (90) days’ prior written notice to the Trust, effective as of the close of business on April 30, 2027. This fee waiver and expense reimbursement agreement will terminate automatically if the Fund’s investment advisory agreement with the Adviser is terminated. </span></td> </tr> </table> 0.0140 0.0140 0.0140 0 0.0025 0 0.0034 0.0034 0.0034 0.0010 0.0010 0.0010 0.0024 0.0024 0.0024 0.0013 0.0013 0.0013 0.0187 0.0212 0.0187 -0.0039 -0.0039 -0.0070 0.0148 0.0173 0.0117 April 30, 2027 Example <p id="xdx_A89_eoef--ExpenseExampleNarrativeTextBlock_zMT8HUGqtjj7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span></p> 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 and the contractual agreement to limit expenses remains in effect until April 30, 2027. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A81_eoef--ExpenseExampleWithRedemptionTableTextBlock_zIXUzeZbkX9i"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5E_dU_zIBdUVo5QBI5" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; color: rgb(52,96,148); border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr style="color: rgb(52,96,148); background-color: Gainsboro; vertical-align: bottom"> <td style="border: #346094 1pt solid; color: rgb(52,96,148); text-align: left"><span style="color: rgb(52,96,148)"><b> </b></span></td> <td id="xdx_48B_eoef--ExpenseExampleYear01_zPgJ21cj2l0c" style="border-top: #346094 1pt solid; border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); font-weight: bold; text-align: center"><span style="color: rgb(52,96,148)"><b>1 Year</b></span></td> <td id="xdx_487_eoef--ExpenseExampleYear03_zWlMyk8Q0jEc" style="border-top: #346094 1pt solid; border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); font-weight: bold; text-align: center"><span style="color: rgb(52,96,148)"><b>3 Years</b></span></td> <td id="xdx_485_eoef--ExpenseExampleYear05_z5uokwgN11Gf" style="border-top: #346094 1pt solid; border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); font-weight: bold; text-align: center"><span style="color: rgb(52,96,148)"><b>5 Years</b></span></td> <td id="xdx_486_eoef--ExpenseExampleYear10_zYPVnybsNK48" style="border-top: #346094 1pt solid; border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); font-weight: bold; text-align: center"><span style="color: rgb(52,96,148)"><b>10 Years</b></span></td></tr> <tr id="xdx_417_20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassFSharesMember__dei--LegalEntityAxis__custom--S000077489Member__oef--ClassAxis__custom--C000237956Member_zDUghzeU2gt8" style="color: rgb(52,96,148); vertical-align: bottom"> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148); width: 52%; font-weight: bold; text-align: left"><span style="color: rgb(52,96,148)">Institutional Shares</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); width: 12%; text-align: center"><span style="color: rgb(52,96,148)">$151</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); width: 12%; text-align: center"><span style="color: rgb(52,96,148)">$550</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); width: 12%; text-align: center"><span style="color: rgb(52,96,148)">$975</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); width: 12%; text-align: center"><span style="color: rgb(52,96,148)">$2,159</span></td></tr> <tr id="xdx_41B_20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassFSharesMember__dei--LegalEntityAxis__custom--S000077489Member__oef--ClassAxis__custom--C000237953Member_zXIxtiCOylsj" style="color: rgb(52,96,148); vertical-align: bottom"> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148); font-weight: bold; text-align: left"><span style="color: rgb(52,96,148)">A Class Shares</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">$471</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">$908</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">$1,370</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">$2,648</span></td></tr> <tr id="xdx_41C_20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassFSharesMember__dei--LegalEntityAxis__custom--S000077489Member__oef--ClassAxis__custom--C000237955Member_zltsgTC7zqs8" style="color: rgb(52,96,148); vertical-align: bottom"> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148); font-weight: bold; text-align: left"><span style="color: rgb(52,96,148)">F Class Shares</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">$119</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">$520</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">$946</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">$2,133</span></td></tr> </table> 151 550 975 2159 471 908 1370 2648 119 520 946 2133 Portfolio Turnover <p id="xdx_A87_eoef--PortfolioTurnoverTextBlock_zBwIWYPMw4d4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; -sec-ix-redline: true; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)">The Fund pays transaction costs, such as commissions, when it buys and sells certain securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the examples, affect the Fund’s performance. During the most recent fiscal year ended October 31, 2025, the Fund’s portfolio turnover rate was <span id="xdx_90A_eoef--PortfolioTurnoverRate_dp_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassFSharesMember__dei--LegalEntityAxis__custom--S000077489Member_zy419DAkRxkg">670</span>% of the average value of its portfolio.</span></p> 6.70 Principal Investment Strategies <p id="xdx_A89_eoef--StrategyNarrativeTextBlock_zkDalaMZDdAh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)">The Fund seeks to achieve its investment objective by investing primarily in a diversified portfolio of instruments that provide exposure to U.S. and non-U.S. equity securities. These instruments generally include futures and options on securities, securities indices and shares of exchange-traded funds (“ETFs”). The Fund may also invest in equity securities (such as common stocks, preferred stocks and shares of investment companies, including ETFs) of U.S. and non-U.S. issuers, which may include emerging market issuers, in any industry sector and in all market capitalization ranges, including small capitalization stocks, without limitation.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)">The Fund may hold a substantial portion of its assets in cash and cash equivalents, including money market instruments, commercial paper and short-term securities issued by U.S. and non-U.S. issuers, and in fixed income instruments of U.S. and</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)">non-U.S. issuers that are of investment grade and of any maturity. Such fixed income instruments include corporate bonds, government securities, and bank debt. The Fund may also invest in futures, options, and swaps on fixed income instruments, credit indices, and interest rates such as futures on government securities and options on interest rate swaps.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)">Broadmark Asset Management LLC’s (“Broadmark” or the “Sub-Adviser”) investment approach for managing the Fund’s assets focuses on identifying securities and other instruments that the Sub-Adviser believes are undervalued, or overvalued, relative to their intrinsic values, and that offer the greatest risk adjusted potential for returns. In evaluating whether a particular market, sector or industry is undervalued or overvalued, the Sub-Adviser considers a variety of factors, including valuation and monetary conditions, investor sentiment and returns over a calendar year or other time period. The Sub-Adviser seeks to invest in futures, options and options on futures on indices, equity securities, and other instruments in sectors and industries or groups of industries that the Sub-Adviser believes are attractive on a relative basis. Consistent with this approach, the Sub-Adviser may also sell short options and futures on indices, equity securities and other instruments that it believes are less attractive on a relative basis. The Sub-Adviser’s investment approach also involves using strategies designed to create less downside volatility than the HFRX Equity Hedge Index. With respect to the Fund, the Fund’s principal investment strategies include seeking to create less market exposure during equity market downturns. If this strategy is successful, having less equity market exposure during equity downturns, as determined by the Sub-Adviser’s investment process, will result in the Fund having less downside volatility than the HFRX Equity Hedge Index.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)">For hedging and non-hedging (speculative) purposes, the Fund may invest in options on foreign currencies, foreign currency futures and options and foreign currency exchange-related securities like foreign currency warrants and other instruments linked to foreign currency exchange rates. The Fund may write (sell) covered and uncovered put and call options, and may purchase put and call options, on securities, securities indices, shares of ETFs and other instruments. In addition, for purposes of adjusting risk and return of its investment positions, the Fund may purchase or write a combination of options (<i>i.e.</i>, simultaneously writing call options and purchasing put options).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)">In addition to purchasing, or taking “long” positions in equity securities, the Fund may employ both leveraged investment techniques (e.g., investments in futures and options) as well as short positions on target securities, which allow the Fund a net exposure which can range from 200% net long to 100% net short in its portfolio, as measured at the time of investment. For example, if the Fund invests 130% of its net assets in long positions and 30% of its net assets in short positions, the Fund is “100% net long.” When the Fund’s outstanding short positions equal its net assets, the Fund is “100% net short.” The Fund may employ short positions independently of (and without regard to) its existing long positions and such short positions may not offset, or correlate directly to, long positions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)">The percentage of the Fund’s assets held in cash and cash equivalents will fluctuate depending on various factors, including the Sub-Adviser’s current assessment of markets, valuation and monetary conditions, investor sentiment, risks and other investment factors, the Fund’s current requirements for liquidity, and the Fund’s need to satisfy margin requirements with respect to its use of derivative instruments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)">The Fund may engage in active and frequent trading of portfolio securities to achieve its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)">The Fund may temporarily invest extensively in cash and cash equivalents for the purpose of protecting the Fund in the event the Sub-Adviser determines that market, economic, political, or other conditions warrant a defensive posture. To the extent that the Fund is in a defensive position, its ability to achieve its investment objective will be limited.</span></p> <p id="xdx_A89_eoef--RiskTextBlock_zoIWjQtF5rWc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)">As with all mutual funds, there is no guarantee that the Fund will achieve its investment objective. <span id="xdx_901_eoef--RiskTextBlock_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassFSharesMember__dei--LegalEntityAxis__custom--S000077489Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zI5v0T3IsuK1">You could lose money by investing in the Fund.</span> <b><span id="xdx_90E_eoef--RiskTextBlock_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassFSharesMember__dei--LegalEntityAxis__custom--S000077489Member__oef--RiskAxis__oef--RiskNotInsuredDepositoryInstitutionMember_zpRVbl02Fsl8">A Fund share is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any government agency</span></b>. Many factors influence a mutual fund’s performance. An investment in the Fund is not intended to constitute a complete investment program and should not be viewed as such. All securities investing and trading activities risk the loss of capital. The principal risks of investing in the Fund, which could adversely affect its net asset value and total return, are:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_915_exdx--NextElement_zyYfqr3B9Hw4"></span></div> You could lose money by investing in the Fund. A Fund share is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any government agency <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementStyleRiskMember_z14L6an4qZtj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)"><b>Management Style Risk: <i> </i></b>The portfolio manager’s method of security selection may not be successful, and the Fund may underperform relative to other mutual funds that employ similar investment strategies. In addition, the Adviser or Sub-Adviser may select investments that fail to perform as anticipated.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_911_exdx--NextElement_z4DhyXMadgme"></span></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketEventsRiskMember_zsz0TQ5zCh3e" style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)"><b>Market Events Risk:</b> Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times, and for varying periods of time, result in unusually high market volatility, which could negatively impact the Fund’s performance and cause the Fund to experience illiquidity, shareholder redemptions, or other potentially adverse effects. Reduced liquidity in credit and fixed income markets could negatively affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_917_exdx--NextElement_zuRcSu9hMMC6"></span></div> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_ziK0aeT5pdXa" style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)"><b>Market Risk: </b>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 military action, 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 style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_91C_exdx--NextElement_zdJTHQM8Lkcf"></span></div> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--ModelAndDataRiskMember_zwSag0oone6h" style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)"><b>Model and Data Risk:</b> Given the complexity of the investments and strategies of the Fund, the Adviser and/or the Sub-Adviser, as appropriate, rely heavily on quantitative models (both proprietary models developed by the Adviser and/or Sub-Adviser, and those supplied by third-party vendors) and information and data supplied by third-party vendors (“Models and Data”). Models and Data are used to construct sets of transactions and investments and to provide risk management insights.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)">When Models and Data prove to be incorrect or incomplete, any decisions made in reliance thereon expose the Fund to potential risks. The success of relying on such models may depend on the accuracy and reliability of historical data supplied by third-party vendors.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)">All models rely on correct market data inputs. If incorrect market data is entered into even a well-founded model, the resulting information will be incorrect. However, even if market data is input correctly, “model prices” will often differ substantially from market prices, especially for securities with complex characteristics, such as derivative securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_914_exdx--NextElement_zcCne1BB8LGj"></span></div> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashAndCashEquivalentsRiskMember_zKLyFjQdaVt7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)"><b>Cash and Cash Equivalents Risk:</b> It is part of the Fund’s investment strategy to, at times, hold a substantial portion of its assets in cash and/or cash equivalents, including money market instruments. Under certain market conditions, such as during a rising stock market, this strategy could have a negative effect on the Fund’s ability to achieve its investment objective. To the extent that the Fund invests in a money market fund, the Fund will indirectly bear a proportionate share of the money market fund’s expenses, in addition to the operating expenses of the Fund, which are borne directly by Fund shareholders.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_910_exdx--NextElement_zd9g2var9jte"></span></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zB92t3SMwTAa" style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)"><b>Counterparty Risk:</b> In general, a derivative contract typically involves leverage, <i>i.e.</i>, it provides exposure to potential gain or loss from a change in the level of the market price of a security, currency or commodity (or a basket or index) in a notional amount that exceeds the amount of cash or assets required to establish or maintain the derivative contract. Many of these derivative contracts will be privately negotiated in the OTC market. These contracts also involve exposure to credit risk, since contract performance depends in part on the financial condition of the counterparty. If a privately negotiated OTC contract calls for payments by the Fund, the Fund must be prepared to make such payments when due. In addition, if a counterparty’s creditworthiness declines, the Fund may not receive payments owed under the contract, or such payments may be delayed under such circumstances and the value of agreements with such counterparty can be expected to decline, potentially resulting in losses by the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignCurrencyRiskMember_zE0sv8NUAJRa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #346094; text-align: justify"><span style="-sec-ix-redline: true"><b>Foreign Currency Risk: </b>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> <div style="display: none"></div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_918_exdx--NextElement_zxEbERv39c14"></span></div> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--DebtInstrumentsRiskMember_zjd6JIYKBNnd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)"><b>Debt Instruments Risk:</b> Debt instruments are generally subject to credit risk and interest rate risk. Credit risk refers to the possibility that the issuer of a security will be unable to make interest payments and/or repay the principal on its debt. Interest rate risk refers to fluctuations in the value of a fixed income security resulting from changes in the general level of interest rates. When the general level of interest rates goes up, the prices of most fixed income securities go down. When the general level of interest rates goes down, the prices of most fixed- income securities go up. Derivatives related to debt instruments may be exposed to similar risks for individual securities, groups of securities or indices tracking multiple securities or markets. Both debt securities and debt-related derivative instruments may be exposed to one or more of the following risks:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="color: rgb(52,96,148)"> <td style="color: rgb(52,96,148); vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td><td style="color: rgb(52,96,148); vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"><span style="color: rgb(52,96,148)">●</span></td> <td style="color: rgb(52,96,148); vertical-align: top; text-align: justify; text-indent: 0in"><span style="color: rgb(52,96,148)"><b>Credit Risk.</b> Credit risk refers to the possibility that the issuer of the security will not be able to make principal and interest payments when due. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also affect the value of the Fund’s investment in that issuer. The degree of credit risk depends on both the financial condition of the issuer and the terms of the obligation. Securities rated by the rating agencies in the four highest categories (Fitch, Inc. (“Fitch”) (AAA, AA, A, and BBB), Moody’s Investors Service, Inc. (“Moody’s”) (Aaa, Aa, A, and Baa) or S&amp;P^® Global Ratings (“S&amp;P”) (AAA, AA, A, and BBB)) are considered investment grade, but they may also have some speculative characteristics, meaning that they carry more risk than higher rated securities and may have problems making principal and interest payments in difficult economic climates. Investment grade ratings do not guarantee that bonds will not lose value.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="color: rgb(52,96,148)"> <td style="color: rgb(52,96,148); vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td><td style="color: rgb(52,96,148); vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"><span style="color: rgb(52,96,148)">●</span></td> <td style="color: rgb(52,96,148); vertical-align: top; text-align: justify; text-indent: 0in"><span style="color: rgb(52,96,148)"><b>Extension Risk.</b> Extension risk is the risk that, when interest rates rise, certain obligations will be paid off by the issuer (or obligor) more slowly than anticipated, causing the value of these securities to fall. Rising interest rates tend to extend the duration of securities, making them more sensitive to changes in interest rates. The value of longer-term securities generally changes more in response to changes in interest rates than shorter-term securities. As a result, in a period of rising interest rates, securities may exhibit additional volatility and may lose value.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="color: rgb(52,96,148)"> <td style="color: rgb(52,96,148); vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td><td style="color: rgb(52,96,148); vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"><span style="color: rgb(52,96,148)">●</span></td> <td style="color: rgb(52,96,148); vertical-align: top; text-align: justify; text-indent: 0in"><span style="color: rgb(52,96,148)"><b>Interest Rate Risk. </b>The yields for certain securities are susceptible in the short-term to fluctuations in interest rates, and the prices of such securities may decline when interest rates rise. Interest rate risk in general is the risk that prices of fixed income securities generally increase when interest rates decline and decrease when interest rates increase. The Fund may decline in value or suffer losses if short-term or long-term interest rates rise sharply or otherwise change in a manner not anticipated by the Advisor.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="color: rgb(52,96,148)"> <td style="color: rgb(52,96,148); vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td><td style="color: rgb(52,96,148); vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"><span style="color: rgb(52,96,148)">●</span></td> <td style="color: rgb(52,96,148); vertical-align: top; text-align: justify; text-indent: 0in"><span style="color: rgb(52,96,148)"><b>Prepayment Risk.</b> Prepayment risk is the risk that certain debt securities with high interest rates will be prepaid by the issuer before they mature. When interest rates fall, certain obligations will be paid off by the obligor more quickly than originally anticipated, and an investor may have to invest the proceeds in securities with lower yields. In periods of falling interest rates, the rate of prepayments tends to increase (as does price fluctuation) as borrowers are motivated to pay off debt and refinance at new lower rates. During such periods, reinvestment of the prepayment proceeds by the management team will generally be at lower rates of return than the return on the assets that were prepaid. Prepayment reduces the yield to maturity and the average life of the security.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_915_exdx--NextElement_zcSHNwydgvQ2"></span></div> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zGFhRPPjUZ15" style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)"><b>Derivatives Risk:</b> The market value of the derivative instruments in which the Fund may invest, including options, futures contracts, forward currency contracts, swap agreements and other similar instruments, may be more volatile than that of other instruments. A Fund’s use of derivative instruments involves risks different from, and possibly greater than, the risks associated with investing directly in securities and other more traditional investments, and certain derivatives may create a risk of loss greater than the amount invested. There can be no assurance given that each derivative position will perform as expected, or that a particular derivative position will be available when sought by the portfolio manager. A Fund’s use of derivative instruments to obtain short exposures may result in greater volatility because losses are potentially unlimited. In addition, there can be no assurance given that any derivatives strategy will succeed, and the Fund may lose money as a result of its use of derivative instruments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_91D_exdx--NextElement_zbnJFKkCyYB2"></span></div> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketRiskMember_zlqa4hYn5qX1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)"><b>Emerging Market Risk:</b> Emerging market securities present greater investment risks than investing in the securities of companies in developed markets. These risks include a greater likelihood of economic, political or social instability, less liquid and more volatile stock markets, foreign exchange controls, a lack of government regulation and different legal systems, and immature economic structures.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_918_exdx--NextElement_z9SulhNKr9N5"></span></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquityRiskMember_zCPg7DCc5Bz6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; -sec-ix-redline: true; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)"><b>Equity Risk:</b> 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 military action, 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 style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_91A_exdx--NextElement_z6y3c59uCnA5"></span></div> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--ExchangeTradedFundsETFsRiskMember_zTPskbmMsjT6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)"><b>Exchange</b>-<b>Traded Funds (“ETFs”) Risk:</b> Because the Fund invests in ETFs and in options on ETFs, the Fund is exposed to the risks associated with the securities and other investments held by such ETFs. The value of any investment in an ETF will fluctuate according to the performance of that ETF. In addition, the Fund will indirectly bear a proportionate share of expenses, including any management fees, paid by each ETF in which the Fund invests. Such expenses are in addition to the operating expenses of the Fund, which are borne directly by shareholders of the Fund. Further, individual shares of an ETF may be purchased and sold only on a national securities exchange through a broker-dealer. Lack of liquidity in an ETF could result in the ETF being more volatile than its underlying securities. The price of such shares is based on market price, and because ETF shares trade at market prices rather than NAV, shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). The market price of an ETF’s shares, like the price of any exchange-traded security, includes a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. The bid-ask spread often increases significantly during times of market disruption, which means that, to the extent that the Fund invests directly in an ETF, the shares of that ETF may trade at a greater discount at a time when the Fund wishes to sell its shares. Under the Investment Company Act of 1940, as amended (the “1940 Act”), the Fund is subject to restrictions that may limit the amount of any particular ETF that the Fund may own. However, the Fund may invest in accordance with Rule 12d1-4 under the 1940 Act, which permits funds to invest in shares of ETFs beyond the limitations otherwise imposed by the 1940 Act, subject to certain conditions. To the extent the Fund relies on Rule 12d1-4 to invest in ETFs, the risks described above may be greater than if the Fund limited its investment in an ETF in accordance with the limitations imposed by the 1940 Act without relying on Rule 12d1-4.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_917_exdx--NextElement_z7zjm8v4MW81"></span></div> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_zqfplpDmQoB7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)"><b>Foreign Securities Risk:</b> Foreign investments often involve special risks not present in U.S. investments that can increase the chances that the Fund will lose money. These risks include:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="color: rgb(52,96,148)"> <td style="color: rgb(52,96,148); vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td><td style="color: rgb(52,96,148); vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"><span style="color: rgb(52,96,148)">●</span></td> <td style="color: rgb(52,96,148); vertical-align: top; text-align: justify; text-indent: 0in"><span style="color: rgb(52,96,148)">The Fund generally holds its foreign securities and cash in foreign banks and securities depositories, which may be recently organized or new to the foreign custody business and may be subject to only limited or no regulatory oversight.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="color: rgb(52,96,148)"> <td style="color: rgb(52,96,148); vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td><td style="color: rgb(52,96,148); vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"><span style="color: rgb(52,96,148)">●</span></td> <td style="color: rgb(52,96,148); vertical-align: top; text-align: justify; text-indent: 0in"><span style="color: rgb(52,96,148)">Changes in foreign currency exchange rates can affect the value of the Fund’s portfolio.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="color: rgb(52,96,148)"> <td style="color: rgb(52,96,148); vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td><td style="color: rgb(52,96,148); vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"><span style="color: rgb(52,96,148)">●</span></td> <td style="color: rgb(52,96,148); vertical-align: top; text-align: justify; text-indent: 0in"><span style="color: rgb(52,96,148)">Political and economic developments may also adversely impact the value of foreign securities.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="color: rgb(52,96,148)"> <td style="color: rgb(52,96,148); vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td><td style="color: rgb(52,96,148); vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"><span style="color: rgb(52,96,148)">●</span></td> <td style="color: rgb(52,96,148); vertical-align: top; text-align: justify; text-indent: 0in"><span style="color: rgb(52,96,148)">The economies of certain foreign markets may not compare favorably with the economy of the United States with respect to such issues as growth of gross national product, reinvestment of capital, resources and balance of payments position.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="color: rgb(52,96,148)"> <td style="color: rgb(52,96,148); vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td><td style="color: rgb(52,96,148); vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"><span style="color: rgb(52,96,148)">●</span></td> <td style="color: rgb(52,96,148); vertical-align: top; text-align: justify; text-indent: 0in"><span style="color: rgb(52,96,148)">The governments of certain countries may prohibit or impose substantial restrictions on foreign investments in their capital markets or in certain industries.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="color: rgb(52,96,148)"> <td style="color: rgb(52,96,148); vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td><td style="color: rgb(52,96,148); vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"><span style="color: rgb(52,96,148)">●</span></td> <td style="color: rgb(52,96,148); vertical-align: top; text-align: justify; text-indent: 0in"><span style="color: rgb(52,96,148)">Many foreign governments do not supervise and regulate stock exchanges, brokers and the sale of securities to the same extent as does the United States and may not have laws to protect investors that are comparable to U.S. securities laws.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="color: rgb(52,96,148)"> <td style="color: rgb(52,96,148); vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td><td style="color: rgb(52,96,148); vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"><span style="color: rgb(52,96,148)">●</span></td> <td style="color: rgb(52,96,148); vertical-align: top; text-align: justify; text-indent: 0in"><span style="color: rgb(52,96,148)">Settlement and clearance procedures in certain foreign markets may result in delays in payment for or delivery of securities not typically associated with settlement and clearance of U.S. investments.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_915_exdx--NextElement_zeZNDDVOIOOe"></span></div> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--HedgingRiskMember_zLtuF4uCysU3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)"><b>Hedging Risk:</b> The Fund’s hedging activities, although designed to help offset negative movements in the markets for the Fund’s investments, will not always be successful. Moreover, hedging can cause the Fund to lose money and can reduce the opportunity for gain.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_910_exdx--NextElement_z1YFLzixucN3"></span></div> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentInMoneyMarketMutualFundsRiskMember_zoqQlMyc2NKk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)"><b>Investment in Money Market Mutual Funds Risk:</b> The Fund invests in money market mutual funds. While government money market funds seek to transact at a $1.00 per share stable net asset value, certain other money market funds transact at a fluctuating net</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)">asset value, and it is possible to lose money by investing in money market funds. Further, money market funds may impose discretionary or mandatory liquidity fees upon redemption. Investments in money market funds are not insured or guaranteed by the FDIC or any other government agency.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_91B_exdx--NextElement_zpxqDj1TPqd6"></span></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zLMdpod6WSc6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)"><b>Leverage Risk:</b> If the Fund makes investments in futures contracts, forward currency contracts and other derivative instruments, the futures contracts and certain other derivatives provide the economic effect of financial leverage by creating additional investment exposure, as well as the potential for greater loss. If the Fund uses leverage through activities such as borrowing, entering into short sales, purchasing securities on margin or on a “when-issued” basis or purchasing derivative instruments in an effort to increase its returns, the Fund has the risk of magnified capital losses that occur when losses affect an asset base, enlarged by borrowings or the creation of liabilities, that exceeds the net assets of the Fund. The net asset value of the Fund when employing leverage will be more volatile and sensitive to market movements. Leverage may involve the creation of a liability that requires the Fund to pay interest.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_916_exdx--NextElement_zS1EWwBxuY62"></span></div> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zgK3Wr1yPx9e" style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)"><b>Liquidity Risk:</b> Certain securities may trade less frequently than those of larger companies due to their smaller capitalizations. In the event certain securities experience limited trading volumes, the prices may display abrupt or erratic movements at times. Additionally, it may be more difficult for the Fund to buy and sell significant amounts of such securities without an unfavorable impact on prevailing market prices. As a result, these securities may be difficult to dispose of at a fair price at the times when the Adviser believes it is desirable to do so. The Fund’s investment in securities that are less actively traded or over time experience decreased trading volume may restrict its ability to take advantage of other market opportunities or to dispose of securities. This also may affect adversely the Fund’s ability to make dividend distributions.</span></p> <div style="display: none"><span id="xdx_917_exdx--NextElement_ziyA0O7wjB15"></span></div> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--OverseasExchangesRiskMember_z16M5kgWCkl6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)"><b>Overseas Exchanges Risk:</b> The Fund may engage in transactions on a number of overseas stock exchanges, which may pose increased risk to the Fund and result in delays in obtaining accurate information on the value of securities. In addition, the Fund may engage in transactions in the stock markets of emerging market countries, which in general have stock markets that are less liquid, smaller and less regulated than many of the developed country stock markets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_912_exdx--NextElement_zZeE8EBsr6vi"></span></div> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_zaOpoaQ87Ysg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)"><b>Portfolio Turnover Risk:</b> The Fund is generally expected to engage in frequent and active trading of portfolio securities to achieve its investment objective. A higher turnover rate (100% or more) will involve correspondingly greater transaction costs, which will be borne directly by the Fund, may have an adverse impact on performance, and may increase the potential for more taxable distributions being paid to shareholders, including short-term capital gains that are taxed at ordinary income rates. To the extent a Fund engages in short sales (which are not included in calculating the portfolio turnover rate), the transaction costs incurred by a Fund are likely to be greater than the transaction costs incurred by a mutual fund that does not take short positions and has a similar portfolio turnover rate.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_916_exdx--NextElement_z5Yy66DOH0Jl"></span></div> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--ShortSaleRiskMember_zrGBcbLnSRZ3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)"><b>Short Sale Risk:</b> The Fund may take a short position in a derivative instrument, such as a future, forward or swap. A short position on a derivative instrument involves the risk of a theoretically unlimited increase in the value of the underlying instrument. The Fund may also from time to time sell securities short, which involves borrowing and selling a security and covering such borrowed security through a later purchase. A short sale creates the risk of an unlimited loss, in that the price of the underlying security could theoretically increase without limit, thus increasing the cost of buying those securities to cover the short position. There can be no assurance that the securities necessary to cover a short position will be available for purchase. The Fund must set aside “cover” for short sales to comply with applicable U.S. Securities and Exchange Commission (the “SEC”) provisions under the 1940 Act.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_91B_exdx--NextElement_zDtSO2qFyZw8"></span></div> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallAndMidCapitalizationCompanyRiskMember_zuKW1IkfBGzj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)"><b>Small- and Mid-Capitalization Company Risk:</b> Small- and mid-capitalization companies in which a 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 style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_91E_exdx--NextElement_zdxROTRDM1Pi"></span></div> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationStocksRiskMember_zukeDquNC8G9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)"><b>Large-Capitalization Stocks Risk:</b> The large capitalization companies in which the Fund invests 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 style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_91A_exdx--NextElement_zsD0QaWumWh5"></span></div> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--SubAdviserRiskMember_zap1ZO5E0kJ8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)"><b>Sub-Adviser Risk:</b> A Fund is subject to management risk because it relies on the Sub-Adviser’s ability to pursue the fund’s objective. 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 style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_91A_exdx--NextElement_zLh4jJiE62Xc"></span></div> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapAgreementsRiskMember_zZyNVTm7y8V7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)"><b>Swap Agreements Risk:</b> Swap agreements involve the risk that the party with whom a fund has entered into the swap will default on its obligation to pay the fund and the risk that the fund will not be able to meet its obligations to pay the other party to the agreement.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_918_exdx--NextElement_zBkODITGI5Tj"></span></div> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zXLBI9gxB9Dc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)"><b>Tax Risk:</b> The federal income tax treatment of the complex securities in which the Fund may invest may not be clear or may be subject to recharacterization by the Internal Revenue Service (“IRS”). It could be more difficult to comply with the tax requirements applicable to regulated investment companies if the tax characterization of investments or the tax treatment of the income from such investments were successfully challenged by the IRS. If the tax characterization of the Fund’s investments, or the tax treatment of income from such investments, were successfully challenged by the IRS, the Fund may have to alter its investment strategy to remain compliant with the rules applicable to regulated investment companies. If the Fund were to fail to comply with such rules, the Fund’s taxable income would be subject to tax at the Fund level at regular corporate tax rates (without reduction for distributions to shareholders) and to a further tax at the shareholder level when such income is distributed.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_91D_exdx--NextElement_zXrHATXs1eA4"></span></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentSecuritiesRiskMember_zM8xgU29rWj6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)"><b>U.S. Government Securities Risk:</b> Treasury obligations may differ in their interest rates, maturities, times of issuance and other characteristics. Obligations of U.S. Government agencies and authorities are supported by varying degrees of credit but generally are not backed by the full faith and credit of the U.S. Government. No assurance can be given that the U.S. Government will provide financial support to its agencies and authorities if it is not obligated by law to do so. Certain of the government agency securities the Fund may purchase are backed only by the credit of the government agency and not by full faith and credit of the United States.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_91B_exdx--NextElement_zYmUjB2AS5Rg"></span></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--VolatilityRiskMember_zQbKbQTFZQyj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)"><b>Volatility Risk:</b> The Fund may have investments that appreciate or decrease significantly in value over short periods of time. This may cause the Fund’s net asset value per share to experience significant appreciations or decreases in value over short periods of time.</span></p> Performance Information <p id="xdx_A8D_eoef--PerformanceNarrativeTextBlock_zuDDtHIENL3l" style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)">The bar chart and table below provide some indication of the risks of an investment in the Fund by showing changes in the performance of the Institutional, A Class and F Class Shares of the Fund for 1-year, 5-years and 10-years compared with those of the S&amp;P 500<b>^{^®}</b>Index and the HFRX Equity Hedge Index. The Fund is the successor to the Salient Tactical Plus Fund, a series of Salient MF Trust (the “Predecessor Fund”) through a reorganization with the Fund on November 18, 2022 (the “2022 Reorganization”). The performance shown in the bar chart and table for periods prior to November 18, 2022 represents the performance of the Class I, Class, A, and Class F shares of the Predecessor Fund. In connection with the 2022 Reorganization, Class I, Class A, and Class F shares of the Predecessor Fund were exchanged for and renamed Institutional Shares, A Class Shares, Shares and F Class Shares of the Fund, respectively. The performance of any index does not reflect deductions for fees, expenses or taxes. If the investment adviser to the Fund and the Predecessor Fund had not agreed to waive or reimburse certain Fund or Predecessor Fund expenses during the period shown, if applicable, the Fund’s and the Predecessor Fund’s returns would have been less than those shown. <span id="xdx_90C_eoef--PerformancePastDoesNotIndicateFuture_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassFSharesMember__dei--LegalEntityAxis__custom--S000077489Member_z7PQ677WrMQ4">Past performance, including before- and after-tax returns, is not necessarily an indication of how the Fund will perform in the future.</span> Updated information on the Fund’s performance is available on the Fund’s website at <span id="xdx_90B_eoef--PerformanceAvailabilityWebSiteAddress_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassFSharesMember__dei--LegalEntityAxis__custom--S000077489Member_zSlvmJu9Bouk">www.westwoodfunds.com</span> or by calling <span id="xdx_907_eoef--PerformanceAvailabilityPhone_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassFSharesMember__dei--LegalEntityAxis__custom--S000077489Member_zlymJz0XaAN9">1-877-FUND-WHG (1-877-386-3944)</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)">On December 12, 2014, an earlier iteration of the Fund, named the Broadmark Tactical Plus Fund (the “Old Broadmark Tactical Plus Fund”) was reorganized into the Predecessor Fund (the “Broadmark Reorganization”). In the Broadmark Reorganization, the Old Broadmark Tactical Plus Fund contributed its assets to the Predecessor Fund, and Investor Class and Institutional Class shares of the Old Broadmark Tactical Plus Fund were exchanged for Class F shares of the Predecessor Fund. Following the Broadmark Reorganization, the Predecessor Fund’s investment objective, strategies and policies were in all material respects equivalent to those of the Old Broadmark Tactical Plus Fund. Following the Broadmark Reorganization, the Predecessor Fund was reorganized as the Fund. The Fund’s investment objective and strategies are in all material respects equivalent to those of the Predecessor Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)">The information below is based on the performance information of the Fund, the Predecessor Fund and the combined fund resulting from the Broadmark Reorganization, and the Old Broadmark Tactical Plus Fund prior to the Broadmark Reorganization (adjusted as necessary to reflect the fees applicable to each of the Predecessor Fund’s classes of shares, respectively). Beginning December 12, 2014, performance reflects the performance of the Predecessor Fund and the actual fees and expenses of each of its share classes.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)">The bar chart shows the performance of the Fund’s Institutional Shares. The returns for A Class Shares will be lower than the Institutional Shares’ returns shown in the bar chart because the expenses of the classes differ. The returns for F Class Shares will be higher than the Institutional Shares’ returns shown in the bar chart because the expenses of the classes differ. All returns reflect reinvestment of all dividend and capital gain distributions.</span></p> Past performance, including before- and after-tax returns, is not necessarily an indication of how the Fund will perform in the future. www.westwoodfunds.com 1-877-FUND-WHG (1-877-386-3944) Calendar Year Returns - Institutional Shares* <p id="xdx_A89_eoef--BarChartTableTextBlock_zhuGXkISzFbh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; color: rgb(52,96,148); margin-top: 0; margin-bottom: 0"><img alt="" src="pro-sbtix_001.jpg" style="height: 300px; width: 500px"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></p> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_zSF6AcEZUk46" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none; text-align: center">Years</th> <th style="display: none; text-align: center">Returns</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center; width: 50%">2016</td> <td id="xdx_98B_eoef--AnnlRtrPct_c20160101__20161231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassFSharesMember__oef--ClassAxis__custom--C000237956Member_fKg_____zI8WJSHvAZ1j" style="display: none; text-align: center; width: 50%">5.74%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2017</td> <td id="xdx_986_eoef--AnnlRtrPct_c20170101__20171231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassFSharesMember__oef--ClassAxis__custom--C000237956Member_fKg_____ztoYTiTo3qHc" style="display: none; text-align: center">8.54%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2018</td> <td id="xdx_98E_eoef--AnnlRtrPct_c20180101__20181231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassFSharesMember__oef--ClassAxis__custom--C000237956Member_fKg_____zRdVnoQwasel" style="display: none; text-align: center">2.56%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2019</td> <td id="xdx_985_eoef--AnnlRtrPct_c20190101__20191231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassFSharesMember__oef--ClassAxis__custom--C000237956Member_fKg_____zUMMAiznrzIf" style="display: none; text-align: center">7.24%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2020</td> <td id="xdx_982_eoef--AnnlRtrPct_c20200101__20201231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassFSharesMember__oef--ClassAxis__custom--C000237956Member_fKg_____zXZSs890Pq6k" style="display: none; text-align: center">7.15%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2021</td> <td id="xdx_986_eoef--AnnlRtrPct_c20210101__20211231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassFSharesMember__oef--ClassAxis__custom--C000237956Member_fKg_____zzBuzHLdnHie" style="display: none; text-align: center">6.18%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2022</td> <td id="xdx_98C_eoef--AnnlRtrPct_c20220101__20221231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassFSharesMember__oef--ClassAxis__custom--C000237956Member_fKg_____zgBPSoOhibYf" style="display: none; text-align: center">-1.95%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2023</td> <td id="xdx_985_eoef--AnnlRtrPct_c20230101__20231231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassFSharesMember__oef--ClassAxis__custom--C000237956Member_fKg_____zBJNwZ2BBUqb" style="display: none; text-align: center">3.37%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2024</td> <td id="xdx_98A_eoef--AnnlRtrPct_c20240101__20241231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassFSharesMember__oef--ClassAxis__custom--C000237956Member_fKg_____zcI7lhDXTcc8" style="display: none; text-align: center">2.85%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2025</td> <td id="xdx_989_eoef--AnnlRtrPct_c20250101__20251231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassFSharesMember__oef--ClassAxis__custom--C000237956Member_fKg_____zW8y0NvvMA1c" style="display: none; text-align: center">-2.68%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin: 0in auto; -sec-ix-redline: true; color: rgb(52,96,148); width: 550px"> <tr style="color: rgb(52,96,148); vertical-align: top; text-align: justify"> <td style="color: rgb(52,96,148); width: 0in"></td><td style="color: rgb(52,96,148); width: 0.25in; text-align: left"><span id="xdx_F00_zbnuPoGRT8Td" style="color: rgb(52,96,148)">*</span></td> <td style="color: rgb(52,96,148); text-align: justify"><span id="xdx_F17_zncUUV4o70p2" style="color: rgb(52,96,148)"> <span id="xdx_908_eoef--YearToDateReturnLabel_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassFSharesMember__dei--LegalEntityAxis__custom--S000077489Member_zXFWgzbWqTD4">The Fund’s year-to-date return</span> through <span id="xdx_904_eoef--BarChartYearToDateReturnDate_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassFSharesMember__dei--LegalEntityAxis__custom--S000077489Member_zsaGwtNFpYhk">December 31, 2025</span> was (<span id="xdx_90B_eoef--BarChartYearToDateReturn_dp_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassFSharesMember__dei--LegalEntityAxis__custom--S000077489Member_ztopg6FmyEo7">2.68)%</span>.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></p> 0.0574 0.0854 0.0256 0.0724 0.0715 0.0618 -0.0195 0.0337 0.0285 -0.0268 The Fund’s year-to-date return 2025-12-31 0.0268 <div id="xdx_A8F_eoef--BarChartClosingTextBlock_zZs9tJIrP5d9"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; color: rgb(52,96,148); margin-left: auto; width: 50%; border-collapse: collapse; margin-right: auto"> <tr style="color: rgb(52,96,148)"> <td style="color: rgb(52,96,148); vertical-align: top; width: 25%; text-align: center"><span style="color: rgb(52,96,148)"><b><span id="xdx_90E_eoef--HighestQuarterlyReturnLabel_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassFSharesMember__dei--LegalEntityAxis__custom--S000077489Member_zqOirmv9UJt1">Best Quarter</span></b></span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; width: 25%; text-align: center; vertical-align: bottom"><span style="color: rgb(52,96,148)"><b><span id="xdx_90E_eoef--LowestQuarterlyReturnLabel_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassFSharesMember__dei--LegalEntityAxis__custom--S000077489Member_zqUugXl2EN5b">Worst Quarter</span></b></span></td> </tr> <tr style="color: rgb(52,96,148)"> <td style="color: rgb(52,96,148); vertical-align: top; text-align: center"><span style="color: rgb(52,96,148)"><b><span id="xdx_906_eoef--BarChartHighestQuarterlyReturn_dp_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassFSharesMember__dei--LegalEntityAxis__custom--S000077489Member_zkFtPa3Q42si">8.13%</span></b></span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center; vertical-align: bottom"><span style="color: rgb(52,96,148)"><b><span id="xdx_908_eoef--BarChartLowestQuarterlyReturn_dp_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassFSharesMember__dei--LegalEntityAxis__custom--S000077489Member_zTD3f8BLRzIg">(3.38)%</span></b></span></td> </tr> <tr style="color: rgb(52,96,148)"> <td style="color: rgb(52,96,148); vertical-align: top; text-align: center"><span style="color: rgb(52,96,148)"><b><span id="xdx_909_eoef--BarChartHighestQuarterlyReturnDate_dd_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassFSharesMember__dei--LegalEntityAxis__custom--S000077489Member_zBPuX4IH3cW2">December 31, 2016</span></b></span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center; vertical-align: bottom"><span style="color: rgb(52,96,148)"><b><span id="xdx_907_eoef--BarChartLowestQuarterlyReturnDate_dd_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassFSharesMember__dei--LegalEntityAxis__custom--S000077489Member_zFrny9uOyKil">March 31, 2020</span></b></span></td> </tr> </table> Best Quarter Worst Quarter 0.0813 -0.0338 2016-12-31 2020-03-31 Average Annual Total Returns For the period ended December 31, 2025 <p id="xdx_A87_eoef--PerformanceTableNarrativeTextBlock_zMF0ikDTKCle" style="font: 10pt Times New Roman, Times, Serif; margin: 0; -sec-ix-redline: true; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)">This table compares the Fund’s Institutional, A Class, and F Class Shares’ average annual total returns for the periods ended December 31, 2025 to those of an appropriate broad-based index and a secondary index.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)"><span id="xdx_909_eoef--PerformanceTableUsesHighestFederalRate_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassFSharesMember__dei--LegalEntityAxis__custom--S000077489Member_zimktzJCZpDg">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_90F_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassFSharesMember__dei--LegalEntityAxis__custom--S000077489Member_zzz0UfNd30Jh">Your actual after-tax returns will depend on your 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></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. Your actual after-tax returns will depend on your 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”). <div id="xdx_A8B_eoef--PerformanceTableTextBlock_z3W0oW0xu51c"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zZjGQ3CdvA86" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; color: rgb(52,96,148); border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="color: rgb(52,96,148); vertical-align: bottom"> <td style="border-bottom: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; font-weight: bold; text-align: left"><span style="color: rgb(52,96,148)">WESTWOOD BROADMARK TACTICAL PLUS FUND</span></td> <td style="border-bottom: #346094 1pt solid; color: rgb(52,96,148); text-align: center; font-weight: bold; padding-bottom: 1pt"><span style="color: rgb(52,96,148)"> </span></td> <td id="xdx_495_20250101__20251231_zFLP2EQzvyVa" style="border-bottom: #346094 1pt solid; color: rgb(52,96,148); font-weight: bold; text-align: center"><span style="color: rgb(52,96,148)">1 Year</span></td> <td style="border-bottom: #346094 1pt solid; color: rgb(52,96,148); text-align: center; font-weight: bold; padding-bottom: 1pt"><span style="color: rgb(52,96,148)"> </span></td> <td id="xdx_49C_20210101__20251231_zpHRlXRn0qPe" style="border-bottom: #346094 1pt solid; color: rgb(52,96,148); font-weight: bold; text-align: center"><span style="color: rgb(52,96,148)">5 Year</span></td> <td style="border-bottom: #346094 1pt solid; color: rgb(52,96,148); text-align: center; font-weight: bold; padding-bottom: 1pt"><span style="color: rgb(52,96,148)"> </span></td> <td id="xdx_495_20160101__20251231_zCeiDvEeNnvl" style="border-bottom: #346094 1pt solid; color: rgb(52,96,148); font-weight: bold; text-align: center"><span style="color: rgb(52,96,148)">10 Year</span></td> </tr> <tr style="color: rgb(52,96,148); vertical-align: bottom"> <td style="color: rgb(52,96,148); vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left"><span style="color: rgb(52,96,148)">Institutional</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> </tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_hdei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassFSharesMember__oef--ClassAxis__custom--C000237956Member_zEFCNfXRlQbd" style="color: rgb(52,96,148); vertical-align: bottom"> <td style="color: rgb(52,96,148); vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; width: 61%; font-weight: bold; text-align: left"><span style="color: rgb(52,96,148)"><span id="xdx_90F_eoef--AverageAnnualReturnLabel_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassFSharesMember__oef--ClassAxis__custom--C000237956Member_zWCVAqUV5H03">Return Before Taxes</span></span></td> <td style="color: rgb(52,96,148); text-align: center; width: 1%"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); width: 12%; text-align: center">(<span style="color: rgb(52,96,148)">2.68)%</span></td> <td style="color: rgb(52,96,148); text-align: center; width: 1%"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); width: 12%; text-align: center"><span style="color: rgb(52,96,148)">1.50%</span></td> <td style="color: rgb(52,96,148); text-align: center; width: 1%"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); width: 12%; text-align: center"><span style="color: rgb(52,96,148)">3.84%</span></td> </tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_hdei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassFSharesMember__oef--ClassAxis__custom--C000237956Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zz3LbKHYvIya" style="color: rgb(52,96,148); vertical-align: bottom"> <td style="color: rgb(52,96,148); vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; font-weight: bold; text-align: left"><span style="color: rgb(52,96,148)">Return After Taxes on Distributions</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center">(<span style="color: rgb(52,96,148)">3.75)%</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">0.27%</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">2.42%</span></td> </tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_hdei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassFSharesMember__oef--ClassAxis__custom--C000237956Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zpv96EDIKWqf" style="color: rgb(52,96,148); vertical-align: bottom"> <td style="color: rgb(52,96,148); vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; font-weight: bold; text-align: left"><span style="color: rgb(52,96,148)">Return After Taxes on Distributions and Sale of Fund Shares</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center">(<span style="color: rgb(52,96,148)">1.55)%</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">0.75%</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">2.61%</span></td> </tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_hdei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassFSharesMember__oef--ClassAxis__custom--C000237956Member__oef--PerformanceMeasureAxis__custom--SAndP500IndexReflectsNoDeductionForFeesExpensesOrTaxesMember_z33PEyJVak15" style="color: rgb(52,96,148); vertical-align: bottom"> <td style="color: rgb(52,96,148); vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; font-weight: bold; text-align: left"><span style="color: rgb(52,96,148)"><b>S&amp;P 500 Index (<span id="xdx_903_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassFSharesMember__dei--LegalEntityAxis__custom--S000077489Member_zOapq3LAVmc">reflects no deduction for fees, expenses or taxes</span></b></span><b><i><span style="color: rgb(52,96,148)">)</span></i></b></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">17.88%</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">14.42%</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">14.82%</span></td> </tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_hdei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassFSharesMember__oef--ClassAxis__custom--C000237956Member__oef--PerformanceMeasureAxis__custom--HFRXEquityHedgeIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zKgyzchc37B2" style="color: rgb(52,96,148); vertical-align: bottom"> <td style="color: rgb(52,96,148); vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; font-weight: bold; text-align: left"><span style="color: rgb(52,96,148)"><b>HFRX Equity Hedge Index (reflects no deduction for fees, expenses or taxes)</b></span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">10.06%</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">6.61%</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">4.75%</span></td> </tr> <tr style="color: rgb(52,96,148); vertical-align: bottom"> <td style="color: rgb(52,96,148); vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> </tr> <tr style="color: rgb(52,96,148); vertical-align: bottom"> <td style="color: rgb(52,96,148); vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left"><span style="color: rgb(52,96,148)">A Class</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> </tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_hdei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassFSharesMember__oef--ClassAxis__custom--C000237953Member_z9UegXnPo8Rb" style="color: rgb(52,96,148); vertical-align: bottom"> <td style="color: rgb(52,96,148); vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; font-weight: bold; text-align: left"><span style="color: rgb(52,96,148)"><span id="xdx_90A_eoef--AverageAnnualReturnLabel_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassFSharesMember__oef--ClassAxis__custom--C000237953Member_zHFyP543SuOg">Return Before Taxes</span></span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center">(<span style="color: rgb(52,96,148)">2.94)%</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">1.23%</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">3.59%</span></td> </tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_hdei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassFSharesMember__oef--ClassAxis__custom--C000237953Member__oef--PerformanceMeasureAxis__custom--SAndP500IndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zNBv9rxITvbg" style="color: rgb(52,96,148); vertical-align: bottom"> <td style="color: rgb(52,96,148); vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; font-weight: bold; text-align: left"><span style="color: rgb(52,96,148)"><b>S&amp;P 500 Index (reflects no deduction for fees, expenses or taxes)</b></span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">17.88%</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">14.42%</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">14.82%</span></td> </tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_hdei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassFSharesMember__oef--ClassAxis__custom--C000237953Member__oef--PerformanceMeasureAxis__custom--HFRXEquityHedgeIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zk8U1CtsIJr7" style="color: rgb(52,96,148); vertical-align: bottom"> <td style="color: rgb(52,96,148); vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; font-weight: bold; text-align: left"><span style="color: rgb(52,96,148)"><b>HFRX Equity Hedge Index (reflects no deduction for fees, expenses or taxes)</b></span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">10.06%</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">6.61%</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">4.75%</span></td> </tr> <tr style="color: rgb(52,96,148); vertical-align: bottom"> <td style="color: rgb(52,96,148); vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> </tr> <tr style="color: rgb(52,96,148); vertical-align: bottom"> <td style="color: rgb(52,96,148); vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left"><span style="color: rgb(52,96,148)">F Class</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> </tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_hdei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassFSharesMember__oef--ClassAxis__custom--C000237955Member_zaDL95TmbQYj" style="color: rgb(52,96,148); vertical-align: bottom"> <td style="color: rgb(52,96,148); vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; font-weight: bold; text-align: left"><span style="color: rgb(52,96,148)"><span id="xdx_90C_eoef--AverageAnnualReturnLabel_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassFSharesMember__oef--ClassAxis__custom--C000237955Member_zZTItTjSZzTj">Return Before Taxes</span></span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center">(<span style="color: rgb(52,96,148)">2.44)%</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">1.80%</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">4.14%</span></td> </tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_hdei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassFSharesMember__oef--ClassAxis__custom--C000237955Member__oef--PerformanceMeasureAxis__custom--SAndP500IndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zDpfyusKysWa" style="color: rgb(52,96,148); vertical-align: bottom"> <td style="color: rgb(52,96,148); vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; font-weight: bold; text-align: left"><span style="color: rgb(52,96,148)"><b>S&amp;P 500 Index (reflects no deduction for fees, expenses or taxes)</b></span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">17.88%</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">14.42%</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">14.82%</span></td> </tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_hdei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassFSharesMember__oef--ClassAxis__custom--C000237955Member__oef--PerformanceMeasureAxis__custom--HFRXEquityHedgeIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zfjWPDpVU5a6" style="color: rgb(52,96,148); vertical-align: bottom"> <td style="color: rgb(52,96,148); vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; font-weight: bold; text-align: left"><span style="color: rgb(52,96,148)"><b>HFRX Equity Hedge Index (reflects no deduction for fees, expenses or taxes)</b></span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">10.06%</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">6.61%</span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">4.75%</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></p> Return Before Taxes 0.0268 0.0150 0.0384 0.0375 0.0027 0.0242 0.0155 0.0075 0.0261 reflects no deduction for fees, expenses or taxes 0.1788 0.1442 0.1482 0.1006 0.0661 0.0475 Return Before Taxes 0.0294 0.0123 0.0359 0.1788 0.1442 0.1482 0.1006 0.0661 0.0475 Return Before Taxes 0.0244 0.0180 0.0414 0.1788 0.1442 0.1482 0.1006 0.0661 0.0475 <p id="xdx_A8D_eoef--PerformanceTableClosingTextBlock_zLKVdQUZEDyg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)">After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after tax-returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. <span id="xdx_90A_eoef--PerformanceTableOneClassOfAfterTaxShown_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassFSharesMember__dei--LegalEntityAxis__custom--S000077489Member_zSKg6fgj2dBg">After-tax returns are shown only for Institutional Shares. After-tax returns for other classes will vary. The table includes all applicable fees and sales charges.</span></span></p> After-tax returns are shown only for Institutional Shares. After-tax returns for other classes will vary. The table includes all applicable fees and sales charges. WESTWOOD SALIENT MLP & ENERGY INFRASTRUCTURE FUND Fund Investment Objective <p id="xdx_A82_eoef--ObjectivePrimaryTextBlock_z3TxPJExWs76" style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)">The investment objective of the Westwood Salient MLP &amp; Energy Infrastructure Fund (the “Fund” or the “MLP Fund”) seeks to maximize total return (capital appreciation and income).</span></p> Fund Fees and Expenses <p id="xdx_A8D_eoef--ExpenseNarrativeTextBlock_zCkgojTXrth1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)">These tables describe the fees and expenses you may pay if you buy, hold, and sell 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, A Class, and C Class Shares, which are not reflected in the tables or the example below. </b><span id="xdx_909_eoef--ExpenseBreakpointDiscounts_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000077491Member_z5xmskSUS7kc">You may qualify for sales charge discounts on A Class and C Class Shares if you and your family invest, or agree to invest in the future, at least $<span id="xdx_901_eoef--ExpenseBreakpointMinimumInvestmentRequiredAmount_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000077491Member_zzCNAH0T6Ma6">50,000</span> in the Fund.</span> More information about these and other discounts is available from (i) your financial professional and (ii) in the section “Sales Charges” of this Prospectus. Investors investing in A Class and C Class Shares of the Fund through an intermediary should consult Appendix A - Intermediary-Specific Sales Charge Discounts and Waivers, which includes information regarding broker-defined sales charges and related discount and/or waiver policies that apply to purchases through certain intermediaries. Shares of the Fund are available in other share classes that have different fees and expenses.</span></p> You may qualify for sales charge discounts on A Class and C Class Shares if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. 50000 Shareholder Fees (fees paid directly from your investment) <div id="xdx_A8B_eoef--ShareholderFeesTableTextBlock_z7sVfOMRLNAj"></div> <table cellpadding="3" cellspacing="0" id="xdx_A59_dU_zsnb4S4RKHR4" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Shareholder Fees"> <tr style="color: rgb(52,96,148); background-color: Gainsboro; vertical-align: bottom"> <td style="border: #346094 1pt solid; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td id="xdx_498_20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000077491Member__oef--ClassAxis__custom--C000237961Member_zcMUtBOjTDmj" style="border-top: #346094 1pt solid; border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); font-weight: bold; text-align: center"><span style="color: rgb(52,96,148)">Institutional Shares</span></td> <td id="xdx_49B_20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000077491Member__oef--ClassAxis__custom--C000237964Member_zWVr2DJcP9Sg" style="border-top: #346094 1pt solid; border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); font-weight: bold; text-align: center"><span style="color: rgb(52,96,148)">A Class Shares</span></td> <td id="xdx_490_20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000077491Member__oef--ClassAxis__custom--C000237963Member_zWXEXzuZcSy7" style="border-top: #346094 1pt solid; border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); font-weight: bold; text-align: center"><span style="color: rgb(52,96,148)">C Class Shares</span></td></tr> <tr id="xdx_401_eoef--MaximumDeferredSalesChargeOverOfferingPrice_dpn_zwuhNSky9A21" style="color: rgb(52,96,148); vertical-align: bottom"> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148); width: 64%; text-align: left; padding-bottom: 1pt"><span style="color: rgb(52,96,148)">Maximum Front-End Sales Charge (load) on Purchases (as a percentage of purchase price)</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); width: 12%; text-align: center"><span style="color: rgb(52,96,148)">None</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); width: 12%; text-align: center"><span style="color: rgb(52,96,148)">4.00%</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); width: 12%; text-align: center"><span style="color: rgb(52,96,148)">None</span></td></tr> <tr style="color: rgb(52,96,148); vertical-align: bottom"> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148); text-align: left; padding-bottom: 1pt"><span style="color: rgb(52,96,148)">Maximum Front-End Sales Charge (load) on Purchases (as a percentage of purchase price)</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"><span id="xdx_90E_eoef--MaximumSalesChargeImposedOnPurchasesOverOfferingPrice_dpn_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000077491Member__oef--ClassAxis__custom--C000237961Member_z9ZNGLrSq9Mi" title="Maximum Front-End Sales Charge (load) on Purchases (as a percentage of purchase price)">None</span></span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"><span id="xdx_901_eoef--MaximumSalesChargeImposedOnPurchasesOverOfferingPrice_dpn_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000077491Member__oef--ClassAxis__custom--C000237964Member_fMQ_____zsywZRu3Af01" title="Maximum Front-End Sales Charge (load) on Purchases (as a percentage of purchase price)">None</span>¹</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"><span id="xdx_909_eoef--MaximumSalesChargeImposedOnPurchasesOverOfferingPrice_dpn_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000077491Member__oef--ClassAxis__custom--C000237963Member_fMg_____zwkRlnN1Q9u4" title="Maximum Front-End Sales Charge (load) on Purchases (as a percentage of purchase price)">1.00%</span>²</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); width: 100%; border-collapse: collapse"> <tr style="color: rgb(52,96,148)"> <td style="color: rgb(52,96,148); vertical-align: top; width: 0in; text-align: right; vertical-align: top"></td><td style="color: rgb(52,96,148); vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"><span style="color: rgb(52,96,148)"><sup id="xdx_F0A_zmsPwWkAdbKl">1</sup></span></td> <td style="color: rgb(52,96,148); vertical-align: top; text-align: justify; text-indent: 0in"><span id="xdx_F1F_zQeMTbDyGhLk" style="color: rgb(52,96,148)"> A Class Shares purchases of $1,000,000 or more may be subject to a 1.00% Contingent Deferred Sales Charge (“CDSC”) if redeemed within 18 months of purchase.</span></td> </tr> <tr style="color: rgb(52,96,148)"> <td style="color: rgb(52,96,148); vertical-align: top; width: 0in; text-align: right; vertical-align: top"></td><td style="color: rgb(52,96,148); vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"><span style="color: rgb(52,96,148)"><sup id="xdx_F0E_zjO9unWpr5kb">2</sup></span></td> <td style="color: rgb(52,96,148); vertical-align: top; text-align: justify; text-indent: 0in"><span id="xdx_F1F_zOcENnZhejPj" style="color: rgb(52,96,148)"> C Class Shares may be subject to a 1.00% CDSC if redeemed within 12 months of purchase.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></p> 0 0.0400 0 0 0 0.0100 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A85_eoef--AnnualFundOperatingExpensesTableTextBlock_zXAPaImrIRNd"></div> <table cellpadding="3" cellspacing="0" id="xdx_A57_dU_zJYMHnphtWB7" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; color: rgb(52,96,148); width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="color: rgb(52,96,148); background-color: Gainsboro"> <td style="border-top: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; text-align: left; vertical-align: top; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td colspan="2" id="xdx_499_20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000077491Member__oef--ClassAxis__custom--C000237961Member_z5u8AdmsTf7a" style="border: #346094 1pt solid; vertical-align: bottom; text-align: center; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"><b>Institutional Shares</b></span></td> <td colspan="2" id="xdx_49B_20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000077491Member__oef--ClassAxis__custom--C000237964Member_zPquGf0qqiZ8" style="border-top: #346094 1pt solid; border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; vertical-align: bottom; text-align: center; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"><b>A Class Shares</b></span></td> <td colspan="2" id="xdx_495_20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000077491Member__oef--ClassAxis__custom--C000237963Member_zS9I70NHSe7i" style="border-top: #346094 1pt solid; border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; vertical-align: bottom; text-align: center; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"><b>C Class Shares</b></span></td></tr> <tr id="xdx_40D_eoef--ManagementFeesOverAssets_dpn_zlMPSZrxeP3a" style="color: rgb(52,96,148)"> <td style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; text-align: left; vertical-align: top; width: 28%; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)">Management Fees</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; vertical-align: bottom; width: 12%; text-align: center; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; vertical-align: bottom; width: 12%; text-align: center; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)">0.90%</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; vertical-align: bottom; width: 12%; text-align: center; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; vertical-align: bottom; width: 12%; text-align: center; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)">0.90%</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; vertical-align: bottom; width: 12%; text-align: center; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; vertical-align: bottom; width: 12%; text-align: center; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)">0.90</span>%</td></tr> <tr id="xdx_40A_eoef--DistributionAndService12b1FeesOverAssets_dpn_z7TJFecgNdK7" style="color: rgb(52,96,148)"> <td style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; text-align: left; vertical-align: top; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)">Distribution (12b-1) Fees</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; vertical-align: bottom; text-align: center; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; vertical-align: bottom; text-align: center; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)">None</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; vertical-align: bottom; text-align: center; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; vertical-align: bottom; text-align: center; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)">0.25%</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; vertical-align: bottom; text-align: center; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; vertical-align: bottom; text-align: center; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)">1.00%</span></td></tr> <tr id="xdx_400_eoef--OtherExpensesOverAssets_dpn_z7hF24ig79Sk" style="color: rgb(52,96,148)"> <td style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; text-align: left; vertical-align: top; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)">Other Expenses</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; vertical-align: bottom; text-align: center; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; vertical-align: bottom; text-align: center; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)">0.19%</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; vertical-align: bottom; text-align: center; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; vertical-align: bottom; text-align: center; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)">0.18%</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; vertical-align: bottom; text-align: center; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; vertical-align: bottom; text-align: center; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)">0.20%</span></td></tr> <tr style="color: rgb(52,96,148)"> <td style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; padding-left: 0.125in; text-align: left; vertical-align: top; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)">Administrative Services Plan Fees¹</span></td> <td id="xdx_98C_eoef--Component1OtherExpensesOverAssets_dpn_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000077491Member__oef--ClassAxis__custom--C000237961Member_fMQ_____zoem7pJVPBe1" style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; vertical-align: bottom; text-align: center; color: rgb(52,96,148)" title="Administrative Services Plan Fees"><span style="color: rgb(52,96,148)">0.09%</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; vertical-align: bottom; text-align: center; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td id="xdx_984_eoef--Component1OtherExpensesOverAssets_dpn_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000077491Member__oef--ClassAxis__custom--C000237964Member_fMQ_____zXtOZR29LVM9" style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; vertical-align: bottom; text-align: center; color: rgb(52,96,148)" title="Administrative Services Plan Fees"><span style="color: rgb(52,96,148)">0.08%</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; vertical-align: bottom; text-align: center; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td id="xdx_98C_eoef--Component1OtherExpensesOverAssets_dpn_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000077491Member__oef--ClassAxis__custom--C000237963Member_fMQ_____zvCj8mxV0jt7" style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; vertical-align: bottom; text-align: center; color: rgb(52,96,148)" title="Administrative Services Plan Fees"><span style="color: rgb(52,96,148)">0.10%</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; vertical-align: bottom; text-align: center; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td></tr> <tr style="color: rgb(52,96,148)"> <td style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; padding-left: 0.125in; text-align: left; vertical-align: top; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)">Other Operating Expenses</span></td> <td id="xdx_98F_eoef--Component2OtherExpensesOverAssets_dpn_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000077491Member__oef--ClassAxis__custom--C000237961Member_z1LjCOY5w14k" style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; vertical-align: bottom; text-align: center; color: rgb(52,96,148)" title="Other Operating Expenses"><span style="color: rgb(52,96,148)">0.10%</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; vertical-align: bottom; text-align: center; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td id="xdx_986_eoef--Component2OtherExpensesOverAssets_dpn_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000077491Member__oef--ClassAxis__custom--C000237964Member_zOg4dCjbR10i" style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; vertical-align: bottom; text-align: center; color: rgb(52,96,148)" title="Other Operating Expenses"><span style="color: rgb(52,96,148)">0.10%</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; vertical-align: bottom; text-align: center; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td id="xdx_98F_eoef--Component2OtherExpensesOverAssets_dpn_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000077491Member__oef--ClassAxis__custom--C000237963Member_zzOipTAfQdtg" style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; vertical-align: bottom; text-align: center; color: rgb(52,96,148)" title="Other Operating Expenses"><span style="color: rgb(52,96,148)">0.10%</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; vertical-align: bottom; text-align: center; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td></tr> <tr id="xdx_403_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zHonNTtLthRc" style="color: rgb(52,96,148)"> <td style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; text-align: left; vertical-align: top; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)">Acquired Fund Fees and Expenses<sup id="xdx_F4D_zOb9r4DocUzf">2</sup></span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; vertical-align: bottom; text-align: center; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; vertical-align: bottom; text-align: center; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)">0.03%</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; vertical-align: bottom; text-align: center; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; vertical-align: bottom; text-align: center; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)">0.03%</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; vertical-align: bottom; text-align: center; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; vertical-align: bottom; text-align: center; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)">0.03%</span></td></tr> <tr id="xdx_403_eoef--ExpensesOverAssets_dpn_zgE3qzmIlnP4" style="color: rgb(52,96,148)"> <td style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; text-align: left; vertical-align: top; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)">Total Annual Fund Operating Expenses<sup id="xdx_F48_zsWsHBoCNcIc">2</sup></span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; vertical-align: bottom; text-align: center; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; vertical-align: bottom; text-align: center; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)">1.12%</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; vertical-align: bottom; text-align: center; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; vertical-align: bottom; text-align: center; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)">1.36%</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; vertical-align: bottom; text-align: center; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; vertical-align: bottom; text-align: center; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)">2.13%</span></td></tr> <tr id="xdx_408_eoef--FeeWaiverOrReimbursementOverAssets_dpn_z6RzQwVjYRk6" style="color: rgb(52,96,148)"> <td style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; text-align: left; vertical-align: top; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)">Less Fee Reductions and/or Expense Reimbursements<sup id="xdx_F4A_zcXaPYCQoLJ">3</sup></span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; vertical-align: bottom; text-align: center; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; vertical-align: bottom; text-align: center; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)">(0.04)%</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; vertical-align: bottom; text-align: center; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; vertical-align: bottom; text-align: center; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)">(0.04)%</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; vertical-align: bottom; text-align: center; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; vertical-align: bottom; text-align: center; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)">(0.04)%</span></td></tr> <tr id="xdx_40E_eoef--NetExpensesOverAssets_dpn_znr6p2zlUff" style="-sec-ix-redline: true; color: rgb(52,96,148)"> <td style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; text-align: left; vertical-align: top; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)">Total Annual Fund Operating Expenses After Fee Reductions and/or Expense Reimbursements<sup id="xdx_F40_zdCwSILpcWRj">2,3</sup></span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; vertical-align: bottom; text-align: center; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; vertical-align: bottom; text-align: center; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)">1.08%</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; vertical-align: bottom; text-align: center; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; vertical-align: bottom; text-align: center; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)">1.32%</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; vertical-align: bottom; text-align: center; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; vertical-align: bottom; text-align: center; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)">2.09%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="-sec-ix-redline: true; color: rgb(52,96,148); vertical-align: top; text-align: justify"> <td style="color: rgb(52,96,148); width: 0in"></td><td style="color: rgb(52,96,148); width: 0.25in; text-align: left"><span style="color: rgb(52,96,148)"><sup id="xdx_F04_z5ApqylHpUi3">1</sup></span></td> <td style="color: rgb(52,96,148); text-align: justify"><span id="xdx_F1C_zOr7Kty13yg4" style="color: rgb(52,96,148)"> The Fund has adopted an Administrative Services Plan that provides that the Fund may pay financial intermediaries for shareholder services in an annual amount not to exceed 0.10% based on the average daily net assets of the Fund’s Institutional Shares, A Class Shares and C Class Shares, respectively. The Fund paid 0.09% of its Institutional Share’s, 0.08% of its A Class Share’s, and 0.10% of its C Class Share’s average daily net assets in Administrative Services Plan Fees for the fiscal period ended October 31, 2025.</span></td> </tr> <tr style="color: rgb(52,96,148); vertical-align: top; text-align: justify"> <td style="color: rgb(52,96,148); width: 0in"></td><td style="color: rgb(52,96,148); width: 0.25in; text-align: left"><span style="color: rgb(52,96,148)"><sup id="xdx_F0B_zxQBwxgWfpNd">2</sup></span></td> <td style="color: rgb(52,96,148); text-align: justify"><span id="xdx_F10_zX9IYJa06cd1" style="color: rgb(52,96,148)"> “Total Annual Fund Operating Expenses” and Total Annual Fund Operating Expenses After Fee Reductions and/or Expenses Reimbursement” will not correlate to the ratios of expenses to the average net assets in the Fund’s Financial Highlights, which reflect the operating expenses of the Fund and do not include “Acquired Fund Fees and Expenses”.</span></td> </tr> <tr style="-sec-ix-redline: true; color: rgb(52,96,148); vertical-align: top; text-align: justify"> <td style="color: rgb(52,96,148); width: 0in"></td><td style="color: rgb(52,96,148); width: 0.25in; text-align: left"><span style="color: rgb(52,96,148)"><sup id="xdx_F0F_zlD3xxlJ86X9">3</sup></span></td> <td style="color: rgb(52,96,148); text-align: justify"><span id="xdx_F18_z2Zsudlve5q2" style="color: rgb(52,96,148)"> The Fund may invest in one or more Westwood Funds (“Underlying Funds”). Westwood Management Corp. (the “Adviser”) has agreed to waive fees in the pro rata amount of the management fee charged by Underlying Funds on the Fund’s investment in such other Underlying Funds. During the fiscal period ended October 31, 2025, the Fund reduced investment advisory fees by $474,853.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></p> 0.0090 0.0090 0.0090 0 0.0025 0.0100 0.0019 0.0018 0.0020 0.0009 0.0008 0.0010 0.0010 0.0010 0.0010 0.0003 0.0003 0.0003 0.0112 0.0136 0.0213 -0.0004 -0.0004 -0.0004 0.0108 0.0132 0.0209 Example <p id="xdx_A8F_eoef--ExpenseExampleNarrativeTextBlock_zwZ7KyqYSycf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)">This Example is intended to help you compare the costs of investing in the Fund with the costs of investing in other mutual funds. </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></p> The Examples assume that you invest $10,000 in the Fund for the time periods indicated and then redeem all 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 and the contractual agreement to limit expenses remains in effect until March 1, 2027. Although actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A87_eoef--ExpenseExampleWithRedemptionTableTextBlock_zDsA4DLa0J04"></div> <table cellpadding="3" cellspacing="0" id="xdx_A51_dU_zcN1ZasyEEn4" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; color: rgb(52,96,148); border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr style="color: rgb(52,96,148); background-color: Gainsboro; vertical-align: bottom"> <td style="border: #346094 1pt solid; color: rgb(52,96,148); text-align: left"><span style="color: rgb(52,96,148)"><b> </b></span></td> <td id="xdx_48B_eoef--ExpenseExampleYear01_zHUtem0xr8k4" style="border-top: #346094 1pt solid; border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); font-weight: bold; text-align: center"><span style="color: rgb(52,96,148)">1 Year</span></td> <td id="xdx_488_eoef--ExpenseExampleYear03_z0C0LCWtlWT8" style="border-top: #346094 1pt solid; border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); font-weight: bold; text-align: center"><span style="color: rgb(52,96,148)">3 Years</span></td> <td id="xdx_48D_eoef--ExpenseExampleYear05_ztu8ZmW4WxWj" style="border-top: #346094 1pt solid; border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); font-weight: bold; text-align: center"><span style="color: rgb(52,96,148)">5 Years</span></td> <td id="xdx_48C_eoef--ExpenseExampleYear10_zzJXoro9IMw2" style="border-top: #346094 1pt solid; border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); font-weight: bold; text-align: center"><span style="color: rgb(52,96,148)">10 Years</span></td></tr> <tr id="xdx_419_20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000077491Member__oef--ClassAxis__custom--C000237961Member_zbnW0u8I6ur5" style="color: rgb(52,96,148); vertical-align: bottom"> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148); width: 52%; text-align: left; padding-bottom: 1pt"><span style="color: rgb(52,96,148)"><b>Institutional</b></span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); width: 12%; text-align: center"><span style="color: rgb(52,96,148)">$110</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); width: 12%; text-align: center"><span style="color: rgb(52,96,148)">$352</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); width: 12%; text-align: center"><span style="color: rgb(52,96,148)">$613</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); width: 12%; text-align: center"><span style="color: rgb(52,96,148)">$1,360</span></td></tr> <tr id="xdx_419_20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000077491Member__oef--ClassAxis__custom--C000237964Member_zp9ruSzFdLld" style="color: rgb(52,96,148); vertical-align: bottom"> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148); text-align: left; padding-bottom: 1pt"><span style="color: rgb(52,96,148)"><b>A Class</b></span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">$529</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">$810</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">$1,111</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">$1,966</span></td></tr> <tr id="xdx_41A_20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000077491Member__oef--ClassAxis__custom--C000237963Member_zUuvb2xJfE39" style="color: rgb(52,96,148); vertical-align: bottom"> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148); text-align: left; padding-bottom: 1pt"><span style="color: rgb(52,96,148)"><b>C Class</b></span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">$212</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">$663</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">$1,140</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">$2,459</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></p> 110 352 613 1360 529 810 1111 1966 212 663 1140 2459 You would pay the following expenses if you did not redeem your shares: <div id="xdx_A88_eoef--ExpenseExampleNoRedemptionTableTextBlock_zeZZFBcbBKQh"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5F_dU_zaE1nIhS7245" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; color: rgb(52,96,148); border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example, No Redemption"> <tr style="color: rgb(52,96,148); background-color: Gainsboro; vertical-align: bottom"> <td style="border: #346094 1pt solid; color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"><b> </b></span></td> <td id="xdx_485_eoef--ExpenseExampleNoRedemptionYear01_ziEzP8M2VaB8" style="border-top: #346094 1pt solid; border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); font-weight: bold; text-align: center"><span style="color: rgb(52,96,148)">1 Year</span></td> <td id="xdx_48C_eoef--ExpenseExampleNoRedemptionYear03_zY1m1PffHJog" style="border-top: #346094 1pt solid; border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); font-weight: bold; text-align: center"><span style="color: rgb(52,96,148)">3 Years</span></td> <td id="xdx_48F_eoef--ExpenseExampleNoRedemptionYear05_zmh9DLvjNlSc" style="border-top: #346094 1pt solid; border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); font-weight: bold; text-align: center"><span style="color: rgb(52,96,148)">5 Years</span></td> <td id="xdx_487_eoef--ExpenseExampleNoRedemptionYear10_zxJgVeGMqkR" style="border-top: #346094 1pt solid; border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); font-weight: bold; text-align: center"><span style="color: rgb(52,96,148)">10 Years</span></td></tr> <tr id="xdx_417_20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000077491Member__oef--ClassAxis__custom--C000237963Member_zya0E5jOyhPa" style="color: rgb(52,96,148); vertical-align: bottom"> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; color: rgb(52,96,148); width: 52%; text-align: left; padding-bottom: 1pt"><span style="color: rgb(52,96,148)"><b>C Class<span id="xdx_F40_zACVBHpiPQMg">*</span></b></span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); width: 12%; text-align: center"><span style="color: rgb(52,96,148)">$312</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); width: 12%; text-align: center"><span style="color: rgb(52,96,148)">$663</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); width: 12%; text-align: center"><span style="color: rgb(52,96,148)">$1,140</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; color: rgb(52,96,148); width: 12%; text-align: center"><span style="color: rgb(52,96,148)">$2,459</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="color: rgb(52,96,148); vertical-align: top; text-align: justify"> <td style="color: rgb(52,96,148); width: 0in"></td><td style="color: rgb(52,96,148); width: 0.25in; text-align: left"><span id="xdx_F0F_zhAWqwFeH7pl" style="color: rgb(52,96,148)">*</span></td> <td style="color: rgb(52,96,148); text-align: justify"><span id="xdx_F15_zpxzTLQcmmwd" style="color: rgb(52,96,148)"> Institutional and A Class Shares do not charge a CDSC.</span></td> </tr> </table> 312 663 1140 2459 Portfolio Turnover <p id="xdx_A80_eoef--PortfolioTurnoverTextBlock_z2ElPPnPk1v3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; -sec-ix-redline: true; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the examples, affect the Fund’s performance. During the most recent fiscal period ended October 31, 2025, the Fund’s portfolio turnover rate was <span id="xdx_905_eoef--PortfolioTurnoverRate_dp_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000077491Member_zdKVWxPC08uf">52%</span> of the average value of its portfolio.</span></p> 0.52 Principal Investment Strategies <p id="xdx_A86_eoef--StrategyNarrativeTextBlock_z5HJZSUxKEy6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)">Under normal circumstances, the Fund seeks to achieve its investment objective by investing at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in securities of Master Limited Partnerships (“MLPs”) (as defined below) and Energy Infrastructure Companies. The Fund invests in equity securities such as common units, preferred units, subordinated units, general partner interests, common shares and preferred shares in MLPs and Energy Infrastructure Companies. The Fund also may invest in investment grade debt securities issued by MLPs and Energy Infrastructure Companies of any maturity. The Fund may invest in MLPs and Energy Infrastructure Companies of any market capitalization ranges. Energy Infrastructure Companies include clean energy companies engaged in renewable energy electricity generation (wind, solar, hydrogen, geothermal, biomass, etc.), renewable storage and transmission, renewable energy equipment development manufacturing, electrified transport, biofuel production or energy efficiency solutions (including smart grid). The Fund is non-diversified, which means that it may invest in a limited number of issuers.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; color: rgb(52,96,148); text-align: justify"><span style="text-decoration: underline; color: rgb(52,96,148)">MLPs</span><span style="color: rgb(52,96,148)"> are entities structured as master limited partnerships. Master limited partnerships are limited partnerships and limited liability companies that are publicly traded and are treated as partnerships for federal income tax purposes. The Fund’s MLP investments are generally focused on energy infrastructure investments in pipelines and processes involving the gathering, processing, distributing and marketing of natural gas, natural gas liquids, crude oil, or other refined products.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; color: rgb(52,96,148); text-align: justify"><span style="text-decoration: underline; color: rgb(52,96,148)">Energy Infrastructure Companies</span> <span style="color: rgb(52,96,148)">are companies, including affiliates of MLPs, that own and operate assets that are used in the energy sector, including assets used in exploring, developing, producing, generating, transporting (including marine), transmitting, terminal operation, storing, gathering, processing, refining, distributing, mining or marketing of natural gas, natural gas liquids, crude oil, refined products, coal, electricity, or renewable energy or that provide energy-related services. For purposes of this definition, such companies (i) derive at least 50% of their revenues or operating income from operating such assets or providing services for the operation of such assets or (ii) have such assets that represent the majority of their assets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)">The Fund will invest at least 50% of its total assets in Midstream MLPs and Midstream Energy Infrastructure companies.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; color: rgb(52,96,148); text-align: justify"><span style="text-decoration: underline; color: rgb(52,96,148)">Midstream MLPs</span> <span style="color: rgb(52,96,148)">are MLPs that principally own and operate assets used in energy logistics, including, but not limited to, assets used in transporting (including marine), storing, gathering, processing, distributing or marketing of natural gas, natural gas liquids, crude oil or refined products.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; color: rgb(52,96,148); text-align: justify"><span style="text-decoration: underline; color: rgb(52,96,148)">Midstream Energy Infrastructure Companies</span> <span style="color: rgb(52,96,148)">are companies, other than Midstream MLPs, that own and operate assets used in energy logistics, including, but not limited to, assets used in transporting (including marine), storing, gathering, processing, distributing or marketing of natural gas, natural gas liquids, crude oil or refined products.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)">The Fund may directly invest up to but not more than 25% (or such higher amount as permitted by any applicable tax diversification rules) of total assets, at the time of investment, in equity or debt securities of master limited partnerships. This limit does not apply to securities issued by MLP affiliates, which are not treated as publicly traded partnerships for federal income tax purposes.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)">The Fund may invest up to but not more than 15% of total assets in debt securities of Energy Infrastructure Companies.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)">The Fund may invest up to but not more than 12.5% of total assets in any single issuer.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)">The Fund may invest up to 15% of net assets in unregistered and other illiquid securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)">The Fund may engage in covered call writing. The Fund currently expects to write call options for the purpose of generating realized gains or reducing the Fund’s ownership of certain securities. The Fund will only write call options on securities that are held in the portfolio (i.e<i>.</i>, covered calls). The Fund may borrow to purchase securities, which would add leverage to the portfolio.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)">The investment process of the Fund’s investment adviser, Westwood Management Corp. (the “Adviser”), is designed to generate returns by investing in a portfolio of publicly traded MLPs and Energy Infrastructure Companies. Returns are typically driven by the distribution yield plus expected annual growth in the cash distributions. The Adviser maintains proprietary business valuation models and analyzes key variables such as cash flow stability, growth profile, commodity price sensitivity, balance sheet strength, hedging profile, management strength, competitive landscape and other factors. The Adviser employs a “bottom up” research-driven stock selection process with an emphasis on the opportunity set and growth prospects for each target investment. Changes in the laws of the United States, including tax laws and regulations, could result in the inability of the Fund to operate as described in this prospectus and the SAI and could adversely affect the Fund (see “Tax Law Change Risk” below).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)">The percentage limitations applicable to the portfolio described above apply at the time of investment, and the Fund will not be required to sell securities due to subsequent changes in the value of securities owned. However, although the Fund may not be required to sell securities due to subsequent changes in value, if such changes cause the Fund to have invested less than 80% of total assets in securities of MLPs and Energy Infrastructure Companies, the Fund will be required to make future purchases of securities in a manner so as to come into compliance with this investment policy. The Fund will invest primarily in companies located in North America, but the Fund may invest in companies located anywhere in the world.</span></p> <p id="xdx_A8D_eoef--RiskTextBlock_zzCNBWjLWqwe" style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)">As with all mutual funds, there is no guarantee that the Fund will achieve its investment objective. <span id="xdx_90E_eoef--RiskTextBlock_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000077491Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zTnEXtc13zfl">You could lose money by investing in the Fund.</span> <b><span id="xdx_906_eoef--RiskTextBlock_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000077491Member__oef--RiskAxis__oef--RiskNotInsuredDepositoryInstitutionMember_zBZOlNWfPwrg">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any government agency</span></b>. Many factors influence a mutual fund’s performance. An investment in the Fund is not intended to constitute a complete investment program and should not be viewed as such. All securities investing and trading activities risk the loss of capital. The principal risks of investing in the Fund, which could adversely affect its net asset value and total return, are:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_919_exdx--NextElement_zrrtDpWlP3na"></span></div> You could lose money by investing in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any government agency <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquityRiskMember_zEeghNiyGAj5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; -sec-ix-redline: true; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)"><b>Equity Risk:</b> 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 military action, 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 style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_914_exdx--NextElement_zPZlUuaSmUs6"></span></div> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndustrySpecificRiskMember_z16aMUFAve88" style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)"><b>Industry Specific Risk:</b> The MLPs and Energy Infrastructure Companies, including Midstream MLPs and Energy Infrastructure Companies, in which the Fund invests, are subject to risks specific to the industry they serve, including the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); width: 100%; border-collapse: collapse"> <tr style="color: rgb(52,96,148)"> <td style="color: rgb(52,96,148); vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td><td style="color: rgb(52,96,148); vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"><span style="color: rgb(52,96,148)">●</span></td> <td style="color: rgb(52,96,148); vertical-align: top; text-align: justify; text-indent: 0in"><span style="color: rgb(52,96,148)">Fluctuations in commodity prices may impact the volume of commodities transported, processed, stored or distributed.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); width: 100%; border-collapse: collapse"> <tr style="color: rgb(52,96,148)"> <td style="color: rgb(52,96,148); vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td><td style="color: rgb(52,96,148); vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"><span style="color: rgb(52,96,148)">●</span></td> <td style="color: rgb(52,96,148); vertical-align: top; text-align: justify; text-indent: 0in"><span style="color: rgb(52,96,148)">Reduced volumes of natural gas or other energy commodities available for transporting, processing, storing or distributing may affect the profitability of a company or MLP.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); width: 100%; border-collapse: collapse"> <tr style="color: rgb(52,96,148)"> <td style="color: rgb(52,96,148); vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td><td style="color: rgb(52,96,148); vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"><span style="color: rgb(52,96,148)">●</span></td> <td style="color: rgb(52,96,148); vertical-align: top; text-align: justify; text-indent: 0in"><span style="color: rgb(52,96,148)">Slowdowns in new construction and acquisitions can limit growth potential.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); width: 100%; border-collapse: collapse"> <tr style="color: rgb(52,96,148)"> <td style="color: rgb(52,96,148); vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td><td style="color: rgb(52,96,148); vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"><span style="color: rgb(52,96,148)">●</span></td> <td style="color: rgb(52,96,148); vertical-align: top; text-align: justify; text-indent: 0in"><span style="color: rgb(52,96,148)">A sustained reduction in demand for crude oil, natural gas and refined petroleum products that could adversely affect revenues and cash flows.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); width: 100%; border-collapse: collapse"> <tr style="color: rgb(52,96,148)"> <td style="color: rgb(52,96,148); vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td><td style="color: rgb(52,96,148); vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"><span style="color: rgb(52,96,148)">●</span></td> <td style="color: rgb(52,96,148); vertical-align: top; text-align: justify; text-indent: 0in"><span style="color: rgb(52,96,148)">Depletion of the natural gas reserves or other commodities if not replaced could impact the ability of an Energy Infrastructure Company or MLP to make distributions.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); width: 100%; border-collapse: collapse"> <tr style="color: rgb(52,96,148)"> <td style="color: rgb(52,96,148); vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td><td style="color: rgb(52,96,148); vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"><span style="color: rgb(52,96,148)">●</span></td> <td style="color: rgb(52,96,148); vertical-align: top; text-align: justify; text-indent: 0in"><span style="color: rgb(52,96,148)">Changes in the regulatory environment could adversely affect the profitability of Energy Infrastructure Companies and MLPs.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); width: 100%; border-collapse: collapse"> <tr style="color: rgb(52,96,148)"> <td style="color: rgb(52,96,148); vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td><td style="color: rgb(52,96,148); vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"><span style="color: rgb(52,96,148)">●</span></td> <td style="color: rgb(52,96,148); vertical-align: top; text-align: justify; text-indent: 0in"><span style="color: rgb(52,96,148)">Extreme weather or other natural disasters could impact the value of Energy Infrastructure Company and MLP securities.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); width: 100%; border-collapse: collapse"> <tr style="color: rgb(52,96,148)"> <td style="color: rgb(52,96,148); vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td><td style="color: rgb(52,96,148); vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"><span style="color: rgb(52,96,148)">●</span></td> <td style="color: rgb(52,96,148); vertical-align: top; text-align: justify; text-indent: 0in"><span style="color: rgb(52,96,148)">Rising interest rates could result in a higher cost of capital and divert investors into other investment opportunities.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); width: 100%; border-collapse: collapse"> <tr style="color: rgb(52,96,148)"> <td style="color: rgb(52,96,148); vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td><td style="color: rgb(52,96,148); vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"><span style="color: rgb(52,96,148)">●</span></td> <td style="color: rgb(52,96,148); vertical-align: top; text-align: justify; text-indent: 0in"><span style="color: rgb(52,96,148)">Threats of attack by terrorists on energy assets could impact the market for Energy Infrastructure Company and MLP securities.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); width: 100%; border-collapse: collapse"> <tr style="color: rgb(52,96,148)"> <td style="color: rgb(52,96,148); vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td><td style="color: rgb(52,96,148); vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"><span style="color: rgb(52,96,148)">●</span></td> <td style="color: rgb(52,96,148); vertical-align: top; text-align: justify; text-indent: 0in"><span style="color: rgb(52,96,148)">Global events, particularly in Russia, Ukraine, Western Europe and the Middle East that also impact and including government stability specifically, could have significant adverse effects on the U.S. economy, and financial and commodities markets.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_910_exdx--NextElement_z6CVyXksOvAj"></span></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_z6FJxkJDLfV1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)"><b>Liquidity Risk:</b> Although common units of MLPs trade on the exchanges, certain securities may trade less frequently than those of larger companies due to their smaller capitalizations. In the event certain securities experience limited trading volumes, the prices may display abrupt or erratic movements at times. Additionally, it may be more difficult for the Fund to buy and sell significant amounts of such securities without an unfavorable impact on prevailing market prices. As a result, these</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)">securities may be difficult to dispose of at a fair price at the times when the Adviser believes it is desirable to do so. The Fund’s investment in securities that are less actively traded or over time experience decreased trading volume may restrict its ability to take advantage of other market opportunities or to dispose of securities. This also may affect adversely the Fund’s ability to make dividend distributions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_919_exdx--NextElement_zb4LuFJ1EoCj"></span></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zczcZILdiop8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)"><b>Market Risk: <i> </i></b>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 military action, 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 style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_914_exdx--NextElement_zIrzephz4MUl"></span></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--MasterLimitedPartnershipsMLPsRiskMember_zmSGk2FkQC2l" style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)"><b>Master Limited Partnerships (“MLPs”) Risk:</b> Investments in the debt and equity securities of MLPs involve risks that differ from investments in the debt and equity securities of corporate issuers, including risks related to limited control and limited rights to vote on matters affecting the partnership, risks related to potential conflicts of interest between the partnership and its general partner, cash flow risks, dilution risks and risks related to the general partner’s right to require unitholders to sell their common units at an undesirable time or price. The Fund and its shareholders are not eligible for a tax deduction based on income received from MLPs that is available to individuals who invest directly in MLPs.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_919_exdx--NextElement_zMVA1MW2ADcj"></span></div> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--RenewableEnergyCompaniesRiskMember_zMJ1jKkZDvfa" style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)"><b>Renewable Energy Companies Risk:</b> Renewable energy companies may be more volatile than companies operating in more established industries. Renewable energy companies are subject to specific risks, including: fluctuations in commodity prices and/or interest rates; changes in governmental or environmental regulation; reduced availability of renewable energy sources or other commodities for transporting, processing, storing or delivering; slowdowns in new construction; seasonal weather conditions, extreme weather or other natural disasters; and threats of attack by terrorists on certain renewable energy assets. Certain investments may be dependent on U.S. and foreign government policies, including tax incentives and subsidies. The above factors could also impact the ability of renewable energy companies to pay dividends comparable to those paid by other Energy Infrastructure Companies. Certain valuation methods used to value renewable energy companies have not been widely used for a significant period of time and may further increase the volatility of renewable energy company share prices.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_911_exdx--NextElement_zBPYNIUI5iA6"></span></div> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--BorrowingRiskMember_zwzqMB4qsqhf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)"><b>Borrowing Risk:</b> Borrowing for investment purposes creates leverage, which will exaggerate the effect of any increase or decrease in the market price of securities in the Fund’s portfolio on the Fund’s net asset value and, therefore, may increase the volatility of the Fund. Money borrowed will be subject to interest and other costs (that may include commitment fees and/or the cost of maintaining minimum average balances). These costs may exceed the gain on securities purchased with borrowed funds. Increased operating costs, including the financing cost associated with any leverage, may reduce the Fund’s total return. Unless the income and capital appreciation, if any, on securities acquired with borrowed funds exceed the cost of borrowing, the use of leverage will diminish the investment performance of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_913_exdx--NextElement_zmsARtK9jOQk"></span></div> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_z7V8w5hW6Qxl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)"><b>Concentration Risk: </b>The Fund concentrates its investments in issuers of one or more industries to the extent permitted by applicable regulatory guidance. There is a risk that those issuers (or industry sector) will perform poorly and negatively impact the Fund. Concentration risk results from maintaining exposure (long or short) to issuers conducting business in a specific industry. The risk of concentrating investments in a limited number of issuers in a particular industry is that the Fund will be more susceptible to market, economic, political, regulatory, and other conditions and risks associated with that industry than the Fund that does not concentrate its investments and invests more broadly across industries and sectors.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_91B_exdx--NextElement_zRghWs0n3fE2"></span></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zMIVxJRBte52" style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)"><b>Counterparty Risk: </b>In general, a derivative contract typically involves leverage, <i>i.e.</i>, it provides exposure to potential gain or loss from a change in the level of the market price of a security, currency or commodity (or a basket or index) in a notional amount that exceeds the amount of cash or assets required to establish or maintain the derivative contract. Many of these derivative contracts will be privately negotiated in the Over-the-counter (“OTC”) market. These contracts also involve exposure to credit risk, since contract performance depends in part on the financial condition of the counterparty. If a privately negotiated OTC contract calls for payments by the Fund, the Fund must be prepared to make such payments when due. In addition, if a counterparty’s creditworthiness declines, the Fund may not receive payments owed under the contract, or such payments may be delayed under such circumstances and the value of agreements with such counterparty can be expected to decline, potentially resulting in losses by the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"> </p> <div style="display: none"><span id="xdx_914_exdx--NextElement_zCPfFkYa105i"></span></div> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--DebtInstrumentsRiskMember_zExraRgQM4v4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)"><b>Debt Instruments Risk: </b>Debt instruments are generally subject to credit risk and interest rate risk. Credit risk refers to the possibility that the issuer of a security will be unable to make interest payments and/or repay the principal on its debt. Interest rate risk refers to fluctuations in the value of a fixed income security resulting from changes in the general level of interest rates. When the general level of interest rates goes up, the prices of most fixed income securities go down. When the general level of interest rates goes down, the prices of most fixed income securities go up. Derivatives related to debt instruments may be exposed to similar risks for individual securities, groups of securities or indices tracking multiple securities or markets. Both debt securities and debt-related derivative instruments may be exposed to one or more of the following risks:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="color: rgb(52,96,148)"> <td style="color: rgb(52,96,148); vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td><td style="color: rgb(52,96,148); vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"><span style="color: rgb(52,96,148)">●</span></td> <td style="color: rgb(52,96,148); vertical-align: top; text-align: justify; text-indent: 0in"><span style="color: rgb(52,96,148)"><b>Credit Risk. </b>Credit risk refers to the possibility that the issuer of the security will not be able to make principal and interest payments when due. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also affect the value of the Fund’s investment in that issuer. The degree of credit risk depends on both the financial condition of the issuer and the terms of the obligation. Securities rated by the rating agencies in the four highest categories (Fitch, Inc. (“Fitch”) (AAA, AA, A, and BBB), Moody’s Investors Service, Inc. (“Moody’s”) (Aaa, Aa, A, and Baa) or S&amp;P^{^®}Global Ratings (“S&amp;P”) (AAA, AA, A, and BBB)) are considered investment grade, but they may also have some speculative characteristics, meaning that they carry more risk than higher rated securities and may have problems making principal and interest payments in difficult economic climates. Investment grade ratings do not guarantee that bonds will not lose value.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="color: rgb(52,96,148)"> <td style="color: rgb(52,96,148); vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td><td style="color: rgb(52,96,148); vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"><span style="color: rgb(52,96,148)">●</span></td> <td style="color: rgb(52,96,148); vertical-align: top; text-align: justify; text-indent: 0in"><span style="color: rgb(52,96,148)"><b>Extension Risk. </b>Extension risk is the risk that, when interest rates rise, certain obligations will be paid off by the issuer (or obligor) more slowly than anticipated, causing the value of these securities to fall. Rising interest rates tend to extend the duration of securities, making them more sensitive to changes in interest rates. The value of longer-term securities generally changes more in response to changes in interest rates than shorter-term securities. As a result, in a period of rising interest rates, securities may exhibit additional volatility and may lose value.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="color: rgb(52,96,148)"> <td style="color: rgb(52,96,148); vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td><td style="color: rgb(52,96,148); vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"><span style="color: rgb(52,96,148)">●</span></td> <td style="color: rgb(52,96,148); vertical-align: top; text-align: justify; text-indent: 0in"><span style="color: rgb(52,96,148)"><b>Interest Rate Risk. </b>The yields for certain securities (including for equity securities of MLPs and certain Midstream Energy Infrastructure Companies) are susceptible in the short-term to fluctuations in interest rates, and the prices of such securities may decline when interest rates rise. Interest rate risk in general is the risk that prices of fixed income securities generally increase when interest rates decline and decrease when interest rates increase. The Fund may decline in value or suffer losses if short-term or long-term interest rates rise sharply or otherwise change in a manner not anticipated by the Adviser.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="color: rgb(52,96,148)"> <td style="color: rgb(52,96,148); vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td><td style="color: rgb(52,96,148); vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"><span style="color: rgb(52,96,148)">●</span></td> <td style="color: rgb(52,96,148); vertical-align: top; text-align: justify; text-indent: 0in"><span style="color: rgb(52,96,148)"><b>Prepayment Risk. </b>Prepayment risk is the risk that certain debt securities with high interest rates will be prepaid by the issuer before they mature. When interest rates fall, certain obligations will be paid off by the obligor more quickly than originally anticipated, and an investor may have to invest the proceeds in securities with lower yields. In periods of falling interest rates, the rate of prepayments tends to increase (as does price fluctuation) as borrowers are motivated to pay off debt and refinance at new lower rates. During such periods, reinvestment of the prepayment proceeds by the management team will generally be at lower rates of return than the return on the assets that were prepaid. Prepayment reduces the yield to maturity and the average life of the security.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_91B_exdx--NextElement_zvp3wYyPgppg"></span></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zUk2lhQLb2D2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)"><b>Derivatives Risk: </b>The market value of the derivative instruments in which the Fund may invest, including options, futures contracts, forward currency contracts, and other similar instruments, may be more volatile than that of other instruments. The use of derivative instruments involves risks different from, and possibly greater than, the risks associated with investing directly in securities and other more traditional investments, and certain derivatives may create a risk of loss greater than the amount invested. There can be no assurance given that each derivative position will perform as expected, or that a particular derivative position will be available when sought by the portfolio manager. The Fund’s use of derivative instruments to obtain short exposures may result in greater volatility because losses are potentially unlimited. In addition, there can be no assurance given that any derivatives strategy will succeed, and the Fund may lose money as a result of its use of derivative instruments. Changes in regulation relating to a mutual fund’s use of derivatives and related instruments could potentially limit or impact the Fund’s ability to invest in derivatives, limit the Fund’s ability to employ certain strategies that use derivatives and adversely affect the value or performance of derivatives and the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_91A_exdx--NextElement_zG9BWyF4Ax6c"></span></div> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zNg1FfXtMqaf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)"><b>Leverage Risk:</b> If the Fund makes investments in futures contracts, forward currency contracts and other derivative instruments, the futures contracts and certain other derivatives provide the economic effect of financial leverage by creating additional investment exposure, as well as the potential for greater loss. If the Fund uses leverage through activities such as borrowing, entering into short sales, purchasing securities on margin or on a “when-issued” basis or purchasing derivative instruments in an effort to increase its returns, the Fund has the risk of magnified capital losses that occur when losses affect</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: rgb(52,96,148)">an asset base, enlarged by borrowings or the creation of liabilities, that exceeds the net assets of the Fund. The net asset value of the Fund when employing leverage will be more volatile and sensitive to market movements. Leverage may involve the creation of a liability that requires the Fund to pay interest.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_91C_exdx--NextElement_z5No10k4tJKa"></span></div> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementStyleRiskMember_zByejRM78qf7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)"><b>Management Style Risk: <i> </i></b>The portfolio manager’s method of security selection may not be successful, and the Fund may underperform relative to other mutual funds that employ similar investment strategies. In addition, the Adviser may select investments that fail to perform as anticipated.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_915_exdx--NextElement_zgYn3s9OK281"></span></div> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketEventsRiskMember_zUFvxTunsxf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)"><b>Market Events Risk: </b>Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times, and for varying periods of time, result in unusually high market volatility, which could negatively impact the Fund’s performance and cause the Fund to experience illiquidity, shareholder redemptions, or other potentially adverse effects. Reduced liquidity in credit and fixed income markets could negatively affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise, or economic conditions deteriorate.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_914_exdx--NextElement_zLavEjavAIMj"></span></div> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--ModelAndDataRiskMember_zCcQvBdTF3dl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)"><b>Model and Data Risk: </b>Given the complexity of the investments and strategies of the Fund, the Adviser relies heavily on quantitative models (both proprietary models developed by the Adviser, and those supplied by third-party vendors) and information and data supplied by third-party vendors (“Models and Data”). Models and Data are used to construct sets of transactions and investments and to provide risk management insights.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)">When Models and Data prove to be incorrect or incomplete, any decisions made in reliance thereon expose the Fund to potential risks. The success of relying on such models may depend on the accuracy and reliability of historical data supplied by third-party vendors.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)">All models rely on correct market data inputs. If incorrect market data is entered into even a well-founded model, the resulting information will be incorrect. However, even if market data is input correctly, “model prices” will often differ substantially from market prices, especially for securities with complex characteristics, such as derivative securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_918_exdx--NextElement_zHian48GDy1h"></span></div> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--NonDiversificationRiskMember_zV9zs8Vpssr9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)"><b>Non-Diversification Risk:</b> <span id="xdx_905_eoef--RiskTextBlock_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000077491Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_zMv06NyrEj12">The Fund is a non-diversified fund. Because the Fund may invest in securities of a smaller number of issuers, the Fund may be more exposed to the risks associated with and developments affecting an individual issuer than the Fund that invests more widely, which may, therefore, have a greater impact on the Fund’s performance.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_91F_exdx--NextElement_zsufu098vLDj"></span></div> The Fund is a non-diversified fund. Because the Fund may invest in securities of a smaller number of issuers, the Fund may be more exposed to the risks associated with and developments affecting an individual issuer than the Fund that invests more widely, which may, therefore, have a greater impact on the Fund’s performance. <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_zhMjVd1ZYE24" style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)"><b>Portfolio Turnover Risk:</b> The Fund is generally expected to engage in frequent and active trading of portfolio securities to achieve its investment objective. A higher turnover rate (100% or more) will involve correspondingly greater transaction costs, which will be borne directly by the Fund, may have an adverse impact on performance, and may increase the potential for more taxable distributions being paid to shareholders, including short-term capital gains that are taxed at ordinary income rates. To the extent the Fund engages in short sales (which are not included in calculating the portfolio turnover rate), the transaction costs incurred by the Fund are likely to be greater than the transaction costs incurred by a mutual fund that does not take short positions and has a similar portfolio turnover rate.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_915_exdx--NextElement_zH4m1FFEnl66"></span></div> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallAndMidCapitalizationCompanyRiskMember_zD8MQBc8zK5a" style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)"><b>Small- and Mid-Capitalization Company Risk:</b> Small- and mid-capitalization companies in which a 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 style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_913_exdx--NextElement_zQg7PTDZJNwb"></span></div> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_z3aRe9SbRoB4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)"><b>Tax Risk:</b> The Fund’s ability to meet its investment objective will depend, in part, on the level of taxable income and distributions received from the equity securities in which the Fund invests. If an MLP were treated as a corporation for federal income tax purposes, such MLP would be obligated to pay federal income tax on its income at the corporate tax rate and the amount of cash available for distribution would be reduced and distributions received by the Fund would be taxed under federal income tax laws applicable to corporate dividends (as dividend income, return of capital, or capital gain).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)">MLPs restructuring their debts due to a decline in oil prices and a decline in value of energy-related properties could result in the cancellation of debt income by MLP partners, including the Fund. The receipt of this taxable income by the Fund will result in increased investment company taxable income required to be distributed by the Fund, without corresponding cash distributions from the MLPs. The Fund might need to sell assets it might not otherwise wish to sell in order to pay the required distributions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)">In addition, the Fund faces the risk that it could fail to qualify as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), and the risk of changes in tax laws or regulations, or interpretations thereof, which could adversely affect any or all of the Fund, the MLPs and other portfolio companies in which the Fund invests. Effective for taxable years beginning after December 31, 2017, and before January 1, 2026, the Tax Cuts and Jobs Act of 2017 generally allows individuals and certain other non-corporate entities, such as partnerships, a deduction for 20% of “qualified publicly traded partnership income” such as income from MLPs. However, the law does not include any provision for a RIC to pass the character of its qualified publicly traded partnership income through to its shareholders. As a result, an investor who invests directly in MLPs will be able to receive the benefit of that deduction, while a shareholder in the Fund will not. The federal, state, local and foreign tax consequences of an investment in Fund shares will depend on the facts of each investor’s situation. Investors are encouraged to consult their own tax advisors regarding the specific tax consequences that may affect such investors.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_91D_exdx--NextElement_zF9zh5NT131l"></span></div> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxLawChangeRiskMember_zBEyxTEJIAui" style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)"><b>Tax Law Change Risk: </b>Changes in tax laws or regulations, or interpretations thereof in the future, could adversely affect the Fund or the MLPs and Energy Infrastructure Companies in which the Fund invests. Any such changes could negatively impact the Fund’s common shareholders. Legislation could also negatively impact the amount and tax characterization of distributions received by the Fund’s common shareholders.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></p> <div style="display: none"><span id="xdx_91B_exdx--NextElement_zsZsyr6QipNe"></span></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--VolatilityRiskMember_zyElnkXEjBm8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)"><b>Volatility Risk:</b> The Fund may have investments that appreciate or decrease significantly in value over short periods of time. This may cause the Fund’s net asset value per share to experience significant appreciations or decreases in value over short periods of time.</span></p> Performance Information <p id="xdx_A89_eoef--PerformanceNarrativeTextBlock_zyYbNgXirRZe" style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)">The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in the performance of the Institutional Shares of the Fund from year-to-year and by showing how the average annual returns for 1-year, 5-years, and 10-years of the Fund compares with those of the S&amp;P 500<b>^®</b> Index and the Alerian Midstream Energy Select Index. The performance shown in the bar chart and the table for periods prior to November 18, 2022 represents performance of the Institutional, A Class, and C Class Shares of the Westwood Salient MLP &amp; Energy Infrastructure Fund, a series of the Salient MF Trust (the “Predecessor Fund”). The Fund is the successor to the Predecessor Fund through a reorganization with the Fund on November 18, 2022 (the “2022 Reorganization”). In connection with the 2022 Reorganization, Class R6 shares of the Predecessor Fund were exchanged for and renamed Ultra Shares of the Fund, respectively. <span id="xdx_908_eoef--PerformancePastDoesNotIndicateFuture_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000077491Member_zDIBzM4L1SVi">How the Fund and the Predecessor Fund have performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> If the investment adviser to Predecessor Fund had not agreed to waive or reimburse certain Predecessor Fund expenses during the period shown, if applicable, the Fund’s and the Predecessor Fund’s returns would have been less than those shown. Updated performance information is available on the Fund’s website at <span id="xdx_909_eoef--PerformanceAvailabilityWebSiteAddress_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000077491Member_zZPe8jwJlmxc">www.westwoodfunds.com</span> or by calling <span id="xdx_90E_eoef--PerformanceAvailabilityPhone_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000077491Member_zjnxHzTjPcQ9">1-877-FUND-WHG (1-877-386-3944)</span>.</span></p> How the Fund and the Predecessor Fund have performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.westwoodfunds.com 1-877-FUND-WHG (1-877-386-3944) Calendar Year Returns – Institutional Shares* <p id="xdx_A89_eoef--BarChartTableTextBlock_zaCjdrYqmAMb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; color: rgb(52,96,148); margin-top: 0; margin-bottom: 0"><img alt="" src="pro-smlpx_001.jpg" style="height: 300px; width: 500px"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></p> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zkay5xge9ORk" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none; text-align: center">Years</th> <th style="display: none; text-align: center">Returns</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2016</td> <td id="xdx_985_eoef--AnnlRtrPct_c20160101__20161231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__oef--ClassAxis__custom--C000237961Member_fKg_____zJVLmli1DYac" style="display: none; text-align: center">42.08%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center; width: 50%">2017</td> <td id="xdx_982_eoef--AnnlRtrPct_c20170101__20171231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__oef--ClassAxis__custom--C000237961Member_fKg_____z25VSwAcniO4" style="display: none; text-align: center; width: 50%">-6.77%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2018</td> <td id="xdx_98D_eoef--AnnlRtrPct_c20180101__20181231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__oef--ClassAxis__custom--C000237961Member_fKg_____zjaPyv8X1Kv7" style="display: none; text-align: center">-18.10%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2019</td> <td id="xdx_98B_eoef--AnnlRtrPct_c20190101__20191231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__oef--ClassAxis__custom--C000237961Member_fKg_____zUjfWG9Pgys7" style="display: none; text-align: center">16.33%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2020</td> <td id="xdx_987_eoef--AnnlRtrPct_c20200101__20201231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__oef--ClassAxis__custom--C000237961Member_fKg_____zeY8eszkoPe5" style="display: none; text-align: center">-17.32%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2021</td> <td id="xdx_98D_eoef--AnnlRtrPct_c20210101__20211231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__oef--ClassAxis__custom--C000237961Member_fKg_____zVnIOB1qDz5i" style="display: none; text-align: center">24.11%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2022</td> <td id="xdx_98C_eoef--AnnlRtrPct_c20220101__20221231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__oef--ClassAxis__custom--C000237961Member_fKg_____zQwdTKF1Ydwg" style="display: none; text-align: center">17.22%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2023</td> <td id="xdx_981_eoef--AnnlRtrPct_c20230101__20231231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__oef--ClassAxis__custom--C000237961Member_fKg_____zG02EH0DFVK6" style="display: none; text-align: center">13.97%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2024</td> <td id="xdx_981_eoef--AnnlRtrPct_c20240101__20241231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__oef--ClassAxis__custom--C000237961Member_fKg_____zMBb1xiN7Zli" style="display: none; text-align: center">37.99%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2025</td> <td id="xdx_985_eoef--AnnlRtrPct_c20250101__20251231__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__oef--ClassAxis__custom--C000237961Member_fKg_____za4PtHgkXYx3" style="display: none; text-align: center">5.24%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin: 0in auto; -sec-ix-redline: true; color: rgb(52,96,148); width: 550px"> <tr style="color: rgb(52,96,148); vertical-align: top; text-align: justify"> <td style="color: rgb(52,96,148); width: 0in"></td><td style="color: rgb(52,96,148); width: 0.25in; text-align: left"><span id="xdx_F08_zyqKOJFBOKj5" style="color: rgb(52,96,148)">*</span></td> <td style="color: rgb(52,96,148); text-align: justify"><span id="xdx_F13_zq576p9ls71g" style="color: rgb(52,96,148)"> <span id="xdx_902_eoef--YearToDateReturnLabel_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000077491Member_zfPUOp4ZXSUa">The Fund’s year-to-date return</span> through <span id="xdx_900_eoef--BarChartYearToDateReturnDate_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000077491Member_zTFuPDf66nsf">December 31, 2025</span> was <span id="xdx_90B_eoef--BarChartYearToDateReturn_dp_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000077491Member_zesJotXmxPIa">5.24%</span>.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></p> 0.4208 -0.0677 -0.1810 0.1633 -0.1732 0.2411 0.1722 0.1397 0.3799 0.0524 The Fund’s year-to-date return 2025-12-31 0.0524 <div id="xdx_A8A_eoef--BarChartClosingTextBlock_zIX2GP3qbvE7"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-left: auto; width: 50%; border-collapse: collapse; margin-right: auto"> <tr style="color: rgb(52,96,148)"> <td style="color: rgb(52,96,148); vertical-align: top; width: 25%; text-align: center"><span style="color: rgb(52,96,148)"><b><span id="xdx_90A_eoef--HighestQuarterlyReturnLabel_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000077491Member_zJB0cc9BZvUg">Best Quarter</span> </b></span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; width: 25%; text-align: center; vertical-align: bottom"><span style="color: rgb(52,96,148)"><b><span id="xdx_903_eoef--LowestQuarterlyReturnLabel_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000077491Member_zsae5J5sKUK8">Worst Quarter</span></b></span></td> </tr> <tr style="color: rgb(52,96,148)"> <td style="color: rgb(52,96,148); vertical-align: top; text-align: center"><span style="color: rgb(52,96,148)"><b><span id="xdx_905_eoef--BarChartHighestQuarterlyReturn_dp_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000077491Member_zHiz5ubyWQTa">29.12%</span></b></span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; white-space: nowrap; text-align: center; vertical-align: bottom"><span style="color: rgb(52,96,148)"><b><span id="xdx_90E_eoef--BarChartLowestQuarterlyReturn_dp_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000077491Member_zSTezJZBH9N9">(42.31)%</span></b></span></td> </tr> <tr style="color: rgb(52,96,148)"> <td style="color: rgb(52,96,148); vertical-align: top; text-align: center"><span style="color: rgb(52,96,148)"><b><span id="xdx_90E_eoef--BarChartHighestQuarterlyReturnDate_dd_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000077491Member_zuIl6n6BCij4">June 30, 2020</span></b></span></td> <td style="color: rgb(52,96,148); vertical-align: bottom; white-space: nowrap; text-align: center; vertical-align: bottom"><span style="color: rgb(52,96,148)"><b><span id="xdx_90C_eoef--BarChartLowestQuarterlyReturnDate_dd_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000077491Member_zDH9ErDBKvb4">March 31, 2020</span></b></span></td> </tr> </table> Best Quarter Worst Quarter 0.2912 -0.4231 2020-06-30 2020-03-31 Average Annual Total Returns for Periods ended December 31, 2025 <p id="xdx_A88_eoef--PerformanceTableNarrativeTextBlock_z1woOZ66Cuc8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; -sec-ix-redline: true; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)">This table compares the Fund’s Institutional, A Class and C Class Shares’ average annual total returns for the periods ended December 31, 2025 to those of an appropriate broad-based index and a secondary index. </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify"><span style="color: rgb(52,96,148)"><span id="xdx_90E_eoef--PerformanceTableUsesHighestFederalRate_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000077491Member_zBqWY1MF1cm3">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_909_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000077491Member_zpI04oa2yShf">Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </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. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (IRAs”). <div id="xdx_A8F_eoef--PerformanceTableTextBlock_z4hWn17rl1l5"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zLH0TgU4hhs1" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; color: rgb(52,96,148); border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="color: rgb(52,96,148); vertical-align: bottom"> <td style="border-bottom: rgb(52,96,148) 1pt solid; vertical-align: bottom; color: rgb(52,96,148); font-weight: bold; text-align: left"><span style="color: rgb(52,96,148)">WESTWOOD SALIENT MLP &amp; ENERGY INFRASTRUCTURE FUND</span></td> <td style="border-bottom: rgb(52,96,148) 1pt solid; color: rgb(52,96,148); font-weight: bold; padding-bottom: 1pt"><span style="color: rgb(52,96,148)"> </span></td> <td id="xdx_493_20250101__20251231_zbjNKtPy7TJ7" style="border-bottom: rgb(52,96,148) 1pt solid; color: rgb(52,96,148); font-weight: bold; text-align: center"><span style="color: rgb(52,96,148)">1 Year</span></td> <td style="border-bottom: rgb(52,96,148) 1pt solid; color: rgb(52,96,148); font-weight: bold; padding-bottom: 1pt"><span style="color: rgb(52,96,148)"> </span></td> <td id="xdx_49D_20210101__20251231_zWNVdgVFyDrc" style="border-bottom: rgb(52,96,148) 1pt solid; color: rgb(52,96,148); font-weight: bold; text-align: center"><span style="color: rgb(52,96,148)">5 Years</span></td> <td style="border-bottom: rgb(52,96,148) 1pt solid; color: rgb(52,96,148); font-weight: bold; padding-bottom: 1pt"><span style="color: rgb(52,96,148)"> </span></td> <td id="xdx_491_20160101__20251231_zkJA2o3047vj" style="border-bottom: rgb(52,96,148) 1pt solid; color: rgb(52,96,148); font-weight: bold; text-align: center"><span style="color: rgb(52,96,148)">10 Years</span></td> </tr> <tr style="color: rgb(52,96,148); vertical-align: bottom"> <td style="vertical-align: top; color: rgb(52,96,148); text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left"><span style="color: rgb(52,96,148)">Institutional</span></td> <td style="color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> </tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_hdei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__oef--ClassAxis__custom--C000237961Member_z6bn58VpHrM6" style="color: rgb(52,96,148); vertical-align: bottom"> <td style="vertical-align: top; color: rgb(52,96,148); text-indent: -0.125in; padding-left: 0.25in; width: 61%; font-weight: bold; text-align: left"><span style="color: rgb(52,96,148)"><span id="xdx_909_eoef--AverageAnnualReturnLabel_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__oef--ClassAxis__custom--C000237961Member_zkWh6LCvpY9">Return Before Taxes</span></span></td> <td style="color: rgb(52,96,148); width: 1%"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); width: 12%; text-align: center"><span style="color: rgb(52,96,148)">5.24%</span></td> <td style="color: rgb(52,96,148); width: 1%"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); width: 12%; text-align: center"><span style="color: rgb(52,96,148)">19.22%</span></td> <td style="color: rgb(52,96,148); width: 1%"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); width: 12%; text-align: center"><span style="color: rgb(52,96,148)">9.65%</span></td> </tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_hdei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__oef--ClassAxis__custom--C000237961Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zEjR7nKrpmFi" style="color: rgb(52,96,148); vertical-align: bottom"> <td style="vertical-align: top; color: rgb(52,96,148); text-indent: -0.125in; padding-left: 0.25in; font-weight: bold; text-align: left"><span style="color: rgb(52,96,148)">Return After Taxes on Distributions</span></td> <td style="color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">4.87%</span></td> <td style="color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">18.44%</span></td> <td style="color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">9.11%</span></td> </tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_hdei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__oef--ClassAxis__custom--C000237961Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zsi0O58mt6wc" style="color: rgb(52,96,148); vertical-align: bottom"> <td style="vertical-align: top; color: rgb(52,96,148); text-indent: -0.125in; padding-left: 0.25in; font-weight: bold; text-align: left"><span style="color: rgb(52,96,148)">Return After Taxes on Distributions and Sale of Fund Shares</span></td> <td style="color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">3.36%</span></td> <td style="color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">15.38%</span></td> <td style="color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">7.73%</span></td> </tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_hdei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__oef--ClassAxis__custom--C000237961Member__oef--PerformanceMeasureAxis__custom--SAndP500IndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zuoJfE0S0QW" style="color: rgb(52,96,148); vertical-align: bottom"> <td style="vertical-align: top; color: rgb(52,96,148); text-indent: -0.125in; padding-left: 0.25in; font-weight: bold; text-align: left"><span style="color: rgb(52,96,148)"><b>S&amp;P 500^® Index (<span id="xdx_909_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__dei--LegalEntityAxis__custom--S000077491Member_z8SyR0ADZJFh">reflects no deduction for fees, expenses or taxes</span></b></span><b><span style="color: rgb(52,96,148)">)</span></b></td> <td style="color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">17.88%</span></td> <td style="color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">14.42%</span></td> <td style="color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">14.82%</span></td> </tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_hdei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__oef--ClassAxis__custom--C000237961Member__oef--PerformanceMeasureAxis__custom--AlerianMidstreamEnergySelectIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zjMgCeNjEzs9" style="color: rgb(52,96,148); vertical-align: bottom"> <td style="vertical-align: top; color: rgb(52,96,148); text-indent: -0.125in; padding-left: 0.25in; font-weight: bold; text-align: left"><span style="color: rgb(52,96,148)"><b>Alerian Midstream Energy Select Index (reflects no deduction for fees, expenses or taxes)</b></span></td> <td style="color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">6.58%</span></td> <td style="color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">24.26%</span></td> <td style="color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">12.70%</span></td> </tr> </table> <p style="margin: 0"> </p> <p style="margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; color: rgb(52,96,148); border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="border-bottom: #346094 1pt solid; width: 61%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #346094"><b>WESTWOOD SALIENT MLP &amp; ENERGY INFRASTRUCTURE FUND</b></span></td> <td style="border-bottom: #346094 1pt solid; width: 1%"> </td> <td style="border-bottom: #346094 1pt solid; text-align: center; width: 12%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #346094"><b>1 Year</b></span></td> <td style="border-bottom: #346094 1pt solid; width: 1%"> </td> <td style="border-bottom: #346094 1pt solid; text-align: center; width: 12%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #346094"><b>5 Years</b></span></td> <td style="border-bottom: #346094 1pt solid; width: 1%"> </td> <td style="border-bottom: #346094 1pt solid; text-align: center; width: 12%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #346094"><b>10 Years</b></span></td></tr> <tr style="color: rgb(52,96,148); vertical-align: bottom"> <td style="vertical-align: top; color: rgb(52,96,148); text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; width: 61%"><span style="color: rgb(52,96,148)">A Class</span></td> <td style="color: rgb(52,96,148); width: 1%"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center; width: 12%"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); width: 1%"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center; width: 12%"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); width: 1%"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center; width: 12%"><span style="color: rgb(52,96,148)"> </span></td> </tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_hdei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__oef--ClassAxis__custom--C000237964Member_zDrYoa6Gwgkh" style="color: rgb(52,96,148); vertical-align: bottom"> <td style="vertical-align: top; color: rgb(52,96,148); text-indent: -0.125in; padding-left: 0.25in; font-weight: bold; text-align: left"><span style="color: rgb(52,96,148)"><span id="xdx_907_eoef--AverageAnnualReturnLabel_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__oef--ClassAxis__custom--C000237964Member_zqEblax86Mmh">Return Before Taxes</span></span></td> <td style="color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">4.95%</span></td> <td style="color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">18.91%</span></td> <td style="color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">9.40%</span></td> </tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_hdei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__oef--ClassAxis__custom--C000237964Member__oef--PerformanceMeasureAxis__custom--SAndP500IndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zc1GCYnvmGm8" style="color: rgb(52,96,148); vertical-align: bottom"> <td style="vertical-align: top; color: rgb(52,96,148); text-indent: -0.125in; padding-left: 0.25in; font-weight: bold; text-align: left"><span style="color: rgb(52,96,148)"><b>S&amp;P 500^® Index (reflects no deduction for fees, expenses or taxes)</b></span></td> <td style="color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">17.88%</span></td> <td style="color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">14.42%</span></td> <td style="color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">14.82%</span></td> </tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_hdei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__oef--ClassAxis__custom--C000237964Member__oef--PerformanceMeasureAxis__custom--AlerianMidstreamEnergySelectIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zYsC7PZMGJ93" style="color: rgb(52,96,148); vertical-align: bottom"> <td style="vertical-align: top; color: rgb(52,96,148); text-indent: -0.125in; padding-left: 0.25in; font-weight: bold; text-align: left"><span style="color: rgb(52,96,148)"><b>Alerian Midstream Energy Select Index (reflects no deduction for fees, expenses or taxes)</b></span></td> <td style="color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">6.58%</span></td> <td style="color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">24.26%</span></td> <td style="color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">12.70%</span></td> </tr> <tr style="color: rgb(52,96,148); vertical-align: bottom"> <td style="vertical-align: top; color: rgb(52,96,148); text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> </tr> <tr style="color: rgb(52,96,148); vertical-align: bottom"> <td style="vertical-align: top; color: rgb(52,96,148); text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left"><span style="color: rgb(52,96,148)">C Class</span></td> <td style="color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)"> </span></td> </tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_hdei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__oef--ClassAxis__custom--C000237963Member_zZrjBTIBmcR3" style="color: rgb(52,96,148); vertical-align: bottom"> <td style="vertical-align: top; color: rgb(52,96,148); text-indent: -0.125in; padding-left: 0.25in; font-weight: bold; text-align: left"><span style="color: rgb(52,96,148)"><span id="xdx_902_eoef--AverageAnnualReturnLabel_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__oef--ClassAxis__custom--C000237963Member_zvAJNcB1TdV7">Return Before Taxes</span></span></td> <td style="color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">4.18%</span></td> <td style="color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">18.03%</span></td> <td style="color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">8.56%</span></td> </tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_hdei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__oef--ClassAxis__custom--C000237963Member__oef--PerformanceMeasureAxis__custom--SAndP500IndexReflectsNoDeductionForFeesExpensesOrTaxesMember_z9TCgfz81Fii" style="color: rgb(52,96,148); vertical-align: bottom"> <td style="vertical-align: top; color: rgb(52,96,148); text-indent: -0.125in; padding-left: 0.25in; font-weight: bold; text-align: left"><span style="color: rgb(52,96,148)"><b>S&amp;P 500^® Index (reflects no deduction for fees, expenses or taxes)</b></span></td> <td style="color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">17.88%</span></td> <td style="color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">14.42%</span></td> <td style="color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">14.82%</span></td> </tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_hdei--DocumentInformationDocumentAxis__custom--InstitutionalSharesClassASharesAndClassCSharesMember__oef--ClassAxis__custom--C000237963Member__oef--PerformanceMeasureAxis__custom--AlerianMidstreamEnergySelectIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zD6WxxKbJ2jg" style="color: rgb(52,96,148); vertical-align: bottom"> <td style="vertical-align: top; color: rgb(52,96,148); text-indent: -0.125in; padding-left: 0.25in; font-weight: bold; text-align: left"><span style="color: rgb(52,96,148)"><b>Alerian Midstream Energy Select Index (reflects no deduction for fees, expenses or taxes)</b></span></td> <td style="color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">6.58%</span></td> <td style="color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">24.26%</span></td> <td style="color: rgb(52,96,148)"><span style="color: rgb(52,96,148)"> </span></td> <td style="color: rgb(52,96,148); text-align: center"><span style="color: rgb(52,96,148)">12.70%</span></td> </tr> </table> Return Before Taxes 0.0524 0.1922 0.0965 0.0487 0.1844 0.0911 0.0336 0.1538 0.0773 reflects no deduction for fees, expenses or taxes 0.1788 0.1442 0.1482 0.0658 0.2426 0.1270 Return Before Taxes 0.0495 0.1891 0.0940 0.1788 0.1442 0.1482 0.0658 0.2426 0.1270 Return Before Taxes 0.0418 0.1803 0.0856 0.1788 0.1442 0.1482 0.0658 0.2426 0.1270 WESTWOOD QUALITY VALUE FUND Fund Investment Objective <p id="xdx_A87_eoef--ObjectivePrimaryTextBlock_zySuRIgjShM9" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The investment objective of the Westwood Quality Value Fund (the “Fund” or “Value Fund”) is to seek long-term capital appreciation.</span></p> Fund Fees and Expenses <p id="xdx_A86_eoef--ExpenseNarrativeTextBlock_zf9w1NkIscy8" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This table describes the fees and expenses that you may pay if you buy, hold and sell Ultra Shares of the Fund. <b>You may be required to pay commissions and/or other forms of compensation to a broker for transactions in Ultra Shares, which are not reflected in the table or the example below. </b>Shares of the Fund are available in other share classes that have different fees and expenses.</span></p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A87_eoef--AnnualFundOperatingExpensesTableTextBlock_z2XWT3powkE1"></div> <table cellpadding="3" cellspacing="0" id="xdx_A52_dU_zVmfkuHzUr5g" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; color: rgb(52,96,148); width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); background-color: #DCDCDC"> <td style="border: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top; width: 88%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_496_20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__dei--LegalEntityAxis__custom--S000072844Member__oef--ClassAxis__custom--C000240108Member_zCWgP841qF6c" style="border-top: #346094 1pt solid; border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 12%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Ultra Shares</b></span></td></tr> <tr id="xdx_40D_eoef--ManagementFeesOverAssets_dpn_zGh2pm8MHVn5" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: top"> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management Fees</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.50%</span></td></tr> <tr id="xdx_400_eoef--OtherExpensesOverAssets_dpn_zdaCQi5pIud2" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: top"> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.13%</span></td></tr> <tr id="xdx_403_eoef--ExpensesOverAssets_dpn_zwMPRkaZuVdi" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: top"> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.63%</span></td></tr> <tr id="xdx_408_eoef--FeeWaiverOrReimbursementOverAssets_dpn_ziSYclCqntc9" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: top"> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Less Fee Reductions and/or Expense Reimbursements<sup id="xdx_F48_z1kfCdmHODC9">1</sup></span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(0.08)%</span></td></tr> <tr id="xdx_40E_eoef--NetExpensesOverAssets_dpn_zeDsmT4Zdp46" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: top"> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses After Fee Reductions and/or Expense Reimbursements</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.55%</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; color: rgb(52,96,148); width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: justify; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F03_znJK43stf63d">1</sup></span></td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: justify"><span id="xdx_F16_zafEFmMBiGHk" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> Westwood Management Corp. (the “Adviser”) has contractually agreed to reduce fees and reimburse expenses in order to keep Total Annual Fund Operating Expenses for Ultra Shares (excluding interest, taxes, brokerage commissions, Rule 12b-1 distribution fees (if any), administrative servicing fees (if any), borrowing expenses such as dividend and interest expenses on securities sold short, Acquired Fund fees and expenses, costs to organize the Fund, other expenditures which are capitalized in accordance with generally accepted accounting principles, and extraordinary expenses (collectively, “excluded expenses”)) from exceeding 0.55% of the Fund’s Ultra Shares’ average daily net assets until <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A"><span id="xdx_905_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__dei--LegalEntityAxis__custom--S000072844Member_zziVDmPqxXZh">March 1, 2027</span></span>. 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 36-month 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 Ultimus Managers Trust (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 will terminate automatically if the Fund’s investment advisory agreement with the Adviser is terminated.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.0050 0.0013 0.0063 -0.0008 0.0055 March 1, 2027 Example <p id="xdx_A8B_eoef--ExpenseExampleNarrativeTextBlock_zWJGUFjjEeWh" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span></p> 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 and the contractual agreement to limit expenses remains in effect until March 1, 2027. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A80_eoef--ExpenseExampleWithRedemptionTableTextBlock_zIGlBawYXOyh"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5A_dU_z3QWU9aRwaBc" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; color: rgb(52,96,148); width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: top; background-color: #DCDCDC"> <td id="xdx_488_eoef--ExpenseExampleYear01_zmLNHbIRiOY5" style="border: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 25%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1 Year</b></span></td> <td id="xdx_48F_eoef--ExpenseExampleYear03_zfUdXzZVhWfj" style="border-top: #346094 1pt solid; border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 25%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3 Years</b></span></td> <td id="xdx_484_eoef--ExpenseExampleYear05_zWLEgcwGWJ1k" style="border-top: #346094 1pt solid; border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 25%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5 Years</b></span></td> <td id="xdx_48D_eoef--ExpenseExampleYear10_z7bpgqE8d40i" style="border-top: #346094 1pt solid; border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 25%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10 Years</b></span></td></tr> <tr id="xdx_41C_20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__dei--LegalEntityAxis__custom--S000072844Member__oef--ClassAxis__custom--C000240108Member_zbltFiuML5P2" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom"> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$56</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$194</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$343</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$779</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"> </p> 56 194 343 779 Portfolio Turnover <p id="xdx_A8E_eoef--PortfolioTurnoverTextBlock_zkjVPSsaUNEd" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover 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 ended October 31, 2025, the portfolio turnover rate of the Fund was <span id="xdx_90D_eoef--PortfolioTurnoverRate_dp_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__dei--LegalEntityAxis__custom--S000072844Member_zatGdPE8wwpc">77%</span> of the average value of its portfolio.</span></p> 0.77 Principal Investment Strategies <p id="xdx_A82_eoef--StrategyNarrativeTextBlock_zrXuYlB2T3b4" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in common stocks and other equity securities of large capitalization companies. This investment policy may be changed by the Fund upon 60 days’ prior written notice to shareholders. The Fund considers large capitalization companies to be companies that have market capitalizations of greater than $5 billion at the time of initial purchase. The equity securities in which the Fund invests are primarily common stocks, but may also include real estate investment trusts (“REITs”), and master limited partnerships (“MLPs”). The Fund generally invests in equity securities of domestic companies, but may also invest in equity securities of foreign companies and American Depositary Receipts (“ADRs”). In the event that the Fund invests in foreign securities and ADRs, the Adviser expects that the Fund’s investments in such securities would normally represent less than 25% of the Fund’s assets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund invests in approximately 40-60 securities that are well diversified among market sectors. The Adviser utilizes a value style of investing to select securities for the Fund that it believes are undervalued, generally maintain high-quality characteristics, and offer an attractive opportunity for price appreciation coupled with downside risk limitation. Value investing focuses on companies with stocks that appear undervalued in light of factors such as the company’s earnings, book values, revenues and cash flow. The Fund considers quality characteristics from a quantitative perspective, such as free cash flow generation, attractive returns on capital, and conservative balance sheets. Additionally, from a qualitative perspective, quality characteristics include strong management teams, durable competitive advantages, and reasonable growth prospects. Key metrics for evaluating the risk/return profile of an investment may include strong free cash flow, an improving return on equity, a strengthening balance sheet and, in the case of common equities, positive earnings surprises without a corresponding change in the stock price. The Adviser has disciplines in place that serve as sell signals, such as a security reaching a predetermined price target or a change to a company’s fundamentals that negatively impacts the original investment thesis. The Adviser will not necessarily sell a security that has depreciated below the stated market capitalization defined above.</span></p> <p id="xdx_A8A_eoef--RiskTextBlock_z8DZCnzIYfhd" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As with all mutual funds, there is no guarantee that the Fund will achieve its investment objective. <span id="xdx_903_eoef--RiskTextBlock_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__dei--LegalEntityAxis__custom--S000072844Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zXWu0fYrXuMh">You could lose money by investing in the Fund.</span> <b><span id="xdx_90E_eoef--RiskTextBlock_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__dei--LegalEntityAxis__custom--S000072844Member__oef--RiskAxis__oef--RiskNotInsuredDepositoryInstitutionMember_zelp5KXZoEv7">A Fund share is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency.</span></b> The principal risk factors affecting shareholders’ investments in the Fund are set forth below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_914_exdx--NextElement_zcVwjgouUt69"></span></div> You could lose money by investing in the Fund. A Fund share is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency. <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquityRiskMember_zKACtXjcDakc" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Equity Risk –</b> 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 military action, 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 style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_917_exdx--NextElement_zeCcUDQbRLZ9"></span></div> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationCompanyRiskMember_z3Mbtasf8drg" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Large Capitalization Company Risk</b> – The large capitalization companies in which the Fund invests 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 style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_916_exdx--NextElement_zxCXDpkTZYo3"></span></div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_z6mgeAZk4Q8f" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Market Risk <i>– </i></b>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 military action, 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 style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_916_exdx--NextElement_zlcdmaNaj9D3"></span></div> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--RealEstateSecuritiesAndREITRiskMember_zmtFPPzoqv25" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="-sec-ix-redline: true; font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Real Estate Securities and REIT Risk – </b>A Fund that focuses its investments in opportunities in the real estate industry or otherwise invests in real estate-related securities has certain risks associated with investments in entities focused on real estate activities. REITs are pooled investment vehicles that own, and usually operate, income producing real estate. 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. REITs typically incur fees that are separate from those of the Fund. Accordingly, the Fund’s investments in REITs will result in the layering of expenses such that shareholders will indirectly bear a proportionate share of the REITs’ operating expenses, in addition to paying Fund expenses. REIT operating expenses are not reflected in the fee table and example in this Prospectus.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_918_exdx--NextElement_zRFRweg5DEvg"></span></div> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--MLPRiskMember_zQxekl5qrqB5" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>MLP Risk – </b>MLPs are limited partnerships in which the ownership units are publicly traded. MLPs often own several properties or businesses (or own interests) that are related to oil and gas industries or other natural resources, but they also may finance other projects. To the extent that an MLP’s interests are all in a particular industry or industries, such as the energy industries, the MLP will be negatively impacted by economic events adversely impacting that industry or industries. Additional risks of investing in an MLP also include those involved in investing in a partnership as opposed to a corporation. For example, state law governing partnerships is often less restrictive than state law governing corporations. Accordingly, there may be fewer protections afforded to investors in a MLP than investors in a corporation. For example, investors in MLPs may have limited voting rights or be liable under certain circumstances for amounts greater than the amount of their investment. In addition, 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: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_918_exdx--NextElement_zOvDyzQXsK9h"></span></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--SectorRiskMember_zffN3BkntfQ9" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> Sector Risk – </b>The Fund may, at times, be more heavily invested in certain sectors. When the Fund emphasizes investment in one or more sectors, the value of its net assets will be more susceptible to the financial, market or economic events affecting issuers and industries within those sectors than would be the case for mutual funds that do not emphasize investment in particular sectors. As of October 31, 2025, 20.2% of the Fund’s net assets were invested in stocks within the financials sector. The values of securities of companies in the financials sector may be adversely impacted by many factors, including, among others, changes in government regulations, economic conditions, and interest rates, credit rating downgrades, adverse public perception, exposure concentration and decreased liquidity in credit markets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_91F_exdx--NextElement_zLwVDPHAs9oa"></span></div> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValueInvestingRiskMember_zWOVafVrSsmb" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Value Investing Risk – </b>Investments in value stocks present the risk that a stock may decline in value or never reach the value the Adviser believes is its full market value. In addition, the Fund’s value investment style may go out of favor with investors.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_915_exdx--NextElement_zoAiUlchk7Nk"></span></div> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_zte9U8gxcLRd" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><b>Foreign Securities Risk</b> <b>–</b> Investing in foreign securities, including direct investments and through ADRs, which are traded on exchanges and represent an ownership interest 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. 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 ADRs provide an alternative to directly 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 style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_910_exdx--NextElement_zz9Kw9f1Ch35"></span></div> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignCurrencyRiskMember_zgG05lyZoTR8" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Foreign Currency Risk –</b> 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> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_91C_exdx--NextElement_zU9SHbKpvOBb"></span></div> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--GeographicFocusRiskMember_zPO9OHxuQxue" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><b>Geographic Focus Risk</b> – 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.</p> Performance Information <p id="xdx_A86_eoef--PerformanceNarrativeTextBlock_zpYpqigPrQM8" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_900_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__dei--LegalEntityAxis__custom--S000072844Member_zP2eKC4mM8i2">The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in the performance of the Ultra Shares of the Fund from year-to-year and by showing how the average annual returns for 1-year and since inception of the Fund compare with those of the Russell 3000^® Index and Russell 1000^® Value Index.</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The performance shown in the bar chart and table for periods prior to November 1, 2021 represents the performance of the Institutional Shares of the Westwood Quality Value Fund, a series of The Advisors’ Inner Circle Fund (the “Predecessor Fund”). The Fund is the successor to the Predecessor Fund through a reorganization with the Fund on November 1, 2021 (the “2021 Reorganization”). <span id="xdx_908_eoef--PerformancePastDoesNotIndicateFuture_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__dei--LegalEntityAxis__custom--S000072844Member_z4ZreuDO44U">How the Fund and the Predecessor Fund have performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Updated performance information is available on the Fund’s website at <span id="xdx_90C_eoef--PerformanceAvailabilityWebSiteAddress_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__dei--LegalEntityAxis__custom--S000072844Member_zEFdWyyAhVSh">www.westwoodfunds.com</span> </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">or by calling <span id="xdx_909_eoef--PerformanceAvailabilityPhone_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__dei--LegalEntityAxis__custom--S000072844Member_zFgOWMI9Uhdi">1-877-FUND-WHG (1-877-386-3944)</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</span></p> The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in the performance of the Ultra Shares of the Fund from year-to-year and by showing how the average annual returns for 1-year and since inception of the Fund compare with those of the Russell 3000® Index and Russell 1000® Value Index. How the Fund and the Predecessor Fund have performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.westwoodfunds.com 1-877-FUND-WHG (1-877-386-3944) Calendar Year Returns* <p id="xdx_A87_eoef--BarChartTableTextBlock_zdQRvo6Xb1xe" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img alt="" src="pro-whgqx_001.jpg" style="height: 257px; width: 500px"/></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zuoPhDtbDvmk" style="font: 11pt Calibri, Helvetica, Sans-Serif; color: rgb(52,96,148); width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: top"> <td style="display: none; width: 50%; padding-right: 5.4pt; padding-left: 5.4pt">Year</td> <td style="display: none; width: 50%; padding-right: 5.4pt; padding-left: 5.4pt">Return<sup style="display: none">*</sup></td></tr> <tr style="display: none; vertical-align: top"> <td style="display: none; padding-right: 5.4pt; padding-left: 5.4pt"><span style="display: none; font-size: 10pt">Annual Return 2016</span></td> <td id="xdx_983_eoef--AnnlRtrPct_c20160101__20161231__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__oef--ClassAxis__custom--C000240108Member_fKg_____zB3NfQoljUY2" style="display: none; padding-right: 5.4pt; padding-left: 5.4pt">10.93%</td></tr> <tr style="display: none; vertical-align: top"> <td style="display: none; padding-right: 5.4pt; padding-left: 5.4pt"><span style="display: none; font-size: 10pt">Annual Return 2017</span></td> <td id="xdx_989_eoef--AnnlRtrPct_c20170101__20171231__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__oef--ClassAxis__custom--C000240108Member_fKg_____zBuzn2X5Zyic" style="display: none; padding-right: 5.4pt; padding-left: 5.4pt">20.85%</td></tr> <tr style="display: none; vertical-align: top"> <td style="display: none; padding-right: 5.4pt; padding-left: 5.4pt"><span style="display: none; font-size: 10pt">Annual Return 2018</span></td> <td id="xdx_98D_eoef--AnnlRtrPct_c20180101__20181231__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__oef--ClassAxis__custom--C000240108Member_fKg_____zPxKueD10Ivb" style="display: none; padding-right: 5.4pt; padding-left: 5.4pt">-6.04%</td></tr> <tr style="display: none; vertical-align: top"> <td style="display: none; padding-right: 5.4pt; padding-left: 5.4pt"><span style="display: none; font-size: 10pt">Annual Return 2019</span></td> <td id="xdx_98D_eoef--AnnlRtrPct_c20190101__20191231__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__oef--ClassAxis__custom--C000240108Member_fKg_____zSl2O8THZBu1" style="display: none; padding-right: 5.4pt; padding-left: 5.4pt">27.35%</td></tr> <tr style="display: none; vertical-align: top"> <td style="display: none; padding-right: 5.4pt; padding-left: 5.4pt"><span style="display: none; font-size: 10pt">Annual Return 2020</span></td> <td id="xdx_985_eoef--AnnlRtrPct_c20200101__20201231__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__oef--ClassAxis__custom--C000240108Member_fKg_____ziK4yXgNaqR7" style="display: none; padding-right: 5.4pt; padding-left: 5.4pt">2.73%</td></tr> <tr style="display: none; vertical-align: top"> <td style="display: none; padding-right: 5.4pt; padding-left: 5.4pt"><span style="display: none; font-size: 10pt">Annual Return 2021</span></td> <td id="xdx_981_eoef--AnnlRtrPct_c20210101__20211231__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__oef--ClassAxis__custom--C000240108Member_fKg_____zW68Q2pElBrj" style="display: none; padding-right: 5.4pt; padding-left: 5.4pt">23.79%</td></tr> <tr style="display: none; vertical-align: top"> <td style="display: none; padding-right: 5.4pt; padding-left: 5.4pt"><span style="display: none; font-size: 10pt">Annual Return 2022</span></td> <td id="xdx_98F_eoef--AnnlRtrPct_c20220101__20221231__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__oef--ClassAxis__custom--C000240108Member_fKg_____zu2okgo9ggF9" style="display: none; padding-right: 5.4pt; padding-left: 5.4pt">-5.66%</td></tr> <tr style="display: none; vertical-align: top"> <td style="display: none; padding-right: 5.4pt; padding-left: 5.4pt">Annual Return 2023</td> <td id="xdx_98D_eoef--AnnlRtrPct_c20230101__20231231__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__oef--ClassAxis__custom--C000240108Member_fKg_____zJhQ0se85RHe" style="display: none; padding-right: 5.4pt; padding-left: 5.4pt">8.92%</td></tr> <tr style="display: none; vertical-align: top"> <td style="display: none; padding-right: 5.4pt; padding-left: 5.4pt">Annual Return 2024</td> <td id="xdx_983_eoef--AnnlRtrPct_c20240101__20241231__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__oef--ClassAxis__custom--C000240108Member_fKg_____zu24fWpeV4s7" style="display: none; padding-right: 5.4pt; padding-left: 5.4pt">10.41%</td></tr> <tr style="display: none; vertical-align: top"> <td style="display: none; padding-right: 5.4pt; padding-left: 5.4pt">Annual Return 2025</td> <td id="xdx_989_eoef--AnnlRtrPct_c20250101__20251231__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__oef--ClassAxis__custom--C000240108Member_fKg_____ziSr0yDHU7b1" style="display: none; padding-right: 5.4pt; padding-left: 5.4pt">5.80%</td></tr> </table> <div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin: 0in auto; -sec-ix-redline: true; color: rgb(52,96,148); width: 550px"> <tr style="color: rgb(52,96,148); vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span id="xdx_F0D_zcgmv12fBJA1" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td> <td style="text-align: justify"><span id="xdx_F18_znAD5TqrNEfc" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_90A_eoef--YearToDateReturnLabel_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__dei--LegalEntityAxis__custom--S000072844Member_zRUMy1UWP6k5">The Fund’s year-to-date return</span> through <span id="xdx_909_eoef--BarChartYearToDateReturnDate_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__dei--LegalEntityAxis__custom--S000072844Member_zS9AFOtVyRv7">December 31, 2025</span> was <span id="xdx_90A_eoef--BarChartYearToDateReturn_dp_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__dei--LegalEntityAxis__custom--S000072844Member_zJaD3kXsoTf5">5.80%</span>.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.1093 0.2085 -0.0604 0.2735 0.0273 0.2379 -0.0566 0.0892 0.1041 0.0580 The Fund’s year-to-date return 2025-12-31 0.0580 <div id="xdx_A8C_eoef--BarChartClosingTextBlock_zoWa0Q8Z9hg1"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-left: auto; width: 50%; border-collapse: collapse; margin-right: auto"> <tr style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); width: 25%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_90C_eoef--HighestQuarterlyReturnLabel_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__dei--LegalEntityAxis__custom--S000072844Member_z6CtV3GIJyS3">Best Quarter</span></b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); width: 25%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_90B_eoef--LowestQuarterlyReturnLabel_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__dei--LegalEntityAxis__custom--S000072844Member_zQNOX6zX7dAa">Worst Quarter</span></b></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_90E_eoef--BarChartHighestQuarterlyReturn_dp_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__dei--LegalEntityAxis__custom--S000072844Member_z5Tb6fD1jNH1">8.66%</span></b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_902_eoef--BarChartLowestQuarterlyReturn_dp_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__dei--LegalEntityAxis__custom--S000072844Member_zTnFLi59JlK5">(3.17)%</span></b></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148)"> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(<span id="xdx_904_eoef--BarChartHighestQuarterlyReturnDate_dd_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__dei--LegalEntityAxis__custom--S000072844Member_zGOZ5QLFujK4">12/31/2023</span>)</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(<span id="xdx_907_eoef--BarChartLowestQuarterlyReturnDate_dd_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__dei--LegalEntityAxis__custom--S000072844Member_zcYye1Jza8ol">09/30/2023</span>)</b></span></td></tr> </table> Best Quarter Worst Quarter 0.0866 -0.0317 2023-12-31 2023-09-30 Average Annual Total Returns for Periods Ended December 31, 2025 <p id="xdx_A82_eoef--PerformanceTableNarrativeTextBlock_zD9ZOjvj2zAi" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This table compares the Fund’s Ultra Shares’ average annual total returns for the periods ended December 31, 2025 to those of an appropriate broad-based index and a secondary index.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_eoef--PerformanceTableUsesHighestFederalRate_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__dei--LegalEntityAxis__custom--S000072844Member_zF1UhMC0iBN6">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_905_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__dei--LegalEntityAxis__custom--S000072844Member_z5Hv7FfAlr7j">Your actual after-tax returns will depend on your 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></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </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. Your actual after-tax returns will depend on your 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”). <div id="xdx_A86_eoef--PerformanceTableTextBlock_zRMAVXW5HWu3"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zrOJsX3wm3Z7" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; color: rgb(52,96,148); width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148)"> <td style="border-bottom: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; width: 74%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>WESTWOOD QUALITY VALUE FUND – ULTRA SHARES</b></span></td> <td style="border-bottom: #346094 1pt solid; text-align: center; width: 1%; vertical-align: bottom"> </td> <td id="xdx_492_20250101__20251231_zpIX1wE1R8Xk" style="border-bottom: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 12%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1 Year</b></span></td> <td style="border-bottom: #346094 1pt solid; text-align: center; width: 1%; vertical-align: bottom"> </td> <td id="xdx_49F_20221130__20251231_zDZLB5LicZ36" style="border-bottom: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom; width: 12%"> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Since Inception</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(<span id="xdx_907_eoef--PerfInceptionDate_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__oef--ClassAxis__custom--C000240108Member_zHwdx43U8aA2">November 30, 2022</span>)</b></span></p></td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_hdei--DocumentInformationDocumentAxis__custom--UltraSharesMember__oef--ClassAxis__custom--C000240108Member_zhi8eqGG9ubj" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148)"> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fund <span id="xdx_900_eoef--AverageAnnualReturnLabel_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__oef--ClassAxis__custom--C000240108Member_zSc0NbbC88O">Returns Before Taxes</span></b></span></td> <td style="text-align: center; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.80%</span></td> <td style="text-align: center; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.43%</span></td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_hdei--DocumentInformationDocumentAxis__custom--UltraSharesMember__oef--ClassAxis__custom--C000240108Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_z0sXuGawB2kk" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148)"> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fund Returns After Taxes on Distributions</b></span></td> <td style="text-align: center; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.22%</span></td> <td style="text-align: center; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.89%</span></td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_hdei--DocumentInformationDocumentAxis__custom--UltraSharesMember__oef--ClassAxis__custom--C000240108Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zgAL3Xj9iml1" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148)"> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fund Returns After Taxes on Distributions and Sale of Fund Shares</b></span></td> <td style="text-align: center; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.74%</span></td> <td style="text-align: center; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.90%</span></td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_hdei--DocumentInformationDocumentAxis__custom--UltraSharesMember__oef--PerformanceMeasureAxis__custom--Russell3000IndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zBmZDce4aKyj" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148)"> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top"><b>Russell 3000^® Index (<span id="xdx_905_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__dei--LegalEntityAxis__custom--S000072844Member_z6fWXOjCnvU">reflects no deduction for fees, expenses, or taxes</span></b><b>)</b></td> <td style="text-align: center; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center">17.15%</td> <td style="text-align: center; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center">19.22%</td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_hdei--DocumentInformationDocumentAxis__custom--UltraSharesMember__oef--PerformanceMeasureAxis__custom--Russell1000ValueIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_znnI9FfVBIP6" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148)"> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Russell 1000^® Value Index<span> </span> </b></span><b> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(reflects no deduction for fees, expenses, or taxes)</span></b></td> <td style="text-align: center; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.91%</span></td> <td style="text-align: center; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.99%</span></td></tr> </table> 2022-11-30 Returns Before Taxes 0.0580 0.0643 0.0122 0.0389 0.0674 0.0490 reflects no deduction for fees, expenses, or taxes 0.1715 0.1922 0.1591 0.1199 WESTWOOD QUALITY SMIDCAP FUND Fund Investment Objective <p id="xdx_A87_eoef--ObjectivePrimaryTextBlock_zScec8dalm89" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The investment objective of the Westwood Quality SMidCap Fund (the “Fund” or “SMidCap Fund”) is to seek long-term capital appreciation.</span></p> Fund Fees and Expenses <p id="xdx_A84_eoef--ExpenseNarrativeTextBlock_zn19CiQNH6gi" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This table describes the fees and expenses that you may pay if you buy, hold and sell Ultra Shares of the Fund. <b>You may be required to pay commissions and/or other forms of compensation to a broker for transactions in Ultra Shares, which are not reflected in the table or the example below. </b>Shares of the Fund are available in other share classes that have different fees and expenses.</span></p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A83_eoef--AnnualFundOperatingExpensesTableTextBlock_zljfXhrXgFn8"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5C_dU_z6sGwybgYHci" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; color: rgb(52,96,148); width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); background-color: #DCDCDC"> <td style="border: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top; width: 88%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_49F_20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__dei--LegalEntityAxis__custom--S000072843Member__oef--ClassAxis__custom--C000229479Member_zG1QPhORclT4" style="border-top: #346094 1pt solid; border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 12%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Ultra Shares</b></span></td></tr> <tr id="xdx_40D_eoef--ManagementFeesOverAssets_dpn_z8zXuCYtsxy3" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: top"> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management Fees</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.75%</span></td></tr> <tr id="xdx_400_eoef--OtherExpensesOverAssets_dpn_zGcHQ6FhrBni" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: top"> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.15%</span></td></tr> <tr id="xdx_403_eoef--ExpensesOverAssets_dpn_zhuq3s95CXI8" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: top"> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.90%</span></td></tr> <tr id="xdx_408_eoef--FeeWaiverOrReimbursementOverAssets_dpn_z8N88FlzWQj4" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: top"> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Less Fee Reductions and/or Expense Reimbursements<sup id="xdx_F49_znkNX7jBeJo9">1</sup></span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(0.22)%</span></td></tr> <tr id="xdx_40E_eoef--NetExpensesOverAssets_dpn_zyCZxQlKfVNa" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: top"> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses After Fee Reductions and/or Expense Reimbursements</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.68%</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; color: rgb(52,96,148); width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: justify; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F07_zYJRqICuv9G4">1</sup></span> </td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: justify"><span id="xdx_F17_zSEv4x9x6bH2" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> Westwood Management Corp. (the “Adviser”) has contractually agreed to reduce fees and reimburse expenses in order to keep Total Annual Fund Operating Expenses for Ultra Shares (excluding interest, taxes, brokerage commissions, Rule 12b-1 distribution fees (if any), administrative servicing fees (if any), borrowing expenses such as dividend and interest expenses on securities sold short, Acquired Fund fees and expenses, costs to organize the Fund, other expenditures which are capitalized in accordance with generally accepted accounting principles, and extraordinary expenses (collectively, “excluded expenses”)) from exceeding 0.68% of the Fund’s Ultra Shares’ average daily net assets until <span id="xdx_90C_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__dei--LegalEntityAxis__custom--S000072843Member_zqR4hSJMnPTb">March 1, 2027</span>. 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 36-month 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 Ultimus Managers Trust (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 will terminate automatically if the Fund’s investment advisory agreement with the Adviser is terminated.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.0075 0.0015 0.0090 -0.0022 0.0068 March 1, 2027 Example <p id="xdx_A87_eoef--ExpenseExampleNarrativeTextBlock_zG6PREktcLQh" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same and the contractual agreement to limit expenses remains in effect until March 1, 2027. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A86_eoef--ExpenseExampleWithRedemptionTableTextBlock_zFydtcCbBK0e"></div> <table cellpadding="3" cellspacing="0" id="xdx_A50_dU_zf5BnrGVF4gh" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; color: rgb(52,96,148); width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: top; background-color: #DCDCDC"> <td id="xdx_48B_eoef--ExpenseExampleYear01_zn82YajT8Lra" style="border: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 25%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1 Year</b></span></td> <td id="xdx_486_eoef--ExpenseExampleYear03_ziaL110TsDjf" style="border-top: #346094 1pt solid; border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 25%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3 Years</b></span></td> <td id="xdx_48B_eoef--ExpenseExampleYear05_ztMhlrvOivpb" style="border-top: #346094 1pt solid; border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 25%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5 Years</b></span></td> <td id="xdx_487_eoef--ExpenseExampleYear10_zRRUr3bT7Hoa" style="border-top: #346094 1pt solid; border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 25%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10 Years</b></span></td></tr> <tr id="xdx_417_20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__dei--LegalEntityAxis__custom--S000072843Member__oef--ClassAxis__custom--C000229479Member_zpyFIQJdzVt6" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom"> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$69</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$265</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$477</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$1,088</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"> </p> 69 265 477 1088 Portfolio Turnover <p id="xdx_A89_eoef--PortfolioTurnoverTextBlock_z1ekQxwvvQ1i" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover 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 ended October 31, 2025, the portfolio turnover rate of the Fund was <span id="xdx_90F_eoef--PortfolioTurnoverRate_dp_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__dei--LegalEntityAxis__custom--S000072843Member_zE6Tm3yEyDzf">66%</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">of the average value of its portfolio.</span></p> 0.66 Principal Investment Strategies <p id="xdx_A8D_eoef--StrategyNarrativeTextBlock_zbJrHfKqapQ8" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-size: 10pt">Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of small- and mid-cap companies. This investment policy may be changed by the Fund upon 60 days’ prior written notice to shareholders. The Fund considers small- and mid-cap companies to be those companies within the market capitalization range of the Russell 2500</span>^® <span style="font-size: 10pt">Index at the time of initial purchase. While the market capitalization range of the Russell 2500</span>^® <span style="font-size: 10pt">Index changes throughout the year, it undergoes an annual reconstitution in June of each year. As of December 31, 2025, the market capitalization range of the companies in the index was between $1.3 million and $37.0 billion. The equity securities in which the Fund invests are primarily common stocks, but may also include shares of exchange-traded funds (“ETFs”), real estate investment trusts (“REITs”), and master limited partnerships (“MLPs”). The Fund generally invests in securities of domestic companies, but may also invest in equity securities of foreign companies and American Depositary Receipts (“ADRs”). In the event the Fund invests in foreign securities or ADRs, the Adviser expects that the Fund’s investment in such securities would normally represent less than 15% of the Fund’s assets. </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund invests in approximately 45-75 securities that are well diversified among market sectors. The Adviser utilizes a value style of investing to select securities for the Fund that it believes are undervalued, generally maintain high-quality characteristics, and offer an attractive opportunity for price appreciation coupled with downside risk limitation. Value investing focuses on companies with stocks that appear undervalued in light of factors such as the company’s earnings, book values, revenues and cash flow. Key metrics for evaluating the risk/return profile of an investment may include strong free cash flow, an improving return on equity, a strengthening balance sheet and, in the case of common equities, positive earnings surprises without a corresponding change in the stock price. The Adviser has disciplines in place that serve as sell signals, such as a security reaching a predetermined price target, a change to a company’s fundamentals that makes the risk/return profile unattractive, or a need to improve the overall risk/return profile of the Fund. The Adviser will not necessarily sell a security that has appreciated or depreciated outside the Fund’s target capitalization range.</span></p> <p id="xdx_A8F_eoef--RiskTextBlock_zpmznCKBFOH" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As with all mutual funds, there is no guarantee that the Fund will achieve its investment objective. <span id="xdx_901_eoef--RiskTextBlock_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__dei--LegalEntityAxis__custom--S000072843Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zTZLklSpvfp5">You could lose money by investing in the Fund.</span> <b><span id="xdx_90D_eoef--RiskTextBlock_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__dei--LegalEntityAxis__custom--S000072843Member__oef--RiskAxis__oef--RiskNotInsuredDepositoryInstitutionMember_zK5w54uUY2t7">A Fund share is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency.</span></b> The principal risk factors affecting shareholders’ investments in the Fund are set forth below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_919_exdx--NextElement_zHWUpeiv90Jl"></span></div> You could lose money by investing in the Fund. A Fund share is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency. <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquityRiskMember_z3PC4AE9r7p5" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Equity Risk –</b> 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 military action, 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 style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_91E_exdx--NextElement_zkuzqRUbzMFi"></span></div> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallAndMidCapitalizationCompanyRiskMember_zfG2I8qXa6sa" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Small- and Mid-Capitalization Company Risk – </b>The small- and mid-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 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 style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_91A_exdx--NextElement_zk6rupgU8P6e"></span></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zGUwTAhb60Al" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><b>Liquidity Risk</b> <b>–</b> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_91F_exdx--NextElement_zlmitQU5PNQc"></span></div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zDeMH8vy4zK" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Market Risk <i>– </i></b>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 military action, 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 style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_914_exdx--NextElement_zC9m00gmCncg"></span></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--RealEstateSecuritiesAndREITRiskMember_zx1g9iQtp7Y7" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Real Estate Securities and REIT Risk – </b>A Fund that focuses its investments in opportunities in the real estate industry or otherwise invests in real estate-related securities has certain risks associated with investments in entities focused on real estate activities. REITs are pooled investment vehicles that own, and usually operate, income-producing real estate. 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. REITs typically incur fees that are separate from those of the Fund. Accordingly, the Fund’s investments in REITs will result in the layering of expenses such that shareholders will indirectly bear a proportionate share of the REITs’ operating expenses, in addition to paying Fund expenses. REIT operating expenses are not reflected in the fee table and example in this Prospectus.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_91D_exdx--NextElement_zXHjtlP2ZtH2"></span></div> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValueInvestingRiskMember_z98TJxjAc6Xf" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><b>Value Investing Risk – </b>Investments in value stocks present the risk that a stock may decline in value or never reach the value the Adviser believes is its full market value. In addition, the Fund’s value investment style may go out of favor with investors.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"> </p> <div style="display: none"><span id="xdx_913_exdx--NextElement_zGLeIHfCBCJe"></span></div> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignCurrencyRiskMember_zqmX4mv7UE37" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Foreign Currency Risk –</b> 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> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_912_exdx--NextElement_zQqJhdTfwkS2"></span></div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--MLPRiskMember_ztE6X9fPNw23" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>MLP Risk – </b>MLPs are limited partnerships in which the ownership units are publicly traded. MLPs often own several properties or businesses (or own interests) that are related to oil and gas industries or other natural resources, but they also may finance other projects. To the extent that an MLP’s interests are all in a particular industry or industries, such as the energy industries, the MLP will be negatively impacted by economic events adversely impacting that industry or industries. Additional risks of investing in an MLP also include those involved in investing in a partnership as opposed to a corporation. For example, state law governing partnerships is often less restrictive than state law governing corporations. Accordingly, there may be fewer protections afforded to investors in a MLP than investors in a corporation. For example, investors in MLPs may have limited voting rights or be liable under certain circumstances for amounts greater than the amount of their investment. In addition, 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: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_91D_exdx--NextElement_zrx9ke3Jsfk"></span></div> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--SectorRiskMember_zHRSPi6OrRCl" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> Sector Risk</b> – The Fund may, at times, be more heavily invested in certain sectors. When the Fund emphasizes investment in one or more sectors, the value of its net assets will be more susceptible to the financial, market or economic events affecting issuers and industries within those sectors than would be the case for mutual funds that do not emphasize investment in particular sectors. As of October 31, 2025, 16.2%, 12.9% and 22.4% of the Fund’s net assets were invested in stocks within the financials sector, materials sector and industrials sector, respectively. The values of securities of companies in the financials sector may be adversely impacted by many factors, including, among others, changes in government regulations, economic conditions, and interest rates, credit rating downgrades, adverse public perception, exposure concentration and decreased liquidity in credit markets. Companies in the materials sector can be negatively affected by various factors, including the volatility of commodity prices, exchange rates, and/or depletion of resources. Economic factors, government regulation, and litigation including liabilities from environmental damage can also cause sector-wide harm. The industrials sector comprises companies who produce capital goods used in construction and manufacturing, such as companies that make and sell machinery, equipment and supplies that are used to produce other goods. Companies in the industrials sector may be adversely affected by changes in government regulation, world events and economic conditions. In addition, companies in the industrials sector be adversely affected by environmental damages, product liability claims and exchange rates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_918_exdx--NextElement_zqI2W7DtkBDf"></span></div> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValuesInvestingRiskMember_zjI0emqcn07a" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Value Investing Risk</b> – Investments in value stocks present the risk that a stock may decline in value or never reach the value the Adviser believes is its full market value. In addition, the Fund’s value investment style may go out of favor with investors.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_918_exdx--NextElement_zlrbsGmWUcIc"></span></div> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_zZeCaBS2gM82" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><b>Foreign Securities Risk –</b> Investing in foreign securities, including direct investments and through ADRs, which are traded on exchanges and represent an ownership interest 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. 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 ADRs provide an alternative to directly 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 style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_91A_exdx--NextElement_zYmvT8UsZ89k"></span></div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--GeographicFocusRiskMember_zm8DlWAKW8C1" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><b>Geographic Focus Risk</b> <b>–</b> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_916_exdx--NextElement_z7OrF3pr0MDd"></span></div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFRiskMember_z8e1uOeVHSV7" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ETF Risk – </b>ETFs are pooled investment vehicles, such as registered investment companies and grantor trusts, whose shares are listed and traded on U.S. stock exchanges or otherwise traded in the over-the-counter market. To the extent that the Fund invests in ETFs, the Fund will be subject to substantially the same risks as those associated with the direct ownership of the securities in which the ETF invests, and the value of the Fund’s investment will fluctuate in response to the performance of the ETF’s holdings. ETFs typically incur fees that are separate from those of the Fund. Accordingly, the Fund’s investments in ETFs will result in the layering of expenses such that shareholders will indirectly bear a proportionate share of the ETFs’ operating expenses, in addition to paying Fund expenses. Because the value of ETF shares depends on the demand in the market, shares may trade at a discount</span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">or premium to their net asset value and the Adviser may not be able to liquidate the Fund’s holdings at the most optimal time, which could adversely affect the Fund’s performance.</span></p> Performance Information <p id="xdx_A88_eoef--PerformanceNarrativeTextBlock_zeHrpqUqB68k" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__dei--LegalEntityAxis__custom--S000072843Member_zllW9hNaIZV5">The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in the performance of the Ultra Shares of the Fund from year-to-year and by showing how the average annual returns for 1-year, 5-year, and since inception of the Fund compare with those of the Russell 3000^® Index and the Russell 2500^® Value Index.</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The performance shown in the bar chart and table for periods prior to November 1, 2021 represents the performance of the Ultra Shares of the Westwood Quality SMidCap Fund, a series of The Advisors’ Inner Circle Fund (the “Predecessor Fund”). The Fund is the successor to the Predecessor Fund through a reorganization with the Fund on November 1, 2021 (the “2021 Reorganization”). <span id="xdx_908_eoef--PerformancePastDoesNotIndicateFuture_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__dei--LegalEntityAxis__custom--S000072843Member_ziR3z9exAiy1">How the Fund and the Predecessor Fund have performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Updated performance information is available on the Fund’s website at <span id="xdx_900_eoef--PerformanceAvailabilityWebSiteAddress_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__dei--LegalEntityAxis__custom--S000072843Member_zD81v7Yovvc9">www.westwoodfunds.com</span> </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">or by calling <span id="xdx_90A_eoef--PerformanceAvailabilityPhone_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__dei--LegalEntityAxis__custom--S000072843Member_z8OGU3Y6sJ9f">1-877-FUND-WHG (1-877-386-3944)</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</span></p> The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in the performance of the Ultra Shares of the Fund from year-to-year and by showing how the average annual returns for 1-year, 5-year, and since inception of the Fund compare with those of the Russell 3000® Index and the Russell 2500® Value Index. How the Fund and the Predecessor Fund have performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.westwoodfunds.com 1-877-FUND-WHG (1-877-386-3944) Calendar Year Returns - Ultra Shares* <p id="xdx_A87_eoef--BarChartTableTextBlock_z2XXUEEZIBu9" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img alt="" src="pro-ftgwx_002.jpg" style="height: 234px; width: 500px"/><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_zbMJlx3S9rYc" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; width: 50%">Year</td> <td style="display: none; width: 50%">Return<sup style="display: none">*</sup></td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">Annual Return 2021</td> <td id="xdx_986_eoef--AnnlRtrPct_c20210101__20211231__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__oef--ClassAxis__custom--C000229479Member_fKg_____zg9w6xSDGtmd" style="display: none">21.53%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">Annual Return 2022</td> <td id="xdx_982_eoef--AnnlRtrPct_c20220101__20221231__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__oef--ClassAxis__custom--C000229479Member_fKg_____zKT9EZIJSYb1" style="display: none">-10.13%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">Annual Return 2023</td> <td id="xdx_98F_eoef--AnnlRtrPct_c20230101__20231231__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__oef--ClassAxis__custom--C000229479Member_fKg_____zgihXeeAlTLf" style="display: none">17.98%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">Annual Return 2024</td> <td id="xdx_98A_eoef--AnnlRtrPct_c20240101__20241231__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__oef--ClassAxis__custom--C000229479Member_fKg_____zviBrknN66ni" style="display: none">10.65%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">Annual Return 2025</td> <td id="xdx_983_eoef--AnnlRtrPct_c20250101__20251231__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__oef--ClassAxis__custom--C000229479Member_fKg_____z8J9ncGKurw" style="display: none">8.57%</td></tr> </table> <div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin: 0in auto; -sec-ix-redline: true; color: rgb(52,96,148); width: 550px"> <tr style="color: rgb(52,96,148); vertical-align: top; text-align: justify"> <td style="color: rgb(52,96,148); width: 0in"></td><td style="color: rgb(52,96,148); width: 0.25in; text-align: left"><span id="xdx_F09_zkYhe3Yxitn7" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td> <td style="color: rgb(52,96,148); text-align: justify"><span id="xdx_F1C_zdUBDNkYxlxd" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_901_eoef--YearToDateReturnLabel_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__dei--LegalEntityAxis__custom--S000072843Member_zed86rHdDxAk">The Fund’s year-to-date return</span> through <span id="xdx_906_eoef--BarChartYearToDateReturnDate_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__dei--LegalEntityAxis__custom--S000072843Member_zYzVbUdfoJV7">December 31, 2025</span> was <span id="xdx_90F_eoef--BarChartYearToDateReturn_dp_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__dei--LegalEntityAxis__custom--S000072843Member_zn4XCDtAdo7k">8.57%</span>.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"> </p> 0.2153 -0.1013 0.1798 0.1065 0.0857 The Fund’s year-to-date return 2025-12-31 0.0857 <div id="xdx_A8C_eoef--BarChartClosingTextBlock_zaHHZKT5xjzc"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-left: auto; width: 50%; border-collapse: collapse; margin-right: auto"> <tr style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); width: 25%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_903_eoef--HighestQuarterlyReturnLabel_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__dei--LegalEntityAxis__custom--S000072843Member_zbYtNIhleEAc">Best Quarter</span></b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); width: 25%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_90B_eoef--LowestQuarterlyReturnLabel_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__dei--LegalEntityAxis__custom--S000072843Member_zghrKuRxUtd5">Worst Quarter</span></b></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_90C_eoef--BarChartHighestQuarterlyReturn_dp_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__dei--LegalEntityAxis__custom--S000072843Member_zzVlfDezfu0j">12.40%</span></b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_90B_eoef--BarChartLowestQuarterlyReturn_dp_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__dei--LegalEntityAxis__custom--S000072843Member_zgO97LYABpy1">(14.26)%</span></b></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(<span id="xdx_907_eoef--BarChartHighestQuarterlyReturnDate_dd_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__dei--LegalEntityAxis__custom--S000072843Member_zJMJJSv2lJNj">12/31/2023</span>)</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(<span id="xdx_90B_eoef--BarChartLowestQuarterlyReturnDate_dd_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__dei--LegalEntityAxis__custom--S000072843Member_zwVQlVHOK9ph">6/30/2022</span>)</b></span></td></tr> </table> Best Quarter Worst Quarter 0.1240 -0.1426 2023-12-31 2022-06-30 Average Annual Total Returns for Periods Ended December 31, 2025 <p id="xdx_A82_eoef--PerformanceTableNarrativeTextBlock_zIs5TWWhaSCc" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This table compares the Fund’s Ultra Shares’ average annual total returns for the periods ended December 31, 2025 to those of an appropriate broad-based index and a secondary index.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_eoef--PerformanceTableUsesHighestFederalRate_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__dei--LegalEntityAxis__custom--S000072843Member_zsgYHhsxeur7">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_90E_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__dei--LegalEntityAxis__custom--S000072843Member_zqYByuY7FP7d">Your actual after-tax returns will depend on your 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></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </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. Your actual after-tax returns will depend on your 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”). <div id="xdx_A8B_eoef--PerformanceTableTextBlock_zpXF9xmublo"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zFfA9WwAmZL3" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; color: rgb(52,96,148); width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148)"> <td style="border-bottom: rgb(52,96,148) 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; width: 61%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>WESTWOOD QUALITY SMIDCAP FUND – ULTRA SHARES</b></span></td> <td style="border-bottom: rgb(52,96,148) 1pt solid; text-align: center; width: 1%; vertical-align: bottom"> </td> <td id="xdx_492_20250101__20251231_z3pkdJKBIvVb" style="border-bottom: rgb(52,96,148) 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 12%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1 Year</b></span></td> <td style="border-bottom: rgb(52,96,148) 1pt solid; text-align: center; width: 1%; vertical-align: bottom"> </td> <td id="xdx_499_20210101__20251231_z5vsIKBeSuvf" style="border-bottom: rgb(52,96,148) 1pt solid; vertical-align: bottom; text-align: center; width: 12%"><b>5 Years</b></td> <td style="border-bottom: rgb(52,96,148) 1pt solid; text-align: center; width: 1%; vertical-align: bottom"> </td> <td id="xdx_497_20200731__20251231_zNbX3nk0eiJ9" style="border-bottom: rgb(52,96,148) 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom; width: 12%"> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Since Inception</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(<span id="xdx_902_eoef--PerfInceptionDate_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__oef--ClassAxis__custom--C000229479Member_zlCvcswNTUj1">July 31, 2020</span>)</b></span></p></td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_hdei--DocumentInformationDocumentAxis__custom--UltraSharesMember__oef--ClassAxis__custom--C000229479Member_z2zhawKOFRz7" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148)"> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fund <span id="xdx_90F_eoef--AverageAnnualReturnLabel_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__dei--LegalEntityAxis__custom--S000072843Member__oef--ClassAxis__custom--C000229479Member_zadYZeMnLX34">Returns Before Taxes</span></b></span></td> <td style="text-align: center; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.57%</span></td> <td> </td> <td style="vertical-align: bottom; text-align: center">9.13%</td> <td style="text-align: center; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.82%</span></td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_hdei--DocumentInformationDocumentAxis__custom--UltraSharesMember__oef--ClassAxis__custom--C000229479Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zufRiuol3Tpa" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148)"> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fund Returns After Taxes on Distributions</b></span></td> <td style="text-align: center; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.96%</span></td> <td> </td> <td style="vertical-align: bottom; text-align: center">7.52%</td> <td style="text-align: center; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.14%</span></td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_hdei--DocumentInformationDocumentAxis__custom--UltraSharesMember__oef--ClassAxis__custom--C000229479Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zVABglPrM9Dd" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148)"> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fund Returns After Taxes on Distributions and Sale of Fund Shares</b></span></td> <td style="text-align: center; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.73%</span></td> <td> </td> <td style="vertical-align: bottom; text-align: center">6.78%</td> <td style="text-align: center; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.84%</span></td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_hdei--DocumentInformationDocumentAxis__custom--UltraSharesMember__oef--PerformanceMeasureAxis__custom--Russell3000IndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zNyI6veGaDf3" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148)"> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top"><b>Russell 3000^® Index (<span id="xdx_906_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__dei--LegalEntityAxis__custom--S000072843Member_zkN29FeSgIFf">reflects no deduction for fees, expenses, or taxes</span>)</b></td> <td style="text-align: center; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center">17.15%</td> <td> </td> <td style="vertical-align: bottom; text-align: center">13.15%</td> <td style="text-align: center; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center">15.64%</td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_hdei--DocumentInformationDocumentAxis__custom--UltraSharesMember__oef--PerformanceMeasureAxis__custom--Russell2500ValueIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_z9gtznKRn2q8" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148)"> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Russell 2500</b>^®<b> Value Index (reflects no deduction for fees, expenses, or taxes)</b></span></td> <td style="text-align: center; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.73%</span></td> <td> </td> <td style="vertical-align: bottom; text-align: center">10.02%</td> <td style="text-align: center; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.49%</span></td></tr> </table> 2020-07-31 Returns Before Taxes 0.0857 0.0913 0.1282 0.0696 0.0752 0.1114 0.0573 0.0678 0.0984 reflects no deduction for fees, expenses, or taxes 0.1715 0.1315 0.1564 0.1273 0.1002 0.1449 WESTWOOD QUALITY SMALLCAP FUND Fund Investment Objective <p id="xdx_A84_eoef--ObjectivePrimaryTextBlock_z87O7KclsWG8" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The investment objective of the Westwood Quality SmallCap Fund (the “Fund” or “SmallCap Fund”) is to seek long-term capital appreciation.</span></p> Fund Fees and Expenses <p id="xdx_A8A_eoef--ExpenseNarrativeTextBlock_zqKvHqoFDbKf" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This table describes the fees and expenses that you may pay if you buy, hold and sell Ultra Shares of the Fund. <b>You may be required to pay commissions and/or other forms of compensation to a broker for transactions in Ultra Shares, which are not reflected in the table or the example below. </b>Shares of the Fund are available in other share classes that have different fees and expenses.</span></p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A8C_eoef--AnnualFundOperatingExpensesTableTextBlock_zI8lOvNaWD0i"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5C_dU_zJq1V6MXhO1g" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); background-color: #DCDCDC"> <td style="border: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top; width: 88%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_49D_20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__dei--LegalEntityAxis__custom--S000072842Member__oef--ClassAxis__custom--C000229477Member_zblD0jhdlmec" style="border-top: #346094 1pt solid; border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 12%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Ultra Shares</b></span></td></tr> <tr id="xdx_40D_eoef--ManagementFeesOverAssets_dpn_ztvLoA90gCW1" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: top"> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management Fees</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.85%</span></td></tr> <tr id="xdx_400_eoef--OtherExpensesOverAssets_dpn_zFhNMW3WFIli" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: top"> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.08%</span></td></tr> <tr id="xdx_403_eoef--ExpensesOverAssets_dpn_zp7snDeFkS6d" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: top"> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.93%</span></td></tr> <tr id="xdx_408_eoef--FeeWaiverOrReimbursementOverAssets_dpn_zkzNLF6egoSk" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: top"> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Less Fee Reductions and/or Expense Reimbursements<sup id="xdx_F4B_zfb5rbAy8ouj">1</sup></span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(0.14)%</span></td></tr> <tr id="xdx_40E_eoef--NetExpensesOverAssets_dpn_zyvFEENU2nkf" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: top"> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses After Fee Reductions and/or Expense Reimbursements</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.79%</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; color: rgb(52,96,148); width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: justify; width: 0%"></td><td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F06_z4c3p04QGZTh">1</sup> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: justify"><span id="xdx_F14_zsOv6oRId5gl" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> Westwood Management Corp. (the “Adviser”) has contractually agreed to reduce fees and reimburse expenses in order to keep Total Annual Fund Operating Expenses for Ultra Shares (excluding interest, taxes, brokerage commissions, Rule 12b-1 distribution fees (if any), administrative servicing fees (if any), borrowing expenses such as dividend and interest expenses on securities sold short, Acquired Fund fees and expenses, costs to organize the Fund, other expenditures which are capitalized in accordance with generally accepted accounting principles, and extraordinary expenses (collectively, “excluded expenses”)) from exceeding 0.79% of the Fund’s Ultra Shares’ average daily net assets until <span id="xdx_90F_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__dei--LegalEntityAxis__custom--S000072842Member_zjIhkuEKKMmj">March 1, 2027</span>. 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 36-month 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 Ultimus Managers Trust (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 will terminate automatically if the Fund’s investment advisory agreement with the Adviser is terminated.</span></td></tr> </table> 0.0085 0.0008 0.0093 -0.0014 0.0079 March 1, 2027 Example <p id="xdx_A88_eoef--ExpenseExampleNarrativeTextBlock_zjzldWuHaaU8" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same and the contractual agreement to limit expenses remains in effect until March 1, 2027. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A87_eoef--ExpenseExampleWithRedemptionTableTextBlock_zYHDbMh5a975"></div> <table cellpadding="3" cellspacing="0" id="xdx_A51_dU_zqhHMZFnHgg2" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: top; background-color: #DCDCDC"> <td id="xdx_489_eoef--ExpenseExampleYear01_zqgrGWF1Mj93" style="border: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 25%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1 Year</b></span></td> <td id="xdx_48C_eoef--ExpenseExampleYear03_zWJmNHFvFaA5" style="border-top: #346094 1pt solid; border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 25%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3 Years</b></span></td> <td id="xdx_48C_eoef--ExpenseExampleYear05_z52s0OIT16L8" style="border-top: #346094 1pt solid; border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 25%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5 Years</b></span></td> <td id="xdx_485_eoef--ExpenseExampleYear10_zIwmdIASirzf" style="border-top: #346094 1pt solid; border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 25%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10 Years</b></span></td></tr> <tr id="xdx_416_20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__dei--LegalEntityAxis__custom--S000072842Member__oef--ClassAxis__custom--C000229477Member_zw4CIqtaJWq1" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom"> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$81</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$282</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$501</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$1,130</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"> </p> 81 282 501 1130 Portfolio Turnover <p id="xdx_A8E_eoef--PortfolioTurnoverTextBlock_zfXVINvMZ4nf" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover 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 ended October 31, 2025, the portfolio turnover rate of the Fund was <span id="xdx_905_eoef--PortfolioTurnoverRate_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__dei--LegalEntityAxis__custom--S000072842Member_zV0A1Vw2xDN">63%</span> of the average value of its portfolio.</span></p> 0.63 Principal Investment Strategies <p id="xdx_A83_eoef--StrategyNarrativeTextBlock_zGu0WZobRKp2" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of small-cap companies. This investment policy may be changed by the Fund upon 60 days’ prior written notice to shareholders. The Fund considers small-cap companies to be those companies within the market capitalization range of the Russell 2000^® Index at the time of initial purchase. While the market capitalization range of the Russell 2000^® Index changes throughout the year, it undergoes an annual reconstitution in June of each year. As of December 31, 2025, the market capitalization range of the companies in the index was between $1.27 million and $31.3 billion. The equity securities in which the Fund invests are primarily common stocks, but may also include shares of exchange-traded funds (“ETFs”), real estate investment trusts (“REITs”), and master limited partnerships (“MLPs”). The Fund generally invests in securities of domestic companies, but may also invest in equity securities of foreign companies and American Depositary Receipts (“ADRs”). In the event the Fund invests in foreign securities and ADRs, the Adviser expects that the Fund’s investment in such securities would normally represent less than 25% of the Fund’s assets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund invests in approximately 50-70 securities that are well diversified among market sectors. The Adviser utilizes a value style of investing to select securities for the Fund that it believes are undervalued, generally maintain high-quality characteristics, and offer an attractive opportunity for price appreciation coupled with downside risk limitation. Value investing focuses on companies with stocks that appear undervalued in light of factors such as the company’s earnings, book values, revenues and cash flow. The Fund considers quality characteristics from a quantitative perspective, such as free cash flow generation, attractive returns on capital, and conservative balance sheets. Additionally, from a qualitative perspective, quality characteristics include strong management teams, durable competitive advantages, and reasonable growth prospects. Key metrics for evaluating the risk/return profile of an investment may include strong free cash flow, an improving return on equity, a strengthening balance sheet and, in the case of common equities, positive earnings surprises without a corresponding change in the stock price. The Adviser has disciplines in place that serve as sell signals, such as a security reaching a predetermined price target, a change to a company’s fundamentals that makes the risk/return profile unattractive, or a need to improve the overall risk/return profile of the Fund. The Adviser will not necessarily sell a security that has appreciated or depreciated outside the Fund’s target capitalization range.</span></p> <p id="xdx_A88_eoef--RiskTextBlock_zTWvg1WBQUy7" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As with all mutual funds, there is no guarantee that the Fund will achieve its investment objective. <span id="xdx_90C_eoef--RiskTextBlock_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__dei--LegalEntityAxis__custom--S000072842Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zu2DozrXNgJ1">You could lose money by investing in the Fund.</span> <b><span id="xdx_900_eoef--RiskTextBlock_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__dei--LegalEntityAxis__custom--S000072842Member__oef--RiskAxis__oef--RiskNotInsuredDepositoryInstitutionMember_zPIgoo0uG0Bd">A Fund share is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency</span>. </b>The principal risk factors affecting shareholders’ investments in the Fund are set forth below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> You could lose money by investing in the Fund. A Fund share is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquityRiskMember_z5pL369hqPV4" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Equity Risk –</b> 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 military action, 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 style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallCapitalizationCompanyRiskMember_zYp6oCbXfpmh" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Small-Capitalization Company Risk – </b>The 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 these 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, small-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 style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_ztzCEkdtbf89" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><b>Liquidity Risk</b> <b>–</b> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_z1hbJfpN3ny4" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Market Risk <i>– </i></b>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 military action, 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 style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--RealEstateSecuritiesAndREITRiskMember_zR8Dpv7M8fpd" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Real Estate Securities and REIT Risk – </b>A Fund that focuses its investments in opportunities in the real estate industry or otherwise invests in real estate-related securities has certain risks associated with investments in entities focused on real estate activities. REITs are pooled investment vehicles that own, and usually operate, income-producing real estate. 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. REITs typically incur fees that are separate from those of the Fund. Accordingly, the Fund’s investments in REITs will result in the layering of expenses such that shareholders will indirectly bear a proportionate share of the REITs’ operating expenses, in addition to paying Fund expenses. REIT operating expenses are not reflected in the fee table and example in this Prospectus.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--MLPRiskMember_z5H4IF4Kwndd" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>MLP Risk – </b>MLPs are limited partnerships in which the ownership units are publicly traded. MLPs often own several properties or businesses (or own interests) that are related to oil and gas industries or other natural resources, but they also may finance other projects. To the extent that an MLP’s interests are all in a particular industry or industries, such as the energy industries, the MLP will be negatively impacted by economic events adversely impacting that industry or industries. Additional risks of investing in an MLP also include those involved in investing in a partnership as opposed to a corporation. For example, state law governing partnerships is often less restrictive than state law governing corporations. Accordingly, there may be fewer protections afforded to investors in a MLP than investors in a corporation. For example, investors in MLPs may have limited voting rights or be liable under certain circumstances for amounts greater than the amount of their investment. In addition, 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: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--SectorRiskMember_zkoLCuRvxw1c" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Sector Risk</b> – The Fund may, at times, be more heavily invested in certain sectors. When the Fund emphasizes investment in one or more sectors, the value of its net assets will be more susceptible to the financial, market or economic events affecting issuers and industries within those sectors than would be the case for mutual funds that do not emphasize investment in particular sectors. As of October 31, 2025, 23.6% of the Fund’s net assets were invested in stocks within the financials sector. The values of securities of companies in the financials sector may be adversely impacted by many factors, including, among others, changes in government regulations, economic conditions, and interest rates, credit rating downgrades, adverse public perception, exposure concentration and decreased liquidity in credit markets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValueInvestingRiskMember_zbsHZdYhyQek" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Value Investing Risk</b> – Investments in value stocks present the risk that a stock may decline in value or never reach the value the Adviser believes is its full market value. In addition, the Fund’s value investment style may go out of favor with investors.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_zDyauLhMGfX4" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><b>Foreign Securities Risk</b> <b>–</b> Investing in foreign securities, including direct investments and through ADRs, which are traded on exchanges and represent an ownership interest 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. 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 ADRs provide an alternative to directly 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 style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignCurrencyRiskMember_zzZjA86WzPj3" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Foreign Currency Risk –</b> 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> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--GeographicFocusRiskMember_z1hk7NtvL8xb" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><b>Geographic Focus Risk</b> <b>–</b> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFRiskMember_zdxJGnEGnoq5" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ETF Risk –</b> ETFs are pooled investment vehicles, such as registered investment companies and grantor trusts, whose shares are listed and traded on U.S. stock exchanges or otherwise traded in the over-the-counter market. To the extent that the Fund invests in ETFs, the Fund will be subject to substantially the same risks as those associated with the direct ownership of the securities in which the ETF invests, and the value of the Fund’s investment will fluctuate in response to the performance of the ETF’s holdings. ETFs typically incur fees that are separate from those of the Fund. Accordingly, the Fund’s investments in ETFs will result in the layering of expenses such that shareholders will indirectly bear a proportionate share of the ETFs’ operating expenses, in addition to paying Fund expenses. Because the value of ETF shares depends on the demand in the market, shares may trade at a discount or premium to their net asset value and the Adviser may not be able to liquidate the Fund’s holdings at the most optimal time, which could adversely affect the Fund’s performance.</span></p> Performance Information <p id="xdx_A82_eoef--PerformanceNarrativeTextBlock_zILPmZ5juvtl" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span id="xdx_904_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__dei--LegalEntityAxis__custom--S000072842Member_zZkB4Y7bPD53" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in the performance of the Ultra Shares of the Fund from year-to-year and by showing how the average annual returns for 1-year, 5-year, and since inception of the Fund compare with those of the Russell 3000^® Index and the Russell 2000^® Index.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The performance shown in the bar chart and table for periods prior to November 1, 2021 represents the performance of the Ultra Shares of the Westwood Quality SmallCap Fund, a series of The Advisors’ Inner Circle Fund (the “Predecessor Fund”). The Fund is the successor to the Predecessor Fund through a reorganization with the Fund on November 1, 2021 (the “2021 Reorganization”). <span id="xdx_900_eoef--PerformancePastDoesNotIndicateFuture_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__dei--LegalEntityAxis__custom--S000072842Member_zZhlz5XfATi2">How the Fund and Predecessor Fund have performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Updated performance information is available on the Fund’s website at <span id="xdx_903_eoef--PerformanceAvailabilityWebSiteAddress_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__dei--LegalEntityAxis__custom--S000072842Member_z44isWhpQCrf">www.westwoodfunds.com </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">or by calling <span id="xdx_90B_eoef--PerformanceAvailabilityPhone_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__dei--LegalEntityAxis__custom--S000072842Member_zg98sG31DD7a">1-877-FUND-WHG (1-877-386-3944)</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</span></p> The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in the performance of the Ultra Shares of the Fund from year-to-year and by showing how the average annual returns for 1-year, 5-year, and since inception of the Fund compare with those of the Russell 3000® Index and the Russell 2000® Index. How the Fund and Predecessor Fund have performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.westwoodfunds.com 1-877-FUND-WHG (1-877-386-3944) Calendar Year Returns - Ultra Shares* <p id="xdx_A86_eoef--BarChartTableTextBlock_zfYrjnRm2e4g" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img alt="" src="pro-ftgwx_003.jpg" style="height: 233px; width: 500px"/><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_z6uq8dbbwD05" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; width: 50%">Year</td> <td style="display: none; width: 50%">Return<sup style="display: none"></sup></td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">Annual Return 2021</td> <td id="xdx_98F_eoef--AnnlRtrPct_c20210101__20211231__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__oef--ClassAxis__custom--C000229477Member_fKg_____zyKDIlawwnbj" style="display: none">28.13%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">Annual Return 2022</td> <td id="xdx_98A_eoef--AnnlRtrPct_c20220101__20221231__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__oef--ClassAxis__custom--C000229477Member_fKg_____zX30Zw2iOLu5" style="display: none">-12.33%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">Annual Return 2023</td> <td id="xdx_98E_eoef--AnnlRtrPct_c20230101__20231231__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__oef--ClassAxis__custom--C000229477Member_fKg_____zArtNY9T9KQ6" style="display: none">17.24%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">Annual Return 2024</td> <td id="xdx_98B_eoef--AnnlRtrPct_c20240101__20241231__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__oef--ClassAxis__custom--C000229477Member_fKg_____zgvrJrRhq3p8" style="display: none">4.92%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">Annual Return 2025</td> <td id="xdx_98E_eoef--AnnlRtrPct_c20250101__20251231__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__oef--ClassAxis__custom--C000229477Member_fKg_____zOwYa1YCDb2f" style="display: none">0.07%</td></tr> </table> <div></div> 0.2813 -0.1233 0.1724 0.0492 0.0007 <div id="xdx_A88_eoef--BarChartClosingTextBlock_zW479mfBlts2"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin: 0in auto; -sec-ix-redline: true; color: rgb(52,96,148); width: 550px"> <tr style="color: rgb(52,96,148); vertical-align: top; text-align: justify"> <td style="color: rgb(52,96,148); width: 0in"></td><td style="color: rgb(52,96,148); width: 0.25in; text-align: left"><span id="xdx_F0B_z6S3w5OcWMq4" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td> <td style="color: rgb(52,96,148); text-align: justify"><span id="xdx_F12_z9l1AeEhENBk" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_903_eoef--YearToDateReturnLabel_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__dei--LegalEntityAxis__custom--S000072842Member_zxHFhybzHk22">The Fund’s year-to-date return</span> through <span id="xdx_903_eoef--BarChartYearToDateReturnDate_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__dei--LegalEntityAxis__custom--S000072842Member_zAQ66peGOLJe">December 31, 2025</span> was <span id="xdx_900_eoef--BarChartYearToDateReturn_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__dei--LegalEntityAxis__custom--S000072842Member_zuO8JMFCPVFc">0.07%</span>.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-left: auto; width: 50%; border-collapse: collapse; margin-right: auto"> <tr style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); width: 25%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_90D_eoef--HighestQuarterlyReturnLabel_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__dei--LegalEntityAxis__custom--S000072842Member_zRVyyzrxt3t8">Best Quarter</span></b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); width: 25%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_90A_eoef--LowestQuarterlyReturnLabel_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__dei--LegalEntityAxis__custom--S000072842Member_zK2KAsGocfIb">Worst Quarter</span></b></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_905_eoef--BarChartHighestQuarterlyReturn_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__dei--LegalEntityAxis__custom--S000072842Member_zrm4VIaolPTk">16.99%</span></b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_906_eoef--BarChartLowestQuarterlyReturn_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__dei--LegalEntityAxis__custom--S000072842Member_z6Fy2SgaFXo5">(11.47)%</span></b></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(<span id="xdx_90E_eoef--BarChartHighestQuarterlyReturnDate_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__dei--LegalEntityAxis__custom--S000072842Member_zjkolC7pZ6L1">3/31/2021</span>)</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(<span id="xdx_905_eoef--BarChartLowestQuarterlyReturnDate_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__dei--LegalEntityAxis__custom--S000072842Member_zkGGo0dM0sD8">6/30/2022</span>)</b></span></td></tr> </table> The Fund’s year-to-date return 2025-12-31 0.0007 Best Quarter Worst Quarter 0.1699 -0.1147 2021-03-31 2022-06-30 Average Annual Total Returns for Periods Ended December 31, 2025 <p id="xdx_A8E_eoef--PerformanceTableNarrativeTextBlock_zd4rfSR7y9Za" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This table compares the Fund’s Ultra Shares’ average annual total returns for the periods ended December 31, 2025 to those of an appropriate broad-based index and a secondary index.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_906_eoef--PerformanceTableUsesHighestFederalRate_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__dei--LegalEntityAxis__custom--S000072842Member_z2mlRFq5v01c">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_90A_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__dei--LegalEntityAxis__custom--S000072842Member_zTzWh4MV1Kc9">Your actual after-tax returns will depend on your 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></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </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. Your actual after-tax returns will depend on your 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”). <div id="xdx_A86_eoef--PerformanceTableTextBlock_zKxiSxazzXwg"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zVPj1d6JFjSe" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; color: rgb(52,96,148); border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="color: rgb(46,96,149); vertical-align: bottom"> <td style="border-bottom: rgb(52,96,148) 1pt solid; color: rgb(46,96,149); vertical-align: bottom; font-weight: bold; text-align: left"><b>WESTWOOD QUALITY SMALLCAP FUND – ULTRA SHARES</b></td> <td style="border-bottom: rgb(52,96,148) 1pt solid; color: rgb(46,96,149); text-align: center; font-weight: bold; vertical-align: bottom"><b> </b></td> <td id="xdx_494_20250101__20251231_zQv4vLDRBMcf" style="border-bottom: rgb(52,96,148) 1pt solid; color: rgb(46,96,149); vertical-align: bottom; font-weight: bold; text-align: center"><b>1 Year</b></td> <td style="border-bottom: rgb(52,96,148) 1pt solid; color: rgb(46,96,149); text-align: center; vertical-align: bottom"><b> </b></td> <td id="xdx_49A_20210101__20251231_zXAUhqvunCKa" style="border-bottom: rgb(52,96,148) 1pt solid; color: rgb(46,96,149); vertical-align: bottom; text-align: center"><b>5 Years</b></td> <td style="border-bottom: rgb(52,96,148) 1pt solid; color: rgb(46,96,149); text-align: center; vertical-align: bottom"><b> </b></td> <td id="xdx_496_20200331__20251231_zOEZBhdXLmI9" style="border-bottom: rgb(52,96,148) 1pt solid; color: rgb(46,96,149); vertical-align: bottom; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; color: rgb(46,96,149); margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Since Inception</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(46,96,149); margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(<span id="xdx_902_eoef--PerfInceptionDate_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__oef--ClassAxis__custom--C000229477Member_zOzfEIbHbTz3">March 31, 2020</span></b></span><b><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></b></p></td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hdei--DocumentInformationDocumentAxis__custom--UltraSharesMember__oef--ClassAxis__custom--C000229477Member_zs7ojq7l9xQ1" style="color: rgb(52,96,148); vertical-align: bottom"> <td style="color: rgb(52,96,148); text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; width: 61%; font-weight: bold; text-align: left">Fund Returns Before Taxes</td> <td style="color: rgb(52,96,148); text-align: center; width: 1%; vertical-align: bottom"> </td> <td style="color: rgb(52,96,148); vertical-align: bottom; width: 12%; text-align: center">0.07%</td> <td style="width: 1%"> </td> <td style="vertical-align: bottom; text-align: center; width: 12%">6.70%</td> <td style="color: rgb(52,96,148); text-align: center; width: 1%; vertical-align: bottom"> </td> <td style="color: rgb(52,96,148); vertical-align: bottom; width: 12%; text-align: center">13.76%</td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hdei--DocumentInformationDocumentAxis__custom--UltraSharesMember__oef--ClassAxis__custom--C000229477Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zMroZWSpMvD5" style="color: rgb(52,96,148); vertical-align: bottom"> <td style="color: rgb(52,96,148); text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; font-weight: bold; text-align: left">Fund Returns After Taxes on Distributions</td> <td style="color: rgb(52,96,148); text-align: center; vertical-align: bottom"> </td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center">(1.49)%</td> <td> </td> <td style="vertical-align: bottom; text-align: center">5.32%</td> <td style="color: rgb(52,96,148); text-align: center; vertical-align: bottom"> </td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center">12.45%</td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hdei--DocumentInformationDocumentAxis__custom--UltraSharesMember__oef--ClassAxis__custom--C000229477Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zQXiiJjMHNxk" style="color: rgb(52,96,148); vertical-align: bottom"> <td style="color: rgb(52,96,148); text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; font-weight: bold; text-align: left">Fund Returns After Taxes on Distributions and Sale of Fund Shares</td> <td style="color: rgb(52,96,148); text-align: center; vertical-align: bottom"> </td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center">0.88%</td> <td> </td> <td style="vertical-align: bottom; text-align: center">5.06%</td> <td style="color: rgb(52,96,148); text-align: center; vertical-align: bottom"> </td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center">10.96%</td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hdei--DocumentInformationDocumentAxis__custom--UltraSharesMember__oef--ClassAxis__custom--C000229477Member__oef--PerformanceMeasureAxis__custom--Russell3000IndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zs5OxgCO72U" style="color: rgb(52,96,148); vertical-align: bottom"> <td style="color: rgb(52,96,148); text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; font-weight: bold; text-align: left">Russell 3000^® Index (<span id="xdx_903_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__dei--LegalEntityAxis__custom--S000072842Member_zaQYrNY9O238">reflects no deduction for fees, expenses, or taxes</span>)</td> <td style="color: rgb(52,96,148); text-align: center; vertical-align: bottom"> </td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center">17.15%</td> <td> </td> <td style="vertical-align: bottom; text-align: center">13.15%</td> <td style="color: rgb(52,96,148); text-align: center; vertical-align: bottom"> </td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center">19.85%</td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hdei--DocumentInformationDocumentAxis__custom--UltraSharesMember__oef--ClassAxis__custom--C000229477Member__oef--PerformanceMeasureAxis__custom--Russell2000ValueIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zboWaoJSUx44" style="color: rgb(52,96,148); vertical-align: bottom"> <td style="color: rgb(52,96,148); text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Russell 2000</b>^®<b> Value Index (reflects no deduction for fees, expenses, or taxes)</b></span></td> <td style="color: rgb(52,96,148); text-align: center; vertical-align: bottom"> </td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center">12.59%</td> <td> </td> <td style="vertical-align: bottom; text-align: center">8.88%</td> <td style="color: rgb(52,96,148); text-align: center; vertical-align: bottom"> </td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center">17.17%</td></tr> </table> 2020-03-31 0.0007 0.0670 0.1376 -0.0149 0.0532 0.1245 0.0088 0.0506 0.1096 reflects no deduction for fees, expenses, or taxes 0.1715 0.1315 0.1985 0.1259 0.0888 0.1717 WESTWOOD INCOME OPPORTUNITY FUND Fund Investment Objectives <p id="xdx_A8B_eoef--ObjectivePrimaryTextBlock_zkkSVkWwI1t5" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The primary investment objective of the Westwood Income Opportunity Fund (the “Fund” or “Income Opportunity Fund”) is to provide current income. A secondary investment objective of the Fund is to provide the opportunity for long-term capital appreciation.</span></p> Fund Fees and Expenses <p id="xdx_A86_eoef--ExpenseNarrativeTextBlock_zCt3br5NXLE8" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This table describes the fees and expenses that you may pay if you buy, hold and sell Ultra Shares of the Fund. <b>You may be required to pay commissions and/or other forms of compensation to a broker for transactions in Ultra Shares, which are not reflected in the table or the example below. </b>Shares of the Fund are available in other share classes that have different fees and expenses.</span></p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A8C_eoef--AnnualFundOperatingExpensesTableTextBlock_zW0nmGeDyS86"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5D_dU_zasVRilo5MHk" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; color: rgb(52,96,148); width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); background-color: #DCDCDC"> <td style="border: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: left; vertical-align: top; width: 88%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_495_20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__dei--LegalEntityAxis__custom--S000072841Member__oef--ClassAxis__custom--C000240107Member_zCGgJ64NhPG1" style="border-top: #346094 1pt solid; border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; width: 12%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Ultra Shares</b></span></td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zrtAEaje6RCi" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: top"> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management Fees</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.65%</span></td></tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_zbzEGgflUbvj" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: top"> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.12%</span></td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_z19ntnu9qO93" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: top"> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses<sup id="xdx_F4B_zSIDgMUi2dF1">1,2</sup></span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.77%</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: justify; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F09_z2EpKsQQsbWh">1</sup></span> </td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: justify"><span id="xdx_F1F_zAVCN14cUKn3" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_907_eoef--OtherExpensesNewFundBasedOnEstimates_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__dei--LegalEntityAxis__custom--S000072841Member_znSkBLZtWQU7">“Total Annual Fund Operating Expenses” and “Total Annual Fund Operating Expenses After Fee Reductions and/or Expense Reimbursements” will not correlate to the ratio of expenses to the average net assets in the Fund’s Financial Highlights, which reflect the operating expenses of the Fund and do not include “Acquired Fund Fees and Expenses”.</span></span></td></tr> <tr style="-sec-ix-redline: true; color: rgb(52,96,148); vertical-align: top; text-align: justify"> <td style="width: 0"></td><td style="width: 0.25in; text-align: left"><sup id="xdx_F08_zRZuNvlUdPj4">2</sup></td> <td id="xdx_F10_z3p4SQLZPrS1" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: justify"> Westwood Management Corp. (the “Adviser”) has contractually agreed to reduce fees and reimburse expenses in order to keep Total Annual Fund Operating Expenses for Ultra Shares (excluding interest, taxes, brokerage commissions, Rule 12b-1 distribution fees (if any), administrative servicing fees (if any), borrowing expenses such as dividend and interest expenses on securities sold short, Acquired Fund fees and expenses, costs to organize the Fund, other expenditures which are capitalized in accordance with generally accepted accounting principles, and extraordinary expenses (collectively, “excluded expenses”)) from exceeding 0.74% of the Fund’s Ultra Shares’ average daily net assets until <span id="xdx_900_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__dei--LegalEntityAxis__custom--S000072841Member_zMe4Sb0Nj16c">March 1, 2027</span>. 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 36-month 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 Ultimus Managers Trust (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 will terminate automatically if the Fund’s investment advisory agreement with the Adviser is terminated.</td> </tr> </table> 0.0065 0.0012 0.0077 “Total Annual Fund Operating Expenses” and “Total Annual Fund Operating Expenses After Fee Reductions and/or Expense Reimbursements” will not correlate to the ratio of expenses to the average net assets in the Fund’s Financial Highlights, which reflect the operating expenses of the Fund and do not include “Acquired Fund Fees and Expenses”. March 1, 2027 Example <p id="xdx_A82_eoef--ExpenseExampleNarrativeTextBlock_zkXf7hytovxj" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same and the contractual agreement to limit expenses remains in effect only until March 1, 2027. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A8A_eoef--ExpenseExampleWithRedemptionTableTextBlock_zORPaYIllSEh"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5C_dU_zpfy4r0L29o2" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; color: rgb(52,96,148); width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: top; background-color: #DCDCDC"> <td id="xdx_48C_eoef--ExpenseExampleYear01_zKNXGHPY0QCe" style="border: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 25%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1 Year</b></span></td> <td id="xdx_485_eoef--ExpenseExampleYear03_zaXWPqEUE9d7" style="border-top: #346094 1pt solid; border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 25%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3 Years</b></span></td> <td id="xdx_48D_eoef--ExpenseExampleYear05_zfqDC8pSVtKh" style="border-top: #346094 1pt solid; border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 25%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5 Years</b></span></td> <td id="xdx_489_eoef--ExpenseExampleYear10_zSByB5abqLzj" style="border-top: #346094 1pt solid; border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 25%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10 Years</b></span></td></tr> <tr id="xdx_41F_20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__dei--LegalEntityAxis__custom--S000072841Member__oef--ClassAxis__custom--C000240107Member_zjzj2ClxfEX1" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom"> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$79</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$246</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$428</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$954</span></td></tr> </table> 79 246 428 954 Portfolio Turnover <p id="xdx_A84_eoef--PortfolioTurnoverTextBlock_z4CWPvdU6Lmh" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover 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 ended October 31, 2025, the portfolio turnover rate of the Fund was <span id="xdx_905_eoef--PortfolioTurnoverRate_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__dei--LegalEntityAxis__custom--S000072841Member_zXb415FFr2W6">67%</span> of the average value of its portfolio.</span></p> 0.67 Principal Investment Strategies <p id="xdx_A82_eoef--StrategyNarrativeTextBlock_zNVjwZMAZL8a" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under normal circumstances, the Fund seeks to meet its investment objectives by investing generally more than 80% of its net assets, plus any borrowings for investment purposes, in dividend-paying and/or interest-bearing securities. By utilizing primarily income-producing</span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">securities from diverse asset classes, the Fund also seeks to maintain a lower volatility profile than traditional equity-only products. The Fund aims to invest in securities of companies with a strong and improving cash flow sufficient to support a sustainable or rising income stream for investors. In selecting securities for the Fund, the Adviser chooses among a diversified group of primarily income-producing asset classes. Equity securities may include common stocks, preferred stocks, convertible securities and warrants. Fixed income securities may include bonds and other debt securities, and money market instruments. Other types of income-producing securities may include interests in master limited partnerships (“MLPs”), securities of real estate investment trusts (“REITs”) and shares of exchange-traded funds (“ETFs”). The Fund generally invests in securities of domestic companies, but may also invest in securities of foreign companies and American Depositary Receipts (“ADRs”). In the event the Fund invests in foreign securities and ADRs, the Adviser expects that the Fund’s investments in such securities would normally represent less than 25% of the Fund’s assets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is permitted to invest in companies of any capitalization range. The Fund’s fixed income investments are, in the aggregate, of investment grade (i.e., those rated in one of the three highest rating categories by a rating agency), but may at times include securities rated below investment grade (high yield or “junk” bonds) and unrated securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition to direct investments in securities, derivatives, which are instruments that have a value based on another instrument, exchange rate or index, may be used as substitutes for securities in which the Fund can invest. The Fund may use futures contracts, foreign currency transactions, options and swaps to help manage duration, sector and yield curve exposure and credit and spread volatility. The Fund may also use such derivatives to manage equity, country, regional and currency exposure, to increase income or gain to the Fund, for hedging and for risk management. The Fund may hedge its non-dollar investments back to the U.S. dollar through the use of foreign currency derivatives, including forward foreign currency contracts and currency futures, but may not always do so. In addition to hedging non-dollar investments, the Fund may use such derivatives to increase income and gain to the Fund and/or as part of its risk management process by establishing or adjusting exposure to particular foreign securities, markets or currencies.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund seeks to provide a higher level of current income than that offered by traditional fixed income products such as U.S. government bonds and money market securities. The Adviser’s investment process incorporates relative value analysis among capital instruments, as well as among asset classes, to determine where downside potential can be limited to achieve the goal of generating an attractive level of current income along with capital appreciation. Key metrics for evaluating the risk/return profile of an investment may include strong free cash flow, an improving return on equity, a strengthening balance sheet and, in the case of common equities, positive earnings surprises without a corresponding change in the stock price. The Adviser has disciplines in place that serve as sell signals, such as a security reaching a predetermined price target, a change to a company’s fundamentals that makes the risk/return profile unattractive, or a need to improve the overall risk/return profile of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund invests across various asset classes, sectors and securities, and, from time to time, will engage in frequent trading.</span></p> <p id="xdx_A85_eoef--RiskTextBlock_ztZmSoKTTlwb" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As with all mutual funds, there is no guarantee that the Fund will achieve its investment objective. <span id="xdx_905_eoef--RiskTextBlock_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__dei--LegalEntityAxis__custom--S000072841Member__oef--RiskAxis__oef--RiskLoseMoneyMember_z6CCZwFqsON8">You could lose money by investing in the Fund.</span> <b><span id="xdx_906_eoef--RiskTextBlock_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__dei--LegalEntityAxis__custom--S000072841Member__oef--RiskAxis__oef--RiskNotInsuredDepositoryInstitutionMember_zhRdopl27ZR6">A Fund share is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency</span>. </b>The principal risk factors affecting shareholders’ investments in the Fund are set forth below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> You could lose money by investing in the Fund. A Fund share is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquityRiskMember_zRq4JLIYfEf6" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Equity Risk –</b> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationCompanyRiskMember_zNtZW6lPERe3" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Large-Capitalization Company Risk –</b> 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 style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--RealEstateSecuritiesAndREITRiskMember_zrV4SVJBVib3" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><b>Real Estate Securities and REIT Risk – </b>A Fund that focuses its investments in opportunities in the real estate industry or otherwise invests in real estate-related securities has certain risks associated with investments in entities focused on real estate activities. REITs are pooled investment vehicles that own, and usually operate, income-producing real estate. 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. REITs typically incur fees that are separate from those of the Fund. Accordingly, the Fund’s investments in REITs will result in the layering of expenses such that shareholders will indirectly bear a proportionate share of the REITs’ operating expenses, in addition to paying Fund expenses. REIT operating expenses are not reflected in the fee table and example in this Prospectus.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFRiskMember_zB2gLQs59A3h" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><b>ETF Risk</b> <b>–</b> ETFs are pooled investment vehicles, such as registered investment companies and grantor trusts, whose shares are listed and traded on U.S. and non-U.S. stock exchanges or otherwise traded in the over-the-counter market. To the extent that the Fund invests in ETFs, the Fund will be subject to substantially the same risks as those associated with the direct ownership of the securities in which the ETF invests, and the value of the Fund’s investment will fluctuate in response to the performance of the ETF’s holdings. ETFs typically incur fees that are separate from those of the Fund. Accordingly, the Fund’s investments in ETFs will result in the layering of expenses such that shareholders will indirectly bear a proportionate share of the ETFs’ operating expenses, in addition to paying Fund expenses. Because the value of ETF shares depends on the demand in the market, shares may trade at a discount or premium to their net asset value (“NAV”) and the Adviser may not be able to liquidate the Fund’s holdings at the most optimal time, which could adversely affect the Fund’s performance.</p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallAndMidCapitalizationCompanyRiskMember_z3Xpyd1DZlr7" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Small- and Mid-Capitalization Company Risk – </b>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 style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--MLPRiskMember_zwwOfhZYr9Yk" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>MLP Risk – </b>MLPs are limited partnerships in which the ownership units are publicly traded. MLPs often own several properties or businesses (or own interests) that are related to oil and gas industries or other natural resources, but they also may finance other projects. To the extent that an MLP’s interests are all in a particular industry or industries, such as the energy industries, the MLP will be negatively impacted by economic events adversely impacting that industry or industries. Additional risks of investing in an MLP also include those involved in investing in a partnership as opposed to a corporation. For example, state law governing partnerships is often less restrictive than state law governing corporations. Accordingly, there may be fewer protections afforded to investors in a MLP than investors in a corporation. For example, investors in MLPs may have limited voting rights or be liable under certain circumstances for amounts greater than the amount of their investment. In addition, 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: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--SectorRiskMember_zZvkXScuRfnh" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Sector Risk – </b>The Fund may, at times, be more heavily invested in certain sectors. When the Fund emphasizes investment in one or more sectors, the value of its net assets will be more susceptible to the financial, market or economic events affecting issuers and industries within those sectors than would be the case for mutual funds that do not emphasize investment in particular sectors. As of October 31, 2025, 23.6% of the Fund’s net assets were invested in stocks within the financials sector. The values of securities of companies in the financials sector may be adversely impacted by many factors, including, among others, changes in government regulations, economic conditions, and interest rates, credit rating downgrades, adverse public perception, exposure concentration and decreased liquidity in credit markets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConvertibleSecuritiesRiskMember_zd9P9uAanh12" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Convertible Securities Risk –</b> 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 style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighYieldBondRiskMember_zPscqs4MqVZi" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>High Yield Bond Risk – </b>High yield bonds (often called “junk bonds”) are debt securities rated below investment grade. Junk bonds are speculative, involve greater risks of default, downgrade, or price declines and are more volatile and tend to be less liquid than investment-grade securities. Companies issuing high yield bonds are less financially strong, are more likely to encounter financial difficulties, and are more vulnerable to adverse market events and negative sentiments than companies with higher credit ratings.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeRiskMember_z9smgxjLcXCk" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fixed Income Risk</b> – Fixed income securities are subject to a number of risks, including credit and interest rate risks. Credit risk is the risk that the issuer or obligor will not make timely payments of principal and interest. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also affect the value of the Fund’s investment in that issuer. The Fund is subject to greater levels of credit risk to the extent it holds below investment grade debt securities, or “junk bonds.” Interest rate risk is the risk that the value of a fixed income security will fall when interest rates rise. In general, the longer the maturity and the lower the credit quality of a fixed income security, the more likely its value will decline.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentsRiskMember_zoNYlFeUCjtk" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><b>Money Market Instruments Risk</b> – The value of money market instruments may be affected by changing interest rates and by changes in the credit ratings of the investments. An investment in a money market fund is not a bank deposit and is not insured or guaranteed by any bank, the FDIC or any other government agency. A money market fund’s sponsor has no legal obligation to provide financial support to the fund, and there should be no expectation that the sponsor will provide financial support to the fund at any time. Certain money market funds float their NAV while others seek to preserve the value of investments at a stable NAV (typically, $1.00 per share). An investment in a money market fund, even an investment in a fund seeking to maintain a stable NAV per share, is not guaranteed and it is possible for the Fund to lose money by investing in these and other types of money market funds. If the liquidity of a money market fund’s portfolio deteriorates below certain levels, the money market fund may impose discretionary or mandatory liquidity fees. These measures may result in an investment loss or prohibit the Fund from redeeming shares when the Adviser would otherwise redeem shares. Money market funds and the securities they invest in are subject to comprehensive regulations. The enactment of new legislation or regulations, as well as changes in interpretation and enforcement of current laws, may affect the manner of operation, performance and/or yield of money market funds.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CorporateBondRiskMember_z28DEx9ZC5yj" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><b>Corporate Bond Risk</b> – Corporate bonds respond to economic developments, especially changes in interest rates, as well as perceptions of the creditworthiness and business prospects of individual issuers.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentSecuritiesRiskMember_z4hfhtjRCG2e" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><b>U.S. Government Securities Risk</b> – 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_zDmQ0ffii43e" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><b>Foreign Securities Risk</b> – Investing in foreign securities, including direct investments and through ADRs, which are traded on exchanges and represent an ownership interest 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. 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 ADRs provide an alternative to directly 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 style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--MicroCapitalizationCompanyRiskMember_z3a0e4mrNfQk" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Micro-Capitalization Company Risk </b>– 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 style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignCurrencyRiskMember_zIRbGwJhpZjc" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Foreign Currency Risk – </b>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> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsSecuritiesRiskMember_zv1gxPVRWvxj" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><b>Emerging Markets Securities Risk</b> – 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--GeographicFocusRiskMember_zx6qc0Qdmp0i" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><b>Geographic Focus Risk</b> – 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--PreferredStockRiskMember_zOVEKOAFtR8d" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><b>Preferred Stock Risk</b> – 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--MortgageBackedSecuritiesRiskMember_zuFJdmggs7O7" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><b>Mortgage-Backed Securities Risk</b> – 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--WarrantsRiskMember_ziX16wn76Ds7" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Warrants Risk –</b> Warrants in which the Fund may invest are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Warrants may be more speculative than other types of investments. The price of a warrant may be more volatile than the price of its underlying security, and an investment in a warrant may therefore create greater potential for capital loss than an investment in the underlying security. A warrant ceases to have value if it is not exercised prior to its expiration date.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zfDfU8eZYdi5" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Liquidity Risk</b> – 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 style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zYBU5ODLquGc" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Derivatives Risk – </b>The Fund’s use of futures contracts, forward contracts, options and swaps is subject to market risk, leverage risk, correlation risk, hedging risk and liquidity risk. Market risk is the risk that the market value of an investment may move up and down, sometimes rapidly and unpredictably. 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. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly or at all with the underlying asset, rate or index. Hedging risk is the risk that derivative instruments used for hedging purposes may also limit any potential gain that may result from the increase in value of the hedged asset. 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. Liquidity risk is described elsewhere in this section. The Fund’s use of forwards and swaps is also subject to credit risk and valuation risk. Credit risk is the risk that the counterparty to a derivative contract will default or otherwise become unable to honor a financial obligation. 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 style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zJRI5OegTTuh" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Market Risk</b> – 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 military action, 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 style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--FrequentTradingRiskMember_zJ6MSnII26V" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Frequent Trading Risk</b> – The Fund’s frequent trading strategy will result in high portfolio turnover and may be more likely to result in realized capital gains that must be distributed to shareholders as taxable income and in increased brokerage and other transaction costs.</span></p> Performance Information <p id="xdx_A80_eoef--PerformanceNarrativeTextBlock_zViHD7OQdKyd" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span id="xdx_906_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__dei--LegalEntityAxis__custom--S000072841Member_zewBYi3URZm2">The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in the performance of the Ultra Shares of the Fund from year-to-year and by showing how the average annual returns for 1-year and since inception of the Fund compare with those of the Russell 3000^® Index and the Blended 60/40 Bloomberg U.S. Aggregate Bond Index/S&amp;P 500^®Index.</span> The performance shown in bar chart and table for periods prior to November 1, 2021 represents the performance of the Institutional Shares of the Westwood Income Opportunity Fund, a series of The Advisors’ Inner Circle Fund (the “Predecessor Fund”). The Fund is the successor to the Predecessor Fund through a reorganization with the Fund on November 1, 2021 (the “2021 Reorganization”). <span id="xdx_90D_eoef--PerformancePastDoesNotIndicateFuture_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__dei--LegalEntityAxis__custom--S000072841Member_z4HZPvpgcdE4">How the Fund and the Predecessor Fund have performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> Updated performance information is available on the Fund’s website at <span id="xdx_904_eoef--PerformanceAvailabilityWebSiteAddress_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__dei--LegalEntityAxis__custom--S000072841Member_zmLQD98xRR3g">www.westwoodfunds.com</span> or by calling <span id="xdx_901_eoef--PerformanceAvailabilityPhone_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__dei--LegalEntityAxis__custom--S000072841Member_zxhrbGBpOnpf">1-877-FUND-WHG (1-877-386-3944)</span>.</p> The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in the performance of the Ultra Shares of the Fund from year-to-year and by showing how the average annual returns for 1-year and since inception of the Fund compare with those of the Russell 3000® Index and the Blended 60/40 Bloomberg U.S. Aggregate Bond Index/S&P 500® Index. How the Fund and the Predecessor Fund have performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.westwoodfunds.com 1-877-FUND-WHG (1-877-386-3944) Calendar Year Returns* <p id="xdx_A86_eoef--BarChartTableTextBlock_zRuv8u5WURpa" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img alt="" src="pro-ftgwx_004.jpg" style="height: 225px; width: 500px"/><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zXSy2HCZWiMf" style="font: 11pt Calibri, Helvetica, Sans-Serif; color: rgb(52,96,148); width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: top"> <td style="display: none; text-align: center; width: 50%; padding-right: 5.4pt; padding-left: 5.4pt">Year</td> <td style="display: none; text-align: center; width: 50%; padding-right: 5.4pt; padding-left: 5.4pt">Return</td></tr> <tr style="display: none; vertical-align: top"> <td style="display: none; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="display: none; font-size: 10pt">Annual Return 2016</span></td> <td id="xdx_98A_eoef--AnnlRtrPct_c20160101__20161231__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__oef--ClassAxis__custom--C000240107Member_fKg_____z6r6fno6fDA5" style="display: none; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt">6.66%</td></tr> <tr style="display: none; vertical-align: top"> <td style="display: none; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="display: none; font-size: 10pt">Annual Return 2017</span></td> <td id="xdx_984_eoef--AnnlRtrPct_c20170101__20171231__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__oef--ClassAxis__custom--C000240107Member_fKg_____zDb9Q75ZTSE4" style="display: none; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt">10.96%</td></tr> <tr style="display: none; vertical-align: top"> <td style="display: none; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="display: none; font-size: 10pt">Annual Return 2018</span></td> <td id="xdx_98C_eoef--AnnlRtrPct_c20180101__20181231__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__oef--ClassAxis__custom--C000240107Member_fKg_____zhljSITtPMA" style="display: none; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt">-4.87%</td></tr> <tr style="display: none; vertical-align: top"> <td style="display: none; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="display: none; font-size: 10pt">Annual Return 2019</span></td> <td id="xdx_988_eoef--AnnlRtrPct_c20190101__20191231__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__oef--ClassAxis__custom--C000240107Member_fKg_____zI6h4cyb4yp9" style="display: none; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt">17.67%</td></tr> <tr style="display: none; vertical-align: top"> <td style="display: none; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="display: none; font-size: 10pt">Annual Return 2020</span></td> <td id="xdx_984_eoef--AnnlRtrPct_c20200101__20201231__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__oef--ClassAxis__custom--C000240107Member_fKg_____zB6YZM9ZE5j3" style="display: none; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt">10.81%</td></tr> <tr style="display: none; vertical-align: top"> <td style="display: none; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="display: none; font-size: 10pt">Annual Return 2021</span></td> <td id="xdx_981_eoef--AnnlRtrPct_c20210101__20211231__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__oef--ClassAxis__custom--C000240107Member_fKg_____zbpoQICz7Qyg" style="display: none; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt">8.51%</td></tr> <tr style="display: none; vertical-align: top"> <td style="display: none; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="display: none; font-size: 10pt">Annual Return 2022</span></td> <td id="xdx_98E_eoef--AnnlRtrPct_c20220101__20221231__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__oef--ClassAxis__custom--C000240107Member_fKg_____ziOEWUZz3lOa" style="display: none; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt">-12.80%</td></tr> <tr style="display: none; vertical-align: top"> <td style="display: none; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="display: none; font-size: 10pt">Annual Return 2023</span></td> <td id="xdx_987_eoef--AnnlRtrPct_c20230101__20231231__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__oef--ClassAxis__custom--C000240107Member_fKg_____zDDGmgbo1U84" style="display: none; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt">9.89%</td></tr> <tr style="display: none; vertical-align: top"> <td style="display: none; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt">Annual Return 2024</td> <td id="xdx_984_eoef--AnnlRtrPct_c20240101__20241231__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__oef--ClassAxis__custom--C000240107Member_fKg_____zN03nk9gKiIg" style="display: none; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt">9.29%</td></tr> <tr style="display: none; vertical-align: top"> <td style="display: none; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt">Annual Return 2025</td> <td id="xdx_98E_eoef--AnnlRtrPct_c20250101__20251231__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__oef--ClassAxis__custom--C000240107Member_fKg_____zqSOLDLQKUc3" style="display: none; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt">12.00%</td></tr> </table> <div></div> 0.0666 0.1096 -0.0487 0.1767 0.1081 0.0851 -0.1280 0.0989 0.0929 0.1200 <div id="xdx_A8D_eoef--BarChartClosingTextBlock_zLeV3t4LxaT7"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin: 0in auto; -sec-ix-redline: true; color: rgb(52,96,148); width: 550px"> <tr style="color: rgb(52,96,148); vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span id="xdx_F0D_zgWIrLseUwd5" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td> <td style="text-align: justify"><span id="xdx_F12_zrZjwyY02PM7" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_908_eoef--YearToDateReturnLabel_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__dei--LegalEntityAxis__custom--S000072841Member_zgDIYEONInJc">The Fund’s year-to-date return</span> through <span id="xdx_906_eoef--BarChartYearToDateReturnDate_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__dei--LegalEntityAxis__custom--S000072841Member_zQhfwPzAIOe2">December 31, 2025</span> was <span id="xdx_908_eoef--BarChartYearToDateReturn_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__dei--LegalEntityAxis__custom--S000072841Member_zoL52sSerTo8">12.00%</span>.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-left: auto; width: 50%; border-collapse: collapse; margin-right: auto"> <tr style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); width: 25%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_906_eoef--HighestQuarterlyReturnLabel_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__dei--LegalEntityAxis__custom--S000072841Member_z7N5Y3U4LyB2">Best Quarter</span></b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); width: 25%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_90B_eoef--LowestQuarterlyReturnLabel_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__dei--LegalEntityAxis__custom--S000072841Member_zXLdLLZp98A6">Worst Quarter</span></b></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_903_eoef--BarChartHighestQuarterlyReturn_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__dei--LegalEntityAxis__custom--S000072841Member_z0FnGLlILXt2">13.16%</span></b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_901_eoef--BarChartLowestQuarterlyReturn_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__dei--LegalEntityAxis__custom--S000072841Member_zFzQN9ZOYQve">(12.99)%</span></b></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(<span id="xdx_902_eoef--BarChartHighestQuarterlyReturnDate_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__dei--LegalEntityAxis__custom--S000072841Member_zj4y4N4L3yvi">6/30/2020</span>)</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(<span id="xdx_907_eoef--BarChartLowestQuarterlyReturnDate_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__dei--LegalEntityAxis__custom--S000072841Member_zl1XIs342pBk">3/31/2020</span>)</b></span></td></tr> </table> The Fund’s year-to-date return 2025-12-31 0.1200 Best Quarter Worst Quarter 0.1316 -0.1299 2020-06-30 2020-03-31 Average Annual Total Returns for Periods Ended December 31, 2025 <p id="xdx_A88_eoef--PerformanceTableNarrativeTextBlock_zwIEMDpuEsd5" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This table compares the Fund’s Ultra Shares’ average annual total returns for the periods ended December 31, 2025 to those of an appropriate broad-based index and a blended secondary index that represents the investment strategy of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_eoef--PerformanceTableUsesHighestFederalRate_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__dei--LegalEntityAxis__custom--S000072841Member_zAwaVSbVNP55">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_900_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__dei--LegalEntityAxis__custom--S000072841Member_z780nnjqw6Vc">Your actual after-tax returns will depend on your 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></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </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. Your actual after-tax returns will depend on your 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”). <div id="xdx_A8E_eoef--PerformanceTableTextBlock_zKKhJJW1pAT9"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zXLhGRRvQRg" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; color: rgb(52,96,148); width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148)"> <td style="border-bottom: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; width: 74%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>WESTWOOD INCOME OPPORTUNITY FUND – ULTRA SHARES</b></span></td> <td style="border-bottom: #346094 1pt solid; text-align: center; vertical-align: bottom; width: 1%"><b> </b></td> <td id="xdx_498_20250101__20251231_zjq5hTvu7GNh" style="border-bottom: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; width: 12%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1 Year</b></span></td> <td style="border-bottom: #346094 1pt solid; text-align: center; vertical-align: bottom; width: 1%"><b> </b></td> <td id="xdx_492_20221130__20251231_ziCsHXdF56s5" style="border-bottom: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; width: 12%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Inception Date<br/> (<span id="xdx_90D_eoef--PerfInceptionDate_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__oef--ClassAxis__custom--C000240107Member_zzpNmn9o3bSd">November 30, 2022</span>)</b></span></td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hdei--DocumentInformationDocumentAxis__custom--UltraSharesMember__oef--ClassAxis__custom--C000240107Member_zztcXZBFKTui" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148)"> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fund Returns Before Taxes</b></span></td> <td style="text-align: center; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.00%</span></td> <td style="text-align: center; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.46%</span></td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hdei--DocumentInformationDocumentAxis__custom--UltraSharesMember__oef--ClassAxis__custom--C000240107Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zyxkgjKb1eV1" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148)"> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fund Returns After Taxes on Distributions</b></span></td> <td style="text-align: center; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.84%</span></td> <td style="text-align: center; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.00%</span></td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hdei--DocumentInformationDocumentAxis__custom--UltraSharesMember__oef--ClassAxis__custom--C000240107Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zTDwo6xVHXoj" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148)"> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fund Returns After Taxes on Distributions and Sale of Fund Shares</b></span></td> <td style="text-align: center; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.20%</span></td> <td style="text-align: center; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.73%</span></td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hdei--DocumentInformationDocumentAxis__custom--UltraSharesMember__oef--ClassAxis__custom--C000240107Member__oef--PerformanceMeasureAxis__custom--Russell3000IndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zN6Nrh9zrGca" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148)"> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top"><b>Russell 3000^® Index (<span id="xdx_901_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__dei--LegalEntityAxis__custom--S000072841Member_zOnn41JeLKr">reflects no deduction for fees, expenses, or taxes</span>)</b></td> <td style="text-align: center; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center">17.15%</td> <td style="text-align: center; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center">19.22%</td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hdei--DocumentInformationDocumentAxis__custom--UltraSharesMember__oef--ClassAxis__custom--C000240107Member__oef--PerformanceMeasureAxis__custom--Blended6040BloombergUSAggregateBondIndexSAndP500IndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zsxhefRpyqqa" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148)"> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Blended 60/40 Bloomberg U.S. Aggregate Bond Index/S&amp;P 500^® Index (reflects no deduction for fees, expenses, or taxes</b></span><b><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></b></td> <td style="text-align: center; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.58%</span></td> <td style="text-align: center; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.51%</span></td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hdei--DocumentInformationDocumentAxis__custom--UltraSharesMember__oef--ClassAxis__custom--C000240107Member__oef--PerformanceMeasureAxis__custom--SAndP500IndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zuxXcxOXTQEe" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148)"> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>S&amp;P 500 Index<span> </span></b></span><b> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(reflects no deduction for fees, expenses, or taxes)</span></b></td> <td style="text-align: center; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">17.88%</span></td> <td style="text-align: center; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.98%</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 12pt"><b>Investment Adviser</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Westwood Management Corp. is the Fund’s investment adviser.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 12pt"><b>Portfolio Managers</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is managed by a portfolio team. The professionals primarily responsible for the day-to-day management of the Fund are as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr. Adrian Helfert, Senior Vice President and Chief Investment Officer of Alternative and Multi-Asset Investments, has managed the Fund since 2019.*</span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr. Scott Barnard, CFA^®, Senior Vice President, Fixed Income Portfolio Manager and Research Analyst, has managed the Fund since 2020.*</span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; color: rgb(52,96,148); text-align: justify">Mr. Ben Chittenden, CFA^®, Senior Vice President, Portfolio Manager, and Research Analyst, has managed the Fund since November 2024.</p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0in; margin-bottom: 0in; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Including managing the Predecessor Fund through its reorganization into the Fund on November 1, 2021.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>For important information about the purchase and sale of Fund shares, taxes and financial intermediary compensation, please turn to the “Summary Information about the Purchase and Sale of Fund Shares, Taxes and Financial Intermediary Compensation” section of the Prospectus. </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 2022-11-30 0.1200 0.0946 0.1084 0.0800 0.0720 0.0673 reflects no deduction for fees, expenses, or taxes 0.1715 0.1922 0.1158 0.1051 0.1788 0.1998 WESTWOOD ALTERNATIVE INCOME FUND Fund Investment Objective <p id="xdx_A87_eoef--ObjectivePrimaryTextBlock_zwMgdj5Gs3v4" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The investment objective of the Westwood Alternative Income Fund (the “Fund” or “Alternative Income Fund”) seeks to provide absolute returns through a combination of current income and capital appreciation with low correlation to equity and fixed income markets.</span></p> Fund Fees and Expenses <p id="xdx_A8B_eoef--ExpenseNarrativeTextBlock_zg234B0yebf3" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These tables describe the fees and expenses that you may pay if you buy, hold and sell Ultra Shares of the Fund. <b>You may be required to pay commissions and/or other forms of compensation to a broker for transactions in Ultra Shares, which are not reflected in the table or the example below. </b>Shares of the Fund are available in other share classes that have different fees and expenses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"> </p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A88_eoef--AnnualFundOperatingExpensesTableTextBlock_zhJOBM5npZG"></div> <table cellpadding="3" cellspacing="0" id="xdx_A54_dU_zXyKinONjABf" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; color: rgb(52,96,148); width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); background-color: #DCDCDC"> <td style="border: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top; width: 88%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_49E_20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__dei--LegalEntityAxis__custom--S000072839Member__oef--ClassAxis__custom--C000229465Member_zTLZFotWr0kk" style="border-top: #346094 1pt solid; border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 12%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Ultra Shares</b></span></td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zco4f0BZQhHi" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: top"> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management Fees<sup id="xdx_F46_zjjSQ8KWgXTk">1</sup></span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.80%</span></td></tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_zLxCwxm72U4g" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: top"> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.16%</span></td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_zDCIHv0IC9P2" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: top"> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.96%</span></td></tr> <tr id="xdx_408_eoef--FeeWaiverOrReimbursementOverAssets_dpn_zhiLt8xHOmJ9" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: top"> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Less Fee Reductions and/or Expense Reimbursements<sup id="xdx_F40_zRB3UiADJlqa">2</sup></span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(0.20)%</span></td></tr> <tr id="xdx_40E_eoef--NetExpensesOverAssets_dpn_z5xxxt6co6Cj" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: top"> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses After Fee Reductions and/or Expense Reimbursements</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.76%</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: justify; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F0E_zBIXrK9s44h9">1</sup> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: justify"><span id="xdx_F1D_zin3xHzthVr7" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> Management Fees consist of a base fee at an annualized rate of 0.53% of the Fund’s average daily net assets, and a positive or negative performance adjustment of up to an annualized rate of 0.32% based on the Fund’s Ultra Shares’ performance relative to the FTSE 1-Month U.S. Treasury Bill Index plus 2.00%, resulting in a minimum total fee of 0.21% and a maximum total fee of 0.85%.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; color: rgb(52,96,148); width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: justify; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F02_zPEUWmhImLm1">2</sup> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: justify"><span id="xdx_F11_zzwuFDyXUrn5" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> Westwood Management Corp. (the “Adviser”) has contractually agreed to waive its Management Fee at an annual rate in the amount of 0.01% of the Fund’s average daily net assets until March 1, 2027 (the “Management Fee Waiver Agreement”). The Adviser has contractually agreed to reduce fees and reimburse expenses in order to keep Total Annual Fund Operating Expenses for Ultra Shares (excluding Management Fees, interest, taxes, brokerage commissions, Rule 12b-1 distribution fees (if any), administrative servicing fee (if any), borrowing expenses such as dividend and interest expenses on securities sold short, Acquired Fund fees and expenses, costs to organize the Fund, other expenditures which are capitalized in accordance with generally accepted accounting principles, and extraordinary expenses (collectively, “excluded expenses”)) from exceeding 0.00% of the Fund’s Ultra Shares’ average daily net assets until <span id="xdx_903_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__dei--LegalEntityAxis__custom--S000072839Member_zC2sPmoQjp1i">March 1, 2027</span>. 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 (other than Management Fee waivers pursuant to the Management Fee Waiver Agreement) made during the rolling 36-month 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 Ultimus Managers Trust (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 will terminate automatically if the Fund’s investment advisory agreement with the Adviser is terminated.</span></td></tr> </table> 0.0080 0.0016 0.0096 -0.0020 0.0076 March 1, 2027 Example <p id="xdx_A87_eoef--ExpenseExampleNarrativeTextBlock_zkCsee2nniH4" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same and the contractual agreements to limit expenses remain in effect until March 1, 2027. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A84_eoef--ExpenseExampleWithRedemptionTableTextBlock_zr0Ukyy4Vqqh"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5D_dU_zbdURjdTmuCc" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; color: rgb(52,96,148); width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: top; background-color: #DCDCDC"> <td id="xdx_486_eoef--ExpenseExampleYear01_zmPW9yOuWG7a" style="border: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 25%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1 Year</b></span></td> <td id="xdx_48C_eoef--ExpenseExampleYear03_zTwRsL42QhTh" style="border-top: #346094 1pt solid; border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 25%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3 Years</b></span></td> <td id="xdx_487_eoef--ExpenseExampleYear05_z3Ey4gJZZeM7" style="border-top: #346094 1pt solid; border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 25%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5 Years</b></span></td> <td id="xdx_48D_eoef--ExpenseExampleYear10_zQecuLbnsm19" style="border-top: #346094 1pt solid; border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 25%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10 Years</b></span></td></tr> <tr id="xdx_412_20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__dei--LegalEntityAxis__custom--S000072839Member__oef--ClassAxis__custom--C000229465Member_z4OGoAmGC9w2" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom"> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$78</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$286</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$511</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$1,160</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"> </p> 78 286 511 1160 Portfolio Turnover <p id="xdx_A82_eoef--PortfolioTurnoverTextBlock_zr6zWcC0NVxh" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover 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 ended October 31, 2025, the portfolio turnover rate of the Fund was <span id="xdx_902_eoef--PortfolioTurnoverRate_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__dei--LegalEntityAxis__custom--S000072839Member_zR0S2Yhg08Jh">89%</span> of the average value of its portfolio.</span></p> 0.89 Principal Investment Strategies <p id="xdx_A87_eoef--StrategyNarrativeTextBlock_zSwR98kGyBIf" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund employs an absolute return strategy, which means that the Fund seeks to earn a positive total return through a combination of current income and capital appreciation in all market conditions, by maintaining a portfolio that is designed to have low volatility and low correlations with equity and fixed income markets over a full market cycle.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In seeking to achieve its goals, the Fund invests primarily in income producing convertible securities. Convertible securities include, but are not limited to, corporate bonds, debentures, notes or preferred stocks and their hybrids that can be converted into (exchanged for) common stock or other securities, such as warrants or options, which provide an opportunity for equity participation. Once a convertible security converts to common stock, the Fund would be an equity owner of the particular company as a common stockholder. The Fund may also invest in equity securities and non-convertible fixed income securities, and may invest in securities of any market capitalization, maturity, duration or credit quality, including securities rated below investment grade or, if unrated, deemed by the Adviser to be of comparable quality (“junk bonds”). The Fund may invest in foreign companies in both developed and emerging markets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may seek to exploit certain arbitrage opportunities by, for example, selling common stocks or bonds short against positions in which the Fund has invested in convertible securities, or establishing short positions in convertible securities with long positions in the corresponding common stock or bond. When the Fund sells a security short, it is selling a security it does not own. The Fund may invest in derivative instruments, such as futures contracts, forward contracts, options and swaps (including credit default swaps) to seek to hedge risks such as issuer, equity market, credit, interest rate and foreign currency risks, or enhance the returns of the Fund. The Fund may also seek to generate income from option premiums by writing (selling) call and put options on individual securities, broad-based securities indexes or exchange-traded funds (“ETFs”). The Adviser seeks to identify undervalued convertible securities by utilizing quantitative tools and fundamental research to assess a security’s income characteristics, liquidity, credit quality, volatility and equity value. The Adviser seeks to invest in companies with strong business models, quality management, and favorable financial conditions. The Adviser will consider selling a convertible security when it believes that the security is no longer undervalued, or there are unfavorable changes in the fundamentals of the underlying company or the structure of the convertible security. The Fund may buy and sell securities frequently, which could result in a high portfolio turnover rate.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">When the Adviser believes that market conditions are unfavorable for profitable investing, or is otherwise unable to locate attractive investment opportunities, it may increase the Fund’s investments in cash or money market instruments to protect the Fund’s assets and maintain liquidity. When the Fund’s investments in cash or money market instruments increase, it may not participate in market advances or declines to the same extent that it would if the Fund remained more fully invested in equity and fixed income securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund invests across various asset classes, sectors and securities, and, from time to time, will engage in frequent trading.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As a result of the Fund’s investment style, the Fund, from time to time, will engage in frequent trading.</span></p> <p id="xdx_A8F_eoef--RiskTextBlock_zij4Iu2cgCM4" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As with all mutual funds, there is no guarantee that the Fund will achieve its investment objective. <span id="xdx_905_eoef--RiskTextBlock_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__dei--LegalEntityAxis__custom--S000072839Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zmpWU7myZGg5">You could lose money by investing in the Fund.</span> <b><span id="xdx_90F_eoef--RiskTextBlock_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__dei--LegalEntityAxis__custom--S000072839Member__oef--RiskAxis__oef--RiskNotInsuredDepositoryInstitutionMember_z5w799TZPMv4">A Fund share is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency</span>.</b> The principal risk factors affecting shareholders’ investments in the Fund are set forth below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> You could lose money by investing in the Fund. A Fund share is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConvertibleSecuritiesRiskMember_z9B3sqJYg9Gj" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Convertible Securities Risk </b>– 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. Convertible securities may be subordinate to other debt securities issued by the same issuer. Issuers of convertible securities are often not as strong financially as issuers with higher credit ratings. Convertible securities typically provide yields lower than comparable non-convertible securities. Their values may be more volatile than those of non-convertible securities, reflecting changes in the values of the securities into which they are convertible.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighYieldBondRiskMember_z1jvAH5CvfWh" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>High Yield Bond Risk</b> – High yield bonds (often called “junk bonds”) are debt securities rated below investment grade. Junk bonds are speculative, involve greater risks of default, downgrade, or price declines and are more volatile and tend to be less liquid than investment-grade securities. Companies issuing high yield bonds are less financially strong, are more likely to encounter financial difficulties, and are more vulnerable to adverse market events and negative sentiments than companies with higher credit ratings.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeRiskMember_zH2B4bg4INA2" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fixed Income Risk</b> – Fixed income securities are subject to a number of risks, including credit and interest rate risks. Credit risk is the risk that the issuer or obligor will not make timely payments of principal and interest. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also affect the value of the Fund’s investment in that issuer. The Fund is subject to greater levels of credit risk to the extent it holds below investment grade debt securities, or “junk bonds.” Interest rate risk is the risk that the value of a fixed income security will fall when interest rates rise. In general, the longer the maturity and the lower the credit quality of a fixed income security, the more likely its value will decline.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--CorporateBondRiskMember_zDfLkCRjMwlf" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><b>Corporate Bond Risk</b> <b>–</b> Corporate bonds respond to economic developments, especially changes in interest rates, as well as perceptions of the creditworthiness and business prospects of individual issuers. Investments in corporate bonds are also subject to the same risks as fixed income securities.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsSecuritiesRiskMember_zb3Ac79yGw51" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Emerging Markets Securities Risk</b> – 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_zVqF55U4p1ca" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Foreign Securities Risk</b> – Investing in foreign securities 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. 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_z3Sqqy9WfYN8" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Derivatives Risk</b> – The Fund’s use of futures contracts, forward contracts, options and swaps is subject to market risk, leverage risk, correlation risk, hedging risk and liquidity risk. Market risk is the risk that the market value of an investment may move up and down, sometimes rapidly and unpredictably. 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. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly or at all with the underlying asset, rate or index. Hedging risk is the risk that derivative instruments used for hedging purposes may also limit any potential gain that may result from the increase in value of the hedged asset. 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. Liquidity risk is described elsewhere in this section. The Fund’s use of forwards and swaps is also subject to credit risk and valuation risk. Credit risk is the risk that the counterparty to a derivative contract will default or otherwise become unable to honor a financial obligation. 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 style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--ShortSalesRiskMember_zUd7t3Euoe6g" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Short Sales Risk – </b>A short sale involves the sale of a security that the Fund does not own in the expectation of purchasing the same security (or a security exchangeable therefore) at a later date at a lower price. Short sales expose the Fund to the risk that it will be required to buy the security sold short (also known as “covering” the short position) at a time when the security has appreciated in value, thus resulting in a loss to the Fund. Investment in short sales may also cause the Fund to incur expenses related to borrowing securities. Reinvesting proceeds received from short selling may create leverage which can amplify the effects of market volatility on the Fund and, therefore, the Fund’s share price. Theoretically, uncovered short sales have the potential to expose the Fund to unlimited losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquityRiskMember_zkX3neooBRCj" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Equity Risk</b> – 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--SectorRiskMember_zXg7nzcVhref" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><b>Sector Risk – </b>The Fund may, at times, be more heavily invested in certain sectors. When the Fund emphasizes investment in one or more sectors, the value of its net assets will be more susceptible to the financial, market or economic events affecting issuers and industries within those sectors than would be the case for mutual funds that do not emphasize investment in particular sectors. As of October 31, 2025, 34.8% and 19.0% of the Fund’s net assets were invested in stocks within the technology sector and the industrials sector, respectively. The value of stocks of technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. The industrials sector comprises companies who produce capital goods used in construction and manufacturing, such as companies that make and sell machinery, equipment and supplies that are used to produce other goods. Companies in the industrials sector may be adversely affected by changes in government regulation, world events and economic conditions. In addition, companies in the industrials sector be adversely affected by environmental damages, product liability claims and exchange rates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--WarrantsRiskMember_zcXRxNlEHCm" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Warrants Risk</b> – Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Warrants may be more speculative than other types of investments. The price of a warrant may be more volatile than the price of its underlying security, and an investment in a warrant may therefore create greater potential for capital loss than an investment in the underlying security. A warrant ceases to have value if it is not exercised prior to its expiration date.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zmmmgNg1mHQb" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Liquidity Risk</b> – 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 style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--MicroCapitalizationCompanyRiskMember_zC5YjCWYR6w1" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-size: 10pt"><b>Micro-Capitalization Company Risk</b></span><b> –</b> <span style="font-size: 10pt">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 style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallAndMidCapitalizationCompanyRiskMember_zYsz4W1kwLYi" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Small- and Mid-Capitalization Company Risk</b> – 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 style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationCompanyRiskMember_zQkwE1CCEYnd" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Large-Capitalization Company Risk</b> – 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 style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--AbsoluteReturnStrategyRiskMember_zsCWMUrdV1Zk" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Absolute Return Strategy Risk – </b>The Fund’s absolute return strategy may cause the Fund to underperform compared to equity or fixed income markets or other mutual funds that do not utilize an absolute return strategy. For example, in rising markets, the Fund’s short positions may significantly impact the Fund’s overall performance and cause the Fund to underperform or sustain losses. Periodic underperformance is to be expected and is a result of the Fund’s overall hedging techniques employed for the absolute return strategy. Additionally, there is a risk that the Adviser will be unable to construct a portfolio that limits the Fund’s exposure to market movements, and as a result, the Fund’s performance may reflect general market movements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignCurrencyRiskMember_zRK76tlZs4j7" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Foreign Currency Risk</b> – 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> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--PreferredStockRiskMember_zcTPeT6Ql6sc" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Preferred Stock Risk</b> – 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 style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--GeographicFocusRiskMember_zP7oYD4RRJ4" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><b>Geographic Focus Risk</b> – 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFRiskMember_zL8b2ghpCQkd" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ETF Risk</b> – ETFs are pooled investment vehicles, such as registered investment companies and grantor trusts, whose shares are listed and traded on U.S. and non-U.S. stock exchanges or otherwise traded in the over-the-counter market. To the extent that the Fund invests in ETFs, the Fund will be subject to substantially the same risks as those associated with the direct ownership of the securities in which the ETF invests, and the value of the Fund’s investment will fluctuate in response to the performance of the ETF’s holdings. ETFs typically incur fees that are separate from those of the Fund. Accordingly, the Fund’s investments in ETFs will result in the layering of expenses such that shareholders will indirectly bear a proportionate share of the ETFs’ operating expenses, in addition to paying Fund expenses. Because the value of ETF shares depends on the demand in the market, shares may trade at a discount or premium to their net asset value (“NAV”) and the Adviser may not be able to liquidate the Fund’s holdings at the most optimal time, which could adversely affect the Fund’s performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentSecuritiesRiskMember_zOjv3NwuePQk" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><b>U.S. Government Securities Risk</b> <b>–</b> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentsRiskMember_zycXICgqlLSh" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><b>Money Market Instruments Risk</b> – The value of money market instruments may be affected by changing interest rates and by changes in the credit ratings of the investments. An investment in a money market fund is not a bank deposit and is not insured or guaranteed by any bank, the FDIC or any other government agency. A money market fund’s sponsor has no legal obligation to provide financial support to the fund, and there should be no expectation that the sponsor will provide financial support to the fund at any time. Certain money market funds float their NAV while others seek to preserve the value of investments at a stable NAV (typically, $1.00 per share). An investment in a money market fund, even an investment in a fund seeking to maintain a stable NAV per share, is not guaranteed and it is possible for the Fund to lose money by investing in these and other types of money market funds. If the liquidity of a money market fund’s portfolio deteriorates below certain levels, the money market fund may impose discretionary or mandatory liquidity fees. These measures may result in an investment loss or prohibit the Fund from redeeming shares when the Adviser would otherwise redeem shares. Money market funds and the securities they invest in are subject to comprehensive regulations. The enactment of new legislation or regulations, as well as changes in interpretation and enforcement of current laws, may affect the manner of operation, performance and/or yield of money market funds.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(52,96,148); text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_z2L0JTAST8r5" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Market Risk</b> – 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 military action, 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 style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--FrequentTradingRiskMember_zrLw5HHWVS48" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><b>Frequent Trading Risk – </b>The Fund’s frequent trading strategy will result in high portfolio turnover and may be more likely to result in realized capital gains that must be distributed to shareholders as taxable income. High turnover may also cause the Fund to pay more brokerage commissions and other transaction costs, which may detract from performance. The Fund’s portfolio turnover rate and the amount of brokerage commissions it pays will vary over time-based on market conditions.</p> Performance Information <p id="xdx_A8D_eoef--PerformanceNarrativeTextBlock_ztY1hJkfnK7b" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__dei--LegalEntityAxis__custom--S000072839Member_zK23JLdOlEYc">The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in the performance of the Ultra Shares of the Fund from year-to-year and by showing how the average annual returns for 1-year, 5-years, and 10-years of the Fund compare with those of the Bloomberg U.S. Aggregate Bond Index and the FTSE 1-Month U.S. Treasury Bill Index.</span> The performance shown in bar chart and table for periods prior to November 1, 2021 represents the performance of the Ultra Shares of the Westwood Alternative Income Fund, a series of The Advisors’ Inner Circle Fund (the “Predecessor Fund”). The Fund is the successor to the Predecessor Fund through a reorganization with the Fund on November 1, 2021 (the “2021 Reorganization”). <span id="xdx_90B_eoef--PerformancePastDoesNotIndicateFuture_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__dei--LegalEntityAxis__custom--S000072839Member_zOPxhjobtkV7">How the Fund and the Predecessor Fund have performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> Updated performance information is available on the Fund’s website at <span id="xdx_902_eoef--PerformanceAvailabilityWebSiteAddress_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__dei--LegalEntityAxis__custom--S000072839Member_zpT5tf4DpMjh">www.westwoodfunds.com</span> or by calling <span id="xdx_90A_eoef--PerformanceAvailabilityPhone_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__dei--LegalEntityAxis__custom--S000072839Member_zq2NndctYlpc">1-877-FUND-WHG (1-877-386-3944)</span>.</span></p> The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in the performance of the Ultra Shares of the Fund from year-to-year and by showing how the average annual returns for 1-year, 5-years, and 10-years of the Fund compare with those of the Bloomberg U.S. Aggregate Bond Index and the FTSE 1-Month U.S. Treasury Bill Index. How the Fund and the Predecessor Fund have performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.westwoodfunds.com 1-877-FUND-WHG (1-877-386-3944) Calendar Year Returns - Ultra Shares* <p id="xdx_A87_eoef--BarChartTableTextBlock_zikNNADcxBOd" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img alt="" src="pro-ftgwx_005.jpg" style="height: 227px; width: 500px"/></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_zLgBHr6dtsla" style="font: 11pt Calibri, Helvetica, Sans-Serif; color: rgb(52,96,148); width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: top"> <td style="display: none; text-align: center; width: 50%; padding-right: 5.4pt; padding-left: 5.4pt">Year</td> <td style="display: none; text-align: center; width: 50%; padding-right: 5.4pt; padding-left: 5.4pt">Return<sup style="display: none"></sup></td></tr> <tr style="display: none; vertical-align: top"> <td style="display: none; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="display: none; font-size: 10pt">Annual Return 2016</span></td> <td id="xdx_986_eoef--AnnlRtrPct_c20160101__20161231__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__oef--ClassAxis__custom--C000229465Member_fKg_____zpt0tIAcmhs7" style="display: none; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt">5.36%</td></tr> <tr style="display: none; vertical-align: top"> <td style="display: none; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="display: none; font-size: 10pt">Annual Return 2017</span></td> <td id="xdx_989_eoef--AnnlRtrPct_c20170101__20171231__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__oef--ClassAxis__custom--C000229465Member_fKg_____znOBLTUgyIz" style="display: none; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt">0.72%</td></tr> <tr style="display: none; vertical-align: top"> <td style="display: none; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="display: none; font-size: 10pt">Annual Return 2018</span></td> <td id="xdx_984_eoef--AnnlRtrPct_c20180101__20181231__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__oef--ClassAxis__custom--C000229465Member_fKg_____zmNoSXGwYV5l" style="display: none; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt">0.51%</td></tr> <tr style="display: none; vertical-align: top"> <td style="display: none; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="display: none; font-size: 10pt">Annual Return 2019</span></td> <td id="xdx_980_eoef--AnnlRtrPct_c20190101__20191231__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__oef--ClassAxis__custom--C000229465Member_fKg_____zM9IzT0LpMM2" style="display: none; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt">8.45%</td></tr> <tr style="display: none; vertical-align: top"> <td style="display: none; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="display: none; font-size: 10pt">Annual Return 2020</span></td> <td id="xdx_988_eoef--AnnlRtrPct_c20200101__20201231__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__oef--ClassAxis__custom--C000229465Member_fKg_____zIo7r2Za26b3" style="display: none; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt">7.64%</td></tr> <tr style="display: none; vertical-align: top"> <td style="display: none; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="display: none; font-size: 10pt">Annual Return 2021</span></td> <td id="xdx_98E_eoef--AnnlRtrPct_c20210101__20211231__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__oef--ClassAxis__custom--C000229465Member_fKg_____zzjk1O9ljbre" style="display: none; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt">3.07%</td></tr> <tr style="display: none; vertical-align: top"> <td style="display: none; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="display: none; font-size: 10pt">Annual Return 2022</span></td> <td id="xdx_980_eoef--AnnlRtrPct_c20220101__20221231__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__oef--ClassAxis__custom--C000229465Member_fKg_____zgah3phAH5Kb" style="display: none; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt">-1.12%</td></tr> <tr style="display: none; vertical-align: top"> <td style="display: none; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt">Annual Return 2023</td> <td id="xdx_988_eoef--AnnlRtrPct_c20230101__20231231__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__oef--ClassAxis__custom--C000229465Member_fKg_____zIAA64tZrn11" style="display: none; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt">6.96%</td></tr> <tr style="display: none; vertical-align: top"> <td style="display: none; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt">Annual Return 2024</td> <td id="xdx_986_eoef--AnnlRtrPct_c20240101__20241231__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__oef--ClassAxis__custom--C000229465Member_fKg_____zXw4TcYGKbrk" style="display: none; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt">6.12%</td></tr> <tr style="display: none; vertical-align: top"> <td style="display: none; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt">Annual Return 2025</td> <td id="xdx_984_eoef--AnnlRtrPct_c20250101__20251231__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__oef--ClassAxis__custom--C000229465Member_fKg_____zqRI6Nfylmv1" style="display: none; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt">7.70%</td></tr> </table> <div></div> 0.0536 0.0072 0.0051 0.0845 0.0764 0.0307 -0.0112 0.0696 0.0612 0.0770 <div id="xdx_A82_eoef--BarChartClosingTextBlock_znhumoySS164"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin: 0in auto; -sec-ix-redline: true; color: rgb(52,96,148); width: 550px"> <tr style="color: rgb(52,96,148); vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span id="xdx_F09_z9myPOMjNxSk" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td> <td style="text-align: justify"><span id="xdx_F12_zH9dJH9ujrWh" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_90B_eoef--YearToDateReturnLabel_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__dei--LegalEntityAxis__custom--S000072839Member_z5iWXVhcIEE9">The Fund’s year-to-date return</span> through <span id="xdx_900_eoef--BarChartYearToDateReturnDate_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__dei--LegalEntityAxis__custom--S000072839Member_zkfrXyzWWV9d">December 31, 2025</span> was <span id="xdx_908_eoef--BarChartYearToDateReturn_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__dei--LegalEntityAxis__custom--S000072839Member_zcrhej8cgTY4">7.70%</span>.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-left: auto; width: 50%; border-collapse: collapse; margin-right: auto"> <tr style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); width: 25%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_909_eoef--HighestQuarterlyReturnLabel_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__dei--LegalEntityAxis__custom--S000072839Member_zdy7OJMbLw6i">Best Quarter</span></b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); width: 25%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_90B_eoef--LowestQuarterlyReturnLabel_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__dei--LegalEntityAxis__custom--S000072839Member_zWfM2Q8Hepma">Worst Quarter</span></b></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_90D_eoef--BarChartHighestQuarterlyReturn_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__dei--LegalEntityAxis__custom--S000072839Member_zsjPDN7CdvS6">3.55%</span></b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_90E_eoef--BarChartLowestQuarterlyReturn_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__dei--LegalEntityAxis__custom--S000072839Member_zw0OjzHOYltj">(2.73)%</span></b></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148)"> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(<span id="xdx_90E_eoef--BarChartHighestQuarterlyReturnDate_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__dei--LegalEntityAxis__custom--S000072839Member_zPanCZgN1Hbd">12/31/2020</span>)</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(<span id="xdx_90E_eoef--BarChartLowestQuarterlyReturnDate_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__dei--LegalEntityAxis__custom--S000072839Member_z2q672Lta1e3">3/31/2020</span>)</b></span></td></tr> </table> The Fund’s year-to-date return 2025-12-31 0.0770 Best Quarter Worst Quarter 0.0355 -0.0273 2020-12-31 2020-03-31 Average Annual Total Returns for Periods Ended December 31, 2025 <p id="xdx_A83_eoef--PerformanceTableNarrativeTextBlock_zA2TJMk1fhbj" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This table compares the Fund’s Ultra Shares’ average annual total returns for the periods ended December 31, 2025 to those of an appropriate broad-based index and a secondary index.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_909_eoef--PerformanceTableUsesHighestFederalRate_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__dei--LegalEntityAxis__custom--S000072839Member_z7gt9kN2Fsa5">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_908_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__dei--LegalEntityAxis__custom--S000072839Member_zTJBJWs0xSth">Your actual after-tax returns will depend on your 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></p> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </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. Your actual after-tax returns will depend on your 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”). <div id="xdx_A85_eoef--PerformanceTableTextBlock_zGGsW23KhRPl"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zAjKNrlfNS17" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; color: rgb(52,96,148); border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="color: rgb(52,96,148); vertical-align: bottom"> <td style="border-bottom: rgb(52,96,148) 1pt solid; color: rgb(52,96,148); vertical-align: bottom; font-weight: bold; text-align: left"><b>WESTWOOD ALTERNATIVE INCOME FUND – ULTRA</b></td> <td style="border-bottom: rgb(52,96,148) 1pt solid; color: rgb(52,96,148); text-align: center; font-weight: bold; vertical-align: bottom"><b> </b></td> <td id="xdx_492_20250101__20251231_zWuhzlbXlsv6" style="border-bottom: rgb(52,96,148) 1pt solid; color: rgb(52,96,148); vertical-align: bottom; font-weight: bold; text-align: center"><b>1 Year</b></td> <td style="border-bottom: rgb(52,96,148) 1pt solid; color: rgb(52,96,148); text-align: center; font-weight: bold; vertical-align: bottom"><b> </b></td> <td id="xdx_497_20210101__20251231_zfoIfHH7Gg3h" style="border-bottom: rgb(52,96,148) 1pt solid; color: rgb(52,96,148); vertical-align: bottom; font-weight: bold; text-align: center"><b>5 Years</b></td> <td style="border-bottom: rgb(52,96,148) 1pt solid"><b> </b></td> <td id="xdx_491_20160101__20251231_zbj0k6gmIib8" style="border-bottom: rgb(52,96,148) 1pt solid; vertical-align: bottom; text-align: center"><b>10 Years</b></td> <td style="border-bottom: rgb(52,96,148) 1pt solid; color: rgb(52,96,148); text-align: center; vertical-align: bottom"><b> </b></td> <td style="border-bottom: rgb(52,96,148) 1pt solid; vertical-align: bottom; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Since Inception</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(<span id="xdx_902_eoef--PerfInceptionDate_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__oef--ClassAxis__custom--C000229465Member_zPHLLh1MNHla">May 1, 2015</span></b></span><b><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></b></p></td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hdei--DocumentInformationDocumentAxis__custom--UltraSharesMember__oef--ClassAxis__custom--C000229465Member_zZc1D3OXXZ4e" style="color: rgb(52,96,148); vertical-align: bottom"> <td style="color: rgb(52,96,148); text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; width: 48%; font-weight: bold; text-align: left">Fund Returns Before Taxes</td> <td style="color: rgb(52,96,148); text-align: center; width: 1%; vertical-align: bottom"> </td> <td style="color: rgb(52,96,148); vertical-align: bottom; width: 12%; text-align: center">7.70%</td> <td style="color: rgb(52,96,148); text-align: center; width: 1%; vertical-align: bottom"> </td> <td style="color: rgb(52,96,148); vertical-align: bottom; width: 12%; text-align: center">4.49%</td> <td style="width: 1%"> </td> <td style="vertical-align: bottom; text-align: center; width: 12%">4.49%</td> <td style="color: rgb(52,96,148); text-align: center; width: 1%; vertical-align: bottom"> </td> <td style="color: rgb(52,96,148); vertical-align: bottom; width: 12%; text-align: center">N/A</td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hdei--DocumentInformationDocumentAxis__custom--UltraSharesMember__oef--ClassAxis__custom--C000229465Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zEkXgFoPw6ll" style="color: rgb(52,96,148); vertical-align: bottom"> <td style="color: rgb(52,96,148); text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; font-weight: bold; text-align: left">Fund Returns After Taxes on Distributions</td> <td style="color: rgb(52,96,148); text-align: center; vertical-align: bottom"> </td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center">6.62%</td> <td style="color: rgb(52,96,148); text-align: center; vertical-align: bottom"> </td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center">2.49%</td> <td> </td> <td style="vertical-align: bottom; text-align: center">3.05%</td> <td style="color: rgb(52,96,148); text-align: center; vertical-align: bottom"> </td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center">N/A</td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hdei--DocumentInformationDocumentAxis__custom--UltraSharesMember__oef--ClassAxis__custom--C000229465Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zIwq48D6aXP8" style="color: rgb(52,96,148); vertical-align: bottom"> <td style="color: rgb(52,96,148); text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; font-weight: bold; text-align: left">Fund Returns After Taxes on Distributions and Sale of Fund Shares</td> <td style="color: rgb(52,96,148); text-align: center; vertical-align: bottom"> </td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center">4.54%</td> <td style="color: rgb(52,96,148); text-align: center; vertical-align: bottom"> </td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center">2.54%</td> <td> </td> <td style="vertical-align: bottom; text-align: center">2.84%</td> <td style="color: rgb(52,96,148); text-align: center; vertical-align: bottom"> </td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center">N/A</td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hdei--DocumentInformationDocumentAxis__custom--UltraSharesMember__oef--ClassAxis__custom--C000229465Member__oef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zPXEXiwANUWk" style="color: rgb(52,96,148); vertical-align: bottom"> <td style="color: rgb(52,96,148); text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; font-weight: bold; text-align: left">Bloomberg U.S. Aggregate Bond Index (<span id="xdx_90D_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraSharesMember__dei--LegalEntityAxis__custom--S000072839Member_zechmBDO2ve2">reflects no deduction for fees, expenses, or taxes</span>)</td> <td style="color: rgb(52,96,148); text-align: center; vertical-align: bottom"> </td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center">7.30%</td> <td style="color: rgb(52,96,148); text-align: center; vertical-align: bottom"> </td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center">(0.36)%</td> <td> </td> <td style="vertical-align: bottom; text-align: center">2.01%</td> <td style="color: rgb(52,96,148); text-align: center; vertical-align: bottom"> </td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center">N/A</td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hdei--DocumentInformationDocumentAxis__custom--UltraSharesMember__oef--ClassAxis__custom--C000229465Member__oef--PerformanceMeasureAxis__custom--FTSE1MonthUSTreasuryBillIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zRICU3Gx7GD8" style="color: rgb(52,96,148); vertical-align: bottom"> <td style="color: rgb(52,96,148); text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; font-weight: bold; text-align: left">FTSE 1-Month U.S. Treasury Bill Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="color: rgb(52,96,148); text-align: center; vertical-align: bottom"> </td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center">4.35%</td> <td style="color: rgb(52,96,148); text-align: center; vertical-align: bottom"> </td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center">3.25%</td> <td> </td> <td style="vertical-align: bottom; text-align: center">2.17%</td> <td style="color: rgb(52,96,148); text-align: center; vertical-align: bottom"> </td> <td style="color: rgb(52,96,148); vertical-align: bottom; text-align: center">N/A</td></tr> </table> 2015-05-01 0.0770 0.0449 0.0449 0.0662 0.0249 0.0305 0.0454 0.0254 0.0284 reflects no deduction for fees, expenses, or taxes 0.0730 -0.0036 0.0201 0.0435 0.0325 0.0217 WESTWOOD SALIENT MLP & ENERGY INFRASTRUCTURE FUND Fund Investment Objective <p id="xdx_A87_eoef--ObjectivePrimaryTextBlock_zIcJtqfLo2Bd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify">The investment objective of the Westwood Salient MLP &amp; Energy Infrastructure Fund (the “Fund” or the “MLP Fund”) seeks to maximize total return (capital appreciation and income).</p> Fund Fees and Expenses <p id="xdx_A88_eoef--ExpenseNarrativeTextBlock_zIUyjDmflyZ" style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify">This table describes the fees and expenses you may pay if you buy, hold, and sell Ultra Shares of the Fund. <b>You may be required to pay commissions and/or other forms of compensation to a broker for transactions in Ultra Shares, which are not reflected in the tables or the example below.</b> Shares of the Fund are available in other share classes that have different fees and expenses</p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A8E_eoef--AnnualFundOperatingExpensesTableTextBlock_zcJ8PXpOEzl1"></div> <table border="0" cellpadding="3" cellspacing="0" id="xdx_A56_dU_zM1dNaixYU16" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; color: rgb(52,96,148); width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="background-color: Gainsboro; vertical-align: bottom"> <td style="border-top: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; vertical-align: top; text-align: left"><span style="color: rgb(46,96,149)"> </span></td> <td id="xdx_494_20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraFundMember__dei--LegalEntityAxis__custom--S000077491Member__oef--ClassAxis__custom--C000237962Member_zrzgbRx6tw7d" style="border: #346094 1pt solid; font-weight: bold; text-align: center"><span style="color: rgb(46,96,149)">Ultra Shares</span></td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_z4V5xpV5wMNe" style="vertical-align: bottom"> <td style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; vertical-align: top; width: 88%; text-align: left; padding-bottom: 1pt"><span style="color: rgb(46,96,149)">Management Fees</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; width: 12%; text-align: center"><span style="color: rgb(46,96,149)">0.90%</span></td></tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_z1x7uO48gDI5" style="vertical-align: bottom"> <td style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; vertical-align: top; text-align: left; padding-bottom: 1pt"><span style="color: rgb(46,96,149)">Other Expenses</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; text-align: center"><span style="color: rgb(46,96,149)">0.10%</span></td></tr> <tr id="xdx_40F_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_ztfsErmloLW6" style="vertical-align: bottom"> <td style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; vertical-align: top; text-align: left; padding-bottom: 1pt"><span style="color: rgb(46,96,149)">Acquired Fund Fees and Expenses<sup id="xdx_F42_zGfG3kSPruFj">1</sup></span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; text-align: center"><span style="color: rgb(46,96,149)">0.03%</span></td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_zXsS56ibvQW6" style="vertical-align: bottom"> <td style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; vertical-align: top; text-align: left; padding-bottom: 1pt"><span style="color: rgb(46,96,149)">Total Annual Fund Operating Expenses</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; text-align: center"><span style="color: rgb(46,96,149)">1.03%</span></td></tr> <tr id="xdx_408_eoef--FeeWaiverOrReimbursementOverAssets_dpn_zVrXYVLNDQti" style="vertical-align: bottom"> <td style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; vertical-align: top; text-align: left; padding-bottom: 1pt"><span style="color: rgb(46,96,149)">Less Fee Reductions and/or Expense Reimbursements<sup id="xdx_F4E_z4BkjQjBQYMh">2</sup></span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; text-align: center"><span style="color: rgb(46,96,149)">(0.04)%</span></td></tr> <tr id="xdx_40E_eoef--NetExpensesOverAssets_dpn_z2D8kifUoW0d" style="vertical-align: bottom"> <td style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; vertical-align: top; text-align: left; padding-bottom: 1pt"><span style="color: rgb(46,96,149)">Total Annual Fund Operating Expenses After Fee Reductions and/or Expense Reimbursements</span></td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; text-align: center"><span style="color: rgb(46,96,149)">0.99%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><sup id="xdx_F03_z5SCmHoF7p67">1</sup></td> <td style="text-align: justify"><span id="xdx_F15_z1X7pDkh0aqg"> <span id="xdx_906_eoef--OtherExpensesNewFundBasedOnEstimates_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraFundMember__dei--LegalEntityAxis__custom--S000077491Member_zwPOxdRAAbc3">“Total Annual Fund Operating Expenses” and Total Annual Fund Operating Expenses After Fee Reductions and/or Expenses Reimbursement” will not correlate to the ratios of expenses to the average net assets in the Fund’s Financial Highlights, which reflect the operating expenses of the Fund and do not include “Acquired Fund Fees and Expenses”.</span></span></td> </tr> <tr style="-sec-ix-redline: true; vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><sup id="xdx_F05_zsikPAH1fvBh">2</sup></td> <td style="text-align: justify"><span id="xdx_F1F_z1WyEOjaUSzk"> The Fund may invest in one or more Westwood Funds (“Underlying Funds”). Westwood Management Corp. (the “Adviser”) has agreed to waive fees in the pro rata amount of the management fee charged by Underlying Funds on the Fund’s investment in such other Underlying Funds. During the fiscal period ended October 31, 2025, the Fund reduced investment advisory fees by $474,853.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"> </p> 0.0090 0.0010 0.0003 0.0103 -0.0004 0.0099 “Total Annual Fund Operating Expenses” and Total Annual Fund Operating Expenses After Fee Reductions and/or Expenses Reimbursement” will not correlate to the ratios of expenses to the average net assets in the Fund’s Financial Highlights, which reflect the operating expenses of the Fund and do not include “Acquired Fund Fees and Expenses”. Example <p id="xdx_A8B_eoef--ExpenseExampleNarrativeTextBlock_zi8TAVxefPp1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify">This Example is intended to help you compare the costs of investing in the Fund with the costs of investing in other mutual funds.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"> </p> The Examples assume that you invest $10,000 in the Fund for the time periods indicated and then redeem all 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 actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A88_eoef--ExpenseExampleWithRedemptionTableTextBlock_zxzMlsk4uHFe"></div> <table border="0" cellpadding="3" cellspacing="0" id="xdx_A5B_dU_zY7yZWQ9MjQc" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; color: rgb(52,96,148); width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom; background-color: Gainsboro"> <td id="xdx_486_eoef--ExpenseExampleYear01_z9H5bxZwY0Rf" style="border-top: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; font-weight: bold; text-align: center">1 Year</td> <td id="xdx_489_eoef--ExpenseExampleYear03_zOqOzHi1lbRk" style="border-top: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; font-weight: bold; text-align: center">3 Years</td> <td id="xdx_486_eoef--ExpenseExampleYear05_zFTDUFWz2kd6" style="border-top: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; font-weight: bold; text-align: center">5 Years</td> <td id="xdx_48B_eoef--ExpenseExampleYear10_z8zODecYaUx1" style="border: #346094 1pt solid; font-weight: bold; text-align: center">10 Years</td></tr> <tr id="xdx_416_20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraFundMember__dei--LegalEntityAxis__custom--S000077491Member__oef--ClassAxis__custom--C000237962Member_zRQzVc6mnjkc" style="vertical-align: bottom; background-color: White"> <td style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; width: 25%; text-align: center">$101</td> <td style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; width: 25%; text-align: center">$324</td> <td style="border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; width: 25%; text-align: center">$565</td> <td style="border-right: #346094 1pt solid; border-bottom: #346094 1pt solid; border-left: #346094 1pt solid; width: 25%; text-align: center">$1,256</td></tr> </table> 101 324 565 1256 Portfolio Turnover <p id="xdx_A88_eoef--PortfolioTurnoverTextBlock_zuajg7uVgaO7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; -sec-ix-redline: true; color: rgb(52,96,148); text-align: justify">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the examples, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was <span id="xdx_906_eoef--PortfolioTurnoverRate_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraFundMember__dei--LegalEntityAxis__custom--S000077491Member_zmz6urZtnzW4">52%</span> of the average value of its portfolio.</p> 0.52 Principal Investment Strategies <p id="xdx_A8A_eoef--StrategyNarrativeTextBlock_z3j9PpmmOGyb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify">Under normal circumstances, the Fund seeks to achieve its investment objective by investing at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in securities of Master Limited Partnerships (“MLPs”) (as defined below) and Energy Infrastructure Companies. The Fund invests in equity securities such as common units, preferred units, subordinated units, general partner interests, common shares and preferred shares in MLPs and Energy Infrastructure Companies. The Fund also may invest in investment grade debt securities issued by MLPs and Energy Infrastructure Companies of any maturity. The Fund may invest in MLPs and Energy Infrastructure Companies of any market capitalization ranges. Energy Infrastructure Companies include clean energy companies engaged in renewable energy electricity generation (wind, solar, hydrogen, geothermal, biomass, etc.), renewable storage and transmission, renewable energy equipment development manufacturing, electrified transport, biofuel production or energy efficiency solutions (including smart grid). The Fund is non-diversified, which means that it may invest in a limited number of issuers.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; color: rgb(52,96,148); text-align: justify"><span style="text-decoration: underline">MLPs</span> are entities structured as master limited partnerships. Master limited partnerships are limited partnerships and limited liability companies that are publicly traded and are treated as partnerships for federal income tax purposes. The Fund’s MLP investments are generally focused on energy infrastructure investments in pipelines and processes involving the gathering, processing, distributing and marketing of natural gas, natural gas liquids, crude oil, or other refined products.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; color: rgb(52,96,148); text-align: justify"><span style="text-decoration: underline">Energy Infrastructure Companies</span> are companies, including affiliates of MLPs, that own and operate assets that are used in the energy sector, including assets used in exploring, developing, producing, generating, transporting (including marine), transmitting, terminal operation, storing, gathering, processing, refining, distributing, mining or marketing of natural gas, natural gas liquids, crude oil, refined products, coal, electricity, or renewable energy or that provide energy-related services. For purposes of this definition, such companies (i) derive at least 50% of their revenues or operating income from operating such assets or providing services for the operation of such assets or (ii) have such assets that represent the majority of their assets.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify">The Fund will invest at least 50% of its total assets in Midstream MLPs and Midstream Energy Infrastructure companies.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; color: rgb(52,96,148); text-align: justify"><span style="text-decoration: underline">Midstream MLPs</span> are MLPs that principally own and operate assets used in energy logistics, including, but not limited to, assets used in transporting (including marine), storing, gathering, processing, distributing or marketing of natural gas, natural gas liquids, crude oil or refined products.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; color: rgb(52,96,148); text-align: justify"><span style="text-decoration: underline">Midstream Energy Infrastructure Companies</span> are companies, other than Midstream MLPs, that own and operate assets used in energy logistics, including, but not limited to, assets used in transporting (including marine), storing, gathering, processing, distributing or marketing of natural gas, natural gas liquids, crude oil or refined products.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify">The Fund may directly invest up to but not more than 25% (or such higher amount as permitted by any applicable tax diversification rules) of total assets, at the time of investment, in equity or debt securities of master limited partnerships. This limit does not apply to securities issued by MLP affiliates, which are not treated as publicly traded partnerships for federal income tax purposes.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify">The Fund may invest up to but not more than 15% of total assets in debt securities of Energy Infrastructure Companies.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify">The Fund may invest up to but not more than 12.5% of total assets in any single issuer.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify">The Fund may invest up to 15% of net assets in unregistered and other illiquid securities.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify">The Fund may engage in covered call writing. The Fund currently expects to write call options for the purpose of generating realized gains or reducing the Fund’s ownership of certain securities. The Fund will only write call options on securities that are held in the portfolio (<i>i.e.</i>, covered calls). The Fund may borrow to purchase securities, which would add leverage to the portfolio.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify">The investment process of the Fund’s investment adviser, Westwood Management Corp. (the “Adviser”) is designed to generate returns by investing in a portfolio of publicly traded MLPs and Energy Infrastructure Companies. Returns are typically driven by the distribution yield plus expected annual growth in the cash distributions. The Adviser maintains proprietary business valuation models and analyzes key variables such as cash flow stability, growth profile, commodity price sensitivity, balance sheet strength, hedging profile, management strength, competitive landscape and other factors. The Adviser employs a “bottom up” research-driven stock selection process with an emphasis on the opportunity set and growth prospects for each target investment. Changes in the laws of the United States, including tax laws and regulations, could result in the inability of the Fund to operate as described in this prospectus and the SAI and could adversely affect the Fund (see “Tax Law Change Risk” below).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify">The percentage limitations applicable to the portfolio described above apply at the time of investment, and the Fund will not be required to sell securities due to subsequent changes in the value of securities owned. However, although the Fund may not be required to sell securities due to subsequent changes in value, if such changes cause the Fund to have invested less than 80% of total assets in securities of MLPs and Energy Infrastructure Companies, the Fund will be required to make future purchases of securities in a manner so as to come into compliance with this investment policy. The Fund will invest primarily in companies located in North America, but the Fund may invest in companies located anywhere in the world.</p> <p id="xdx_A80_eoef--RiskTextBlock_zJzunOipgHtd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify">As with all mutual funds, there is no guarantee that the Fund will achieve its investment objective. <span id="xdx_908_eoef--RiskTextBlock_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraFundMember__dei--LegalEntityAxis__custom--S000077491Member__oef--RiskAxis__oef--RiskLoseMoneyMember_z21FWjOXYN0b">You could lose money by investing in the Fund.</span> <b><span id="xdx_907_eoef--RiskTextBlock_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraFundMember__dei--LegalEntityAxis__custom--S000077491Member__oef--RiskAxis__oef--RiskNotInsuredDepositoryInstitutionMember_zLlFVMpYq2z">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any government agency</span></b>. Many factors influence a mutual fund’s performance. An investment in the Fund is not intended to constitute a complete investment program and should not be viewed as such. All securities investing and trading activities risk the loss of capital. The principal risks of investing in the Fund, which could adversely affect its net asset value and total return, are:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"> </p> You could lose money by investing in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any government agency <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zNmfWYHGzS77" style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify"><b>Equity Securities Risk –</b> The risks associated with investing in equity securities of companies include the financial and operational risks faced by individual companies, the risk that the stock markets, sectors and industries in which the Fund invests may experience periods of turbulence and instability, and the general risk that domestic and global economies may go through periods of decline and cyclical change.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndustrySpecificRiskMember_zBAjChpj8Xa5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify"><b>Industry Specific Risk –</b> The MLPs and Energy Infrastructure Companies, including Midstream MLPs and Energy Infrastructure Companies, in which the Fund invests, are subject to risks specific to the industry they serve, including the following:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148)"> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td><td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">●</td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: top; text-align: justify; text-indent: 0in">Fluctuations in commodity prices may impact the volume of commodities transported, processed, stored or distributed.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148)"> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td><td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">●</td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: top; text-align: justify; text-indent: 0in">Reduced volumes of natural gas or other energy commodities available for transporting, processing, storing or distributing may affect the profitability of a company or MLP.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148)"> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td><td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">●</td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: top; text-align: justify; text-indent: 0in">Slowdowns in new construction and acquisitions can limit growth potential.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148)"> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td><td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">●</td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: top; text-align: justify; text-indent: 0in">A sustained reduction in demand for crude oil, natural gas and refined petroleum products that could adversely affect revenues and cash flows.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148)"> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td><td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">●</td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: top; text-align: justify; text-indent: 0in">Depletion of the natural gas reserves or other commodities if not replaced could impact the ability of an Energy Infrastructure Company or MLP to make distributions.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148)"> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td><td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">●</td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: top; text-align: justify; text-indent: 0in">Changes in the regulatory environment could adversely affect the profitability of Energy Infrastructure Companies and MLPs.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148)"> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td><td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">●</td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: top; text-align: justify; text-indent: 0in">Extreme weather or other natural disasters could impact the value of Energy Infrastructure Company and MLP securities.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148)"> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td><td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">●</td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: top; text-align: justify; text-indent: 0in">Rising interest rates could result in a higher cost of capital and divert investors into other investment opportunities.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148)"> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td><td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">●</td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: top; text-align: justify; text-indent: 0in">Threats of attack by terrorists on energy assets could impact the market for Energy Infrastructure Company and MLP securities.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148)"> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td><td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">●</td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: top; text-align: justify; text-indent: 0in">Global events, particularly in Russia, Ukraine, Western Europe and the Middle East that also impact and including government stability specifically, could have significant adverse effects on the U.S. economy, and financial and commodities markets.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zu4a7qt0dga1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify"><b>Liquidity Risk </b>– Although common units of MLPs trade on the exchanges, certain securities may trade less frequently than those of larger companies due to their smaller capitalizations. In the event certain securities experience limited trading volumes, the prices may display abrupt or erratic movements at times. Additionally, it may be more difficult for the Fund to buy and sell significant amounts of such securities without an unfavorable impact on prevailing market prices. As a result, these securities may be difficult to dispose of at a fair price at the times when the Adviser believes it is desirable to do so. The Fund’s investment in securities that are less actively traded or over time experience decreased trading volume may restrict its ability to take advantage of other market opportunities or to dispose of securities. This also may affect adversely the Fund’s ability to make dividend distributions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zNP6VJvStag" style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify"><b>Market Risk <i>– </i></b>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 military action, 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--MasterLimitedPartnershipsMLPsRiskMember_zJ1jxGti5c5i" style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify"><b>Master Limited Partnerships (“MLPs”) Risk –</b> Investments in the debt and equity securities of MLPs involve risks that differ from investments in the debt and equity securities of corporate issuers, including risks related to limited control and limited rights to vote on matters affecting the partnership, risks related to potential conflicts of interest between the partnership and its general partner, cash flow risks, dilution risks and risks related to the general partner’s right to require unitholders to sell their common units at an undesirable time or price. The Fund and its shareholders are not eligible for a tax deduction based on income received from MLPs that is available to individuals who invest directly in MLPs.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--RenewableEnergyCompaniesRiskMember_z77aDxNhtZ4a" style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify"><b>Renewable Energy Companies Risk –</b> Renewable energy companies may be more volatile than companies operating in more established industries. Renewable energy companies are subject to specific risks, including: fluctuations in commodity prices and/or interest rates; changes in governmental or environmental regulation; reduced availability of renewable energy sources or other commodities for transporting, processing, storing or delivering; slowdowns in new construction; seasonal weather conditions, extreme weather or other natural disasters; and threats of attack by terrorists on certain renewable energy assets. Certain investments may be dependent on U.S. and foreign government policies, including tax incentives and subsidies. The above factors could also impact the ability of renewable energy companies to pay dividends comparable to those paid by other Energy Infrastructure Companies. Certain valuation methods used to value renewable energy companies have not been widely used for a significant period of time and may further increase the volatility of renewable energy company share prices.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--BorrowingRiskMember_zQFAtczV12Pk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify"><b>Borrowing Risk –</b> Borrowing for investment purposes creates leverage, which will exaggerate the effect of any increase or decrease in the market price of securities in the Fund’s portfolio on the Fund’s net asset value and, therefore, may increase the volatility of the Fund. Money borrowed will be subject to interest and other costs (that may include commitment fees and/or the cost of maintaining minimum average balances). These costs may exceed the gain on securities purchased with borrowed funds. Increased operating costs, including the financing cost associated with any leverage, may reduce the Fund’s total return. Unless the income and capital appreciation, if any, on securities acquired with borrowed funds exceed the cost of borrowing, the use of leverage will diminish the investment performance of the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zjsJmwDxQ5Wk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify"><b>Concentration Risk – </b>The Fund focuses its investments in issuers of one or more industries to the extent permitted by applicable regulatory guidance. There is a risk that those issuers (or industry sector) will perform poorly and negatively impact the Fund. Concentration risk results from maintaining exposure (long or short) to issuers conducting business in a specific industry. The risk of concentrating investments in a limited number of issuers in a particular industry is that the Fund will be more susceptible to market, economic, political, regulatory, and other conditions and risks associated with that industry than the Fund that does not concentrate its investments and invests more broadly across industries and sectors.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zVGzcC83Jejg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify"><b>Counterparty Risk – </b>In general, a derivative contract typically involves leverage, <i>i.e.</i>, it provides exposure to potential gain or loss from a change in the level of the market price of a security, currency or commodity (or a basket or index) in a notional amount that exceeds the amount of cash or assets required to establish or maintain the derivative contract. Many of these derivative contracts will be privately negotiated in the Over-the-counter (“OTC”) market. These contracts also involve exposure to credit risk, since contract performance depends in part on the financial condition of the counterparty. If a privately negotiated OTC contract calls for payments by the Fund, the Fund must be prepared to make such payments when due. In addition, if a counterparty’s creditworthiness declines, the Fund may not receive payments owed under the contract, or such payments may be delayed under such circumstances and the value of agreements with such counterparty can be expected to decline, potentially resulting in losses by the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--DebtInstrumentsRiskMember_zAtORcdBz11l" style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify"><b>Debt Instruments Risk – </b>Debt instruments are generally subject to credit risk and interest rate risk. Credit risk refers to the possibility that the issuer of a security will be unable to make interest payments and/or repay the principal on its debt. Interest rate risk refers to fluctuations in the value of a fixed income security resulting from changes in the general level of interest rates. When the general level of interest rates goes up, the prices of most fixed income securities go down. When the general level of interest rates goes down, the prices of most fixed income securities go up. Derivatives related to debt instruments may be exposed to similar risks for individual securities, groups of securities or indices tracking multiple securities or markets. Both debt securities and debt-related derivative instruments may be exposed to one or more of the following risks:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148)"> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td><td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">●</td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: top; text-align: justify; text-indent: 0in"><b>Credit Risk</b> – Credit risk refers to the possibility that the issuer of the security will not be able to make principal and interest payments when due. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also affect the value of the Fund’s investment in that issuer. The degree of credit risk depends on both the financial condition of the issuer and the terms of the obligation. Securities rated by the rating agencies in the four highest categories (Fitch, Inc. (“Fitch”) (AAA, AA, A, and BBB), Moody’s Investors Service, Inc. (“Moody’s”) (Aaa, Aa, A, and Baa) or S&amp;P^®Global Ratings (“S&amp;P”) (AAA, AA, A, and BBB)) are considered investment grade, but they may also have some speculative characteristics, meaning that they carry more risk than higher rated securities and may have problems making principal and interest payments in difficult economic climates. Investment grade ratings do not guarantee that bonds will not lose value.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148)"> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td><td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">●</td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: top; text-align: justify; text-indent: 0in"><b>Extension Risk</b> – Extension risk is the risk that, when interest rates rise, certain obligations will be paid off by the issuer (or obligor) more slowly than anticipated, causing the value of these securities to fall. Rising interest rates tend to extend the duration of securities, making them more sensitive to changes in interest rates. The value of longer-term securities generally changes more in response to changes in interest rates than shorter-term securities. As a result, in a period of rising interest rates, securities may exhibit additional volatility and may lose value.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148)"> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td><td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">●</td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: top; text-align: justify; text-indent: 0in"><b>Interest Rate Risk</b> – The yields for certain securities (including for equity securities of MLPs and certain Midstream Energy Infrastructure Companies) are susceptible in the short-term to fluctuations in interest rates, and the prices of such securities may decline when interest rates rise. Interest rate risk in general is the risk that prices of fixed income securities generally increase when interest rates decline and decrease when interest rates increase. The Fund may decline in value or suffer losses if short-term or long-term interest rates rise sharply or otherwise change in a manner not anticipated by the Adviser.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148)"> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td><td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">●</td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: top; text-align: justify; text-indent: 0in"><b>Prepayment Risk</b> – Prepayment risk is the risk that certain debt securities with high interest rates will be prepaid by the issuer before they mature. When interest rates fall, certain obligations will be paid off by the obligor more quickly than originally anticipated, and an investor may have to invest the proceeds in securities with lower yields. In periods of falling interest rates, the rate of prepayments tends to increase (as does price fluctuation) as borrowers are motivated to pay off debt and refinance at new lower rates. During such periods, reinvestment of the prepayment proceeds by the management team will generally be at lower rates of return than the return on the assets that were prepaid. Prepayment reduces the yield to maturity and the average life of the security.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zIJ6MPHBjoB3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify"><b>Derivatives Risk – </b>The market value of the derivative instruments in which the Fund may invest, including options, futures contracts, forward currency contracts, and other similar instruments, may be more volatile than that of other instruments. The use of derivative instruments involves risks different from, and possibly greater than, the risks associated with investing directly in securities and other more traditional investments, and certain derivatives may create a risk of loss greater than the amount invested. There can be no assurance given that each derivative position will perform as expected, or that a particular derivative position will be available when sought by the portfolio manager. The Fund’s use of derivative instruments to obtain short exposures may result in greater volatility because losses are potentially unlimited. In addition, there can be no assurance given that any derivatives strategy will succeed, and the Fund may lose money as a result of its use of derivative instruments. Changes in regulation relating to a mutual fund’s use of derivatives and related instruments could potentially limit or impact the Fund’s ability to invest in derivatives, limit the Fund’s ability to employ certain strategies that use derivatives and adversely affect the value or performance of derivatives and the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zVlJOUbaK19i" style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify"><b>Leverage Risk –</b> If the Fund makes investments in futures contracts, forward currency contracts and other derivative instruments, the futures contracts and certain other derivatives provide the economic effect of financial leverage by creating additional investment exposure, as well as the potential for greater loss. If the Fund uses leverage through activities such as borrowing, entering into short sales, purchasing securities on margin or on a “when-issued” basis or purchasing derivative instruments in an effort to increase its returns, the Fund has the risk of magnified capital losses that occur when losses affect an asset base, enlarged by borrowings or the creation of liabilities, that exceeds the net assets of the Fund. The net asset value of the Fund when employing leverage will be more volatile and sensitive to market movements. Leverage may involve the creation of a liability that requires the Fund to pay interest.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementStyleRiskMember_zuaZgCk5Dtjg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify"><b>Management Style Risk <i>– </i></b>The portfolio manager’s method of security selection may not be successful, and the Fund may underperform relative to other mutual funds that employ similar investment strategies. In addition, the Adviser may select investments that fail to perform as anticipated.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketEventsRiskMember_zDD5ktx5mdd3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify"><b>Market Events Risk – </b>Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times, and for varying periods of time, result in unusually high market volatility, which could negatively impact the Fund’s performance and cause the Fund to experience illiquidity, shareholder redemptions, or other potentially adverse effects. Reduced liquidity in credit and fixed income markets could negatively affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise, or economic conditions deteriorate.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--ModelAndDataRiskMember_zUwlgXOQAve1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify"><b>Model and Data Risk – </b>Given the complexity of the investments and strategies of the Fund, the Adviser relies heavily on quantitative models (both proprietary models developed by the Adviser, and those supplied by third-party vendors) and information and data supplied by third-party vendors (“Models and Data”). Models and Data are used to construct sets of transactions and investments and to provide risk management insights.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify">When Models and Data prove to be incorrect or incomplete, any decisions made in reliance thereon expose the Fund to potential risks. The success of relying on such models may depend on the accuracy and reliability of historical data supplied by third-party vendors.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify">All models rely on correct market data inputs. If incorrect market data is entered into even a well-founded model, the resulting information will be incorrect. However, even if market data is input correctly, “model prices” will often differ substantially from market prices, especially for securities with complex characteristics, such as derivative securities.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--NonDiversificationRiskMember_zJoQIxMikP99" style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify"><b>Non-Diversification Risk –</b> <span id="xdx_90B_eoef--RiskTextBlock_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraFundMember__dei--LegalEntityAxis__custom--S000077491Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_zdfFPCXfpEFb">The Fund is a non-diversified fund. Because the Fund may invest in securities of a smaller number of issuers, the Fund may be more exposed to the risks associated with and developments affecting an individual issuer than the Fund that invests more widely, which may, therefore, have a greater impact on the Fund’s performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"> </p> The Fund is a non-diversified fund. Because the Fund may invest in securities of a smaller number of issuers, the Fund may be more exposed to the risks associated with and developments affecting an individual issuer than the Fund that invests more widely, which may, therefore, have a greater impact on the Fund’s performance. <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_zzyIiSYgtGBj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify"><b>Portfolio Turnover Risk –</b> The Fund is generally expected to engage in frequent and active trading of portfolio securities to achieve its investment objective. A higher turnover rate (100% or more) will involve correspondingly greater transaction costs, which will be borne directly by the Fund, may have an adverse impact on performance, and may increase the potential for more taxable distributions being paid to shareholders, including short-term capital gains that are taxed at ordinary income rates. To the extent the Fund engages in short sales (which are not included in calculating the portfolio turnover rate), the transaction costs incurred by the Fund are likely to be greater than the transaction costs incurred by a mutual fund that does not take short positions and has a similar portfolio turnover rate.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallAndMidCapitalizationCompanyRiskMember_zVNdCAhdmW3h" style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify"><b>Small- and Mid-Capitalization Company Risk</b> – Small- and mid-capitalization companies in which a 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zXcXeIU3UXXc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify"><b>Tax Risk –</b> The Fund’s ability to meet its investment objective will depend, in part, on the level of taxable income and distributions received from the equity securities in which the Fund invests. If an MLP were treated as a corporation for federal income tax purposes, such MLP would be obligated to pay federal income tax on its income at the corporate tax rate and the amount of cash available for distribution would be reduced and distributions received by the Fund would be taxed under federal income tax laws applicable to corporate dividends (as dividend income, return of capital, or capital gain).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify">MLPs restructuring their debts due to a decline in oil prices and a decline in value of energy-related properties could result in the cancellation of debt income by MLP partners, including the Fund. The receipt of this taxable income by the Fund will result in increased investment company taxable income required to be distributed by the Fund, without corresponding cash distributions from the MLPs. The Fund might need to sell assets it might not otherwise wish to sell in order to pay the required distributions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify">In addition, the Fund faces the risk that it could fail to qualify as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), and the risk of changes in tax laws or regulations, or interpretations thereof, which could adversely affect any or all of the Fund, the MLPs and other portfolio companies in which the Fund invests. Effective for taxable years beginning after December 31, 2017, and before January 1, 2026, the Tax Cuts and Jobs Act of 2017 generally allows individuals and certain other non-corporate entities, such as partnerships, a deduction for 20% of “qualified publicly traded partnership income” such as income from MLPs. However, the law does not include any provision for a RIC to pass the character of its qualified publicly traded partnership income through to its shareholders. As a result, an investor who invests directly in MLPs will be able to receive the benefit of that deduction, while a shareholder in the Fund will not. The federal, state, local and foreign tax consequences of an investment in Fund shares will depend on the facts of each investor’s situation. Investors are encouraged to consult their own tax advisors regarding the specific tax consequences that may affect such investors.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxLawChangeRiskMember_zlLC3QYgqe6d" style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify"><b>Tax Law Change Risk – </b>Changes in tax laws or regulations, or interpretations thereof in the future, could adversely affect the Fund or the MLPs and Energy Infrastructure Companies in which the Fund invests. Any such changes could negatively impact the Fund’s common shareholders. Legislation could also negatively impact the amount and tax characterization of distributions received by the Fund’s common shareholders.</p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--VolatilityRiskMember_zSTtHqYZt95l" style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify"><b>Volatility Risk –</b> The Fund may have investments that appreciate or decrease significantly in value over short periods of time. This may cause the Fund’s net asset value per share to experience significant appreciations or decreases in value over short periods of time.</p> Performance Information <p id="xdx_A8D_eoef--PerformanceNarrativeTextBlock_zizNWHeqeR16" style="font: 10pt Times New Roman, Times, Serif; margin: 0; -sec-ix-redline: true; color: rgb(52,96,148); text-align: justify">The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in the performance of the Ultra Shares of the Fund from year-to-year and by showing how the average annual returns for 1-year, 5-years, and since inception of the Fund compares with those of the S&amp;P 500^<b>®</b> Index and Alerian Midstream Energy Select Index. The performance shown in the bar chart and the table for periods prior to November 18, 2022 represents performance of the Ultra Shares of the Westwood Salient MLP &amp; Energy Infrastructure Fund, a series of the Salient MF Trust (the “Predecessor Fund”). The Fund is the successor to the Predecessor Fund through a reorganization with the Fund on November 18, 2022 (the “2022 Reorganization”). In connection with the 2022 Reorganization, Class R6 shares of the Predecessor Fund were exchanged for and renamed Ultra Shares of the Fund, respectively. <span id="xdx_90B_eoef--PerformancePastDoesNotIndicateFuture_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraFundMember__dei--LegalEntityAxis__custom--S000077491Member_ziiuAyNs3HEj">How the Fund and the Predecessor Fund have performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> If the investment adviser to Predecessor Fund had not agreed to waive or reimburse certain Predecessor Fund expenses during the period shown, if applicable, the Fund’s and the Predecessor Fund’s returns would have been less than those shown. Updated performance information is available on the Fund’s website at <span id="xdx_905_eoef--PerformanceAvailabilityWebSiteAddress_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraFundMember__dei--LegalEntityAxis__custom--S000077491Member_zMyR5ZPmVuN3">www.westwoodfunds.com</span> or by calling <span id="xdx_901_eoef--PerformanceAvailabilityPhone_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraFundMember__dei--LegalEntityAxis__custom--S000077491Member_zRWUwOoaKsk7">1-877-FUND-WHG (1-877-386-3944)</span>.</p> How the Fund and the Predecessor Fund have performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.westwoodfunds.com 1-877-FUND-WHG (1-877-386-3944) Calendar Year Returns - Ultra Shares* <p id="xdx_A86_eoef--BarChartTableTextBlock_zIHoMlDtKGQ" style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: center"><img alt="" src="pro-ftgwx_006.jpg" style="height: 228px; width: 500px"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: center"> </p> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zSxsEE2nnIz5" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none; text-align: center">Years</th> <th style="display: none; text-align: center">Returns</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center; width: 50%">2017</td> <td id="xdx_98C_eoef--AnnlRtrPct_c20170101__20171231__dei--DocumentInformationDocumentAxis__custom--UltraFundMember__oef--ClassAxis__custom--C000237962Member_fKg_____z3eE37oQLnhb" style="display: none; text-align: center; width: 50%">-6.70%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2018</td> <td id="xdx_981_eoef--AnnlRtrPct_c20180101__20181231__dei--DocumentInformationDocumentAxis__custom--UltraFundMember__oef--ClassAxis__custom--C000237962Member_fKg_____zBXlmVSER2Mb" style="display: none; text-align: center">18.04%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2019</td> <td id="xdx_98C_eoef--AnnlRtrPct_c20190101__20191231__dei--DocumentInformationDocumentAxis__custom--UltraFundMember__oef--ClassAxis__custom--C000237962Member_fKg_____z0AiPL1PEMWk" style="display: none; text-align: center">16.42%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2020</td> <td id="xdx_983_eoef--AnnlRtrPct_c20200101__20201231__dei--DocumentInformationDocumentAxis__custom--UltraFundMember__oef--ClassAxis__custom--C000237962Member_fKg_____z0tRt2PyhpNk" style="display: none; text-align: center">17.27%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2021</td> <td id="xdx_984_eoef--AnnlRtrPct_c20210101__20211231__dei--DocumentInformationDocumentAxis__custom--UltraFundMember__oef--ClassAxis__custom--C000237962Member_fKg_____zNmKZoHDGSra" style="display: none; text-align: center">24.41%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2022</td> <td id="xdx_98D_eoef--AnnlRtrPct_c20220101__20221231__dei--DocumentInformationDocumentAxis__custom--UltraFundMember__oef--ClassAxis__custom--C000237962Member_fKg_____zZfZNETYT6Q4" style="display: none; text-align: center">17.12%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2023</td> <td id="xdx_98F_eoef--AnnlRtrPct_c20230101__20231231__dei--DocumentInformationDocumentAxis__custom--UltraFundMember__oef--ClassAxis__custom--C000237962Member_fKg_____zwLokdTmQt06" style="display: none; text-align: center">14.22%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2024</td> <td id="xdx_983_eoef--AnnlRtrPct_c20240101__20241231__dei--DocumentInformationDocumentAxis__custom--UltraFundMember__oef--ClassAxis__custom--C000237962Member_fKg_____zGf25F7oyXrh" style="display: none; text-align: center">37.92%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2025</td> <td id="xdx_98E_eoef--AnnlRtrPct_c20250101__20251231__dei--DocumentInformationDocumentAxis__custom--UltraFundMember__oef--ClassAxis__custom--C000237962Member_fKg_____zrCWm1hgaK32" style="display: none; text-align: center">5.34%</td></tr> </table> -0.0670 0.1804 0.1642 0.1727 0.2441 0.1712 0.1422 0.3792 0.0534 <div id="xdx_A89_eoef--BarChartClosingTextBlock_zWMVn6wBvqc8"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-left: auto; width: 550px; border-collapse: collapse; margin-right: auto"> <tr style="-sec-ix-redline: true; vertical-align: top; text-align: left"> <td id="xdx_F06_zFCFhgL6qoH9" style="width: 0.25in">*</td> <td id="xdx_F16_zjanJ2EBxVb6" style="text-align: justify"> <span id="xdx_90A_eoef--YearToDateReturnLabel_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraFundMember__dei--LegalEntityAxis__custom--S000077491Member_zJx9jEnWuNX4">The Fund’s year-to-date return</span> through <span id="xdx_90B_eoef--BarChartYearToDateReturnDate_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraFundMember__dei--LegalEntityAxis__custom--S000077491Member_z4sO4iE7DFu1">December 31, 2025</span> was <span id="xdx_90F_eoef--BarChartYearToDateReturn_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraFundMember__dei--LegalEntityAxis__custom--S000077491Member_zSvbGliZFku">5.34%</span>.</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); text-align: center; color: rgb(52,96,148); margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); margin-left: auto; width: 50%; border-collapse: collapse; margin-right: auto"> <tr style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148)"> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: top; width: 25%; text-align: center"><b><span id="xdx_90C_eoef--HighestQuarterlyReturnLabel_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraFundMember__dei--LegalEntityAxis__custom--S000077491Member_z2W6J6469wid">Best Quarter</span> </b></td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: bottom; width: 25%; text-align: center; vertical-align: bottom"><b><span id="xdx_905_eoef--LowestQuarterlyReturnLabel_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraFundMember__dei--LegalEntityAxis__custom--S000077491Member_zAaCj3VMHFdg">Worst Quarter</span></b></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148)"> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: top; text-align: center"><b><span id="xdx_901_eoef--BarChartHighestQuarterlyReturn_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraFundMember__dei--LegalEntityAxis__custom--S000077491Member_zqeo69kdwLbg">29.13%</span></b></td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); white-space: nowrap; text-align: center; vertical-align: bottom"><span id="xdx_90E_eoef--BarChartLowestQuarterlyReturn_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraFundMember__dei--LegalEntityAxis__custom--S000077491Member_zTPsD7LXUHvl"><b>(42.30)%</b></span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148)"> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); vertical-align: top; text-align: center"><b><span id="xdx_90D_eoef--BarChartHighestQuarterlyReturnDate_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraFundMember__dei--LegalEntityAxis__custom--S000077491Member_z7ClPYt7CwV3">June 30, 2020</span></b></td> <td style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); white-space: nowrap; text-align: center; vertical-align: bottom"><b><span id="xdx_90E_eoef--BarChartLowestQuarterlyReturnDate_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraFundMember__dei--LegalEntityAxis__custom--S000077491Member_zXZMliZbq4Ij">March 31, 2020</span></b></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"> </p> The Fund’s year-to-date return 2025-12-31 0.0534 Best Quarter Worst Quarter 0.2913 -0.4230 2020-06-30 2020-03-31 Average Annual Total Returns for Periods ended December 31, 2025 <p id="xdx_A82_eoef--PerformanceTableNarrativeTextBlock_zDCwxhWFFf5j" style="font: 10pt Times New Roman, Times, Serif; margin: 0; -sec-ix-redline: true; color: rgb(52,96,148); text-align: justify">This table compares the Fund’s Ultra Shares’ average annual total returns for the periods ended December 31, 2025 to those of an appropriate broad-based index and a secondary index.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148); text-align: justify"><span id="xdx_908_eoef--PerformanceTableUsesHighestFederalRate_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraFundMember__dei--LegalEntityAxis__custom--S000077491Member_zslTJR5nLybk">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_907_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraFundMember__dei--LegalEntityAxis__custom--S000077491Member_zoTdS4bNO2ol">Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns 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: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"> </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. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (IRAs”). <div id="xdx_A83_eoef--PerformanceTableTextBlock_zQ7J1Id7ajKa"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zX87QDSH6yK8" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; color: rgb(52,96,148); border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="color: rgb(52,96,148); vertical-align: bottom"> <td style="border-bottom: #346094 1pt solid; color: rgb(52,96,148); vertical-align: bottom; font-weight: bold; text-align: left">WESTWOOD SALIENT MLP &amp; ENERGY INFRASTRUCTURE FUND – ULTRA SHARES</td> <td style="border-bottom: #346094 1pt solid; color: rgb(52,96,148); font-weight: bold; padding-bottom: 1pt"> </td> <td id="xdx_49E_20250101__20251231_zmoQ3paXwofg" style="border-bottom: #346094 1pt solid; color: rgb(52,96,148); font-weight: bold; text-align: center">1 Year</td> <td style="border-bottom: #346094 1pt solid; color: rgb(52,96,148); font-weight: bold; padding-bottom: 1pt"> </td> <td id="xdx_494_20210101__20251231_z6mSkX0PsVYc" style="border-bottom: #346094 1pt solid; color: rgb(52,96,148); font-weight: bold; text-align: center">5 Years</td> <td style="border-bottom: #346094 1pt solid; color: rgb(52,96,148); font-weight: bold; padding-bottom: 1pt"> </td> <td id="xdx_494_20160104__20251231_zZOG4ncy7Yh3" style="border-bottom: #346094 1pt solid; color: rgb(52,96,148); font-weight: bold; text-align: center">Since Inception<br/> (<span id="xdx_90D_eoef--PerfInceptionDate_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraFundMember__oef--ClassAxis__custom--C000237962Member_zZqiaxZICIGf">January 4, 2016</span>)</td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hdei--DocumentInformationDocumentAxis__custom--UltraFundMember__oef--ClassAxis__custom--C000237962Member_zKNGu8q2trx2" style="color: rgb(52,96,148); vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; color: rgb(52,96,148); vertical-align: top; width: 61%; font-weight: bold; text-align: left">Return Before Taxes</td> <td style="color: rgb(52,96,148); width: 1%"> </td> <td style="color: rgb(52,96,148); width: 12%; text-align: center">5.34%</td> <td style="color: rgb(52,96,148); width: 1%"> </td> <td style="color: rgb(52,96,148); width: 12%; text-align: center">19.31%</td> <td style="color: rgb(52,96,148); width: 1%"> </td> <td style="color: rgb(52,96,148); width: 12%; text-align: center">9.67%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hdei--DocumentInformationDocumentAxis__custom--UltraFundMember__oef--ClassAxis__custom--C000237962Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zqRxvdiD8o1f" style="color: rgb(52,96,148); vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; color: rgb(52,96,148); vertical-align: top; font-weight: bold; text-align: left">Return After Taxes on Distributions</td> <td style="color: rgb(52,96,148)"> </td> <td style="color: rgb(52,96,148); text-align: center">4.96%</td> <td style="color: rgb(52,96,148)"> </td> <td style="color: rgb(52,96,148); text-align: center">18.53%</td> <td style="color: rgb(52,96,148)"> </td> <td style="color: rgb(52,96,148); text-align: center">9.11%</td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hdei--DocumentInformationDocumentAxis__custom--UltraFundMember__oef--ClassAxis__custom--C000237962Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zGxmbhSCVVvh" style="color: rgb(52,96,148); vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; color: rgb(52,96,148); vertical-align: top; font-weight: bold; text-align: left">Return After Taxes on Distributions and Sale of Fund Shares</td> <td style="color: rgb(52,96,148)"> </td> <td style="color: rgb(52,96,148); text-align: center">3.42%</td> <td style="color: rgb(52,96,148)"> </td> <td style="color: rgb(52,96,148); text-align: center">15.46%</td> <td style="color: rgb(52,96,148)"> </td> <td style="color: rgb(52,96,148); text-align: center">7.73%</td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hdei--DocumentInformationDocumentAxis__custom--UltraFundMember__oef--ClassAxis__custom--C000237962Member__oef--PerformanceMeasureAxis__custom--SAndP500IndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zpCtYgr9MkU7" style="color: rgb(52,96,148); vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; color: rgb(52,96,148); vertical-align: top; font-weight: bold; text-align: left"><b>S&amp;P 500^®Index (<span id="xdx_908_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--UltraFundMember__dei--LegalEntityAxis__custom--S000077491Member_zYzdO7rS4oR4">reflects no deduction for fees, expenses, or taxes</span>)</b></td> <td style="color: rgb(52,96,148)"> </td> <td style="color: rgb(52,96,148); text-align: center">17.88%</td> <td style="color: rgb(52,96,148)"> </td> <td style="color: rgb(52,96,148); text-align: center">14.42%</td> <td style="color: rgb(52,96,148)"> </td> <td style="color: rgb(52,96,148); text-align: center">15.01%</td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hdei--DocumentInformationDocumentAxis__custom--UltraFundMember__oef--ClassAxis__custom--C000237962Member__oef--PerformanceMeasureAxis__custom--AlerianMidstreamEnergySelectIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zpLZQmfhIDPa" style="color: rgb(52,96,148); vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; color: rgb(52,96,148); vertical-align: top; font-weight: bold; text-align: left">Alerian Midstream Energy Select Index<span></span> (reflects no deduction for fees, expenses or taxes)</td> <td style="color: rgb(52,96,148)"> </td> <td style="color: rgb(52,96,148); text-align: center">6.58%</td> <td style="color: rgb(52,96,148)"> </td> <td style="color: rgb(52,96,148); text-align: center">24.26%</td> <td style="color: rgb(52,96,148)"> </td> <td style="color: rgb(52,96,148); text-align: center">12.63%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(52,96,148)"> </p> 2016-01-04 0.0534 0.1931 0.0967 0.0496 0.1853 0.0911 0.0342 0.1546 0.0773 reflects no deduction for fees, expenses, or taxes 0.1788 0.1442 0.1501 0.0658 0.2426 0.1263 WESTWOOD SALIENT ENHANCED MIDSTREAM INCOME ETF Investment Objectives <p id="xdx_A8F_eoef--ObjectivePrimaryTextBlock_ziiOZQnNoKq3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #2E6095">The Westwood Salient Enhanced Midstream Income ETF (the “Fund”) seeks to provide current income and capital appreciation. </p> Fees and Expenses of the Fund <p id="xdx_A83_eoef--ExpenseNarrativeTextBlock_zeKEUn3VqbP6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #2E6095">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</p> <div id="xdx_A8B_eoef--AnnualFundOperatingExpensesTableTextBlock_zneaot8cjm33"></div> <table cellpadding="3" cellspacing="0" id="xdx_A56_dU_zUbQZJ4maPV3" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td id="xdx_986_eoef--OperatingExpensesCaption_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--WestwoodSalientEnhancedMidstreamIncomeETFMember__dei--LegalEntityAxis__custom--S000084180Member_fKDEp_znl3xcKrCLs1" style="vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #2E6095"><b>Annual Fund Operating Expenses⁽¹⁾</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #2E6095">(expenses that you pay each year as a percentage of the value of your investment)</span></td> <td style="text-align: center"><span style="color: #2E6095"> </span></td> </tr> <tr style="vertical-align: bottom"> <td style="border-top: rgb(46,96,149) 1pt solid; border-bottom: rgb(46,96,149) 1pt solid; border-left: rgb(46,96,149) 1pt solid; vertical-align: top; width: 85%; text-align: left"><span style="color: #2E6095">Management Fees</span></td> <td id="xdx_987_eoef--ManagementFeesOverAssets_dpn_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--WestwoodSalientEnhancedMidstreamIncomeETFMember__dei--LegalEntityAxis__custom--S000084180Member__oef--ClassAxis__custom--C000248453Member_fKDEp_znlHRzrW7KYk" style="border: rgb(46,96,149) 1pt solid; width: 15%; text-align: center" title="Management Fees"><span style="color: #2E6095">0.80%</span></td> </tr> <tr style="vertical-align: bottom"> <td style="border-bottom: rgb(46,96,149) 1pt solid; border-left: rgb(46,96,149) 1pt solid; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #2E6095">Other Expenses</span></td> <td id="xdx_987_eoef--OtherExpensesOverAssets_dpn_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--WestwoodSalientEnhancedMidstreamIncomeETFMember__dei--LegalEntityAxis__custom--S000084180Member__oef--ClassAxis__custom--C000248453Member_fKDEp_zIW4JcfQkla9" style="border-right: rgb(46,96,149) 1pt solid; border-bottom: rgb(46,96,149) 1pt solid; border-left: rgb(46,96,149) 1pt solid; text-align: center" title="Other Expenses"><span style="color: #2E6095">0.00%</span></td> </tr> <tr style="vertical-align: bottom"> <td style="border-bottom: rgb(46,96,149) 1pt solid; border-left: rgb(46,96,149) 1pt solid; vertical-align: top; font-weight: bold; text-align: left"><span style="color: #2E6095">Total Annual Fund Operating Expenses</span></td> <td id="xdx_988_eoef--ExpensesOverAssets_dpn_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--WestwoodSalientEnhancedMidstreamIncomeETFMember__dei--LegalEntityAxis__custom--S000084180Member__oef--ClassAxis__custom--C000248453Member_fKDEp_zFvbRyEVcC6a" style="border-right: rgb(46,96,149) 1pt solid; border-bottom: rgb(46,96,149) 1pt solid; border-left: rgb(46,96,149) 1pt solid; text-align: center" title="Total Annual Fund Operating Expenses"><span style="color: #2E6095">0.80%</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 0in; text-align: right; vertical-align: top"></td><td style="vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"><span style="color: #2E6095"><sup id="xdx_F03_z5dgsKICjStg">(1)</sup></span></td> <td style="vertical-align: top; text-align: justify; text-indent: 0in"><span id="xdx_F1B_zyKsTbiljKJd" style="color: #2E6095"> The Fund’s adviser will pay all expenses incurred by the Fund (except for advisory fees) excluding interest charges on any borrowings, dividends and other expenses on securities sold short, 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, and litigation expenses, and other non-routine or extraordinary expenses.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment) 0.0080 0.0000 0.0080 Expense Example <p id="xdx_A85_eoef--ExpenseExampleNarrativeTextBlock_zZME1kxD6fg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #2E6095">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. <span id="xdx_909_eoef--ExpenseExampleByYearCaption_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--WestwoodSalientEnhancedMidstreamIncomeETFMember__dei--LegalEntityAxis__custom--S000084180Member_z5me4ad780v2">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A8E_eoef--ExpenseExampleWithRedemptionTableTextBlock_zJethBNj1KSe"></div> <table border="0" cellpadding="3" cellspacing="0" id="xdx_A56_dU_zYQaJJgY2ZSg" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="background-color: Gainsboro"> <td id="xdx_487_eoef--ExpenseExampleYear01_zaD3Lgd7AQ7" style="border-top: rgb(46,96,149) 1pt solid; border-left: rgb(46,96,149) 1pt solid; text-align: center; vertical-align: bottom"><span style="color: #2E6095"><b>1 Year</b></span></td> <td id="xdx_487_eoef--ExpenseExampleYear03_zB8OsIhc8QAh" style="border-top: rgb(46,96,149) 1pt solid; border-left: rgb(46,96,149) 1pt solid; text-align: center; vertical-align: bottom"><span style="color: #2E6095"><b>3 Years</b></span></td> <td id="xdx_48F_eoef--ExpenseExampleYear05_zbjbgDQ4Idtd" style="border-top: rgb(46,96,149) 1pt solid; border-left: rgb(46,96,149) 1pt solid; text-align: center"><span style="color: #2E6095"><b>5 Years</b></span></td> <td id="xdx_48B_eoef--ExpenseExampleYear10_zwoXP7KreDGb" style="border-top: rgb(46,96,149) 1pt solid; border-right: rgb(46,96,149) 1pt solid; border-left: rgb(46,96,149) 1pt solid; text-align: center"><span style="color: #2E6095"><b>10 Years</b></span></td></tr> <tr id="xdx_414_20260227__20260227__dei--DocumentInformationDocumentAxis__custom--WestwoodSalientEnhancedMidstreamIncomeETFMember__dei--LegalEntityAxis__custom--S000084180Member__oef--ClassAxis__custom--C000248453Member_zMFuTBYaMZr2" style="background-color: White"> <td style="border-top: rgb(52,96,148) 1pt solid; border-bottom: rgb(46,96,149) 1pt solid; border-left: rgb(46,96,149) 1pt solid; text-align: center; vertical-align: top; width: 25%"><span style="color: #2E6095">$82</span></td> <td style="border-top: rgb(52,96,148) 1pt solid; border-bottom: rgb(46,96,149) 1pt solid; border-left: rgb(46,96,149) 1pt solid; vertical-align: bottom; width: 25%; text-align: center; vertical-align: bottom"><span style="color: #2E6095">$255</span></td> <td style="border-top: rgb(52,96,148) 1pt solid; border-bottom: rgb(46,96,149) 1pt solid; border-left: rgb(46,96,149) 1pt solid; text-align: center; width: 25%"><span style="color: #2E6095">$444</span></td> <td style="border-top: rgb(52,96,148) 1pt solid; border-right: rgb(46,96,149) 1pt solid; border-bottom: rgb(46,96,149) 1pt solid; border-left: rgb(46,96,149) 1pt solid; text-align: center; width: 25%"><span style="color: #2E6095">$990</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> 82 255 444 990 Portfolio Turnover <p id="xdx_A8F_eoef--PortfolioTurnoverTextBlock_z1vfVDCoQQcb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; -sec-ix-redline: true; text-align: justify; color: #2E6095">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares 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 ended October 31, 2025, the portfolio turnover rate of the Fund was 12% of the average value of its portfolio. The portfolio turnover of the Fund may vary considerably from year to year.</p> Principal Investment Strategies <p id="xdx_A85_eoef--StrategyNarrativeTextBlock_zNEkZr4OtNb6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #2E6095">The Fund is an actively managed exchange-traded fund (“ETF”) that seeks to achieve its investment objectives by investing, under normal circumstances, at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in securities of Midstream (as defined below) North American corporations and Midstream U.S. master limited partnerships (“MLPs”) (collectively, “Midstream Investments”). MLPs are limited partnerships and limited liability companies that are publicly traded and are treated as partnerships for federal income tax purposes. The units for these entities are listed and traded on a U.S. securities exchange. The Fund invests in equity securities, such as common units and common shares, in Midstream Investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #2E6095">“Midstream” companies own and operate the logistical assets used in the energy sector and are engaged in (a) the treating, gathering, compression, processing, transmission and storage of natural gas and the transportation, fractionation and storage of natural gas liquids (primarily propane, ethane, butane and natural gasoline); (b) the gathering, transportation (including marine) and storage of crude oil; and (c) the transportation and storage of refined products (primarily gasoline, diesel fuel and jet fuel) and other hydrocarbon by-products. Midstream companies may also operate ancillary businesses, including the marketing of commodities and logistical services.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #2E6095">The Fund will invest 75% or more of its assets in Midstream Investments that are engaged in the Midstream Energy Infrastructure. Midstream Energy Infrastructure refers to energy infrastructure companies engaged in midstream activities involving energy commodities, including gathering and processing, liquefaction, pipeline transportation, rail terminaling, and storage. The Fund also may invest up to 20% of its net assets in non-Midstream Investments, including MLPs that operate (i) other assets that are used in the energy sector, including assets used in exploring developing, producing, generating, transporting, transmitting, storing, gathering, processing, refining, distributing, mining or marketing of natural gas, natural gas liquids, crude oil, refined products, coal or electricity, or (ii) that provide energy related services.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #2E6095">The Fund may directly invest up to but not more than 25% (or such higher amount as permitted by any applicable tax diversification rules) of total assets, at the time of investment, in equity securities of MLPs. This limit does not apply to securities issued by MLP affiliates, which are not treated as publicly traded partnerships for federal income tax purposes. The Fund is non-diversified, which means that it may invest in a limited number of issuers.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #2E6095">The Fund may invest up to but not more than 15% of total assets in any single issuer. The Fund will invest primarily in companies located in North America, but the Fund may invest in companies located anywhere in the world.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #346094; text-align: justify">The Fund will engage in covered call writing. The Fund currently expects to write call options for the purpose of generating realized gains and distributable cash flow to investors. The Fund will only write call options on securities that the Fund holds in its portfolio (i.e., covered calls). Each long security will likely have a corresponding call option written on it. A call option on a security is a contract that gives the holder of such call option the right to buy the security underlying the call option from the writer of such call option at a specified price at any time during the term of the option. At the time the call option is sold, the writer of a call option receives a premium (or call premium) from the buyer of such call option. If the Fund writes a call option on a security, the Fund has the obligation upon exercise of such call option to deliver the underlying security upon payment of the exercise price. When the Fund writes a call option, an amount equal to the premium received by the Fund will be recorded as a liability and will be subsequently adjusted to the current fair value of the option written. Premiums received from writing options that expire unexercised are treated by the Fund as realized gains from investments on the expiration date. If the Fund repurchases a written call option prior to its exercise, the difference between </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #346094; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #346094; text-align: justify">the premium received and the amount paid to repurchase the option is treated as a realized gain or realized loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether the Fund has realized a gain or loss. The Fund, as the writer of the option, bears the market risk of an unfavorable change in the price of the security underlying the written option. In other words, the Fund can lose money if: (1) the Fund’s equity positions go down in value or (2) the price of an underlying equity exceeds the call option strike price at expiration or an open option position is closed for more than the premium the Fund received at the initial sale. Under normal market conditions, the Fund expects that it will sell call options in an amount that is 80% or more of the value of the equity investments in the Fund’s portfolio.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #346094; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #2E6095">The term “Enhanced” in the Fund’s name refers to the income generated from the Fund’s investment in Midstream Investments coupled with the income generated from the Fund’s covered call strategy.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #2E6095">The Fund may also utilize standardized exchange-traded and FLexible EXchange^® (“FLEX”) options issued and guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are customized options contracts that trade on an exchange but provide investors with the ability to customize key contract terms like strike price, style and expiration date while achieving price discovery in competitive, transparent auctions markets and avoiding the counterparty exposure of “over-the-counter” (“OTC”) options positions. Like traditional exchange-traded options, FLEX Options are guaranteed for settlement by the OCC, a market clearinghouse that guarantees performance by counterparties to certain derivatives contracts.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #346094; text-align: justify">The investment process of the Fund’s investment adviser, Westwood Management Corp. (the “Adviser”) is designed to generate returns by investing in a portfolio of Midstream Investments. Returns are typically driven by the distribution yield, covered call premiums generated, growth in the underlying investments’ cash distributions and potential stock price appreciation, if any. The Adviser maintains proprietary business valuation models and analyses key variables such as cash flow stability, growth profile, commodity price sensitivity, balance sheet strength, hedging profile, management strength, competitive landscape and other factors. The Adviser employs a “bottom up” research-driven stock selection process with an emphasis on the opportunity set and growth prospects for each target investment. Changes in the laws of the United States, including tax laws and regulations, could result in the inability of the Fund to operate as described in this prospectus and the SAI and could adversely affect the Fund (see “Tax Law Change Risk” below).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #346094; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #2E6095">As a result of the Fund’s investment strategy, the Fund may engage in frequent and active trading.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #2E6095">The percentage limitations applicable to the portfolio described above apply at the time of investment, and the Fund will review its holdings at least quarterly to confirm it is in compliance with its policy of investing at least 80% of its net assets (plus any borrowings for investment purposes) in securities of Midstream Investments. If during such review it is determined that the Fund has invested less than 80% of assets in securities of Midstream Investments, the Fund will be required to make future purchases of securities in a manner so as to come into compliance with this investment policy.</p> <p id="xdx_A85_eoef--RiskTextBlock_zIRceEw07qs3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #2E6095">As with any mutual fund or ETF, there is no guarantee that the Fund will achieve its investment objectives. <span id="xdx_90B_eoef--RiskTextBlock_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--WestwoodSalientEnhancedMidstreamIncomeETFMember__dei--LegalEntityAxis__custom--S000084180Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zgUS5dQsUOZh">You could lose money by investing in the Fund.</span> Many factors influence a mutual fund’s performance. An investment in the Fund is not intended to constitute a complete investment program and should not be viewed as such. All securities investing and trading activities risk the loss of capital. The principal risks of investing in the Fund, which could adversely affect its net asset value and total return, are:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> You could lose money by investing in the Fund. <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zuzjEtkdx4b" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #2E6095"><b>Equity Securities Risk</b>: The risks associated with investing in equity securities of companies include the financial and operational risks faced by individual companies, the risk that the stock markets, sectors and industries in which the Fund invests may experience periods of turbulence and instability, and the general risk that domestic and global economies may go through periods of decline and cyclical change.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndustrySpecificRiskMember_zUXpu9j5r0fj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #2E6095"><b>Industry Specific <span style="color: #2E6095">Risk</span></b><span style="color: #2E6095">: Midstream Investments in which the Fund invests, are subject to risks specific to the industry they serve, including the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="color: #2E6095"> </span></p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 0%; text-align: right; vertical-align: top"></td><td style="vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"><span style="color: #2E6095">●</span></td> <td style="vertical-align: top; text-align: justify; text-indent: 0in"><span style="color: #2E6095">Fluctuations in commodity prices may impact the volume of commodities transported, processed, stored or distributed.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="color: #2E6095"> </span></p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 0%; text-align: right; vertical-align: top"></td><td style="vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"><span style="color: #2E6095">●</span></td> <td style="vertical-align: top; text-align: justify; text-indent: 0in"><span style="color: #2E6095">Reduced volumes of natural gas or other energy commodities available for transporting, processing, storing or distributing may affect the profitability of a company or MLP.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="color: #2E6095"> </span></p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify; color: #2E6095"> <td style="width: 0%"></td><td style="width: 0.25in; text-align: left"><span style="color: #2E6095">●</span></td> <td style="text-align: justify; color: #2E6095"><span style="color: #2E6095">Slowdowns in new construction and acquisitions can limit growth potential.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="color: #2E6095"> </span></p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 0%; text-align: right; vertical-align: top"></td><td style="vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"><span style="color: #2E6095">●</span></td> <td style="vertical-align: top; text-align: justify; text-indent: 0in"><span style="color: #2E6095">A sustained reduced demand for crude oil, natural gas and refined petroleum products that could adversely affect revenues and cash flows.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="color: #2E6095"> </span></p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 0%; text-align: right; vertical-align: top"></td><td style="vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"><span style="color: #2E6095">●</span></td> <td style="vertical-align: top; text-align: justify; text-indent: 0in"><span style="color: #2E6095">Depletion of the natural gas reserves or other commodities if not replaced, which could impact the ability of the Midstream company or MLP to make distributions.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="color: #2E6095"> </span></p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 0%; text-align: right; vertical-align: top"></td><td style="vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"><span style="color: #2E6095">●</span></td> <td style="vertical-align: top; text-align: justify; text-indent: 0in"><span style="color: #2E6095">Changes in the regulatory environment could adversely affect the profitability of companies.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="color: #2E6095"> </span></p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 0%; text-align: right; vertical-align: top"></td><td style="vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"><span style="color: #2E6095">●</span></td> <td style="vertical-align: top; text-align: justify; text-indent: 0in"><span style="color: #2E6095">Extreme weather or other natural disasters could impact the value of Midstream securities.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="color: #2E6095"> </span></p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 0%; text-align: right; vertical-align: top"></td><td style="vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"><span style="color: #2E6095">●</span></td> <td style="vertical-align: top; text-align: justify; text-indent: 0in"><span style="color: #2E6095">Rising interest rates which could result in a higher cost of capital and divert investors into other investment opportunities.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="color: #2E6095"> </span></p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 0%; text-align: right; vertical-align: top"></td><td style="vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"><span style="color: #2E6095">●</span></td> <td style="vertical-align: top; text-align: justify; text-indent: 0in"><span style="color: #2E6095">Threats of attack by terrorists on energy assets could impact the market for Midstream securities.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="color: #2E6095"> </span></p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 0%; text-align: right; vertical-align: top"></td><td style="vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"><span style="color: #2E6095">●</span></td> <td style="vertical-align: top; text-align: justify; text-indent: 0in"><span style="color: #2E6095">Global events, including particularly in Russia, Ukraine, Western Europe and the Middle East and including government stability specifically, could have positive or negative effects on the U.S. economy, and financial and commodities markets.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--MLPsRiskMember_zn11o2hN3GAi" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #2E6095"><b>MLPs Risk</b>: Investments in the debt and equity securities of MLPs involve risks that differ from investments in the debt and equity securities of corporate issuers, including risks related to limited control and limited rights to vote on matters affecting the partnership, risks related to potential conflicts of interest between the partnership and its general partner, cash flow risks, dilution risks and risks related to the general partner’s right to require unitholders to sell their common units at an undesirable time or price. The Fund and its shareholders are not eligible for a tax deduction based on income received from MLPs that is available to individuals who invest directly in MLPs.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--CoveredCallStrategyRiskMember_zzo80xG5tlpe" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #2E6095"><b>Covered Call Strategy Risk</b>: When the Fund writes call options on securities in its portfolio, it receives cash but limits its opportunity to profit from an increase in the market value of the underlying instrument to the exercise price (plus the premium received). The maximum potential gain on the underlying security will be equal to the difference between the exercise price and the purchase price of the underlying instrument at the time the option is written, plus the premium received. In a rising market, the option may</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #2E6095"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #2E6095"> require an underlying instrument to be sold at an exercise price that is lower than would be received if the instrument was sold at the market price. If a call expires, the Fund realizes a gain in the amount of the premium received, but because there may have been a decline (unrealized loss) in the market value of the underlying instrument during the option period, the loss realized may exceed such gain. If the underlying instrument declines by more than the option premium the Fund receives, there will be a loss on the overall transaction.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_z5IgfYCkth3d" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #2E6095"><b>Concentration Risk</b>: The Fund concentrates its investments in issuers of one or more particular industries to the extent permitted by applicable regulatory guidance. There is a risk that those issuers (or industry sector) will perform poorly and negatively impact the Fund. Concentration risk results from maintaining exposure (long or short) to issuers conducting business in a specific industry. The risk of concentrating investments in a limited number of issuers in a particular industry is that the Fund will be more susceptible to market, economic, political, regulatory, and other conditions and risks associated with that industry than a fund that does not concentrate its investments and invests more broadly across industries and sectors.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFRisksMember_zLgCfF0wV6z2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #2E6095"><b>ETF Risks: </b>Because the Fund’s shares are traded on an exchange, they are subject to additional risks:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="color: #2E6095"> </span></p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 0%; text-align: right; vertical-align: top"></td><td style="vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"><span style="color: #2E6095">●</span></td> <td style="vertical-align: top; text-align: justify; text-indent: 0in"><span style="color: #2E6095"><b>Authorized Participant Concentration Risk</b>: Only an Authorized Participant (as defined in the “How to Buy and Sell Shares” section of this prospectus) may engage in creation and redemption transactions directly with the Fund. The Fund has a limited number of institutions that act as Authorized Participants. To the extent that these institutions exit the business or are unable to proceed with creation and/or redemption orders with respect to the Fund and no other Authorized Participant is able to step forward to create or redeem Creation Units, Fund shares may trade at a discount to net asset value (“NAV”) and possibly face trading halts and/or delisting.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="color: #2E6095"> </span></p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 0%; text-align: right; vertical-align: top"></td><td style="vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"><span style="color: #2E6095">●</span></td> <td style="vertical-align: top; text-align: justify; text-indent: 0in"><span style="color: #2E6095"><b>Costs of Buying or Selling Fund Shares</b>: Investors buying or selling Fund shares in the secondary market will pay brokerage commissions or other charges imposed by brokers as determined by those brokers. Brokerage commissions are often a fixed amount and may be a significant proportional cost for investors seeking to buy or sell relatively small amounts of Shares. In addition, secondary market investors will also incur the cost of the difference between the price that an investor is willing to pay for Fund shares (the “bid” price) and the price at which an investor is willing to sell Fund shares (the “ask” price). This difference in bid and ask prices is often referred to as the “spread” or “bid/ask spread”. The bid/ask spread varies over time for Fund shares based on trading volume and market liquidity and is generally lower if the Fund’s shares have more trading volume and market liquidity and higher if the Fund’s shares have little trading volume and market liquidity. Further, increased market volatility may cause increased bid/ask spreads. Due to the costs of buying or selling Fund shares, including bid/ask spreads, frequent trading of Fund shares may significantly reduce investment results and an investment in Fund shares may not be advisable for investors who anticipate regularly making small investments.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="color: #2E6095"> </span></p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 0%; text-align: right; vertical-align: top"></td><td style="vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"><span style="color: #2E6095">●</span></td> <td style="vertical-align: top; text-align: justify; text-indent: 0in"><span style="color: #2E6095"><b>Fluctuation of Net Asset Value Risk</b>: While the Fund’s shares are listed on the Exchange and are bought and sold on the secondary market at market price, NAV of the Fund’s shares will generally fluctuate with changes in the market value of the Fund’s holdings. The market prices of the shares will generally fluctuate in accordance with changes in NAV as well as the relative supply of and demand for the shares on the Exchange. The Adviser cannot predict whether the shares will trade below, at or above their NAV. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for the shares will be closely related to, but not identical to, the same forces influencing the prices of the Fund’s holdings trading individually or in the aggregate at any point in time.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 0%; text-align: right; vertical-align: top"></td><td style="vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"><span style="color: #2E6095">●</span></td> <td style="vertical-align: top; text-align: justify; text-indent: 0in"><span style="color: #2E6095"><b>Marketing Trading Risk</b>: The Fund faces numerous market trading risks, including disruptions to the creation and redemption processes of the Fund, losses from trading in secondary markets, the existence of extreme market volatility or potential lack of an active trading market for shares. The NAV of shares will fluctuate with changes in the market value of the Fund’s securities holdings. The market prices of shares will fluctuate in accordance with changes in NAV and supply and demand on the Exchange. The Fund cannot predict whether shares will trade below, at or above their NAV. If a shareholder purchases shares at a time when the market price is at a premium to the NAV or sells shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses. Any of these factors, discussed above and further below, may lead to shares trading at a premium or discount to the Fund’s NAV. However, because shares can be created and redeemed in Creation Units at NAV, the Adviser believes that large discounts or premiums to the NAV of the Fund are not likely to be sustained over the long term. While the creation-redemption feature is designed to make it more likely that the Fund’s shares normally will trade on the Exchange at prices close to the Fund’s next calculated NAV, exchange prices are not expected to correlate exactly with the Fund’s NAV due to timing reasons, supply and demand imbalances and other factors. In addition, disruptions to creations and redemptions, including disruptions at market makers, Authorized Participants, or other market participants, and during periods of significant market volatility, may result in trading prices for shares of the Fund that differ significantly from its NAV. Authorized Participants may be less willing to create or redeem Fund shares if there is a lack of an active market for such shares or its underlying investments, which may contribute to the Fund’s shares trading at a premium or discount to NAV.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; color: #2E6095"><span style="text-decoration: underline">Absence of Prior Active Market</span>. While the Fund’s shares are listed on an exchange, there can be no assurance that an active trading market for shares will develop or be maintained. The Distributor does not maintain a secondary market in shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 -0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; color: #2E6095"><span style="text-decoration: underline">Trading Issues</span>. Trading in shares on an exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in shares inadvisable. In addition, trading in shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to the exchange’s “circuit breaker” rules. There can be no assurance that the requirements of an exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. Shares of the Fund, similar to shares of other issuers listed on a stock exchange, may be sold short and are therefore subject to the risk of increased volatility and price decreases associated with being sold short.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #2E6095"><b><i>The remaining risks are presented in alphabetical order. Each risk summarized below is considered a “principal risk” of investing in the Fund, regardless of the order in which it appears.</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zrS4xZOiMPii" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #2E6095"><b>Liquidity Risk:</b> Although common units of MLPs trade on the exchanges, certain securities may trade less frequently than those of larger companies due to their smaller capitalizations. In the event certain securities experience limited trading volumes, the prices may display abrupt or erratic movements at times. Additionally, it may be more difficult for the Fund to buy and sell significant amounts of such securities without an unfavorable impact on prevailing market prices. As a result, these securities may be difficult to dispose of at a fair price at the times when the Adviser believes it is desirable to do so. The Fund’s investment in securities that are less actively traded or over time experience decreased trading volume may restrict its ability to take advantage of other market opportunities or to dispose of securities. This also may affect adversely the Fund’s ability to make dividend distributions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_z8TEtZCZ7Kdc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #2E6095"><b>Market Risk:</b> Market risk is the risk that the markets on which the Fund’s investments trade will increase or decrease in value. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. If there is a general decline in the securities and other markets, your investment in the Fund may lose value, regardless of the individual results of the securities and other instruments in which the Fund invests.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zd5gjXru0hbi" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #2E6095"><b>Counterparty Risk:</b> In general, a derivative contract typically involves leverage, i.e., it provides exposure to potential gain or loss from a change in the level of the market price of a security, currency or commodity (or a basket or index) in a notional amount that exceeds the amount of cash or assets required to establish or maintain the derivative contract. Many of these derivative contracts will be privately negotiated in the OTC market. These contracts also involve exposure to credit risk, since contract performance depends in part on the financial condition of the counterparty. If a privately negotiated OTC contract calls for payments by the Fund, the Fund must be prepared to make such payments when due. In addition, if a counterparty’s creditworthiness declines, the Fund may not receive payments owed under the contract, or such payments may be delayed under such circumstances and the value of agreements with such counterparty can be expected to decline, potentially resulting in losses by the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--FLEXOptionsRiskMember_zuBNFlh2S2jl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #2E6095"><b>FLEX Options Risk:</b> The Fund bears the risk that the OCC will be unable or unwilling to perform its obligations under the FLEX Options contracts. In the unlikely event that the OCC becomes insolvent or is otherwise unable to meet its settlement obligations, the Fund could suffer significant losses. Additionally, FLEX Options may be less liquid than certain other securities, such as standardized options. In less liquid markets for the FLEX Options, the Fund may have difficulty closing out certain FLEX Options positions at desired times and prices. In connection with the creation and redemption of Shares, to the extent market participants are not willing or able to enter into FLEX Option transactions with the Fund at prices that reflect the market price of the Shares, the Fund’s NAV and, in turn the share price of the Fund, could be negatively impacted.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_z6rH9QwucVJ8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #2E6095"><b>Management Risk:</b> Unlike many ETFs that have a passive investment strategy, the Fund is actively managed. The Adviser’s judgments about the attractiveness, relative value, or potential appreciation of a particular sector, security, commodity or investment strategy may prove to be incorrect, and may cause the Fund to incur losses. There can be no assurance that the Adviser’s investment techniques and decisions will produce the desired results.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketEventsRiskMember_zxzwanYHIYB1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #2E6095"><b>Market Events Risk:</b> Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times, and for varying periods of time, result in unusually high market volatility, which could negatively impact the Fund’s performance and cause the Fund to experience illiquidity, shareholder redemptions, or other potentially adverse effects. Reduced liquidity in credit and fixed-income markets could negatively affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--NonDiversificationRiskMember_zMHd8MY2vPN4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #2E6095"><b>Non-Diversification Risk:</b> <span id="xdx_908_eoef--RiskTextBlock_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--WestwoodSalientEnhancedMidstreamIncomeETFMember__dei--LegalEntityAxis__custom--S000084180Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_zUW7PQj3Kfa">The Fund is a non-diversified fund. Because the Fund may invest in securities of a smaller number of issuers, the Fund may be more exposed to the risks associated with and developments affecting an individual issuer than a fund that invests more widely, which may, therefore, have a greater impact on the Fund’s performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> The Fund is a non-diversified fund. Because the Fund may invest in securities of a smaller number of issuers, the Fund may be more exposed to the risks associated with and developments affecting an individual issuer than a fund that invests more widely, which may, therefore, have a greater impact on the Fund’s performance. <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsRiskMember_zSSVJAsd1SAf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #2E6095"><b>Options Risk:</b> Options give the holder of the option the right to buy (or to sell) a position in an underlying asset, at a set price and time. Options trading is a highly specialized activity that involves unique investment techniques and risks. The value of options can be highly volatile, and their use can result in loss if the Adviser is incorrect in its expectation of price fluctuations. Options are subject to correlation risk because there may be an imperfect correlation between the options and the underlying asset that cause a given transaction to fail to achieve its objectives. The successful use of options depends on the Adviser’s ability to correctly predict future price fluctuations and the degree of correlation between the options and such assets. Options are also particularly subject to leverage risk and can be subject to liquidity risk.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #2E6095"> </p> <div style="display: none"></div> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_zUlcevZemhe5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #2E6095"><b>Portfolio Turnover Risk:</b> The Fund is generally expected to engage in frequent and active trading of portfolio securities to achieve its investment objectives. A higher turnover rate (100% or more) will involve correspondingly greater transaction costs, which will be borne directly by the Fund, may have an adverse impact on performance, and may increase the potential for more taxable distributions being paid to shareholders, including short-term capital gains that are taxed at ordinary income rates. To the extent the Fund engages in short sales (which are not included in calculating the portfolio turnover rate), the transaction costs incurred by the Fund are likely to be greater than the transaction costs incurred by a mutual fund that does not take short positions and has a similar portfolio turnover rate.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zb9vHreONX53" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #2E6095"><b>Tax Risk:</b> The Fund’s ability to meet its objective will depend, in part, on the level of taxable income and distributions received from the equity securities in which the Fund invests. If an MLP were treated as a corporation for federal income tax purposes, such MLP would be obligated to pay federal income tax on its income at the corporate tax rate and the amount of cash available for distribution would be reduced and distributions received by the Fund would be taxed under federal income tax laws applicable to corporate dividends (as dividend income, return of capital, or capital gain).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #2E6095">MLPs restructuring their debts as a result of a decline in oil prices and a decline in value of energy-related properties could result in the receipt of cancellation of debt income by MLP partners, including the Fund. The receipt of this taxable income by the Fund will result in increased net income required to be distributed by the Fund, without corresponding cash distributions from the MLPs. The Fund might need to sell assets that it might not otherwise wish to sell in order to pay the required distributions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #2E6095">In addition, the Fund faces the risk that it could fail to qualify as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), and the risk of changes in tax laws or regulations, or interpretations thereof, which could adversely affect any or all of the Fund, the MLPs and other portfolio companies in which the Fund invests. Effective for taxable years beginning after December 31, 2017, and before January 1, 2026, the Tax Cuts and Jobs Act of 2017 generally allows individuals and certain other non-corporate entities, such as partnerships, a deduction for 20% of “qualified publicly traded partnership income” such as income from MLPs. However, the law does not include any provision for a RIC to pass the character of its qualified publicly traded partnership income through to its shareholders. As a result, an investor who invests directly in MLPs will be able to receive the benefit of that deduction, while a shareholder in the Fund will not. The federal, state, local and foreign tax consequences of an investment in Fund shares will depend on the facts of each investor’s situation. Investors are encouraged to consult their own tax advisors regarding the specific tax consequences that may affect such investors.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxLawChangeRiskMember_zzACtt5rewR" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #2E6095"><b>Tax Law Change Risk:</b> Changes in tax laws or regulations, or interpretations thereof in the future, could adversely affect the Fund or the MLPs in which the Fund invests. Any such changes could negatively impact the Fund’s common shareholders. Legislation could also negatively impact the amount and tax characterization of distributions received by the Fund’s common shareholders.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #2E6095">Please see “Discussion of Principal and Non-Principal Risks” in the <span style="color: #2E6095">Fund’s</span> prospectus for a more detailed description of the risks of investing in the Fund.</p> Performance <p id="xdx_A8E_eoef--PerformanceNarrativeTextBlock_zyyc71ePU794" style="font: 10pt Times New Roman, Times, Serif; margin: 0; -sec-ix-redline: true; text-align: justify; color: #2E6095"><span id="xdx_90C_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--WestwoodSalientEnhancedMidstreamIncomeETFMember__dei--LegalEntityAxis__custom--S000084180Member_zDiUSXTNnD7h">The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in the performance of the Fund from year-to-year and by showing how the Fund’s average annual returns for one year and since inception compares with those of a broad-based securities market index.</span> <span id="xdx_901_eoef--PerformancePastDoesNotIndicateFuture_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--WestwoodSalientEnhancedMidstreamIncomeETFMember__dei--LegalEntityAxis__custom--S000084180Member_zfiD0HPAljxb">How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> Updated performance information, current through </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="color: rgb(52,96,148); -sec-ix-redline: true">the most recent month end, is available by calling <span id="xdx_907_eoef--PerformanceAvailabilityPhone_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--WestwoodSalientEnhancedMidstreamIncomeETFMember__dei--LegalEntityAxis__custom--S000084180Member_zpDA95dZjnQ">1-800-994-0755</span> or by visiting <span id="xdx_903_eoef--PerformanceAvailabilityWebSiteAddress_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--WestwoodSalientEnhancedMidstreamIncomeETFMember__dei--LegalEntityAxis__custom--S000084180Member_zfjvtgi41E95">www.westwoodetfs.com</span>.</span></p> The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in the performance of the Fund from year-to-year and by showing how the Fund’s average annual returns for one year and since inception compares with those of a broad-based securities market index. How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. 1-800-994-0755 www.westwoodetfs.com Annual Total Return Year/Period Ended December 31 Calendar Year Returns* <p id="xdx_A85_eoef--BarChartTableTextBlock_zQACLMjDomd5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #365F91; text-align: center"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #365F91; text-align: center"><img alt="" src="pro-mdst_001.jpg" style="height: 401px; width: 280px"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #365F91; text-align: center"></p> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A535_dU_zIVbbzGrOkdd" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="color: rgb(52,96,148); display: none; vertical-align: top; text-align: left"> <th style="display: none; text-align: center">Years</th> <th style="display: none; text-align: center">Returns</th></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center; width: 50%">2025</td> <td id="xdx_98D_eoef--AnnlRtrPct_c20250101__20251231__dei--DocumentInformationDocumentAxis__custom--WestwoodSalientEnhancedMidstreamIncomeETFMember__oef--ClassAxis__custom--C000248453Member_fKg_____zdmvWrkDJZn5" style="display: none; text-align: center; width: 50%">7.21%</td></tr> </table> 0.0721 <p id="xdx_A87_eoef--BarChartClosingTextBlock_z8DnHG1so0bi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #365F91; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt auto; -sec-ix-redline: true; color: #365F91; width: 555px"> <tr style="vertical-align: top; text-align: justify"> <td style="text-align: justify; width: 0in"></td> <td id="xdx_F0B_zVWW3wonL3p4" style="width: 0.25in; text-align: justify">*</td> <td id="xdx_F17_zUYEnIacVkBc" style="text-align: justify"><span id="xdx_901_eoef--YearToDateReturnLabel_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--WestwoodSalientEnhancedMidstreamIncomeETFMember__dei--LegalEntityAxis__custom--S000084180Member_zVNNLj9OIKn9">The Fund’s year-to-date return</span> through <span id="xdx_90F_eoef--BarChartYearToDateReturnDate_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--WestwoodSalientEnhancedMidstreamIncomeETFMember__dei--LegalEntityAxis__custom--S000084180Member_zRZAdd7nEc14">December 31, 2025</span> was <span id="xdx_90C_eoef--BarChartYearToDateReturn_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--WestwoodSalientEnhancedMidstreamIncomeETFMember__dei--LegalEntityAxis__custom--S000084180Member_zG1qKFEd6sFk">7.21%</span>.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #365F91; text-align: center"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; color: #365F91; text-align: center"><b>Quarterly Returns During this Time Period</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #365F91; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-right: auto; -sec-ix-redline: true; width: 50%; border-collapse: collapse; margin-left: auto"> <tr style="vertical-align: top"> <td style="width: 25%; font-weight: bold; text-align: center; font-size: 10pt; color: #365F91"><span style="font-weight: normal"><span id="xdx_90C_eoef--HighestQuarterlyReturnLabel_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--WestwoodSalientEnhancedMidstreamIncomeETFMember__dei--LegalEntityAxis__custom--S000084180Member_ztxmuoki4sbi">Highest</span></span></td> <td style="white-space: nowrap; width: 25%; font-weight: bold; text-align: center; font-size: 10pt; color: #365F91"><span style="font-weight: normal"><span id="xdx_907_eoef--BarChartHighestQuarterlyReturn_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--WestwoodSalientEnhancedMidstreamIncomeETFMember__dei--LegalEntityAxis__custom--S000084180Member_zW9reDyAtm75">5.71%</span> (quarter ended <span id="xdx_903_eoef--BarChartHighestQuarterlyReturnDate_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--WestwoodSalientEnhancedMidstreamIncomeETFMember__dei--LegalEntityAxis__custom--S000084180Member_zP8ONqj86S62">March 31, 2025</span>)</span></td></tr> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: center; font-size: 10pt; color: #365F91"><span style="font-weight: normal"><span id="xdx_905_eoef--LowestQuarterlyReturnLabel_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--WestwoodSalientEnhancedMidstreamIncomeETFMember__dei--LegalEntityAxis__custom--S000084180Member_zgstBBmduoXc">Lowest</span></span></td> <td style="white-space: nowrap; font-weight: bold; text-align: center; font-size: 10pt; color: #365F91"><span style="font-weight: normal"><span id="xdx_908_eoef--BarChartLowestQuarterlyReturn_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--WestwoodSalientEnhancedMidstreamIncomeETFMember__dei--LegalEntityAxis__custom--S000084180Member_zYLBeRzm28j7">(0.36)%</span> (quarter ended <span id="xdx_906_eoef--BarChartLowestQuarterlyReturnDate_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--WestwoodSalientEnhancedMidstreamIncomeETFMember__dei--LegalEntityAxis__custom--S000084180Member_zuwHOhlO1Xk3">June 30, 2025</span>)</span></td></tr> </table> The Fund’s year-to-date return 2025-12-31 0.0721 Highest 0.0571 2025-03-31 Lowest -0.0036 2025-06-30 <div id="xdx_A87_eoef--PerformanceTableTextBlock_z6gHxH4vC4mk"></div> <table cellpadding="0" cellspacing="0" id="xdx_A565_dU_zE4ZixWwjCe" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; color: rgb(52,96,148); border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="color: rgb(52,96,148); vertical-align: bottom"> <td id="xdx_98D_eoef--PerformanceTableHeading_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--WestwoodSalientEnhancedMidstreamIncomeETFMember__dei--LegalEntityAxis__custom--S000084180Member_zcNnlSdlcRo7" style="border-bottom: rgb(46,96,149) 1pt solid; vertical-align: bottom; width: 69%; text-align: left; color: #365F91"><b>Average Annual total Returns for Periods Ended December 31, 2025</b></td> <td id="xdx_499_20240101__20241231_zCH5MRCiAkka" style="border-bottom: rgb(46,96,149) 1pt solid; vertical-align: bottom; width: 15%; text-align: center; color: #365F91"><b>One Year</b></td> <td style="border-bottom: rgb(46,96,149) 1pt solid; width: 1%"> </td> <td id="xdx_49A_20240308__20251231_zM791mMefTjl" style="border-bottom: rgb(46,96,149) 1pt solid; text-align: center; width: 15%; vertical-align: bottom"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #365F91"><b>Since Inception<br/> (<span id="xdx_905_eoef--PerfInceptionDate_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--WestwoodSalientEnhancedMidstreamIncomeETFMember__oef--ClassAxis__custom--C000248453Member_zxvLolpRc64h">March 8, 2024</span>)</b></p></td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hdei--DocumentInformationDocumentAxis__custom--WestwoodSalientEnhancedMidstreamIncomeETFMember__oef--ClassAxis__custom--C000248453Member_zcm6PkLQAJt1" style="vertical-align: top"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left; color: #365F91"><span id="xdx_90B_eoef--AverageAnnualReturnLabel_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--WestwoodSalientEnhancedMidstreamIncomeETFMember__oef--ClassAxis__custom--C000248453Member_zaJXsuOAhP7k">Return Before Taxes</span></td> <td style="vertical-align: bottom; text-align: center; color: #365F91">7.21%</td> <td> </td> <td style="vertical-align: bottom; text-align: center; color: #365F91">13.59%</td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hdei--DocumentInformationDocumentAxis__custom--WestwoodSalientEnhancedMidstreamIncomeETFMember__oef--ClassAxis__custom--C000248453Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zGpD941GCRk2" style="vertical-align: top"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left; color: #365F91">Return After Taxes on Distributions</td> <td style="vertical-align: bottom; text-align: center; color: #365F91">6.64%</td> <td> </td> <td style="vertical-align: bottom; text-align: center; color: #365F91">12.49%</td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hdei--DocumentInformationDocumentAxis__custom--WestwoodSalientEnhancedMidstreamIncomeETFMember__oef--ClassAxis__custom--C000248453Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zHqyzSNuEU9d" style="vertical-align: top"> <td style="border-bottom: rgb(46,96,149) 1pt solid; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left; color: #365F91">Return After Taxes on Distributions and Sale of Fund Shares</td> <td style="border-bottom: rgb(46,96,149) 1pt solid; vertical-align: bottom; text-align: center; color: #365F91">4.66%</td> <td style="border-bottom: rgb(46,96,149) 1pt solid"> </td> <td style="border-bottom: rgb(46,96,149) 1pt solid; vertical-align: bottom; text-align: center; color: #365F91">10.23%</td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hdei--DocumentInformationDocumentAxis__custom--WestwoodSalientEnhancedMidstreamIncomeETFMember__oef--ClassAxis__custom--C000248453Member__oef--PerformanceMeasureAxis__custom--SAndP500IndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zBavpPdgBguc" style="vertical-align: top"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left; color: #365F91">S&amp;P 500<span style="font-family: Times New Roman, Times, Serif"><b>^® </b></span>Index<br/> (<span id="xdx_901_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--WestwoodSalientEnhancedMidstreamIncomeETFMember__dei--LegalEntityAxis__custom--S000084180Member_zmSDFyYY88ej">reflect no deduction for fees, expenses or taxes</span>)</td> <td style="vertical-align: bottom; text-align: center; color: #365F91">17.88%</td> <td> </td> <td style="vertical-align: bottom; text-align: center; color: #365F91">18.72%</td></tr> </table> Average Annual total Returns for Periods Ended December 31, 2025 2024-03-08 Return Before Taxes 0.0721 0.1359 0.0664 0.1249 0.0466 0.1023 reflect no deduction for fees, expenses or taxes 0.1788 0.1872 WESTWOOD SALIENT ENHANCED ENERGY INCOME ETF Investment Objectives <p id="xdx_A83_eoef--ObjectivePrimaryTextBlock_zC0AdvwCPUsa" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #2E6095">The Westwood Salient Enhanced Energy Income ETF (the “Fund”) seeks to provide current income and capital appreciation. </p> Fees and Expenses of the Fund <p id="xdx_A88_eoef--ExpenseNarrativeTextBlock_zdvIIrnUrPTg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #2E6095">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</p> <div id="xdx_A8E_eoef--AnnualFundOperatingExpensesTableTextBlock_zGy3DjOvmTSg"></div> <table cellpadding="3" cellspacing="0" id="xdx_A56_dU_zlebpDmXxXyd" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td id="xdx_987_eoef--OperatingExpensesCaption_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--WestwoodSalientEnhancedEnergyIncomeETFMember__dei--LegalEntityAxis__custom--S000084179Member_fKDEp_z19VKY9jZd53" style="vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #2E6095"><b>Annual Fund Operating Expenses⁽¹⁾</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #2E6095">(expenses that you pay each year as a percentage of the value of your investment)</span></td> <td style="text-align: center"><span style="color: #2E6095"> </span></td> </tr> <tr style="vertical-align: bottom"> <td style="border-top: rgb(46,96,149) 1pt solid; border-bottom: rgb(46,96,149) 1pt solid; border-left: rgb(46,96,149) 1pt solid; vertical-align: top; width: 85%; text-align: left"><span style="color: #2E6095">Management Fees</span></td> <td id="xdx_986_eoef--ManagementFeesOverAssets_dpn_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--WestwoodSalientEnhancedEnergyIncomeETFMember__dei--LegalEntityAxis__custom--S000084179Member__oef--ClassAxis__custom--C000248452Member_fKDEp_zLDwEETN793l" style="border: rgb(46,96,149) 1pt solid; width: 15%; text-align: center" title="Management Fees"><span style="color: #2E6095">0.85%</span></td> </tr> <tr style="vertical-align: bottom"> <td style="border-bottom: rgb(46,96,149) 1pt solid; border-left: rgb(46,96,149) 1pt solid; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #2E6095">Other Expenses</span></td> <td id="xdx_983_eoef--OtherExpensesOverAssets_dpn_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--WestwoodSalientEnhancedEnergyIncomeETFMember__dei--LegalEntityAxis__custom--S000084179Member__oef--ClassAxis__custom--C000248452Member_fKDEp_zicMhknvtAuh" style="border-right: rgb(46,96,149) 1pt solid; border-bottom: rgb(46,96,149) 1pt solid; border-left: rgb(46,96,149) 1pt solid; text-align: center" title="Other Expenses"><span style="color: #2E6095">0.00%</span></td> </tr> <tr style="vertical-align: bottom"> <td style="border-bottom: rgb(46,96,149) 1pt solid; border-left: rgb(46,96,149) 1pt solid; vertical-align: top; font-weight: bold; text-align: left"><span style="color: #2E6095">Total Annual Fund Operating Expenses</span></td> <td id="xdx_98E_eoef--ExpensesOverAssets_dpn_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--WestwoodSalientEnhancedEnergyIncomeETFMember__dei--LegalEntityAxis__custom--S000084179Member__oef--ClassAxis__custom--C000248452Member_fKDEp_zvqwwXOge1X5" style="border-right: rgb(46,96,149) 1pt solid; border-bottom: rgb(46,96,149) 1pt solid; border-left: rgb(46,96,149) 1pt solid; text-align: center" title="Total Annual Fund Operating Expenses"><span style="color: #2E6095">0.85%</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 0in; text-align: right; vertical-align: top"></td><td style="vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"><span style="color: #2E6095"><sup id="xdx_F0D_zJyZyTudbB8c">(1)</sup></span></td> <td style="vertical-align: top; text-align: justify; text-indent: 0in"><span id="xdx_F16_zwiTcUcSXY7k" style="color: #2E6095"> The Fund’s adviser will pay all expenses incurred by the Fund (except for advisory fees) excluding interest charges on any borrowings, dividends and other expenses on securities sold short, 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, and litigation expenses, and other non-routine or extraordinary expenses.</span></td> </tr> </table> Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment) 0.0085 0.0000 0.0085 Expense Example <p id="xdx_A80_eoef--ExpenseExampleNarrativeTextBlock_zoAnSWylR869" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #2E6095">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. <span id="xdx_905_eoef--ExpenseExampleByYearCaption_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--WestwoodSalientEnhancedEnergyIncomeETFMember__dei--LegalEntityAxis__custom--S000084179Member_zKum82atNaY6">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A86_eoef--ExpenseExampleWithRedemptionTableTextBlock_z8FM8w7WZykh"></div> <table border="0" cellpadding="3" cellspacing="0" id="xdx_A5B_dU_zVvjA59kYvg8" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="background-color: Gainsboro"> <td id="xdx_489_eoef--ExpenseExampleYear01_zJp3jN0lBvXc" style="border-top: rgb(46,96,149) 1pt solid; border-left: rgb(46,96,149) 1pt solid; text-align: center; vertical-align: bottom"><span style="color: #2E6095"><b>1 Year</b></span></td> <td id="xdx_48E_eoef--ExpenseExampleYear03_zFDYGyi65rQ2" style="border-top: rgb(46,96,149) 1pt solid; border-left: rgb(46,96,149) 1pt solid; text-align: center; vertical-align: bottom"><span style="color: #2E6095"><b>3 Years</b></span></td> <td id="xdx_488_eoef--ExpenseExampleYear05_z40y7rhNZQD2" style="border-top: rgb(46,96,149) 1pt solid; border-left: rgb(46,96,149) 1pt solid; text-align: center"><span style="color: #2E6095"><b>3 Years</b></span></td> <td id="xdx_488_eoef--ExpenseExampleYear10_zmPWVYsrP3Wf" style="border-top: rgb(46,96,149) 1pt solid; border-right: rgb(46,96,149) 1pt solid; border-left: rgb(46,96,149) 1pt solid; text-align: center"><span style="color: #2E6095"><b>3 Years</b></span></td></tr> <tr id="xdx_417_20260227__20260227__dei--DocumentInformationDocumentAxis__custom--WestwoodSalientEnhancedEnergyIncomeETFMember__dei--LegalEntityAxis__custom--S000084179Member__oef--ClassAxis__custom--C000248452Member_zqmbiKRmGxJg" style="background-color: White"> <td style="border-top: rgb(52,96,148) 1pt solid; border-bottom: rgb(46,96,149) 1pt solid; border-left: rgb(46,96,149) 1pt solid; text-align: center; vertical-align: top; width: 25%"><span style="color: #2E6095">$87</span></td> <td style="border-top: rgb(52,96,148) 1pt solid; border-bottom: rgb(46,96,149) 1pt solid; border-left: rgb(46,96,149) 1pt solid; vertical-align: bottom; width: 25%; text-align: center; vertical-align: bottom"><span style="color: #2E6095">$271</span></td> <td style="border-top: rgb(52,96,148) 1pt solid; border-bottom: rgb(46,96,149) 1pt solid; border-left: rgb(46,96,149) 1pt solid; text-align: center; width: 25%"><span style="color: #2E6095">$471</span></td> <td style="border-top: rgb(52,96,148) 1pt solid; border-right: rgb(46,96,149) 1pt solid; border-bottom: rgb(46,96,149) 1pt solid; border-left: rgb(46,96,149) 1pt solid; text-align: center; width: 25%"><span style="color: #2E6095">$1,049</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> 87 271 471 1049 Portfolio Turnover <p id="xdx_A88_eoef--PortfolioTurnoverTextBlock_zHk5YFXje4Yf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; -sec-ix-redline: true; text-align: justify; color: #2E6095">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares 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 ended October 31, 2025, the portfolio turnover rate of the Fund was 11% of the average value of its portfolio. The portfolio turnover of the Fund may vary considerably from year to year. </p> Principal Investment Strategies <p id="xdx_A8D_eoef--StrategyNarrativeTextBlock_zz1W4qZ5bLj8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #2E6095">The Fund is an actively managed exchange-traded fund (“ETF”) that seeks to achieve its investment objectives by investing, under normal circumstances, at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in securities of Energy Companies (as defined below). The Fund invests primarily in equity securities of Energy Companies. The Fund may invest in Energy Companies of any size market capitalization.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #2E6095">The Fund considers Energy Companies to include companies in the Global Industry Classification Standard (“GICS”) energy sector and companies in any other GICS sectors that derive at least 50% of their revenues or profits from exploration, development, production, gathering, transportation, processing, storing, refining, distribution, mining or marketing, of natural gas, natural gas liquids (including propane), crude oil, refined petroleum products, petrochemicals, electricity, coal, uranium, hydrogen or other energy sources, renewable energy production, renewable energy equipment, energy storage, carbon, carbon dioxide, carbon dioxide and fugitive methane (“greenhouse gases”) mitigation and management (i.e., providing services to other companies to reduce their greenhouse emissions, including transportation and underground storage of carbon dioxide and mitigation of methane leakage usually through direct capture such as in landfills), as well as electric transmission, distribution, storage and system reliability support. Energy Companies also include companies providing engineering, consulting and construction services that derive at least 50% of their revenues or profits from the above, all of which are selected by the Fund’s investment adviser.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #2E6095">The Fund is non-diversified, which means that it may invest in a limited number of issuers.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #2E6095">The Fund may invest up to but not more than 25% of total assets in any single issuer. The Fund will invest mostly in companies located in North America.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #2E6095">The Fund will engage in covered call writing. The Fund currently expects to write call options for the purpose of generating realized gains and distributable cash flow to investors. The Fund will only write call options on securities that the Fund holds in its portfolio (i.e., covered calls). Each long security will likely have a corresponding call option written on it. A call option on a security is a contract that gives the holder of such call option the right to buy the security underlying the call option from the writer of such call option at a specified price at any time during the term of the option. At the time the call option is sold, the writer of a call option receives a premium (or call premium) from the buyer of such call option. If the Fund writes a call option on a security, the Fund has the obligation upon exercise of such call option to deliver the underlying security upon payment of the exercise price. When the Fund writes a call option, an amount equal to the premium received by the Fund will be recorded as a liability and will be subsequently adjusted to the current fair value of the option written. Premiums received from writing options that expire unexercised are treated by the Fund as realized gains from investments on the expiration date. If the Fund repurchases a written call option prior to its exercise, the difference between the premium received and the amount paid to repurchase the option is treated as a realized gain or realized loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether the Fund has realized a gain or loss. The Fund, as the writer of the option, bears the market risk of an unfavorable change in the price of the security underlying the written option. In other words, the Fund can lose money if: (1) the Fund’s equity positions go down in value or (2) the price of an underlying equity exceeds the call option strike price at expiration or an open option position is closed for more than the premium the Fund received at the initial sale. Under normal market conditions, the Fund expects that it will sell call options in an amount that is 80% or more of the value of the equity investments in the Fund’s portfolio.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #2E6095">The term “Enhanced” in the Fund’s name refers to the income generated from the Fund’s investment in Energy Companies coupled with the income generated from the Fund’s covered call strategy.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="color: #2E6095"> </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #346094; text-align: justify; color: #2E6095"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #2E6095">The Fund may also utilize standardized exchange-traded and FLexible EXchange^® (“FLEX”) options issued and guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are customized options contracts that trade on an exchange but provide investors with the ability to customize key contract terms like strike price, style and expiration date while achieving price discovery in competitive, transparent auctions markets and avoiding the counterparty exposure of “over-the-counter” (“OTC”) options positions. Like traditional exchange-traded options, FLEX Options are guaranteed for settlement by the OCC, a market clearinghouse that guarantees performance by counterparties to certain derivatives contracts.</span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #346094; text-align: justify; color: #2E6095"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #2E6095"> </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #346094; text-align: justify; color: #2E6095"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #2E6095">The investment process of the Fund’s investment adviser, Westwood Management Corp. (the “Adviser”) is designed to generate returns by investing in a portfolio of publicly traded Energy Companies. Returns are typically driven by the distribution yield, covered call premiums generated, growth in the underlying investments’ cash distributions and potential stock price appreciation, if any. The Adviser maintains proprietary valuation models and analyzes key variables such as cash flow, growth profile, commodity price sensitivity, balance sheet strength, hedging profile, management strength, competitive landscape and other factors. The Adviser employs a “bottom up” research-driven stock selection process with an emphasis on the opportunity set and growth prospects for each target investment. Changes in the laws of the United States, including tax laws and regulations, could result in the inability of the Fund to operate as described in this prospectus and the SAI and could adversely affect the Fund (see “Tax Law Change Risk” below).</span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #2E6095"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"></span> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #2E6095">As a result of the Fund’s investment strategy, the Fund may engage in frequent and active trading.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #2E6095">The percentage limitations applicable to the portfolio described above apply at the time of investment, and the Fund will review its holdings at least quarterly to confirm it is in compliance with its policy of investing at least 80% of its net assets (plus any borrowings for investment purposes) in securities of Energy Companies. If during such review it is determined that the Fund has invested less than 80% of assets in securities of Energy Companies, the Fund will be required to make future purchases of securities in a manner so as to come into compliance with this investment policy.</p> <p id="xdx_A89_eoef--RiskTextBlock_zyTZdAeMXi37" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #2E6095">As with any mutual fund or ETF, there is no guarantee that the Fund will achieve its investment objectives. <span id="xdx_909_eoef--RiskTextBlock_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--WestwoodSalientEnhancedEnergyIncomeETFMember__dei--LegalEntityAxis__custom--S000084179Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zloeQessAA89">You could lose money by investing in the Fund.</span> Many factors influence a mutual fund’s performance. An investment in the Fund is not intended to constitute a complete investment program and should not be viewed as such. All securities investing and trading activities risk the loss of capital. The principal risks of investing in the Fund, which could adversely affect its net asset value and total return, are:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> You could lose money by investing in the Fund. <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zl1n3Dl87tVa" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #2E6095"><b>Equity Securities Risk</b>: The risks associated with investing in equity securities of companies include the financial and operational risks faced by individual companies, the risk that the stock markets, sectors and industries in which the Fund invests may experience periods of turbulence and instability, and the general risk that domestic and global economies may go through periods of decline and cyclical change.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndustrySpecificRiskMember_zUGZuJXZRpe1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #2E6095"><b>Industry Specific Risk</b>: The Energy Companies in which the Fund invests, are subject to risks specific to the industry they serve, including the following:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--EnergySectorRiskMember_zWVVK9rcMRda" style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; color: #2E6095"><b>Energy Sector Risk.</b> The Fund will be sensitive to changes in, and its performance will depend to a greater extent on, the overall condition of the energy sector. Companies operating in the energy sector are subject to risks including, but not limited to, economic growth, worldwide demand, political instability in the regions that the companies operate, government regulation stipulating rates charged by utilities, interest rate sensitivity, oil price volatility, energy conservation, environmental policies, depletion of resources, and the cost of providing the specific utility services and other factors that they cannot control.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; color: #2E6095">The energy sector is cyclical and is highly dependent on commodity prices; prices and supplies of energy may fluctuate significantly over short and long periods of time due to, among other things, national and international political changes, OPEC policies, changes in relationships among OPEC members and between OPEC and oil-importing nations, the regulatory environment, taxation policies, and the economy of the key energy-consuming countries. Commodity prices have recently been subject to increased volatility and declines, which may negatively affect companies in which the Fund invests.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; color: #2E6095">Companies in the energy sector may be adversely affected by terrorism, natural disasters or other catastrophes. Companies in the energy sector are at risk of civil liability from accidents resulting in injury, loss of life or property, pollution or other environmental damage claims and risk of loss from terrorism and natural disasters. Disruptions in the oil industry or shifts in fuel consumption may significantly impact companies in this sector. Significant oil and gas deposits are located in emerging markets countries where corruption and security may raise significant risks, in addition to the other risks of investing in emerging markets.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; color: #2E6095">Companies in the energy sector may also be adversely affected by changes in exchange rates, tax treatment, government regulation and intervention, negative perception, efforts at energy conservation and world events in the regions in which the companies operate (<i>e.g.</i>, expropriation, nationalization, confiscation of assets and property or the imposition of restrictions on foreign investments and repatriation of capital, military coups, social unrest, violence or labor unrest). Because a significant portion of revenues of companies in this sector is derived from a relatively small number of customers that are largely comprised of governmental entities and utilities, governmental budget constraints may have a significant impact on the stock prices of companies in this sector. The energy sector is highly regulated. Entities operating in the energy sector are subject to significant regulation of nearly every aspect of their operations by federal, state and local governmental agencies. Such regulation can change rapidly or over time in both scope and intensity. Stricter laws, regulations or enforcement policies could be enacted in the future which would likely increase compliance costs and may materially adversely affect the financial performance of companies in the energy sector.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; color: #2E6095">A downturn in the energy sector of the economy, adverse political, legislative or regulatory developments or other events could have a larger impact on the Fund than on an investment company that does not invest a substantial portion of its assets in the energy sector. At times, the performance of securities of companies in the energy sector may lag the performance of other sectors or the broader market as a whole. The price of oil, natural gas and other fossil fuels may decline and/or experience significant volatility, which could adversely impact companies operating in the energy sector.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--OilAndGasCompaniesRiskMember_zJ89hpNOBiqa" style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; color: #2E6095"><b>Oil and Gas Companies Risk.</b> The profitability of oil and gas companies is related to worldwide energy prices, including all sources of energy, and exploration and production costs. The price of oil and gas, the earnings of oil and gas companies, and the value of such companies’ securities can be extremely volatile. Such companies are also subject to risks of changes in commodity prices, changes in the global supply of and demand for oil and gas, interest rates, exchange rates, the price of oil and gas, the prices of competitive energy services, the imposition of import controls, world events, friction with certain oil-producing countries and between the governments of the United States and other major exporters of oil to the United States, actions of OPEC, negative perception and publicity, depletion of resources, development of alternative energy sources, energy conservation, technological developments, labor relations and general economic conditions, as well as market, economic and political risks of the countries where oil and gas companies are located or do business, fluctuations caused by events relating to international </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; color: #2E6095"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; color: #2E6095">politics, including political instability, expropriation, social unrest and acts of war, acts of terrorism, energy conservation, the success of exploration projects and tax and other governmental regulatory policies. Oil and gas companies operate in a highly competitive and cyclical industry, with intense price competition. A significant portion of their revenues may depend on a relatively small number of customers, including governmental entities and utilities.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; color: #2E6095">Oil and gas companies are exposed to significant and numerous operating hazards. Oil and gas equipment and services, as well as oil and gas exploration and production, can be significantly affected by natural disasters and adverse weather conditions in the regions in which they operate. The revenues of oil and gas companies may be negatively affected by contract termination and renegotiation. Oil and gas companies are subject to, and may be adversely affected by, extensive federal, state, local and foreign laws, rules and regulations. Oil and gas exploration and production companies may also be adversely affected by environmental damage claims and other types of litigation. Laws and regulations protecting the environment may expose oil and gas companies to liability for the conduct of or conditions caused by others or for acts that complied with all applicable laws at the time they were performed. The international operations of oil and gas companies expose them to risks associated with instability and changes in economic and political conditions, social unrest and acts of war, foreign currency fluctuations, changes in foreign regulations and other risks inherent to international business. Such companies may also have significant capital investments or operations in, or engage in transactions involving, emerging market countries, which may increase these risks.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--MidstreamEnergyCompaniesRiskMember_zi3IpcHPj30i" style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; color: #2E6095"><b>Midstream Energy Companies Risk.</b> Midstream energy companies that provide crude oil, refined product and natural gas services are subject to supply and demand fluctuations in the markets they serve which may be impacted by a wide range of factors, including fluctuating commodity prices, weather, increased conservation, increased governmental or environmental regulation, depletion, rising interest rates, declines in domestic or foreign production, accidents or catastrophic events, increasing operating expenses and economic conditions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarineShippingEnergyCompaniesRiskMember_zX6TmM3oomqf" style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; color: #2E6095"><b>Marine Shipping Energy Companies Risk.</b> Marine shipping energy companies are primarily marine transporters of natural gas, crude oil or refined petroleum products. Marine shipping companies are exposed to many of the same risks as other energy companies. The highly cyclical nature of the marine transportation industry may lead to volatile changes in charter rates and vessel values, which may adversely affect the revenues, profitability and cash flows of energy companies with marine transportation assets. Fluctuations in charter rates result from changes in the supply and demand for vessel capacity and changes in the supply and demand for certain energy commodities. Changes in demand for transportation of commodities over longer distances and supply of vessels to carry those commodities may materially affect revenues, profitability and cash flows. The value of marine transportation vessels may fluctuate and could adversely affect the value of shipping company securities in the Fund’s portfolio. Declining marine transportation values could affect the ability of shipping companies to raise cash by limiting their ability to refinance their vessels, thereby adversely impacting such company’s liquidity. Shipping company vessels are at risk of damage or loss because of events such as mechanical failure, collision, human error, war, terrorism, piracy, cargo loss and bad weather. In addition, changing economic, regulatory and political conditions in some countries, including political and military conflicts, have from time to time resulted in attacks on vessels, mining of waterways, piracy, terrorism, labor strikes, boycotts and government requisitioning of vessels. These sorts of events could interfere with shipping lanes and result in market disruptions and a significant reduction in cash flow for the shipping companies.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--GeopoliticalRiskMember_zGacps6AvqS6" style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; color: #2E6095"><b>Geopolitical Risk.</b> Global political and economic instability could affect the operations of energy companies in unpredictable ways, including through disruptions of natural resource supplies and markets and the resulting volatility in commodity prices. Market disruptions arising out of geopolitical events could also prevent the Fund from executing advantageous investment decisions in a timely manner.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--CoveredCallStrategyRiskMember_zvniWaJLmTz2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #2E6095"><b>Covered Call Strategy Risk</b>: When the Fund writes call options on securities in its portfolio, it receives cash but limits its opportunity to profit from an increase in the market value of the underlying instrument to the exercise price (plus the premium received). The maximum potential gain on the underlying security will be equal to the difference between the exercise price and the purchase price of the underlying instrument at the time the option is written, plus the premium received. In a rising market, the option may require an underlying instrument to be sold at an exercise price that is lower than would be received if the instrument was sold at the market price. If a call expires, the Fund realizes a gain in the amount of the premium received, but because there may have been a decline (unrealized loss) in the market value of the underlying instrument during the option period, the loss realized may exceed such gain. If the underlying instrument declines by more than the option premium the Fund receives, there will be a loss on the overall transaction.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zHDW6efuuFD2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #2E6095"><b>Concentration Risk</b>: The Fund concentrates its investments in issuers of one or more particular industries to the extent permitted by applicable regulatory guidance. There is a risk that those issuers (or industry sector) will perform poorly and negatively impact the Fund. Concentration risk results from maintaining exposure (long or short) to issuers conducting business in a specific industry. The risk of concentrating investments in a limited number of issuers in a particular industry is that the Fund will be more susceptible to market, economic, political, regulatory, and other conditions and risks associated with that industry than a fund that does not concentrate its investments and invests more broadly across industries and sectors.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFRisksMember_zRcXSX9WnPPi" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #2E6095"><b>ETF Risks: </b>Because the Fund’s shares are traded on an exchange, they are subject to additional risks:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="color: #2E6095"> </span></p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 0%; text-align: right; vertical-align: top"></td><td style="vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"><span style="color: #2E6095">●</span></td> <td style="vertical-align: top; text-align: justify; text-indent: 0in"><span style="color: #2E6095"><b>Authorized Participant Concentration Risk</b>: Only an Authorized Participant (as defined in the “How to Buy and Sell Shares” section of this prospectus) may engage in creation and redemption transactions directly with the Fund. The Fund has a limited number of institutions that act as Authorized Participants. To the extent that these institutions exit the business or are unable to proceed with creation and/or redemption orders with respect to the Fund and no other Authorized Participant is able to step forward to create or redeem Creation Units, Fund shares may trade at a discount to NAV and possibly face trading halts and/or delisting.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="color: #2E6095"> </span></p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 0%; text-align: right; vertical-align: top"></td><td style="vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"><span style="color: #2E6095">●</span></td> <td style="vertical-align: top; text-align: justify; text-indent: 0in"><span style="color: #2E6095"><b>Costs of Buying or Selling Fund Shares</b>: Investors buying or selling Fund shares in the secondary market will pay brokerage commissions or other charges imposed by brokers as determined by those brokers. Brokerage commissions are often a fixed amount and may be a significant proportional cost for investors seeking to buy or sell relatively small amounts of Shares. In addition, secondary market investors will also incur the cost of the difference between the price that an investor is willing to pay for Fund shares (the “bid” price) and the price at which an investor is willing to sell Fund shares (the “ask” price). This difference in bid and ask prices is often referred to as the “spread” or “bid/ask spread”. The bid/ask spread varies over time for Fund shares based on trading volume and market liquidity and is generally lower if the Fund’s shares have more trading volume and market liquidity and higher if the Fund’s shares have little trading volume and market liquidity. Further, increased market volatility may cause increased bid/ask spreads. Due to the costs of buying or selling Fund shares, including bid/ask spreads, frequent trading of Fund shares may significantly reduce investment results and an investment in Fund shares may not be advisable for investors who anticipate regularly making small investments.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="color: #2E6095"> </span></p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 0%; text-align: right; vertical-align: top"></td><td style="vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"><span style="color: #2E6095">●</span></td> <td style="vertical-align: top; text-align: justify; text-indent: 0in"><span style="color: #2E6095"><b>Fluctuation of Net Asset Value Risk</b>: While the Fund’s shares are listed on the Exchange and are bought and sold on the secondary market at market price, NAV of the Fund’s shares will generally fluctuate with changes in the market value of the Fund’s holdings. The market prices of the shares will generally fluctuate in accordance with changes in NAV as well as the relative supply of and demand for the shares on the Exchange. The Adviser cannot predict whether the shares will trade below, at or above their NAV. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for the shares will be closely related to, but not identical to, the same forces influencing the prices of the Fund’s holdings trading individually or in the aggregate at any point in time.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="color: #2E6095"> </span></p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 0%; text-align: right; vertical-align: top"></td><td style="vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"><span style="color: #2E6095">●</span></td> <td style="vertical-align: top; text-align: justify; text-indent: 0in"><span style="color: #2E6095"><b>Marketing Trading Risk</b>: The Fund faces numerous market trading risks, including disruptions to the creation and redemption processes of the Fund, losses from trading in secondary markets, the existence of extreme market volatility or potential lack of an active trading market for shares. The NAV of shares will fluctuate with changes in the market value of the Fund’s securities holdings. The market prices of shares will fluctuate in accordance with changes in NAV and supply and demand on the Exchange. The Fund cannot predict whether shares will trade below, at or above their NAV. If a shareholder purchases shares at a time when the market price is at a premium to the NAV or sells shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses. Any of these factors, discussed above and further below, may lead to shares trading at a premium or discount to the Fund’s NAV. However, because shares can be created and redeemed in Creation Units at NAV, the Adviser believes that large discounts or premiums to the NAV of the Fund are not likely to be sustained over the long term. While the creation-redemption feature is designed to make it more likely that the Fund’s shares normally will trade on the Exchange at prices close to the Fund’s next calculated NAV, exchange prices are not expected to correlate exactly with the Fund’s NAV due to timing reasons, supply and demand imbalances and other factors. In addition, disruptions to creations and redemptions, including disruptions at market makers, Authorized Participants, or other market participants, and during periods of significant market volatility, may result in trading prices for shares of the Fund that differ significantly from its NAV. Authorized Participants may be less willing to create or redeem Fund shares if there is a lack of an active market for such shares or its underlying investments, which may contribute to the Fund’s shares trading at a premium or discount to NAV.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="color: #2E6095"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; color: #2E6095"><span style="text-decoration: underline">Absence of Prior Active Market</span>. While the Fund’s shares are listed on an exchange, there can be no assurance that an active trading market for shares will develop or be maintained. The Distributor does not maintain a secondary market in shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; color: #2E6095"><span style="text-decoration: underline">Trading Issues</span>. Trading in shares on an exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in shares inadvisable. In addition, trading in shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to the exchange’s “circuit breaker” rules. There can be no assurance that the requirements of an exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. Shares of the Fund, similar to shares of other issuers listed on a stock exchange, may be sold short and are therefore subject to the risk of increased volatility and price decreases associated with being sold short.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #2E6095"><b><i>The remaining risks are presented in alphabetical order. Each risk summarized below is considered a “principal risk” of investing in the Fund, regardless of the order in which it appears.</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zq7ToNI5djsa" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #2E6095"><b>Liquidity Risk:</b> Although common units of MLPs trade on the exchanges, certain securities may trade less frequently than those of larger companies due to their smaller capitalizations. In the event certain securities experience limited trading volumes, the prices may display abrupt or erratic movements at times. Additionally, it may be more difficult for the Fund to buy and sell significant amounts of such securities without an unfavorable impact on prevailing market prices. As a result, these securities may be difficult to dispose of at a fair price at the times when the Adviser believes it is desirable to do so. The Fund’s investment in securities that are less actively traded or over time experience decreased trading volume may restrict its ability to take advantage of other market opportunities or to dispose of securities. This also may affect adversely the Fund’s ability to make dividend distributions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_z3iDqE9FMMz5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #2E6095"><b>Market Risk:</b> Market risk is the risk that the markets on which the Fund’s investments trade will increase or decrease in value. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. If there is a general decline in the securities and other markets, your investment in the Fund may lose value, regardless of the individual results of the securities and other instruments in which the Fund invests.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zTyeApatmx0h" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #2E6095"><b>Counterparty Risk:</b> In general, a derivative contract typically involves leverage, i.e., it provides exposure to potential gain or loss from a change in the level of the market price of a security, currency or commodity (or a basket or index) in a notional amount that exceeds the amount of cash or assets required to establish or maintain the derivative contract. Many of these derivative contracts will be privately negotiated in the OTC market. These contracts also involve exposure to credit risk, since contract performance depends in part on the financial condition of the counterparty. If a privately negotiated OTC contract calls for payments by the Fund, the Fund must be prepared to make such payments when due. In addition, if a counterparty’s creditworthiness declines, the Fund may not receive payments owed under the contract, or such payments may be delayed under such circumstances and the value of agreements with such counterparty can be expected to decline, potentially resulting in losses by the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--FLEXOptionsRiskMember_zbXDgxeUAPa6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #2E6095"><b>FLEX Options Risk:</b> The Fund bears the risk that the OCC will be unable or unwilling to perform its obligations under the FLEX options contracts. In the unlikely event that the OCC becomes insolvent or is otherwise unable to meet its settlement obligations, the Fund could suffer significant losses. Additionally, FLEX options may be less liquid than certain other securities, such as standardized options. In less liquid markets for the FLEX Options, the Fund may have difficulty closing out certain FLEX options positions at desired times and prices. In connection with the creation and redemption of Shares, to the extent market participants are not willing or able to enter into FLEX option transactions with the Fund at prices that reflect the market price of the Shares, the Fund’s NAV and, in turn the share price of the Fund, could be negatively impacted.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zuxuhgfeTKZa" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #2E6095"><b>Management Risk:</b> Unlike many ETFs that have a passive investment strategy, the Fund is actively managed. The Adviser’s judgments about the attractiveness, relative value, or potential appreciation of a particular sector, security, commodity or investment strategy may prove to be incorrect, and may cause the Fund to incur losses. There can be no assurance that the Adviser’s investment techniques and decisions will produce the desired results.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketEventsRiskMember_zTOX6NmRvfN9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #2E6095"><b>Market Events Risk:</b> Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times, and for varying periods of time, result in unusually high market volatility, which could negatively impact the Fund’s performance and cause the Fund to experience illiquidity, shareholder redemptions, or other potentially adverse effects. Reduced liquidity in credit and fixed-income markets could negatively affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--NonDiversificationRiskMember_zXJkF9i7GSd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #2E6095"><b>Non-Diversification Risk:</b> <span id="xdx_90C_eoef--RiskTextBlock_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--WestwoodSalientEnhancedEnergyIncomeETFMember__dei--LegalEntityAxis__custom--S000084179Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_zdRCV9UrHuG3">The Fund is a non-diversified fund. Because the Fund may invest in securities of a smaller number of issuers, the Fund may be more exposed to the risks associated with and developments affecting an individual issuer than a fund that invests more widely, which may, therefore, have a greater impact on the Fund’s performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> The Fund is a non-diversified fund. Because the Fund may invest in securities of a smaller number of issuers, the Fund may be more exposed to the risks associated with and developments affecting an individual issuer than a fund that invests more widely, which may, therefore, have a greater impact on the Fund’s performance. <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsRiskMember_zrAqlbJ96fr4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #2E6095"><b>Options Risk:</b> Options give the holder of the option the right to buy (or to sell) a position in an underlying asset, at a set price and time. Options trading is a highly specialized activity that involves unique investment techniques and risks. The value of options can be highly volatile, and their use can result in loss if the Adviser is incorrect in its expectation of price fluctuations. Options are subject to correlation risk because there may be an imperfect correlation between the options and the underlying asset that cause a given transaction to fail to achieve its objectives. The successful use of options depends on the Adviser’s ability to correctly predict future price fluctuations and the degree of correlation between the options and such assets. Options are also particularly subject to leverage risk and can be subject to liquidity risk.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_zgUqhDX5x7ch" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #2E6095"><b>Portfolio Turnover Risk:</b> The Fund is generally expected to engage in frequent and active trading of portfolio securities to achieve its investment objectives. A higher turnover rate (100% or more) will involve correspondingly greater transaction costs, which will be borne directly by the Fund, may have an adverse impact on performance, and may increase the potential for more taxable distributions being paid to shareholders, including short-term capital gains that are taxed at ordinary income rates. To the extent the Fund engages in short sales (which are not included in calculating the portfolio turnover rate), the transaction costs incurred by the Fund are likely to be greater than the transaction costs incurred by a mutual fund that does not take short positions and has a similar portfolio turnover rate.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxLawChangeRiskMember_ztXgOeIepFf7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #2E6095"><b>Tax Law Change Risk:</b> Changes in tax laws or regulations, or interpretations thereof in the future, could adversely affect the Fund or the Energy Companies in which the Fund invests. Any such changes could negatively impact the Fund’s common shareholders. Legislation could also negatively impact the amount and tax characterization of distributions received by the Fund’s common shareholders.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #2E6095">Please see “Discussion of Principal and Non-Principal Risks” in the Fund’s prospectus for a more detailed description of the risks of investing in the Fund.</p> Performance <p id="xdx_A81_eoef--PerformanceNarrativeTextBlock_zGKMTg2yuL66" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; color: #365F91; text-align: justify"><span id="xdx_907_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--WestwoodSalientEnhancedEnergyIncomeETFMember__dei--LegalEntityAxis__custom--S000084179Member_zhPSi8zAWbP">The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in the performance of the Fund from year-to-year and by showing how the Fund’s average annual returns for one year and since inception compares with those of a broad-based securities market index.</span> <span id="xdx_90E_eoef--PerformancePastDoesNotIndicateFuture_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--WestwoodSalientEnhancedEnergyIncomeETFMember__dei--LegalEntityAxis__custom--S000084179Member_zCKLswnkdUF2">How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> Updated performance information, current through the most recent month end, is available by calling <span id="xdx_905_eoef--PerformanceAvailabilityPhone_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--WestwoodSalientEnhancedEnergyIncomeETFMember__dei--LegalEntityAxis__custom--S000084179Member_z0iJVkp4XcPh">1-800-994-0755</span> or by visiting <span id="xdx_907_eoef--PerformanceAvailabilityWebSiteAddress_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--WestwoodSalientEnhancedEnergyIncomeETFMember__dei--LegalEntityAxis__custom--S000084179Member_zO6fl1Zs8l4">www.westwoodetfs.com</span>.</p> The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in the performance of the Fund from year-to-year and by showing how the Fund’s average annual returns for one year and since inception compares with those of a broad-based securities market index. How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. 1-800-994-0755 www.westwoodetfs.com Annual Total Return Year/Period Ended December 31 Calendar Year Returns* <p id="xdx_A89_eoef--BarChartTableTextBlock_z5Oni3zTDCpl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #365F91; text-align: center"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #365F91; text-align: center"><img alt="" src="pro-nyse_002.jpg" style="height: 375px; width: 280px"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #365F91; text-align: center"></p> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A553_dU_zIVbbzGrOkdd" style="font: 10pt Times New Roman, Times, Serif; color: rgb(52,96,148); border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="color: rgb(52,96,148); display: none; vertical-align: top; text-align: left"> <th style="display: none; text-align: center">Years</th> <th style="display: none; text-align: center">Returns</th></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center; width: 50%">2025</td> <td id="xdx_98D_eoef--AnnlRtrPct_c20250101__20251231__dei--DocumentInformationDocumentAxis__custom--WestwoodSalientEnhancedEnergyIncomeETFMember__oef--ClassAxis__custom--C000248452Member_fKg_____zLfkDoez6zG9" style="display: none; text-align: center; width: 50%">11.25%</td></tr> </table> 0.1125 <p id="xdx_A84_eoef--BarChartClosingTextBlock_zW1UYNersGEk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #365F91; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt auto; color: #365F91; width: 555px"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td> <td style="width: 0.25in; text-align: left"><span id="xdx_F09_zZBi1YJPgpgc" style="-sec-ix-redline: true">*</span></td> <td style="text-align: justify"><span id="xdx_F12_zQIPDk3ypEbd" style="-sec-ix-redline: true"><span id="xdx_908_eoef--YearToDateReturnLabel_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--WestwoodSalientEnhancedEnergyIncomeETFMember__dei--LegalEntityAxis__custom--S000084179Member_zrrhnNpH1MKk">The Fund’s year-to-date</span> return through <span id="xdx_900_eoef--BarChartYearToDateReturnDate_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--WestwoodSalientEnhancedEnergyIncomeETFMember__dei--LegalEntityAxis__custom--S000084179Member_zsjoG2KDilSg">December 31, 2025</span> was <span id="xdx_90B_eoef--BarChartYearToDateReturn_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--WestwoodSalientEnhancedEnergyIncomeETFMember__dei--LegalEntityAxis__custom--S000084179Member_zjc6aWlSaBFh">11.25%</span>.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #365F91; text-align: center"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; color: #365F91; text-align: center"><b>Quarterly Returns During this Time Period</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #365F91; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-right: auto; -sec-ix-redline: true; width: 50%; border-collapse: collapse; margin-left: auto"> <tr style="vertical-align: top"> <td style="width: 25%; font-weight: bold; text-align: center; font-size: 10pt; color: #365F91"><span style="font-weight: normal"><span id="xdx_908_eoef--HighestQuarterlyReturnLabel_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--WestwoodSalientEnhancedEnergyIncomeETFMember__dei--LegalEntityAxis__custom--S000084179Member_zV6r4pRc99Z2">Highest</span></span></td> <td style="white-space: nowrap; width: 25%; font-weight: bold; text-align: center; font-size: 10pt; color: #365F91"><span style="font-weight: normal"><span id="xdx_903_eoef--BarChartHighestQuarterlyReturn_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--WestwoodSalientEnhancedEnergyIncomeETFMember__dei--LegalEntityAxis__custom--S000084179Member_z8u940n4e4ta">8.63%</span> (quarter ended <span id="xdx_904_eoef--BarChartHighestQuarterlyReturnDate_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--WestwoodSalientEnhancedEnergyIncomeETFMember__dei--LegalEntityAxis__custom--S000084179Member_z8lr4vixuVei">March 31, 2025</span>)</span></td></tr> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: center; font-size: 10pt; color: #365F91"><span style="font-weight: normal"><span id="xdx_905_eoef--LowestQuarterlyReturnLabel_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--WestwoodSalientEnhancedEnergyIncomeETFMember__dei--LegalEntityAxis__custom--S000084179Member_zAYAFyGBJPwb">Lowest</span></span></td> <td style="white-space: nowrap; font-weight: bold; text-align: center; font-size: 10pt; color: #365F91"><span style="font-weight: normal"><span id="xdx_903_eoef--BarChartLowestQuarterlyReturn_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--WestwoodSalientEnhancedEnergyIncomeETFMember__dei--LegalEntityAxis__custom--S000084179Member_zQDI9FMqRyw8">(6.47)%</span> (quarter ended <span id="xdx_907_eoef--BarChartLowestQuarterlyReturnDate_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--WestwoodSalientEnhancedEnergyIncomeETFMember__dei--LegalEntityAxis__custom--S000084179Member_zIBJLO6DQ2ya">June 30, 2025</span>)</span></td></tr> </table> The Fund’s year-to-date 2025-12-31 0.1125 Highest 0.0863 2025-03-31 Lowest -0.0647 2025-06-30 <div id="xdx_A8E_eoef--PerformanceTableTextBlock_zgV9BEcCTeDc"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_z3peDl61ypV4" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; color: rgb(52,96,148); border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="color: rgb(52,96,148); vertical-align: bottom"> <td id="xdx_981_eoef--PerformanceTableHeading_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--WestwoodSalientEnhancedEnergyIncomeETFMember__dei--LegalEntityAxis__custom--S000084179Member_zdVdl8PsZbH6" style="border-bottom: rgb(46,96,149) 1pt solid; vertical-align: bottom; width: 69%; text-align: left; color: #365F91"><b>Average Annual total Returns for Periods Ended December 31, 2025</b></td> <td id="xdx_491_20250101__20251231_z5n6Rczq6XM6" style="border-bottom: rgb(46,96,149) 1pt solid; vertical-align: bottom; width: 15%; text-align: center; color: #365F91"><b>One Year</b></td> <td style="border-bottom: rgb(46,96,149) 1pt solid; text-align: center; width: 1%; vertical-align: bottom"> </td> <td id="xdx_490_20240308__20251231_zYvz3kuiM9l3" style="border-bottom: rgb(46,96,149) 1pt solid; text-align: center; width: 15%; vertical-align: bottom"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #365F91"><b>Since Inception<br/> (<span id="xdx_90A_eoef--PerfInceptionDate_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--WestwoodSalientEnhancedEnergyIncomeETFMember__oef--ClassAxis__custom--C000248452Member_z78QhVgXKe95">March 8, 2024</span>)</b></p></td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_hdei--DocumentInformationDocumentAxis__custom--WestwoodSalientEnhancedEnergyIncomeETFMember__oef--ClassAxis__custom--C000248452Member_zxmcxGCw4zLf" style="vertical-align: top"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; color: #365F91"><span id="xdx_901_eoef--AverageAnnualReturnLabel_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--WestwoodSalientEnhancedEnergyIncomeETFMember__oef--ClassAxis__custom--C000248452Member_zT5o6GXvwzrc">Return Before Taxes</span></td> <td style="vertical-align: bottom; text-align: center; color: #365F91">11.25%</td> <td> </td> <td style="vertical-align: bottom; text-align: center; color: #365F91">3.87%</td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_hdei--DocumentInformationDocumentAxis__custom--WestwoodSalientEnhancedEnergyIncomeETFMember__oef--ClassAxis__custom--C000248452Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zo5yR3FFgOCi" style="vertical-align: top"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; color: #365F91">Return After Taxes on Distributions</td> <td style="vertical-align: bottom; text-align: center; color: #365F91">9.04%</td> <td> </td> <td style="vertical-align: bottom; text-align: center; color: #365F91">2.19%</td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_hdei--DocumentInformationDocumentAxis__custom--WestwoodSalientEnhancedEnergyIncomeETFMember__oef--ClassAxis__custom--C000248452Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zef0pTH2LKsh" style="vertical-align: top"> <td style="border-bottom: rgb(46,96,149) 1pt solid; text-indent: -0.125in; padding-left: 0.125in; text-align: left; color: #365F91">Return After Taxes on Distributions and Sale of Fund Shares</td> <td style="border-bottom: rgb(46,96,149) 1pt solid; vertical-align: bottom; text-align: center; color: #365F91">7.15%</td> <td style="border-bottom: rgb(46,96,149) 1pt solid"> </td> <td style="border-bottom: rgb(46,96,149) 1pt solid; vertical-align: bottom; text-align: center; color: #365F91">2.52%</td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_hdei--DocumentInformationDocumentAxis__custom--WestwoodSalientEnhancedEnergyIncomeETFMember__oef--ClassAxis__custom--C000248452Member__oef--PerformanceMeasureAxis__custom--SAndP500IndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zH7VNbDjBvl6" style="vertical-align: top"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; color: #365F91">S&amp;P 500<span style="font-family: Times New Roman, Times, Serif"><b>^®</b></span> Index<br/> (<span id="xdx_901_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260227__20260227__dei--DocumentInformationDocumentAxis__custom--WestwoodSalientEnhancedEnergyIncomeETFMember__dei--LegalEntityAxis__custom--S000084179Member_zXHNbi14ZQc3">reflect no deduction for fees, expenses or taxes</span>)</td> <td style="vertical-align: bottom; text-align: center; color: #365F91">17.88%</td> <td> </td> <td style="vertical-align: bottom; text-align: center; color: #365F91">21.77%</td></tr> </table> Average Annual total Returns for Periods Ended December 31, 2025 2024-03-08 Return Before Taxes 0.1125 0.0387 0.0904 0.0219 0.0715 0.0252 reflect no deduction for fees, expenses or taxes 0.1788 0.2177 A Class Shares purchases of $250,000 or more made may be subject to a 1.00% Contingent Deferred Sales Charge (“CDSC”) if redeemed within 18 months of purchase. The Fund has adopted an Administrative Services Plan that provides that the Fund may pay financial intermediaries for shareholder services in an annual amount not to exceed 0.10% based on the average daily net assets of the Fund’s Institutional Shares. The Fund paid 0.08% of its Institutional Shares’ average daily net assets in Administrative Services Plan Fees for the fiscal year ended October 31, 2025. Westwood Management Corp. (the “Adviser”) has contractually agreed to reduce fees and reimburse expenses in order to keep Total Annual Fund Operating Expenses for Institutional and A Class Shares (excluding interest, taxes, brokerage commissions, Rule 12b-1 distribution fees (if any), administrative servicing fees (if any), borrowing expenses such as dividend and interest expenses on securities sold short, Acquired Fund fees and expenses, costs to organize the Fund, other expenditures which are capitalized in accordance with generally accepted accounting principles, and extraordinary expenses (collectively, “excluded expenses”)) from exceeding 0.55% of each of the Fund’s Institutional and A Class Shares’ average daily net assets 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 its prior fee reductions or expense reimbursements made during the rolling 36-month 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 Ultimus Managers Trust (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 will terminate automatically if the Fund’s investment advisory agreement with the Adviser is terminated. The Fund’s year-to-date return through December 31, 2025 was 5.78% The Fund has adopted an Administrative Services Plan that provides that the Fund may pay financial intermediaries for shareholder services in an annual amount not to exceed 0.20% based on the average daily net assets of the Fund’s Institutional Shares. The Fund paid 0.17% of its Institutional Shares’ average daily net assets in Administrative Services Plan Fees for the fiscal year ended October 31, 2025. Westwood Management Corp. (the “Adviser”) has contractually agreed to reduce fees and reimburse expenses in order to keep Total Annual Fund Operating Expenses for Institutional Shares (excluding interest, taxes, brokerage commissions, Rule 12b-1 distribution fees (if any), administrative servicing fees (if any), borrowing expenses such as dividend and interest expenses on securities sold short, Acquired Fund fees and expenses, costs to organize the Fund, other expenditures which are capitalized in accordance with generally accepted accounting principles, and extraordinary expenses (collectively, “excluded expenses”)) from exceeding 0.68% of the Fund’s Institutional Shares’ average daily net assets 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 its prior fee reductions or expense reimbursements made during the rolling 36-month 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 Ultimus Managers Trust (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 will terminate automatically if the Fund’s investment advisory agreement with the Adviser is terminated. The Fund’s year-to-date return through December 31, 2025 was 8.45% A Class Shares purchases of $1,000,000 or more may be subject to a 1.00% Contingent Deferred Sales Charge (“CDSC”) if redeemed within 18 months of purchase. C Class Shares may be subject to a 1.00% Contingent Deferred Sales Charge (“CDSC”) if redeemed within 12 months of purchase. The Fund has adopted an Administrative Services Plan that provides that the Fund may pay financial intermediaries for shareholder services in an annual amount not to exceed 0.20% based on the average daily net assets of the Fund’s Institutional Shares. The Fund paid 0.13% of its Institutional Shares’ average daily net assets in Administrative Services Plan Fees for the fiscal year ended October 31, 2025. Westwood Management Corp. (the “Adviser”) has contractually agreed to reduce fees and reimburse expenses in order to keep Total Annual Fund Operating Expenses for each of the Institutional, A Class, and C Class Shares (excluding interest, taxes, brokerage commissions, Rule 12b-1 distribution fees (if any), administrative servicing fees (if any), borrowing expenses such as dividend and interest expenses on securities sold short, Acquired Fund fees and expenses, costs to organize the Fund, other expenditures which are capitalized in accordance with generally accepted accounting principles, and extraordinary expenses (collectively, “excluded expenses”)) from exceeding 0.79% of the Fund’s Institutional, A Class, and C Class Shares’ average daily net assets 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 its prior fee reductions or expense reimbursements made during the rolling 36-month 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 Ultimus Managers 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 will terminate automatically if the Fund’s investment advisory agreement with the Adviser is terminated. The Fund’s year-to-date return through December 31, 2025 was (0.06)% A Class Shares purchases of $250,000 or more may be subject to a 1.00% Contingent Deferred Sales Charge (“CDSC”) if redeemed within 18 months of purchase. C Class Shares may be subject to a 1.00% Contingent Deferred Sales Charge (“CDSC”) if redeemed within 12 months of purchase. The Fund has adopted an Administrative Services Plan that provides that the Fund may pay financial intermediaries for shareholder services in an annual amount not to exceed 0.10% based on the average daily net assets of the Fund’s Institutional Shares. The Fund paid 0.07% of its Institutional Shares’ average daily net assets in Administrative Services Plan Fees for the fiscal year ended October 31, 2025. “Total Annual Fund Operating Expenses” and “Total Annual Fund Operating Expenses After Fee Reductions and/or Expense Reimbursements” will not correlate to the ratio of expenses to the average net assets in the Fund’s Financial Highlights, which reflect the operating expenses of the Fund and do not include “Acquired Fund Fees and Expenses”. Westwood Management Corp. (the “Adviser”) has contractually agreed to reduce fees and reimburse expenses in order to keep Total Annual Fund Operating Expenses for each of the Institutional, A Class, and C Class Shares (excluding interest, taxes, brokerage commissions, Rule 12b-1 distribution fees (if any), administrative servicing fees (if any), borrowing expenses such as dividend and interest expenses on securities sold short, Acquired Fund fees and expenses, costs to organize the Fund, other expenditures which are capitalized in accordance with generally accepted accounting principles, and extraordinary expenses (collectively, “excluded expenses”)) from exceeding 0.74% of the Fund’s Institutional, A Class, and C Class Shares’ average daily net assets 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 its prior fee reductions or expense reimbursements made during the rolling 36-month 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 Ultimus Managers Trust (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 will terminate automatically if the Fund’s investment advisory agreement with the Adviser is terminated. The Fund’s year-to-date return through December 31, 2025 was 11.90% A Class Shares purchases of $250,000 may be subject to a 1.00% Contingent Deferred Sales Charge (“CDSC”) if redeemed within 18 months of purchase. Management Fees consist of a base fee at an annualized rate of 0.38% of the Fund’s average daily net assets, and a positive or negative performance adjustment of up to an annualized rate of 0.32% based on the Fund’s Institutional Shares’ performance relative to the Blended 80/20 Bloomberg U.S. Aggregate Bond Index/S&P 500® Index plus 1.00%, resulting in a minimum total fee of 0.06% and a maximum total fee of 0.70%. The Fund has adopted an Administrative Services Plan that provides that the Fund may pay financial intermediaries for shareholder services in an annual amount not to exceed 0.19% based on the average daily net assets of the Fund’s Institutional Shares. The Fund paid 0.03% of its Institutional Shares’ average daily net assets in Administrative Services Plan Fees for the fiscal year ended October 31, 2025. “Total Annual Fund Operating Expenses” and “Total Annual Fund Operating Expenses After Fee Reductions and/or Expense Reimbursements” will not correlate to the ratio of expenses to the average net assets in the Fund’s Financial Highlights, which reflect the operating expenses of the Fund and do not include “Acquired Fund Fees and Expenses”. Westwood Management Corp. (the “Adviser”) has contractually agreed to reduce fees and reimburse expenses in order to keep Total Annual Fund Operating Expenses for each of the Institutional and A Class Shares (excluding Management Fees, interest, taxes, brokerage commissions, Rule 12b-1 distribution fees (if any), administrative servicing fee (if any), borrowing expenses such as dividend and interest expenses on securities sold short, Acquired Fund fees and expenses, costs to organize the Fund, other expenditures which are capitalized in accordance with generally accepted accounting principles, and extraordinary expenses (collectively, “excluded expenses”)) from exceeding 0.10% of the Fund’s Institutional and A Class Shares’ average daily net assets 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 its prior fee reductions or expense reimbursements made during the rolling 36-month 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 Ultimus Managers Trust (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 will terminate automatically if the Fund’s investment advisory agreement with the Adviser is terminated. The Fund’s year-to-date return through December 31, 2025 was 9.59% A Class Shares purchases of $250,000 or more may be subject to a 1.00% Contingent Deferred Sales Charge (“CDSC”) if redeemed within 18 months of purchase. Management Fees consist of a base fee at an annualized rate of 0.53% of the Fund’s average daily net assets, and a positive or negative performance adjustment of up to an annualized rate of 0.32% based on the Fund’s Institutional Shares’ performance relative to the FTSE 1-Month U.S. Treasury Bill Index plus 2.00%, resulting in a minimum total fee of 0.21% and a maximum total fee of 0.85%. The Fund has adopted an Administrative Services Plan that provides that the Fund may pay financial intermediaries for shareholder services in an annual amount not to exceed 0.15% based on the average daily net assets of the Fund’s Institutional Shares. The Fund paid 0.14% of its Institutional Shares’ average daily net assets in Administrative Services Plan Fees for the fiscal year ended October 31, 2025. Westwood Management Corp. (the “Adviser”) has contractually agreed to waive its Management Fee at an annual rate in the amount of 0.01% of the Fund’s average daily net assets until March 1, 2027 (the “Management Fee Waiver Agreement”). The Adviser has contractually agreed to reduce fees and reimburse expenses in order to keep Total Annual Fund Operating Expenses for each of the Institutional and A Class Shares (excluding Management Fees, interest, taxes, brokerage commissions, Rule 12b-1 distribution fees (if any), administrative servicing fee (if any), borrowing expenses such as dividend and interest expenses on securities sold short, Acquired Fund fees and expenses, costs to organize the Fund, other expenditures which are capitalized in accordance with generally accepted accounting principles, and extraordinary expenses (collectively, “excluded expenses”)) from exceeding 0.00% of the Fund’s Institutional and A Class Shares’ average daily net assets 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 its prior fee reductions or expense reimbursements (other than Management Fee waivers pursuant to the Management Fee Waiver Agreement) made during the rolling 36-month 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 Ultimus Managers Trust (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 will terminate automatically if the Fund’s investment advisory agreement with the Adviser is terminated. The Fund’s year-to-date return through December 31, 2025 was 7.55% A Class Shares purchases of $250,000 or more may be subject to a 1.00% Contingent Deferred Sales Charge (“CDSC”) if redeemed within 18 months of purchase. The Fund has adopted an Administrative Services Plan that provides that the Fund may pay financial intermediaries for shareholder services in an annual amount not to exceed 0.05% and 0.20% based on the average daily net assets of the Fund’s Institutional Shares and A Class Shares, respectively. The Fund paid 0.05% and 0.09% of its Institutional Shares’ and A Class Shares’ average daily net assets, respectively, in Administrative Services Plan Fees for the fiscal year ended October 31, 2025. Westwood Management Corp. (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, borrowing expenses such as dividend and interest expenses on securities sold short, Acquired Fund fees and expenses, costs to organize the Fund, 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 Shares’ average daily net assets, and 1.50% of the Fund’s A Class Shares’ average daily net assets, average daily net assets, 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 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 fee waiver and expense reimbursement agreement may be terminated: (i) by the Board of Trustees (the “Board”) of Ultimus Managers Trust (the “Trust”), for any reason at any time; or (ii) by the Advisor, upon ninety (90) days’ prior written notice to the Trust, effective as of the close of business on March 1, 2027. This agreement will terminate automatically if the Fund’s investment advisory agreement with the Adviser is terminated. The Fund’s year-to-date return through December 31, 2025 was 1.75% A Class Shares purchases of $1,000,000 or more may be subject to a 1.00% Contingent Deferred Sales Charge (“CDSC”) if redeemed within 18 months of purchase. C Class Shares may be subject to a 1.00% CDSC if redeemed within 12 months of purchase. The Fund has adopted an Administrative Services Plan that provides that the Fund may pay financial intermediaries for shareholder services in an annual amount not to exceed 0.05%, 0.20% and 0.25% based on the average daily net assets of the Fund’s Institutional Shares, A Class Shares and C Class Shares, respectively. The Fund paid 0.05%, 0.09% and 0.25% of its Institutional Shares’, A Class Shares’ and C Class Shares’ average daily net assets, respectively, in Administrative Services Plan Fees for the fiscal year ended October 31, 2025. “Total Annual Fund Operating Expenses” and “Total Annual Fund Operating Expenses After Fee Reductions and/or Expense Reimbursements” will not correlate to the ratio of expenses to the average net assets in the Fund’s Financial Highlights, which reflect the operating expenses of the Fund and do not include “Acquired Fund Fees and Expenses”. Institutional and A Class Shares do not charge a CDSC. The Fund’s year-to-date return through December 31, 2025 was 9.14% A Class Shares purchases of $250,000 or more may be subject to a 1.00% Contingent Deferred Sales Charge (“CDSC”) if redeemed within 18 months of purchase. The Fund has adopted an Administrative Services Plan that provides that the Fund may pay financial intermediaries for shareholder services in an annual amount not to exceed 0.10% based on the average daily net assets of the Fund’s Institutional Shares, A Class Shares and F Class Shares, respectively. The Fund paid 0.10% of its Institutional Shares’, A Class Shares’ and F Class Shares’ average daily net assets, respectively, in Administrative Services Plan Fees for the fiscal year ended October 31, 2025. “Total Annual Fund Operating Expenses” and “Total Annual Fund Operating Expenses After Fee Reductions and/or Expense Reimbursements” will not correlate to the ratio of expenses to the average net assets in the Fund’s Financial Highlights, which reflect the operating expenses of the Fund and do not include “Acquired Fund Fees and Expenses”. The Fund’s investment adviser, Salient Advisors, L.P. (“Salient Advisors” 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, borrowing expenses such as dividend and interest expenses on securities sold short, Acquired Fund fees and expenses, costs to organize the Fund, 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 Institutional Shares’ average daily net assets, 1.60% of the Fund’s A Class Shares, and 1.04% of the Fund’s F Class Shares, until April 30, 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 fee waiver and expense reimbursement agreement may be terminated: (i) by the Board of Trustees (the “Board”) of Ultimus Managers Trust (the “Trust”), for any reason at any time; or (ii) by the Advisor, upon ninety (90) days’ prior written notice to the Trust, effective as of the close of business on April 30, 2027. This fee waiver and expense reimbursement agreement will terminate automatically if the Fund’s investment advisory agreement with the Adviser is terminated. The Fund’s year-to-date return through December 31, 2025 was (2.68)%. A Class Shares purchases of $1,000,000 or more may be subject to a 1.00% Contingent Deferred Sales Charge (“CDSC”) if redeemed within 18 months of purchase. C Class Shares may be subject to a 1.00% CDSC if redeemed within 12 months of purchase. The Fund has adopted an Administrative Services Plan that provides that the Fund may pay financial intermediaries for shareholder services in an annual amount not to exceed 0.10% based on the average daily net assets of the Fund’s Institutional Shares, A Class Shares and C Class Shares, respectively. The Fund paid 0.09% of its Institutional Share’s, 0.08% of its A Class Share’s, and 0.10% of its C Class Share’s average daily net assets in Administrative Services Plan Fees for the fiscal period ended October 31, 2025. “Total Annual Fund Operating Expenses” and Total Annual Fund Operating Expenses After Fee Reductions and/or Expenses Reimbursement” will not correlate to the ratios of expenses to the average net assets in the Fund’s Financial Highlights, which reflect the operating expenses of the Fund and do not include “Acquired Fund Fees and Expenses”. The Fund may invest in one or more Westwood Funds (“Underlying Funds”). Westwood Management Corp. (the “Adviser”) has agreed to waive fees in the pro rata amount of the management fee charged by Underlying Funds on the Fund’s investment in such other Underlying Funds. During the fiscal period ended October 31, 2025, the Fund reduced investment advisory fees by $474,853. Institutional and A Class Shares do not charge a CDSC. The Fund’s year-to-date return through December 31, 2025 was 5.24%. Westwood Management Corp. (the “Adviser”) has contractually agreed to reduce fees and reimburse expenses in order to keep Total Annual Fund Operating Expenses for Ultra Shares (excluding interest, taxes, brokerage commissions, Rule 12b-1 distribution fees (if any), administrative servicing fees (if any), borrowing expenses such as dividend and interest expenses on securities sold short, Acquired Fund fees and expenses, costs to organize the Fund, other expenditures which are capitalized in accordance with generally accepted accounting principles, and extraordinary expenses (collectively, “excluded expenses”)) from exceeding 0.55% of the Fund’s Ultra Shares’ average daily net assets 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 its prior fee reductions or expense reimbursements made during the rolling 36-month 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 Ultimus Managers Trust (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 will terminate automatically if the Fund’s investment advisory agreement with the Adviser is terminated. The Fund’s year-to-date return through December 31, 2025 was 5.80%. Westwood Management Corp. (the “Adviser”) has contractually agreed to reduce fees and reimburse expenses in order to keep Total Annual Fund Operating Expenses for Ultra Shares (excluding interest, taxes, brokerage commissions, Rule 12b-1 distribution fees (if any), administrative servicing fees (if any), borrowing expenses such as dividend and interest expenses on securities sold short, Acquired Fund fees and expenses, costs to organize the Fund, other expenditures which are capitalized in accordance with generally accepted accounting principles, and extraordinary expenses (collectively, “excluded expenses”)) from exceeding 0.68% of the Fund’s Ultra Shares’ average daily net assets 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 its prior fee reductions or expense reimbursements made during the rolling 36-month 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 Ultimus Managers Trust (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 will terminate automatically if the Fund’s investment advisory agreement with the Adviser is terminated. The Fund’s year-to-date return through December 31, 2025 was 8.57%. Westwood Management Corp. (the “Adviser”) has contractually agreed to reduce fees and reimburse expenses in order to keep Total Annual Fund Operating Expenses for Ultra Shares (excluding interest, taxes, brokerage commissions, Rule 12b-1 distribution fees (if any), administrative servicing fees (if any), borrowing expenses such as dividend and interest expenses on securities sold short, Acquired Fund fees and expenses, costs to organize the Fund, other expenditures which are capitalized in accordance with generally accepted accounting principles, and extraordinary expenses (collectively, “excluded expenses”)) from exceeding 0.79% of the Fund’s Ultra Shares’ average daily net assets 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 its prior fee reductions or expense reimbursements made during the rolling 36-month 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 Ultimus Managers Trust (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 will terminate automatically if the Fund’s investment advisory agreement with the Adviser is terminated. The Fund’s year-to-date return through December 31, 2025 was 0.07%. “Total Annual Fund Operating Expenses” and “Total Annual Fund Operating Expenses After Fee Reductions and/or Expense Reimbursements” will not correlate to the ratio of expenses to the average net assets in the Fund’s Financial Highlights, which reflect the operating expenses of the Fund and do not include “Acquired Fund Fees and Expenses”. Westwood Management Corp. (the “Adviser”) has contractually agreed to reduce fees and reimburse expenses in order to keep Total Annual Fund Operating Expenses for Ultra Shares (excluding interest, taxes, brokerage commissions, Rule 12b-1 distribution fees (if any), administrative servicing fees (if any), borrowing expenses such as dividend and interest expenses on securities sold short, Acquired Fund fees and expenses, costs to organize the Fund, other expenditures which are capitalized in accordance with generally accepted accounting principles, and extraordinary expenses (collectively, “excluded expenses”)) from exceeding 0.74% of the Fund’s Ultra Shares’ average daily net assets 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 its prior fee reductions or expense reimbursements made during the rolling 36-month 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 Ultimus Managers Trust (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 will terminate automatically if the Fund’s investment advisory agreement with the Adviser is terminated. The Fund’s year-to-date return through December 31, 2025 was 12.00%. Management Fees consist of a base fee at an annualized rate of 0.53% of the Fund’s average daily net assets, and a positive or negative performance adjustment of up to an annualized rate of 0.32% based on the Fund’s Ultra Shares’ performance relative to the FTSE 1-Month U.S. Treasury Bill Index plus 2.00%, resulting in a minimum total fee of 0.21% and a maximum total fee of 0.85%. Westwood Management Corp. (the “Adviser”) has contractually agreed to waive its Management Fee at an annual rate in the amount of 0.01% of the Fund’s average daily net assets until March 1, 2027 (the “Management Fee Waiver Agreement”). The Adviser has contractually agreed to reduce fees and reimburse expenses in order to keep Total Annual Fund Operating Expenses for Ultra Shares (excluding Management Fees, interest, taxes, brokerage commissions, Rule 12b-1 distribution fees (if any), administrative servicing fee (if any), borrowing expenses such as dividend and interest expenses on securities sold short, Acquired Fund fees and expenses, costs to organize the Fund, other expenditures which are capitalized in accordance with generally accepted accounting principles, and extraordinary expenses (collectively, “excluded expenses”)) from exceeding 0.00% of the Fund’s Ultra Shares’ average daily net assets 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 its prior fee reductions or expense reimbursements (other than Management Fee waivers pursuant to the Management Fee Waiver Agreement) made during the rolling 36-month 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 Ultimus Managers Trust (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 will terminate automatically if the Fund’s investment advisory agreement with the Adviser is terminated. The Fund’s year-to-date return through December 31, 2025 was 7.70%. “Total Annual Fund Operating Expenses” and Total Annual Fund Operating Expenses After Fee Reductions and/or Expenses Reimbursement” will not correlate to the ratios of expenses to the average net assets in the Fund’s Financial Highlights, which reflect the operating expenses of the Fund and do not include “Acquired Fund Fees and Expenses”. The Fund may invest in one or more Westwood Funds (“Underlying Funds”). Westwood Management Corp. (the “Adviser”) has agreed to waive fees in the pro rata amount of the management fee charged by Underlying Funds on the Fund’s investment in such other Underlying Funds. During the fiscal period ended October 31, 2025, the Fund reduced investment advisory fees by $474,853. The Fund’s year-to-date return through December 31, 2025 was 5.34%. The Fund’s adviser will pay all expenses incurred by the Fund (except for advisory fees) excluding interest charges on any borrowings, dividends and other expenses on securities sold short, 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, and litigation expenses, and other non-routine or extraordinary expenses. The Fund’s year-to-date return through December 31, 2025 was 7.21%. The Fund’s adviser will pay all expenses incurred by the Fund (except for advisory fees) excluding interest charges on any borrowings, dividends and other expenses on securities sold short, 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, and litigation expenses, and other non-routine or extraordinary expenses. The Fund’s year-to-date return through December 31, 2025 was 11.25%.