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achieve long-term capital growth. FEES AND EXPENSES This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the U.S. Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. 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 U.S. Fund. More information about these and other discounts is available (i) from your financial professional and (ii) in the section “Sales Charges” on page 34 of this Prospectus. Certain financial intermediaries may also offer variations in Fund sales charges to their customers as described in Appendix A – Financial Intermediary Sales Charge Variations to this Prospectus. 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 U.S. Fund. 50000 Shareholder Fees (fees paid directly from your investment) <div id="xdx_A8F_eoef--ShareholderFeesTableTextBlock_zFDXjxMDlw32"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_zl023YIfMk4i" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Shareholder Fees"> <tr style="vertical-align: bottom"> <td style="padding-top: 1pt; text-indent: -0.125in; padding-left: 0.125in; color: #231F20; text-align: left; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td id="xdx_499_20260327__20260327__dei--LegalEntityAxis__custom--S000039711Member__oef--ClassAxis__custom--C000236986Member_zKaqLMnEzrQ6" style="border-bottom: Black 1pt solid; padding-top: 1pt; font-weight: bold; text-align: center; padding-bottom: 1pt">A Class</td> <td style="padding-top: 1pt; text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td id="xdx_498_20260327__20260327__dei--LegalEntityAxis__custom--S000039711Member__oef--ClassAxis__custom--C000236985Member_zOB9Gz1WImJ2" style="border-bottom: Black 1pt solid; padding-top: 1pt; font-weight: bold; text-align: center; padding-bottom: 1pt">C Class</td> <td style="padding-top: 1pt; text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td id="xdx_491_20260327__20260327__dei--LegalEntityAxis__custom--S000039711Member__oef--ClassAxis__custom--C000138389Member_zrY5vF9X5Zrj" style="border-bottom: Black 1pt solid; padding-top: 1pt; font-weight: bold; text-align: center; padding-bottom: 1pt">Investor Class</td> <td style="padding-top: 1pt; text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td id="xdx_492_20260327__20260327__dei--LegalEntityAxis__custom--S000039711Member__oef--ClassAxis__custom--C000123053Member_z6BN0hnxdNmd" style="border-bottom: Black 1pt solid; padding-top: 1pt; font-weight: bold; text-align: center; padding-bottom: 1pt">Institutional Class</td></tr> <tr id="xdx_40F_eoef--MaximumSalesChargeImposedOnPurchasesOverOfferingPrice_dpn_zQYRqdHObQR" style="vertical-align: bottom"> <td style="padding-top: 1pt; text-indent: -0.125in; padding-left: 0.125in; width: 48%; color: #231F20; text-align: left; padding-bottom: 1pt">Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)</td> <td style="padding-top: 1pt; text-align: center; width: 1%; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; width: 12%; text-align: center; padding-bottom: 1pt">5.75%</td> <td style="padding-top: 1pt; text-align: center; width: 1%; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; width: 12%; text-align: center; padding-bottom: 1pt">None</td> <td style="padding-top: 1pt; text-align: center; width: 1%; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; width: 12%; text-align: center; padding-bottom: 1pt">None</td> <td style="padding-top: 1pt; text-align: center; width: 1%; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; width: 12%; text-align: center; padding-bottom: 1pt">None</td></tr> <tr id="xdx_40B_eoef--MaximumDeferredSalesChargeOverOther_dpn_z3t9P0gJbPnh" style="vertical-align: bottom"> <td style="padding-top: 1pt; text-indent: -0.125in; padding-left: 0.125in; color: #231F20; text-align: left; padding-bottom: 1pt">Maximum Contingent Deferred Sales Charge (Load)</td> <td style="padding-top: 1pt; text-align: center; padding-bottom: 1pt"> </td> <td style="padding-left: 0.125in; padding-top: 1pt; text-align: center; padding-bottom: 1pt">1.00%(1)</td> <td style="padding-top: 1pt; text-align: center; padding-bottom: 1pt"> </td> <td style="padding-left: 0.125in; padding-top: 1pt; text-align: center; padding-bottom: 1pt">1.00%(2)</td> <td style="padding-top: 1pt; text-align: center; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; text-align: center; padding-bottom: 1pt">None</td> <td style="padding-top: 1pt; text-align: center; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; text-align: center; padding-bottom: 1pt">None</td></tr> <tr id="xdx_40F_eoef--MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther_dpn_zFXusbXYR4vi" style="vertical-align: bottom"> <td style="padding-top: 1pt; text-indent: -0.125in; padding-left: 0.125in; color: #231F20; text-align: left; padding-bottom: 1pt">Maximum Sales Charge (Load) Imposed on Reinvested Dividends</td> <td style="padding-top: 1pt; text-align: center; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; text-align: center; padding-bottom: 1pt">None</td> <td style="padding-top: 1pt; text-align: center; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; text-align: center; padding-bottom: 1pt">None</td> <td style="padding-top: 1pt; text-align: center; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; text-align: center; padding-bottom: 1pt">None</td> <td style="padding-top: 1pt; text-align: center; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; text-align: center; padding-bottom: 1pt">None</td></tr> <tr id="xdx_404_eoef--ExchangeFee_dn_zyyChn0iFTW6" style="vertical-align: bottom"> <td style="padding-top: 1pt; text-indent: -0.125in; padding-left: 0.125in; color: #231F20; text-align: left; padding-bottom: 1pt">Exchange Fee</td> <td style="padding-top: 1pt; text-align: center; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; text-align: center; padding-bottom: 1pt">None</td> <td style="padding-top: 1pt; text-align: center; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; text-align: center; padding-bottom: 1pt">None</td> <td style="padding-top: 1pt; text-align: center; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; text-align: center; padding-bottom: 1pt">None</td> <td style="padding-top: 1pt; text-align: center; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; text-align: center; padding-bottom: 1pt">None</td></tr> <tr id="xdx_40B_eoef--RedemptionFee_dn_zuw9Gb6riZ35" style="vertical-align: bottom"> <td style="padding-top: 1pt; text-indent: -0.125in; padding-left: 0.125in; color: #231F20; text-align: left">Redemption Fee</td> <td style="padding-top: 1pt; text-align: center"> </td> <td style="padding-top: 1pt; text-align: center">None</td> <td style="padding-top: 1pt; text-align: center"> </td> <td style="padding-top: 1pt; text-align: center">None</td> <td style="padding-top: 1pt; text-align: center"> </td> <td style="padding-top: 1pt; text-align: center">None</td> <td style="padding-top: 1pt; text-align: center"> </td> <td style="padding-top: 1pt; text-align: center">None</td></tr> </table> 0.0575 0 0 0 0.0100 0.0100 0 0 0 0 0 0 0 0 0 0 0 0 0 0 <div id="xdx_A87_eoef--AnnualFundOperatingExpensesTableTextBlock_z50Mi96zQX6b"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_ziTvhurmQ5b5" style="font: 10pt Arial, Helvetica, Sans-Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="padding-top: 1pt; text-indent: -0.125in; padding-left: 0.125in; color: #231F20; text-align: left; width: 48%; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; text-align: center; font-weight: bold; width: 1%; padding-bottom: 1pt"> </td> <td id="xdx_495_20260327__20260327__dei--LegalEntityAxis__custom--S000039711Member__oef--ClassAxis__custom--C000236986Member_zpZU3ZB2ELC5" style="border-bottom: Black 1pt solid; padding-top: 1pt; font-weight: bold; text-align: center; width: 12%; padding-bottom: 1pt">A Class</td> <td style="padding-top: 1pt; text-align: center; font-weight: bold; width: 1%; padding-bottom: 1pt"> </td> <td id="xdx_493_20260327__20260327__dei--LegalEntityAxis__custom--S000039711Member__oef--ClassAxis__custom--C000236985Member_zZ92FMGezJWc" style="border-bottom: Black 1pt solid; padding-top: 1pt; font-weight: bold; text-align: center; width: 12%; padding-bottom: 1pt">C Class</td> <td style="padding-top: 1pt; text-align: center; font-weight: bold; width: 1%; padding-bottom: 1pt"> </td> <td id="xdx_497_20260327__20260327__dei--LegalEntityAxis__custom--S000039711Member__oef--ClassAxis__custom--C000138389Member_z2Vg6RqeK46c" style="border-bottom: Black 1pt solid; padding-top: 1pt; font-weight: bold; text-align: center; width: 12%; padding-bottom: 1pt">Investor Class</td> <td style="padding-top: 1pt; text-align: center; font-weight: bold; width: 1%; padding-bottom: 1pt"> </td> <td id="xdx_49F_20260327__20260327__dei--LegalEntityAxis__custom--S000039711Member__oef--ClassAxis__custom--C000123053Member_zKWijkNmVUxi" style="border-bottom: Black 1pt solid; padding-top: 1pt; font-weight: bold; text-align: center; width: 12%; padding-bottom: 1pt"> Institutional Class</td></tr> <tr id="xdx_40B_eoef--ManagementFeesOverAssets_dpn_z1rVLs3LMWcc" style="vertical-align: bottom"> <td style="padding-top: 1pt; text-indent: -0.125in; padding-left: 0.125in; color: #231F20; text-align: left; padding-bottom: 1pt">Management Fees(3) </td> <td style="padding-top: 1pt; text-align: center; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; text-align: center; padding-bottom: 1pt">0.85%</td> <td style="padding-top: 1pt; text-align: center; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; text-align: center; padding-bottom: 1pt">0.85%</td> <td style="padding-top: 1pt; text-align: center; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; text-align: center; padding-bottom: 1pt">0.85%</td> <td style="padding-top: 1pt; text-align: center; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; text-align: center; padding-bottom: 1pt">0.85%</td></tr> <tr id="xdx_404_eoef--DistributionAndService12b1FeesOverAssets_dpn_zPRujlcCyuB" style="vertical-align: bottom"> <td style="padding-top: 1pt; text-indent: -0.125in; padding-left: 0.125in; color: #231F20; text-align: left; padding-bottom: 1pt">Distribution (12b-1) Fees</td> <td style="padding-top: 1pt; text-align: center; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; text-align: center; padding-bottom: 1pt">0.25%</td> <td style="padding-top: 1pt; text-align: center; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; text-align: center; padding-bottom: 1pt">1.00%</td> <td style="padding-top: 1pt; text-align: center; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; text-align: center; padding-bottom: 1pt">0.25%</td> <td style="padding-top: 1pt; text-align: center; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; text-align: center; padding-bottom: 1pt">None</td></tr> <tr id="xdx_40D_eoef--OtherExpensesOverAssets_dpn_zJzdB5TaMtfd" style="vertical-align: bottom"> <td style="padding-top: 1pt; text-indent: -0.125in; padding-left: 0.125in; color: #231F20; text-align: left; padding-bottom: 1pt">Other Expenses</td> <td style="padding-top: 1pt; text-align: center; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; text-align: center">0.57%</td> <td style="padding-top: 1pt; text-align: center; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; text-align: center">0.71%</td> <td style="padding-top: 1pt; text-align: center; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; text-align: center">0.48%</td> <td style="padding-top: 1pt; text-align: center; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; text-align: center">0.13%</td></tr> <tr id="xdx_409_eoef--ExpensesOverAssets_dpn_zTFEVtPsJtf1" style="vertical-align: bottom"> <td style="padding-top: 1pt; text-indent: -0.125in; padding-left: 0.125in; color: #231F20; text-align: left; padding-bottom: 1pt">Total Annual Fund Operating Expenses</td> <td style="padding-top: 1pt; text-align: center; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; text-align: center; padding-bottom: 1pt">1.67%</td> <td style="padding-top: 1pt; text-align: center; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; text-align: center; padding-bottom: 1pt">2.56%</td> <td style="padding-top: 1pt; text-align: center; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; text-align: center; padding-bottom: 1pt">1.58%</td> <td style="padding-top: 1pt; text-align: center; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; text-align: center; padding-bottom: 1pt">0.98%</td></tr> <tr id="xdx_40F_eoef--Component1OtherExpensesOverAssets_dpn_zG5IszFlSx1j" style="vertical-align: bottom"> <td style="padding-top: 1pt; text-indent: -0.125in; padding-left: 0.125in; color: #231F20; text-align: left; padding-bottom: 1pt">Fee Recoupment Reimbursed(3) </td> <td style="padding-top: 1pt; text-align: center; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; text-align: center; padding-bottom: 1pt">0.03%</td> <td style="padding-top: 1pt; text-align: center; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; text-align: center; padding-bottom: 1pt">0.03%</td> <td style="padding-top: 1pt; text-align: center; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; text-align: center; padding-bottom: 1pt">0.03%</td> <td style="padding-top: 1pt; text-align: center; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; text-align: center; padding-bottom: 1pt">0.03%</td></tr> <tr id="xdx_40E_eoef--FeeWaiverOrReimbursementOverAssets_zS4jPmAmmkL" style="vertical-align: bottom"> <td style="padding-top: 1pt; text-indent: -0.125in; padding-left: 0.125in; color: #231F20; text-align: left; padding-bottom: 1pt">Less Management Fee Reductions and/or Expense Reimbursements(3) </td> <td style="padding-top: 1pt; text-align: center; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; text-align: center">(0.46%)</td> <td style="padding-top: 1pt; text-align: center; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; text-align: center">(0.60%)</td> <td style="padding-top: 1pt; text-align: center; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; text-align: center">(0.37%)</td> <td style="padding-top: 1pt; text-align: center; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; text-align: center">(0.02%)</td></tr> <tr id="xdx_404_eoef--NetExpensesOverAssets_dpn_zIbHnej6mH77" style="vertical-align: bottom"> <td style="padding-bottom: 1pt; padding-top: 1pt; text-indent: -0.125in; padding-left: 0.125in; color: #231F20; text-align: left">Total Annual Fund Operating Expenses After Fee Reductions and/or Expense Reimbursements(3) </td> <td style="padding-bottom: 1pt; padding-top: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; text-align: center">1.24%</td> <td style="padding-bottom: 1pt; padding-top: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; text-align: center">1.99%</td> <td style="padding-bottom: 1pt; padding-top: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; text-align: center">1.24%</td> <td style="padding-bottom: 1pt; padding-top: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; text-align: center">0.99%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0in; margin-bottom: 0in; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">(1)</td> <td style="text-align: justify"> A Class share purchases of $1,000,000 or more are subject to a 1.00% Contingent Deferred Sales Charge (“CDSC”) if redeemed during the first 18 months after purchase unless the dealer, at its discretion, has waived the CDSC.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0in; margin-bottom: 0in; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0in"></td><td style="width: 0.25in; text-align: justify">(2)</td> <td style="text-align: justify"> C Class share purchases are subject to a 1.00% Contingent Deferred Sales Charge (“CDSC”) if redeemed during the first 12 months after purchase.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif;margin-top: 0in; margin-bottom: 0in; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0in"></td><td style="width: 0.25in; text-align: justify">(3)</td> <td style="text-align: justify"> Lyrical Asset Management LP (the “Adviser”) has contractually agreed, until April 1, 2027, to reduce Management Fees and reimburse Other Expenses to the extent necessary to limit Total Annual Fund Operating Expenses of each class of shares of the U.S. Fund (exclusive of brokerage costs, taxes, interest, borrowing costs such as interest and dividend expenses on securities sold short, acquired fund fees and expenses, and extraordinary expenses such as litigation and merger or reorganization costs and other expenses not incurred in the ordinary course of the U.S. Fund’s business) to an amount not exceeding 0.99% of the average daily net assets of the Institutional Class shares, 1.24% of the average daily net assets of the Investor Class shares, 1.24% of the average daily net assets of the A Class shares, and 1.99% of the average daily net assets of the C Class shares. Management Fee reductions and expense reimbursements by the Adviser are subject to repayment by the U.S. Fund for a period of 3 years after the date that such fees and expenses were waived or reimbursed, provided that the repayments do not cause Total Annual Fund Operating Expenses to exceed (i) the expense limitation then in effect, if any, and (ii) the expense limitation in effect at the time the expenses to be repaid were incurred. Prior to April 1, 2027, this agreement may not be modified or terminated without the approval of the U.S. Fund’s Board of Trustees (the “Board”). This agreement will terminate automatically if the U.S. Fund’s investment advisory agreement with the Adviser is terminated. During the fiscal year ended November 30, 2025, the Adviser recouped $131,236 of prior years’ management fee reductions and expense reimbursements.</td> </tr> </table> 0.0085 0.0085 0.0085 0.0085 0.0025 0.0100 0.0025 0 0.0057 0.0071 0.0048 0.0013 0.0167 0.0256 0.0158 0.0098 0.0003 0.0003 0.0003 0.0003 -0.0046 -0.0060 -0.0037 -0.0002 0.0124 0.0199 0.0124 0.0099 April 1, 2027 Example This Example is intended to help you compare the cost of investing in the U.S. Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the U.S. 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 the operating expenses of the U.S. Fund remain the same and the contractual agreement to limit expenses remains in effect only until April 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_zpJ8pRLjJgC3"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zxKQw13Dm5Me" style="font: 10pt Arial, Helvetica, Sans-Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; color: #231F20; font-weight: bold; text-align: left; padding-bottom: 1pt">Class</td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; color: #231F20; font-weight: bold"> </td> <td colspan="2" id="xdx_487_eoef--ExpenseExampleYear01_zvabFf9SdWn6" style="border-bottom: Black 1pt solid; padding-top: 1pt; font-weight: bold; text-align: center; padding-bottom: 1pt">1 Year</td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" id="xdx_486_eoef--ExpenseExampleYear03_z8Baw0z1R4P5" style="border-bottom: Black 1pt solid; padding-top: 1pt; font-weight: bold; text-align: center; padding-bottom: 1pt">3 Years</td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" id="xdx_48E_eoef--ExpenseExampleYear05_z9bAN7Dtcgi" style="border-bottom: Black 1pt solid; padding-top: 1pt; font-weight: bold; text-align: center; padding-bottom: 1pt">5 Years</td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" id="xdx_48C_eoef--ExpenseExampleYear10_z3ddK3qTMEKd" style="border-bottom: Black 1pt solid; padding-top: 1pt; font-weight: bold; text-align: center; padding-bottom: 1pt">10 Years</td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_419_20260327__20260327__dei--LegalEntityAxis__custom--S000039711Member__oef--ClassAxis__custom--C000138389Member_zX98bIwCZJI2" style="vertical-align: bottom"> <td style="padding-top: 1pt; text-indent: -0.125in; padding-left: 0.125in; width: 52%; color: #231F20; text-align: left; padding-bottom: 1pt">Investor</td> <td style="padding-top: 1pt; width: 1%; color: #231F20; text-align: left; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; width: 1%; text-align: left; padding-bottom: 1pt">$</td> <td style="padding-top: 1pt; width: 9%; text-align: right; padding-bottom: 1pt">126</td> <td style="padding-top: 1pt; width: 1%; text-align: left; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; width: 1%; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; width: 1%; text-align: left; padding-bottom: 1pt">$</td> <td style="padding-top: 1pt; width: 9%; text-align: right; padding-bottom: 1pt">466</td> <td style="padding-top: 1pt; width: 1%; text-align: left; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; width: 1%; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; width: 1%; text-align: left; padding-bottom: 1pt">$</td> <td style="padding-top: 1pt; width: 9%; text-align: right; padding-bottom: 1pt">828</td> <td style="padding-top: 1pt; width: 1%; text-align: left; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; width: 1%; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; width: 1%; text-align: left; padding-bottom: 1pt">$</td> <td style="padding-top: 1pt; width: 9%; text-align: right; padding-bottom: 1pt">1,850</td> <td style="padding-top: 1pt; width: 1%; text-align: left; padding-bottom: 1pt"> </td></tr> <tr id="xdx_416_20260327__20260327__dei--LegalEntityAxis__custom--S000039711Member__oef--ClassAxis__custom--C000123053Member_z7xMAvKIcCB7" style="vertical-align: bottom"> <td style="padding-top: 1pt; text-indent: -0.125in; padding-left: 0.125in; color: #231F20; text-align: left; padding-bottom: 1pt">Institutional</td> <td style="padding-top: 1pt; color: #231F20; text-align: left; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; text-align: left; padding-bottom: 1pt">$</td> <td style="padding-top: 1pt; text-align: right; padding-bottom: 1pt">101</td> <td style="padding-top: 1pt; text-align: left; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; text-align: left; padding-bottom: 1pt">$</td> <td style="padding-top: 1pt; text-align: right; padding-bottom: 1pt">313</td> <td style="padding-top: 1pt; text-align: left; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; text-align: left; padding-bottom: 1pt">$</td> <td style="padding-top: 1pt; text-align: right; padding-bottom: 1pt">543</td> <td style="padding-top: 1pt; text-align: left; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; text-align: left; padding-bottom: 1pt">$</td> <td style="padding-top: 1pt; text-align: right; padding-bottom: 1pt">1,202</td> <td style="padding-top: 1pt; text-align: left; padding-bottom: 1pt"> </td></tr> <tr id="xdx_419_20260327__20260327__dei--LegalEntityAxis__custom--S000039711Member__oef--ClassAxis__custom--C000236986Member_zWcEwMlbtDmc" style="vertical-align: bottom"> <td style="padding-top: 1pt; text-indent: -0.125in; padding-left: 0.125in; color: #231F20; text-align: left; padding-bottom: 1pt">A</td> <td style="padding-top: 1pt; color: #231F20; text-align: left; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; text-align: left; padding-bottom: 1pt">$</td> <td style="padding-top: 1pt; text-align: right; padding-bottom: 1pt">694</td> <td style="padding-top: 1pt; text-align: left; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; text-align: left; padding-bottom: 1pt">$</td> <td style="padding-top: 1pt; text-align: right; padding-bottom: 1pt">1,032</td> <td style="padding-top: 1pt; text-align: left; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; text-align: left; padding-bottom: 1pt">$</td> <td style="padding-top: 1pt; text-align: right; padding-bottom: 1pt">1,392</td> <td style="padding-top: 1pt; text-align: left; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; text-align: left; padding-bottom: 1pt">$</td> <td style="padding-top: 1pt; text-align: right; padding-bottom: 1pt">2,404</td> <td style="padding-top: 1pt; text-align: left; padding-bottom: 1pt"> </td></tr> <tr id="xdx_410_20260327__20260327__dei--LegalEntityAxis__custom--S000039711Member__oef--ClassAxis__custom--C000236985Member_zKX55H6gAjx1" style="vertical-align: bottom"> <td style="padding-top: 1pt; text-indent: -0.125in; padding-left: 0.125in; color: #231F20; text-align: left">C</td> <td style="padding-top: 1pt; color: #231F20; text-align: left"> </td> <td style="padding-top: 1pt; text-align: left">$</td> <td style="padding-top: 1pt; text-align: right">302</td> <td style="padding-top: 1pt; text-align: left"> </td> <td style="padding-top: 1pt"> </td> <td style="padding-top: 1pt; text-align: left">$</td> <td style="padding-top: 1pt; text-align: right">742</td> <td style="padding-top: 1pt; text-align: left"> </td> <td style="padding-top: 1pt"> </td> <td style="padding-top: 1pt; text-align: left">$</td> <td style="padding-top: 1pt; text-align: right">1,309</td> <td style="padding-top: 1pt; text-align: left"> </td> <td style="padding-top: 1pt"> </td> <td style="padding-top: 1pt; text-align: left">$</td> <td style="padding-top: 1pt; text-align: right">2,853</td> <td style="padding-top: 1pt; text-align: left"> </td></tr> </table> 126 466 828 1850 101 313 543 1202 694 1032 1392 2404 302 742 1309 2853 You would pay the following expenses if you did not redeem your shares: <div id="xdx_A8B_eoef--ExpenseExampleNoRedemptionTableTextBlock_zv40WtXcUmhc"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_zvywprdULmJi" style="font: 10pt Arial, Helvetica, Sans-Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example, No Redemption"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; color: #231F20; font-weight: bold; text-align: left; padding-bottom: 1pt">Class</td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" id="xdx_483_eoef--ExpenseExampleNoRedemptionYear01_zWlQn1UTBgR" style="border-bottom: Black 1pt solid; padding-top: 1pt; font-weight: bold; text-align: center; padding-bottom: 1pt">1 Year</td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" id="xdx_489_eoef--ExpenseExampleNoRedemptionYear03_zkEEp3fkeeB4" style="border-bottom: Black 1pt solid; padding-top: 1pt; font-weight: bold; text-align: center; padding-bottom: 1pt">3 Years</td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" id="xdx_487_eoef--ExpenseExampleNoRedemptionYear05_zHxX1GJB8Cqe" style="border-bottom: Black 1pt solid; padding-top: 1pt; font-weight: bold; text-align: center; padding-bottom: 1pt">5 Years</td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" id="xdx_489_eoef--ExpenseExampleNoRedemptionYear10_z0MURshRovPa" style="border-bottom: Black 1pt solid; padding-top: 1pt; font-weight: bold; text-align: center; padding-bottom: 1pt">10 Years</td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_415_20260327__20260327__dei--LegalEntityAxis__custom--S000039711Member__oef--ClassAxis__custom--C000236985Member_zn92UVtKawqi" style="vertical-align: bottom"> <td style="padding-top: 1pt; text-indent: -0.125in; padding-left: 0.125in; color: #231F20; text-align: left; width: 52%">C</td> <td style="padding-top: 1pt; width: 1%"> </td> <td style="padding-top: 1pt; text-align: left; width: 1%">$</td> <td style="padding-top: 1pt; text-align: right; width: 9%">202</td> <td style="padding-top: 1pt; text-align: left; width: 1%"> </td> <td style="padding-top: 1pt; width: 1%"> </td> <td style="padding-top: 1pt; text-align: left; width: 1%">$</td> <td style="padding-top: 1pt; text-align: right; width: 9%">742</td> <td style="padding-top: 1pt; text-align: left; width: 1%"> </td> <td style="padding-top: 1pt; width: 1%"> </td> <td style="padding-top: 1pt; text-align: left; width: 1%">$</td> <td style="padding-top: 1pt; text-align: right; width: 9%">1,309</td> <td style="padding-top: 1pt; text-align: left; width: 1%"> </td> <td style="padding-top: 1pt; width: 1%"> </td> <td style="padding-top: 1pt; text-align: left; width: 1%">$</td> <td style="padding-top: 1pt; text-align: right; width: 9%">2,853</td> <td style="padding-top: 1pt; text-align: left; width: 1%"> </td></tr> </table> 202 742 1309 2853 Portfolio Turnover The U.S. 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 U.S. Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the U.S. Fund’s performance. During the most recent fiscal year, the U.S. Fund’s portfolio turnover rate was 32% of the average value of its portfolio. 0.32 PRINCIPAL INVESTMENT STRATEGIES The U.S. Fund seeks to achieve its investment objective by investing principally in a diversified portfolio of common stock of mid-capitalization and large-capitalization companies with low valuations relative to their long-term normalized earnings (i.e. projected earnings adjusted to smooth out cyclical effects in the economy). Under normal circumstances, the U.S. Fund will invest at least 80% of its net assets plus the amount of any borrowings for investment purposes in common stocks traded on a United States (“U.S.”) securities exchange. Lyrical Asset Management LP (the “Adviser”) defines mid-capitalization companies as companies with a total market capitalization of between $2 and $10 billion at the time of purchase and large-capitalization companies as companies with a total market capitalization of greater than $10 billion at the time of purchase. The Adviser generates an initial pool of potential undervalued investment candidates from among the top 1,000 companies traded in the U.S. (ranked by capitalization) by using a proprietary screening process that looks at historical earnings and estimated future earnings to estimate a fair price for the stock of a company. Each investment candidate then goes through an extensive fundamental research process that has two objectives. First, the Adviser seeks to develop an in-depth understanding of the company’s business, including, without limitation, drivers of growth and profitability, position relative to competitors and competitive advantages, position and leverage with customers and suppliers, historical and potential business threats and opportunities, and management style, objectives and incentives. This process may include, without limitation, financial statements analysis, study of competitors, customers and suppliers, discussions with company management, review of past earnings calls and investor presentations, and some use of research from brokerage firms and independent research firms. Second, the Adviser seeks to understand why the stock of the investment candidate may be undervalued, to determine if the factors depressing the value of the stock are temporary or permanent. The Adviser seeks to make that determination by applying an in-depth understanding of the business and, as necessary, performing additional analysis specific to each company. At the conclusion of the research/due diligence process, the Adviser seeks to include in the U.S. Fund’s portfolio businesses believed to be sufficiently undervalued and of sufficient quality and durability to compensate for the investment risks. The Adviser sets a target price for each stock in the portfolio that is updated periodically, and when a stock reaches or exceeds its target price, the Adviser’s strategy typically requires that the stock be sold. A stock position may also be sold when the Adviser believes other investment opportunities are more attractive or that the stock is unlikely to benefit from current business, market or economic conditions. As with any mutual fund investment, there is a risk that you could lose money by investing in the U.S. Fund. The success of the U.S. Fund’s investment strategy depends largely upon the Adviser’s skill in selecting securities for purchase and sale by the U.S. Fund and there is no assurance that the U.S. Fund will achieve its investment objective. Because of the types of securities in which the U.S. Fund invests and the investment techniques the Adviser uses, the U.S. Fund is designed for investors who are investing for the long term. The U.S. Fund may not be appropriate for use as a complete investment program. The principal risks of an investment in the U.S. Fund are generally described below. <div style="display: none"></div> As with any mutual fund investment, there is a risk that you could lose money by investing in the U.S. Fund. <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--SectorRiskMember_zhmbOCBpYogk" style="font: 10pt Arial, Helvetica, Sans-Serif;margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Sector Risk. 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 November 30, 2025, 35.5% and 15.3% of the Fund’s net assets were invested in stocks within the technology sector and financials sector, respectively. The values of securities of companies in the technology sector may be significantly affected adversely by competitive pressures, short product cycles, aggressive pricing and rapid obsolescence of existing products and technologies. They are also heavily dependent on intellectual property rights and may be adversely affected by the loss or impairment of those rights. They may face unexpected risks and costs associated with technological advances, such as artificial intelligence and machine learning. The values of securities of companies in the financial 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. <div style="display: none"></div> <div style="display: none"></div> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationCompanyRiskMember_ztTWF2JBj9Af" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Large-Capitalization Company Risk. Large-capitalization companies are generally more mature and may be unable to respond as quickly as smaller companies to new competitive challenges, such as changes in technology and consumer tastes, and also may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion. <div style="display: none"></div> <div style="display: none"></div> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementStyleRiskMember_zj7HzCCBzvW" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Management Style Risk. The Adviser’s method of security selection may not be successful and the U.S. Fund may underperform relative to its benchmark index or to other mutual funds that employ similar investment strategies. In addition, the Adviser may select investments that fail to perform as anticipated. <div style="display: none"></div> <div style="display: none"></div> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zWKXFI6FPkOi" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Market Risk. The return on and value of an investment in the U.S. Fund will fluctuate in response to stock market movements. Stocks are subject to market risks, such as a rapid increase or decrease in a stock’s value or liquidity, fluctuations in price due to earnings, economic conditions and other factors beyond the control of the Adviser. Certain market events could increase volatility and exacerbate market risk, such as changes in governments’ economic policies, political turmoil, military action, environmental events, trade disputes, and epidemics, pandemics or other public health issues. During periods of market volatility, security prices (including securities held by the U.S. Fund) could fall drastically and rapidly and therefore adversely affect the U.S. Fund. <div style="display: none"></div> <div style="display: none"></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--MidCapitalizationCompanyRiskMember_zTHHXK7kD2w" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Mid-Capitalization Company Risk. Investments in mid-capitalization companies often involve higher risks than large-capitalization companies because these companies may lack the management experience, financial resources, product diversification and competitive strengths of larger companies. Therefore, the securities of mid-capitalization companies may be more susceptible to market downturns and other events, and their prices may be subject to greater price fluctuations. <div style="display: none"></div> <div style="display: none"></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValueStockRiskMember_zEweqK3yQVD8" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Value Stock Risk. 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, either because the market fails to recognize what the Adviser considers to be the company’s true business value or because the Adviser’s assessment of the company’s prospects was not correct. Issuers of value stocks may have experienced adverse business developments or may be subject to special risks that have caused the stock to be out of favor. PERFORMANCE SUMMARY The bar chart and table that follow provide some indication of the risks of investing in the U.S. Fund by showing changes in the U.S. Fund’s performance from year to year and by showing how the Institutional Class shares of the U.S. Fund’s average annual total returns for one year, five years, and ten years compare with those of a broad-based securities market index. How the U.S. Fund has performed in the past (before and after taxes) is not necessarily an indication of how the U.S. Fund will perform in the future. Updated performance information, current through the most recent month end, is available by calling 1-888-884-8099 or by visiting the U.S. Fund’s website at www.lyricalvaluefunds.com. The bar chart and table that follow provide some indication of the risks of investing in the U.S. Fund by showing changes in the U.S. Fund’s performance from year to year and by showing how the Institutional Class shares of the U.S. Fund’s average annual total returns for one year, five years, and ten years compare with those of a broad-based securities market index. How the U.S. Fund has performed in the past (before and after taxes) is not necessarily an indication of how the U.S. Fund will perform in the future. 1-888-884-8099 www.lyricalvaluefunds.com Institutional Class Shares – Annual Total Return Years Ended December 31* <img alt="" src="lyrax_002.jpg" style="height: 292px; width: 500px"/> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zRdfTvGurst1" style="font: 10pt Arial, Helvetica, Sans-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_987_eoef--AnnlRtrPct_c20160101__20161231__oef--ClassAxis__custom--C000123053Member_fKg_____z0TV71fD4bx5" style="display: none; text-align: center; width: 50%">14.59%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2017</td> <td id="xdx_98C_eoef--AnnlRtrPct_c20170101__20171231__oef--ClassAxis__custom--C000123053Member_fKg_____zQo8K5ecZk58" style="display: none; text-align: center">21.32%</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__oef--ClassAxis__custom--C000123053Member_fKg_____ze3XbDr2sIM2" style="display: none; text-align: center">-19.75%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2019</td> <td id="xdx_988_eoef--AnnlRtrPct_c20190101__20191231__oef--ClassAxis__custom--C000123053Member_fKg_____zXF2bKeLaifa" style="display: none; text-align: center">23.54%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2020</td> <td id="xdx_98E_eoef--AnnlRtrPct_c20200101__20201231__oef--ClassAxis__custom--C000123053Member_fKg_____z2wMP8oYbUWd" style="display: none; text-align: center">8.63%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2021</td> <td id="xdx_98F_eoef--AnnlRtrPct_c20210101__20211231__oef--ClassAxis__custom--C000123053Member_fKg_____zVCHzhBegqq1" style="display: none; text-align: center">30.11%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2022</td> <td id="xdx_98E_eoef--AnnlRtrPct_c20220101__20221231__oef--ClassAxis__custom--C000123053Member_fKg_____zQWDuKBEFJW3" style="display: none; text-align: center">-17.44%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2023</td> <td id="xdx_984_eoef--AnnlRtrPct_c20230101__20231231__oef--ClassAxis__custom--C000123053Member_fKg_____zlTJgok6Senl" style="display: none; text-align: center">27.62%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2024</td> <td id="xdx_98B_eoef--AnnlRtrPct_c20240101__20241231__oef--ClassAxis__custom--C000123053Member_fKg_____zalbaUsLKBP4" style="display: none; text-align: center">13.00%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2025</td> <td id="xdx_988_eoef--AnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000123053Member_fKg_____z8cMsLtL0TO6" style="display: none; text-align: center">17.84%</td></tr> </table> 0.1459 0.2132 -0.1975 0.2354 0.0863 0.3011 -0.1744 0.2762 0.1300 0.1784 <div id="xdx_A88_eoef--BarChartFootnotesTextBlock_zzEQUd005ti2"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif;width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse"> <tr style="vertical-align: top"> <td id="xdx_F03_zZXAyEh0YkC4" style="text-align: right; padding-left: 10pt; text-indent: -0.01pt; width: 15%">*</td> <td style="text-align: left; padding-left: 10pt; text-indent: -0.01pt"> The U.S. Fund’s year-to-date return through December 31, 2025 is 17.84%.</td> <td style="width: 15%"> </td></tr> </table> The U.S. Fund’s year-to-date 2025-12-31 0.1784 Quarterly Returns During This Time Period <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-left: auto; width: 50%; border-collapse: collapse; margin-right: auto"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 15%; text-align: justify; color: #231F20; white-space: nowrap; padding-right: 5pt; padding-left: 5pt">Highest:</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; color: #231F20; width: 10%; white-space: nowrap; padding-right: 5pt; padding-left: 5pt">28.09% </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; color: #231F20; width: 25%; white-space: nowrap; padding-right: 5pt; padding-left: 5pt">(quarter ended June 30, 2020)</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; color: #231F20; white-space: nowrap; padding-right: 5pt; padding-left: 5pt">Lowest:</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; color: #231F20; white-space: nowrap; padding-right: 5pt; padding-left: 5pt">(38.86%) </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; color: #231F20; white-space: nowrap; padding-right: 5pt; padding-left: 5pt">(quarter ended March 31, 2020)</td></tr> </table> Highest: 0.2809 2020-06-30 Lowest: -0.3886 2020-03-31 Average Annual Total Returns (for periods ended December 31, 2025) <div id="xdx_A8F_eoef--PerformanceTableTextBlock_z5T0uZPicZQf"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zfc8wgl2nNSe" style="font: 10pt Arial, Helvetica, Sans-Serif;width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 1pt; width: 52%; text-align: left"> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; text-align: center; width: 1%; padding-bottom: 1pt"> </td> <td id="xdx_498_20250101__20251231_z000KHezhdR4" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; width: 15%; text-align: center; padding-bottom: 1pt">One Year</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; text-align: center; width: 1%; padding-bottom: 1pt"> </td> <td id="xdx_492_20210101__20251231_zFQed14XCmOd" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; width: 15%; text-align: center; padding-bottom: 1pt">Five Years</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; text-align: center; width: 1%; padding-bottom: 1pt"> </td> <td id="xdx_494_20160101__20251231_zX1XAl2kKCoe" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; width: 15%; text-align: center; padding-bottom: 1pt">Ten Years</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left; color: #231F20; padding-bottom: 1pt">Institutional Class</td> <td style="padding-top: 1pt; text-align: center; padding-bottom: 1pt"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; vertical-align: bottom; text-align: center; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; text-align: center; padding-bottom: 1pt"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; vertical-align: bottom; text-align: center; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; text-align: center; padding-bottom: 1pt"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; vertical-align: bottom; text-align: center; padding-bottom: 1pt"> </td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_hoef--ClassAxis__custom--C000123053Member_zER7W3ODXRpi" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top; text-align: left; color: #231F20; padding-bottom: 1pt">Return Before Taxes</td> <td style="padding-top: 1pt; text-align: center; padding-bottom: 1pt"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; vertical-align: bottom; text-align: center; padding-bottom: 1pt">17.84%</td> <td style="padding-top: 1pt; text-align: center; padding-bottom: 1pt"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; vertical-align: bottom; text-align: center; padding-bottom: 1pt">12.79%</td> <td style="padding-top: 1pt; text-align: center; padding-bottom: 1pt"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; vertical-align: bottom; text-align: center; padding-bottom: 1pt">10.58%</td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_hoef--ClassAxis__custom--C000123053Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zwmMWWUP0kAg" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top; text-align: left; color: #231F20; padding-bottom: 1pt">Return After Taxes on Distributions</td> <td style="padding-top: 1pt; text-align: center; padding-bottom: 1pt"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; vertical-align: bottom; text-align: center; padding-bottom: 1pt">16.41%</td> <td style="padding-top: 1pt; text-align: center; padding-bottom: 1pt"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; vertical-align: bottom; text-align: center; padding-bottom: 1pt">12.20%</td> <td style="padding-top: 1pt; text-align: center; padding-bottom: 1pt"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; vertical-align: bottom; text-align: center; padding-bottom: 1pt">9.72%</td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_hoef--ClassAxis__custom--C000123053Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zroZlb8y8htg" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top; text-align: left; color: #231F20; padding-bottom: 1pt">Return After Taxes on Distributions and Sale of Fund Shares</td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; text-align: center; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; vertical-align: bottom; text-align: center; padding-bottom: 1pt">11.57%</td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; text-align: center; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; vertical-align: bottom; text-align: center; padding-bottom: 1pt">10.15%</td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; text-align: center; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; vertical-align: bottom; text-align: center; padding-bottom: 1pt">8.47%</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left; color: #231F20; padding-bottom: 1pt">Investor Class</td> <td style="padding-top: 1pt; text-align: center; padding-bottom: 1pt"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; vertical-align: bottom; text-align: center; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; text-align: center; padding-bottom: 1pt"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; vertical-align: bottom; text-align: center; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; text-align: center; padding-bottom: 1pt"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; vertical-align: bottom; text-align: center; padding-bottom: 1pt"> </td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_hoef--ClassAxis__custom--C000138389Member_z2kEt9YH4XU3" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top; text-align: left; color: #231F20; padding-bottom: 1pt">Return Before Taxes</td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; text-align: center; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; vertical-align: bottom; text-align: center; padding-bottom: 1pt">17.57%</td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; text-align: center; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; vertical-align: bottom; text-align: center; padding-bottom: 1pt">12.51%</td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; text-align: center; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; vertical-align: bottom; text-align: center; padding-bottom: 1pt">10.27%</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left; color: #231F20; padding-bottom: 1pt">A Class</td> <td style="padding-top: 1pt; text-align: center; padding-bottom: 1pt"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; vertical-align: bottom; text-align: center; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; text-align: center; padding-bottom: 1pt"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; vertical-align: bottom; text-align: center; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; text-align: center; padding-bottom: 1pt"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; vertical-align: bottom; text-align: center; padding-bottom: 1pt">Since Inception (July 5, 2022)</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top; text-align: left; color: #231F20; padding-bottom: 1pt">Return before Taxes</td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; text-align: center; padding-bottom: 1pt"> </td> <td id="xdx_985_eoef--AvgAnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000236986Member_zPgwoKAbHj45" style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; vertical-align: bottom; text-align: center; padding-bottom: 1pt">10.78%</td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; text-align: center; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; vertical-align: bottom; text-align: center; padding-bottom: 1pt">N/A</td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; text-align: center; padding-bottom: 1pt"> </td> <td id="xdx_981_eoef--AvgAnnlRtrPct_c20220705__20251231__oef--ClassAxis__custom--C000236986Member_zU2QM11WAyr6" style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; vertical-align: bottom; text-align: center; padding-bottom: 1pt">15.51%</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left; color: #231F20; padding-bottom: 1pt">C Class</td> <td style="padding-top: 1pt; text-align: center; padding-bottom: 1pt"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; vertical-align: bottom; text-align: center; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; text-align: center; padding-bottom: 1pt"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; vertical-align: bottom; text-align: center; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; text-align: center; padding-bottom: 1pt"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; vertical-align: bottom; text-align: center; padding-bottom: 1pt">Since Inception (July 5, 2022)</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top; text-align: left; color: #231F20; padding-bottom: 1pt">Return before Taxes</td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; text-align: center; padding-bottom: 1pt"> </td> <td id="xdx_987_eoef--AvgAnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000236985Member_zBxyclhWquO7" style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; vertical-align: bottom; text-align: center; padding-bottom: 1pt">15.69%</td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; text-align: center; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; vertical-align: bottom; text-align: center; padding-bottom: 1pt">N/A</td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; text-align: center; padding-bottom: 1pt"> </td> <td id="xdx_98C_eoef--AvgAnnlRtrPct_c20220705__20251231__oef--ClassAxis__custom--C000236985Member_zI8hogumfMZb" style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; vertical-align: bottom; text-align: center; padding-bottom: 1pt">16.62%</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left; color: #231F20">S&P 500 Index (reflects no deduction for fees, expenses or taxes)</td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; text-align: center"> </td> <td id="xdx_988_eoef--AvgAnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000236985Member__oef--PerformanceMeasureAxis__custom--SAndP500IndexReflectsNoDeductionForFeesExpenseOrTaxesMember_znFN76nTOvKf" style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; vertical-align: bottom; text-align: center">17.88%</td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; text-align: center"> </td> <td id="xdx_98E_eoef--AvgAnnlRtrPct_c20210101__20251231__oef--ClassAxis__custom--C000236985Member__oef--PerformanceMeasureAxis__custom--SAndP500IndexReflectsNoDeductionForFeesExpenseOrTaxesMember_zaudM82inQH7" style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; vertical-align: bottom; text-align: center">14.42%</td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; text-align: center"> </td> <td id="xdx_987_eoef--AvgAnnlRtrPct_c20220705__20251231__oef--ClassAxis__custom--C000236985Member__oef--PerformanceMeasureAxis__custom--SAndP500IndexReflectsNoDeductionForFeesExpenseOrTaxesMember_zLeOjKtJkOvi" style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; vertical-align: bottom; text-align: center">14.82%</td></tr> </table> Return Before Taxes 0.1784 0.1279 0.1058 0.1641 0.1220 0.0972 0.1157 0.1015 0.0847 Return Before Taxes 0.1757 0.1251 0.1027 2022-07-05 Return before Taxes 0.1078 0.1551 2022-07-05 Return before Taxes 0.1569 0.1662 reflects no deduction for fees, expenses or taxes 0.1788 0.1442 0.1482 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 above. After-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements, such as a 401(k) plan or an individual retirement account (“IRA”). The after-tax returns are shown for only one class of U.S. Fund shares and the after-tax returns for the other class of U.S. Fund shares will vary. 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 above. After-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements, such as a 401(k) plan or an individual retirement account (“IRA”). The after-tax returns are shown for only one class of U.S. Fund shares and the after-tax returns for the other class of U.S. Fund shares will vary. Risk/Return Summary: Lyrical International Value Equity Fund INVESTMENT OBJECTIVE The Lyrical International Value Equity Fund (the “International Fund”) seeks to achieve long-term capital growth. FEES AND EXPENSES This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the International Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. 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 International Fund. More information about these and other discounts is available (i) from your financial professional and (ii) in the section “Sales Charges” on page 34 of this Prospectus. Certain financial intermediaries may also offer variations in Fund sales charges to their customers as described in Appendix A – Financial Intermediary Sales Charge Variations to this Prospectus. 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 International Fund. 50000 Shareholder Fees (fees paid directly from your investment) <div id="xdx_A88_eoef--ShareholderFeesTableTextBlock_zLzOhbmdwOoi"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zD5v4ftILLo3" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Shareholder Fees"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-indent: -0.125in; padding-left: 0.125in; vertical-align: bottom; text-align: center; color: #231F20; width: 68%; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; vertical-align: bottom; text-align: center; width: 1%; padding-bottom: 1pt"> </td> <td id="xdx_499_20260327__20260327__dei--LegalEntityAxis__custom--S000068142Member__oef--ClassAxis__custom--C000218237Member_zpstYEcf7jX4" style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; vertical-align: bottom; text-align: center; width: 15%; padding-bottom: 1pt">Investor Class</td> <td style="padding-top: 1pt; vertical-align: bottom; text-align: center; width: 1%; padding-bottom: 1pt"> </td> <td id="xdx_490_20260327__20260327__dei--LegalEntityAxis__custom--S000068142Member__oef--ClassAxis__custom--C000218236Member_zlxiffYzoua9" style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; vertical-align: bottom; text-align: center; width: 15%; padding-bottom: 1pt">Institutional Class</td></tr> <tr id="xdx_405_eoef--MaximumSalesChargeImposedOnPurchasesOverOfferingPrice_dpn_zT5iO859iSp2" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-indent: -0.125in; padding-left: 0.125in; text-align: left; color: #231F20; padding-bottom: 1pt">Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)</td> <td style="padding-top: 1pt; text-align: center; padding-bottom: 1pt"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: center; padding-bottom: 1pt">None</td> <td style="padding-top: 1pt; text-align: center; padding-bottom: 1pt"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: center; padding-bottom: 1pt">None</td></tr> <tr id="xdx_40D_eoef--MaximumDeferredSalesChargeOverOther_dpn_zPUmIyvQToAk" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-indent: -0.125in; padding-left: 0.125in; text-align: left; color: #231F20; padding-bottom: 1pt">Maximum Contingent Deferred Sales Charge (Load) </td> <td style="padding-top: 1pt; text-align: center; padding-bottom: 1pt"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: center; padding-bottom: 1pt">None</td> <td style="padding-top: 1pt; text-align: center; padding-bottom: 1pt"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: center; padding-bottom: 1pt">None</td></tr> <tr id="xdx_401_eoef--MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther_dpn_zIVONBBvKaFj" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-indent: -0.125in; padding-left: 0.125in; text-align: left; color: #231F20; padding-bottom: 1pt">Maximum Sales Charge (Load) Imposed on Reinvested Dividends </td> <td style="padding-top: 1pt; text-align: center; padding-bottom: 1pt"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: center; padding-bottom: 1pt">None</td> <td style="padding-top: 1pt; text-align: center; padding-bottom: 1pt"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: center; padding-bottom: 1pt">None</td></tr> <tr id="xdx_40B_eoef--ExchangeFee_dn_z6wxUKHmuG0j" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-indent: -0.125in; padding-left: 0.125in; text-align: left; color: #231F20; padding-bottom: 1pt">Exchange Fee </td> <td style="padding-top: 1pt; text-align: center; padding-bottom: 1pt"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: center; padding-bottom: 1pt">None</td> <td style="padding-top: 1pt; text-align: center; padding-bottom: 1pt"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: center; padding-bottom: 1pt">None</td></tr> <tr id="xdx_40F_eoef--RedemptionFee_dn_zz8Fzb85iEke" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-indent: -0.125in; padding-left: 0.125in; text-align: left; color: #231F20">Redemption Fee </td> <td style="padding-top: 1pt; text-align: center"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: center">None</td> <td style="padding-top: 1pt; text-align: center"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: center">None</td></tr> </table> 0 0 0 0 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_A8E_eoef--AnnualFundOperatingExpensesTableTextBlock_zJdceLc4zpi5"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_ziscRaVtDvWf" style="font: 10pt Arial, Helvetica, Sans-Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-indent: -0.125in; padding-left: 0.125in; vertical-align: bottom; text-align: center; color: #231F20; padding-bottom: 1pt; width: 68%"> </td> <td style="padding-top: 1pt; vertical-align: bottom; text-align: center; padding-bottom: 1pt; width: 1%"> </td> <td id="xdx_498_20260327__20260327__dei--LegalEntityAxis__custom--S000068142Member__oef--ClassAxis__custom--C000218237Member_zmenRn9tWNPj" style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; vertical-align: bottom; text-align: center; width: 15%; padding-bottom: 1pt">Investor Class</td> <td style="padding-top: 1pt; vertical-align: bottom; text-align: center; padding-bottom: 1pt; width: 1%"> </td> <td id="xdx_497_20260327__20260327__dei--LegalEntityAxis__custom--S000068142Member__oef--ClassAxis__custom--C000218236Member_zm8plnLe8H8d" style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; vertical-align: bottom; text-align: center; width: 15%; padding-bottom: 1pt">Institutional Class</td></tr> <tr id="xdx_40B_eoef--ManagementFeesOverAssets_dpn_z6GgzVIJ3ns" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-indent: -0.125in; padding-left: 0.125in; text-align: left; color: #231F20; padding-bottom: 1pt">Management Fees </td> <td style="padding-top: 1pt; text-align: center; padding-bottom: 1pt"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: center; padding-bottom: 1pt">0.85%</td> <td style="padding-top: 1pt; text-align: center; padding-bottom: 1pt"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: center; padding-bottom: 1pt">0.85%</td></tr> <tr id="xdx_404_eoef--DistributionAndService12b1FeesOverAssets_dpn_ziCS6zNukjsj" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-indent: -0.125in; padding-left: 0.125in; text-align: left; color: #231F20; padding-bottom: 1pt">Distribution (12b-1) Fees </td> <td style="padding-top: 1pt; text-align: center; padding-bottom: 1pt"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: center; padding-bottom: 1pt">0.25%</td> <td style="padding-top: 1pt; text-align: center; padding-bottom: 1pt"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: center; padding-bottom: 1pt">None</td></tr> <tr id="xdx_40D_eoef--OtherExpensesOverAssets_dpn_z4UTfJIirFwg" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-indent: -0.125in; padding-left: 0.125in; text-align: left; color: #231F20; padding-bottom: 1pt">Other Expenses </td> <td style="padding-top: 1pt; text-align: center; padding-bottom: 1pt"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: center; padding-bottom: 1pt">8.73%</td> <td style="padding-top: 1pt; text-align: center; padding-bottom: 1pt"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: center; padding-bottom: 1pt">3.54%</td></tr> <tr id="xdx_408_eoef--Component1OtherExpensesOverAssets_dpn_zn3dzl7B01o5" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-indent: -0.125in; padding-left: 0.125in; text-align: left; color: #231F20; padding-bottom: 1pt">Interest and Dividend Expenses</td> <td style="padding-top: 1pt; text-align: center; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: center">0.08%</td> <td style="padding-top: 1pt; text-align: center; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: center">0.05%</td></tr> <tr id="xdx_409_eoef--ExpensesOverAssets_dpn_z4Ulz91iuToe" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-indent: -0.125in; padding-left: 0.125in; text-align: left; color: #231F20; padding-bottom: 1pt">Total Annual Fund Operating Expenses</td> <td style="padding-top: 1pt; text-align: center; padding-bottom: 1pt"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: center; padding-bottom: 1pt">9.91%</td> <td style="padding-top: 1pt; text-align: center; padding-bottom: 1pt"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: center; padding-bottom: 1pt">4.44%</td></tr> <tr id="xdx_40E_eoef--FeeWaiverOrReimbursementOverAssets_zckzrl6mUc06" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-indent: -0.125in; padding-left: 0.125in; text-align: left; color: #231F20; padding-bottom: 1pt">Fee Waivers and/or Expense Reimbursement(1) </td> <td style="padding-top: 1pt; text-align: center; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: center">(8.59%)</td> <td style="padding-top: 1pt; text-align: center; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: center">(3.40%)</td></tr> <tr id="xdx_404_eoef--NetExpensesOverAssets_dpn_z8sg8QKjYOca" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; padding-top: 1pt; text-indent: -0.125in; padding-left: 0.125in; text-align: left; color: #231F20">Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursement(1) </td> <td style="padding-bottom: 1pt; padding-top: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: center">1.32%</td> <td style="padding-bottom: 1pt; padding-top: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: center">1.04%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif;margin-top: 0in; margin-bottom: 0in; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0in"></td><td style="width: 0.25in; text-align: justify">(1)</td> <td id="xdx_F19_z2sZHq5OhXye" style="text-align: justify"> Lyrical Asset Management LP (the “Adviser”) has contractually agreed, until April 1, 2027, to reduce Management Fees and reimburse Other Expenses to the extent necessary to limit Total Annual Fund Operating Expenses of each class of shares of the International Fund (exclusive of brokerage costs, taxes, interest, borrowing costs such as interest and dividend expenses on securities sold short, costs to organize the International Fund, acquired fund fees and expenses, and extraordinary expenses such as litigation and merger or reorganization costs and other expenses not incurred in the ordinary course of the International Fund’s business) to an amount not exceeding 0.99% of the average daily net assets of the Institutional Class shares and 1.24% of the average daily net assets of the Investor Class shares. Management Fee reductions and expense reimbursements by the Adviser are subject to repayment by the International Fund for a period of 3 years after the date that such fees and expenses were waived or reimbursed, provided that the repayments do not cause Total Annual Fund Operating Expenses to exceed (i) the expense limitation then in effect, if any, and (ii) the expense limitation in effect at the time the expenses to be repaid were incurred. Prior to April 1, 2027, this agreement may not be modified or terminated without the approval of the International Fund’s Board of Trustees (the “Board”). This agreement will terminate automatically if the International Fund’s investment advisory agreement with the Adviser is terminated.</td> </tr> </table> 0.0085 0.0085 0.0025 0 0.0873 0.0354 0.0008 0.0005 0.0991 0.0444 -0.0859 -0.0340 0.0132 0.0104 April 1, 2027 Example This Example is intended to help you compare the cost of investing in the International Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the International Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and the operating expenses of the International Fund remain the same and the contractual agreement to limit expenses remains in effect only until April 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_zEVNoAknEq5c"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zknRti00kxSb" style="font: 10pt Arial, Helvetica, Sans-Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; color: #231F20; font-weight: bold; text-align: left; padding-bottom: 1pt">Class</td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; color: #231F20; font-weight: bold"> </td> <td colspan="2" id="xdx_488_eoef--ExpenseExampleYear01_z0FzFU7QC9Fj" style="border-bottom: Black 1pt solid; padding-top: 1pt; color: #231F20; font-weight: bold; text-align: center; padding-bottom: 1pt">1 Year</td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; color: #231F20; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; color: #231F20; font-weight: bold"> </td> <td colspan="2" id="xdx_484_eoef--ExpenseExampleYear03_zMmnwWQdhaE2" style="border-bottom: Black 1pt solid; padding-top: 1pt; color: #231F20; font-weight: bold; text-align: center; padding-bottom: 1pt">3 Years</td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; color: #231F20; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; color: #231F20; font-weight: bold"> </td> <td colspan="2" id="xdx_481_eoef--ExpenseExampleYear05_z6Bl0RvS2Oqe" style="border-bottom: Black 1pt solid; padding-top: 1pt; color: #231F20; font-weight: bold; text-align: center; padding-bottom: 1pt">5 Years</td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; color: #231F20; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; color: #231F20; font-weight: bold"> </td> <td colspan="2" id="xdx_484_eoef--ExpenseExampleYear10_zE3rnaSSjSLk" style="border-bottom: Black 1pt solid; padding-top: 1pt; color: #231F20; font-weight: bold; text-align: center; padding-bottom: 1pt">10 Years</td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; color: #231F20; font-weight: bold"> </td></tr> <tr id="xdx_414_20260327__20260327__dei--LegalEntityAxis__custom--S000068142Member__oef--ClassAxis__custom--C000218237Member_zR1sB3jn9bFd" style="vertical-align: bottom"> <td style="padding-top: 1pt; text-indent: -0.125in; padding-left: 0.125in; width: 52%; color: #231F20; text-align: left; padding-bottom: 1pt">Investor</td> <td style="padding-top: 1pt; width: 1%; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; width: 1%; text-align: left; padding-bottom: 1pt">$</td> <td style="padding-top: 1pt; width: 9%; text-align: right; padding-bottom: 1pt">134</td> <td style="padding-top: 1pt; width: 1%; text-align: left; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; width: 1%; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; width: 1%; text-align: left; padding-bottom: 1pt">$</td> <td style="padding-top: 1pt; width: 9%; text-align: right; padding-bottom: 1pt">2,090</td> <td style="padding-top: 1pt; width: 1%; text-align: left; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; width: 1%; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; width: 1%; text-align: left; padding-bottom: 1pt">$</td> <td style="padding-top: 1pt; width: 9%; text-align: right; padding-bottom: 1pt">3,858</td> <td style="padding-top: 1pt; width: 1%; text-align: left; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; width: 1%; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; width: 1%; text-align: left; padding-bottom: 1pt">$</td> <td style="padding-top: 1pt; width: 9%; text-align: right; padding-bottom: 1pt">7,572</td> <td style="padding-top: 1pt; width: 1%; text-align: left; padding-bottom: 1pt"> </td></tr> <tr id="xdx_41F_20260327__20260327__dei--LegalEntityAxis__custom--S000068142Member__oef--ClassAxis__custom--C000218236Member_zG4v60vVbuTd" style="vertical-align: bottom"> <td style="padding-top: 1pt; text-indent: -0.125in; padding-left: 0.125in; color: #231F20; text-align: left; padding-bottom: 1pt">Institutional</td> <td style="padding-top: 1pt; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; text-align: left; padding-bottom: 1pt">$</td> <td style="padding-top: 1pt; text-align: right; padding-bottom: 1pt">106</td> <td style="padding-top: 1pt; text-align: left; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; text-align: left; padding-bottom: 1pt">$</td> <td style="padding-top: 1pt; text-align: right; padding-bottom: 1pt">1,034</td> <td style="padding-top: 1pt; text-align: left; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; text-align: left; padding-bottom: 1pt">$</td> <td style="padding-top: 1pt; text-align: right; padding-bottom: 1pt">1,973</td> <td style="padding-top: 1pt; text-align: left; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; text-align: left; padding-bottom: 1pt">$</td> <td style="padding-top: 1pt; text-align: right; padding-bottom: 1pt">4,366</td> <td style="padding-top: 1pt; text-align: left; padding-bottom: 1pt"> </td></tr> </table> 134 2090 3858 7572 106 1034 1973 4366 Portfolio Turnover The International 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 International Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the International Fund’s performance. During the most recent fiscal year, the International Fund’s portfolio turnover rate was 109% of the average value of its portfolio. 1.09 PRINCIPAL INVESTMENT STRATEGIES The International Fund seeks to achieve its investment objective by investing principally in a diversified portfolio of common stocks of mid-capitalization and large-capitalization companies with low valuations relative to their long-term normalized earnings (i.e. projected earnings adjusted to smooth out cyclical effects in the economy). Under normal circumstances, the International Fund will invest at least 80% of its net assets plus the amount of any borrowings for investment purposes in common stocks traded on non-U.S. international developed market securities exchanges. The Adviser defines mid-capitalization companies as companies with a total market capitalization of between $2 and $10 billion at the time of purchase and large-capitalization companies as companies with a total market capitalization of greater than $10 billion at the time of purchase. Developed markets are those classified as such by Morgan Stanley Capital International (“MSCI”). The Adviser generates an initial pool of potential undervalued investment candidates from among the top 1,500 companies traded in international developed markets (ranked by capitalization) by using a proprietary screening process that looks at historical earnings and estimated future earnings to estimate a fair price for the stock of a company. Each investment candidate then goes through an extensive fundamental research process that has two objectives. First, the Adviser seeks to develop an in-depth understanding of the company’s business, including, without limitation, drivers of growth and profitability, position relative to competitors and competitive advantages, position and leverage with customers and suppliers, historical and potential business threats and opportunities, and management style, objectives and incentives. This process may include, without limitation, financial statements analysis, study of competitors, customers and suppliers, discussions with company management, review of past earnings calls and investor presentations, and some use of research from brokerage firms and independent research firms. Second, the Adviser seeks to understand why the stock of the investment candidate may be undervalued, to determine if the factors depressing the value of the stock are temporary or permanent. The Adviser seeks to make that determination by applying an in-depth understanding of the business and, as necessary, performing additional analysis specific to each company. At the conclusion of the research/due diligence process, the Adviser seeks to include in the International Fund’s portfolio businesses believed to be sufficiently undervalued and of sufficient quality and durability to compensate for the investment risks. The Adviser sets a target price for each stock in the portfolio that is updated periodically, and when a stock reaches or exceeds its target price, the Adviser’s strategy typically requires that the stock be sold. A stock position may also be sold when the Adviser believes other investment opportunities are more attractive or that the stock is unlikely to benefit from current business, market or economic conditions. <span id="xdx_90F_eoef--RiskTextBlock_c20260327__20260327__dei--LegalEntityAxis__custom--S000068142Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zsAlhpvtFqAi" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">As with any mutual fund investment, there is a risk that you could lose money by investing in the International Fund. The success of the International Fund’s investment strategy depends largely upon the Adviser’s skill in selecting securities for purchase and sale by the International Fund and there is no assurance that the International Fund will achieve its investment objective. Because of the types of securities in which the International Fund invests and the investment techniques the Adviser uses, the International Fund is designed for investors who are investing for the long term. The International Fund may not be appropriate for use as a complete investment program. The principal risks of an investment in the International Fund are generally described below. <div style="display: none"></div> As with any mutual fund investment, there is a risk that you could lose money by investing in the International Fund. <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--SectorRiskMember_zpspdwGz9zak" style="font: 10pt Arial, Helvetica, Sans-Serif;margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Sector Risk. 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 November 30, 2025, 28.6% and 22.8% of the Fund’s net assets were invested in stocks within the industrials sector and technology sector. The values of securities of 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. Companies in the industrials sector may be adversely affected by changes in the supply of and demand for products and services, product obsolescence, claims for environmental damage or product liability and changes in general economic conditions, among other factors. The values of securities of companies in the technology sector may be significantly affected adversely by competitive pressures, short product cycles, aggressive pricing and rapid obsolescence of existing products and technologies. They are also heavily dependent on intellectual property rights and may be adversely affected by the loss or impairment of those rights. They may face unexpected risks and costs associated with technological advances, such as artificial intelligence and machine learning. <div style="display: none"></div> <div style="display: none"></div> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_zf2MDyOepRxb" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Foreign Securities Risk. Investments in foreign securities involve risks that may be different from those of United States (“U.S.”) securities. Foreign securities may not be subject to uniform audit, financial reporting, or disclosure standards, practices, or requirements comparable to those found in the United States. Foreign securities are also subject to the risk of adverse changes in investment or exchange control regulations or currency exchange rates, expropriation or confiscatory taxation, limitations on the removal of funds or other assets, political or social instability and nationalization of companies or industries. <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0in; margin-bottom: 0in; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0.25in"></td><td style="width: 0.25in; text-align: justify">●</td> <td style="text-align: justify">Foreign Currency Risk. Foreign securities also involve currency risk, which is the risk that the value of a foreign security will decrease due to changes in the relative value of the U.S. dollar and the security’s underlying foreign currency.</td> </tr> </table> <div style="display: none"></div> <div style="display: none"></div> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationCompanyRiskMember_zuJ6C0grKSq6" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Large-Capitalization Company Risk. Large-capitalization companies are generally more mature and may be unable to respond as quickly as smaller companies to new competitive challenges, such as changes in technology and consumer tastes, and also may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion. <div style="display: none"></div> <div style="display: none"></div> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementStyleRiskMember_zP3kuihHM5m5" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Management Style Risk. The Adviser’s method of security selection may not be successful and the International Fund may underperform relative to its benchmark index or to other mutual funds that employ similar investment strategies. In addition, the Adviser may select investments that fail to perform as anticipated. <div style="display: none"></div> <div style="display: none"></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zBDAfRWzDwZi" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Market Risk. The return on and value of an investment in the International Fund will fluctuate in response to stock market movements. Stocks are subject to market risks, such as a rapid increase or decrease in a stock’s value or liquidity, fluctuations in price due to earnings, economic conditions and other factors beyond the control of the Adviser. Certain market events could increase volatility and exacerbate market risk, such as changes in governments’ economic policies, political turmoil, military action, environmental events, trade disputes, and epidemics, pandemics or other public health issues. During periods of market volatility, security prices (including securities held by the International Fund) could fall drastically and rapidly and therefore adversely affect the International Fund. <div style="display: none"></div> <div style="display: none"></div> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--MidCapitalizationCompanyRiskMember_zzi7QDPGOND5" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Mid-Capitalization Company Risk. Investments in mid-capitalization companies often involve higher risks than large-capitalization companies because these companies may lack the management experience, financial resources, product diversification and competitive strengths of larger companies. Therefore, the securities of mid-capitalization companies may be more susceptible to market downturns and other events, and their prices may be subject to greater price fluctuations. <div style="display: none"></div> <div style="display: none"></div> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValueStockRiskMember_zV3ln2q1hfni" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Value Stock Risk. 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, either because the market fails to recognize what the Adviser considers to be the company’s true business value or because the Adviser’s assessment of the company’s prospects was not correct. Issuers of value stocks may have experienced adverse business developments or may be subject to special risks that have caused the stock to be out of favor. PERFORMANCE SUMMARY The bar chart and table that follow provide some indication of the risks of investing in the International Fund by showing changes in the International Fund’s performance from year to year and by showing how the Institutional Class shares of the International Fund’s average annual total returns for one year, five years and since inception compare with those of a broad-based securities market index. How the International Fund has performed in the past (before and after taxes) is not necessarily an indication of how the International Fund will perform in the future. Updated performance information, current through the most recent month end, is available by calling 1-888-884-8099 or by visiting the International Fund’s website at www.lyricalvaluefunds.com. The bar chart and table that follow provide some indication of the risks of investing in the International Fund by showing changes in the International Fund’s performance from year to year and by showing how the Institutional Class shares of the International Fund’s average annual total returns for one year, five years and since inception compare with those of a broad-based securities market index. How the International Fund has performed in the past (before and after taxes) is not necessarily an indication of how the International Fund will perform in the future. 1-888-884-8099 www.lyricalvaluefunds.com Institutional Class Shares – Annual Total Return Years Ended December 31* <img alt="" src="lyrax_003.jpg" style="height: 292px; width: 500px"/> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zkpkYkGOH2nk" style="font: 10pt Arial, Helvetica, Sans-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%">2021</td> <td id="xdx_986_eoef--AnnlRtrPct_c20210101__20211231__oef--ClassAxis__custom--C000218236Member_fKg_____zkkcShAMtA8f" style="display: none; text-align: center; width: 50%">15.53%</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__oef--ClassAxis__custom--C000218236Member_fKg_____zY7NqTqkbw43" style="display: none; text-align: center">-12.69%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2023</td> <td id="xdx_984_eoef--AnnlRtrPct_c20230101__20231231__oef--ClassAxis__custom--C000218236Member_fKg_____zEXSIcJKQz47" style="display: none; text-align: center">13.19%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2024</td> <td id="xdx_980_eoef--AnnlRtrPct_c20240101__20241231__oef--ClassAxis__custom--C000218236Member_fKg_____zmhSApAyD09e" style="display: none; text-align: center">-2.27%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2025</td> <td id="xdx_98F_eoef--AnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000218236Member_fKg_____zLYQIVnq0Gw6" style="display: none; text-align: center">35.74%</td></tr> </table> 0.1553 -0.1269 0.1319 -0.0227 0.3574 <div id="xdx_A82_eoef--BarChartFootnotesTextBlock_zhf9WPM3328h"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif;width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse"> <tr style="vertical-align: top"> <td id="xdx_F06_zbDwKsv2O6A6" style="text-align: right; padding-left: 10pt; text-indent: -0.01pt; width: 15%">*</td> <td style="text-align: left; padding-left: 10pt; text-indent: -0.01pt"> The International Fund’s year-to-date return through December 31, 2025 is 35.74%.</td> <td style="width: 15%"> </td></tr> </table> The International Fund’s year-to-date 2025-12-31 0.3574 Quarterly Returns During This Time Period <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-left: auto; width: 50%; border-collapse: collapse; margin-right: auto"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; width: 15%; text-align: justify; color: #231F20; padding-right: 5pt; padding-left: 5pt">Highest:</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: justify; color: #231F20; width: 10%; padding-right: 5pt; padding-left: 5pt">20.04% </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: justify; color: #231F20; width: 25%; padding-right: 5pt; padding-left: 5pt">(quarter ended December 31, 2022)</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: justify; color: #231F20; padding-right: 5pt; padding-left: 5pt">Lowest:</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: justify; color: #231F20; padding-right: 5pt; padding-left: 5pt">(14.30%)</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: justify; color: #231F20; padding-right: 5pt; padding-left: 5pt"> (quarter ended June 30, 2022)</td></tr> </table> Highest 0.2004 2022-12-31 Lowest -0.1430 2022-06-30 Average Annual Total Returns (for periods ended December 31, 2025) <div id="xdx_A83_eoef--PerformanceTableTextBlock_zLyKulyJAOKf"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_z9xkPKSrpV53" style="font: 10pt Arial, Helvetica, Sans-Serif;width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; width: 52%; text-align: left; padding-bottom: 1pt"> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; text-align: center; width: 1%; padding-bottom: 1pt"> </td> <td id="xdx_49C_20250101__20251231_znsl4VJsLoE" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; vertical-align: bottom; width: 15%; text-align: center; padding-bottom: 1pt">One Year</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%"> </td> <td id="xdx_49C_20210101__20251231_z7sOIHVmy5x4" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center; width: 15%">Five Years</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; text-align: center; width: 1%; padding-bottom: 1pt"> </td> <td id="xdx_49A_20200302__20251231_zhDNlhoK4xSd" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; vertical-align: bottom; width: 15%; text-align: center; padding-bottom: 1pt">Since Inception (March 2, 2020)</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left; color: #231F20; padding-bottom: 1pt">Institutional Class</td> <td style="padding-top: 1pt; text-align: center; padding-bottom: 1pt"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; vertical-align: bottom; text-align: center; padding-bottom: 1pt"> </td> <td> </td> <td style="text-align: center"> </td> <td style="padding-top: 1pt; text-align: center; padding-bottom: 1pt"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; vertical-align: bottom; text-align: center; padding-bottom: 1pt"> </td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_hoef--ClassAxis__custom--C000218236Member_zIlJmSFC2sgd" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top; text-align: left; color: #231F20; padding-bottom: 1pt">Return Before Taxes </td> <td style="padding-top: 1pt; text-align: center; padding-bottom: 1pt"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; vertical-align: bottom; text-align: center; padding-bottom: 1pt">35.74%</td> <td> </td> <td style="text-align: center">8.66%</td> <td style="padding-top: 1pt; text-align: center; padding-bottom: 1pt"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; vertical-align: bottom; text-align: center; padding-bottom: 1pt">10.01%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_hoef--ClassAxis__custom--C000218236Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_z97CqRGfEHd2" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top; text-align: left; color: #231F20; padding-bottom: 1pt">Return After Taxes on Distributions </td> <td style="padding-top: 1pt; text-align: center; padding-bottom: 1pt"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; vertical-align: bottom; text-align: center; padding-bottom: 1pt">34.10%</td> <td> </td> <td style="text-align: center">7.76%</td> <td style="padding-top: 1pt; text-align: center; padding-bottom: 1pt"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; vertical-align: bottom; text-align: center; padding-bottom: 1pt">9.22%</td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_hoef--ClassAxis__custom--C000218236Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zzC4aFqsc5lb" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top; text-align: left; color: #231F20; padding-bottom: 1pt">Return After Taxes on Distributions and Sale of Fund Shares</td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; text-align: center; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; vertical-align: bottom; text-align: center; padding-bottom: 1pt">22.68%</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">6.78%</td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; text-align: center; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; vertical-align: bottom; text-align: center; padding-bottom: 1pt">7.95%</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left; color: #231F20; padding-bottom: 1pt">Investor Class</td> <td style="padding-top: 1pt; text-align: center; padding-bottom: 1pt"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; vertical-align: bottom; text-align: center; padding-bottom: 1pt"> </td> <td> </td> <td style="text-align: center"> </td> <td style="padding-top: 1pt; text-align: center; padding-bottom: 1pt"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; vertical-align: bottom; text-align: center; padding-bottom: 1pt">Since Inception (March 2, 2020)</td></tr> </table> <div style="display: none"></div> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_z2NzjtaCoXx9" style="font: 10pt Arial, Helvetica, Sans-Serif;width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top; text-align: left; color: #231F20; padding-bottom: 1pt; width: 52%">Return Before Taxes</td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; text-align: center; padding-bottom: 1pt; width: 1%"> </td> <td id="xdx_984_eoef--AvgAnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000218237Member_zx3Ix0ZK0p14" style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; vertical-align: bottom; text-align: center; padding-bottom: 1pt; width: 15%">35.41%</td> <td style="border-bottom: Black 1pt solid; width: 1%"> </td> <td id="xdx_980_eoef--AvgAnnlRtrPct_c20210101__20251231__oef--ClassAxis__custom--C000218237Member_zazfupL3c2nj" style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center; width: 15%">8.41%</td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; text-align: center; padding-bottom: 1pt; width: 1%"> </td> <td id="xdx_985_eoef--AvgAnnlRtrPct_c20200302__20251231__oef--ClassAxis__custom--C000218237Member_zOmJc1iVyTg3" style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; vertical-align: bottom; text-align: center; padding-bottom: 1pt; width: 15%">9.75%</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left; color: #231F20">MSCI EAFE Index (reflects no deduction for fees, expenses or taxes) </td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; text-align: center"> </td> <td id="xdx_987_eoef--AvgAnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000218237Member__oef--PerformanceMeasureAxis__custom--MSCIEAFEIndexReflectsNoDeductionForFeesExpenseOrTaxesMember_z9cktg9mw3fj" style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; vertical-align: bottom; text-align: center">31.22%</td> <td style="border-bottom: Black 1pt solid"> </td> <td id="xdx_983_eoef--AvgAnnlRtrPct_c20210101__20251231__oef--ClassAxis__custom--C000218237Member__oef--PerformanceMeasureAxis__custom--MSCIEAFEIndexReflectsNoDeductionForFeesExpenseOrTaxesMember_z9YfUt2HquCi" style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center">8.92%</td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; text-align: center"> </td> <td id="xdx_98A_eoef--AvgAnnlRtrPct_c20200302__20251231__oef--ClassAxis__custom--C000218237Member__oef--PerformanceMeasureAxis__custom--MSCIEAFEIndexReflectsNoDeductionForFeesExpenseOrTaxesMember_zGkT3FUtCARa" style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; vertical-align: bottom; text-align: center">10.97%</td></tr> </table> 2020-03-02 Return Before Taxes 0.3574 0.0866 0.1001 0.3410 0.0776 0.0922 0.2268 0.0678 0.0795 2020-03-02 Return Before Taxes 0.3541 0.0841 0.0975 reflects no deduction for fees, expenses or taxes 0.3122 0.0892 0.1097 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 above. After-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements, such as a 401(k) plan or an individual retirement account (“IRA”). The after-tax returns are shown for only one class of International Fund shares and the after-tax returns for the other class of International Fund shares will vary 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 above. After-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements, such as a 401(k) plan or an individual retirement account (“IRA”). The after-tax returns are shown for only one class of International Fund shares and the after-tax returns for the other class of International Fund shares will vary Q3 ALL-SEASON SYSTEMATIC OPPORTUNITIES FUND INVESTMENT OBJECTIVE The Q3 All-Season Systematic Opportunities Fund (the “Systematic Opportunities Fund”) seeks capital appreciation. FEES AND EXPENSES This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Systematic Opportunities Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. <div id="xdx_A80_eoef--ShareholderFeesTableTextBlock_zgHAkQRylEu1"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zRzp5eTCHnhe" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Shareholder Fees"> <tr style="vertical-align: bottom"> <td style="padding-top: 1pt; vertical-align: bottom; text-align: left; padding-bottom: 1pt"> Shareholder Fees (fees paid directly from your investment) </td> <td style="padding-top: 1pt; text-align: center; font-weight: bold; vertical-align: bottom; padding-bottom: 1pt"> </td> <td id="xdx_49F_20260327__20260327__dei--LegalEntityAxis__custom--S000067444Member__oef--ClassAxis__custom--C000216823Member_zk3pOitSyTMe" style="border-bottom: Black 1pt solid; font-style: normal; padding-top: 1pt; vertical-align: bottom; font-weight: normal; text-align: center; padding-bottom: 1pt">Institutional Class</td> <td> </td> <td id="xdx_493_20260327__20260327__dei--LegalEntityAxis__custom--S000067444Member__oef--ClassAxis__custom--C000256096Member_zIJVyqAd6lF4" style="border-bottom: Black 1pt solid; font-style: normal; text-align: center; font-weight: normal">C Class</td> </tr> <tr id="xdx_40A_eoef--MaximumSalesChargeImposedOnPurchasesOverOfferingPrice_dpn_z4LKXYTJ0HZk" style="vertical-align: bottom"> <td style="padding-top: 1pt; text-indent: -0.125in; padding-left: 0.125in; vertical-align: bottom; width: 74%; text-align: left; padding-bottom: 1pt">Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)</td> <td style="padding-top: 1pt; text-align: center; width: 1%; vertical-align: bottom; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; vertical-align: bottom; width: 12%; text-align: center; padding-bottom: 1pt">None</td> <td style="width: 1%"> </td> <td style="text-align: center; width: 12%">None</td> </tr> <tr id="xdx_407_eoef--MaximumDeferredSalesChargeOverOther_dpn_z5yW4P3CEkui" style="vertical-align: bottom"> <td style="padding-top: 1pt; text-indent: -0.125in; padding-left: 0.125in; vertical-align: bottom; text-align: left; padding-bottom: 1pt">Maximum Contingent Deferred Sales Charge (Load)</td> <td style="padding-top: 1pt; text-align: center; vertical-align: bottom; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; vertical-align: bottom; text-align: center; padding-bottom: 1pt">None</td> <td> </td> <td style="text-align: center">None</td> </tr> <tr id="xdx_407_eoef--RedemptionFee_dn_zuSTEx7MJfWd" style="vertical-align: bottom"> <td style="padding-top: 1pt; text-indent: -0.125in; padding-left: 0.125in; vertical-align: bottom; text-align: left">Redemption Fee</td> <td style="padding-top: 1pt; text-align: center; vertical-align: bottom"> </td> <td style="padding-top: 1pt; vertical-align: bottom; text-align: center">None</td> <td> </td> <td style="text-align: center">None</td> </tr> </table> 0 0 0 0 0 0 <div id="xdx_A8A_eoef--AnnualFundOperatingExpensesTableTextBlock_zfNLA5wU7GTa"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zk7sBGkjEkac" style="font: 10pt Arial, Helvetica, Sans-Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="padding-top: 1pt; vertical-align: bottom; text-align: left">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td style="padding-top: 1pt; text-align: center; font-weight: bold; vertical-align: bottom; padding-bottom: 1pt"> </td> <td id="xdx_490_20260327__20260327__dei--LegalEntityAxis__custom--S000067444Member__oef--ClassAxis__custom--C000216823Member_zOCfdnchZFUe" style="border-bottom: Black 1pt solid; font: normal 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; vertical-align: bottom; text-align: center">Institutional Class</td> <td style="padding-bottom: 1pt"> </td> <td id="xdx_499_20260327__20260327__dei--LegalEntityAxis__custom--S000067444Member__oef--ClassAxis__custom--C000256096Member_z2KHhLmCE2Ad" style="border-bottom: Black 1pt solid; font-style: normal; text-align: center; font-weight: normal">C Class</td> </tr> <tr id="xdx_40B_eoef--ManagementFeesOverAssets_dpn_zVJVEM6JgGP3" style="vertical-align: bottom"> <td style="padding-top: 1pt; text-indent: -0.125in; padding-left: 0.125in; vertical-align: bottom; width: 74%; text-align: left; padding-bottom: 1pt">Management Fees</td> <td style="padding-top: 1pt; text-align: center; width: 1%; vertical-align: bottom; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; vertical-align: bottom; width: 12%; text-align: center; padding-bottom: 1pt">1.00%</td> <td style="width: 1%"> </td> <td style="text-align: center; width: 12%">1.00%</td> </tr> <tr id="xdx_404_eoef--DistributionAndService12b1FeesOverAssets_dpn_zOG7i1ls0Sxc" style="vertical-align: bottom"> <td style="padding-top: 1pt; text-indent: -0.125in; padding-left: 0.125in; vertical-align: bottom; text-align: left; padding-bottom: 1pt">Distribution and/or Service (12b-1) Fees</td> <td style="padding-top: 1pt; text-align: center; vertical-align: bottom; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; vertical-align: bottom; text-align: center; padding-bottom: 1pt">0.00%</td> <td> </td> <td style="text-align: center">1.00%</td> </tr> <tr id="xdx_40D_eoef--OtherExpensesOverAssets_dpn_zzNrrVCpHdI2" style="vertical-align: bottom"> <td style="padding-top: 1pt; text-indent: -0.125in; padding-left: 0.125in; vertical-align: bottom; text-align: left; padding-bottom: 1pt">Other Expenses</td> <td style="padding-top: 1pt; text-align: center; vertical-align: bottom; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; vertical-align: bottom; text-align: center; padding-bottom: 1pt">0.26%</td> <td> </td> <td style="text-align: center">0.70%</td> </tr> <tr id="xdx_408_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zDr1O1b7JtQ4" style="vertical-align: bottom"> <td style="padding-top: 1pt; text-indent: -0.125in; padding-left: 0.125in; vertical-align: bottom; text-align: left; padding-bottom: 1pt">Acquired Fund Fees and Expenses</td> <td style="padding-top: 1pt; text-align: center; vertical-align: bottom; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; vertical-align: bottom; text-align: center">0.07%</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">0.07%</td></tr> <tr id="xdx_409_eoef--ExpensesOverAssets_dpn_zdc4eDMMWAci" style="vertical-align: bottom"> <td style="padding-top: 1pt; text-indent: -0.125in; padding-left: 0.125in; vertical-align: bottom; text-align: left">Total Annual Fund Operating Expenses(1)</td> <td style="padding-top: 1pt; text-align: center; vertical-align: bottom"> </td> <td style="padding-top: 1pt; vertical-align: bottom; text-align: center">1.33%</td> <td> </td> <td style="text-align: center">2.77%</td></tr> <tr id="xdx_408_eoef--Component1OtherExpensesOverAssets_dpn_zSbF3RlO3ep9" style="vertical-align: bottom"> <td style="padding-top: 1pt; font-size: 10pt; padding-bottom: 1pt">Fee Recoupment Reimbursed(2)</td> <td style="padding-top: 1pt; text-align: center; font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; text-align: center; font-size: 10pt">–</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">0.01%</td> </tr> <tr id="xdx_404_eoef--NetExpensesOverAssets_dpn_zzY8rbqScJh5" style="vertical-align: bottom"> <td style="padding-bottom: 1pt; padding-top: 1pt; text-indent: -0.125in; padding-left: 0.125in; vertical-align: bottom; text-align: left">Total Annual Fund Operating Expenses After Fee Reductions and/or Expense Reimbursements(2)(3)</td> <td style="padding-bottom: 1pt; padding-top: 1pt; text-align: center; vertical-align: bottom"> </td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; vertical-align: bottom; text-align: center">1.33%</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">2.78%</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif;margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: left">(1)</td> <td style="text-align: justify"> “Total Annual Fund Operating Expenses” will not correlate to the ratio of expenses to the average net assets in the Systematic Opportunities Fund’s Financial Highlights, because the Fund’s Financial Highlights do not reflect the Fund’s proportionate share of expenses of the underlying investment companies in which the Fund invests.</td> </tr> <tr style="vertical-align: top; text-align: justify"> <td id="xdx_F00_z2lPWl0xQQY3" style="text-align: left">(2)</td> <td id="xdx_F1B_zcxLngrBoqZf" style="text-align: justify">During the fiscal year ended November 30, 2025, the Adviser recouped $168 of prior years’ management fee reductions and expense reimbursements.</td></tr> <tr style="vertical-align: top; text-align: justify"> <td style="text-align: left">(3)</td> <td style="text-align: justify"> Q3 Asset Management Corporation (the “Adviser”) has contractually agreed, until March 31, 2027, to reduce Management Fees and reimburse Other Expenses to the extent necessary to limit Total Annual Fund Operating Expenses (exclusive of brokerage costs; taxes; interest; borrowing costs such as interest and dividend expenses on securities sold short; costs to organize the Systematic Opportunities Fund; Acquired Fund fees and expenses; and extraordinary expenses such as litigation and merger or reorganization costs; and other expenses not incurred in the ordinary course of the Systematic Opportunities Fund’s business) to an amount not exceeding 2.79% of the C Class shares’ and 1.79% of the Institutional Class shares’, average daily net assets. Management Fee reductions and expense reimbursements by the Adviser are subject to repayment by the Systematic Opportunities Fund for a period of 3 years after the date on which such fees and expenses were incurred or waived, provided that the repayments do not cause Total Annual Fund Operating Expenses (exclusive of such reductions and reimbursements) to exceed (i) the expense limitation then in effect, if any, and (ii) the expense limitation in effect at the time the expenses to be repaid were incurred. Prior to March 31, 2027, this agreement may not be modified or terminated without the approval of the Systematic Opportunities Fund’s Board of Trustees (the “Board”) of Ultimus Managers Trust (the “Trust”); provided, however, this agreement will terminate automatically as to the Systematic Opportunities Fund if the Systematic Opportunities Fund’s investment advisory agreement (the “Systematic Opportunities Fund’s Advisory Agreement”) with the Adviser is terminated. </td> </tr> </table> 0.0100 0.0100 0.0000 0.0100 0.0026 0.0070 0.0007 0.0007 0.0133 0.0277 0.0001 0.0133 0.0278 “Total Annual Fund Operating Expenses” will not correlate to the ratio of expenses to the average net assets in the Systematic Opportunities Fund’s Financial Highlights, because the Fund’s Financial Highlights do not reflect the Fund’s proportionate share of expenses of the underlying investment companies in which the Fund invests. March 31, 2027 Example This Example is intended to help you compare the cost of investing in the Systematic Opportunities Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Systematic Opportunities 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, the operating expenses of the Systematic Opportunities Fund remain the same and the contractual agreement to limit expenses remains in effect only until March 31, 2027. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A85_eoef--ExpenseExampleWithRedemptionTableTextBlock_zCOM1g4TGmif"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zwTYVsBab4a7" style="font: 10pt Arial, Helvetica, Sans-Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="padding-top: 1pt; text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 1pt; text-align: left"> </td> <td style="padding-top: 1pt; padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" id="xdx_48E_eoef--ExpenseExampleYear01_zwhYPxqhn9gj" style="border-bottom: Black 1pt solid; padding-top: 1pt; font-weight: bold; text-align: center; padding-bottom: 1pt">1 Year</td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" id="xdx_485_eoef--ExpenseExampleYear03_zRxBoKOWTCk1" style="border-bottom: Black 1pt solid; padding-top: 1pt; font-weight: bold; text-align: center; padding-bottom: 1pt">3 Years</td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" id="xdx_489_eoef--ExpenseExampleYear05_zs7VmTEmVAT1" style="border-bottom: Black 1pt solid; padding-top: 1pt; font-weight: bold; text-align: center; padding-bottom: 1pt">5 Years</td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" id="xdx_48D_eoef--ExpenseExampleYear10_zBQv44dtLHT" style="border-bottom: Black 1pt solid; padding-top: 1pt; font-weight: bold; text-align: center; padding-bottom: 1pt">10 Years</td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_419_20260327__20260327__dei--LegalEntityAxis__custom--S000067444Member__oef--ClassAxis__custom--C000216823Member_zvnriumujB0d" style="vertical-align: bottom"> <td style="padding-top: 1pt; text-indent: -0.125in; padding-left: 0.125in; width: 52%; text-align: left">Institutional Class Shares</td> <td style="padding-top: 1pt; width: 1%"> </td> <td style="padding-top: 1pt; width: 1%; text-align: left">$</td> <td style="padding-top: 1pt; width: 9%; text-align: right">135</td> <td style="padding-top: 1pt; width: 1%; text-align: left"> </td> <td style="padding-top: 1pt; width: 1%"> </td> <td style="padding-top: 1pt; width: 1%; text-align: left">$</td> <td style="padding-top: 1pt; width: 9%; text-align: right">421</td> <td style="padding-top: 1pt; width: 1%; text-align: left"> </td> <td style="padding-top: 1pt; width: 1%"> </td> <td style="padding-top: 1pt; width: 1%; text-align: left">$</td> <td style="padding-top: 1pt; width: 9%; text-align: right">729</td> <td style="padding-top: 1pt; width: 1%; text-align: left"> </td> <td style="padding-top: 1pt; width: 1%"> </td> <td style="padding-top: 1pt; width: 1%; text-align: left">$</td> <td style="padding-top: 1pt; width: 9%; text-align: right">1,601</td> <td style="padding-top: 1pt; width: 1%; text-align: left"> </td></tr> <tr id="xdx_417_20260327__20260327__dei--LegalEntityAxis__custom--S000067444Member__oef--ClassAxis__custom--C000256096Member_zHjNm9z1Wb1e" style="vertical-align: bottom"> <td style="padding-top: 1pt; text-indent: -0.125in; padding-left: 0.125in; text-align: left">C Class Shares</td> <td style="padding-top: 1pt"> </td> <td style="padding-top: 1pt; text-align: left">$</td> <td style="padding-top: 1pt; text-align: right">281</td> <td style="padding-top: 1pt; text-align: left"> </td> <td style="padding-top: 1pt"> </td> <td style="padding-top: 1pt; text-align: left">$</td> <td style="padding-top: 1pt; text-align: right">860</td> <td style="padding-top: 1pt; text-align: left"> </td> <td style="padding-top: 1pt"> </td> <td style="padding-top: 1pt; text-align: left">$</td> <td style="padding-top: 1pt; text-align: right">1,465</td> <td style="padding-top: 1pt; text-align: left"> </td> <td style="padding-top: 1pt"> </td> <td style="padding-top: 1pt; text-align: left">$</td> <td style="padding-top: 1pt; text-align: right">3,100</td> <td style="padding-top: 1pt; text-align: left"> </td></tr> </table> 135 421 729 1601 281 860 1465 3100 Portfolio Turnover The Systematic Opportunities 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 Example, affect the Systematic Opportunities Fund’s performance. During the most recent fiscal year, the Systematic Opportunities Fund’s portfolio turnover rate was 147% of the average value of its portfolio. 1.47 PRINCIPAL INVESTMENT STRATEGIES Under normal circumstances, the Fund invests primarily in a combination of futures contracts on the S&P 500 or NASDAQ (“Index Futures”), and investments, in money market funds, U.S. Treasury securities, and short term bonds (“Fixed Income Investments”). The Fund, however, may invest in exchange-traded funds (“ETFs”) and open-end mutual funds that provide exposure to broad-based U.S. equity securities indices (collectively, with Index Futures, “Portfolio Instruments”) rather than in Index Futures. Investments by the Fund in mutual funds or ETFs would be determined in the discretion of the Adviser based on several factors, including: market volatility, liquidity of trading vehicles, and trade execution costs. The percentage of the Fund’s net assets invested in futures contracts may fluctuate over time but under normal circumstances is generally expected to represent less than 10% of the Fund’s net assets based on mark-to-market values. However, the Fund’s notional exposure from derivative instruments may at times equal 100% of the Fund’s net assets. Under normal circumstances, the balance of the Fund’s net assets generally will be invested in Fixed Income Investments in an effort to generate income for the Fund. In managing the Fund, the Adviser utilizes a tactical, systematic strategy that relies on a proprietary algorithmic model developed by the Adviser that incorporates mean-reversion analysis (the “Model”). Mean reversion refers to the concept that the market price of a particular equity securities index (“Index Market Exposure”) will, over time, typically return to a price within its recent historical trading range. For example, if the price of a given Index Market Exposure was to drop rapidly, the Model may signal this to be a buying opportunity for that Index Market Exposure, based on the belief that the price for the Index Market Exposure is likely to revert back to a higher price more consistent with the Index Market Exposure’s recent historical trading range. The Model also incorporates additional quantitative trading indicators that include relative strength, momentum, moving averages, breakouts and overbought/oversold conditions and trend-identification. Mean reversion is the primary indicator of a buying opportunity for the Fund, while the additional quantitative trading indicators confirm the existence of a buying opportunity. The additional quantitative trading indicators may be applied in the discretion of Adviser based on its assessment of the prevailing market environment. The Model evaluates the historical trading range for a given Index Market Exposure to identify instances when the Index Market Exposure trades outside this range. Based on prevailing market conditions and short-term price movement analysis, the Model indicates when short term opportunities for gains may exist. The Model generally defines historical trading range as the spread between an Index Market Exposure’s highest and lowest trade price during a short period of time, typically 1-20 days. The Model generates daily signals (“buy” or “no buy”) for a particular Index Market Exposure indicating whether or not, taking into account the prevailing market environment, a short-term trading opportunity has been identified. The Fund generally exits positions when the Model indicates that the trading price for an Index Market Exposure position has risen above (fallen below) the Model’s pre-defined price thresholds. When the Model’s signals prompt the Fund to divest, in whole or in part, from Portfolio Instruments, the Fund typically will invest in money market funds, ultra-short term bond funds and comparable investments (collectively, “Defensive Investments”) in an effort to preserve capital. The Adviser selects among Defensive Investments primarily based on the Adviser’s assessment of their current yield. The Fund typically invests in Defensive Investments, sometimes for extended periods of time, until the Model indicates “buy” signals in the equity markets. Trades involving Portfolio Instruments generally are short-term in nature (1 to 14 days), depending on prevailing market conditions, which may involve active and frequent trading and high portfolio turnover. However, certain trades could span longer periods of time, depending on market conditions. At times, the Systematic Opportunities Fund’s investments may be indirectly focused on one or more sectors or areas of the economy. <span id="xdx_90F_eoef--RiskTextBlock_c20260327__20260327__dei--LegalEntityAxis__custom--S000067444Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zOtMdddwLL8b" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">As with any mutual fund investment, there is a risk that you could lose money by investing in the Systematic Opportunities Fund. A Systematic Opportunities Fund share is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any government agency. The success of the Systematic Opportunities Fund’s investment strategy depends largely upon the Adviser’s skill in selecting securities for purchase and sale by the Systematic Opportunities Fund and there is no assurance that the Systematic Opportunities Fund will achieve its investment objective. Because of the types of securities in which the Systematic Opportunities Fund invests and the investment techniques the Adviser uses, the Systematic Opportunities Fund is designed for investors who are investing for the long term. The Systematic Opportunities Fund will be subject to the following principal risks: <div style="display: none"></div> As with any mutual fund investment, there is a risk that you could lose money by investing in the Systematic Opportunities Fund. <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesSecuritiesRiskMember_zuYPqAZFxEPb" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Derivatives Securities Risk. The use of derivative instruments requires special skills and knowledge of investment techniques that are different than those normally required for purchasing and selling stocks. If the Adviser uses a derivative instrument at the wrong time or incorrectly identifies market conditions, or if the derivative instrument does not perform as expected, these strategies may significantly reduce the Systematic Opportunities Fund’s return. Derivative instruments may be difficult to value, may be illiquid and may be subject to wide swings in valuation caused by changes in the value of the underlying instrument. In addition, the Systematic Opportunities Fund’s use of futures contracts creates leverage, which can magnify the Funds’ potential for gain or loss and therefore amplify the effect of market volatility on the Funds’ share price. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Rule 18f-4 under the 1940 Act regulates a fund’s use of derivative investments and certain financing transactions. Among other conditions, Rule 18f-4 requires certain funds that invest in derivative instruments beyond a specified limited amount (generally greater than 10% of a fund’s net assets) to apply a value-at-risk based limit to their use of certain derivative instruments and financing transactions and to adopt and implement a derivatives risk management program. To the extent a fund uses derivative instruments (excluding certain currency and interest rate hedging transactions) in a limited amount (up to 10% of a fund’s net assets), it will not be subject to the full requirements of Rule 18f-4. The Fund’s use of derivatives or derivatives transactions may expose it to various risks, including leverage risk, market risk, counterparty risk, liquidity risk, operational risk, and legal risk. Leverage occurs when the Fund uses derivatives (such as futures contracts), or similar instruments or techniques to gain exposure to investments in an amount that exceeds the Fund’s initial investment. The use of leverage magnifies changes in the Fund’s net asset value and thus may result in increased portfolio volatility and increased risk of loss. Leverage may lower the Fund’s overall returns. There can be no guarantee that the Fund’s use of leverage will be successful. Market risk generally refers to risk from potential adverse market movements in relation to a Fund’s derivatives transactions, or the risk that markets could experience a change in volatility that adversely impacts Fund returns and the Fund’s obligations and exposures. Counterparty risk generally refers to the risk that a counterparty on a derivatives transaction may not be willing or able to perform its contractual obligations under the transaction, and the related risks of having concentrated exposure to such a counterparty. Liquidity risk generally refers to risk involving the liquidity demands that derivatives transactions can create to make payments of margin, collateral or settlement obligations to counterparties. Operational risk generally refers to risk related to potential operational issues, including documentation issues, settlement issues, systems failures, inadequate controls and human error. Legal risk generally refers to insufficient documentation, insufficient capacity or authority of counterparty, or legality or enforceability of a contract. <div style="display: none"></div> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--FuturesContractRiskMember_z6CP1W39t1ad"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top; border-collapse: collapse"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Futures Contract Risk: Futures contracts involve a risk of loss or depreciation due to: unanticipated adverse changes in securities prices, interest rates, indices, the other financial instruments’ prices or currency exchange rates; the inability to close out a position; default by the counterparty; imperfect correlation between a position and the desired hedge (if the derivative instrument is being used for hedging purposes); tax constraints on closing out positions; and portfolio management constraints on securities subject to such transactions. The loss on futures contracts may substantially exceed the amount invested in these instruments. Transaction costs are incurred in opening and closing futures contract positions.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top; border-collapse: collapse"> <td style="text-align: justify; width: 0.75in"></td><td style="text-align: justify; width: 0.25in">○</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">The successful use of futures contracts depends upon the Adviser’s skill and experience with respect to such instruments and are subject to special risk considerations, including:</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top; border-collapse: collapse"> <td style="text-align: justify; width: 0.75in"></td><td style="text-align: justify; width: 0.25in">○</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">imperfect correlation between the change in market value of the instruments held by the Fund and the price of the forward or futures contract;</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top; border-collapse: collapse"> <td style="text-align: justify; width: 0.75in"></td><td style="text-align: justify; width: 0.25in">○</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">possible lack of a liquid secondary market for a forward or futures contract and the resulting inability to close a forward or futures contract when desired;</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top; border-collapse: collapse"> <td style="text-align: justify; width: 0.75in"></td><td style="text-align: justify; width: 0.25in">○</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">losses caused by unanticipated market movement, which are potentially unlimited;</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top; border-collapse: collapse"> <td style="text-align: justify; width: 0.75in"></td><td style="text-align: justify; width: 0.25in">○</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">the Adviser’s inability to correctly predict the direction of securities prices, interest rates, currency exchange rates and other economic factors;</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top; border-collapse: collapse"> <td style="text-align: justify; width: 0.75in"></td><td style="text-align: justify; width: 0.25in">○</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">the possibility that a counterparty will default in the performance of its obligations;</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top; border-collapse: collapse"> <td style="text-align: justify; width: 0.75in"></td><td style="text-align: justify; width: 0.25in">○</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">the possibility that the Fund may have insufficient cash and have to sell securities from its portfolio to meet the daily variation margin requirements at a time when it may be disadvantageous to do so;</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top; border-collapse: collapse"> <td style="text-align: justify; width: 0.75in"></td><td style="text-align: justify; width: 0.25in">○</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">the possibility that a failure to close a position may result in delivery of an illiquid commodity to the Fund or that rapid selling to avoid delivery may result in unfavorable execution prices; and</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top; text-align: justify; border-collapse: collapse"> <td style="width: 0.75in"></td><td style="width: 0.25in; text-align: left">○</td> <td style="text-align: justify">possible inefficiencies that are created by the need to “roll contracts” (i.e., sell out of a contract that is nearing delivery or settlement in favor of a contract with a delivery or settlement date that is further into the future).</td> </tr> </table> <div style="display: none"></div> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_z7RJBvDyXPA" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Market Risk. Market risk is the risk that the value of the securities in the Systematic Opportunities Fund’s portfolio may decline due to daily fluctuations in the securities markets that are generally beyond the Adviser’s control, including fluctuation in interest rates, the quality of the Systematic Opportunities Fund’s investments, economic conditions and general market conditions. Certain market events could cause turbulence in financial markets, and reduced liquidity in equity, credit and fixed income markets, such as changes in government economic policies, political turmoil, military action, environmental events, trade disputes, and epidemics or other public health issues, which may negatively affect many issuers domestically and around the world. During periods of market volatility, security prices (including securities held by the Systematic Opportunities Fund) could change drastically and rapidly and, therefore, adversely affect the Systematic Opportunities Fund. <div style="display: none"></div> <div style="display: none"></div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentStyleAndManagementRiskMember_z1h77rYQrjlf" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Investment Style and Management Risk. The Adviser’s method of security selection may not be successful and the Systematic Opportunities Fund may underperform relative to other mutual funds that employ similar investment strategies. The Systematic Opportunities Fund’s systematic style may not be implemented successfully, negatively affecting the Systematic Opportunities Fund’s performance. In addition, the Adviser may select investments that fail to appreciate as anticipated. <div style="display: none"></div> <div style="display: none"></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--QuantitativeModelRiskMember_zWRZLgq2V6ji" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Quantitative Model Risk. Quantitative models used by the Adviser may not effectively identify distinct market states and may cause the Systematic Opportunities Fund to underperform other investment strategies. Flaws or errors in the Adviser’s quantitative model’s assumptions, design, execution, or data inputs may adversely affect Fund performance. Quantitative models may not perform as expected and may underperform in certain market environments including in stressed or volatile market conditions. There can be no assurance that the use of quantitative models will enable the Fund to achieve its objective. <div style="display: none"></div> <div style="display: none"></div> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--SectorRiskMember_zfMUhMSbEUDh" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Sector Risk. Because at times the Systematic Opportunities Fund’s investments may be indirectly focused on one or more sectors or areas of the economy, the value of the Fund’s net assets will be more susceptible to the financial, market or economic events affecting issuers and industries within those sectors. This may increase the risk of loss of an investment in the Systematic Opportunities Fund and increase the volatility of the Systematic Opportunities Fund’s NAV per share. <div style="display: none"></div> <div style="display: none"></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--ActiveManagementRiskMember_zs96z0HxwbGi" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Active Management Risk. The Adviser’s investment decisions about individual securities impact the Fund’s ability to achieve its investment objective. The Adviser’s judgments about the attractiveness and potential returns for specific investments in which the Fund invests may prove to be incorrect and there is no guarantee that the Adviser’s investment strategy will produce the desired results. <div style="display: none"></div> <div style="display: none"></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--DebtSecuritiesRiskMember_zIwZvU1ZeZ7g" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Debt Securities Risk. The Systematic Opportunities Fund may invest directly or indirectly in corporate debt securities and U.S. Government obligations. Corporate debt securities include, but are not limited to, debt obligations offered by public or private corporations. The market value of such securities may fluctuate in response to interest rates and the creditworthiness of the issuer. A debt security’s credit quality depends on the issuer’s ability to pay interest on the security and repay the debt; the lower the credit rating, the greater the risk that the security’s issuer will default. The credit risk of a security may also depend on the credit quality of any bank or financial institution that provides credit enhancement for the security. <div style="display: none"></div> <div style="display: none"></div> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zjf90kqJjWf3" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Equity Securities Risk. The prices of equity securities in which the Systematic Opportunities Fund invests indirectly through Index Futures, ETFs and other investment companies may fluctuate in response to many factors, including, but not limited to, the activities of the individual issuers, general market and economic conditions, interest rates, and specific industry changes. Such price fluctuations subject the Systematic Opportunities Fund to potential losses. <div style="display: none"></div> <div style="display: none"></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--FundOfFundsStructureRiskMember_zvUm38gnkPq2" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Fund of Funds Structure Risk. Investments in ETFs and other investment companies (e.g. open-end) subject the Systematic Opportunities Fund to paying its proportionate share of fees and expenses from those investments. In other words, by investing in the Systematic Opportunities Fund, you will indirectly bear fees and expenses charged by the underlying ETFs and investment companies in which the Systematic Opportunities Fund invests in addition to the Systematic Opportunities Fund’s direct fees and expenses. In addition, under the 1940 Act, the Systematic Opportunities Fund is subject to restrictions that may limit the amount of any particular ETF or other registered investment company that the Systematic Opportunities Fund may own. <div style="display: none"></div> <div></div> <div style="display: none"></div> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFRiskMember_zCdYMxTTwrd9"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in; text-align: justify"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">ETF Risk. Investments in ETFs are subject to the risk that the market price of an ETF’s shares may differ from its net asset value (“NAV”). This difference in price may be due to the fact that the supply and demand in the market for ETF shares at any point in time is not always identical to the supply and demand in the market for the underlying basket of securities. Investments in ETFs are also subject to the following additional risks:</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; width: 0.75in"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; width: 0.25in">○</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Investment Limitation Risk. Under the 1940 Act, the Systematic Opportunities Fund generally may not acquire shares of an ETF or other investment company if, immediately after such acquisition, the Fund and its affiliated persons would hold more than 3% of the ETF’s or investment company’s total outstanding shares unless the Fund is able to rely on exemptions from the 3% limitation, such as Rule 12d1-4 under the 1940 Act. The 3% limitation may prevent the Fund from allocating its investments in the manner the Adviser considers optimal, or cause the Adviser to select an investment other than that which the Adviser considers optimal.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; width: 0.75in"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; width: 0.25in">○</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Market Value Risk. The market value of an ETF’s shares may differ from its NAV. This difference in price may be due to the fact that the supply and demand in the market for ETF shares at any point in time is not always identical to the supply and demand in the market for the underlying basket of securities. Accordingly, there may be times when an ETF trades at a premium (creating the risk that the Systematic Opportunities Fund pays more than NAV for an ETF when making a purchase) or discount (creating the risks that the Systematic Opportunities Fund’s NAV is reduced for undervalued ETFs it holds, and that the Systematic Opportunities Fund receives less than NAV when selling an ETF).</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">○</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Tracking Risk. Index-based ETFs and mutual funds may not be able to replicate exactly the performance of the indices they track because the total return generated by the securities will be reduced by transaction costs incurred in adjusting the actual balance of the securities. In addition, ETFs and mutual funds may incur expenses not incurred by their applicable indices. Certain securities comprising these indices may, from time to time, temporarily be unavailable, which may further impede an ETF’s or mutual fund’s ability to track its applicable indices or match its performance.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; width: 0.75in"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; width: 0.25in">○</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Sampling Risk. Index-based ETFs and mutual funds may utilize a representative sampling approach to track their respective underlying indices. Index-based ETFs and mutual funds that utilize a representative sampling approach are subject to an increased risk of tracking error because the</td></tr> </table> securities selected for the ETF or mutual fund in the aggregate may vary from the investment profile of the underlying index. Additionally, if using a representative sampling approach, an ETF or mutual fund will typically hold a smaller number of securities than the underlying index, and as a result, an adverse development to an ETF or mutual fund could result in a greater decline in NAV than would be the case if the ETF or mutual fund held all of the securities in the underlying index. <div style="display: none"></div> <div></div> <div style="display: none"></div> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeETFRiskMember_zldqftY9Uygg"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; width: 0.25in"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; width: 0.25in">●</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Fixed-Income ETF Risk. There are risks associated with the potential investment of the Systematic Opportunities Fund’s assets in fixed-income ETFs, which may include credit risk, interest rate risk and maturity risk as described below:</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; width: 0.75in"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; width: 0.25in">○</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Credit Risk. Credit risk is the risk that the issuer or guarantor of a fixed-income security or counterparty to a transaction involving one or more bonds in an ETF’s portfolio will be unable or unwilling to make timely principal and/or interest payments, or otherwise will be unable or unwilling to honor its financial obligations. If the issuer, guarantor, or counterparty fails to pay interest, an ETF’s income may be reduced. If the issuer, guarantor, or counterparty fails to repay principal, the value of that security and of the particular ETF’s shares may be reduced. ETFs may be subject to credit risk to the extent that they invest in fixed-income securities that involve a promise by a third party to honor an obligation with respect to the fixed-income security. Securities rated BBB by S&P Global Ratings (“S&P”) or Fitch Ratings, Inc. (“Fitch”) or Baa by Moody’s Investors Service, Inc. (“Moody’s”) are considered investment-grade securities, but are somewhat riskier than more highly-rated investment-grade obligations (those rated A or better) because they are regarded as having only an adequate capacity to pay principal and interest, are considered to lack outstanding investment characteristics, and may be speculative. Such investment-grade securities will be subject to higher credit risk and may be subject to greater fluctuations in value than higher-rated securities. Credit risk is particularly significant for investments in “junk bonds” or lower than investment-grade securities.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; width: 0.75in"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; width: 0.25in">○</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Interest Rate Risk. The price of a bond or a fixed-income security is dependent, in part, upon interest rates. Therefore, the share price and total return of an ETF, when investing a significant portion of its assets in fixed-income securities, will vary in response to changes in interest rates. There is the possibility that the value of an ETF’s investment in fixed income securities may fall because fixed income securities generally fall in value when interest rates rise. The longer the term of a bond or fixed income instrument, the more sensitive it will be to fluctuations in value from interest rate changes. Changes in interest rates may have a more pronounced effect if the ETF holds a significant portion of its assets in fixed-income securities with long-term maturities.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; width: 0.75in"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; width: 0.25in">○</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Maturity Risk. Maturity risk is another factor that can affect the value of an ETF’s fixed-income holdings. Certain ETFs may not have a limitation policy regarding the length of maturity for their fixed-income holdings. In general, fixed-income obligations with longer maturities have higher yields and a greater sensitivity to changes in interest rates. Conversely, fixed-income obligations with shorter maturities generally have lower yields but less sensitivity to changes in interest rates.</td></tr> </table> <div style="display: none"></div> <div style="display: none"></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_z17cgENBGfHf" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Portfolio Turnover Risk. Frequent and active trading may result in greater expenses to the Systematic Opportunities Fund, which may lower the Systematic Opportunities Fund’s performance and may result in the realization of capital gains, including net short-term capital gains, which must generally be distributed to shareholders. Therefore, high portfolio turnover may reduce the Systematic Opportunities Fund’s returns and increase taxable distributions to shareholders. PERFORMANCE SUMMARY The bar chart and table that follow provide some indication of the risks of investing in the Systematic Opportunities Fund by showing changes in the Systematic Opportunities Fund’s performance from year to year and by showing how the Systematic Opportunities Fund’s average annual total returns for the one year, five years and since inception periods compare with those of a broad-based securities market index and a secondary index. How the Systematic Opportunities Fund has performed in the past (before and after taxes) is not necessarily an indication of how the Systematic Opportunities Fund will perform in the future. The Systematic Opportunities Fund changed its investment objective and principal investment strategies on March 30, 2023. Prior to March 30, 2023 the Fund was known as the Q3 All-Season Sector Rotation Fund and the performance prior to March 30, 2023 reflects the Systematic Opportunities Fund’s prior investment objective and principal investment strategies. The Systematic Opportunities Fund further changed its principal investment strategies again on October 11, 2024. The performance of the Systematic Opportunities Fund may have differed if the Systematic Opportunities Fund had instead pursued its current investment objective and principal investment strategies. The following bar chart shows the performance of the Systematic Opportunities Fund’s Institutional Class Shares. The returns for the Systematic Opportunities Fund’s C Class Shares will be lower than the Institutional Class Shares’ returns shown in the bar chart because the expenses of the Fund’s C Class Shares classes are higher. Updated performance information, current through the most recent month end, will be available by calling 1-855-784-2399 or by visiting http://www.q3allseasonfunds.com/funds/. The bar chart and table that follow provide some indication of the risks of investing in the Systematic Opportunities Fund by showing changes in the Systematic Opportunities Fund’s performance from year to year and by showing how the Systematic Opportunities Fund’s average annual total returns for the one year, five years and since inception periods compare with those of a broad-based securities market index and a secondary index. How the Systematic Opportunities Fund has performed in the past (before and after taxes) is not necessarily an indication of how the Systematic Opportunities Fund will perform in the future. 1-855-784-2399 http://www.q3allseasonfunds.com/funds/ Institutional Class Shares – Annual Total Return Year/Period Ended December 31 Calendar Year Returns* <img alt="" src="qasox_002.jpg" style="height: 282px; width: 500px"/> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zgVcpikWqsYl" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="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="vertical-align: top; text-align: left"> <td style="display: none; text-align: center; width: 50%">2020</td> <td id="xdx_984_eoef--AnnlRtrPct_c20200101__20201231__oef--ClassAxis__custom--C000216823Member_fKg_____zeZGoK985Ns5" style="display: none; text-align: center; width: 50%">3.90%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2021</td> <td id="xdx_982_eoef--AnnlRtrPct_c20210101__20211231__oef--ClassAxis__custom--C000216823Member_fKg_____zbZWuoinbAZ" style="display: none; text-align: center">5.76%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2022</td> <td id="xdx_980_eoef--AnnlRtrPct_c20220101__20221231__oef--ClassAxis__custom--C000216823Member_fKg_____zdjhEnrLHcXg" style="display: none; text-align: center">-11.01%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2023</td> <td id="xdx_985_eoef--AnnlRtrPct_c20230101__20231231__oef--ClassAxis__custom--C000216823Member_fKg_____zyr0eQbvS6y4" style="display: none; text-align: center">10.92%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2024</td> <td id="xdx_980_eoef--AnnlRtrPct_c20240101__20241231__oef--ClassAxis__custom--C000216823Member_fKg_____zTHJ0byradW7" style="display: none; text-align: center">8.36%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2025</td> <td id="xdx_981_eoef--AnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000216823Member_fKg_____zMmR6QbG5xD" style="display: none; text-align: center">20.03%</td></tr> </table> 0.0390 0.0576 -0.1101 0.1092 0.0836 0.2003 <div id="xdx_A8C_eoef--BarChartFootnotesTextBlock_zLQe5GTXQ0yk"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="text-align: right; padding-left: 10pt; text-indent: -0.01pt; width: 15%">*</td> <td style="text-align: left; padding-left: 10pt; text-indent: -0.01pt"> The Systematic Opportunities Fund’s year-to-date return through December 31, 2025 was 20.03%.</td> <td style="width: 15%"> </td></tr> </table> The Systematic Opportunities Fund’s year-to-date 2025-12-31 0.2003 Quarterly Returns During This Time Period <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-left: auto; width: 50%; border-collapse: collapse; margin-right: auto"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif;vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: justify; width: 15%">Highest</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: justify; width: 10%">15.73% </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: justify; width: 25%">(quarter ended June 30, 2025)</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: justify">Lowest</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: justify">(16.60%) </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: justify">(quarter ended March 31, 2020)</td></tr> </table> Highest 0.1573 2025-06-30 Lowest -0.1660 2020-03-31 <div id="xdx_A80_eoef--PerformanceTableTextBlock_z5o3KxZDKAwd"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zn55mwzkI0Bj" style="font: 10pt Arial, Helvetica, Sans-Serif;width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td id="xdx_98F_eoef--PerformanceTableHeading_c20260327__20260327__dei--LegalEntityAxis__custom--S000067444Member_zb5zjPqTRC9b" style="border-bottom: Black 1pt solid; padding-top: 1pt; vertical-align: bottom; font-weight: bold; text-align: left; padding-bottom: 1pt">Average Annual Total Returns for Periods Ended December 31, 2025</td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; vertical-align: bottom; text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td id="xdx_49E_20250101__20251231_zxVr7spM7vWd" style="border-bottom: Black 1pt solid; padding-top: 1pt; vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt">One Year</td> <td style="border-bottom: Black 1pt solid"> </td> <td id="xdx_49E_20210101__20251231_zLORDaB60Hck" style="border-bottom: Black 1pt solid; text-align: center">5 Year</td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; vertical-align: bottom; text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td id="xdx_494_20191230__20251231_z29wdfrYbk9c" style="border-bottom: Black 1pt solid; padding-top: 1pt; vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt">Since Inception</td></tr> <tr style="vertical-align: bottom"> <td style="padding-top: 1pt; text-indent: -0.125in; padding-left: 0.125in; vertical-align: bottom; text-align: left; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; vertical-align: bottom; text-align: center; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; vertical-align: bottom; text-align: center; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt"> </td> <td style="padding-top: 1pt; text-align: center"> </td> <td style="padding-top: 1pt; vertical-align: bottom; text-align: center; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; vertical-align: bottom; text-align: center; padding-bottom: 1pt">(December 30, 2019)</td></tr> <tr style="vertical-align: bottom"> <td style="padding-top: 1pt; text-indent: -0.125in; padding-left: 0.125in; vertical-align: bottom; text-align: left; padding-bottom: 1pt">Institutional Class</td> <td style="padding-top: 1pt; vertical-align: bottom; text-align: center; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; vertical-align: bottom; text-align: center; padding-bottom: 1pt"> </td> <td> </td> <td style="text-align: center"> </td> <td style="padding-top: 1pt; vertical-align: bottom; text-align: center; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; vertical-align: bottom; text-align: center; padding-bottom: 1pt"> </td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_hoef--ClassAxis__custom--C000216823Member_zLI4JyntsWn" style="vertical-align: bottom"> <td style="padding-top: 1pt; text-indent: -0.125in; padding-left: 0.25in; vertical-align: bottom; width: 52%; text-align: left; padding-bottom: 1pt">Return Before Taxes</td> <td style="padding-top: 1pt; vertical-align: bottom; text-align: center; width: 1%; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; vertical-align: bottom; width: 15%; text-align: center; padding-bottom: 1pt">20.03%</td> <td style="width: 1%"> </td> <td style="text-align: center; width: 15%">6.31%</td> <td style="padding-top: 1pt; vertical-align: bottom; text-align: center; width: 1%; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; vertical-align: bottom; width: 15%; text-align: center; padding-bottom: 1pt">5.90%</td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_hoef--ClassAxis__custom--C000216823Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zvWImG0pLKx2" style="vertical-align: bottom"> <td style="padding-top: 1pt; text-indent: -0.125in; padding-left: 0.25in; vertical-align: bottom; text-align: left; padding-bottom: 1pt">Return After Taxes on Distributions</td> <td style="padding-top: 1pt; vertical-align: bottom; text-align: center; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; vertical-align: bottom; text-align: center; padding-bottom: 1pt">15.53%</td> <td> </td> <td style="text-align: center">3.77%</td> <td style="padding-top: 1pt; vertical-align: bottom; text-align: center; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; vertical-align: bottom; text-align: center; padding-bottom: 1pt">3.79%</td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_hoef--ClassAxis__custom--C000216823Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zXLsb51XXAia" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; text-indent: -0.125in; padding-left: 0.25in; vertical-align: bottom; text-align: left; padding-bottom: 1pt">Return After Taxes on Distributions and Sale of Fund Shares</td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; vertical-align: bottom; text-align: center; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; vertical-align: bottom; text-align: center; padding-bottom: 1pt">13.52%</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">3.92%</td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; vertical-align: bottom; text-align: center; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; vertical-align: bottom; text-align: center; padding-bottom: 1pt">3.78%</td></tr> <tr style="vertical-align: bottom"> <td style="padding-top: 1pt; text-indent: -0.125in; padding-left: 0.125in; vertical-align: bottom; text-align: left"> </td> <td style="padding-top: 1pt; vertical-align: bottom; text-align: center"> </td> <td style="padding-top: 1pt; vertical-align: bottom; text-align: center"> </td> <td style="padding-top: 1pt"> </td> <td style="padding-top: 1pt; text-align: center"> </td> <td style="padding-top: 1pt; vertical-align: bottom; text-align: center"> </td> <td style="padding-top: 1pt; vertical-align: bottom; text-align: center">(October 18, 2024)</td></tr> <tr style="vertical-align: bottom"> <td style="padding-top: 1pt; text-indent: -0.125in; padding-left: 0.125in; vertical-align: bottom; text-align: left">C Class</td> <td style="padding-top: 1pt; vertical-align: bottom; text-align: center"> </td> <td style="padding-top: 1pt; vertical-align: bottom; text-align: center"> </td> <td> </td> <td style="text-align: center"> </td> <td style="padding-top: 1pt; vertical-align: bottom; text-align: center"> </td> <td style="padding-top: 1pt; vertical-align: bottom; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; text-indent: -0.125in; padding-left: 0.25in; vertical-align: bottom; text-align: left">Return Before Taxes</td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; vertical-align: bottom; text-align: center"> </td> <td id="xdx_98B_eoef--AvgAnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000256096Member_zUHhbAub4sO9" style="border-bottom: Black 1pt solid; color: White; padding-top: 1pt; vertical-align: bottom; text-align: center">18.24%</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; color: White; text-align: center">N/A</td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; vertical-align: bottom; text-align: center"> </td> <td id="xdx_983_eoef--AvgAnnlRtrPct_c20241018__20251231__oef--ClassAxis__custom--C000256096Member_zItDReY1ck6j" style="border-bottom: Black 1pt solid; padding-top: 1pt; vertical-align: bottom; text-align: center">18.97%</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; text-indent: -0.125in; padding-left: 0.125in; vertical-align: bottom; text-align: left">Bloomberg U.S. Aggregate Bond Index</td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; vertical-align: bottom; text-align: center"> </td> <td id="xdx_98F_eoef--AvgAnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000256096Member__oef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexMember_zeaVFrJHqk03" style="border-bottom: Black 1pt solid; padding-top: 1pt; vertical-align: bottom; text-align: center">7.30%</td> <td style="border-bottom: Black 1pt solid"> </td> <td id="xdx_987_eoef--AvgAnnlRtrPct_c20210101__20251231__oef--ClassAxis__custom--C000256096Member__oef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexMember_zOCuzcleAR6g" style="border-bottom: Black 1pt solid; text-align: center">(0.36%)</td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; vertical-align: bottom; text-align: center"> </td> <td id="xdx_98E_eoef--AvgAnnlRtrPct_c20241018__20251231__oef--ClassAxis__custom--C000256096Member__oef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexMember_zIHFIBJfKyJl" style="border-bottom: Black 1pt solid; padding-top: 1pt; vertical-align: bottom; text-align: center">0.89%</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; text-indent: -0.125in; padding-left: 0.125in; vertical-align: bottom; text-align: left">Dow Jones Moderate Portfolio Index* (reflects no deduction for fees, expenses or taxes)</td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; vertical-align: bottom; text-align: center"> </td> <td id="xdx_98E_eoef--AvgAnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000256096Member__oef--PerformanceMeasureAxis__custom--DowJonesModeratePortfolioIndexMember_fKg_____z40E0A4ebKji" style="border-bottom: Black 1pt solid; padding-top: 1pt; vertical-align: bottom; text-align: center">13.82%</td> <td style="border-bottom: Black 1pt solid"> </td> <td id="xdx_98E_eoef--AvgAnnlRtrPct_c20210101__20251231__oef--ClassAxis__custom--C000256096Member__oef--PerformanceMeasureAxis__custom--DowJonesModeratePortfolioIndexMember_fKg_____zehgbBEawzTd" style="border-bottom: Black 1pt solid; text-align: center">5.31%</td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; vertical-align: bottom; text-align: center"> </td> <td id="xdx_98D_eoef--AvgAnnlRtrPct_c20241018__20251231__oef--ClassAxis__custom--C000256096Member__oef--PerformanceMeasureAxis__custom--DowJonesModeratePortfolioIndexMember_fKg_____z4U2aNxaZQYk" style="border-bottom: Black 1pt solid; padding-top: 1pt; vertical-align: bottom; text-align: center">6.45%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"> <tr style="vertical-align: top; text-align: justify; border-collapse: collapse"> <td style="width: 0in"></td><td id="xdx_F0A_z2OBtXmJ65N8" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; width: 0.25in">*</td> <td id="xdx_F1B_zx2XVrHb59r7" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> The Dow Jones Moderate Portfolio Index is now the Fund’s secondary index.</td> </tr> </table> Average Annual Total Returns for Periods Ended December 31, 2025 2019-12-30 Return Before Taxes 0.2003 0.0631 0.0590 0.1553 0.0377 0.0379 0.1352 0.0392 0.0378 2024-10-18 Return Before Taxes 0.1824 0.1897 0.0730 -0.0036 0.0089 reflects no deduction for fees, expenses or taxes 0.1382 0.0531 0.0645 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements, such as a 401(k) plan or an individual retirement account (“IRA”). After-tax returns are shown for the Institutional Class shares only and after-tax returns for the C Class shares will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements, such as a 401(k) plan or an individual retirement account (“IRA”). After-tax returns are shown for the Institutional Class shares only and after-tax returns for the C Class shares will vary. Q3 ALL-SEASON TACTICAL FUND INVESTMENT OBJECTIVE The Q3 All-Season Tactical Fund (the “Tactical Fund”) seeks a positive rate of return over a calendar year regardless of market conditions. FEES AND EXPENSES This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Tactical Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. <div id="xdx_A81_eoef--ShareholderFeesTableTextBlock_zifO88rwfm9l"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zHKF17n9OvXj" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Shareholder Fees"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; padding-top: 1pt; vertical-align: top; text-align: left"> Shareholder Fees (fees paid directly from your investment) </td> <td style="font: normal 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; vertical-align: bottom; text-align: center; padding-bottom: 1pt"> </td> <td id="xdx_496_20260327__20260327__dei--LegalEntityAxis__custom--S000067445Member__oef--ClassAxis__custom--C000216825Member_zPpypeyhewza" style="border-bottom: Black 1pt solid; font: normal 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; padding-top: 1pt; vertical-align: bottom; text-align: center">Institutional Class</td> <td style="font: normal 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; vertical-align: bottom; text-align: center; padding-bottom: 1pt"> </td> <td id="xdx_493_20260327__20260327__dei--LegalEntityAxis__custom--S000067445Member__oef--ClassAxis__custom--C000226152Member_zVn72F4pEss9" style="border-bottom: Black 1pt solid; font: normal 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; padding-top: 1pt; vertical-align: bottom; text-align: center"> C Class</td></tr> <tr id="xdx_40C_eoef--MaximumSalesChargeImposedOnPurchasesOverOfferingPrice_dpn_zOCmLW4pawF9" style="vertical-align: bottom"> <td style="padding-bottom: 1pt; padding-top: 1pt; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; width: 74%; text-align: left">Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)</td> <td style="padding-bottom: 1pt; padding-top: 1pt; vertical-align: bottom; text-align: center; width: 1%"> </td> <td style="padding-bottom: 1pt; padding-top: 1pt; vertical-align: bottom; width: 12%; text-align: center">None</td> <td style="padding-bottom: 1pt; padding-top: 1pt; vertical-align: bottom; text-align: center; width: 1%"> </td> <td style="padding-bottom: 1pt; padding-top: 1pt; vertical-align: bottom; width: 12%; text-align: center">None</td></tr> <tr id="xdx_400_eoef--MaximumDeferredSalesChargeOverOther_dpn_z1MQlwVeK0Ml" style="vertical-align: bottom"> <td style="padding-bottom: 1pt; padding-top: 1pt; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left">Maximum Contingent Deferred Sales Charge (Load)</td> <td style="padding-bottom: 1pt; padding-top: 1pt; vertical-align: bottom; text-align: center"> </td> <td style="padding-bottom: 1pt; padding-top: 1pt; vertical-align: bottom; text-align: center">None</td> <td style="padding-bottom: 1pt; padding-top: 1pt; vertical-align: bottom; text-align: center"> </td> <td style="padding-bottom: 1pt; padding-top: 1pt; vertical-align: bottom; text-align: center">None</td></tr> <tr id="xdx_40D_eoef--RedemptionFee_dn_z4LnSLySJkKh" style="vertical-align: bottom"> <td style="padding-top: 1pt; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left">Redemption Fee</td> <td style="padding-top: 1pt; vertical-align: bottom; text-align: center"> </td> <td style="padding-top: 1pt; vertical-align: bottom; text-align: center">None</td> <td style="padding-top: 1pt; vertical-align: bottom; text-align: center"> </td> <td style="padding-top: 1pt; vertical-align: bottom; text-align: center">None</td></tr> </table> 0 0 0 0 0 0 <div id="xdx_A83_eoef--AnnualFundOperatingExpensesTableTextBlock_zbidhk6YMhod"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zCdi7wuKRtC3" style="font: 10pt Arial, Helvetica, Sans-Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="padding-top: 1pt; vertical-align: bottom; text-align: left; padding-bottom: 1pt"> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </td> <td style="font: normal 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; vertical-align: bottom; text-align: center; padding-bottom: 1pt"> </td> <td id="xdx_499_20260327__20260327__dei--LegalEntityAxis__custom--S000067445Member__oef--ClassAxis__custom--C000216825Member_zaxF0CZR3TEd" style="border-bottom: Black 1pt solid; font: normal 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; vertical-align: bottom; text-align: center; padding-bottom: 1pt">Institutional Class</td> <td style="font: normal 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; vertical-align: bottom; text-align: center; padding-bottom: 1pt"> </td> <td id="xdx_49B_20260327__20260327__dei--LegalEntityAxis__custom--S000067445Member__oef--ClassAxis__custom--C000226152Member_zqjyua0oV57b" style="border-bottom: Black 1pt solid; font: normal 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; vertical-align: bottom; text-align: center; padding-bottom: 1pt">C Class</td></tr> <tr id="xdx_40B_eoef--ManagementFeesOverAssets_dpn_z4ohsVKCL1a3" style="vertical-align: bottom"> <td style="padding-top: 1pt; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; width: 74%; text-align: left; padding-bottom: 1pt">Management Fees</td> <td style="padding-top: 1pt; vertical-align: bottom; text-align: center; width: 1%; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; vertical-align: bottom; width: 12%; text-align: center; padding-bottom: 1pt">1.00%</td> <td style="padding-top: 1pt; vertical-align: bottom; text-align: center; width: 1%; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; vertical-align: bottom; width: 12%; text-align: center; padding-bottom: 1pt">1.00%</td></tr> <tr id="xdx_404_eoef--DistributionAndService12b1FeesOverAssets_dpn_zLP9HJMn46ba" style="vertical-align: bottom"> <td style="padding-top: 1pt; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left; padding-bottom: 1pt">Distribution and/or Service (12b-1) Fees</td> <td style="padding-top: 1pt; vertical-align: bottom; text-align: center; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; vertical-align: bottom; text-align: center; padding-bottom: 1pt">0.00%</td> <td style="padding-top: 1pt; vertical-align: bottom; text-align: center; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; vertical-align: bottom; text-align: center; padding-bottom: 1pt">1.00%</td></tr> <tr id="xdx_40D_eoef--OtherExpensesOverAssets_dpn_zzGC8Ycf6Vm9" style="vertical-align: bottom"> <td style="padding-top: 1pt; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left; padding-bottom: 1pt">Other Expenses</td> <td style="padding-top: 1pt; vertical-align: bottom; text-align: center; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; vertical-align: bottom; text-align: center; padding-bottom: 1pt">0.82%</td> <td style="padding-top: 1pt; vertical-align: bottom; text-align: center; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; vertical-align: bottom; text-align: center; padding-bottom: 1pt">1.53%</td></tr> <tr id="xdx_40A_eoef--Component1OtherExpensesOverAssets_dpn_zLP7aO4lpr1j" style="vertical-align: bottom"> <td style="padding-top: 1pt; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left; padding-bottom: 1pt">Interest and Dividend Expenses</td> <td style="padding-top: 1pt; vertical-align: bottom; text-align: center; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; vertical-align: bottom; text-align: center; padding-bottom: 1pt">0.01%</td> <td style="padding-top: 1pt; vertical-align: bottom; text-align: center; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; vertical-align: bottom; text-align: center; padding-bottom: 1pt">0.01%</td></tr> <tr id="xdx_40F_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zLhS1t9CdSl2" style="vertical-align: bottom"> <td style="padding-top: 1pt; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left; padding-bottom: 1pt">Acquired Fund Fees and Expenses</td> <td style="padding-top: 1pt; vertical-align: bottom; text-align: center; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; vertical-align: bottom; text-align: center; padding-bottom: 1pt">0.09%</td> <td style="padding-top: 1pt; vertical-align: bottom; text-align: center; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; vertical-align: bottom; text-align: center; padding-bottom: 1pt">0.09%</td></tr> <tr id="xdx_409_eoef--ExpensesOverAssets_dpn_zmU6wCWwv7Qa" style="vertical-align: bottom"> <td style="padding-top: 1pt; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left; padding-bottom: 1pt">Total Annual Fund Operating Expenses(1) </td> <td style="padding-top: 1pt; vertical-align: bottom; text-align: center; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; vertical-align: bottom; text-align: center; padding-bottom: 1pt">1.92%</td> <td style="padding-top: 1pt; vertical-align: bottom; text-align: center; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; vertical-align: bottom; text-align: center; padding-bottom: 1pt">3.63%</td></tr> <tr id="xdx_40E_eoef--FeeWaiverOrReimbursementOverAssets_zmu34cqA93b4" style="vertical-align: bottom"> <td style="padding-top: 1pt; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left; padding-bottom: 1pt">Less Management Fee Reductions and/or Expense Reimbursements(2) </td> <td style="padding-top: 1pt; vertical-align: bottom; text-align: center; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; vertical-align: bottom; text-align: center; padding-bottom: 1pt">(0.00%)</td> <td style="padding-top: 1pt; vertical-align: bottom; text-align: center; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; vertical-align: bottom; text-align: center; padding-bottom: 1pt">(0.59%)</td></tr> <tr id="xdx_404_eoef--NetExpensesOverAssets_dpn_z0UK6LOixiNb" style="vertical-align: bottom"> <td style="padding-top: 1pt; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left">Total Annual Fund Operating Expenses After Fee Reductions and/or Expense Reimbursements(1)(2)</td> <td style="padding-top: 1pt; vertical-align: bottom; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; vertical-align: bottom; text-align: center">1.92%</td> <td style="padding-top: 1pt; vertical-align: bottom; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; vertical-align: bottom; text-align: center">3.04%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: left">(1)</td> <td style="text-align: justify"> “Total Annual Fund Operating Expenses” and “Total Annual Fund Operating Expenses After Fee Reductions and/or Expenses Reimbursement” will not correlate to the ratio of expenses to the average net assets in the Tactical Fund’s Financial Highlights because the Fund’s Financial Highlights do not reflect the Fund’s proportionate share of expenses of the underlying investment companies in which the Fund invests.</td> </tr> <tr style="vertical-align: top; text-align: justify"> <td style="text-align: left">(2)</td> <td style="text-align: justify"> Q3 Asset Management Corporation (the “Adviser”) has contractually agreed, until March 31, 2027, to reduce Management Fees and reimburse Other Expenses to the extent necessary to limit Total Annual Fund Operating Expenses (exclusive of brokerage costs; taxes; interest; borrowing costs such as interest and dividend expenses on securities sold short; costs to organize the Tactical Fund; Acquired Fund fees and expenses; and extraordinary expenses such as litigation and merger or reorganization costs; and other expenses not incurred in the ordinary course of the Tactical Fund’s business;) to an amount not exceeding 2.94% of the C Class shares’, and 1.94% of the Institutional Class shares’, average daily net assets. Management Fee reductions and expense reimbursements by the Adviser are subject to repayment by the Tactical Fund for a period of 3 years after the date on which such fees and expenses were incurred or waived, provided that the repayments do not cause Total Annual Fund Operating Expenses (exclusive of such reductions and reimbursements) to exceed (i) the expense limitation then in effect, if any, and (ii) the expense limitation in effect at the time the expenses to be repaid were incurred. Prior to March 31, 2027, this agreement may not be modified or terminated without the approval of the Tactical Fund’s Board of Trustees (the “Board”) of Ultimus Managers Trust (the “Trust”); provided, however, this agreement will terminate automatically as to the Tactical Fund if the Tactical Fund’s investment advisory agreement (the “Tactical Fund’s Advisory Agreement”) with the Adviser is terminated.</td> </tr> </table> 0.0100 0.0100 0.0000 0.0100 0.0082 0.0153 0.0001 0.0001 0.0009 0.0009 0.0192 0.0363 -0.0000 -0.0059 0.0192 0.0304 “Total Annual Fund Operating Expenses” and “Total Annual Fund Operating Expenses After Fee Reductions and/or Expenses Reimbursement” will not correlate to the ratio of expenses to the average net assets in the Tactical Fund’s Financial Highlights because the Fund’s Financial Highlights do not reflect the Fund’s proportionate share of expenses of the underlying investment companies in which the Fund invests. March 31, 2027 Example This Example is intended to help you compare the cost of investing in the Tactical Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Tactical 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, the operating expenses of the Tactical Fund remain the same and the contractual agreement to limit expenses remains in effect only until March 31, 2027. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A89_eoef--ExpenseExampleWithRedemptionTableTextBlock_zYCAb5krYKUc"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zcNcTAuO0z6j" style="font: 10pt Arial, Helvetica, Sans-Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="padding-top: 1pt; padding-bottom: 1pt; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"> </td> <td style="padding-top: 1pt; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_48A_eoef--ExpenseExampleYear01_z2GXT6aJ0HTk" style="border-bottom: Black 1pt solid; padding-top: 1pt; font-weight: bold; text-align: center; padding-bottom: 1pt">1 Year</td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" id="xdx_481_eoef--ExpenseExampleYear03_zVYqDMrUDlbd" style="border-bottom: Black 1pt solid; padding-top: 1pt; font-weight: bold; text-align: center; padding-bottom: 1pt">3 Years</td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" id="xdx_488_eoef--ExpenseExampleYear05_zQJ0Mf6TZAd" style="border-bottom: Black 1pt solid; padding-top: 1pt; font-weight: bold; text-align: center; padding-bottom: 1pt">5 Years</td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" id="xdx_48F_eoef--ExpenseExampleYear10_zFzrwFM1dDxi" style="border-bottom: Black 1pt solid; padding-top: 1pt; font-weight: bold; text-align: center; padding-bottom: 1pt">10 Years</td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_414_20260327__20260327__dei--LegalEntityAxis__custom--S000067445Member__oef--ClassAxis__custom--C000216825Member_zR9FYu7O2hvk" style="vertical-align: bottom"> <td style="padding-top: 1pt; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 52%; text-align: left; padding-bottom: 1pt">Institutional Class Shares</td> <td style="padding-top: 1pt; width: 1%; padding-bottom: 1pt; text-align: left"> </td> <td style="padding-top: 1pt; width: 1%; text-align: left; padding-bottom: 1pt">$</td> <td style="padding-top: 1pt; width: 9%; text-align: right; padding-bottom: 1pt">195</td> <td style="padding-top: 1pt; width: 1%; padding-bottom: 1pt; text-align: left"> </td> <td style="padding-top: 1pt; width: 1%; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; width: 1%; text-align: left; padding-bottom: 1pt">$</td> <td style="padding-top: 1pt; width: 9%; text-align: right; padding-bottom: 1pt">603</td> <td style="padding-top: 1pt; width: 1%; padding-bottom: 1pt; text-align: left"> </td> <td style="padding-top: 1pt; width: 1%; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; width: 1%; text-align: left; padding-bottom: 1pt">$</td> <td style="padding-top: 1pt; width: 9%; text-align: right; padding-bottom: 1pt">1,037</td> <td style="padding-top: 1pt; width: 1%; padding-bottom: 1pt; text-align: left"> </td> <td style="padding-top: 1pt; width: 1%; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; width: 1%; text-align: left; padding-bottom: 1pt">$</td> <td style="padding-top: 1pt; width: 9%; text-align: right; padding-bottom: 1pt">2,243</td> <td style="padding-top: 1pt; width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_413_20260327__20260327__dei--LegalEntityAxis__custom--S000067445Member__oef--ClassAxis__custom--C000226152Member_zGqIok4zGIKc" style="vertical-align: bottom"> <td style="padding-top: 1pt; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">C Class Shares</td> <td style="padding-top: 1pt; text-align: left"> </td> <td style="padding-top: 1pt; text-align: left">$</td> <td style="padding-top: 1pt; text-align: right">307</td> <td style="padding-top: 1pt; text-align: left"> </td> <td style="padding-top: 1pt"> </td> <td style="padding-top: 1pt; text-align: left">$</td> <td style="padding-top: 1pt; text-align: right">1,057</td> <td style="padding-top: 1pt; text-align: left"> </td> <td style="padding-top: 1pt"> </td> <td style="padding-top: 1pt; text-align: left">$</td> <td style="padding-top: 1pt; text-align: right">1,828</td> <td style="padding-top: 1pt; text-align: left"> </td> <td style="padding-top: 1pt"> </td> <td style="padding-top: 1pt; text-align: left">$</td> <td style="padding-top: 1pt; text-align: right">3,851</td> <td style="padding-top: 1pt; text-align: left"> </td></tr> </table> 195 603 1037 2243 307 1057 1828 3851 Portfolio Turnover The Tactical 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 Tactical Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Tactical Fund’s performance. During the most recent fiscal year, the Tactical Fund’s portfolio turnover rate was 42% of the average value of its portfolio. 0.42 PRINCIPAL INVESTMENT STRATEGIES Under normal circumstances, the Fund invests primarily in a combination of futures contracts on long-term U.S. Treasuries and the S&P 500 or NASDAQ (“Index Futures”), and investments, in money market funds, U.S. Treasury securities, and short-term bonds (“Fixed Income Investments”). The Fund, however, may invest in exchange-traded funds (“ETFs”) and open-end mutual funds that provide exposure to broad-based U.S. equity securities indices (collectively, with Index Futures, “Portfolio Instruments”) rather than in Index Futures. Investments by the Fund in mutual funds or ETFs would be determined at the discretion of the Adviser based on several factors, including: market volatility, liquidity of trading vehicles, and trade execution costs. The percentage of the Fund’s net assets invested in futures contracts may fluctuate over time but under normal circumstances is generally expected to represent less than 10% of the Fund’s net assets based on mark-to-market values. However, the Fund’s notional exposure from derivative instruments may at times equal 100% of the Fund’s net assets. Under normal circumstances, the balance of the Fund’s net assets generally will be invested in Fixed Income Investments in an effort to generate income for the Fund. In managing the Fund, the Adviser utilizes a tactical, systematic strategy that relies on a proprietary algorithmic model developed by the Adviser that incorporates trend analysis (the “Model”). Trend analysis refers to the concept that the market price of a particular equity securities index (“Index Market Exposure”) will often exhibit autocorrelation. That is, when the index establishes a direction, either up or down, it will tend to maintain that direction for a certain length of time, depending on market conditions. For example, if the price of a given Index Market Exposure was to increase steadily over several weeks, the Model may signal this to be a buying opportunity for that Index Market Exposure, based on the belief that the price for the Index Market Exposure is likely to continue rising. The Model also incorporates additional quantitative trading indicators that include mean-reversion, relative strength, momentum, moving averages, breakouts, and overbought/oversold conditions. Trend analysis is the primary indicator of a buying opportunity for the Fund, while the additional quantitative trading indicators confirm the existence of a buying opportunity. The additional quantitative trading indicators may be applied at the discretion of Adviser based on its assessment of the prevailing market environment. The Model generates daily signals (“buy” or “no buy”) for a particular Index Market Exposure indicating whether or not, taking into account the existence of a market trending upward or downward on average, a trading opportunity has been identified. The Fund generally exits positions when the Model indicates that the prevailing trend for an Index Market Exposure is likely to reverse, or the volatility of the Index is elevated. When the Model’s signals prompt the Fund to divest, in whole or in part, from Portfolio Instruments, the Fund will look to other signals, such as mean-reversion, to determine if alternate equity investments are warranted. If no such equity signals trigger, the Fund will evaluate the Treasury bond market to determine if trends exist in that market. If so, the Fund may take long, or inverse positions in Treasury bond instruments. If the Treasury market is not deemed appropriate for investment, the Fund will invest in money market funds, ultra-short term bond funds or comparable investments (collectively, “Defensive Investments”) in an effort to preserve capital. The Fund typically invests in Defensive Investments, sometimes for extended periods of time, until the Model indicates “buy” signals in the equity markets. Trades involving Portfolio Instruments may, at times, be short-term in nature depending on prevailing market conditions, which may involve active and frequent trading and high portfolio turnover. However, certain trades could span longer periods of time, depending on market conditions. At times, the Tactical Fund’s investments may be indirectly focused on one or more sectors or areas of the economy. <span id="xdx_909_eoef--RiskTextBlock_c20260327__20260327__dei--LegalEntityAxis__custom--S000067445Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zmOhnAsEZao1" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">As with any mutual fund investment, there is a risk that you could lose money by investing in the Tactical Fund. A Tactical Fund share is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any government agency. The success of the Tactical Fund’s investment strategy depends largely upon the Adviser’s skill in selecting securities for purchase and sale by the Tactical Fund and there is no assurance that the Tactical Fund will achieve its investment objective. Because of the types of securities in which the Tactical Fund invests and the investment techniques the Adviser uses, the Tactical Fund is designed for investors who are investing for the long term. The Tactical Fund will be subject to the following principal risks: <div style="display: none"></div> As with any mutual fund investment, there is a risk that you could lose money by investing in the Tactical Fund. <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesSecuritiesRiskMember_zhVyiGBEYLi" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Derivatives Securities Risk. The use of derivative instruments requires special skills and knowledge of investment techniques that are different than those normally required for purchasing and selling stocks. If the Adviser uses a derivative instrument at the wrong time or incorrectly identifies market conditions, or if the derivative instrument does not perform as expected, these strategies may significantly reduce the Tactical Fund’s return. Derivative instruments may be difficult to value, may be illiquid and may be subject to wide swings in valuation caused by changes in the value of the underlying instrument. In addition, the Tactical Fund’s use of futures contracts creates leverage, which can magnify the Funds’ potential for gain or loss and therefore amplify the effect of market volatility on the Funds’ share price. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Rule 18f-4 under the 1940 Act regulates a fund’s use of derivative investments and certain financing transactions. Among other conditions, Rule 18f-4 requires certain funds that invest in derivative instruments beyond a specified limited amount (generally greater than 10% of a fund’s net assets) to apply a value-at-risk based limit to their use of certain derivative instruments and financing transactions and to adopt and implement a derivatives risk management program. To the extent a fund uses derivative instruments (excluding certain currency and interest rate hedging transactions) in a limited amount (up to 10% of a fund’s net assets), it will not be subject to the full requirements of Rule 18f-4. The Fund’s use of derivatives or derivatives transactions may expose it to various risks, including leverage risk, market risk, counterparty risk, liquidity risk, operational risk, and legal risk. Leverage occurs when the Fund uses derivatives (such as futures contracts), or similar instruments or techniques to gain exposure to investments in an amount that exceeds the Fund’s initial investment. The use of leverage magnifies changes in the Fund’s net asset value and thus may result in increased portfolio volatility and increased risk of loss. Leverage may lower the Fund’s overall returns. There can be no guarantee that the Fund’s use of leverage will be successful. Market risk generally refers to risk from potential adverse market movements in relation to a Fund’s derivatives transactions, or the risk that markets could experience a change in volatility that adversely impacts Fund returns and the Fund’s obligations and exposures. Counterparty risk generally refers to the risk that a counterparty on a derivatives transaction may not be willing or able to perform its contractual obligations under the transaction, and the related risks of having concentrated exposure to such a counterparty. Liquidity risk generally refers to risk involving the liquidity demands that derivatives transactions can create to make payments of margin, collateral or settlement obligations to counterparties. Operational risk generally refers to risk related to potential operational issues, including documentation issues, settlement issues, systems failures, inadequate controls and human error. Legal risk generally refers to insufficient documentation, insufficient capacity or authority of counterparty, or legality or enforceability of a contract. <div style="display: none"></div> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--FuturesContractRiskMember_z1zOb3R6eura"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top; border-collapse: collapse"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Futures Contract Risk: Futures contracts involve a risk of loss or depreciation due to: unanticipated adverse changes in securities prices, interest rates, indices, the other financial instruments’ prices or currency exchange rates; the inability to close out a position; default by the counterparty; imperfect correlation between a position and the desired hedge (if the derivative instrument is being used for hedging purposes); tax constraints on closing out positions; and portfolio management constraints on securities subject to such transactions. The loss on futures contracts may substantially exceed the amount invested in these instruments. Transaction costs are incurred in opening and closing futures contract positions.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top; border-collapse: collapse"> <td style="text-align: justify; width: 0.75in"></td><td style="text-align: justify; width: 0.25in">○</td> <td style="text-align: justify">The successful use of futures contracts depends upon the Adviser’s skill and experience with respect to such instruments and are subject to special risk considerations, including:</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top; border-collapse: collapse"> <td style="text-align: justify; width: 0.75in"></td><td style="text-align: justify; width: 0.25in">○</td> <td style="text-align: justify">imperfect correlation between the change in market value of the instruments held by the Fund and the price of the forward or futures contract;</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top; border-collapse: collapse"> <td style="text-align: justify; width: 0.75in"></td><td style="text-align: justify; width: 0.25in">○</td> <td style="text-align: justify">possible lack of a liquid secondary market for a forward or futures contract and the resulting inability to close a forward or futures contract when desired;</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top; border-collapse: collapse"> <td style="text-align: justify; width: 0.75in"></td><td style="text-align: justify; width: 0.25in">○</td> <td style="text-align: justify">losses caused by unanticipated market movement, which are potentially unlimited;</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top; border-collapse: collapse"> <td style="text-align: justify; width: 0.75in"></td><td style="text-align: justify; width: 0.25in">○</td> <td style="text-align: justify">the Adviser’s inability to correctly predict the direction of securities prices, interest rates, currency exchange rates and other economic factors;</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top; border-collapse: collapse"> <td style="text-align: justify; width: 0.75in"></td><td style="text-align: justify; width: 0.25in">○</td> <td style="text-align: justify">the possibility that a counterparty will default in the performance of its obligations;</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top; border-collapse: collapse"> <td style="text-align: justify; width: 0.75in"></td><td style="text-align: justify; width: 0.25in">○</td> <td style="text-align: justify">the possibility that the Fund may have insufficient cash and have to sell securities from its portfolio to meet the daily variation margin requirements at a time when it may be disadvantageous to do so;</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top; border-collapse: collapse"> <td style="text-align: justify; width: 0.75in"></td><td style="text-align: justify; width: 0.25in">○</td> <td style="text-align: justify">the possibility that a failure to close a position may result in delivery of an illiquid commodity to the Fund or that rapid selling to avoid delivery may result in unfavorable execution prices; and</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top; border-collapse: collapse"> <td style="text-align: justify; width: 0.75in"></td><td style="text-align: justify; width: 0.25in">○</td> <td style="text-align: justify">possible inefficiencies that are created by the need to “roll contracts” (i.e., sell out of a contract that is nearing delivery or settlement in favor of a contract with a delivery or settlement date that is further into the future).</td></tr> </table> <div style="display: none"></div> <div style="display: none"></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zk5MCzB16NNk" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Market Risk. Market risk is the risk that the value of the securities in the Tactical Fund’s portfolio may decline due to daily fluctuations in the securities markets that are generally beyond the Adviser’s control, including fluctuation in interest rates, the quality of the Tactical Fund’s investments, economic conditions and general market conditions. Certain market events could cause turbulence in financial markets, and reduced liquidity in equity, credit and fixed income markets, such as changes in government economic policies, political turmoil, military action, environmental events, trade disputes, and epidemics or other public health issues, which may negatively affect many issuers domestically and around the world. During periods of market volatility, security prices (including securities held by the Tactical Fund) could change drastically and rapidly and, therefore, adversely affect the Tactical Fund. <div style="display: none"></div> <div style="display: none"></div> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentStyleAndManagementRiskMember_zFBt1HPIqey6" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Investment Style and Management Risk. The Adviser’s method of security selection may not be successful and the Tactical Fund may underperform relative to other mutual funds that employ similar investment strategies. The Tactical Fund’s sector rotation style may not be implemented successfully, negatively affecting the Tactical Fund’s performance. In addition, the Adviser may select investments that fail to appreciate as anticipated. <div style="display: none"></div> <div style="display: none"></div> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--SectorRiskMember_zpeN9LQTQt77" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Sector Risk. Because at times the Tactical Fund may emphasize 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. In addition, this may increase the risk of loss of an investment in the Tactical Fund and increase the volatility of the Tactical Fund’s NAV per share. <div style="display: none"></div> <div style="display: none"></div> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--ActiveManagementRiskMember_zKYwvFTJ0ko" style="font: 10pt Arial, Helvetica, Sans-Serif;margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Active Management Risk. The Adviser’s investment decisions about individual securities impact the Fund’s ability to achieve its investment objective. The Adviser’s judgments about the attractiveness and potential returns for specific investments in which the Fund invests may prove to be incorrect and there is no guarantee that the Adviser’s investment strategy will produce the desired results. <div style="display: none"></div> <div style="display: none"></div> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--DebtSecuritiesRiskMember_zz6bw1FCsyG" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Debt Securities Risk. The Tactical Fund may invest indirectly in corporate debt securities and U.S. Government obligations. Corporate debt securities include, but are not limited to, debt obligations offered by public or private corporations. The market value of such securities may fluctuate in response to interest rates and the creditworthiness of the issuer. A debt security’s credit quality depends on the issuer’s ability to pay interest on the security and repay the debt; the lower the credit rating, the greater the risk that the security’s issuer will default. The credit risk of a security may also depend on the credit quality of any bank or financial institution that provides credit enhancement for the security. <div style="display: none"></div> <div style="display: none"></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zGn1pcjab1v5" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Equity Securities Risk. The prices of equity securities in which the Tactical Fund invests indirectly through ETFs and other investment companies may fluctuate in response to many factors, including, but not limited to, the activities of the individual issuers, general market and economic conditions, interest rates, and specific industry changes. Such price fluctuations subject the Tactical Fund to potential losses. <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in; text-align: justify"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Large-Cap Company Risk. Large-capitalization companies may be unable to respond as quickly as smaller companies to new competitive challenges, such as changes in technology and consumer tastes, and may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; width: 0.25in"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; width: 0.25in">●</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Small-Cap and Mid-Cap Company Risk. Investing in small- and mid-capitalization companies involves greater risk than is customarily associated with larger, more established companies. Small- and mid-cap companies frequently have less management depth and experience, narrower market penetrations, less diverse product lines, less competitive strengths and fewer resources. Due to these and other factors, stocks of small- and mid-cap companies may be more susceptible to market downturns and other events, less liquid, and their prices may be more volatile.</td></tr> </table> <div style="display: none"></div> <div style="display: none"></div> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--FundOfFundsStructureRiskMember_z6oveFM7nTH7" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Fund of Funds Structure Risk. Investments in ETFs and other investment companies (e.g. open end and closed end mutual funds) subject the Tactical Fund to paying its proportionate share of fees and expenses from those investments. In other words, by investing in the Tactical Fund, you will indirectly bear fees and expenses charged by the underlying ETFs and investment companies in which the Tactical Fund invests in addition to the Tactical Fund’s direct fees and expenses. In addition, under the Investment Company Act of 1940, as amended (the “1940 Act”), the Tactical Fund is subject to restrictions that may limit the amount of any particular ETF or other registered investment company that the Tactical Fund may own. <div style="display: none"></div> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFRiskMember_zoJGJYyB3znf"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in; text-align: justify"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">ETF Risk. Investments in ETFs are subject to the risk that the market price of an ETF’s shares may differ from its NAV. This difference in price may be due to the fact that the supply and demand in the market for ETF shares at any point in time is not always identical to the supply and demand in the market for the underlying basket of securities. Investments in ETFs are also subject to the following additional risks:</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; width: 0.75in"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; width: 0.25in">○</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Investment Limitation Risk. Under the 1940 Act, the Tactical Fund generally may not acquire shares of an ETF or other investment company if, immediately after such acquisition, the Fund and its affiliated persons would hold more than 3% of the ETF’s or investment company’s total outstanding shares unless the Fund is able to rely on exemptions from the 3% limitation, such as Rule 12d1-4 under the 1940 Act. The 3% limitation may prevent the Fund from allocating its investments in the manner the Adviser considers optimal or cause the Adviser to select an investment other than that which the Adviser considers optimal.</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">○</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Market Value Risk. The market value of an ETF’s shares may differ from its NAV. This difference in price may be due to the fact that the supply and demand in the market for ETF shares at any point in time is not always identical to the supply and demand in the market for the underlying basket of securities. Accordingly, there may be times when an ETF trades at a premium (creating the risk that the Tactical Fund pays more than NAV for an ETF when making a purchase) or discount (creating the risks that the Tactical Fund’s NAV is reduced for undervalued ETFs it holds, and that the Tactical Fund receives less than NAV when selling an ETF).</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">○</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Tracking Risk. Index-based ETFs and mutual funds may not be able to replicate exactly the performance of the indices they track because the total return generated by the securities will be reduced by transaction costs incurred in adjusting the actual balance of the securities. In addition, ETFs and mutual </td></tr> </table> funds may incur expenses not incurred by their applicable indices. Certain securities comprising these indices may, from time to time, temporarily be unavailable, which may further impede an ETF’s or mutual fund’s ability to track its applicable indices or match its performance. <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; width: 0.75in"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; width: 0.25in">○</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Sampling Risk. Index-based ETFs and mutual fund’s may utilize a representative sampling approach to track their respective underlying indices. Index-based ETFs and mutual funds that utilize a representative sampling approach are subject to an increased risk of tracking error because the securities selected for the ETF or mutual fund in the aggregate may vary from the investment profile of the underlying index. Additionally, if using a representative sampling approach, an ETF or mutual fund will typically hold a smaller number of securities than the underlying index, and as a result, an adverse development to an ETF or mutual fund could result in a greater decline in NAV than would be the case if the ETF or mutual fund held all of the securities in the underlying index.</td></tr> </table> <div style="display: none"></div> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeETFRiskMember_zIYWaFBQTnqd"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; width: 0.25in"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; width: 0.25in">●</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Fixed-Income ETF Risk. There are risks associated with the potential investment of the Tactical Fund’s assets in fixed-income ETFs, which may include credit risk, interest rate risk and maturity risk as described below:</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; width: 0.75in"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; width: 0.25in">○</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Credit Risk. Credit risk is the risk that the issuer or guarantor of a fixed-income security or counterparty to a transaction involving one or more bonds in an ETF’s portfolio will be unable or unwilling to make timely principal and/or interest payments, or otherwise will be unable or unwilling to honor its financial obligations. If the issuer, guarantor, or counterparty fails to pay interest, an ETF’s income may be reduced. If the issuer, guarantor, or counterparty fails to repay principal, the value of that security and of the particular ETF’s shares may be reduced. ETFs may be subject to credit risk to the extent that they invest in fixed-income securities that involve a promise by a third party to honor an obligation with respect to the fixed-income security. Securities rated BBB by S&P Global Ratings (“S&P”) or Fitch Ratings, Inc. (“Fitch”) or Baa by Moody’s Investors Service, Inc. (“Moody’s”) are considered investment-grade securities, but are somewhat riskier than more highly-rated investment-grade obligations (those rated A or better) because they are regarded as having only an adequate capacity to pay principal and interest, are considered to lack outstanding investment characteristics, and may be speculative. Such investment-grade securities will be subject to higher credit risk and may be subject to greater fluctuations in value than higher-rated securities. Credit risk is particularly significant for investments in “junk bonds” or lower than investment-grade securities.</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">○</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Interest Rate Risk. The price of a bond or a fixed-income security is dependent, in part, upon interest rates. Therefore, the share price and total return of an ETF, when investing a significant portion of its assets in fixed-income securities, will vary in response to changes in interest rates. There is the possibility that the value of an ETF’s investment in fixed-income securities may fall because fixed-income securities generally fall in value when interest </td></tr> </table> rates rise. The longer the term of a bond or fixed-income instrument, the more sensitive it will be to fluctuations in value from interest rate changes. Changes in interest rates may have a more pronounced effect if the ETF holds a significant portion of its assets in fixed-income securities with long-term maturities. In the case of mortgage-backed securities, rising interest rates tend to extend the term to maturity of the securities, making them even more susceptible to interest rate changes. When interest rates drop, not only can the value of fixed-income securities drop, but also the yield can drop, particularly where the yield is tied to changes in interest rates, such as adjustable mortgages. Also when interest rates drop, the holdings of mortgage-backed securities by an ETF can reduce returns if the owners of the underlying mortgages pay off their mortgages sooner than expected since the Tactical Fund prepaid must be reinvested at lower prevailing interest rates. This is known as prepayment risk. When interest rates rise, the holdings of mortgage-backed securities by an ETF can reduce returns if the owners of the underlying mortgages pay off their mortgages later than anticipated. This is known as extension risk. <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.75in; text-align: justify"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in; text-align: justify">○</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Maturity Risk. Maturity risk is another factor that can affect the value of an ETF’s fixed-income holdings. Certain ETFs may not have a limitation policy regarding the length of maturity for their fixed-income holdings. In general, fixed-income obligations with longer maturities have higher yields and a greater sensitivity to changes in interest rates. Conversely, fixed-income obligations with shorter maturities generally have lower yields but less sensitivity to changes in interest rates.</td></tr> </table> <div style="display: none"></div> <div style="display: none"></div> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--InverseETFRiskMember_zaPjSf1oYYe6" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Inverse ETF Risk. Inverse ETFs (also called “short ETFs” or “bear ETFs”) are subject to additional risk not generally associated with traditional ETFs. To the extent the Tactical Fund invests in inverse ETF, the value of the Tactical Fund’s investment will decrease when the index underlying the ETF’s benchmark rises, a result that is opposite from the traditional equity or bond fund. The net asset value and market price of inverse ETFs are normally more volatile than the value of the tracked index or of other ETFs that do not use leverage. Due to the compounding of daily returns, holding periods of greater than one day can result in returns that are significantly different than the target return. During periods of high volatility, the effects of compounding returns may cause an inverse ETF’s investment results for periods longer than a single day to substantially vary from 1X of the inverse of the underlying index’s return. The Adviser attempts to mitigate such deviations by periodically rebalancing positions. <div style="display: none"></div> <div style="display: none"></div> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_zodPCQr8RTCb" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Portfolio Turnover Risk. Frequent and active trading may result in greater expenses to the Tactical Fund, which may lower the Tactical Fund’s performance and may result in the realization of capital gains, including net short-term capital gains, which must generally be distributed to shareholders. Therefore, high portfolio turnover may reduce the Tactical Fund’s returns and increase taxable distributions to shareholders. <div style="display: none"></div> PERFORMANCE SUMMARY The bar chart and table that follow provide some indication of the risks of investing in the Tactical Fund by showing changes in the Tactical Fund’s performance from year to year and by showing how the Tactical Fund’s average annual total returns for the one year, five years and since inception periods compare with those of a broad-based securities market index and a secondary index. How the Tactical Fund has performed in the past (before and after taxes) is not necessarily an indication of how the Tactical Fund will perform in the future. The following bar chart shows the performance of the Tactical Fund’s Institutional Class Shares. The returns for the Tactical Fund’s C Class Shares will be lower than the Institutional Class Shares’ returns shown in the bar chart because the expenses of the Fund’s C Class Shares are higher. Updated performance information, current through the most recent month end, is available by calling 1-855-784-2399 or by visiting www.q3allseasonfunds.com. The bar chart and table that follow provide some indication of the risks of investing in the Tactical Fund by showing changes in the Tactical Fund’s performance from year to year and by showing how the Tactical Fund’s average annual total returns for the one year, five years and since inception periods compare with those of a broad-based securities market index and a secondary index. How the Tactical Fund has performed in the past (before and after taxes) is not necessarily an indication of how the Tactical Fund will perform in the future. 1-855-784-2399 www.q3allseasonfunds.com Institutional Class Shares – Annual Total Return Year/Period Ended December 31 Calendar Year Returns* <img alt="" src="qasox_003.jpg" style="height: 252px; width: 500px"/> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zPo4OF1a2B3i" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="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="vertical-align: top; text-align: left"> <td style="display: none; text-align: center; width: 50%">2020</td> <td id="xdx_981_eoef--AnnlRtrPct_c20200101__20201231__oef--ClassAxis__custom--C000216825Member_fKg_____zGfNqbkByZJ6" style="display: none; text-align: center; width: 50%">26.30%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2021</td> <td id="xdx_98F_eoef--AnnlRtrPct_c20210101__20211231__oef--ClassAxis__custom--C000216825Member_fKg_____zJyO150TpOT5" style="display: none; text-align: center">16.83%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2022</td> <td id="xdx_989_eoef--AnnlRtrPct_c20220101__20221231__oef--ClassAxis__custom--C000216825Member_fKg_____zvOo0Vv64UM1" style="display: none; text-align: center">-37.71%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2023</td> <td id="xdx_98F_eoef--AnnlRtrPct_c20230101__20231231__oef--ClassAxis__custom--C000216825Member_fKg_____zzNLTIno42S5" style="display: none; text-align: center">23.71%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2024</td> <td id="xdx_98C_eoef--AnnlRtrPct_c20240101__20241231__oef--ClassAxis__custom--C000216825Member_fKg_____znKxMuYZt2qa" style="display: none; text-align: center">16.11%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2025</td> <td id="xdx_98E_eoef--AnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000216825Member_fKg_____zBSTEyFkmYod" style="display: none; text-align: center">3.05%</td></tr> </table> 0.2630 0.1683 -0.3771 0.2371 0.1611 0.0305 <div id="xdx_A8A_eoef--BarChartFootnotesTextBlock_zDVL9suS1jh4"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif;width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse"> <tr style="vertical-align: top"> <td id="xdx_F0B_zfRLpstln6qd" style="text-align: right; padding-left: 10pt; text-indent: -0.01pt; width: 15%">*</td> <td style="text-align: left; padding-left: 10pt; text-indent: -0.01pt"> The Tactical Fund’s year-to-date return through December 31, 2025 was 3.05%.</td> <td style="width: 15%"> </td></tr> </table> The Tactical Fund’s year-to-date 2025-12-31 0.0305 Quarterly Returns During This Time Period <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-left: auto; width: 50%; border-collapse: collapse; margin-right: auto"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: justify; width: 15%">Highest</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: justify; width: 10%">13.27% </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: justify; width: 25%">(quarter ended December 31, 2020)</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: justify">Lowest</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: justify">(15.95%) </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: justify">(quarter ended March 31, 2022)</td></tr> </table> Highest 0.1327 2020-12-31 Lowest -0.1595 2022-03-31 <div id="xdx_A82_eoef--PerformanceTableTextBlock_z4wp8Sp3mo6h"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zBhONKPrECy6" style="font: 10pt Arial, Helvetica, Sans-Serif;width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; vertical-align: bottom; text-align: left; padding-bottom: 1pt"> <p id="xdx_98B_eoef--PerformanceTableHeading_c20260327__20260327__dei--LegalEntityAxis__custom--S000067445Member_z5AqrIgf9Dva" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">Average Annual Total Returns for Periods Ended December 31, 2025</td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; vertical-align: bottom; text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td id="xdx_493_20250101__20251231_z7yMmNRWoBx5" style="border-bottom: Black 1pt solid; padding-top: 1pt; vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt">One Year</td> <td style="border-bottom: Black 1pt solid"> </td> <td id="xdx_49B_20210101__20251231_z89iOeDWXlDh" style="border-bottom: Black 1pt solid; text-align: center">Five Year</td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; vertical-align: bottom; text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td id="xdx_49E_20191230__20251231_zyVDXJG4YcO6" style="border-bottom: Black 1pt solid; padding-top: 1pt; vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt">Since Inception </td></tr> <tr style="vertical-align: bottom"> <td style="padding-top: 1pt; vertical-align: top; text-align: left; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; vertical-align: bottom; text-align: center; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; vertical-align: bottom; text-align: center; padding-bottom: 1pt"> </td> <td> </td> <td style="text-align: center"> </td> <td style="padding-top: 1pt; vertical-align: bottom; text-align: center; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; vertical-align: bottom; text-align: center; padding-bottom: 1pt">(December 30, 2019)</td></tr> <tr style="vertical-align: bottom"> <td style="padding-top: 1pt; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left; padding-bottom: 1pt">Institutional Class</td> <td style="padding-top: 1pt; vertical-align: bottom; text-align: center; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; vertical-align: bottom; text-align: center; padding-bottom: 1pt"> </td> <td> </td> <td style="text-align: center"> </td> <td style="padding-top: 1pt; vertical-align: bottom; text-align: center; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; vertical-align: bottom; text-align: center; padding-bottom: 1pt"> </td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_hoef--ClassAxis__custom--C000216825Member_zpqBgSwcltH1" style="vertical-align: bottom"> <td style="padding-top: 1pt; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top; width: 52%; text-align: left; padding-bottom: 1pt">Return Before Taxes</td> <td style="padding-top: 1pt; vertical-align: bottom; text-align: center; width: 1%; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; vertical-align: bottom; width: 15%; text-align: center; padding-bottom: 1pt">3.05%</td> <td style="width: 1%"> </td> <td style="text-align: center; width: 15%">1.50%</td> <td style="padding-top: 1pt; vertical-align: bottom; text-align: center; width: 1%; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; vertical-align: bottom; width: 15%; text-align: center; padding-bottom: 1pt">5.26%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_hoef--ClassAxis__custom--C000216825Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zEwxWBffqO12" style="vertical-align: bottom"> <td style="padding-top: 1pt; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top; text-align: left; padding-bottom: 1pt">Return After Taxes on Distributions</td> <td style="padding-top: 1pt; vertical-align: bottom; text-align: center; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; vertical-align: bottom; text-align: center; padding-bottom: 1pt">2.41%</td> <td> </td> <td style="text-align: center">0.78%</td> <td style="padding-top: 1pt; vertical-align: bottom; text-align: center; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; vertical-align: bottom; text-align: center; padding-bottom: 1pt">4.14%</td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_hoef--ClassAxis__custom--C000216825Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zc9nvhDiIU2c" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top; text-align: left; padding-bottom: 1pt">Return After Taxes on Distributions and Sale of Fund Shares</td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; vertical-align: bottom; text-align: center; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; vertical-align: bottom; text-align: center; padding-bottom: 1pt">1.78%</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">0.87%</td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; vertical-align: bottom; text-align: center; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; vertical-align: bottom; text-align: center; padding-bottom: 1pt">3.65%</td></tr> <tr style="vertical-align: bottom"> <td style="padding-top: 1pt; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; vertical-align: bottom; text-align: center; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; vertical-align: bottom; text-align: center; padding-bottom: 1pt"> </td> <td> </td> <td style="text-align: center"> </td> <td style="padding-top: 1pt; vertical-align: bottom; text-align: center; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; vertical-align: bottom; text-align: center; padding-bottom: 1pt">(March 18, 2021)</td></tr> <tr style="vertical-align: bottom"> <td style="padding-top: 1pt; text-indent: -0.125in; padding-left: 0.125in; vertical-align: bottom; text-align: left">C Class</td> <td style="padding-top: 1pt; vertical-align: bottom; text-align: center"> </td> <td style="padding-top: 1pt; vertical-align: bottom; text-align: center"> </td> <td> </td> <td style="color: White; text-align: center"> </td> <td style="padding-top: 1pt; vertical-align: bottom; text-align: center"> </td> <td style="padding-top: 1pt; vertical-align: bottom; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top; text-align: left; padding-bottom: 1pt">Return Before Taxes</td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; vertical-align: bottom; text-align: center; padding-bottom: 1pt"> </td> <td id="xdx_98D_eoef--AvgAnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000226152Member_zp4Nn707XyFk" style="border-bottom: Black 1pt solid; padding-top: 1pt; vertical-align: bottom; text-align: center; padding-bottom: 1pt">1.97%</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; color: White; text-align: center">N/A</td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; vertical-align: bottom; text-align: center; padding-bottom: 1pt"> </td> <td id="xdx_986_eoef--AvgAnnlRtrPct_c20210318__20251231__oef--ClassAxis__custom--C000226152Member_z6mxmlkjGXjc" style="border-bottom: Black 1pt solid; padding-top: 1pt; vertical-align: bottom; text-align: center; padding-bottom: 1pt">0.66%</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left">Bloomberg U.S. Aggregate Bond Index</td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; vertical-align: bottom; text-align: center"> </td> <td id="xdx_98E_eoef--AvgAnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000226152Member__oef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexMember_zSvOfMr0YnA9" style="border-bottom: Black 1pt solid; padding-top: 1pt; vertical-align: bottom; text-align: center">7.30%</td> <td style="border-bottom: Black 1pt solid"> </td> <td id="xdx_98B_eoef--AvgAnnlRtrPct_c20210101__20251231__oef--ClassAxis__custom--C000226152Member__oef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexMember_zD4ofrD8eEw1" style="border-bottom: Black 1pt solid; text-align: center">(0.36%)</td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; vertical-align: bottom; text-align: center"> </td> <td id="xdx_988_eoef--AvgAnnlRtrPct_c20210318__20251231__oef--ClassAxis__custom--C000226152Member__oef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexMember_zYLWtsyRA26h" style="border-bottom: Black 1pt solid; padding-top: 1pt; vertical-align: bottom; text-align: center">0.89%</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left">Dow Jones Moderate Portfolio Index* (reflects no deduction for fees, expenses or taxes)</td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; vertical-align: bottom; text-align: center"> </td> <td id="xdx_985_eoef--AvgAnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000226152Member__oef--PerformanceMeasureAxis__custom--DowJonesModeratePortfolioIndexMember_fKg_____zKK9zlb2nnAf" style="border-bottom: Black 1pt solid; padding-top: 1pt; vertical-align: bottom; text-align: center">13.82%</td> <td style="border-bottom: Black 1pt solid"> </td> <td id="xdx_989_eoef--AvgAnnlRtrPct_c20210101__20251231__oef--ClassAxis__custom--C000226152Member__oef--PerformanceMeasureAxis__custom--DowJonesModeratePortfolioIndexMember_fKg_____zV0poMUQBBua" style="border-bottom: Black 1pt solid; text-align: center">5.31%</td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; vertical-align: bottom; text-align: center"> </td> <td id="xdx_989_eoef--AvgAnnlRtrPct_c20210318__20251231__oef--ClassAxis__custom--C000226152Member__oef--PerformanceMeasureAxis__custom--DowJonesModeratePortfolioIndexMember_fKg_____zXxnMR0JcmQl" style="border-bottom: Black 1pt solid; padding-top: 1pt; vertical-align: bottom; text-align: center">6.45%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"> <tr style="vertical-align: top; text-align: justify; border-collapse: collapse"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">*</td> <td style="text-align: justify"> The Dow Jones Moderate Portfolio Index is now the Fund’s secondary index.</td> </tr> </table> Average Annual Total Returns for Periods Ended December 31, 2025 2019-12-30 Return Before Taxes 0.0305 0.0150 0.0526 0.0241 0.0078 0.0414 0.0178 0.0087 0.0365 2021-03-18 Return Before Taxes 0.0197 0.0066 0.0730 -0.0036 0.0089 reflects no deduction for fees, expenses or taxes 0.1382 0.0531 0.0645 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements, such as a 401(k) plan or an individual retirement account (“IRA”). After-tax returns are shown for the Institutional Class shares only and after-tax returns for the C Class shares will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements, such as a 401(k) plan or an individual retirement account (“IRA”). After-tax returns are shown for the Institutional Class shares only and after-tax returns for the C Class shares will vary. RISK/RETURN SUMMARY: INVESTMENT OBJECTIVE The Q3 All-Season Active Rotation ETF (the “Fund”) seeks to achieve long-term growth of capital. FEES AND EXPENSES This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A8C_eoef--AnnualFundOperatingExpensesTableTextBlock_zNTCbMuJRVoj"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zozosqKKBwx2" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="padding-top: 1pt; text-align: left; text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; padding-bottom: 1pt"> </td> <td id="xdx_49B_20260327__20260327__dei--LegalEntityAxis__custom--S000077993Member__oef--ClassAxis__custom--C000238715Member_zUaAGBce1K4i" style="padding-top: 1pt; text-align: center; padding-bottom: 1pt"> </td></tr> <tr id="xdx_40B_eoef--ManagementFeesOverAssets_dpn_zT67WujCbrii" style="vertical-align: bottom"> <td style="padding-top: 1pt; width: 87%; text-align: left; text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 1pt">Management Fees</td> <td style="padding-top: 1pt; width: 1%; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; width: 12%; text-align: center; padding-bottom: 1pt">0.65%</td></tr> <tr id="xdx_40D_eoef--OtherExpensesOverAssets_dpn_zj3MJmNL9Bi4" style="vertical-align: bottom"> <td style="padding-top: 1pt; text-align: left; text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 1pt">Other Expenses</td> <td style="padding-top: 1pt; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; text-align: center; padding-bottom: 1pt">0.50%</td></tr> <tr id="xdx_40B_eoef--Component1OtherExpensesOverAssets_dpn_zYbeEHeeCume" style="vertical-align: bottom"> <td style="padding-top: 1pt; text-align: left; text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 1pt">Interest and Dividend Expenses</td> <td style="padding-top: 1pt; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; text-align: center; padding-bottom: 1pt">0.02%</td></tr> <tr id="xdx_40E_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zPliap20OWll" style="vertical-align: bottom"> <td style="padding-top: 1pt; text-align: left; text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 1pt">Acquired Fund Fees and Expenses</td> <td style="padding-top: 1pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; text-align: center">0.21%</td></tr> <tr id="xdx_409_eoef--ExpensesOverAssets_dpn_zzcn24i620G7" style="vertical-align: bottom"> <td style="padding-top: 1pt; text-align: left; text-indent: -0.125in; padding-left: 0.125in">Total Annual Fund Operating Expenses(1) </td> <td style="padding-top: 1pt"> </td> <td style="padding-top: 1pt; text-align: center">1.38%</td></tr> <tr id="xdx_405_eoef--FeeWaiverOrReimbursementOverAssets_dpn_zV4mD30m3rJ7" style="vertical-align: bottom"> <td style="padding-bottom: 1pt; padding-top: 1pt; text-align: left; text-indent: -0.125in; padding-left: 0.25in">Less Management Fee Reductions and/or Expense Reimbursements(2)</td> <td style="padding-bottom: 1pt; padding-top: 1pt"> </td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; text-align: center">(0.06%)</td></tr> <tr id="xdx_40D_eoef--NetExpensesOverAssets_dpn_ztXy1JzSSNy4" style="vertical-align: bottom"> <td style="padding-bottom: 1pt; padding-top: 1pt; text-align: left; text-indent: -0.125in; padding-left: 0.125in">Total Annual Operating Expenses after Fee Reductions and/or Expense Reimbursements(2) </td> <td style="padding-bottom: 1pt; padding-top: 1pt"> </td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; text-align: center">1.32%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">(1)</td> <td style="text-align: justify"> “Total Annual Fund Operating Expenses” will not correlate to the ratio of the 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”.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; 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">(2)</td> <td style="text-align: justify">Q3 Asset Management Corporation (the “Adviser”) has contractually agreed, until March 31, 2027, to reduce Management Fees and reimburse Other Expenses to the extent necessary to limit Total Annual Fund Operating Expenses (exclusive of brokerage costs; taxes; interest; borrowing costs such as interest and dividend expenses on securities sold short; costs to organize the Fund; Acquired Fund fees and expenses; and extraordinary expenses such as litigation and merger or reorganization costs; and other expenses not incurred in the ordinary course of the Fund’s business) to an amount not exceeding 1.09% of the Fund’s average daily net assets. Management Fee reductions and expense reimbursements by the Adviser are subject to repayment by the Fund for a period of 3 years after the date on which such fees and expenses were incurred or waived, provided that the repayments do not cause Total Annual Fund Operating Expenses (exclusive of such reductions and reimbursements) to exceed (i) the expense limitation then in effect, if any, and (ii) the expense limitation in effect at the time the expenses to be repaid were incurred. Prior to March 31, 2027, this agreement may not be modified or terminated without the approval of the Fund’s Board of Trustees (the “Board”) of Ultimus Managers Trust (the “Trust”); provided, however, this agreement will terminate automatically as to the Fund if the Fund’s investment advisory agreement with the Adviser is terminated.</td> </tr> </table> 0.0065 0.0050 0.0002 0.0021 0.0138 -0.0006 0.0132 Total Annual Fund Operating Expenses” will not correlate to the ratio of the 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 31, 2027 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same and the contractual agreement to limit expenses remains in effect only until March 31, 2027. This example does not include brokerage commissions that you may pay to buy and sell Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A87_eoef--ExpenseExampleWithRedemptionTableTextBlock_zIqQwBQCIzul"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_zseoEztsAYj7" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_487_eoef--ExpenseExampleYear01_zVcQ8XqAzgnb" style="border-bottom: Black 1pt solid; padding-top: 1pt; font-weight: bold; text-align: center; padding-bottom: 1pt">1 Year</td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td id="xdx_48E_eoef--ExpenseExampleYear03_zIIzmLJY9Kue" style="border-bottom: Black 1pt solid; padding-top: 1pt; font-weight: bold; text-align: center; padding-bottom: 1pt">3 Years</td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td id="xdx_483_eoef--ExpenseExampleYear05_zi2H9al8vVIe" style="border-bottom: Black 1pt solid; padding-top: 1pt; font-weight: bold; text-align: center; padding-bottom: 1pt">5 Years</td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td id="xdx_48A_eoef--ExpenseExampleYear10_zeipLkMhYzF8" style="border-bottom: Black 1pt solid; padding-top: 1pt; font-weight: bold; text-align: center; padding-bottom: 1pt">10 Years</td></tr> <tr id="xdx_411_20260327__20260327__dei--LegalEntityAxis__custom--S000077993Member__oef--ClassAxis__custom--C000238715Member_zRioy1cxLkOf" style="vertical-align: bottom"> <td style="padding-top: 1pt; width: 25%; text-align: center">$134</td> <td style="padding-top: 1pt; text-align: center; width: 1%"> </td> <td style="padding-top: 1pt; width: 24%; text-align: center">$431</td> <td style="padding-top: 1pt; text-align: center; width: 1%"> </td> <td style="padding-top: 1pt; width: 24%; text-align: center">$750</td> <td style="padding-top: 1pt; text-align: center; width: 1%"> </td> <td style="padding-top: 1pt; width: 24%; text-align: center">$1,652</td></tr> </table> 134 431 750 1652 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example above, affect the Fund’s performance. This portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions. During the most recent fiscal period, the Fund’s portfolio turnover rate was 674% of the average value of its portfolio. 6.74 PRINCIPAL INVESTMENT STRATEGIES Under normal circumstances, the Fund will invest primarily in shares of other investment companies, including exchange-traded funds (“ETFs”), open-end mutual funds, and closed-end funds (collectively, “Portfolio Funds”) across four category “sleeves”: core equity, active equity, bonds, and alternatives. The Adviser establishes fixed target weightings for each sleeve based on the Adviser’s assessment of risk measures (including, without limitation, standard deviation and maximum loss), which weightings are periodically reviewed and may be changed overtime. The Adviser selects investments within each sleeve according to the Adviser’s proprietary, rules-based analytical approach for identifying the Portfolio Funds that have exhibited recent relative performance strength. The Adviser measures performance strength by reviewing a Portfolio Fund’s price action over various recent periods generally spanning between one and nine months. Portfolio Funds within each sleeve’s investment universe are then ranked against each other based on their relative performance strength, and the Adviser selects the top-ranked Portfolio Funds within each sleeve’s investment universe for investment by the Fund, with each selected Portfolio Fund within a sleeve weighted equally. The Adviser evaluates the relative strength of eligible investment options on a weekly basis, though positions are generally held for at least 30 days. The Fund will generally hold positions in at least two Portfolio Funds within each sleeve, however the Adviser may determine from time to time to allocate some or all of the active equity, alternative and/or bond sleeve to cash or cash equivalent securities, including short-term debt securities, repurchase agreements and money market mutual fund shares (“Money Market Instruments”) depending on market conditions. Each sleeve (core equity, active equity bonds, alternatives, bonds) has a separate investable universe of Portfolio Funds selected by the Adviser based on the Adviser’s assessment of factors including a Portfolio Fund’s historic returns, risks, liquidity profile, AUM, and other factors. The investment universe for the core equity sleeve is comprised of equity focused Portfolio Funds that are typically index-based and seek to replicate the performance of traditional equity “style boxes,” such as large/small/mid cap and growth/value. The investment universe for the active equity sleeve is comprised of equity focused Portfolio Funds with actively managed strategies such as smart-beta Portfolio Funds and Portfolio Funds that focus on particular sectors or sub-sectors of the economy or that focus on investment in international securities. The investment universe for the bonds sleeve is comprised of fixed-income Portfolio Funds across the fixed income landscape including Portfolio Funds that focus on: municipal securities, international bonds, corporate bonds, Treasury securities, and short-term fixed-income securities. The investment universe for the alternatives sleeve is comprised of Portfolio Funds that focus on asset classes that historically have had low correlation to both the equity and bond markets, including Portfolio Funds that focus on: currencies, commodities, precious metals, real estate (including real estate investment trusts (“REITS”)), and master limited partnerships (“MLPs”). The Fund will rotate into, and out of positions on a periodic basis, and the Fund’s portfolio is therefore expected to be traded frequently with annual portfolio turnover anticipated to be between 1000-1500%, which will result in increased transaction costs for the Fund and may adversely affect the Fund’s performance. Because the Fund will invest in the Portfolio Funds that the Adviser identifies as exhibiting relative strength, the Fund, at times, may have increased exposure to certain sectors of the economy when such sector(s) are exhibiting strong performance. During certain market conditions, notably those which the Fund deems to be relatively unattractive for equities the Fund may increase exposure to Portfolio Funds that the Adviser believes will aid in the preservation of capital. This may, at times, result in the Fund’s portfolio holding Portfolio Funds across both equities and fixed-income securities simultaneously. The Fund may indirectly invest in equity securities of all capitalization ranges and in debt securities of all credit qualities. All investments involve risks, and the Fund cannot guarantee that it will achieve its investment objective. As with any mutual fund or ETF investment, the Fund’s returns and share price will fluctuate, and you may lose money by investing in the Fund. The Fund’s exposure to the risks discussed below may be through the Fund’s direct investments or indirect through the Fund’s investments in the underlying Portfolio Funds. An investment in the Fund is not insured or guaranteed by any government agency. The Fund is subject to the following principal risks: <div style="display: none"></div> <div style="display: none"></div> the Fund’s returns and share price will fluctuate, and you may lose money by investing in the Fund. The Fund’s exposure to the risks discussed below may be through the Fund’s direct investments or indirect through the Fund’s investments in the underlying Portfolio Funds. An investment in the Fund is not insured or guaranteed by any government agency. Equity Securities Risk. The prices of equity securities in which the Fund invests indirectly through Portfolio Funds may fluctuate in response to many factors, including, but not limited to, the activities of the individual issuers, general market and economic conditions, interest rates, and specific industry changes. Such price fluctuations subject the Fund to potential losses. <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">●</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in">Large-Cap Company Risk. Large-capitalization companies may be unable to respond as quickly as smaller companies to new competitive challenges, such as changes in technology and consumer tastes, and may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion.</td> </tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">●</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in">Small-Cap and Mid-Cap Company Risk. Investing in small- and mid-capitalization companies involves greater risk than is customarily associated with larger, more established companies. Small- and mid-cap companies frequently have less management depth and experience, narrower market penetrations, less diverse product lines, less competitive strengths and fewer resources. Due to these and other factors, stocks of small- and mid-cap companies may be more susceptible to market downturns and other events, less liquid, and their prices may be more volatile.</td> </tr> </table> <div style="display: none"></div> <div style="display: none"></div> Market Risk. Market risk is the risk that the value of the securities in the Fund’s portfolio may decline due to daily fluctuations in the securities markets that are generally beyond the Adviser’s control, including fluctuation in interest rates, the quality of the Fund’s investments, economic conditions and general market conditions. Certain market events could cause turbulence in financial markets, and reduced liquidity in equity, credit and fixed income markets, such as changes in government economic policies, political turmoil, environmental events, trade disputes, and epidemics or other public health issues, which may negatively affect many issuers domestically and around the world. During periods of market volatility, security prices (including securities held by the Fund) could change drastically and rapidly and, therefore, adversely affect the Fund. <div style="display: none"></div> <div style="display: none"></div> Management Risk. 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. <div style="display: none"></div> <div style="display: none"></div> Quantitative Model Risk. Quantitative models used by the Adviser may not effectively identify distinct market states and may cause the Fund to underperform other investment strategies. Flaws or errors in the Adviser’s quantitative model’s assumptions, design, execution, or data inputs, or changes in historical trends may adversely affect Fund performance. Quantitative models may not perform as expected and may underperform in certain market environments including in stressed or volatile market conditions. There can be no assurance that the use of quantitative models will enable the Fund to achieve its objective. <div style="display: none"></div> <div style="display: none"></div> Momentum Style Risk. The Adviser employs a “momentum” style of investing for the Fund, which emphasizes investing in securities that have had higher recent price performance compared to other securities. This style of investing is subject to the risk that these securities may be more volatile than a broader cross-section of securities. Momentum can turn quickly, and investments that have previously exhibited price momentum may not continue to do so, may be considered overvalued, and may decline faster than other investments. The Fund may experience losses if momentum stops, reverses or otherwise behaves differently than predicted. <div style="display: none"></div> <div style="display: none"></div> Sector Risk. Because at times the Fund may emphasize 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 funds that do not emphasize investment in particular sectors. In addition, this may increase the risk of loss of an investment in the Fund and increase the volatility of the Fund’s NAV per share. <div style="display: none"></div> <div style="display: none"></div> Foreign Securities Risk. The Fund may, directly or indirectly, invest in foreign securities on foreign exchanges or in American Depository Receipts (“ADRs”). Investments in foreign securities involve risks that may be different from those of U.S. securities. Foreign securities are subject to individual country risk, less favorable reporting and disclosure risk, currency exchange risk, greater volatility, and may have higher liquidity risk than U.S.-registered securities. <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">●</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in">ADR Risk. ADRs are subject to risks similar to those associated with direct investments in foreign securities such as individual country, currency exchange, volatility, and liquidity risks.</td> </tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">●</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in">Foreign Currency Risk. The Fund may invest indirectly in foreign securities and therefore be indirectly exposed to foreign currencies. The value of the Fund’s assets as measured in U.S. dollars may be affected favorably or unfavorably by changes in currency exchange rates and exchange control regulations. The Fund’s exposure to foreign currencies subjects the Fund to constantly changing exchange rates and the risk that those currencies will decline in value relative to the U.S. dollar. As a result, the Fund’s exposure to foreign currencies may reduce the returns of the Fund.</td> </tr> </table> <div style="display: none"></div> <div style="display: none"></div> Fund of Funds Structure Risk. Investments in Portfolio Funds (i.e., ETFs and open end and closed end mutual funds) subject the Fund to paying its proportionate share of fees and expenses from those investments. In other words, by investing in the Fund, you will indirectly bear fees and expenses charged by the Portfolio Funds in which the Fund invests in addition to the Fund’s direct fees and expenses. In addition, 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 Portfolio Fund that the Fund may own. However, the Fund may invest in Portfolio Funds in accordance with Rule 12d1-4 under the 1940 Act, which permits funds to invest in shares of Portfolio Funds beyond the limitations otherwise imposed by the 1940 Act (“Rule 12d1-4”), subject to certain conditions. To the extent the Fund relies on Rule 12d1-4 to invest in Portfolio Funds, the risks described above may be greater than if the Fund limited its investment in Portfolio Funds in accordance with the limitations imposed by the 1940 Act without relying on Rule 12d1-4. The Fund is exposed to the risks associated with the securities and other investments held by its Portfolio Funds. The value of any Portfolio Fund will fluctuate according to the performance of that Portfolio Fund. <div style="display: none"></div> <div style="display: none"></div> ETF Risk. 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. <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">●</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in">Market Value Risk. The market value of an ETF’s shares may differ from its NAV. This difference in price may be due to the fact that the supply and demand in the market for ETF shares at any point in time is not always identical to the supply and demand in the market for the underlying basket of securities. Accordingly, there may be times when an ETF trades at a premium (creating the risk that the Fund pays more than NAV for an ETF when making a purchase) or discount (creating the risks that the Fund’s NAV is reduced for undervalued ETFs it holds, and that the Fund receives less than NAV when selling an ETF).</td> </tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">●</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in">Tracking Risk. Index-based Portfolio Funds may not be able to replicate exactly the performance of the indices they track because the total return generated by the securities will be reduced by transaction costs incurred in adjusting the actual balance of the securities. In addition, Portfolio Funds may incur expenses not incurred by their applicable indices. Certain securities comprising these indices may, from time to time, temporarily be unavailable, which may further impede a Portfolio Fund’s ability to track its applicable indices or match its performance.</td> </tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">●</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in">Sampling Risk. Index-based Portfolio Funds may utilize a representative sampling approach to track their respective underlying indices. Index-based Portfolio Funds that utilize a representative sampling approach are subject to</td> </tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: left"> <td style="width: 0.25in"> </td> <td style="width: 0.25in"> </td> <td style="text-align: justify">an increased risk of tracking error because the securities selected for the Portfolio Fund in the aggregate may vary from the investment profile of the underlying index. Additionally, if using a representative sampling approach, a Portfolio Fund will typically hold a smaller number of securities than the underlying index, and as a result, an adverse development to a Portfolio Fund could result in a greater decline in NAV than would be the case if the Portfolio Fund held all of the securities in the underlying index.</td></tr> </table> <div style="display: none"></div> <div style="display: none"></div> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedincomeSecuritiesRiskMember_z7ALQcqW8CMc" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify">Fixed-income Securities Risk. The Fund may invest, indirectly through Portfolio Funds, in fixed-income securities, including corporate debt securities, municipal securities and U.S. Government obligations. Corporate debt securities include, but are not limited to, debt obligations offered by public or private corporations either registered or unregistered. The market value of such securities may fluctuate in response to interest rates and the creditworthiness of the issuer. A debt security’s credit quality depends on the issuer’s ability to pay interest on the security and repay the debt; the lower the credit rating, the greater the risk that the security’s issuer will default. The credit risk of a security may also depend on the credit quality of any bank or financial institution that provides credit enhancement for the security. There are risks associated with the potential investment of the Fund’s assets in fixed-income securities, which may include credit risk, interest rate risk and maturity risk as described below: <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">●</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in">Credit Risk. Credit risk is the risk that the issuer or guarantor of a fixed-income security or counterparty to a transaction involving one or more bonds will be unable or unwilling to make timely principal and/or interest payments, or otherwise will be unable or unwilling to honor its financial obligations. If the issuer, guarantor, or counterparty fails to pay interest, income may be reduced. If the issuer, guarantor, or counterparty fails to repay principal, the value of that security may be reduced. The Fund may be subject to credit risk to the extent that it invests, indirectly through Portfolio Funds, in fixed-income securities that involve a promise by a third party to honor an obligation with respect to the fixed-income security. Securities rated BBB by S&P Global Ratings (“S&P”) or Fitch Ratings, Inc. (“Fitch”) or Baa by Moody’s Investors Service, Inc. (“Moody’s”) are considered investment-grade securities, but are somewhat riskier than more highly-rated investment-grade obligations (those rated A or better) because they are regarded as having only an adequate capacity to pay principal and interest, are considered to lack outstanding investment characteristics, and may be speculative. Such investment-grade securities will be subject to higher credit risk and may be subject to greater fluctuations in value than higher-rated securities. Credit risk is particularly significant for investments in “junk bonds” or lower than investment-grade securities.</td> </tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">●</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in">Interest Rate Risk. The price of a bond or a fixed-income security is dependent, in part, upon interest rates. Therefore, the share price and total return of the Fund when investing a significant portion of its assets, indirectly through Portfolio Funds, in fixed-income securities, will vary in response to changes in interest rates. There is the possibility that the value of the Fund’s investment in bonds or fixed income securities may fall because bonds or fixed income securities generally fall in value when interest rates rise. The longer the term of a bond or fixed income instrument, the more sensitive it will be to fluctuations in value from interest rate changes. Changes in interest rates may have a more pronounced effect if the Fund holds a significant portion of its assets, indirectly through Portfolio Funds, in fixed-income securities with long-term maturities.</td> </tr> </table> In the case of mortgage-backed securities, rising interest rates tend to extend the term to maturity of the securities, making them even more susceptible to interest rate changes. When interest rates drop, not only can the value of fixed-income securities drop, but also the yield can drop, particularly where the yield is tied to changes in interest rates, such as adjustable mortgages. Also when interest rates drop, the holdings of mortgage-backed securities, indirectly through Portfolio Funds, by the Fund can reduce returns if the owners of the underlying mortgages pay off their mortgages sooner than expected since the funds prepaid must be reinvested at lower prevailing interest rates. This is known as prepayment risk. When interest rates rise, the holdings of mortgage-backed securities, directly or indirectly by the Fund, can reduce returns if the owners of the underlying mortgages pay off their mortgages later than anticipated. This is known as extension risk. <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">●</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in">Maturity Risk. Maturity risk is another factor that can affect the value of the Fund’s fixed-income holdings. Certain Portfolio Funds may not have a limitation policy regarding the length of maturity for their fixed-income holdings. In general, fixed-income obligations with longer maturities have higher yields and a greater sensitivity to changes in interest rates. Conversely, fixed-income obligations with shorter maturities generally have lower yields but less sensitivity to changes in interest rates.</td> </tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">●</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in">Foreign Fixed-Income Securities. Investing in foreign fixed-income securities has the same risks as investing in foreign securities generally. In addition, foreign corporate bonds are subject to the risks that foreign companies may not be subject to uniform audit, financial reporting or disclosure standards, practices or requirements comparable to those found in the U.S., which may make it more difficult to evaluate the business and/or financial position of the issuer and the value of the bond. Foreign government bonds are also subject to the risks that governmental issuers of fixed-income</td> </tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"> </td> <td style="text-align: justify">securities may be unwilling to pay interest and repay principal when due or may require that conditions for payment be renegotiated. Volume and liquidity in most foreign bond markets are less than the volume and liquidity in the U.S. and, at times, volatility of price can be greater than in the U.S.</td> </tr> </table> <div style="display: none"></div> <div style="display: none"></div> Portfolio Turnover Risk. Frequent and active trading may result in greater expenses to the Fund, which may lower the Fund’s performance and may result in the realization of capital gains, including net short-term capital gains, which must generally be distributed to shareholders. Therefore, high portfolio turnover may reduce the Fund’s returns and increase taxable distributions to shareholders. <div style="display: none"></div> <div style="display: none"></div> Real Estate Investment Trust (“REIT”) Risk. REITs are susceptible to real estate risk and their operating expenses are separate from those of the Fund. Therefore, the Fund’s investments in REITs will result in the layering of expenses, which shareholders will indirectly, but proportionally, bear. <div style="display: none"></div> <div style="display: none"></div> Commodity Risk. Exposure to commodities through Portfolio Funds that invest in commodities may subject an investor to greater volatility than investments in traditional securities. The value of such investments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or sectors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs, and international economic, political and regulatory developments. <div style="display: none"></div> <div style="display: none"></div> Precious Metals Risk. Prices of gold and other precious metal stocks can be extremely volatile and may be directly or indirectly influenced by a variety of global economic, financial and political factors. The prices of gold and other precious metals may experience unusual price movements over short periods of time, which movements typically are not closely tied to the general movements of the stock market. The price of gold and precious metals may be affected by supply and demand, real or perceived inflationary trends and unpredictable monetary policies. <div style="display: none"></div> <div style="display: none"></div> MLP Risk. 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. <div style="display: none"></div> <div style="display: none"></div> Exchange-Traded Risk. Because the Fund’s shares are traded on an exchange, they are subject to additional risks: <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">●</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in">The Fund’s shares are listed for trading on Cboe BZX Exchange, Inc. (the Exchange”) and are bought and sold on the secondary market at market prices. Although it is expected that the market price of the Fund’s shares will typically approximate its NAV, there may be times when the market price and the NAV differ significantly. Thus, you may pay more or less than NAV when you buy the Fund’s shares on the secondary market, and you may receive more or less than NAV when you sell those shares.</td> </tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">●</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in">Although the Fund’s shares are listed for trading on the Exchange, it is possible that an active trading market may not develop or be maintained.</td> </tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">●</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify; text-indent: 0in">Trading of the Fund’s shares may be halted by the activation of individual or market-wide trading halts (which halt trading for a specific period of time when the price of a particular security or overall market prices decline by a specified percentage). Trading of the Fund’s shares may also be halted if 1) the shares are delisted from the Exchange without first being listed on another exchange, or 2) the Exchange officials determine that such action is appropriate in the interest of a fair and orderly market for the protection of investors.</td> </tr> </table> <div style="display: none"></div> <div style="display: none"></div> Authorized Participant Concentration Risk. Only an Authorized Participant (as defined in the “How to Buy and Sell Shares” section of this prospectus) may engage in creation or 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 (as defined in the “Purchase and Sale of Fund Shares” section of this prospectus), Fund shares may trade at a discount to NAV and possibly face trading halts and/or delisting. PERFORMANCE SUMMARY The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for one year and since inception compare with those of a broad-based securities market index and a secondary 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. Updated performance information, current through the most recent month end, will be available by calling 1-888-348-1255 or by visiting www.q3allseasonfunds.com. The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for one year and since inception compare with those of a broad-based securities market index and a secondary 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. 1-888-348-1255 www.q3allseasonfunds.com Annual Total Return Year/Period Ended December 31 Calendar Year Returns* <img alt="" src="qvoy_002.jpg" style="height: 284px; width: 500px"/> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zZPey1V9BTi" style="font: 10pt Arial, Helvetica, Sans-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%">2023</td> <td id="xdx_986_eoef--AnnlRtrPct_c20230101__20231231__oef--ClassAxis__custom--C000238715Member_fKg_____zrrcDMHKqXh1" style="display: none; text-align: center; width: 50%">17.33%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2024</td> <td id="xdx_98B_eoef--AnnlRtrPct_c20240101__20241231__oef--ClassAxis__custom--C000238715Member_fKg_____zeNP3RLNt3X5" style="display: none; text-align: center">1.69%</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__oef--ClassAxis__custom--C000238715Member_fKg_____zJknecYJHSK" style="display: none; text-align: center">16.30%</td></tr> </table> 0.1733 0.0169 0.1630 <div id="xdx_A82_eoef--BarChartFootnotesTextBlock_zzOfidg6Uxga"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif;width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify"> <td id="xdx_F07_zvH5M3TOZg2f" style="width: 15%; text-align: right">*</td> <td style="padding-left: 10pt; text-align: justify"> The Fund’s year-to-date return through December 31, 2025 was 16.30%.</td> <td style="width: 15%"> </td></tr> </table> The Fund’s year-to-date 2025-12-31 0.1630 Quarterly Returns During This Time Period <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-left: auto; border-collapse: collapse; width: 50%; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="width: 15%; text-align: left">Highest</td> <td style="width: 10%; text-align: left">10.16%</td> <td style="white-space: nowrap; width: 25%; text-align: left">(quarter ended June 30, 2023)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Lowest</td> <td style="text-align: left">(5.86%)</td> <td style="white-space: nowrap; text-align: left">(quarter ended June 30, 2024)</td></tr> </table> Highest 0.1016 2023-06-30 Lowest -0.0586 2024-06-30 <div id="xdx_A8F_eoef--PerformanceTableTextBlock_zkPQ4Wf7vgVh"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_z1ijqNRayS06" style="font: 10pt Arial, Helvetica, Sans-Serif;width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td id="xdx_98B_eoef--PerformanceTableHeading_c20260327__20260327__dei--LegalEntityAxis__custom--S000077993Member_zi3vE7v42Dwf" style="border-bottom: Black 1pt solid; padding-top: 1pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Average Annual Total Returns for Periods Ended December 31, 2025</td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; font-weight: bold; padding-bottom: 1pt"> </td> <td id="xdx_49A_20250101__20251231_z1CpXf7mdnF8" style="border-bottom: Black 1pt solid; padding-top: 1pt; font-weight: bold; text-align: center; padding-bottom: 1pt">One Year</td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; font-weight: bold; padding-bottom: 1pt"> </td> <td id="xdx_49A_20221206__20251231_z6Rh36h8hOR9" style="border-bottom: Black 1pt solid; padding-top: 1pt; font-weight: bold; text-align: center; padding-bottom: 1pt">Since Inception (December 6, 2022)</td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_hoef--ClassAxis__custom--C000238715Member_zVMRnxvKUNp8" style="vertical-align: bottom"> <td style="padding-top: 1pt; text-indent: -0.125in; padding-left: 0.125in; width: 68%; text-align: left; padding-bottom: 1pt">Return Before Taxes</td> <td style="padding-top: 1pt; width: 1%; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; width: 15%; text-align: center; padding-bottom: 1pt">16.30%</td> <td style="padding-top: 1pt; width: 1%; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; width: 15%; text-align: center; padding-bottom: 1pt">11.17%</td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_hoef--ClassAxis__custom--C000238715Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_z0zFOFYEw2Id" style="vertical-align: bottom"> <td style="padding-top: 1pt; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1pt">Return After Taxes on Distributions</td> <td style="padding-top: 1pt; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; text-align: center; padding-bottom: 1pt">12.41%</td> <td style="padding-top: 1pt; padding-bottom: 1pt"> </td> <td style="padding-top: 1pt; text-align: center; padding-bottom: 1pt">8.02%</td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_hoef--ClassAxis__custom--C000238715Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zYymlrSB5MVi" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1pt">Return After Taxes on Distributions and Sale of Fund Shares</td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; text-align: center; padding-bottom: 1pt">9.79%</td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; text-align: center; padding-bottom: 1pt">7.50%</td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_hoef--ClassAxis__custom--C000238715Member__oef--PerformanceMeasureAxis__custom--MSCIWorldIndexMember_zzHTNkXoZhm9" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1pt">MSCI World Index (reflects no deduction for fees, expenses or taxes)</td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; text-align: center; padding-bottom: 1pt">21.09%</td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; text-align: center; padding-bottom: 1pt">19.79%</td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_hoef--ClassAxis__custom--C000238715Member__oef--PerformanceMeasureAxis__custom--DowJonesModeratelyAggressivePortfolioIndexMember_zD0y3aLCrWxk" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Dow Jones Moderately Aggressive Portfolio Index* (reflects no deduction for fees, expenses or taxes)</td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt"> </td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; text-align: center">16.73%</td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt"> </td> <td style="border-bottom: Black 1pt solid; padding-top: 1pt; text-align: center">13.51%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: left">*</td> <td style="text-align: justify"> The Dow Jones Moderately Aggressive Portfolio Index is now the Fund’s secondary index.</td> </tr> </table> Average Annual Total Returns for Periods Ended December 31, 2025 2022-12-06 Return Before Taxes 0.1630 0.1117 0.1241 0.0802 0.0979 0.0750 0.2109 0.1979 reflects no deduction for fees, expenses or taxes 0.1673 0.1351 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements, such as a 401(k) plan or an individual retirement account (“IRA”). After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements, such as a 401(k) plan or an individual retirement account (“IRA”). A Class share purchases of $1,000,000 or more are subject to a 1.00% Contingent Deferred Sales Charge (“CDSC”) if redeemed during the first 18 months after purchase unless the dealer, at its discretion, has waived the CDSC. C Class share purchases are subject to a 1.00% Contingent Deferred Sales Charge (“CDSC”) if redeemed during the first 12 months after purchase. Lyrical Asset Management LP (the “Adviser”) has contractually agreed, until April 1, 2027, to reduce Management Fees and reimburse Other Expenses to the extent necessary to limit Total Annual Fund Operating Expenses of each class of shares of the U.S. Fund (exclusive of brokerage costs, taxes, interest, borrowing costs such as interest and dividend expenses on securities sold short, acquired fund fees and expenses, and extraordinary expenses such as litigation and merger or reorganization costs and other expenses not incurred in the ordinary course of the U.S. Fund’s business) to an amount not exceeding 0.99% of the average daily net assets of the Institutional Class shares, 1.24% of the average daily net assets of the Investor Class shares, 1.24% of the average daily net assets of the A Class shares, and 1.99% of the average daily net assets of the C Class shares. Management Fee reductions and expense reimbursements by the Adviser are subject to repayment by the U.S. Fund for a period of 3 years after the date that such fees and expenses were waived or reimbursed, provided that the repayments do not cause Total Annual Fund Operating Expenses to exceed (i) the expense limitation then in effect, if any, and (ii) the expense limitation in effect at the time the expenses to be repaid were incurred. Prior to April 1, 2027, this agreement may not be modified or terminated without the approval of the U.S. Fund’s Board of Trustees (the “Board”). This agreement will terminate automatically if the U.S. Fund’s investment advisory agreement with the Adviser is terminated. During the fiscal year ended November 30, 2025, the Adviser recouped $131,236 of prior years’ management fee reductions and expense reimbursements. The U.S. Fund’s year-to-date return through December 31, 2025 is 17.84%. Lyrical Asset Management LP (the “Adviser”) has contractually agreed, until April 1, 2027, to reduce Management Fees and reimburse Other Expenses to the extent necessary to limit Total Annual Fund Operating Expenses of each class of shares of the International Fund (exclusive of brokerage costs, taxes, interest, borrowing costs such as interest and dividend expenses on securities sold short, costs to organize the International Fund, acquired fund fees and expenses, and extraordinary expenses such as litigation and merger or reorganization costs and other expenses not incurred in the ordinary course of the International Fund’s business) to an amount not exceeding 0.99% of the average daily net assets of the Institutional Class shares and 1.24% of the average daily net assets of the Investor Class shares. Management Fee reductions and expense reimbursements by the Adviser are subject to repayment by the International Fund for a period of 3 years after the date that such fees and expenses were waived or reimbursed, provided that the repayments do not cause Total Annual Fund Operating Expenses to exceed (i) the expense limitation then in effect, if any, and (ii) the expense limitation in effect at the time the expenses to be repaid were incurred. Prior to April 1, 2027, this agreement may not be modified or terminated without the approval of the International Fund’s Board of Trustees (the “Board”). This agreement will terminate automatically if the International Fund’s investment advisory agreement with the Adviser is terminated. The International Fund’s year-to-date return through December 31, 2025 is 35.74%. “Total Annual Fund Operating Expenses” will not correlate to the ratio of expenses to the average net assets in the Systematic Opportunities Fund’s Financial Highlights, because the Fund’s Financial Highlights do not reflect the Fund’s proportionate share of expenses of the underlying investment companies in which the Fund invests. During the fiscal year ended November 30, 2025, the Adviser recouped $168 of prior years’ management fee reductions and expense reimbursements. Q3 Asset Management Corporation (the “Adviser”) has contractually agreed, until March 31, 2027, to reduce Management Fees and reimburse Other Expenses to the extent necessary to limit Total Annual Fund Operating Expenses (exclusive of brokerage costs; taxes; interest; borrowing costs such as interest and dividend expenses on securities sold short; costs to organize the Systematic Opportunities Fund; Acquired Fund fees and expenses; and extraordinary expenses such as litigation and merger or reorganization costs; and other expenses not incurred in the ordinary course of the Systematic Opportunities Fund’s business) to an amount not exceeding 2.79% of the C Class shares’ and 1.79% of the Institutional Class shares’, average daily net assets. Management Fee reductions and expense reimbursements by the Adviser are subject to repayment by the Systematic Opportunities Fund for a period of 3 years after the date on which such fees and expenses were incurred or waived, provided that the repayments do not cause Total Annual Fund Operating Expenses (exclusive of such reductions and reimbursements) to exceed (i) the expense limitation then in effect, if any, and (ii) the expense limitation in effect at the time the expenses to be repaid were incurred. Prior to March 31, 2027, this agreement may not be modified or terminated without the approval of the Systematic Opportunities Fund’s Board of Trustees (the “Board”) of Ultimus Managers Trust (the “Trust”); provided, however, this agreement will terminate automatically as to the Systematic Opportunities Fund if the Systematic Opportunities Fund’s investment advisory agreement (the “Systematic Opportunities Fund’s Advisory Agreement”) with the Adviser is terminated. The Systematic Opportunities Fund’s year-to-date return through December 31, 2025 was 20.03%. The Dow Jones Moderate Portfolio Index is now the Fund’s secondary index. “Total Annual Fund Operating Expenses” and “Total Annual Fund Operating Expenses After Fee Reductions and/or Expenses Reimbursement” will not correlate to the ratio of expenses to the average net assets in the Tactical Fund’s Financial Highlights because the Fund’s Financial Highlights do not reflect the Fund’s proportionate share of expenses of the underlying investment companies in which the Fund invests. Q3 Asset Management Corporation (the “Adviser”) has contractually agreed, until March 31, 2027, to reduce Management Fees and reimburse Other Expenses to the extent necessary to limit Total Annual Fund Operating Expenses (exclusive of brokerage costs; taxes; interest; borrowing costs such as interest and dividend expenses on securities sold short; costs to organize the Tactical Fund; Acquired Fund fees and expenses; and extraordinary expenses such as litigation and merger or reorganization costs; and other expenses not incurred in the ordinary course of the Tactical Fund’s business;) to an amount not exceeding 2.94% of the C Class shares’, and 1.94% of the Institutional Class shares’, average daily net assets. Management Fee reductions and expense reimbursements by the Adviser are subject to repayment by the Tactical Fund for a period of 3 years after the date on which such fees and expenses were incurred or waived, provided that the repayments do not cause Total Annual Fund Operating Expenses (exclusive of such reductions and reimbursements) to exceed (i) the expense limitation then in effect, if any, and (ii) the expense limitation in effect at the time the expenses to be repaid were incurred. Prior to March 31, 2027, this agreement may not be modified or terminated without the approval of the Tactical Fund’s Board of Trustees (the “Board”) of Ultimus Managers Trust (the “Trust”); provided, however, this agreement will terminate automatically as to the Tactical Fund if the Tactical Fund’s investment advisory agreement (the “Tactical Fund’s Advisory Agreement”) with the Adviser is terminated. The Tactical Fund’s year-to-date return through December 31, 2025 was 3.05%. The Dow Jones Moderate Portfolio Index is now the Fund’s secondary index. “Total Annual Fund Operating Expenses” will not correlate to the ratio of the 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”. Q3 Asset Management Corporation (the “Adviser”) has contractually agreed, until March 31, 2027, to reduce Management Fees and reimburse Other Expenses to the extent necessary to limit Total Annual Fund Operating Expenses (exclusive of brokerage costs; taxes; interest; borrowing costs such as interest and dividend expenses on securities sold short; costs to organize the Fund; Acquired Fund fees and expenses; and extraordinary expenses such as litigation and merger or reorganization costs; and other expenses not incurred in the ordinary course of the Fund’s business) to an amount not exceeding 1.09% of the Fund’s average daily net assets. Management Fee reductions and expense reimbursements by the Adviser are subject to repayment by the Fund for a period of 3 years after the date on which such fees and expenses were incurred or waived, provided that the repayments do not cause Total Annual Fund Operating Expenses (exclusive of such reductions and reimbursements) to exceed (i) the expense limitation then in effect, if any, and (ii) the expense limitation in effect at the time the expenses to be repaid were incurred. Prior to March 31, 2027, this agreement may not be modified or terminated without the approval of the Fund’s Board of Trustees (the “Board”) of Ultimus Managers Trust (the “Trust”); provided, however, this agreement will terminate automatically as to the Fund if the Fund’s investment advisory agreement with the Adviser is terminated. The Fund’s year-to-date return through December 31, 2025 was 16.30%. The Dow Jones Moderately Aggressive Portfolio Index is now the Fund’s secondary index.