As with any mutual fund investment, there is a risk that you could lose money by investing in the Fund. The Fund is not intended to be a complete investment program and there is no assurance that the Fund will achieve its investment objective. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

Moral Investing Risks. The Adviser invests in equity securities only if they meet both the Fund’s investment and religious criteria; therefore, the Fund’s return may be lower than it would if the Adviser made decisions based solely on investment considerations. If the Fund holds a security of a company that has violated the teachings and core values of the Roman Catholic Church, it could result in the Fund selling the security at an inopportune time from a purely financial point of view. The process of screening out companies based on religious principles relies in part upon information or data from third parties that may be inaccurate or unavailable, which could cause the Fund to inadvertently hold securities that do not meet its religious criteria.

Preferred Stock Risks. Preferred stock is subject to the risks of equity securities as well as risks associated with fixed income securities, such as interest rate risk. Because a company will generally pay dividends on preferred stock only after it has made its required payments to creditors, the value of a company’s preferred stock may react strongly to actual or perceived changes in the company’s financial condition or outlook. Preferred stock may be less liquid than common stock and generally has limited or no voting rights. In addition, preferred stock is subject to the risk that a company may defer or not pay dividends, may call or redeem its preferred stock, or convert it to common stock.

Sector Risks. If the Fund holds significant investments in the securities of issuers in industries within a particular sector, any development affecting that sector will have a greater impact on the value of the Fund’s net assets than would be the case if the Fund did not have significant investments in that sector. For instance, economic or market factors, regulation or deregulation, or technological or other developments may negatively impact all companies in a particular sector. This may increase the risk of loss in the Fund. As of December 31, 2025, the Fund had 54.6% of its net assets invested in stocks within the technology sector, including 26.4% in the semiconductor industry. The values of securities of companies in the technology sector may be adversely affected by competitive pressures, short product cycles, aggressive pricing and rapid obsolescence of existing products and technologies, as well as the risks associated with artificial intelligence, such as high capital expenditures, rapid innovation cycles, heightened regulatory scrutiny, operational risks and vulnerabilities from reliance on complex automated systems.

Security Selection and Investment Style Risks. Like any mutual fund, the Adviser’s method of security selection may not be successful and the Fund may underperform the stock market as a whole. Growth securities typically trade at higher multiples of current earnings than other securities. Therefore, growth securities may be more sensitive to changes in current or expected earnings than other securities. Growth securities may also be more volatile because growth companies usually invest a high portion of earnings in their business and may lack the dividend income of value companies that can offset losses in a falling market. A company may never achieve the earnings growth the Adviser anticipates and the Fund’s growth style may go out of favor with investors.

As with any mutual fund investment, there is a risk that you could lose money by investing in the Fund. The Fund is not intended to be a complete investment program and there is no assurance that the Fund will achieve its investment objective. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

Moral Investing Risks. The Adviser invests in equity securities only if they meet both the Fund’s investment and religious criteria; therefore, the Fund’s return may be lower than it would if the Adviser made decisions based solely on investment considerations. If the Fund holds a security of a company that has violated the teachings and core values of the Roman Catholic Church, it could result in the Fund selling the security at an inopportune time from a purely financial point of view. The process of screening out companies based on religious principles relies in part upon information or data from third parties that may be inaccurate or unavailable, which could cause the Fund to inadvertently hold securities that do not meet its religious criteria.

Preferred Stock Risks. Preferred stock is subject to the risks of equity securities as well as risks associated with fixed income securities, such as interest rate risk. Because a company will generally pay dividends on preferred stock only after it has made its required payments to creditors, the value of a company’s preferred stock may react strongly to actual or perceived changes in the company’s financial condition or outlook. Preferred stock may be less liquid than common stock and generally has limited or no voting rights. In addition, preferred stock is subject to the risk that a company may defer or not pay dividends, may call or redeem its preferred stock, or convert it to common stock.

Sector Risks. If the Fund holds significant investments in the securities of issuers in industries within a particular sector, any development affecting that sector will have a greater impact on the value of the Fund’s net assets than would be the case if the Fund did not have significant investments in that sector. For instance, economic or market factors, regulation or deregulation, or technological or other developments, may negatively impact all companies in a particular sector. This may increase the risk of loss in the Fund and its share price volatility. As of December 31, 2025, the Fund had 25.9% of its net assets invested in stocks within the technology sector. The values of securities of companies in the technology sector may be adversely affected by competitive pressures, short product cycles, aggressive pricing and rapid obsolescence of existing products and technologies, as well as the risks associated with artificial intelligence, such as high capital expenditures, rapid innovation cycles, heightened regulatory scrutiny, operational risks and vulnerabilities from reliance on complex automated systems.

Security Selection and Investment Style Risks. Like any mutual fund, the Adviser’s method of security selection may not be successful and the Fund may underperform the stock market as a whole. There is no guarantee that the securities selected for the Fund will provide increasing dividend income or earnings growth. Changes in the dividend policies or capital resources of companies in which the Fund invests may affect the Fund’s ability to generate income. The investment style utilized for the Fund could fall out of favor with investors, which may cause the Fund to underperform relative to other mutual funds that do not emphasize dividend paying stocks.

Special Situation Company Risks. Investing in special situation companies carries an additional risk of loss if the expected development does not occur or produce the intended results. The availability of special situation companies that present attractive investment opportunities may be sporadic, or rare in certain instances, which may detract from the Fund’s ability to pursue its investment objectives.

General Market Risks. The return on and value of an investment in the Fund will fluctuate in response to stock market movements. Stocks and other equity securities are subject to a variety of risks, including rapid fluctuations in price or liquidity driven by company or industry-specific developments, broad market trends, economic and political conditions, investor perceptions, interest rate changes, and other factors beyond the control of the Adviser. Stocks tend to move in cycles which may cause the Fund’s share price to decline in tandem with a drop in the overall markets. Wars or conflicts, political events, or industry developments may cause periods of volatility, reduced liquidity, or other adverse effects in the financial markets. Natural or environmental disasters, including earthquakes, fires, floods, hurricanes and tsunamis, and widespread disease, such as pandemics or epidemics, can be highly disruptive to economies and the markets. Global economies and financial markets have become interconnected, which increases the risk that economic, financial, or political events in one country may have a profound and unexpected impact on other economies or markets, including the U.S. financial markets.

Recent Market Events. The financial markets continue to experience periods of volatility driven by evolving economic conditions, shifting monetary and fiscal policies, and ongoing geopolitical tensions. The continued effects of high inflation have resulted in lower purchasing power and slower global growth, contributing to uncertainty about the pace and timing of the Federal Reserve’s monetary actions. The U.S. government’s newly implemented and expanded tariff regimes have contributed to higher input costs, supply chain disruptions, and pressure for companies that are in export-driven industries or dependent on cross border inputs. The strategic competitive relationship between the U.S. and China continues to influence global trade policy and investor sentiment, while broader geopolitical developments, including military conflicts, political instability in key economies, and renewed concerns about government funding standoffs, present ongoing risks to economic stability. In addition, evolving technological and structural changes, including rapid investments in artificial intelligence and automation, have contributed to short-term market swings and increased uncertainty about corporate earnings, labor market trends, and sector-specific performance. These and other events that may arise in the future could exacerbate pre-existing political, social, and economic risks in ways that cannot be predicted.

Preferred Stock Risks. Preferred stock is subject to the risks of equity securities as well as risks associated with fixed income securities, such as interest rate risk. Because a company will generally pay dividends on preferred stock only after it has made its required payments to creditors, the value of a company’s preferred stock may react strongly to actual or perceived changes in the company’s financial condition or outlook. Preferred stock may be less liquid than common stock and generally has limited or no voting rights. In addition, preferred stock is subject to the risk that a company may defer or not pay dividends, may call or redeem its preferred stock, or convert it to common stock.

Sector Risks. If the Fund holds significant investments in the securities of issuers in industries within a particular sector, any development affecting that sector will have a greater impact on the value of the Fund’s net assets than would be the case if the Fund did not have significant investments in that sector. For instance, economic or market factors, regulation or deregulation, or technological or other developments may negatively impact all companies in a particular sector. This may increase the risk of loss and volatility in the Fund.

Small and Mid-Cap Capitalization Risks. The Fund will emphasize investments in small and mid-cap stocks, which may cause its share price to be more susceptible to the financial, market or economic events affecting issuers within those market capitalizations. Small and mid-capitalization companies may lack the management experience, financial resources, product diversification and other competitive strengths usually present in larger companies. In many instances, the securities of small and mid-capitalization companies are traded only over-the-counter or on a regional securities exchange, and the frequency and volume of their trading is substantially less than is typical of larger companies, making them subject to greater price fluctuations than the stocks of larger cap companies.

General Market Risks. The return on and value of an investment in the Fund will fluctuate in response to stock market movements. Stocks and other equity securities are subject to a variety of risks, including rapid fluctuations in price or liquidity driven by company or industry-specific developments, broad market trends, economic and political conditions, investor perceptions, interest rate changes, and other factors beyond the control of the Adviser. Stocks tend to move in cycles which may cause the Fund’s share price to decline in tandem with a drop in the overall markets. Wars or conflicts, political events, or industry developments may cause periods of volatility, reduced liquidity, or other adverse effects in the financial markets. Natural or environmental disasters, including earthquakes, fires, floods, hurricanes and tsunamis, and widespread disease, such as pandemics or epidemics, can be highly disruptive to economies and the markets. Global economies and financial markets have become interconnected, which increases the risk that economic, financial, or political events in one country may have a profound and unexpected impact on other economies or markets, including the U.S. financial markets.

Recent Market Events. The financial markets continue to experience periods of volatility driven by evolving economic conditions, shifting monetary and fiscal policies, and ongoing geopolitical tensions. The continued effects of high inflation have resulted in lower purchasing power and slower global growth, contributing to uncertainty about the pace and timing of the Federal Reserve’s monetary actions. The U.S. government’s newly implemented and expanded tariff regimes have contributed to higher input costs, supply chain disruptions, and pressure for companies that are in export-driven industries or dependent on cross border inputs. The strategic competitive relationship between the U.S. and China continues to influence global trade policy and investor sentiment, while broader geopolitical developments, including military conflicts, political instability in key economies, and renewed concerns about government funding standoffs, present ongoing risks to economic stability. In addition, evolving technological and structural changes, including rapid investments in artificial intelligence and automation, have contributed to short-term market swings and increased uncertainty about corporate earnings, labor market trends, and sector-specific performance. These and other events that may arise in the future could exacerbate pre-existing political, social and economic risks in ways that cannot be predicted.

Foreign Exposure Risks. Investments in foreign securities involve risks that may differ from those associated with U.S. securities, including the risk that foreign economies may be less stable or more susceptible to adverse conditions than the U.S. economy. Foreign securities may not be subject to the same audit, financial reporting, or disclosure standards and practices that apply in the U.S., which can limit the availability or reliability of information used to evaluate these investments. Foreign securities may also be adversely affected by unfavorable changes in investment or exchange control regulations, tariffs, expropriation or confiscatory taxation, delays in settlement transactions, limitations on the removal of money or other assets, political or social instability, war or armed conflicts, and the nationalization of companies or industries. Additional risks may arise from the imposition of capital or currency controls, changes to international trade agreements, or political or economic dysfunction within some nations that are global economic powers or major energy producers. Unsponsored depositary receipts carry additional risks beyond direct foreign investments since they may provide less timely issuer information, may not pass through voting rights and may require investors to bear certain transaction fees.

Convertible Security Risks. A convertible security is a bond or preferred stock that can be exchanged or converted into a specific number of shares of the issuer’s common stock. When the price of the underlying stock falls, the price of a convertible security tends to decline. Because a company must generally pay interest on its nonconvertible secured debt before it can pay interest on its convertible securities, the credit rating of a company’s convertible securities is generally lower than on its secured nonconvertible debt securities. A convertible security may be “callable,” which means the issuer can redeem the security prior to its maturity.

Holdings Risks. If the Fund emphasizes investments in a particular issuer or issuers or holds a smaller number of portfolio securities than other diversified mutual funds, the Fund’s portfolio will be more susceptible to the depreciation of any one security than a fund that invests in a larger number of stocks.

Market Capitalization Risks. The Fund may emphasize investment in a particular market capitalization, which may cause its share price to be more susceptible to the financial, market or economic events affecting issuers within that market capitalization. Larger capitalization companies may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes, have fewer opportunities to expand the market for their products or services, and may not be able to attain the high growth rate of successful smaller companies. Small and mid-capitalization companies may lack the management experience, financial resources, product diversification, and other competitive strengths usually present in larger companies. Micro-cap companies may have limited product lines, markets, and access to financing, and may lack the management depth of larger companies. In many instances, the securities of micro, small and mid-capitalization companies are traded only over-the-counter or on a regional securities exchange, and the frequency and volume of their trading is substantially less than is typical of larger companies.

General Market Risks. The return on and value of an investment in the Fund will fluctuate in response to stock market movements. Stocks and other equity securities are subject to a variety of risks, including rapid fluctuations in price or liquidity driven by company or industry-specific developments, broad market trends, economic and political conditions, investor perceptions, interest rate changes, and other factors beyond the control of the Adviser. Stocks tend to move in cycles which may cause the Fund’s share price to decline in tandem with a drop in the overall markets. Wars or conflicts, political events, or industry developments may cause periods of volatility, reduced liquidity, or other adverse effects in the financial markets. Natural or environmental disasters, including earthquakes, fires, floods, hurricanes and tsunamis, and widespread disease, such as pandemics or epidemics, can be highly disruptive to economies and the markets. Global economies and financial markets have become interconnected, which increases the risk that economic, financial, or political events in one country may have a profound and unexpected impact on other economies or markets, including the U.S. financial markets.

Recent Market Events. The financial markets continue to experience periods of volatility driven by evolving economic conditions, shifting monetary and fiscal policies, and ongoing geopolitical tensions. The continued effects of high inflation have resulted in lower purchasing power and slower global growth, contributing to uncertainty about the pace and timing of the Federal Reserve’s monetary actions. The U.S. government’s newly implemented and expanded tariff regimes have contributed to higher input costs, supply chain disruptions, and pressure for companies that are in export-driven industries or dependent on cross border inputs. The strategic competitive relationship between the U.S. and China continues to influence global trade policy and investor sentiment, while broader geopolitical developments, including military conflicts, political instability in key economies, and renewed concerns about government funding standoffs, present ongoing risks to economic stability. In addition, evolving technological and structural changes, including rapid investments in artificial intelligence and automation, have contributed to short-term market swings and increased uncertainty about corporate earnings, labor market trends, and sector-specific performance. These and other events that may arise in the future could exacerbate pre-existing political, social, and economic risks in ways that cannot be predicted.

Foreign Exposure Risks. Investments in foreign securities involve risks that may differ from those associated with U.S. securities, including the risk that foreign economies may be less stable or more susceptible to adverse conditions than the U.S. economy. Foreign securities may not be subject to the same audit, financial reporting, or disclosure standards and practices that apply in the U.S., which can limit the availability or reliability of information used to evaluate these investments. Foreign securities may also be adversely affected by unfavorable changes in investment or exchange control regulations, tariffs, expropriation or confiscatory taxation, delays in settlement transactions, limitations on the removal of money or other assets, political or social instability, war or armed conflicts, and the nationalization of companies or industries. Additional risks may arise from the imposition of capital or currency controls, changes to international trade agreements, or political or economic dysfunction within some nations that are global economic powers or major energy producers.

Depositary receipts are subject to some of the same risks as direct investment in foreign companies and certain additional risks. In a sponsored depositary arrangement, the foreign issuer assumes the obligation to pay some or all of the depositary’s transaction fees. Under an unsponsored depositary arrangement, the foreign issuer assumes no obligation and the depositary’s transaction fees are paid directly by the depositary holders. Because unsponsored depositary arrangements are organized independently and without the cooperation of the issuer of the underlying securities, available information concerning the foreign issuer may not be as current as for sponsored depositaries and voting rights for the deposited securities are not passed through to the holders.

Convertible Security Risks. A convertible security is a bond or preferred stock that can be exchanged or converted into a specific number of shares of the issuer’s common stock. When the price of the underlying stock falls, the price of a convertible security tends to decline. Because a company must generally pay interest on its nonconvertible secured debt before it can pay interest on its convertible securities, the credit rating of a company’s convertible securities is generally lower than on its secured nonconvertible debt securities. A convertible security may be “callable,” which means the issuer can redeem the security prior to its maturity.

Holdings Risks. If the Fund emphasizes investments in a particular issuer or issuers or holds a smaller number of portfolio securities than other diversified mutual funds, the Fund’s portfolio will be more susceptible to the depreciation of any one security than a fund that invests in a larger number of stocks.

Market Capitalization Risks. The Fund may emphasize investment in a particular market capitalization, which may cause its share price to be more susceptible to the financial, market or economic events affecting issuers within that market capitalization. Larger capitalization companies may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes, have fewer opportunities to expand the market for their products or services, and may not be able to attain the high growth rate of successful smaller companies. Small and mid-capitalization companies may lack the management experience, financial resources, product diversification, and other competitive strengths usually present in larger companies. Micro-cap companies may have limited product lines, markets, and access to financing, and may lack the management depth of larger companies. In many instances, the securities of micro, small and mid-capitalization companies are traded only over-the-counter or on a regional securities exchange, and the frequency and volume of their trading is substantially less than is typical of larger companies.

General Market Risks. The return on and value of an investment in the Fund will fluctuate in response to stock market movements. Stocks and other equity securities are subject to a variety of risks, including rapid fluctuations in price or liquidity driven by company or industry-specific developments, broad market trends, economic and political conditions, investor perceptions, interest rate changes, and other factors beyond the control of the Adviser. Stocks tend to move in cycles which may cause the Fund’s share price to decline in tandem with a drop in the overall markets. Wars or conflicts, political events, or industry developments may cause periods of volatility, reduced liquidity, or other adverse effects in the financial markets. Natural or environmental disasters, including earthquakes, fires, floods, hurricanes and tsunamis, and widespread disease, such as pandemics or epidemics, can be highly disruptive to economies and the markets. Global economies and financial markets have become interconnected, which increases the risk that economic, financial, or political events in one country may have a profound and unexpected impact on other economies or markets, including the U.S. financial markets.

Recent Market Events. The financial markets continue to experience periods of volatility driven by evolving economic conditions, shifting monetary and fiscal policies, and ongoing geopolitical tensions. The continued effects of high inflation have resulted in lower purchasing power and slower global growth, contributing to uncertainty about the pace and timing of the Federal Reserve’s monetary actions. The U.S. government’s newly implemented and expanded tariff regimes have contributed to higher input costs, supply chain disruptions, and pressure for companies that are in export-driven industries or dependent on cross border inputs. The strategic competitive relationship between the U.S. and China continues to influence global trade policy and investor sentiment, while broader geopolitical developments, including military conflicts, political instability in key economies, and renewed concerns about government funding standoffs, present ongoing risks to economic stability. In addition, evolving technological and structural changes, including rapid investments in artificial intelligence and automation, have contributed to short-term market swings and increased uncertainty about corporate earnings, labor market trends, and sector-specific performance. These and other events that may arise in the future could exacerbate pre-existing political, social, and economic risks in ways that cannot be predicted.

Foreign Exposure Risks. Investments in foreign securities involve risks that may differ from those associated with U.S. securities, including the risk that foreign economies may be less stable or more susceptible to adverse conditions than the U.S. economy. Foreign securities may not be subject to the same audit, financial reporting, or disclosure standards and practices that apply in the U.S., which can limit the availability or reliability of information used to evaluate these investments. Foreign securities may also be adversely affected by unfavorable changes in investment or exchange control regulations, tariffs, expropriation or confiscatory taxation, delays in settlement transactions, limitations on the removal of money or other assets, political or social instability, war or armed conflicts, and the nationalization of companies or industries. Additional risks may arise from the imposition of capital or currency controls, changes to international trade agreements, or political or economic dysfunction within some nations that are global economic powers or major energy producers. Unsponsored depositary receipts carry additional risks beyond direct foreign investments since they may provide less timely issuer information, may not pass through voting rights and may require investors to bear certain transaction fees.

Convertible Security Risks. A convertible security is a bond or preferred stock that can be exchanged or converted into a specific number of shares of the issuer’s common stock. When the price of the underlying stock falls, the price of a convertible security tends to decline. Because a company must generally pay interest on its nonconvertible secured debt before it can pay interest on its convertible securities, the credit rating of a company’s convertible securities is generally lower than on its secured nonconvertible debt securities. A convertible security may be “callable,” which means the issuer can redeem the security prior to its maturity.

Security Selection and Investment Style Risks. Like any mutual fund, the Adviser’s method of security selection may not be successful, and the Fund may underperform the stock market as a whole. There is no guarantee that the securities selected by the Fund will redeploy excess capital at high rates of return or achieve the price appreciation anticipated by the Adviser. The Fund’s investments may be more volatile than other types of investments because their market prices may reflect future expectations. If the Adviser’s opinion about the value of a company is not recognized by the market, a stock might not achieve the price appreciation anticipated by the Adviser. The Fund’s style of investing may go out of favor with investors.

Special Situation Company Risks. Investing in special situation companies carries an additional risk of loss if the expected development does not occur or produce the intended results. The availability of special situation companies that present attractive investment opportunities may be sporadic, or rare in certain instances, which may detract from the Fund’s ability to pursue its investment objectives.

General Market Risks. The return on and value of an investment in the Fund will fluctuate in response to stock market movements. Stocks and other equity securities are subject to a variety of market risks, including rapid fluctuations in price or liquidity driven by company or industry-specific developments, broad market trends, economic and political conditions, investor perceptions, interest rate changes, and other factors beyond the control of the Adviser. Stocks tend to move in cycles which may cause the Fund’s share price to decline in tandem with a drop in the overall markets. Wars or conflicts, political events, or industry developments may cause periods of volatility, reduced liquidity, or other adverse effects in the financial markets. Natural or environmental disasters, including earthquakes, fires, floods, hurricanes and tsunamis, and widespread disease, such as pandemics or epidemics, can be highly disruptive to economies and the markets. Global economies and financial markets have become interconnected, which increases the risk that economic, financial, or political events in one country may have a profound and unexpected impact on other economies or markets, including the U.S. financial markets.

Recent Market Events. The financial markets continue to experience periods of volatility driven by evolving economic conditions, shifting monetary and fiscal policies, and ongoing geopolitical tensions. The continued effects of high inflation have resulted in lower purchasing power and slower global growth, contributing to uncertainty about the pace and timing of the Federal Reserve’s monetary actions. The U.S. government’s newly implemented and expanded tariff regimes have contributed to higher input costs, supply chain disruptions, and pressure for companies that are in export-driven industries or dependent on cross border inputs. The strategic competitive relationship between the U.S. and China continues to influence global trade policy and investor sentiment, while broader geopolitical developments, including military conflicts, political instability in key economies, and renewed concerns about government funding standoffs, present ongoing risks to economic stability. In addition, evolving technological and structural changes, including rapid investments in artificial intelligence and automation, have contributed to short-term market swings and increased uncertainty about corporate earnings, labor market trends and sector-specific performance. These and other events that may arise in the future could exacerbate pre-existing political, social, and economic risks in ways that cannot be predicted.

Foreign Exposure Risks. Investments in foreign securities involve risks that may differ from those associated with U.S. securities, including the risk that foreign economies may be less stable or more susceptible to adverse conditions than the U.S. economy. Foreign securities may not be subject to the same audit, financial reporting, or disclosure standards and practices that apply in the U.S., which can limit the availability or reliability of information used to evaluate these investments. Foreign securities may also be adversely affected by unfavorable changes in investment or exchange control regulations, tariffs, expropriation or confiscatory taxation, delays in settlement transactions, limitations on the removal of money or other assets, political or social instability, war or armed conflicts, and the nationalization of companies or industries. Additional risks may arise from the imposition of capital or currency controls, changes to international trade agreements, or political or economic dysfunction within some nations that are global economic powers or major energy producers. Unsponsored depositary receipts carry additional risks beyond direct foreign investments since they may provide less timely issuer information, may not pass through voting rights and may require investors to bear certain transaction fees.

Convertible Security Risks. A convertible security is a bond or preferred stock that can be exchanged or converted into a specific number of shares of the issuer’s common stock. When the price of the underlying stock falls, the price of a convertible security tends to decline. Because a company must generally pay interest on its nonconvertible secured debt before it can pay interest on its convertible securities, the credit rating of a company’s convertible securities is generally lower than on its secured nonconvertible debt securities. A convertible security may be “callable,” which means the issuer can redeem the security prior to its maturity.

Holdings Risks. If the Fund emphasizes investments in a particular issuer or issuers or holds a smaller number of portfolio securities than other mutual funds, the Fund’s portfolio will be more susceptible to the depreciation of any one security than a fund that invests in a larger number of stocks.

Market Capitalization Risks. The Fund may emphasize investment in a particular market capitalization, which may cause its share price to be more susceptible to the financial, market or economic events affecting issuers within that market capitalization. Larger capitalization companies may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes, have fewer opportunities to expand the market for their products or services, and may not be able to attain the high growth rate of successful smaller companies. Small and mid-capitalization companies may lack the management experience, financial resources, product diversification, and other competitive strengths usually present in larger companies. Micro-cap companies may have limited product lines, markets, and access to financing, and may lack the management depth of larger companies. In many instances, the securities of micro, small and mid-capitalization companies are traded only over-the-counter or on a regional securities exchange, and the frequency and volume of their trading is substantially less than is typical of larger companies.

Non-Diversification Risks. The Fund is classified as non-diversified and may therefore invest a greater percentage of its assets in the securities of a limited number of issuers than a fund that is diversified. At times, the Fund may overweight a position in a particular issuer or emphasize investment in a limited number of issuers, industries, or sectors, which may cause its share price to be more susceptible to any economic, business, political or regulatory occurrence affecting an issuer than a fund that is more widely diversified. The issuers that the Fund may emphasize will vary from time to time.

ETF Risks. The Adviser may invest in certain types of ETFs in an effort to protect against market risk. Investments in ETFs generally present the same primary risks as investments in conventional investment companies, including the risk that the general level of security prices owned by the ETF may decline, thereby affecting the value of the shares of the ETF. In addition, ETFs are subject to certain risks that do not apply to mutual funds, including the risk that the market price of an ETF’s shares may trade at a discount to its net asset value (“NAV”), or that an active trading market for an ETF’s shares may not be developed or maintained. ETFs are also subject to the risks of the underlying securities or sectors that the ETF is designed to track.

As with any mutual fund investment, there is a risk that you could lose money by investing in the Fund. The Fund is not intended to be a complete investment program and there is no assurance that the Fund will achieve its investment objective. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

Foreign Exposure Risks. Investments in foreign securities involve risks that may differ from those associated with U.S. securities, including the risk that foreign economies may be less stable or more susceptible to adverse conditions than the U.S. economy. Foreign securities may not be subject to the same audit, financial reporting, or disclosure standards and practices that apply in the U.S., which can limit the availability or reliability of information used to evaluate these investments. Foreign securities may also be adversely affected by unfavorable changes in investment or exchange control regulations, tariffs, expropriation or confiscatory taxation, delays in settlement transactions, limitations on the removal of money or other assets, political or social instability, war or armed conflicts, and the nationalization of companies or industries. Additional risks may arise from the imposition of capital or currency controls, changes to international trade agreements, or political or economic dysfunction within some nations that are global economic powers or major energy producers. Unsponsored depositary receipts carry additional risks beyond direct foreign investments since they may provide less timely issuer information, may not pass through voting rights and may require investors to bear certain transaction fees.

Monetary Policy Risks. Monetary policy actions by the U.S. Federal Reserve and foreign central banks continue to influence market liquidity, interest rates, and overall economic conditions. While prior periods of extraordinary monetary accommodation—such as during the 2008 global financial crisis and the COVID-19 pandemic—supported financial markets, subsequent tightening cycles, including the rapid rate increases initiated in 2022, contributed to heightened volatility. Central banks remain prepared to adjust policy in response to evolving economic risks, including inflation, employment conditions, and financial system stress. Future shifts in monetary policy—whether tightening or easing—may result in market volatility, reduced liquidity, and fluctuations in the value of debt securities. These risks may be elevated during periods of uncertainty in the interest-rate outlook.

Security Selection Risks. Like any mutual fund, the Adviser’s method of security selection may not be successful and the Fund might underperform the markets as a whole. The Adviser’s opinion about the creditworthiness of a company, the intrinsic value of a security or the direction of interest rates may be incorrect, which may cause the Fund to underperform relative to other mutual funds that have similar investment strategies. Changes in the dividend policies or capital resources of companies may affect a stock’s ability to produce income, which may cause the Fund’s equity securities to decline in value.