0001884762 2026-03-27 2026-03-27 0001884762 connors:S000074630Member 2026-03-27 2026-03-27 0001884762 connors:S000074630Member connors:MarketRiskMember 2026-03-27 2026-03-27 0001884762 connors:S000074630Member connors:EquitySecuritiesRiskMember 2026-03-27 2026-03-27 0001884762 connors:S000074630Member connors:ActiveManagementRiskMember 2026-03-27 2026-03-27 0001884762 connors:S000074630Member connors:InvestmentStyleAndManagementRiskMember 2026-03-27 2026-03-27 0001884762 connors:S000074630Member connors:OptionsRiskMember 2026-03-27 2026-03-27 0001884762 connors:S000074630Member connors:SectorAndFocusRiskMember 2026-03-27 2026-03-27 0001884762 connors:S000074630Member connors:PortfolioTurnoverRiskMember 2026-03-27 2026-03-27 0001884762 connors:S000074630Member connors:MoneyMarketFundRiskMember 2026-03-27 2026-03-27 0001884762 connors:S000074630Member connors:C000232658Member 2026-03-27 2026-03-27 0001884762 connors:S000074630Member oef:RiskLoseMoneyMember 2026-03-27 2026-03-27 0001884762 connors:C000232658Member 2023-01-01 2023-12-31 0001884762 connors:C000232658Member 2024-01-01 2024-12-31 0001884762 connors:C000232658Member 2025-01-01 2025-12-31 0001884762 connors:C000232658Member 2022-01-19 2025-12-31 0001884762 connors:C000232658Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0001884762 connors:C000232658Member oef:AfterTaxesOnDistributionsMember 2022-01-19 2025-12-31 0001884762 connors:C000232658Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0001884762 connors:C000232658Member oef:AfterTaxesOnDistributionsAndSalesMember 2022-01-19 2025-12-31 0001884762 connors:C000232658Member connors:SAndP500TotalReturnIndexMember 2025-01-01 2025-12-31 0001884762 connors:C000232658Member connors:SAndP500TotalReturnIndexMember 2022-01-19 2025-12-31 0001884762 connors:C000232658Member connors:CBOESAndP500BuyWriteIndexMember 2025-01-01 2025-12-31 0001884762 connors:C000232658Member connors:CBOESAndP500BuyWriteIndexMember 2022-01-19 2025-12-31 0001884762 connors:C000232658Member 2026-03-27 2026-03-27 iso4217:USD pure false 485BPOS 2026-03-27 0001884762 N-1A CONNORS FUNDS 2026-03-30 FUND SUMMARY INVESTMENT OBJECTIVE The Connors Hedged Equity Fund (the “Fund”) seeks to achieve capital appreciation and secondarily income generation, with lower volatility than U.S. equity markets. FEES AND EXPENSES OF THE FUND 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. Shareholder Fees (fees paid directly from your investment) <div id="xdx_A83_eoef--ShareholderFeesTableTextBlock_zC1YUYoOp6K"></div> <table cellpadding="3" cellspacing="0" id="xdx_A52_dU_zUGqMFnp9YL4" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 85%; text-align: left"> </td> <td id="xdx_495_20260327__20260327__dei--LegalEntityAxis__custom--S000074630Member__oef--ClassAxis__custom--C000232658Member_zb7fMMhP78jb" style="border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: center">Institutional Class</td></tr> <tr id="xdx_403_eoef--MaximumSalesChargeImposedOnPurchasesOverOfferingPrice_dpn_zfbhbx3pO5h9" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.165in; text-align: left">Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">None</td></tr> <tr id="xdx_40E_eoef--MaximumDeferredSalesChargeOverOther_dpn_zJAOwEMQcJQ5" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.165in; text-align: left">Maximum Deferred Sales Charge (Load) </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">None</td></tr> <tr id="xdx_403_eoef--MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther_dpn_zvIJl0FMhoig" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.165in; text-align: left">Maximum Sales Charge (Load) Imposed on Reinvested Dividends </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">None</td></tr> <tr id="xdx_402_eoef--RedemptionFee_dn_zFN73jlxUnyl" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.165in; text-align: left">Redemption Fee </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">None</td></tr> </table> 0 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A8C_eoef--AnnualFundOperatingExpensesTableTextBlock_zNo1x19lC825"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5C_dU_zxGel5ajaQ5d" style="font: 10pt Times New Roman, Times, Serif;width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 85%; text-align: left"> </td> <td id="xdx_495_20260327__20260327__dei--LegalEntityAxis__custom--S000074630Member__oef--ClassAxis__custom--C000232658Member_zTPoYVQiWPQ9" style="border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: center">Institutional Class</td></tr> <tr id="xdx_400_eoef--ManagementFeesOverAssets_dpn_zLMXXtBVQpJ7" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.165in; text-align: left">Management Fees </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">0.80%</td></tr> <tr id="xdx_406_eoef--DistributionAndService12b1FeesOverAssets_dpn_z50N17DFQrAd" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.165in; text-align: left">Distribution and/or Service (12b-1) Fees </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">0.00%</td></tr> <tr id="xdx_40D_eoef--OtherExpensesOverAssets_dpn_zJodKpCejNue" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.165in; text-align: left">Other Expenses(1) </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">0.72%</td></tr> <tr id="xdx_40B_eoef--Component1OtherExpensesOverAssets_dpn_zwxTE7DFoS01" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left"> Administrative Services Plan Fees</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">0.05%</td></tr> <tr id="xdx_405_eoef--Component2OtherExpensesOverAssets_dpn_z4r7uFAAIRJe" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left"> Other Expenses</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">0.67%</td></tr> <tr id="xdx_408_eoef--ExpensesOverAssets_dpn_zSy4wlLLnM8c" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.165in; text-align: left">Total Annual Fund Operating Expenses </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">1.52%</td></tr> <tr id="xdx_40F_eoef--FeeWaiverOrReimbursementOverAssets_dpn_zzsLJZlokRe4" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.165in; text-align: left">Management Fee Reductions and/or Expense Reimbursements </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">(0.42%)</td></tr> <tr id="xdx_406_eoef--NetExpensesOverAssets_dpn_zDjp1RUBgA0j" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.165in; text-align: left">Total Annual Fund Operating Expenses After Fee Reductions and/or Expense Reimbursements(1) </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">1.10%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, 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">(1)</td> <td style="text-align: justify"> Connors Investor Services, Inc. (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 (excluding brokerage costs, taxes, interest, borrowing costs such as interest and dividend expenses on securities sold short, Acquired Fund Fees and Expenses, payments, if any, under a Rule 12b-1 Distribution Plan or Administrative Servies Plan, 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 1.05% of the Fund’s average daily net assets of its Institutional Class shares. Management Fee reductions and expense reimbursements by the Adviser are subject to repayment by the Fund for a period of three years after the date that such fees and expenses were incurred, 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 Board of Trustees (the “Board”). This agreement will terminate automatically if the Fund’s investment advisory agreement (the “Advisory Agreement”) with the Adviser is terminated.</td> </tr> </table> 0.0080 0.0000 0.0072 0.0005 0.0067 0.0152 -0.0042 0.0110 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 mutual 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, the operating expenses of the 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_A8A_eoef--ExpenseExampleWithRedemptionTableTextBlock_zXwIYaNFCGy2"></div> <table cellpadding="3" cellspacing="0" id="xdx_A50_dU_zxMpFr8mB2ul" style="font: 10pt Times New Roman, Times, Serif;margin-left: auto; width: 50%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td id="xdx_489_eoef--ExpenseExampleYear01_zguaxzXxQHq6" style="border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: center">1 Year</td> <td id="xdx_484_eoef--ExpenseExampleYear03_zH9YqGLmZjfe" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 13%; text-align: center">3 Years</td> <td id="xdx_481_eoef--ExpenseExampleYear05_zFC2rgFGtLp5" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 13%; text-align: center">5 Years</td> <td id="xdx_487_eoef--ExpenseExampleYear10_z62rbm4IdxGi" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: center">10 Years</td></tr> <tr id="xdx_41B_20260327__20260327__dei--LegalEntityAxis__custom--S000074630Member__oef--ClassAxis__custom--C000232658Member_zYJdCufcNMyf" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">$112</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">$439</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">$789</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">$1,777</td></tr> </table> 112 439 789 1777 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, affect the Fund’s performance. For the fiscal year ended November 30, 2025, the Fund’s portfolio turnover rate was 38%. 0.38 PRINCIPAL INVESTMENT STRATEGIES Under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities. In an effort to reduce volatility and generate income, the Fund will also write call options on a portion of the equity securities in the Fund’s portfolio. An option is a financial instrument that gives the holder the right, but not the obligation, to buy or sell a security at an agreed-upon price (“exercise price”). A call option gives the holder the right to buy a security at the exercise price. In other words, the Fund will sell call options on securities that it owns, giving the buyer of the call option the right to purchase that security from the Fund at the exercise price in exchange for payment of a premium by the call option purchaser. The Fund seeks to invest in a diversified portfolio of equity securities, primarily comprised of common stocks of U.S. large-capitalization (i.e., companies that have market capitalizations of greater than $10 billion at the time of initial purchase) and mid-capitalization companies (i.e., companies that have market capitalizations of between $2 billion and $10 billion at the time of initial purchase). The Fund typically invests in approximately 40-50 equity securities that are diversified among market sectors but, depending on the Adviser’s outlook and market conditions, the Fund may focus its investments in particular sectors or areas of the economy. In selecting securities for the Fund, the Adviser emphasizes companies that exhibit one or more of the following characteristics: fundamental quality (i.e., companies that have had consistent growth over a long period of time, typically maintain lower levels of leverage, and often pay dividends), strong profitability (i.e., companies that have relatively high operating margin, return on invested capital, and/or return on equity), strong free cash flow generation, and proven management teams (i.e., companies that are led by experienced executives). As a result of its investment strategy, the Fund may engage in frequent trading of portfolio securities. The Adviser may determine to sell an equity security if the company is exhibiting deteriorating fundamentals or technical breakdowns, if there has been an alteration of the Adviser’s initial investment thesis (i.e., there has been a change in the Adviser’s outlook with respect to a particular security), if the holding reaches targets set by the Adviser or the Adviser determines such targets are not likely to be reached in a timely manner, or if the Adviser identifies other, more attractive opportunities. The Fund generally seeks to have call options written on between 25%-75% of the Fund’s equity holdings, but this can vary significantly depending upon the Adviser’s investment outlook or as a result of other factors such as significant inflows into the Fund or rising equity markets resulting in options being exercised and portfolio securities being called away. Depending on market conditions, the Fund may purchase put options or utilize put spreads on large-cap, broad-based securities indexes (such as the S&P 500®) to seek to offset some of the risk of a potential decline in value of the Fund’s equity holdings. Buying a put option gives the Fund the right to sell a security, or in the case of an option on an index, sell the index, at the exercise price, thereby seeking to limit the Fund’s downside risk to the level of the exercise price. A put spread is an option strategy whereby the Fund purchases a put option and also sells a put option on the same underlying security or index at different exercise prices. By using this combination of option positions, the Adviser seeks to protect the Fund against a decline in the price of the underlying security or index, while using the premium from the sale of the put option as a way to offset some of the cost of purchasing the first option. In addition, the Fund may also purchase and sell put and call options on individual securities for investment purposes, to hedge other investments, or to generate additional option premiums for the Fund. The Fund may sell calls or buy puts on individual securities that the Fund does not hold in its portfolio (i.e., “naked” options), which have the potential for unlimited loss. The Fund will typically hold a portion of its assets in cash or cash equivalent securities, including short-term debt securities, repurchase agreements and money market mutual fund shares (“Money Market Instruments”) in order to maintain liquidity or pending the selection of investments. Periodically, the Fund may also invest up to 100% of its assets in Money Market Instruments for temporary defensive purposes. As noted, above under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities. For purposes of the Fund’s 80% policy, the Fund defines equity securities as common stocks and preferred stocks of issuers of any market capitalization, convertible debt securities, American Depositary Receipts, real estate investment trusts, derivative instruments related thereto (including options, or other derivative instruments), and shares of other investment companies, such as ETFs and mutual funds, that invest primarily in equity securities. As with any mutual fund investment, there is a risk that you could lose money by investing in the Fund. The success of the Fund’s investment strategy depends largely upon the Adviser’s skill in selecting securities for purchase and sale by the Fund and there is no assurance that the Fund will achieve its investment objective. Because of the types of securities in which the Fund invests and the investment techniques the Adviser uses, the Fund is designed for investors who are investing for the long term. The Fund is not intended to be complete investment program. The principal risks of an investment in the Fund are generally described below. As with any mutual fund investment, there is a risk that you could lose money by investing in the Fund. 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 bond market conditions. Certain market events could increase volatility and exacerbate market risk, such as changes in governments’ economic policies, political turmoil, environmental events, trade disputes, and epidemics, pandemics, or other public health issues. Turbulence in financial markets, and reduced liquidity in equity, credit and fixed income markets may negatively affect many issuers domestically and/or worldwide, and can result in trading halts, any of which could have an adverse impact on the Fund. During periods of market volatility, security prices (including securities held by the Fund) could change drastically and with rapidity and therefore adversely affect the Fund. Equity Securities Risk. The prices of equity securities in which the Fund invests 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. Large-Cap 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 may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion. Mid-Cap Company Risk. Investing in mid-capitalization companies involves greater risk than is customarily associated with larger, more established companies. 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 mid-cap companies may be more susceptible to market downturns and other events, less liquid, and their prices may be more volatile. Active Management Risk. Due to the active management of the Fund by the Adviser, the Fund could underperform other funds with similar investment objectives and strategies. <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentStyleAndManagementRiskMember_z8E67yVOjA5a" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Investment Style and Management Risk. The Adviser’s method of security selection may not be successful and the Fund may underperform relative to other mutual funds that employ similar investment strategies. The Fund’s asset allocation style may not be implemented successfully, negatively affecting the Fund’s performance. In addition, the Adviser may select investments that depreciate or fail to appreciate as anticipated. Options Risk. Investments in options involve risks different from, or possibly greater than, the risks associated with investing directly in the underlying securities. The value of the Fund’s option positions will fluctuate in response to changes in the value of the underlying security or index. Options purchased by the Fund may expire “out of the money” and become worthless. A call option is out of the money if the current price of the underlying security or index is lower than the exercise price. A put option is out of the money if the current price of the underlying security or index is higher than the exercise price. Options can be used in a speculative manner such that the Fund’s ability to utilize options successfully would depend on the ability of the Adviser to correctly predict future price fluctuations, which cannot be assured. There are significant differences between the securities and options markets that could result in an imperfect correlation among these markets, causing a given transaction not to achieve its objectives. When the Fund writes covered call options, the premium received for writing the call option generates income to the Fund; however, the Fund’s participation in gains above the sum of the premium and the exercise price of the call are forfeited in return for receiving the call option premium while the Fund retains the risk of a decline in value of the underlying security or index. The premiums received from the options may not be sufficient to offset any losses sustained from the volatility of the underlying securities or index over time. In addition, the Fund’s ability to sell the underlying securities will be limited while the option is in effect unless the Fund extinguishes the option position through the purchase of an offsetting identical option prior to the expiration of the written option. The Fund’s options will also be subject to the risk that exchanges may suspend the trading of options in volatile markets, in which case the Fund may be unable to write options at times that may be desirable or advantageous to the Fund to do so. There is no guarantee that a market will exist for buying or selling options at the time the Fund wishes to do so. To the extent the Fund writes options on individual securities that it does not hold in its portfolio (i.e., “naked” options), it is subject to the risk that a liquid market for the underlying security may not exist at the time an option is exercised or when the Fund otherwise seeks to close out an option position. Naked call options, in particular, have speculative characteristics and the potential for unlimited loss. Sector and Focus Risk. To the extent that the Fund focuses its investments in particular industries, asset classes or sectors of the economy, any market price movements, regulatory or technological changes, or economic conditions affecting companies in those industries, asset classes or sectors may have a significant impact on the Fund’s performance. For example, to the extent the Fund’s investment are focused on investments in the technology sector, the Fund will be subject to the risks associated with investments in technology companies. Portfolio Turnover Risk. Frequent and active trading may result in higher transaction costs to the Fund, including brokerage commissions, 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. Money Market Fund Risk. An investment in a money market fund is not a bank deposit and is not insured or guaranteed by any bank or any government agency. It is possible for the Fund to lose money by investing in money market funds. The value of money market instruments may be affected by changing interest rates and by changes in the credit ratings of the investments held by the money market fund. If the liquidity of a money market fund’s portfolio deteriorates below certain levels, the money market fund may suspend redemptions and thereby prevent the Fund from selling its investment in the money market fund or impose a fee of up to 2% on amounts the Fund redeems from the money market fund. These measures may result in an investment loss or prohibit the Fund from redeeming shares when the Adviser would otherwise redeem shares. 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 1 year and since-inception periods compared with those of a broad measure of market performance. Please remember that the Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Performance information, current through the most recent month end, is available by calling 833-601-2676 or by visiting the Fund’s website at www.connorsinvestor.com/mutual-funds. 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 1 year and since-inception periods compared with those of a broad measure of market performance. Please remember that the Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. 833-601-2676 www.connorsinvestor.com/mutual-funds Annual Total Return for Years Ended December 31 <img alt="" src="pro_001.jpg" style="height: 279px; width: 350px"/> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zguFeuTrGlph" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; display: none" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: bottom; text-align: center"> <th> </th> <th> </th></tr> <tr style="vertical-align: top; text-align: left"> <td style="width: 50%">Annual Return 2023</td> <td id="xdx_981_eoef--AnnlRtrPct_c20230101__20231231__oef--ClassAxis__custom--C000232658Member_zDQG13Yr3sJc" style="width: 50%">14.95%</td></tr> <tr style="vertical-align: top; text-align: left"> <td>Annual Return 2024</td> <td id="xdx_98E_eoef--AnnlRtrPct_c20240101__20241231__oef--ClassAxis__custom--C000232658Member_zBz1vmwiGBK2">18.28%</td></tr> <tr style="vertical-align: top; text-align: left"> <td>Annual Return 2025</td> <td id="xdx_98D_eoef--AnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000232658Member_znseKyJtfstc">9.47%</td></tr> </table> <div></div> 0.1495 0.1828 0.0947 <div id="xdx_A87_eoef--BarChartClosingTextBlock_z6rs11wHKYu2"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif;margin-left: auto; width: 40%; border-collapse: collapse; margin-right: auto"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; width: 20%; text-align: center">Highest Quarter:</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: center">12/31/2023</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: center">8.98%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">Lowest Quarter:</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">03/31/2025</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">-3.32%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="::XDX::2023-12-31"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td></tr> </table> Highest Quarter: 2023-12-31 0.0898 Lowest Quarter: 2025-03-31 -0.0332 Performance Table Average Annual Total Returns (For the year ended December 31, 2025) <div id="xdx_A88_eoef--PerformanceTableTextBlock_zXjU77b6yjhf"></div> <table cellpadding="3" cellspacing="0" id="xdx_A54_dU_zHPJHXxehbe3" style="font: 10pt Times New Roman, Times, Serif;width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 70%; text-align: left">Class I Shares</td> <td id="xdx_49C_20250101__20251231_zv3RC9doe6qd" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 15%; text-align: center">One Year</td> <td id="xdx_498_20220119__20251231_zSfbQGUY6uk9" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 15%; text-align: center">Since Inception(1)</td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000232658Member_z6ij8w36Jw5a" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left">Return Before Taxes</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">9.47%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">9.31%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000232658Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zhoAJRhbO6M5" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left">Returns After Taxes on Distributions</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">9.38%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">9.12%</td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000232658Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zkwwdBU3QEH2" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left">Returns After Taxes on Distributions and Sale of Fund Shares</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">5.67%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">7.28%</td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000232658Member__oef--PerformanceMeasureAxis__custom--SAndP500TotalReturnIndexMember_zSKqao5NDYC7" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left">S&P 500® Total Return Index(2) </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">17.88%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">12.67%</td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000232658Member__oef--PerformanceMeasureAxis__custom--CBOESAndP500BuyWriteIndexMember_zhxOIhsZyNx8" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left">CBOE S&P 500® BuyWrite Index(3) </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">8.91%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">7.35%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, 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">(1)</td> <td style="text-align: justify"> The Fund commenced operations on January 19, 2022.</td> </tr> <tr style="vertical-align: top; text-align: justify"> <td></td><td style="text-align: left">(2)</td> <td style="text-align: justify">The S&P 500® Total Return Index is a widely recognized unmanaged index of equity prices and is representative of a broader market and range of securities than is found in the Fund’s portfolio. The index is an unmanaged benchmark that assumes reinvestment of all distributions and excludes the effect of taxes and fees. Investors cannot invest directly in an index.</td> </tr> <tr style="vertical-align: top; text-align: justify"> <td></td><td style="text-align: left">(3)</td> <td style="text-align: justify"> The CBOE S&P 500 BuyWrite IndexSM (BXM) is a passive total return index based on (1) buying an S&P 500 stock index portfolio, and (2) “writing” (or selling) the near-term S&P 500 Index (SPXSM) “covered” call option, generally on the third Friday of each month. An investor cannot invest directly in an index.</td> </tr> </table> 0.0947 0.0931 0.0938 0.0912 0.0567 0.0728 0.1788 0.1267 0.0891 0.0735 2022-01-19 After-tax returns are based on the highest historical individual U.S. federal marginal income tax rates, and do not reflect the impact of state and local taxes; actual after-tax returns depend on an individual investor’s tax situation and may differ from those shown. If you own shares of the Fund in a tax-deferred account, such as an individual retirement account (“IRA”) or a 401(k) plan, after-tax returns are not applicable to your investment. A higher after-tax return results when a capital loss occurs upon redemption and translates into an assumed tax deduction that benefits the shareholder. After-tax returns are based on the highest historical individual U.S. federal marginal income tax rates, and do not reflect the impact of state and local taxes; actual after-tax returns depend on an individual investor’s tax situation and may differ from those shown. If you own shares of the Fund in a tax-deferred account, such as an individual retirement account (“IRA”) or a 401(k) plan, after-tax returns are not applicable to your investment. Connors Investor Services, Inc. (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 (excluding brokerage costs, taxes, interest, borrowing costs such as interest and dividend expenses on securities sold short, Acquired Fund Fees and Expenses, payments, if any, under a Rule 12b-1 Distribution Plan or Administrative Servies Plan, 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 1.05% of the Fund’s average daily net assets of its Institutional Class shares. Management Fee reductions and expense reimbursements by the Adviser are subject to repayment by the Fund for a period of three years after the date that such fees and expenses were incurred, 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 Board of Trustees (the “Board”). This agreement will terminate automatically if the Fund’s investment advisory agreement (the “Advisory Agreement”) with the Adviser is terminated. The Fund commenced operations on January 19, 2022. The S&P 500® Total Return Index is a widely recognized unmanaged index of equity prices and is representative of a broader market and range of securities than is found in the Fund’s portfolio. The index is an unmanaged benchmark that assumes reinvestment of all distributions and excludes the effect of taxes and fees. Investors cannot invest directly in an index. The CBOE S&P 500 BuyWrite IndexSM (BXM) is a passive total return index based on (1) buying an S&P 500 stock index portfolio, and (2) “writing” (or selling) the near-term S&P 500 Index (SPXSM) “covered” call option, generally on the third Friday of each month. An investor cannot invest directly in an index.