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margin: 0; text-align: justify">The Beacon Dynamic Allocation Fund (the “Fund”) seeks total return through a combination of capital appreciation and income.</p> <p style="font: 10pt/102% Open Sans,sans-serif; margin: 0"> </p> Fees and Expenses of the Fund. <p id="xdx_A85_eoef--ExpenseNarrativeTextBlock_zzSBshFihTUg" style="font: 10pt/102% Open Sans,sans-serif; margin: 0; text-align: justify">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. <span id="xdx_900_eoef--ExpenseBreakpointDiscounts_c20260624__20260624__dei--LegalEntityAxis__custom--S000096995Member__oef--ClassAxis__custom--C000266022Member_zWA1TLwxT60l">You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $<span id="xdx_902_eoef--ExpenseBreakpointMinimumInvestmentRequiredAmount_c20260624__20260624__dei--LegalEntityAxis__custom--S000096995Member__oef--ClassAxis__custom--C000266022Member_zzUgHQD97TR9">50,000</span> in the Fund.</span> More information is available from your financial professional and in the section entitled <b>How to Purchase Shares</b> on page 15 of the Fund’s Prospectus and in <b>Purchase and Redemption of Shares</b> on page 72 of the Statement of Additional Information.</p> <p style="font: 10pt/102% Open Sans,sans-serif; margin: 0; text-align: justify"> </p> You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. 50000 Shareholder Fees (fees paid directly from your investment) <div id="xdx_A85_eoef--ShareholderFeesTableTextBlock_zNiIUySyYL35"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_zlBmNkO6GJlk" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="background-color: #D0CECE"> <td style="border-top: black 1pt solid; vertical-align: top; width: 70%; border-bottom: black 1pt solid; padding-right: 1.7pt; padding-left: 1.7pt"> <p style="font: 10pt/102% Open Sans,sans-serif; margin: 0; text-align: justify"><b>Shareholder Fees</b></p> <p style="font: 10pt/102% Open Sans,sans-serif; margin: 0; text-align: justify">(fees paid directly from your investment)</p></td> <td id="xdx_491_20260624__20260624__dei--LegalEntityAxis__custom--S000096995Member__oef--ClassAxis__custom--C000266022Member_zJfzGre9dvyf" style="border-top: black 1pt solid; width: 10%; border-bottom: black 1pt solid; padding-right: 1.7pt; padding-left: 1.7pt; text-align: center; line-height: 102%"><span style="font-family: Open Sans,sans-serif; font-size: 10pt; line-height: 102%"><b>Class A</b></span></td> <td id="xdx_490_20260624__20260624__dei--LegalEntityAxis__custom--S000096995Member__oef--ClassAxis__custom--C000274166Member_zCu60PxtGWZ" style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 10%; padding-right: 1.7pt; padding-left: 1.7pt; text-align: center; line-height: 102%"><span style="font-family: Open Sans,sans-serif; font-size: 10pt; line-height: 102%"><b>Class C</b></span></td> <td id="xdx_499_20260624__20260624__dei--LegalEntityAxis__custom--S000096995Member__oef--ClassAxis__custom--C000274167Member_zJw6KJbAQ8I8" style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 10%; padding-right: 1.7pt; padding-left: 1.7pt; text-align: center; line-height: 102%"><span style="font-family: Open Sans,sans-serif; font-size: 10pt; line-height: 102%"><b>Class I</b></span></td></tr> <tr id="xdx_407_eoef--MaximumSalesChargeImposedOnPurchasesOverOfferingPrice_dpn_zWD3GsMEJjKj"> <td style="border-bottom: black 1pt solid; vertical-align: top; padding-left: 1.95pt; line-height: 102%"><span style="font-family: Open Sans,sans-serif; font-size: 10pt; line-height: 102%">Maximum Sales Charge (Load) Imposed on Purchases <br/> (as a % of offering price)</span></td> <td style="border-bottom: black 1pt solid; padding-right: 1.7pt; padding-left: 1.7pt; text-align: center; line-height: 102%"><span style="font-family: Open Sans,sans-serif; font-size: 10pt; line-height: 102%">4.75%</span></td> <td style="border-bottom: black 1pt solid; padding-right: 1.7pt; padding-left: 1.7pt; text-align: center; line-height: 102%"><span style="font-family: Open Sans,sans-serif; font-size: 10pt; line-height: 102%">None</span></td> <td style="border-bottom: black 1pt solid; padding-right: 1.7pt; padding-left: 1.7pt; text-align: center; line-height: 102%"><span style="font-family: Open Sans,sans-serif; font-size: 10pt; line-height: 102%">None</span></td></tr> <tr id="xdx_406_eoef--MaximumDeferredSalesChargeOverOfferingPrice_dpn_zWtKHrj0q4l8"> <td style="border-bottom: black 1pt solid; vertical-align: top; padding-right: 1.7pt; padding-left: 1.7pt"> <p style="font: 10pt/102% Open Sans,sans-serif; margin: 0">Maximum Deferred Sales Charge (Load)</p> <p style="font: 10pt/102% Open Sans,sans-serif; margin: 0">(as a % of the lower of original purchase price or redemption proceeds)</p></td> <td style="border-bottom: black 1pt solid; padding-right: 1.7pt; padding-left: 1.7pt; text-align: center; line-height: 102%"><span style="font-family: Open Sans,sans-serif; font-size: 10pt; line-height: 102%">None</span></td> <td style="border-bottom: black 1pt solid; padding-right: 1.7pt; padding-left: 1.7pt; text-align: center; line-height: 102%"><span style="font-family: Open Sans,sans-serif; font-size: 10pt; line-height: 102%">None</span></td> <td style="border-bottom: black 1pt solid; padding-right: 1.7pt; padding-left: 1.7pt; text-align: center; line-height: 102%"><span style="font-family: Open Sans,sans-serif; font-size: 10pt; line-height: 102%">None</span></td></tr> <tr id="xdx_40E_eoef--MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther_dpn_zwUZO8lM1QD8"> <td style="border-bottom: black 1pt solid; vertical-align: top; padding-left: 1.95pt; line-height: 102%"><span style="font-family: Open Sans,sans-serif; font-size: 10pt; line-height: 102%">Maximum Sales Charge (Load) <br/> Imposed on Reinvested Dividends and other Distributions</span></td> <td style="border-bottom: black 1pt solid; padding-right: 1.7pt; padding-left: 1.7pt; text-align: center; line-height: 102%"><span style="font-family: Open Sans,sans-serif; font-size: 10pt; line-height: 102%">None</span></td> <td style="border-bottom: black 1pt solid; padding-right: 1.7pt; padding-left: 1.7pt; text-align: center; line-height: 102%"><span style="font-family: Open Sans,sans-serif; font-size: 10pt; line-height: 102%">None</span></td> <td style="border-bottom: black 1pt solid; padding-right: 1.7pt; padding-left: 1.7pt; text-align: center; line-height: 102%"><span style="font-family: Open Sans,sans-serif; font-size: 10pt; line-height: 102%">None</span></td></tr> <tr id="xdx_400_eoef--RedemptionFeeOverRedemption_dn_zliSUhKD4js6"> <td style="border-bottom: black 1pt solid; vertical-align: top; padding-left: 1.95pt; text-align: justify; line-height: 102%"><span style="font-family: Open Sans,sans-serif; font-size: 10pt; line-height: 102%">Redemption Fee</span></td> <td style="border-bottom: black 1pt solid; padding-right: 1.7pt; padding-left: 1.7pt; text-align: center; line-height: 102%"><span style="font-family: Open Sans,sans-serif; font-size: 10pt; line-height: 102%">None</span></td> <td style="border-bottom: black 1pt solid; padding-right: 1.7pt; padding-left: 1.7pt; text-align: center; line-height: 102%"><span style="font-family: Open Sans,sans-serif; font-size: 10pt; line-height: 102%">None</span></td> <td style="border-bottom: black 1pt solid; padding-right: 1.7pt; padding-left: 1.7pt; text-align: center; line-height: 102%"><span style="font-family: Open Sans,sans-serif; font-size: 10pt; line-height: 102%">None</span></td></tr> </table> 0.0475 0 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_A8C_eoef--AnnualFundOperatingExpensesTableTextBlock_zj7vWGW175ii"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_z0D6hrJK49vk" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="background-color: #D0CECE"> <td style="border-bottom: Black 1pt solid; vertical-align: top; padding-right: 1.7pt; padding-left: 1.7pt; width: 70%"> <p style="font: 10pt/102% Open Sans,sans-serif; margin: 0; text-align: justify"><b>Annual Fund Operating Expenses </b></p> <p style="font: 10pt/102% Open Sans,sans-serif; margin: 0; text-align: justify"><span style="letter-spacing: -0.25pt">(expenses that you pay each year as a percentage of the value of your investment)</span></p></td> <td id="xdx_491_20260624__20260624__dei--LegalEntityAxis__custom--S000096995Member__oef--ClassAxis__custom--C000266022Member_z7EY6jdT3y0l" style="border-bottom: Black 1pt solid; padding-right: 1.7pt; padding-left: 1.7pt; text-align: center; line-height: 102%; width: 10%"><span style="font-family: Open Sans,sans-serif; font-size: 10pt; line-height: 102%"><b>Class A</b></span></td> <td id="xdx_490_20260624__20260624__dei--LegalEntityAxis__custom--S000096995Member__oef--ClassAxis__custom--C000274166Member_z2Ti9nFHgHWj" style="border-bottom: Black 1pt solid; padding-right: 1.7pt; padding-left: 1.7pt; text-align: center; line-height: 102%; width: 10%"><span style="font-family: Open Sans,sans-serif; font-size: 10pt; line-height: 102%"><b>Class C</b></span></td> <td id="xdx_499_20260624__20260624__dei--LegalEntityAxis__custom--S000096995Member__oef--ClassAxis__custom--C000274167Member_zbWDHiNrkRp5" style="border-bottom: Black 1pt solid; padding-right: 1.7pt; padding-left: 1.7pt; text-align: center; line-height: 102%; width: 10%"><span style="font-family: Open Sans,sans-serif; font-size: 10pt; line-height: 102%"><b>Class I</b></span></td></tr> <tr id="xdx_404_eoef--ManagementFeesOverAssets_dpn_znckaR0EU6o"> <td style="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 1.95pt; text-align: justify; line-height: 102%"><span style="font-family: Open Sans,sans-serif; font-size: 10pt; line-height: 102%">Management Fees</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.7pt; padding-left: 1.7pt; text-align: center; line-height: 102%"><span style="font-family: Open Sans,sans-serif; font-size: 10pt; line-height: 102%">0.95%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.7pt; padding-left: 1.7pt; text-align: center; line-height: 102%"><span style="font-family: Open Sans,sans-serif; font-size: 10pt; line-height: 102%">0.95%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.7pt; padding-left: 1.7pt; text-align: center; line-height: 102%"><span style="font-family: Open Sans,sans-serif; font-size: 10pt; line-height: 102%">0.95%</span></td></tr> <tr id="xdx_407_eoef--DistributionAndService12b1FeesOverAssets_dpn_zl7ScRL9V3Th"> <td style="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 1.95pt; text-align: justify; line-height: 102%"><span style="font-family: Open Sans,sans-serif; font-size: 10pt; line-height: 102%">Distribution and/or Service (12b-1) Fees</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.7pt; padding-left: 1.7pt; text-align: center; line-height: 102%"><span style="font-family: Open Sans,sans-serif; font-size: 10pt; line-height: 102%">0.25%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.7pt; padding-left: 1.7pt; text-align: center; line-height: 102%"><span style="font-family: Open Sans,sans-serif; font-size: 10pt; line-height: 102%">1.00%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.7pt; padding-left: 1.7pt; text-align: center; line-height: 102%"><span style="font-family: Open Sans,sans-serif; font-size: 10pt; line-height: 102%">None</span></td></tr> <tr id="xdx_408_eoef--OtherExpensesOverAssets_dpn_zfz5oqmcRkC9"> <td style="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 1.95pt; text-align: justify; line-height: 102%"><span style="font-family: Open Sans,sans-serif; font-size: 10pt; line-height: 102%">Other Expenses<sup id="xdx_F42_zhgW4niRNFO">(1)</sup></span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 1.7pt; padding-left: 1.7pt; text-align: center; line-height: 102%"><span style="font-family: Open Sans,sans-serif; font-size: 10pt; line-height: 102%">0.68%</span></td> <td style="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; background-color: white; padding-right: 1.7pt; padding-left: 1.7pt; text-align: center; line-height: 102%"><span style="font-family: Open Sans,sans-serif; font-size: 10pt; line-height: 102%">0.69%</span></td> <td style="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; background-color: white; padding-right: 1.7pt; padding-left: 1.7pt; text-align: center; line-height: 102%"><span style="font-family: Open Sans,sans-serif; font-size: 10pt; line-height: 102%">0.69%</span></td></tr> <tr id="xdx_402_eoef--Component1OtherExpensesOverAssets_dpn_zp7ex1Rwe38i"> <td style="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 1.95pt; text-align: justify; line-height: 102%"><span style="font-family: Open Sans,sans-serif; font-size: 10pt; line-height: 102%"> Interest Expense</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 1.7pt; padding-left: 1.7pt; text-align: center; line-height: 102%"><span style="font-family: Open Sans,sans-serif; font-size: 10pt; line-height: 102%">0.00%</span></td> <td style="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; background-color: white; padding-right: 1.7pt; padding-left: 1.7pt; text-align: center; line-height: 102%"><span style="font-family: Open Sans,sans-serif; font-size: 10pt; line-height: 102%">0.00%</span></td> <td style="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; background-color: white; padding-right: 1.7pt; padding-left: 1.7pt; text-align: center; line-height: 102%"><span style="font-family: Open Sans,sans-serif; font-size: 10pt; line-height: 102%">0.00%</span></td></tr> <tr id="xdx_406_eoef--Component2OtherExpensesOverAssets_dpn_zGRUAGrnZpLd"> <td style="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 1.95pt; text-align: justify; line-height: 102%"><span style="font-family: Open Sans,sans-serif; font-size: 10pt; line-height: 102%"> Remaining Other Expenses</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 1.7pt; padding-left: 1.7pt; text-align: center; line-height: 102%"><span style="font-family: Open Sans,sans-serif; font-size: 10pt; line-height: 102%">0.68%</span></td> <td style="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; background-color: white; padding-right: 1.7pt; padding-left: 1.7pt; text-align: center; line-height: 102%"><span style="font-family: Open Sans,sans-serif; font-size: 10pt; line-height: 102%">0.69%</span></td> <td style="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; background-color: white; padding-right: 1.7pt; padding-left: 1.7pt; text-align: center; line-height: 102%"><span style="font-family: Open Sans,sans-serif; font-size: 10pt; line-height: 102%">0.69%</span></td></tr> <tr id="xdx_407_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zapM0Ip7Bg7f"> <td style="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 1pt; padding-left: 1.95pt; text-align: justify; line-height: 102%"><span style="font-family: Open Sans,sans-serif; font-size: 10pt; line-height: 102%">Acquired Fund Fees and Expenses<sup id="xdx_F4B_z3DONVxz57md">(2)</sup></span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-top: 1pt; text-align: center; line-height: 102%"><span style="font-family: Open Sans,sans-serif; font-size: 10pt; line-height: 102%">0.33%</span></td> <td style="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; background-color: white; padding-top: 1pt; text-align: center; line-height: 102%"><span style="font-family: Open Sans,sans-serif; font-size: 10pt; line-height: 102%">0.33%</span></td> <td style="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; background-color: white; padding-top: 1pt; text-align: center; line-height: 102%"><span style="font-family: Open Sans,sans-serif; font-size: 10pt; line-height: 102%">0.33%</span></td></tr> <tr id="xdx_406_eoef--ExpensesOverAssets_dpn_z4LR2rhkOM7d"> <td style="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 1.95pt; text-align: justify; line-height: 102%"><span style="font-family: Open Sans,sans-serif; font-size: 10pt; line-height: 102%">Total Annual Fund Operating Expenses</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 1.7pt; padding-left: 1.7pt; text-align: center; line-height: 102%"><span style="font-family: Open Sans,sans-serif; font-size: 10pt; line-height: 102%">2.21%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 1.7pt; padding-left: 1.7pt; text-align: center; line-height: 102%"><span style="font-family: Open Sans,sans-serif; font-size: 10pt; line-height: 102%">2.97%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 1.7pt; padding-left: 1.7pt; text-align: center; line-height: 102%"><span style="font-family: Open Sans,sans-serif; font-size: 10pt; line-height: 102%">1.97%</span></td></tr> <tr id="xdx_409_eoef--FeeWaiverOrReimbursementOverAssets_dp_zFieCuOOkL81"> <td style="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 1pt; padding-left: 18.35pt; text-align: justify; line-height: 102%"><span style="font-family: Open Sans,sans-serif; font-size: 10pt; line-height: 102%">Fee Waiver<sup id="xdx_F4A_zczcdFoYSTfd">(3)</sup></span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; text-align: center; line-height: 102%"><span style="font-family: Open Sans,sans-serif; font-size: 10pt; line-height: 102%">(0.48)%</span></td> <td style="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-top: 1pt; text-align: center; line-height: 102%"><span style="font-family: Open Sans,sans-serif; font-size: 10pt; line-height: 102%">(0.49)%</span></td> <td style="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-top: 1pt; text-align: center; line-height: 102%"><span style="font-family: Open Sans,sans-serif; font-size: 10pt; line-height: 102%">(0.49)%</span></td></tr> <tr id="xdx_40A_eoef--NetExpensesOverAssets_dp_z70EsCfxZkc7"> <td style="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 1.95pt; text-align: justify; line-height: 102%"><span style="font-family: Open Sans,sans-serif; font-size: 10pt; line-height: 102%">Total Annual Fund Operating Expenses After Fee Waiver<sup id="xdx_F49_zYW0vuYIt2R6">(1,3)</sup></span></td> <td style="border-right: Black 1pt solid; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.7pt; padding-left: 1.7pt; text-align: center; line-height: 102%"><span style="font-family: Open Sans,sans-serif; font-size: 10pt; line-height: 102%">1.73%</span></td> <td style="border-right: Black 1pt solid; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.7pt; padding-left: 1.7pt; text-align: center; line-height: 102%"><span style="font-family: Open Sans,sans-serif; font-size: 10pt; line-height: 102%">2.48%</span></td> <td style="border-right: Black 1pt solid; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.7pt; padding-left: 1.7pt; text-align: center; line-height: 102%"><span style="font-family: Open Sans,sans-serif; font-size: 10pt; line-height: 102%">1.48%</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 12pt/102% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 3pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in"><span id="xdx_F0A_zpn9IKp2rXA5" style="font-family: Open Sans,sans-serif; font-size: 8pt">(1)</span></td><td style="text-align: justify"><span id="xdx_F1D_zWj1pNNKiOf3" style="font-family: Open Sans,sans-serif; font-size: 8pt">The Beacon Dynamic Allocation Fund, a series of Northern Lights Fund Trust (the “Predecessor Fund” or “Predecessor Dynamic Fund”), reorganized into the Fund following the close of business on February 13, 2026. <span id="xdx_90F_eoef--OtherExpensesNewFundBasedOnEstimates_c20260624__20260624__dei--LegalEntityAxis__custom--S000096995Member_znuEfzLVj8A6">Other Expenses are based on estimated amounts for the current fiscal year.</span> </span></td></tr></table> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 12pt/102% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 3pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in"><span id="xdx_F08_zkFap37bSkma" style="font-family: Open Sans,sans-serif; font-size: 8pt">(2)</span></td><td style="text-align: justify"><span id="xdx_F13_zwqFKGwiHrmf" style="font-family: Open Sans,sans-serif; font-size: 8pt">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. <span id="xdx_903_eoef--ExpensesNotCorrelatedToRatioDueToAcquiredFundFees_c20260624__20260624__dei--LegalEntityAxis__custom--S000096995Member_zqoQcBOCpDt5">The operating expenses in this fee table do not correlate to the expense ratio in the Fund’s financial highlights because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in other investment companies.</span> </span></td></tr></table> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 12pt/102% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in"><span id="xdx_F00_zYJ9m0hbS9Z2" style="font-family: Open Sans,sans-serif; font-size: 8pt">(3)</span></td><td style="text-align: justify"><span id="xdx_F1F_zyPfNAJY4Yf3" style="font-family: Open Sans,sans-serif; font-size: 8pt">The Adviser has contractually agreed to waive its management fees and to make payments to limit Fund expenses, until <span id="xdx_905_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260624__20260624__dei--LegalEntityAxis__custom--S000096995Member_z2UTxVIUwlcj">February 28, 2028</span>, so that the total annual operating expenses excluding (i) any front-end or contingent deferred loads; (ii) brokerage fees and commissions; (iii) acquired fund fees and expenses; (iv) fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses); (v) borrowing costs (such as interest and dividend expense on securities sold short); (vi) taxes; and (vii) extraordinary expenses, such as litigation expenses (which may include indemnification of Fund officers and Trustees, contractual indemnification of Fund service providers (other than the Adviser)) of the Fund do not exceed 1.40%, 2.15% and 1.15% for Class A, Class C and Class I shares, respectively. These fee waivers and expense reimbursements are subject to possible recoupment from the Fund in future years (within the three years from the date when the amount is waived or reimbursed) if such recoupment can be achieved within the lesser of the expense limits in effect at the time of the waiver or the then-current expense limits. This agreement may be terminated only by the Trust’s Board of Trustees, on 60 days’ written notice to the Adviser. </span></td></tr></table> <p style="font: 10pt Open Sans,sans-serif; margin: 0"> </p> 0.0095 0.0095 0.0095 0.0025 0.0100 0 0.0068 0.0069 0.0069 0.0000 0.0000 0.0000 0.0068 0.0069 0.0069 0.0033 0.0033 0.0033 0.0221 0.0297 0.0197 -0.0048 -0.0049 -0.0049 0.0173 0.0248 0.0148 Other Expenses are based on estimated amounts for the current fiscal year. The operating expenses in this fee table do not correlate to the expense ratio in the Fund’s financial highlights because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in other investment companies. February 28, 2028 Example. <p id="xdx_A8D_eoef--ExpenseExampleNarrativeTextBlock_zRGQ8K4oyiZe" style="font: 10pt Open Sans,sans-serif; margin: 0; text-align: justify">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p> <p style="font: 10pt Open Sans,sans-serif; margin: 0; text-align: justify"> </p> The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The Example takes into account the Expense Cap for the Fund which are only reflected through February 28, 2028. Although your actual costs may be higher or lower, based upon these assumptions your costs would be: <div id="xdx_A8E_eoef--ExpenseExampleWithRedemptionTableTextBlock_zTo9DD84zIte"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_zywLgv9lq20c" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="background-color: #D0CECE"> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.85pt; padding-left: 3.85pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Class</b></span></td> <td id="xdx_48B_eoef--ExpenseExampleYear01_zVx7gbUPdsm4" style="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.85pt; padding-left: 3.85pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>1 Year</b></span></td> <td id="xdx_483_eoef--ExpenseExampleYear03_zTL0gUioFkO9" style="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.85pt; padding-left: 3.85pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>3 Years</b></span></td> <td id="xdx_48E_eoef--ExpenseExampleYear05_zGcfxGamIZQb" style="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.85pt; padding-left: 3.85pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>5 Years</b></span></td> <td id="xdx_485_eoef--ExpenseExampleYear10_zInlPEuzLBDd" style="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.85pt; padding-left: 3.85pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>10 Years</b></span></td></tr> <tr id="xdx_41A_20260624__20260624__dei--LegalEntityAxis__custom--S000096995Member__oef--ClassAxis__custom--C000266022Member_zDy6Hr2vuRs3"> <td style="border-bottom: black 1pt solid; padding-right: 3.85pt; padding-left: 3.85pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Class A</span></td> <td style="border-bottom: black 1pt solid; vertical-align: top; padding-right: 3.85pt; padding-left: 3.85pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$642</span></td> <td style="border-bottom: black 1pt solid; vertical-align: top; padding-right: 3.85pt; padding-left: 3.85pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$1,089</span></td> <td style="border-bottom: black 1pt solid; vertical-align: top; padding-right: 3.85pt; padding-left: 3.85pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$1,562</span></td> <td style="border-bottom: black 1pt solid; vertical-align: top; padding-right: 3.85pt; padding-left: 3.85pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$2,863</span></td></tr> <tr id="xdx_413_20260624__20260624__dei--LegalEntityAxis__custom--S000096995Member__oef--ClassAxis__custom--C000274166Member_z1kvaVj5NeC3"> <td style="border-bottom: black 1pt solid; padding-right: 3.85pt; padding-left: 3.85pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Class C</span></td> <td style="border-bottom: black 1pt solid; vertical-align: top; padding-right: 3.85pt; padding-left: 3.85pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$251</span></td> <td style="border-bottom: black 1pt solid; vertical-align: top; padding-right: 3.85pt; padding-left: 3.85pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$873</span></td> <td style="border-bottom: black 1pt solid; vertical-align: top; padding-right: 3.85pt; padding-left: 3.85pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$1,519</span></td> <td style="border-bottom: black 1pt solid; vertical-align: top; padding-right: 3.85pt; padding-left: 3.85pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$3,255</span></td></tr> <tr id="xdx_412_20260624__20260624__dei--LegalEntityAxis__custom--S000096995Member__oef--ClassAxis__custom--C000274167Member_zoPiXbhVK2v1"> <td style="border-bottom: black 1pt solid; padding-right: 3.85pt; padding-left: 3.85pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Class I</span></td> <td style="border-bottom: black 1pt solid; vertical-align: top; padding-right: 3.85pt; padding-left: 3.85pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$151</span></td> <td style="border-bottom: black 1pt solid; vertical-align: top; padding-right: 3.85pt; padding-left: 3.85pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$571</span></td> <td style="border-bottom: black 1pt solid; vertical-align: top; padding-right: 3.85pt; padding-left: 3.85pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$1,017</span></td> <td style="border-bottom: black 1pt solid; vertical-align: top; padding-right: 3.85pt; padding-left: 3.85pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$2,256</span></td></tr> </table> <p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"> </p> 642 1089 1562 2863 251 873 1519 3255 151 571 1017 2256 Portfolio Turnover. <p id="xdx_A86_eoef--PortfolioTurnoverTextBlock_zeD1DwwVKgp5" style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the Example or in the Example, affect the Fund’s performance. For the fiscal year ended July 31, 2025, the Predecessor Fund’s portfolio turnover rate was 142% of the average value of the portfolio. During the fiscal period ended February 28, 2026, the Fund’s portfolio turnover rate was <span id="xdx_902_eoef--PortfolioTurnoverRate_dp_c20260624__20260624__dei--LegalEntityAxis__custom--S000096995Member_zuacootB6Aki">34%</span> of the average value of the portfolio.</span></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Open Sans,sans-serif; margin: 0; text-align: justify">For more information regarding the Predecessor Fund, please see the discussion under “Performance Information.”</p> <p style="font: 10pt Open Sans,sans-serif; margin: 0"> </p> 0.34 Principal Investment Strategies. <p id="xdx_A83_eoef--StrategyNarrativeTextBlock_zDKyleS0eUk9" style="font: 10pt Open Sans,sans-serif; margin: 0; text-align: justify"><span style="letter-spacing: 0.15pt">The Fund invests predominantly in exchange-traded funds (“ETFs”) that each invest primarily in domestic or foreign (1) equity securities, (2) fixed-income securities, (3) alternative/specialty securities or (4) cash equivalents. The Fund defines equity securities to include ETFs that invest primarily in equity securities, such as common and preferred stocks. The Fund defines fixed-income securities to include ETFs that invest primarily in fixed-income securities, such as bonds, notes and debentures. The Fund defines alternative and specialty securities to include ETFs that invest in commodities, foreign currencies and real estate investment trusts (“REITs”), as well as inverse ETFs (ETFs designed to produce returns that are opposite to those of the index to which they are linked). Pursuant to the Fund’s principal investment strategies, the Fund invests its assets across multiple asset classes by investing in ETFs that each invest primarily in securities of domestic issuers of varying market capitalizations. While the percentage invested in each asset class will change over time, the Fund invests primarily in equity securities and fixed income securities (as defined above). With respect to fixed income securities, the Fund invests primarily in those rated BBB- or higher by Standard and Poor’s Rating Group or similarly rated by another nationally recognized statistical rating organization (“NRSRO”). The Fund may invest in fixed income securities of any credit quality (including high yield or “junk” bonds) and any maturity. Under normal market conditions, the Fund invests at least 80% of its assets (defined as net assets plus any borrowing for investment purposes) measured at the time of purchase in ETFs.</span></p> <p style="font: 10pt Open Sans,sans-serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Open Sans,sans-serif; margin: 0; text-align: justify"><span style="letter-spacing: 0.15pt">Beacon Capital Management, Inc., the Fund’s investment adviser (“Beacon Capital” or the “Adviser”), uses a tactical asset allocation strategy based on a proprietary macroeconomic model and investment philosophy to select assets that it believes have the potential to generate the most appropriate risk-adjusted returns in the given economic environment. In managing the Fund’s portfolio, the Adviser may engage in frequent trading of securities, resulting in a high portfolio turnover rate.</span></p> <p style="font: 10pt Open Sans,sans-serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Open Sans,sans-serif; margin: 0; text-align: justify">The model is based upon the Beacon Economic Index® (formerly Astor) which takes economic data points focused on: (1) employment and (2) output to determine what the Adviser believes is the current level of the economy. Additional indicators such as market conditions and price momentum are also used. The Adviser uses these outputs to allocate assets and rebalance the Fund’s investment portfolio at an appropriate level for the economic and market risk environment with the goal of achieving positive returns throughout economic cycles. The Adviser seeks to use macroeconomic analysis as a risk control in order to mitigate the impact of large negative returns (commonly referred to as drawdowns) typically experienced during periods of weak economic activity.</p> <p style="font: 10pt Open Sans,sans-serif; margin: 0"> </p> <p style="font: 10pt/102% Open Sans,sans-serif; margin: 0; text-align: justify">The Adviser anticipates rebalancing the Fund’s portfolio based upon the Adviser’s determination of changes in the economic cycle as well as other proprietary indicators. By using economic cycle-driven rebalancing, the Adviser seeks to provide positive returns during economic expansions by increasing the portfolio allocation to long equity ETFs linked to broad market indices, such as the S&amp;P 500 Index. During economic contractions, the Adviser will utilize defensive positioning, by increasing portfolio allocations to cash, fixed-income ETFs and alternative/specialty ETFs including those providing inverse market exposure. Inverse ETFs are designed to hedge portfolio investments by producing results opposite to market trends. Inverse ETFs seek daily investment results, before fees and expenses, which correspond to the inverse (opposite) of the daily performance of a specific benchmark, such as the S&amp;P 500 Index. Alternative or specialty ETFs are selected to provide positive returns and diversification. These may include ETFs linked to commodities, such as oil or gold, as well as ETFs focused on specific industries such as real estate or focused on economic segments such as foreign currencies.</p> <p style="font: 10pt/102% Open Sans,sans-serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt/102% Open Sans,sans-serif; margin: 0; text-align: justify">The Trading Sub-Adviser is responsible for executing portfolio transactions and implementing the Adviser’s decisions for the Fund.</p> <p id="xdx_A86_eoef--RiskTextBlock_gRBRTB-WD_zMpDKczlzIZg" style="font: 10pt/102% Open Sans,sans-serif; margin: 0; text-align: justify">Remember that in addition to possibly not achieving your investment goals, you could lose money by investing in the Fund. The following describes the principal risks the Fund may bear directly and indirectly through ETFs.</p> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--AlternativeAndSpecialtyAssetsRiskMember_zDP5eFSgGkPc"> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 12pt/102% Times New Roman, Times, Serif; margin-top: 8pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Symbol; font-size: 10pt">·</span></td><td style="text-align: justify"><span style="font-family: Open Sans,sans-serif; font-size: 10pt"><b>Alternative and Specialty Assets Risk</b><i>: </i>The Fund may purchase ETFs that invest in “alternative asset” or “specialty” market segments. The risks and volatility of these investments are linked to narrow segments of the economy such as commodities, real estate, or currencies. Inverse ETFs limit the Fund’s participation in certain market gains.</span></td></tr></table></div><div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--CommodityRiskMember_zg4AUhZucFZd"> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 12pt/102% Times New Roman, Times, Serif; margin-top: 8pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Symbol; font-size: 10pt">·</span></td><td style="text-align: justify"><span style="font-family: Open Sans,sans-serif; font-size: 10pt"><b>Commodity Risk</b><i>: </i>Investing in the commodities markets may subject the Fund to greater volatility than investments in traditional securities. Commodity prices may be influenced by unfavorable weather, animal and plant disease, geologic and environmental factors as well as changes in government regulation such as tariffs, embargoes or burdensome production rules and restrictions.</span></td></tr></table></div><div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--CreditRisksMember_zwwb1R2SZkTd"> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 12pt/102% Times New Roman, Times, Serif; margin-top: 8pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Symbol; font-size: 10pt">·</span></td><td style="text-align: justify"><span style="font-family: Open Sans,sans-serif; font-size: 10pt"><b>Credit Risk</b><i>: </i>Debt issuers may not make interest or principal payments, resulting in losses to the Fund. In addition, the credit quality of securities held by an ETF may be lowered if an issuer’s financial condition changes. These risks are more pronounced for securities at the lower end of the investment grade credit quality spectrum, such as those rated BBB- or lower by Standard &amp; Poor’s Ratings Group or another NRSRO.</span></td></tr></table></div><div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--CurrencyRiskDomesticAndForeignMember_zhxoMPjWo56g"> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 12pt/102% Times New Roman, Times, Serif; margin-top: 8pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Symbol; font-size: 10pt; letter-spacing: -0.1pt">·</span></td><td style="text-align: justify"><span style="font-family: Open Sans,sans-serif; font-size: 10pt; letter-spacing: -0.1pt"><b>Currency Risk (Domestic and Foreign): </b>The risk that material changes in currency exchange rates will negatively affect securities denominated in, and/or receiving revenues in, foreign and domestic currencies. Currency trading risks include market risk, credit risk and country risk. Market risk results from adverse changes in exchange rates in the currencies the Fund is long or short. Credit risk results because a currency-trade issuer may default. Country risk arises because a government may interfere with transactions in its currency.</span></td></tr></table></div><div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketRiskMember_z7ju1uN6r3a9"> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 12pt/102% Times New Roman, Times, Serif; margin-top: 8pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Symbol; font-size: 10pt">·</span></td><td style="text-align: justify"><span style="font-family: Open Sans,sans-serif; font-size: 10pt"><b>Emerging Market Risk: </b>Investing in emerging markets involves not only the risks described below with respect to investing in foreign securities, but also other risks, including exposure to economic structures that are generally less diverse and mature, limited availability and reliability of information material to an investment decision, and exposure to political systems that can be expected to have less stability than those of developed countries. The market for the securities of issuers in emerging market typically is small, and a low or nonexistent trading volume in those securities may result in a lack of liquidity and price volatility.</span></td></tr></table></div><div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquityRisksMember_znpgj8jwHZal"> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 12pt/102% Times New Roman, Times, Serif; margin-top: 8pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Symbol; font-size: 10pt">·</span></td><td style="text-align: justify"><span style="font-family: Open Sans,sans-serif; font-size: 10pt"><b>Equity Risk: </b>The net asset value of the Fund will fluctuate based on changes in the value of the equity securities in which it invests through ETFs. Equity prices can fall rapidly in response to developments affecting a specific company or industry, or to changing economic, political or market conditions.</span></td></tr></table></div><p id="xdx_A9B_zsUjCIKhfCGc" style="margin-top: 0; margin-bottom: 0"> </p><p style="font: 10pt/102% Open Sans,sans-serif; margin: 0"> </p><div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFRiskMember_zgWEYG5bt29b"> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 12pt/99% Times New Roman, Times, Serif; margin-top: 5.5pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Symbol; font-size: 10pt">·</span></td><td style="text-align: justify"><span style="font-family: Open Sans,sans-serif; font-size: 10pt"><b>ETF Risk: </b>ETFs are subject to investment advisory fees and other expenses, which will be indirectly paid by the Fund. As a result, your cost of investing in the Fund will be higher than the cost of investing directly in ETFs and may be higher than other mutual funds that invest directly in bonds. Each ETF is subject to specific risks, depending on its investments. ETF shares may trade at a discount or a premium in market price if there is a limited market in such shares. ETFs are also subject to brokerage and other trading costs, which could result in greater expenses to the Fund. If the Fund invests a significant portion of its assets in ETFs offered by one ETF sponsor, the Fund could be exposed to additional risks and losses if the sponsor’s ETFs fall out of favor in the marketplace and trading volumes cause the ETF’s market prices to decline.</span></td></tr></table></div><div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeRiskMember_zXrd56xlx1ig"> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 12pt/99% Times New Roman, Times, Serif; margin-top: 5.5pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Symbol; font-size: 10pt; letter-spacing: -0.05pt">·</span></td><td style="text-align: justify"><span style="font-family: Open Sans,sans-serif; font-size: 10pt; letter-spacing: -0.05pt"><b>Fixed-Income Risk: </b>When the Fund invests in fixed-income ETFs, the value of your investment in the Fund will fluctuate with changes in interest rates. Rising interest rates will cause a bond’s value to decline. Defaults by fixed income issuers will also harm performance. Other risk factors impacting fixed-income securities include credit risk, maturity risk, market risk, extension or prepayment risk, illiquid security risks, investment-grade securities risk. These risks could affect the value of a particular investment by the Fund possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</span></td></tr></table></div><div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignInvestmentRiskMember_zHn9rqG5HVCf"> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 12pt/99% Times New Roman, Times, Serif; margin-top: 5.5pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Symbol; font-size: 10pt">·</span></td><td style="text-align: justify"><span style="font-family: Open Sans,sans-serif; font-size: 10pt"><b>Foreign Investment Risk: </b>Foreign investing involves risks not typically associated with U.S. investments, including adverse fluctuations in foreign currency values, adverse political, social and economic developments, less liquidity, greater volatility, less developed or less efficient trading markets, political instability and differing auditing and legal standards.</span></td></tr></table></div><div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighYieldOrJunkBondRiskMember_zbat38x359n"> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 12pt/99% Times New Roman, Times, Serif; margin-top: 5.5pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Symbol; font-size: 10pt">·</span></td><td style="text-align: justify"><span style="font-family: Open Sans,sans-serif; font-size: 10pt"><b>High Yield or Junk Bond Risk: </b>Lower-quality bonds and other debt securities, known as “high yield” or “junk” bonds, are considered speculative and present greater risk than bonds of higher quality, including an increased risk of default. An economic downturn or period of rising interest rates could adversely affect the market for these bonds and reduce the Fund’s ability to sell its bonds. The lack of a liquid market for these bonds could decrease the Fund’s share price.</span></td></tr></table></div><div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--InverseETFRiskMember_zVRA0tCLPjd8"> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 12pt/99% Times New Roman, Times, Serif; margin-top: 5.5pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Symbol; font-size: 10pt">·</span></td><td style="text-align: justify"><span style="font-family: Open Sans,sans-serif; font-size: 10pt"><b>Inverse ETF Risk: </b>Inverse ETFs are designed to rise in price when stock prices are falling. Inverse ETFs may employ leverage, which magnifies tend to limit the changes in the Fund’s participation in overall market-wide gains. Accordingly, their performance over longer terms can perform very differently than underlying stock index upon which they are based assets and benchmarks, and volatile markets can amplify this effect. Any strategy that includes inverse securities could cause the Fund to suffer significant losses.</span></td></tr></table></div><div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zPFicVs18KB7"> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 12pt/99% Times New Roman, Times, Serif; margin-top: 5.5pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Symbol; font-size: 10pt">·</span></td><td style="text-align: justify"><span style="font-family: Open Sans,sans-serif; font-size: 10pt"><b>Management Risk: </b>The Adviser’s dependence on its proprietary macroeconomic analysis and judgments about the attractiveness, value and potential appreciation of particular asset classes in which the Fund invests (long or short via inverse ETFs) may prove to be incorrect and may not produce the desired results.</span></td></tr></table></div><div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndGeopoliticalRiskMember_z4QrEgzTfax4"> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 12pt/99% Times New Roman, Times, Serif; margin-top: 5.5pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Symbol; font-size: 10pt; letter-spacing: -0.1pt">·</span></td><td style="text-align: justify"><span style="font-family: Open Sans,sans-serif; font-size: 10pt; letter-spacing: -0.1pt"><b>Market and Geopolitical Risk: </b>The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, international conflicts, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as a worldwide pandemic, terrorist attacks, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund. The COVID-19 global pandemic had negative impacts, and in many cases severe negative impacts, on markets worldwide. It is not known how long such impacts, or any future impacts of other significant events described above, will or would last, but there could be a prolonged period of global economic slowdown, which may impact your investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. During a general market downturn, multiple asset classes may be negatively affected. Changes in market conditions and interest rates can have the same impact on all types of securities and instruments. In times of severe market disruptions, you could lose your entire investment.<br/> </span></td></tr></table></div><p id="xdx_A9F_z0TH1wWqRuIk" style="margin-top: 0; margin-bottom: 0"> </p><div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_zXUmSQtQgm6g"> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Symbol; font-size: 10pt">·</span></td><td style="text-align: justify"><span style="font-family: Open Sans,sans-serif; font-size: 10pt"><b>Portfolio Turnover Risk: </b>A higher portfolio turnover may result in higher transactional and brokerage costs associated with the turnover which may reduce the Fund’s return, unless the securities traded can be bought and sold without corresponding commission costs. Active trading of securities may also increase the Fund’s realized capital gains or losses, which may affect the taxes you pay as the Fund shareholder. The Fund’s portfolio turnover rate is expected to be above 100% annually.</span></td></tr></table></div><div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--RealEstateInvestmentTrustREITRiskMember_zkYshp81Ued3"> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Symbol; font-size: 10pt">·</span></td><td style="text-align: justify"><span style="font-family: Open Sans,sans-serif; font-size: 10pt"><b>Real Estate Investment Trust (REIT) Risk: </b>Investing in REITs, involves certain unique risks in addition to those associated with the real estate sector generally. REITs whose underlying properties are concentrated in a particular industry or region are also subject to risks affecting such industries and regions. REITs (especially mortgage REITs) are also subject to interest rate risks. By investing in REITs through the Fund, a shareholder will bear expenses of the REITs in addition to Fund expenses.</span></td></tr></table></div><div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallAndMediumCapitalizationCompanyRiskMember_zME0qkpCHm6"> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Symbol; font-size: 10pt">·</span></td><td style="text-align: justify"><span style="font-family: Open Sans,sans-serif; font-size: 10pt"><b>Small and Medium Capitalization Company Risk: </b>Securities of small and medium capitalization companies may be subject to more abrupt or erratic market movements than those of larger, more established companies or the market averages in general.</span></td></tr></table></div><div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--SovereignDebtRiskMember_zCOJeVHYzmsg"> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Symbol; font-size: 10pt">·</span></td><td style="text-align: justify"><span style="font-family: Open Sans,sans-serif; font-size: 10pt"><b>Sovereign Debt Risk</b>: These investments are subject to the risk that a governmental entity may delay or refuse to pay interest or repay principal on its sovereign debt. There is no legal process for collecting sovereign debt that a government does not pay nor are there bankruptcy proceedings through which all or part of the sovereign debt that a governmental entity has not repaid may be collected.</span></td></tr></table></div> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--AlternativeAndSpecialtyAssetsRiskMember_zDP5eFSgGkPc"> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 12pt/102% Times New Roman, Times, Serif; margin-top: 8pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Symbol; font-size: 10pt">·</span></td><td style="text-align: justify"><span style="font-family: Open Sans,sans-serif; font-size: 10pt"><b>Alternative and Specialty Assets Risk</b><i>: </i>The Fund may purchase ETFs that invest in “alternative asset” or “specialty” market segments. The risks and volatility of these investments are linked to narrow segments of the economy such as commodities, real estate, or currencies. Inverse ETFs limit the Fund’s participation in certain market gains.</span></td></tr></table></div> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--CommodityRiskMember_zg4AUhZucFZd"> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 12pt/102% Times New Roman, Times, Serif; margin-top: 8pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Symbol; font-size: 10pt">·</span></td><td style="text-align: justify"><span style="font-family: Open Sans,sans-serif; font-size: 10pt"><b>Commodity Risk</b><i>: </i>Investing in the commodities markets may subject the Fund to greater volatility than investments in traditional securities. Commodity prices may be influenced by unfavorable weather, animal and plant disease, geologic and environmental factors as well as changes in government regulation such as tariffs, embargoes or burdensome production rules and restrictions.</span></td></tr></table></div> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--CreditRisksMember_zwwb1R2SZkTd"> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 12pt/102% Times New Roman, Times, Serif; margin-top: 8pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Symbol; font-size: 10pt">·</span></td><td style="text-align: justify"><span style="font-family: Open Sans,sans-serif; font-size: 10pt"><b>Credit Risk</b><i>: </i>Debt issuers may not make interest or principal payments, resulting in losses to the Fund. In addition, the credit quality of securities held by an ETF may be lowered if an issuer’s financial condition changes. These risks are more pronounced for securities at the lower end of the investment grade credit quality spectrum, such as those rated BBB- or lower by Standard &amp; Poor’s Ratings Group or another NRSRO.</span></td></tr></table></div> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--CurrencyRiskDomesticAndForeignMember_zhxoMPjWo56g"> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 12pt/102% Times New Roman, Times, Serif; margin-top: 8pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Symbol; font-size: 10pt; letter-spacing: -0.1pt">·</span></td><td style="text-align: justify"><span style="font-family: Open Sans,sans-serif; font-size: 10pt; letter-spacing: -0.1pt"><b>Currency Risk (Domestic and Foreign): </b>The risk that material changes in currency exchange rates will negatively affect securities denominated in, and/or receiving revenues in, foreign and domestic currencies. Currency trading risks include market risk, credit risk and country risk. Market risk results from adverse changes in exchange rates in the currencies the Fund is long or short. Credit risk results because a currency-trade issuer may default. Country risk arises because a government may interfere with transactions in its currency.</span></td></tr></table></div> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketRiskMember_z7ju1uN6r3a9"> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 12pt/102% Times New Roman, Times, Serif; margin-top: 8pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Symbol; font-size: 10pt">·</span></td><td style="text-align: justify"><span style="font-family: Open Sans,sans-serif; font-size: 10pt"><b>Emerging Market Risk: </b>Investing in emerging markets involves not only the risks described below with respect to investing in foreign securities, but also other risks, including exposure to economic structures that are generally less diverse and mature, limited availability and reliability of information material to an investment decision, and exposure to political systems that can be expected to have less stability than those of developed countries. The market for the securities of issuers in emerging market typically is small, and a low or nonexistent trading volume in those securities may result in a lack of liquidity and price volatility.</span></td></tr></table></div> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquityRisksMember_znpgj8jwHZal"> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 12pt/102% Times New Roman, Times, Serif; margin-top: 8pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Symbol; font-size: 10pt">·</span></td><td style="text-align: justify"><span style="font-family: Open Sans,sans-serif; font-size: 10pt"><b>Equity Risk: </b>The net asset value of the Fund will fluctuate based on changes in the value of the equity securities in which it invests through ETFs. Equity prices can fall rapidly in response to developments affecting a specific company or industry, or to changing economic, political or market conditions.</span></td></tr></table></div> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFRiskMember_zgWEYG5bt29b"> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 12pt/99% Times New Roman, Times, Serif; margin-top: 5.5pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Symbol; font-size: 10pt">·</span></td><td style="text-align: justify"><span style="font-family: Open Sans,sans-serif; font-size: 10pt"><b>ETF Risk: </b>ETFs are subject to investment advisory fees and other expenses, which will be indirectly paid by the Fund. As a result, your cost of investing in the Fund will be higher than the cost of investing directly in ETFs and may be higher than other mutual funds that invest directly in bonds. Each ETF is subject to specific risks, depending on its investments. ETF shares may trade at a discount or a premium in market price if there is a limited market in such shares. ETFs are also subject to brokerage and other trading costs, which could result in greater expenses to the Fund. If the Fund invests a significant portion of its assets in ETFs offered by one ETF sponsor, the Fund could be exposed to additional risks and losses if the sponsor’s ETFs fall out of favor in the marketplace and trading volumes cause the ETF’s market prices to decline.</span></td></tr></table></div> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeRiskMember_zXrd56xlx1ig"> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 12pt/99% Times New Roman, Times, Serif; margin-top: 5.5pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Symbol; font-size: 10pt; letter-spacing: -0.05pt">·</span></td><td style="text-align: justify"><span style="font-family: Open Sans,sans-serif; font-size: 10pt; letter-spacing: -0.05pt"><b>Fixed-Income Risk: </b>When the Fund invests in fixed-income ETFs, the value of your investment in the Fund will fluctuate with changes in interest rates. Rising interest rates will cause a bond’s value to decline. Defaults by fixed income issuers will also harm performance. Other risk factors impacting fixed-income securities include credit risk, maturity risk, market risk, extension or prepayment risk, illiquid security risks, investment-grade securities risk. These risks could affect the value of a particular investment by the Fund possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</span></td></tr></table></div> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignInvestmentRiskMember_zHn9rqG5HVCf"> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 12pt/99% Times New Roman, Times, Serif; margin-top: 5.5pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Symbol; font-size: 10pt">·</span></td><td style="text-align: justify"><span style="font-family: Open Sans,sans-serif; font-size: 10pt"><b>Foreign Investment Risk: </b>Foreign investing involves risks not typically associated with U.S. investments, including adverse fluctuations in foreign currency values, adverse political, social and economic developments, less liquidity, greater volatility, less developed or less efficient trading markets, political instability and differing auditing and legal standards.</span></td></tr></table></div> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighYieldOrJunkBondRiskMember_zbat38x359n"> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 12pt/99% Times New Roman, Times, Serif; margin-top: 5.5pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Symbol; font-size: 10pt">·</span></td><td style="text-align: justify"><span style="font-family: Open Sans,sans-serif; font-size: 10pt"><b>High Yield or Junk Bond Risk: </b>Lower-quality bonds and other debt securities, known as “high yield” or “junk” bonds, are considered speculative and present greater risk than bonds of higher quality, including an increased risk of default. An economic downturn or period of rising interest rates could adversely affect the market for these bonds and reduce the Fund’s ability to sell its bonds. The lack of a liquid market for these bonds could decrease the Fund’s share price.</span></td></tr></table></div> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--InverseETFRiskMember_zVRA0tCLPjd8"> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 12pt/99% Times New Roman, Times, Serif; margin-top: 5.5pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Symbol; font-size: 10pt">·</span></td><td style="text-align: justify"><span style="font-family: Open Sans,sans-serif; font-size: 10pt"><b>Inverse ETF Risk: </b>Inverse ETFs are designed to rise in price when stock prices are falling. Inverse ETFs may employ leverage, which magnifies tend to limit the changes in the Fund’s participation in overall market-wide gains. Accordingly, their performance over longer terms can perform very differently than underlying stock index upon which they are based assets and benchmarks, and volatile markets can amplify this effect. Any strategy that includes inverse securities could cause the Fund to suffer significant losses.</span></td></tr></table></div> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zPFicVs18KB7"> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 12pt/99% Times New Roman, Times, Serif; margin-top: 5.5pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Symbol; font-size: 10pt">·</span></td><td style="text-align: justify"><span style="font-family: Open Sans,sans-serif; font-size: 10pt"><b>Management Risk: </b>The Adviser’s dependence on its proprietary macroeconomic analysis and judgments about the attractiveness, value and potential appreciation of particular asset classes in which the Fund invests (long or short via inverse ETFs) may prove to be incorrect and may not produce the desired results.</span></td></tr></table></div> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndGeopoliticalRiskMember_z4QrEgzTfax4"> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 12pt/99% Times New Roman, Times, Serif; margin-top: 5.5pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Symbol; font-size: 10pt; letter-spacing: -0.1pt">·</span></td><td style="text-align: justify"><span style="font-family: Open Sans,sans-serif; font-size: 10pt; letter-spacing: -0.1pt"><b>Market and Geopolitical Risk: </b>The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, international conflicts, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as a worldwide pandemic, terrorist attacks, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund. The COVID-19 global pandemic had negative impacts, and in many cases severe negative impacts, on markets worldwide. It is not known how long such impacts, or any future impacts of other significant events described above, will or would last, but there could be a prolonged period of global economic slowdown, which may impact your investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. During a general market downturn, multiple asset classes may be negatively affected. Changes in market conditions and interest rates can have the same impact on all types of securities and instruments. In times of severe market disruptions, you could lose your entire investment.<br/> </span></td></tr></table></div> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_zXUmSQtQgm6g"> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Symbol; font-size: 10pt">·</span></td><td style="text-align: justify"><span style="font-family: Open Sans,sans-serif; font-size: 10pt"><b>Portfolio Turnover Risk: </b>A higher portfolio turnover may result in higher transactional and brokerage costs associated with the turnover which may reduce the Fund’s return, unless the securities traded can be bought and sold without corresponding commission costs. Active trading of securities may also increase the Fund’s realized capital gains or losses, which may affect the taxes you pay as the Fund shareholder. The Fund’s portfolio turnover rate is expected to be above 100% annually.</span></td></tr></table></div> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--RealEstateInvestmentTrustREITRiskMember_zkYshp81Ued3"> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Symbol; font-size: 10pt">·</span></td><td style="text-align: justify"><span style="font-family: Open Sans,sans-serif; font-size: 10pt"><b>Real Estate Investment Trust (REIT) Risk: </b>Investing in REITs, involves certain unique risks in addition to those associated with the real estate sector generally. REITs whose underlying properties are concentrated in a particular industry or region are also subject to risks affecting such industries and regions. REITs (especially mortgage REITs) are also subject to interest rate risks. By investing in REITs through the Fund, a shareholder will bear expenses of the REITs in addition to Fund expenses.</span></td></tr></table></div> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallAndMediumCapitalizationCompanyRiskMember_zME0qkpCHm6"> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Symbol; font-size: 10pt">·</span></td><td style="text-align: justify"><span style="font-family: Open Sans,sans-serif; font-size: 10pt"><b>Small and Medium Capitalization Company Risk: </b>Securities of small and medium capitalization companies may be subject to more abrupt or erratic market movements than those of larger, more established companies or the market averages in general.</span></td></tr></table></div> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--SovereignDebtRiskMember_zCOJeVHYzmsg"> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Symbol; font-size: 10pt">·</span></td><td style="text-align: justify"><span style="font-family: Open Sans,sans-serif; font-size: 10pt"><b>Sovereign Debt Risk</b>: These investments are subject to the risk that a governmental entity may delay or refuse to pay interest or repay principal on its sovereign debt. There is no legal process for collecting sovereign debt that a government does not pay nor are there bankruptcy proceedings through which all or part of the sovereign debt that a governmental entity has not repaid may be collected.</span></td></tr></table></div><p style="font: 11pt Open Sans,sans-serif; margin: 0; text-align: justify"> </p> Performance. <p id="xdx_A8C_eoef--PerformanceNarrativeTextBlock_zihVkXqXOvo2" style="font: 10pt Open Sans,sans-serif; margin: 0; text-align: justify"><span style="letter-spacing: 0.05pt">The following performance information provides some indication of the risks of investing in the Fund. The Fund is the successor to the Predecessor Fund, a mutual fund with identical investment objectives, policies, and restrictions, as a result of the reorganization of the Predecessor Fund into the Fund on February 13, 2026. The performance provided in the bar chart and table is that of the Predecessor Fund. <span id="xdx_90A_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260624__20260624__dei--LegalEntityAxis__custom--S000096995Member_z7YluBdCpFi7">The bar chart illustrates how the Predecessor Fund’s average annual returns have varied from year to year for the past ten calendar years. The table below illustrates how the Predecessor Fund’s average annual total returns over time compare with a domestic broad-based market index.</span> <span id="xdx_903_eoef--PerformancePastDoesNotIndicateFuture_c20260624__20260624__dei--LegalEntityAxis__custom--S000096995Member_zve02YEyZG13">The Predecessor Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</span> Updated performance information is available at no cost by visiting <span id="xdx_90D_eoef--PerformanceAvailabilityWebSiteAddress_c20260624__20260624__dei--LegalEntityAxis__custom--S000096995Member_z7RUJuNnqHyk">www.beaconinvestingfunds.com</span> or by calling <span id="xdx_907_eoef--PerformanceAvailabilityPhone_c20260624__20260624__dei--LegalEntityAxis__custom--S000096995Member_zpgtGWYFhS48">(866) 439-9093</span>.</span></p> <p style="font: 10pt Open Sans,sans-serif; margin: 0; text-align: justify"> </p> The bar chart illustrates how the Predecessor Fund’s average annual returns have varied from year to year for the past ten calendar years. The table below illustrates how the Predecessor Fund’s average annual total returns over time compare with a domestic broad-based market index. The Predecessor Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. www.beaconinvestingfunds.com (866) 439-9093 Class I Annual Total Return (Years ended December 31) <div id="xdx_A8C_eoef--BarChartTableTextBlock_z8ZYKIREtR1j"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zhJq1w9XEYc4" style="font: 10pt Open Sans,sans-serif; border-collapse: collapse; width: 100%; display: none" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top; text-align: left"> <td style="width: 10%"> </td> <td id="xdx_49C_20160101__20161231_zgT67ih10Zfk" style="width: 9%">2016</td> <td id="xdx_49C_20170101__20171231_z57htdWRhMNk" style="width: 9%">2017</td> <td id="xdx_49C_20180101__20181231_zBOuGIgH6UB4" style="width: 9%">2018</td> <td id="xdx_49C_20190101__20191231_z8CU4gH78yIa" style="width: 9%">2019</td> <td id="xdx_49C_20200101__20201231_zGuobokzzepb" style="width: 9%">2020</td> <td id="xdx_49C_20210101__20211231_zRTfxzxMHVkg" style="width: 9%">2021</td> <td id="xdx_49C_20220101__20221231_zJxaCEHBnjx9" style="width: 9%">2022</td> <td id="xdx_49C_20230101__20231231_zstGeVrDw12d" style="width: 9%">2023</td> <td id="xdx_49C_20240101__20241231_zgtTEjLmF2H9" style="width: 9%">2024</td> <td id="xdx_49C_20250101__20251231_zS67LL9mvyk1" style="width: 9%">2025</td></tr> <tr id="xdx_403_eoef--AnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000096995Member__oef--ClassAxis__custom--C000274167Member_z4i7x4z64QD7" style="vertical-align: top; text-align: left"> <td> </td> <td>7.07%</td> <td>16.10%</td> <td>-7.61%</td> <td>19.36%</td> <td>2.42%</td> <td>14.19%</td> <td>-11.50%</td> <td>9.78%</td> <td>10.67%</td> <td>10.20%</td></tr> </table> <p style="font: 10pt Open Sans,sans-serif; margin: 0 0 6pt; text-align: center"><i><img alt="" src="table.jpg" style="height: 269px; width: 550px"/> </i></p> <p style="font: 10pt Open Sans,sans-serif; margin: 0; text-align: justify"> </p> 0.0707 0.1610 -0.0761 0.1936 0.0242 0.1419 -0.1150 0.0978 0.1067 0.1020 <div id="xdx_A8F_eoef--BarChartClosingTextBlock_zZzd8DVi7J3i"></div> <table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td id="xdx_985_eoef--HighestQuarterlyReturnLabel_c20260624__20260624__dei--LegalEntityAxis__custom--S000096995Member_zWskUI1gLtXg" style="border: black 1pt solid; width: 171px; padding-right: 6.25pt; padding-left: 6.25pt; text-align: center"><span style="font-family: Open Sans,sans-serif; font-size: 10pt">Best Quarter</span></td> <td id="xdx_989_eoef--BarChartHighestQuarterlyReturnDate_dxH_c20260624__20260624__dei--LegalEntityAxis__custom--S000096995Member_zn2ynX61ktC3" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 6.25pt; padding-left: 6pt; text-align: center" title="::XDX::2019-03-31"><span style="font-family: Open Sans,sans-serif; font-size: 10pt">3/31/19</span></td> <td id="xdx_98B_eoef--BarChartHighestQuarterlyReturn_dp_c20260624__20260624__dei--LegalEntityAxis__custom--S000096995Member_z6DA5weFb9A3" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 6.25pt; padding-left: 6pt; text-align: center"><span style="font-family: Open Sans,sans-serif; font-size: 10pt">11.15%</span></td></tr> <tr> <td id="xdx_986_eoef--LowestQuarterlyReturnLabel_c20260624__20260624__dei--LegalEntityAxis__custom--S000096995Member_zIW1brIOlUBc" style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 6.25pt; padding-left: 6.25pt; text-align: center"><span style="font-family: Open Sans,sans-serif; font-size: 10pt">Worst Quarter</span></td> <td id="xdx_983_eoef--BarChartLowestQuarterlyReturnDate_dxH_c20260624__20260624__dei--LegalEntityAxis__custom--S000096995Member_zr1wd9fvl4y7" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 6.25pt; padding-left: 6pt; text-align: center" title="::XDX::2018-12-31"><span style="font-family: Open Sans,sans-serif; font-size: 10pt">12/31/18</span></td> <td id="xdx_982_eoef--BarChartLowestQuarterlyReturn_dp_c20260624__20260624__dei--LegalEntityAxis__custom--S000096995Member_zrzu0ylQCb24" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 6.25pt; padding-left: 6pt; text-align: center"><span style="font-family: Open Sans,sans-serif; font-size: 10pt">(13.21)%</span></td></tr> </table> <p style="font: 10pt Open Sans,sans-serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Open Sans,sans-serif; margin: 0"><span id="xdx_908_eoef--YearToDateReturnLabel_c20260624__20260624__dei--LegalEntityAxis__custom--S000096995Member_zPF1fsR1ZCd9">The Predecessor Fund’s year-to-date return for Class I Shares</span> as of <span id="xdx_90E_eoef--BarChartYearToDateReturnDate_c20260624__20260624__dei--LegalEntityAxis__custom--S000096995Member_zjLanq4YxST7">June 30, 2025</span>, was <span id="xdx_906_eoef--BarChartYearToDateReturn_dp_c20260624__20260624__dei--LegalEntityAxis__custom--S000096995Member_z0bNtVTHrWBf">3.05%</span>.</p> <p style="font: 10pt Open Sans,sans-serif; margin: 0"><b> </b></p> Best Quarter 0.1115 Worst Quarter -0.1321 The Predecessor Fund’s year-to-date return for Class I Shares 2025-06-30 0.0305 Performance Table Average Annual Total Returns (For periods ended December 31, 2025) <div id="xdx_A8D_eoef--PerformanceTableTextBlock_zZQrB4bbPEu4"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_zJnQUEGhnMyf" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="background-color: #D0CECE"> <td style="border-top: black 1pt solid; vertical-align: bottom; width: 58%; border-bottom: black 1pt solid; padding-right: 3.15pt; padding-left: 3.15pt"> <p style="font: 10pt/102% Open Sans,sans-serif; margin: 0"> </p> <p style="font: 10pt/102% Open Sans,sans-serif; margin: 0"> </p></td> <td id="xdx_494_20250101__20251231_z4V22mN2GmH" style="border-top: black 1pt solid; vertical-align: bottom; width: 14%; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: center; line-height: 102%"><span style="font-family: Open Sans,sans-serif; font-size: 10pt; line-height: 102%"><b>One<br/> Year</b></span></td> <td id="xdx_494_20210101__20251231_zjgJ32uw9Ftj" style="border-top: black 1pt solid; vertical-align: bottom; width: 14%; border-bottom: black 1pt solid; padding-right: 3.15pt; padding-left: 3.15pt; text-align: center; line-height: 102%"><span style="font-family: Open Sans,sans-serif; font-size: 10pt; line-height: 102%"><b>Five<br/> Years</b></span></td> <td id="xdx_494_20160101__20251231_zCSdSSJSh0nb" style="border-top: black 1pt solid; vertical-align: top; width: 14%; border-bottom: black 1pt solid; padding-right: 3.15pt; padding-left: 3.15pt; text-align: center; line-height: 102%"><span style="font-family: Open Sans,sans-serif; font-size: 10pt; line-height: 102%"><b>Ten<br/> Years</b></span></td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000096995Member__oef--ClassAxis__custom--C000274167Member_zLhiFQNYvFS5"> <td style="border-bottom: black 1pt solid; padding-right: 3.15pt; padding-left: 3.15pt; line-height: 102%"><span style="font-family: Open Sans,sans-serif; font-size: 10pt; line-height: 102%">Class I <span id="xdx_909_eoef--AverageAnnualReturnLabel_c20250101__20251231__dei--LegalEntityAxis__custom--S000096995Member__oef--ClassAxis__custom--C000274167Member_zGozW2LcQ2Ok">Return before taxes</span><span id="xdx_F43_zYxJDrJulMa4">*</span></span></td> <td style="border-bottom: black 1pt solid; padding-right: 3.15pt; padding-left: 3.15pt; text-align: center; line-height: 102%"><span style="font-family: Open Sans,sans-serif; font-size: 10pt; line-height: 102%">10.20%</span></td> <td style="border-bottom: black 1pt solid; vertical-align: top; padding-right: 3.15pt; padding-left: 3.15pt; text-align: center; line-height: 102%"><span style="font-family: Open Sans,sans-serif; font-size: 10pt; line-height: 102%">6.23%</span></td> <td style="border-bottom: black 1pt solid; vertical-align: top; padding-right: 3.15pt; padding-left: 3.15pt; text-align: center; line-height: 102%"><span style="font-family: Open Sans,sans-serif; font-size: 10pt; line-height: 102%">6.63%</span></td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000096995Member__oef--ClassAxis__custom--C000274167Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zCl9K9an0807"> <td style="border-bottom: black 1pt solid; padding-right: 3.15pt; padding-left: 3.15pt; line-height: 102%"><span style="font-family: Open Sans,sans-serif; font-size: 10pt; line-height: 102%">Return after taxes on distributions</span></td> <td style="border-bottom: black 1pt solid; padding-right: 3.15pt; padding-left: 3.15pt; text-align: center; line-height: 102%"><span style="font-family: Open Sans,sans-serif; font-size: 10pt; line-height: 102%">8.37%</span></td> <td style="border-bottom: black 1pt solid; vertical-align: top; padding-right: 3.15pt; padding-left: 3.15pt; text-align: center; line-height: 102%"><span style="font-family: Open Sans,sans-serif; font-size: 10pt; line-height: 102%">3.74%</span></td> <td style="border-bottom: black 1pt solid; vertical-align: top; padding-right: 3.15pt; padding-left: 3.15pt; text-align: center; line-height: 102%"><span style="font-family: Open Sans,sans-serif; font-size: 10pt; line-height: 102%">5.01%</span></td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000096995Member__oef--ClassAxis__custom--C000274167Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zfok3qIxb7Wd"> <td style="border-bottom: black 1pt solid; padding-right: 3.15pt; padding-left: 3.15pt; line-height: 102%"><span style="font-family: Open Sans,sans-serif; font-size: 10pt; line-height: 102%">Return after taxes on distributions and sale of Fund shares</span></td> <td style="border-bottom: black 1pt solid; padding-right: 3.15pt; padding-left: 3.15pt; text-align: center; line-height: 102%"><span style="font-family: Open Sans,sans-serif; font-size: 10pt; line-height: 102%">6.71%</span></td> <td style="border-bottom: black 1pt solid; vertical-align: top; padding-right: 3.15pt; padding-left: 3.15pt; text-align: center; line-height: 102%"><span style="font-family: Open Sans,sans-serif; font-size: 10pt; line-height: 102%">3.94%</span></td> <td style="border-bottom: black 1pt solid; vertical-align: top; padding-right: 3.15pt; padding-left: 3.15pt; text-align: center; line-height: 102%"><span style="font-family: Open Sans,sans-serif; font-size: 10pt; line-height: 102%">4.76%</span></td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000096995Member__oef--ClassAxis__custom--C000266022Member_zGC7Tq4AGihb"> <td style="border-bottom: black 1pt solid; padding-right: 3.15pt; padding-left: 3.15pt; line-height: 102%"><span style="font-family: Open Sans,sans-serif; font-size: 10pt; line-height: 102%">Class A <span id="xdx_903_eoef--AverageAnnualReturnLabel_c20250101__20251231__dei--LegalEntityAxis__custom--S000096995Member__oef--ClassAxis__custom--C000266022Member_zmzjcECf9cuk">Return before taxes</span><span id="xdx_F4E_znZxs0sStOsb">**</span></span></td> <td style="border-bottom: black 1pt solid; padding-right: 3.15pt; padding-left: 3.15pt; text-align: center; line-height: 102%"><span style="font-family: Open Sans,sans-serif; font-size: 10pt; line-height: 102%">4.62%</span></td> <td style="border-bottom: black 1pt solid; vertical-align: top; padding-right: 3.15pt; padding-left: 3.15pt; text-align: center; line-height: 102%"><span style="font-family: Open Sans,sans-serif; font-size: 10pt; line-height: 102%">4.94%</span></td> <td style="border-bottom: black 1pt solid; vertical-align: top; padding-right: 3.15pt; padding-left: 3.15pt; text-align: center; line-height: 102%"><span style="font-family: Open Sans,sans-serif; font-size: 10pt; line-height: 102%">5.85%</span></td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000096995Member__oef--ClassAxis__custom--C000274166Member_zEPtPnSWliL3"> <td style="border-bottom: black 1pt solid; padding-right: 3.15pt; padding-left: 3.15pt; line-height: 102%"><span style="font-family: Open Sans,sans-serif; font-size: 10pt; line-height: 102%">Class C <span id="xdx_909_eoef--AverageAnnualReturnLabel_c20250101__20251231__dei--LegalEntityAxis__custom--S000096995Member__oef--ClassAxis__custom--C000274166Member_zt4UDQqNryEc">Return before taxes</span><span id="xdx_F4B_zaXwZqWFIkCh">***</span></span></td> <td style="border-bottom: black 1pt solid; padding-right: 3.15pt; padding-left: 3.15pt; text-align: center; line-height: 102%"><span style="font-family: Open Sans,sans-serif; font-size: 10pt; line-height: 102%">9.07%</span></td> <td style="border-bottom: black 1pt solid; vertical-align: top; padding-right: 3.15pt; padding-left: 3.15pt; text-align: center; line-height: 102%"><span style="font-family: Open Sans,sans-serif; font-size: 10pt; line-height: 102%">5.17%</span></td> <td style="border-bottom: black 1pt solid; vertical-align: top; padding-right: 3.15pt; padding-left: 3.15pt; text-align: center; line-height: 102%"><span style="font-family: Open Sans,sans-serif; font-size: 10pt; line-height: 102%">5.56%</span></td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000096995Member__oef--PerformanceMeasureAxis__custom--SAndP500TotalReturnIndexMember_zZo6dAcUmKn6"> <td style="border-bottom: black 1pt solid; padding-top: 1pt; line-height: 102%"><span style="font-family: Open Sans,sans-serif; font-size: 10pt; line-height: 102%">S&amp;P 500^® Total Return Index<sup id="xdx_F46_zi0MrrxKDKRb">(1)</sup></span></td> <td style="border-bottom: black 1pt solid; padding-top: 1pt; text-align: center; line-height: 102%"><span style="font-family: Open Sans,sans-serif; font-size: 10pt; line-height: 102%">17.88%</span></td> <td style="border-bottom: black 1pt solid; vertical-align: top; padding-top: 1pt; text-align: center; line-height: 102%"><span style="font-family: Open Sans,sans-serif; font-size: 10pt; line-height: 102%">14.42%</span></td> <td style="border-bottom: black 1pt solid; vertical-align: top; padding-top: 1pt; text-align: center; line-height: 102%"><span style="font-family: Open Sans,sans-serif; font-size: 10pt; line-height: 102%">14.82%</span></td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000096995Member__oef--PerformanceMeasureAxis__custom--SAndP500FortyPercentBloombergUSAggregateBondIndexMember_zpj7834S75hk"> <td style="border-bottom: black 1pt solid; padding-top: 1pt; line-height: 102%"><span style="font-family: Open Sans,sans-serif; font-size: 10pt; line-height: 102%">S&amp;P 500/40% Bloomberg U.S. Aggregate Bond Index<sup id="xdx_F43_z4z8KOoRkVH6">(2)</sup></span></td> <td style="border-bottom: black 1pt solid; padding-top: 1pt; text-align: center; line-height: 102%"><span style="font-family: Open Sans,sans-serif; font-size: 10pt; line-height: 102%">13.70%</span></td> <td style="border-bottom: black 1pt solid; vertical-align: top; padding-top: 1pt; text-align: center; line-height: 102%"><span style="font-family: Open Sans,sans-serif; font-size: 10pt; line-height: 102%">8.47%</span></td> <td style="border-bottom: black 1pt solid; vertical-align: top; padding-top: 1pt; text-align: center; line-height: 102%"><span style="font-family: Open Sans,sans-serif; font-size: 10pt; line-height: 102%">9.78%</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 8pt/102% Open Sans,sans-serif; margin-top: 6pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0"></td><td id="xdx_F01_z6unmery8tW5" style="width: 0.25in">*</td><td id="xdx_F1A_zH2Qf3U31VC3" style="text-align: justify">Class I shares of the Predecessor Fund commenced operations on <span id="xdx_905_eoef--PerfInceptionDate_c20250101__20251231__dei--LegalEntityAxis__custom--S000096995Member__oef--ClassAxis__custom--C000274167Member_zNJqBHtdAPZf">October 19, 2009</span>.</td></tr></table> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 8pt/102% Open Sans,sans-serif; margin-top: 3pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0"></td><td id="xdx_F0E_zvlBF9uIuuHk" style="width: 0.25in">**</td><td id="xdx_F13_zagWacFCwWjg" style="text-align: justify">Class A shares of the Predecessor Fund commenced operations on <span id="xdx_909_eoef--PerfInceptionDate_c20250101__20251231__dei--LegalEntityAxis__custom--S000096995Member__oef--ClassAxis__custom--C000266022Member_zSabHJxIQAyl">November 30, 2011</span>.</td></tr></table> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 8pt/102% Open Sans,sans-serif; margin-top: 3pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0"></td><td id="xdx_F0D_z3lNLNxbkSfg" style="width: 0.25in">***</td><td id="xdx_F18_zeh79ocoZAna" style="text-align: justify">Class C shares of the Predecessor Fund commenced operations on <span id="xdx_90C_eoef--PerfInceptionDate_c20250101__20251231__dei--LegalEntityAxis__custom--S000096995Member__oef--ClassAxis__custom--C000274166Member_zqCBiyJJo25h">March 12, 2010</span>.</td></tr></table> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 12pt/102% Times New Roman, Times, Serif; margin-top: 3pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in"><span id="xdx_F01_ztAGu4mhJzzg" style="font-family: Open Sans,sans-serif; font-size: 8pt">(1)</span></td><td style="text-align: justify"><span id="xdx_F1C_zaAfkM3mwwLh" style="font-family: Open Sans,sans-serif; font-size: 8pt">The S&amp;P 500^® Total Return Index is an unmanaged market capitalization-weighted index of 500 of the largest capitalized U.S. domiciled companies. Index returns assume reinvestment of dividends. <span id="xdx_907_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260624__20260624__dei--LegalEntityAxis__custom--S000096995Member_z4Jan3sML23e">Unlike the Fund’s returns, however, they do not reflect any fees or expenses. Investors cannot directly invest in an index.</span></span></td></tr></table> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 12pt/102% Times New Roman, Times, Serif; margin-top: 3pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in"><span id="xdx_F02_z7KCWc733Qwd" style="font-family: Open Sans,sans-serif; font-size: 8pt">(2)</span></td><td style="text-align: justify"><span id="xdx_F10_zfYehzyX4iDe" style="font-family: Open Sans,sans-serif; font-size: 8pt">S&amp;P 500/40% Bloomberg U.S. Aggregate Bond Index is a custom benchmark consisting of the summed returns of 60% of the S&amp;P 500 Total Return Index and 40% of the Bloomberg U.S. Aggregate Bond Index on a monthly basis. Index returns are calculated with dividends reinvested. This custom benchmark is often used for comparison purposes as it represents a “balanced” portfolio of equities and fixed income.</span></td></tr></table> <p style="font: 10pt/102% Open Sans,sans-serif; margin: 0"> </p> Return before taxes 0.1020 0.0623 0.0663 0.0837 0.0374 0.0501 0.0671 0.0394 0.0476 Return before taxes 0.0462 0.0494 0.0585 Return before taxes 0.0907 0.0517 0.0556 0.1788 0.1442 0.1482 0.1370 0.0847 0.0978 2009-10-19 2011-11-30 2010-03-12 Unlike the Fund’s returns, however, they do not reflect any fees or expenses. Investors cannot directly invest in an index. <p id="xdx_A80_eoef--PerformanceTableClosingTextBlock_z46HyL3Kbv07" style="font: 10pt/102% Open Sans,sans-serif; margin: 0; text-align: justify"><span id="xdx_90D_eoef--PerformanceTableUsesHighestFederalRate_c20260624__20260624__dei--LegalEntityAxis__custom--S000096995Member_zYhq7t9EEM">After-tax returns were calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span id="xdx_907_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260624__20260624__dei--LegalEntityAxis__custom--S000096995Member_zXq8sFfQbnB7">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span id="xdx_90F_eoef--PerformanceTableOneClassOfAfterTaxShown_c20260624__20260624__dei--LegalEntityAxis__custom--S000096995Member_z6NGg3x6Wwjb">After-tax returns are shown for only Class I shares, and after-tax returns for other classes will vary.</span></p> After-tax returns were 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, and after-tax returns shown are not relevant to investors who hold shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for only Class I shares, and after-tax returns for other classes will vary. The Beacon Dynamic Allocation Fund, a series of Northern Lights Fund Trust (the “Predecessor Fund” or “Predecessor Dynamic Fund”), reorganized into the Fund following the close of business on February 13, 2026. Other Expenses are based on estimated amounts for the current fiscal year. The Adviser has contractually agreed to waive its management fees and to make payments to limit Fund expenses, until February 28, 2028, so that the total annual operating expenses excluding (i) any front-end or contingent deferred loads; (ii) brokerage fees and commissions; (iii) acquired fund fees and expenses; (iv) fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses); (v) borrowing costs (such as interest and dividend expense on securities sold short); (vi) taxes; and (vii) extraordinary expenses, such as litigation expenses (which may include indemnification of Fund officers and Trustees, contractual indemnification of Fund service providers (other than the Adviser)) of the Fund do not exceed 1.40%, 2.15% and 1.15% for Class A, Class C and Class I shares, respectively. These fee waivers and expense reimbursements are subject to possible recoupment from the Fund in future years (within the three years from the date when the amount is waived or reimbursed) if such recoupment can be achieved within the lesser of the expense limits in effect at the time of the waiver or the then-current expense limits. This agreement may be terminated only by the Trust’s Board of Trustees, on 60 days’ written notice to the Adviser. Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The operating expenses in this fee table do not correlate to the expense ratio in the Fund’s financial highlights because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in other investment companies. Class I shares of the Predecessor Fund commenced operations on October 19, 2009. Class A shares of the Predecessor Fund commenced operations on November 30, 2011. Class C shares of the Predecessor Fund commenced operations on March 12, 2010. The S&P 500® Total Return Index is an unmanaged market capitalization-weighted index of 500 of the largest capitalized U.S. domiciled companies. Index returns assume reinvestment of dividends. Unlike the Fund’s returns, however, they do not reflect any fees or expenses. Investors cannot directly invest in an index. S&P 500/40% Bloomberg U.S. Aggregate Bond Index is a custom benchmark consisting of the summed returns of 60% of the S&P 500 Total Return Index and 40% of the Bloomberg U.S. Aggregate Bond Index on a monthly basis. Index returns are calculated with dividends reinvested. This custom benchmark is often used for comparison purposes as it represents a “balanced” portfolio of equities and fixed income.