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Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">This table describes the fees and expenses 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. </div> <table cellpadding="0" class="BRDSX_fintab" style="width: 498pt; margin-left: auto; margin-right: auto; border-spacing: 0px;"> <tr class="BRDSX_boxspacer"> <td style="height: 6pt; width: 396pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 7.5pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 7.5pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 36pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 7.5pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 7.5pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 36pt;"> <div style="font-size: 1pt;"> </div></td></tr> <tr class="BRDSX_header"> <td style="width: 396pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Annual Fund Operating Expenses <br/></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">(expenses that you pay each year as a percentage of the value of your investment)</div></td> <td style="width: 7.5pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 7.5pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Class I </div></td> <td style="width: 7.5pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 7.5pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Class Z </div></td></tr> <tr> <td style="width: 396pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Management Fees </div></td> <td style="width: 7.5pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 7.5pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="padding-left: 4.16pt;">0.75% </span></div></td> <td style="width: 7.5pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 7.5pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="padding-left: 4.16pt;">0.75% </span></div></td></tr> <tr> <td style="width: 396pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Distribution and Service (12b-1) Fees </div></td> <td style="width: 7.5pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 7.5pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;">None </div></td> <td style="width: 7.5pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 7.5pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;">None </div></td></tr> <tr> <td style="width: 396pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Other Expenses </div></td> <td style="width: 7.5pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 7.5pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="padding-left: 4.16pt;">0.25%</span></div></td> <td style="width: 7.5pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 7.5pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="padding-left: 4.16pt;">0.10% </span></div></td></tr> <tr> <td style="width: 396pt; padding-top: 2.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Total Annual Fund Operating Expenses </div></td> <td style="width: 7.5pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 7.5pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="padding-left: 4.16pt; border-bottom: 1pt solid #000000; padding-bottom: 3.5pt;">1.00</span><span style="padding-bottom: 3.5pt;">% </span></div></td> <td style="width: 7.5pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 7.5pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="padding-left: 4.16pt; border-bottom: 1pt solid #000000; padding-bottom: 3.5pt;">0.85</span><span style="padding-bottom: 3.5pt;">% </span></div></td></tr> <tr> <td style="width: 396pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Fee Waivers and Expense Reimbursements </div></td> <td style="width: 7.5pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 7.5pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="padding-left: 0.83pt; border-bottom: 1pt solid #000000; padding-bottom: 3.5pt;">(0.15</span><span style="padding-bottom: 3.5pt;">)%* </span></div></td> <td style="width: 7.5pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 7.5pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="padding-left: 0.83pt; border-bottom: 1pt solid #000000; padding-bottom: 3.5pt;">(0.15</span><span style="padding-bottom: 3.5pt;">)%* </span></div></td></tr> <tr> <td style="width: 396pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Total Annual Fund Operating Expenses Less Fee Waivers and Expense Reimbursements </div></td> <td style="width: 7.5pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 7.5pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="border-bottom: 1pt solid #000000; padding-bottom: 3.5pt;">​</span><span style="padding-left: 4.16pt; border-bottom: 1pt solid #000000; padding-bottom: 3.5pt;">0.85</span><span style="padding-bottom: 3.5pt;">% </span></div></td> <td style="width: 7.5pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 7.5pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="padding-left: 4.16pt; border-bottom: 1pt solid #000000; padding-bottom: 3.5pt;">0.70</span><span style="padding-bottom: 3.5pt;">%</span></div></td></tr> <tr class="BRDSX_boxspacer"> <td style="height: 2.75pt; width: 396pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 7.5pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 7.5pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 36pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 7.5pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 7.5pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 36pt;"> <div style="font-size: 1pt;"> </div></td></tr> </table> <div> <div class="BRDSX_rule-partial" style="height: 0pt; width: 108pt; border-bottom: 1pt solid #000000; margin-bottom: 1pt; margin-right: auto; margin-left: 0pt; margin-top: 10.25pt;"> </div></div> <table border="0" cellpadding="0" style="margin-top: 2pt; margin-left: 0pt; border-spacing: 0px;"> <tr> <td style="width: 20pt; text-align: left; vertical-align: top;"> <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">*<br/></div></td> <td style="vertical-align: top;"> <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;"> The Fund’s adviser, Orion Portfolio Solutions, LLC d.b.a. Brinker Capital Investments (“the Adviser”), has contractually agreed to waive a portion of its management fee as necessary to keep the Fund’s management fee from exceeding 0.444% more than the total amount of sub-advisory fees paid by the Adviser. This fee waiver and reimbursement agreement shall remain in effect until June 30, 2027 and may be amended or terminated only with the consent of the Board of Trustees. </div></td></tr> </table> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0075 0.0075 0 0 0.0025 0.001 0.01 0.0085 -0.0015 -0.0015 0.0085 0.007 2027-06-30 Examples <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">These examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The examples assume 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 time periods. The examples also assume that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </div> <table cellpadding="0" class="BRDSX_fintab" style="width: 498pt; margin-left: auto; margin-right: auto; border-spacing: 0px;"> <tr class="BRDSX_boxspacer"> <td style="height: 6pt; width: 276pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 41.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 44.34pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 44.33pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 48.33pt;"> <div style="font-size: 1pt;"> </div></td></tr> <tr class="BRDSX_header"> <td style="width: 276pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td> <td style="width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 41.22pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">After 1 year</div></td> <td style="width: 5.47pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 44.34pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">After 3 years</div></td> <td style="width: 5.47pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 44.33pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">After 5 years</div></td> <td style="width: 5.47pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 48.33pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">After 10 years </div></td></tr> <tr> <td style="width: 276pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Class I Shares </div></td> <td style="width: 5.47pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 41.22pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 13.12pt; text-align: left;">$87</div></td> <td style="width: 5.47pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 44.34pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 12.17pt; text-align: left;">$303</div></td> <td style="width: 5.47pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 44.33pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 12.17pt; text-align: left;">$538</div></td> <td style="width: 5.47pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 48.33pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10.41pt; text-align: left;">$1,211 </div></td></tr> <tr> <td style="width: 276pt; padding-top: 2.01pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Class Z Shares </div></td> <td style="width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 41.22pt; padding-top: 2.01pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 13.12pt; text-align: left;">$72</div></td> <td style="width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 44.34pt; padding-top: 2.01pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 12.17pt; text-align: left;">$256</div></td> <td style="width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 44.33pt; padding-top: 2.01pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 12.17pt; text-align: left;">$457</div></td> <td style="width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 48.33pt; padding-top: 2.01pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10.41pt; text-align: left;">$1,035</div></td></tr> <tr class="BRDSX_boxspacer"> <td style="height: 2.75pt; width: 276pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 41.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 44.34pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 44.33pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 48.33pt;"> <div style="font-size: 1pt;"> </div></td></tr> </table> 87 303 538 1211 72 256 457 1035 Portfolio turnover <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transactions costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the above examples, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 98% of the average value of its portfolio. </div> 0.98 Principal investment strategies <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">The Fund will invest, under normal market conditions, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in the equity securities of large capitalization companies. The Fund defines large cap companies as companies whose market capitalizations typically fall within the range of the Russell 1000^® Index, which ranged from approximately $4.6 billion to $3.2 trillion as of the last reconstitution of the index on June 30, 2025. The Fund’s 80% policy is not fundamental and can be changed upon 60 days’ prior notice to shareholders. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">The Fund employs a “multi-manager” strategy whereby the Adviser allocates the Fund’s assets among professional money managers (each, a “Sub-adviser,” and collectively, the “Sub-advisers”), each of which is responsible for investing its allocated portion of the Fund’s assets. The Adviser may also invest a portion of the Fund’s assets in unaffiliated funds that </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 10pt; margin-left: 0pt; text-align: left;">are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), and that have investment objectives and principal investment strategies consistent with those of the Fund, including open-end funds, closed-end funds and exchange traded funds (ETFs), which may be passively managed (i.e., index-tracking) or actively managed. ETFs may also be used to transition the Fund’s portfolio or to equitize cash while awaiting an opportunity to purchase securities directly. When determining how to allocate the Fund’s assets between unaffiliated funds and Sub-advisers, and among Sub-advisers, the Adviser considers a variety of factors. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">The Fund invests primarily in common and preferred stock, rights or warrants to purchase common or preferred stock, interests in Real Estate Investment Trusts (REITs), securities convertible into common or preferred stock such as convertible preferred stock, bonds or debentures, and other securities with equity characteristics. A Sub-adviser employing an actively managed strategy will select securities based on its assessment of one or more of a variety of factors about the company or the market. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 0pt; text-align: left;">The Fund may also invest in futures contracts for speculative or hedging purposes. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">Although most assets will typically be invested in U.S. common stocks, the Fund may invest directly in foreign stocks or indirectly through depositary receipts in keeping with the Fund’s objectives. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">A Sub-adviser may sell a security for a variety of reasons, including, but not limited to, where the Sub-adviser believes the security will no longer contribute to meeting the investment objective of the Fund or selling the security will help the Fund to secure gains, limit losses, or redeploy assets into more promising opportunities. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">The Fund may also lend portfolio securities in an attempt to earn additional income. Any income realized through securities lending may help Fund performance. </div> Investing in any mutual fund involves the risk that you may lose part or all of the money you invest. <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Market Risk.<span style="font-style: normal; font-weight: normal;"> Market values of securities or other investments that the Fund holds will fall, sometimes rapidly or unpredictably, or fail to rise. Returns from the securities in which the Fund invests may underperform returns from the general securities markets or other types of securities. Markets may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Equity Securities Risk.<span style="font-style: normal; font-weight: normal;"> The Fund is subject to the risk that stock prices will fall over short or extended periods of time. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by these companies may decline in response to such developments, which could result in a decline in the value of the Fund’s shares. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Investment Style Risk.<span style="font-style: normal; font-weight: normal;"> Different investment styles tend to shift in and out of favor depending on market conditions and investor sentiment. A Sub-adviser’s approach to investing could cause it to underperform other managers that employ a different investment style. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Active Management Risk.<span style="font-style: normal; font-weight: normal;"> Due to the active management investment strategies used by the Fund’s Sub-advisers, the Fund could underperform its benchmark index and/or other funds with similar investment objectives and/or strategies. The Sub-advisers’ judgments about the attractiveness, value, or potential appreciation of the Fund’s investments may prove to be incorrect. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Foreign Securities Risk.<span style="font-style: normal; font-weight: normal;"> Foreign securities subject the Fund to the risks associated with investing in the particular country of an issuer, including the political, regulatory, economic, social, diplomatic and other conditions or events, as well as risks associated with less developed custody and settlement practices. Foreign securities may be more volatile and less liquid than securities of U.S. companies. The performance of the Fund may also be negatively impacted by fluctuations in a foreign currency’s strength or weakness relative to the U.S. dollar. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 10pt; margin-left: 0pt; text-align: left;">Depositary Receipts Risk.<span style="font-style: normal; font-weight: normal;"> Because the Fund may invest in American Depositary Receipts (“ADRs”) and other domestically-traded securities of foreign companies, the Fund’s share price may be more affected by foreign economic and political conditions, taxation policies and accounting and auditing standards than would otherwise be the case. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Liquidity Risk.<span style="font-style: normal; font-weight: normal;"> The risk that certain securities may be difficult or impossible to sell at the time and the price that the seller would like. The seller may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Securities Lending Risk.<span style="font-style: normal; font-weight: normal;"> The Fund may lose money from securities lending if, for example, it is delayed in or prevented from selling the collateral after the loan is made or recovering the securities loaned or if it incurs losses on the reinvestment of cash collateral. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Management Risk.<span style="font-style: normal; font-weight: normal;"> Securities held by the Fund may underperform those held by other funds investing in the same asset class or benchmarks that are representative of the asset class because of the Sub-advisers’ choice of securities. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Multi-Manager Risk.<span style="font-style: normal; font-weight: normal;"> The Adviser may be unable to identify and retain Sub-advisers who achieve superior investment returns relative to other similar Sub-advisers. In addition, the investment styles of the Sub-advisers may not complement each other as expected by the Adviser. The Fund may experience a higher portfolio turnover rate, which can increase the Fund’s transaction costs and more taxable short-term gains for shareholders. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Sector Risk.<span style="font-style: normal; font-weight: normal;"> Companies with similar characteristics may be grouped together in broad categories called sectors. Sector risk is the possibility that a certain sector may underperform other sectors or the market as a whole. To the extent the Fund invests more heavily in particular sectors of the economy, its performance will be more susceptible to any economic, business or other developments which generally affect that sector. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Real Estate Investment Trusts (REITs) Risk.<span style="font-style: normal; font-weight: normal;"> REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund’s investments in REITs will be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Investment Company and Exchange-Traded Funds (ETFs) Risk.<span style="font-style: normal; font-weight: normal;"> When the Fund invests in an investment company, including closed-end funds and ETFs, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the investment company’s expenses. Further, while the risks of owning shares of an investment company generally reflect the risks of owning the underlying investments of the investment company, the Fund may be subject to additional or different risks than if the Fund had invested directly in the underlying investments. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Private Placement Risk.<span style="font-style: normal; font-weight: normal;"> A private placement involves the sale of securities that have not been registered under U.S. or foreign securities laws to certain institutional and qualified individual purchasers. In addition to the general risks to which all securities are subject, securities received in a private placement generally are subject to strict restrictions on resale, and there may be no liquid secondary market or ready purchaser for such securities. Securities sold through private placements are not publicly traded and, therefore, are less liquid. Companies seeking private placement investments tend to be in earlier stages of development and have not yet been fully tested in the public marketplace. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Currency Risk.<span style="font-style: normal; font-weight: normal;"> Exchange rates for currencies fluctuate daily. Accordingly, the Fund may experience volatility with respect to the value of its shares and its returns as a result of its exposure to foreign currencies through direct holdings of such currencies or holdings in non-U.S. dollar denominated securities. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Derivatives Risk.<span style="font-style: normal; font-weight: normal;"> Derivatives, such as futures, involve risks different from, or possibly greater than, risks associated with investing directly in securities and other traditional investments. Specific risk issues related to the use of such derivatives include tax issues, increased potential for losses and/or costs to the Fund, and a potential reduction in gains to the Fund. Each of these issues is described in greater detail in this Prospectus. Derivatives may also involve other risks described in this Prospectus or the Fund’s Statement of Additional Information, such as market, interest rate, currency, liquidity and leverage risks. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Preferred Securities Risk.<span style="font-style: normal; font-weight: normal;"> The risk that: (i) certain preferred stocks contain provisions that allow an issuer under certain conditions to skip or defer distributions; (ii) preferred stocks may be subject to redemption, including at the issuer’s call, and, in the event of redemption, the Fund may not be able to reinvest the proceeds at comparable or favorable rates of </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 10pt; margin-left: 0pt; text-align: left;">return; (iii) preferred stocks are generally subordinated to bonds and other debt securities in an issuer’s capital structure in terms of priority for corporate income and liquidation payments; and (iv) preferred stocks may trade less frequently and in a more limited volume and may be subject to more abrupt or erratic price movements than many other securities. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Convertible Securities Risk.<span style="font-style: normal; font-weight: normal;"> Convertible securities generally tend to be of lower credit quality, and the value of a convertible security may change with the value of the underlying common stock or changes in interest rates. A convertible security may also be subject to redemption at the option of the issuer at a price established in the convertible security’s governing instrument. If a convertible security held by the Fund is called for redemption, the Fund will be required to permit the issuer to redeem the security, convert it into the underlying common stock or sell it to a third party, which could result in a loss to the Fund. Additionally, the Fund could lose money if the issuer of a convertible security is unable to meet its financial obligations or declares bankruptcy. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Warrants Risk.<span style="font-style: normal; font-weight: normal;"> Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Warrants may be more speculative than other types of investments. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as capital loss. A warrant ceases to have value if it is not exercised prior to its expiration date. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">Your investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency entity or person. </div> Performance <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s Class I shares’ performance from year to year for the past eight calendar years and by showing how the Fund’s average annual returns for 1 year, 5 years, and since the Fund’s inception compare with those of a broad measure of market performance. The bar chart shows only the performance of the Fund’s Class I shares. Returns for Class Z shares would have been substantially similar to those of Class I shares and would have differed only to the extent that Class I shares have higher total annual fund operating expenses than Class Z shares. The Fund’s past performance, before and after taxes, does not necessarily indicate how the Fund will perform in the future. Current performance information is available at www.destinationsfunds.com or by calling 1-877-771-7979. </div> The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s Class I shares’ performance from year to year for the past eight calendar years and by showing how the Fund’s average annual returns for 1 year, 5 years, and since the Fund’s inception compare with those of a broad measure of market performance. The Fund’s past performance, before and after taxes, does not necessarily indicate how the Fund will perform in the future. www.destinationsfunds.com 1-877-771-7979 Annual Total Returns (%) as of December 31, 2025 <img alt="" src="a25563_chart1.jpg" style="height: 199px; width: 327px;"/> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 0pt; text-align: left;">The Fund’s best and worst calendar quarters<br/></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Best Quarter: 22.97% (June 30, 2020)<br/></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Worst Quarter: (21.43)% (March 31, 2020)<br/></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">The Fund’s Class I total return (pre-tax) from January 1, 2026 to March 31, 2026 was (5.50)%. </div> Best Quarter: 0.2297 2020-06-30 Worst Quarter: -0.2143 2020-03-31 The Fund’s Class I total return (pre-tax) from January 1, 2026 to March 31, 2026 2026-03-31 -0.055 AVERAGE ANNUAL TOTAL RETURNS (For the period ended December 31, 2025) <table cellpadding="0" class="BRDSX_fintab" style="width: 498pt; margin-left: auto; margin-right: auto; border-spacing: 0px;"> <tr class="BRDSX_boxspacer"> <td style="height: 6pt; width: 348pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 36pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 36pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 52.66pt;"> <div style="font-size: 1pt;"> </div></td></tr> <tr class="BRDSX_header"> <td style="width: 348pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">1 Year </div></td> <td style="width: 4.22pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">5 Years </div></td> <td style="width: 4.22pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 52.66pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Since Inception <br/></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">(03/20/2017) </div></td></tr> <tr> <td style="width: 348pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Return Before Taxes<br/></div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.76pt; text-align: left;"></div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.76pt; text-align: left;"></div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 52.66pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 15.08pt; text-align: left;"></div></td></tr> <tr> <td style="width: 348pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Class I </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.76pt; text-align: left;">14.81% </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.76pt; text-align: left;">11.26% </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 52.66pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 15.08pt; text-align: left;">12.70% </div></td></tr> <tr> <td style="width: 348pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Class Z* </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.76pt; text-align: left;">15.01% </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.76pt; text-align: left;">11.43% </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 52.66pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 15.08pt; text-align: left;">12.21% </div></td></tr> <tr> <td style="width: 348pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Return After Taxes on Distributions<br/></div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.76pt; text-align: left;"></div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.76pt; text-align: left;"></div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 52.66pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 15.08pt; text-align: left;"></div></td></tr> <tr> <td style="width: 348pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Class I </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.76pt; text-align: left;">12.93% </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.76pt; text-align: left;"><span style="padding-left: 5pt;">8.61% </span></div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 52.66pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 15.08pt; text-align: left;">10.91% </div></td></tr> <tr> <td style="width: 348pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Return After Taxes on Distributions and Sale of Fund Shares<br/></div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.76pt; text-align: left;"></div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.76pt; text-align: left;"></div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 52.66pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 15.08pt; text-align: left;"></div></td></tr> <tr> <td style="width: 348pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Class I </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.76pt; text-align: left;">10.07% </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.76pt; text-align: left;"><span style="padding-left: 5pt;">8.29% </span></div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 52.66pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 15.08pt; text-align: left;">10.01% </div></td></tr> <tr> <td style="width: 348pt; padding-top: 2.01pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Russell 1000 Index <span style="font-style: italic;">(reflects no deduction for fees, expenses, or taxes)</span> </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.76pt; text-align: left;">17.37% </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.76pt; text-align: left;">13.59% </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 52.66pt; padding-top: 2.01pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 15.08pt; text-align: left;">14.36%</div></td></tr> <tr class="BRDSX_boxspacer"> <td style="height: 2.75pt; width: 348pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 36pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 36pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 52.66pt;"> <div style="font-size: 1pt;"> </div></td></tr> </table> <div> <div class="BRDSX_rule-partial" style="height: 0pt; width: 108pt; border-bottom: 1pt solid #000000; margin-bottom: 1pt; margin-right: auto; margin-left: 0pt; margin-top: 9.75pt;"> </div></div> <table border="0" cellpadding="0" style="margin-top: 2pt; margin-left: 0pt; border-spacing: 0px;"> <tr> <td style="width: 20pt; text-align: left; vertical-align: top;"> <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">*<br/></div></td> <td style="vertical-align: top;"> <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;"> The Fund’s Class Z shares commenced operations on July 16, 2018. </div></td></tr> </table> 2017-03-20 0.1481 0.1126 0.127 0.1501 0.1143 0.1221 0.1293 0.0861 0.1091 0.1007 0.0829 0.1001 (reflects no deduction for fees, expenses, or taxes) 0.1737 0.1359 0.1436 2018-07-16 <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">The after-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an individual investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown only for Class I and will vary for Class Z. </div> The after-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an individual investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown only for Class I and will vary for Class Z. Investment objective <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 7.5pt; margin-left: 0pt; text-align: left;">Long term capital appreciation. </div> Fund fees and expenses <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">This table describes the fees and expenses 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. </div> <table cellpadding="0" class="BRDSX_fintab" style="width: 498pt; margin-left: auto; margin-right: auto; border-spacing: 0px;"> <tr class="BRDSX_boxspacer"> <td style="height: 6pt; width: 389pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 9.25pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 9.25pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 36pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 9.25pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 9.25pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 36pt;"> <div style="font-size: 1pt;"> </div></td></tr> <tr class="BRDSX_header"> <td style="width: 389pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Annual Fund Operating Expenses <br/></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">(expenses that you pay each year as a percentage of the value of your investment)</div></td> <td style="width: 9.25pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 9.25pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Class I </div></td> <td style="width: 9.25pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 9.25pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Class Z </div></td></tr> <tr> <td style="width: 389pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Management Fees </div></td> <td style="width: 9.25pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 9.25pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="padding-left: 4.16pt;">0.90% </span></div></td> <td style="width: 9.25pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 9.25pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="padding-left: 4.16pt;">0.90% </span></div></td></tr> <tr> <td style="width: 389pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Distribution and Service (12b-1) Fees </div></td> <td style="width: 9.25pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 9.25pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;">None </div></td> <td style="width: 9.25pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 9.25pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;">None </div></td></tr> <tr> <td style="width: 389pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Other Expenses </div></td> <td style="width: 9.25pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 9.25pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="padding-left: 4.16pt;">0.30% </span></div></td> <td style="width: 9.25pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 9.25pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="padding-left: 4.16pt;">0.15% </span></div></td></tr> <tr> <td style="width: 389pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Acquired Fund Fees and Expenses (AFFE)*</div></td> <td style="width: 9.25pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 9.25pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="padding-left: 4.16pt;">0.01% </span></div></td> <td style="width: 9.25pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 9.25pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="padding-left: 4.16pt;">0.01% </span></div></td></tr> <tr> <td style="width: 389pt; padding-top: 2.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Total Annual Fund Operating Expenses </div></td> <td style="width: 9.25pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 9.25pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="padding-left: 4.16pt; border-bottom: 1pt solid #000000; padding-bottom: 3.5pt;">1.21</span><span style="padding-bottom: 3.5pt;">% </span></div></td> <td style="width: 9.25pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 9.25pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="padding-left: 4.16pt; border-bottom: 1pt solid #000000; padding-bottom: 3.5pt;">1.06</span><span style="padding-bottom: 3.5pt;">% </span></div></td></tr> <tr> <td style="width: 389pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Fee Waivers and Expense Reimbursements </div></td> <td style="width: 9.25pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 9.25pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="padding-left: 0.83pt; border-bottom: 1pt solid #000000; padding-bottom: 3.5pt;">(0.09</span><span style="padding-bottom: 3.5pt;">)%** </span></div></td> <td style="width: 9.25pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 9.25pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="padding-left: 0.83pt; border-bottom: 1pt solid #000000; padding-bottom: 3.5pt;">(0.09</span><span style="padding-bottom: 3.5pt;">)%** </span></div></td></tr> <tr> <td style="width: 389pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Total Annual Fund Operating Expenses Less Fee Waivers and Expense Reimbursements </div></td> <td style="width: 9.25pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 9.25pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="border-bottom: 1pt solid #000000; padding-bottom: 3.5pt;">​</span><span style="padding-left: 4.16pt; border-bottom: 1pt solid #000000; padding-bottom: 3.5pt;">1.12</span><span style="padding-bottom: 3.5pt;">% </span></div></td> <td style="width: 9.25pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 9.25pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="padding-left: 4.16pt; border-bottom: 1pt solid #000000; padding-bottom: 3.5pt;">0.97</span><span style="padding-bottom: 3.5pt;">%</span></div></td></tr> <tr class="BRDSX_boxspacer"> <td style="height: 2.75pt; width: 389pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 9.25pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 9.25pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 36pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 9.25pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 9.25pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 36pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td></tr> </table> <div> <div class="BRDSX_rule-partial" style="height: 0pt; width: 108pt; border-bottom: 1pt solid #000000; margin-bottom: 1pt; margin-right: auto; margin-left: 0pt; margin-top: 10.25pt;"> </div></div> <table border="0" cellpadding="0" style="margin-top: 2pt; margin-left: 0pt; border-spacing: 0px;"> <tr> <td style="width: 20pt; text-align: left; vertical-align: top;"> <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">*<br/></div></td> <td style="vertical-align: top;"> <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;"> Because the Fund incurred AFFE during the most recent fiscal year, the operating expenses in this fee table will not correlate to the expense ratio in the Fund’s financial statements (or the “Financial Highlights” section in the prospectus), which does not take into account the indirect costs of investing in other investment companies. </div></td></tr> </table> <table border="0" cellpadding="0" style="margin-top: 3pt; margin-left: 0pt; border-spacing: 0px;"> <tr> <td style="width: 20pt; text-align: left; vertical-align: top;"> <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">**<br/></div></td> <td style="vertical-align: top;"> <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;"> The Fund’s adviser, Orion Portfolio Solutions, LLC d.b.a. Brinker Capital Investments (“the Adviser”), has contractually agreed to waive a portion of its management fee as necessary to keep the Fund’s management fee from exceeding 0.444% more than the total amount of sub-advisory fees paid by the Adviser. This fee waiver and reimbursement agreement shall remain in effect until June 30, 2027 and may be amended or terminated only with the consent of the Board of Trustees. </div></td></tr> </table> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.009 0.009 0 0 0.003 0.0015 0.0001 0.0001 0.0121 0.0106 -0.0009 -0.0009 0.0112 0.0097 Because the Fund incurred AFFE during the most recent fiscal year, the operating expenses in this fee table will not correlate to the expense ratio in the Fund’s financial statements (or the “Financial Highlights” section in the prospectus), which does not take into account the indirect costs of investing in other investment companies. 2027-06-30 Examples <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">These examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The examples assume 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 time periods. The examples also assume that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </div> <table cellpadding="0" class="BRDSX_fintab" style="width: 498pt; margin-left: auto; margin-right: auto; border-spacing: 0px;"> <tr class="BRDSX_boxspacer"> <td style="height: 6pt; width: 276pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 41.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 44.34pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 44.33pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 48.33pt;"> <div style="font-size: 1pt;"> </div></td></tr> <tr class="BRDSX_header"> <td style="width: 276pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td> <td style="width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 41.22pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">After 1 year </div></td> <td style="width: 5.47pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 44.34pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">After 3 years </div></td> <td style="width: 5.47pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 44.33pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">After 5 years </div></td> <td style="width: 5.47pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 48.33pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">After 10 years </div></td></tr> <tr> <td style="width: 276pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Class I Shares</div></td> <td style="width: 5.47pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 41.22pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10.62pt; text-align: left;">$114 </div></td> <td style="width: 5.47pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 44.34pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 12.17pt; text-align: left;">$375 </div></td> <td style="width: 5.47pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 44.33pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 12.17pt; text-align: left;">$656 </div></td> <td style="width: 5.47pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 48.33pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10.41pt; text-align: left;">$1,458 </div></td></tr> <tr> <td style="width: 276pt; padding-top: 2.01pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Class Z Shares</div></td> <td style="width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 41.22pt; padding-top: 2.01pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10.62pt; text-align: left;">$<span style="padding-left: 5pt;">99 </span></div></td> <td style="width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 44.34pt; padding-top: 2.01pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 12.17pt; text-align: left;">$328 </div></td> <td style="width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 44.33pt; padding-top: 2.01pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 12.17pt; text-align: left;">$576 </div></td> <td style="width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 48.33pt; padding-top: 2.01pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10.41pt; text-align: left;">$1,286</div></td></tr> <tr class="BRDSX_boxspacer"> <td style="height: 2.75pt; width: 276pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 41.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 44.34pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 44.33pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 48.33pt;"> <div style="font-size: 1pt;"> </div></td></tr> </table> 114 375 656 1458 99 328 576 1286 Portfolio turnover <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transactions costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the above examples, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 124% of the average value of its portfolio. </div> 1.24 Principal investment strategies <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">The Fund will invest, under normal market conditions, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in the equity securities of small- and mid-capitalization companies. The Fund defines small-mid cap companies as companies whose market capitalizations typically fall within the range of either the Russell Midcap^® Index or the Russell 2000^® Index, which together ranged from approximately $119.4 million to $279.5 billion as of the last reconstitution of the indexes on June 30, 2025. The Fund’s 80% policy is not fundamental and can be changed upon 60 days’ prior notice to shareholders. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">The Fund employs a “multi-manager” strategy whereby the Adviser allocates the Fund’s assets among professional money managers (each, a “Sub-adviser,” and collectively, the “Sub-advisers”), each of which is responsible for investing its allocated portion of the Fund’s assets. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">The Adviser may also invest a portion of the Fund’s assets in unaffiliated funds that are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), and that have investment objectives and principal investment strategies consistent with those of the Fund, including open-end funds, closed-end funds and exchange traded funds (ETFs), which may be passively managed (i.e., index-tracking) or actively managed. When determining how to allocate the Fund’s assets between unaffiliated funds and Sub-advisers, and among Sub-advisers, the Adviser considers a variety of factors. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">The Fund invests primarily in common and preferred stock, rights or warrants to purchase common or preferred stock, securities convertible into common or preferred stock such as convertible preferred stock, bonds or debentures, and other securities with equity characteristics. A Sub-adviser employing an actively managed strategy will select securities based on its assessment of one or more of a variety of factors about the company or the market. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">The Fund may invest a portion of its assets in securities of micro-cap companies (i.e., companies with market capitalizations of typically less than $1.1 billion). The Fund invests in securities of companies operating in a broad range of industries. Most of these companies are based in the United States, but in some instances, may be headquartered in or doing a substantial portion of their business overseas. Although most assets will typically be invested in U.S. common stocks, the Fund may invest directly in foreign stocks or indirectly through depositary receipts in keeping with the Fund’s objectives. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">A Sub-adviser may sell a security for a variety of reasons, including, but not limited to, where the Sub-adviser believes selling the security will help the Fund to secure gains, limit losses, or redeploy assets into more promising opportunities, or the valuation is no longer attractive. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 0pt; text-align: left;">Due to its investment strategy, the Fund may buy and sell securities and other instruments frequently. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">The Fund may also lend portfolio securities in an attempt to earn additional income. Any income realized through securities lending may help Fund performance. </div> Investing in any mutual fund involves the risk that you may lose part or all of the money you invest. <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Market Risk.<span style="font-style: normal; font-weight: normal;"> Market values of securities or other investments that the Fund holds will fall, sometimes rapidly or unpredictably, or fail to rise. Returns from the securities in which the Fund invests may underperform returns from the general securities markets or other types of securities. Markets may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Equity Securities Risk.<span style="font-style: normal; font-weight: normal;"> The Fund is subject to the risk that stock prices will fall over short or extended periods of time. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by these companies may decline in response to such developments, which could result in a decline in the value of the Fund’s shares. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 10pt; margin-left: 0pt; text-align: left;">Investment Style Risk.<span style="font-style: normal; font-weight: normal;"> Different investment styles tend to shift in and out of favor depending on market conditions and investor sentiment. A Sub-adviser’s approach to investing could cause it to underperform other managers that employ a different investment style. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Active Management Risk.<span style="font-style: normal; font-weight: normal;"> Due to the active management investment strategies used by the Fund’s Sub-advisers, the Fund could underperform its benchmark index and/or other funds with similar investment objectives and/or strategies. The Sub-advisers’ judgments about the attractiveness, value, or potential appreciation of the Fund’s investments may prove to be incorrect. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Mid-Cap Securities Risk.<span style="font-style: normal; font-weight: normal;"> Mid-capitalization stocks tend to perform differently from other segments of the equity market or the equity market as a whole and can be more volatile than stocks of large-capitalization companies. Mid-capitalization companies may be newer or less established, and may have limited resources, products and markets, and may be less liquid. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Small-Cap and Micro-Cap Securities Risk.<span style="font-style: normal; font-weight: normal;"> Small capitalization stocks may underperform other types of stocks or the equity market as a whole. Stocks of smaller companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies. Small companies may have limited product lines or financial resources or may be dependent upon a small or inexperienced management group. In addition, small-cap stocks typically are traded in lower volume, are less liquid, and their issuers typically are subject to greater degrees of changes in their earnings and prospects. These risks may be heightened with respect to micro-cap companies. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Liquidity Risk.<span style="font-style: normal; font-weight: normal;"> The risk that certain securities may be difficult or impossible to sell at the time and the price that the seller would like. The seller may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Securities Lending Risk.<span style="font-style: normal; font-weight: normal;"> The Fund may lose money from securities lending if, for example, it is delayed in or prevented from selling the collateral after the loan is made or recovering the securities loaned or if it incurs losses on the reinvestment of cash collateral. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Management Risk.<span style="font-style: normal; font-weight: normal;"> Securities held by the Fund may underperform those held by other funds investing in the same asset class or benchmarks that are representative of the asset class because of the Sub-advisers’ choice of securities. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Multi-Manager Risk.<span style="font-style: normal; font-weight: normal;"> The Adviser may be unable to identify and retain Sub-advisers who achieve superior investment returns relative to other similar Sub-advisers. In addition, the investment styles of the Sub-advisers may not complement each other as expected by the Adviser. The Fund may experience a higher portfolio turnover rate, which can increase the Fund’s transaction costs and more taxable short-term gains for shareholders. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Portfolio Turnover Risk.<span style="font-style: normal; font-weight: normal;"> Frequent buying and selling of investments may involve higher trading costs and other expenses and may affect the Fund’s performance over time. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Sector Risk.<span style="font-style: normal; font-weight: normal;"> Companies with similar characteristics may be grouped together in broad categories called sectors. Sector risk is the possibility that a certain sector may underperform other sectors or the market as a whole. To the extent the Fund invests more heavily in particular sectors of the economy, its performance will be more susceptible to any economic, business or other developments which generally affect that sector. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Value Stocks Risk.<span style="font-style: normal; font-weight: normal;"> The risk that the Fund will underperform when value investing is out of favor or that the Fund’s investments will not appreciate in value as anticipated. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Growth Stock Risk<span style="font-style: normal; font-weight: normal;">. Growth stocks are typically priced higher than other stocks, in relation to earnings and other measures, because investors believe they have more growth potential. This potential may or may not be realized and, if it is not realized, may result in a loss to the Fund. Growth stock prices also tend to be more volatile than the overall market. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Foreign Securities Risk.<span style="font-style: normal; font-weight: normal;"> Foreign securities subject the Fund to the risks associated with investing in the particular country of an issuer, including the political, regulatory, economic, social, diplomatic and other conditions or events, as well as risks associated with less developed custody and settlement practices. Foreign securities may be more volatile and less liquid than securities of U.S. companies. The performance of the Fund may also be negatively impacted by fluctuations in a foreign currency’s strength or weakness relative to the U.S. dollar. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Depositary Receipts Risk.<span style="font-style: normal; font-weight: normal;"> Because the Fund may invest in American Depositary Receipts (“ADRs”) and other domestically-traded securities of foreign companies, the Fund’s share price may be more affected by foreign economic and political conditions, taxation policies and accounting and auditing standards than would otherwise be the case. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 10pt; margin-left: 0pt; text-align: left;">Investment Company and Exchange-Traded Funds (ETFs) Risk.<span style="font-style: normal; font-weight: normal;"> When the Fund invests in an investment company, including closed-end funds and ETFs, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the investment company’s expenses. Further, while the risks of owning shares of an investment company generally reflect the risks of owning the underlying investments of the investment company, the Fund may be subject to additional or different risks than if the Fund had invested directly in the underlying investments. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Currency Risk.<span style="font-style: normal; font-weight: normal;"> Exchange rates for currencies fluctuate daily. Accordingly, the Fund may experience volatility with respect to the value of its shares and its returns as a result of its exposure to foreign currencies through direct holdings of such currencies or holdings in non-U.S. dollar denominated securities. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Preferred Securities Risk.<span style="font-style: normal; font-weight: normal;"> The risk that: (i) certain preferred stocks contain provisions that allow an issuer under certain conditions to skip or defer distributions; (ii) preferred stocks may be subject to redemption, including at the issuer’s call, and, in the event of redemption, the Fund may not be able to reinvest the proceeds at comparable or favorable rates of return; (iii) preferred stocks are generally subordinated to bonds and other debt securities in an issuer’s capital structure in terms of priority for corporate income and liquidation payments; and (iv) preferred stocks may trade less frequently and in a more limited volume and may be subject to more abrupt or erratic price movements than many other securities. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Convertible Securities Risk.<span style="font-style: normal; font-weight: normal;"> Convertible securities generally tend to be of lower credit quality, and the value of a convertible security may change with the value of the underlying common stock or changes in interest rates. A convertible security may also be subject to redemption at the option of the issuer at a price established in the convertible security’s governing instrument. If a convertible security held by the Fund is called for redemption, the Fund will be required to permit the issuer to redeem the security, convert it into the underlying common stock or sell it to a third party, which could result in a loss to the Fund. Additionally, the Fund could lose money if the issuer of a convertible security is unable to meet its financial obligations or declares bankruptcy. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Warrants Risk.<span style="font-style: normal; font-weight: normal;"> Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Warrants may be more speculative than other types of investments. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as capital loss. A warrant ceases to have value if it is not exercised prior to its expiration date. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">Your investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency entity or person. </div> Performance <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s Class I shares’ performance from year to year for the past eight calendar years and by showing how the Fund’s average annual returns for 1 year, 5 years, and since the Fund’s inception compare with those of a broad measure of market performance. The bar chart shows only the performance of the Fund’s Class I shares. Returns for Class Z shares would have been substantially similar to those of Class I shares and would have differed only to the extent that Class I shares have higher total annual fund operating expenses than Class Z shares. The Fund’s past performance, before and after taxes, does not necessarily indicate how the Fund will perform in the future. Current performance information is available at www.destinationsfunds.com or by calling 1-877-771-7979. </div> The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s Class I shares’ performance from year to year for the past eight calendar years and by showing how the Fund’s average annual returns for 1 year, 5 years, and since the Fund’s inception compare with those of a broad measure of market performance. The Fund’s past performance, before and after taxes, does not necessarily indicate how the Fund will perform in the future. www.destinationsfunds.com 1-877-771-7979 Annual Total Returns (%) as of December 31, 2025 <img alt="" src="a25563_chart2.jpg" style="height: 199px; width: 327px;"/> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 0pt; text-align: left;">The Fund’s best and worst calendar quarters<br/></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Best Quarter: 29.81% (June 30, 2020)<br/></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Worst Quarter: (31.04)% (March 31, 2020)<br/></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">The Fund’s Class I total return (pre-tax) from January 1, 2026 to March 31, 2026 was 3.77%. </div> Best Quarter: 0.2981 2020-06-30 Worst Quarter: -0.3104 2020-03-31 The Fund’s Class I total return (pre-tax) from January 1, 2026 to March 31, 2026 2026-03-31 0.0377 AVERAGE ANNUAL TOTAL RETURNS (For the periods ended December 31, 2025) <table cellpadding="0" class="BRDSX_fintab" style="width: 498pt; margin-left: auto; margin-right: auto; border-spacing: 0px;"> <tr class="BRDSX_boxspacer"> <td style="height: 6pt; width: 348pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 36pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 36pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 52.66pt;"> <div style="font-size: 1pt;"> </div></td></tr> <tr class="BRDSX_header"> <td style="width: 348pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">1 Year </div></td> <td style="width: 4.22pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">5 Years </div></td> <td style="width: 4.22pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 52.66pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Since Inception <br/></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">(03/20/2017) </div></td></tr> <tr> <td style="width: 348pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Return Before Taxes<br/></div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.76pt; text-align: left;"></div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.26pt; text-align: left;"></div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 52.66pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 15.08pt; text-align: left;"></div></td></tr> <tr> <td style="width: 348pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Class I </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.76pt; text-align: left;">14.04% </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.26pt; text-align: left;">8.38% </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 52.66pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 15.08pt; text-align: left;">11.04% </div></td></tr> <tr> <td style="width: 348pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Class Z* </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.76pt; text-align: left;">14.22% </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.26pt; text-align: left;">8.53% </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 52.66pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 15.08pt; text-align: left;">10.26% </div></td></tr> <tr> <td style="width: 348pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Return After Taxes on Distributions<br/></div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.76pt; text-align: left;"></div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.26pt; text-align: left;"></div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 52.66pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 15.08pt; text-align: left;"></div></td></tr> <tr> <td style="width: 348pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Class I </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.76pt; text-align: left;">11.80% </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.26pt; text-align: left;">5.76% </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 52.66pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 15.08pt; text-align: left;"><span style="padding-left: 5pt;">9.05% </span></div></td></tr> <tr> <td style="width: 348pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Return After Taxes on Distributions and Sale of Fund Shares <br/></div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.76pt; text-align: left;"></div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.26pt; text-align: left;"></div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 52.66pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 15.08pt; text-align: left;"></div></td></tr> <tr> <td style="width: 348pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Class I </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.76pt; text-align: left;"><span style="padding-left: 5pt;">9.18% </span></div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.26pt; text-align: left;">5.82% </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 52.66pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 15.08pt; text-align: left;"><span style="padding-left: 5pt;">8.36% </span></div></td></tr> <tr> <td style="width: 348pt; padding-top: 2.01pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Russell 2500 Index <span style="font-style: italic;">(reflects no deduction for fees, expenses, or taxes)</span> </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.76pt; text-align: left;">11.91% </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.26pt; text-align: left;">7.26% </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 52.66pt; padding-top: 2.01pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 15.08pt; text-align: left;"><span style="padding-left: 5pt;">9.39%</span></div></td></tr> <tr class="BRDSX_boxspacer"> <td style="height: 2.75pt; width: 348pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 36pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 36pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 52.66pt;"> <div style="font-size: 1pt;"> </div></td></tr> </table> <div> <div class="BRDSX_rule-partial" style="height: 0pt; width: 108pt; border-bottom: 1pt solid #000000; margin-bottom: 1pt; margin-right: auto; margin-left: 0pt; margin-top: 10.25pt;"> </div></div> <table border="0" cellpadding="0" style="margin-top: 2pt; margin-left: 0pt; border-spacing: 0px;"> <tr> <td style="width: 20pt; text-align: left; vertical-align: top;"> <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">*<br/></div></td> <td style="vertical-align: top;"> <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;"> The Fund’s Class Z shares commenced operations on July 16, 2018. </div></td></tr> </table> 2017-03-20 0.1404 0.0838 0.1104 0.1422 0.0853 0.1026 0.118 0.0576 0.0905 0.0918 0.0582 0.0836 (reflects no deduction for fees, expenses, or taxes) 0.1191 0.0726 0.0939 2018-07-16 <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">The after-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an individual investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After tax returns are shown only for Class I and will vary for Class Z. </div> The after-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an individual investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After tax returns are shown only for Class I and will vary for Class Z. Investment objective <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 7.5pt; margin-left: 0pt; text-align: left;">Long term capital appreciation. </div> Fund fees and expenses <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">This table describes the fees and expenses 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. </div> <table cellpadding="0" class="BRDSX_fintab" style="margin-top: 4pt; width: 498pt; margin-left: auto; margin-right: auto; border-spacing: 0px;"> <tr class="BRDSX_boxspacer"> <td style="height: 6pt; width: 389pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 9.25pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 9.25pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 36pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 9.25pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 9.25pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 36pt;"> <div style="font-size: 1pt;"> </div></td></tr> <tr class="BRDSX_header"> <td style="width: 389pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Annual Fund Operating Expenses <br/></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">(expenses that you pay each year as a percentage of the value of your investment)</div></td> <td style="width: 9.25pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 9.25pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Class I </div></td> <td style="width: 9.25pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 9.25pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Class Z </div></td></tr> <tr> <td style="width: 389pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Management Fees </div></td> <td style="width: 9.25pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 9.25pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="padding-left: 4.16pt;">1.00%</span></div></td> <td style="width: 9.25pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 9.25pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="padding-left: 4.16pt;">1.00% </span></div></td></tr> <tr> <td style="width: 389pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Distribution and Service (12b-1) Fees </div></td> <td style="width: 9.25pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 9.25pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;">None </div></td> <td style="width: 9.25pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 9.25pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;">None </div></td></tr> <tr> <td style="width: 389pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Other Expenses </div></td> <td style="width: 9.25pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 9.25pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="padding-left: 4.16pt;">0.28%</span></div></td> <td style="width: 9.25pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 9.25pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="padding-left: 4.16pt;">0.13% </span></div></td></tr> <tr> <td style="width: 389pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Acquired Fund Fees and Expenses (AFFE)*</div></td> <td style="width: 9.25pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 9.25pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="padding-left: 4.16pt;">0.01%</span></div></td> <td style="width: 9.25pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 9.25pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="padding-left: 4.16pt;">0.01% </span></div></td></tr> <tr> <td style="width: 389pt; padding-top: 2.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Total Annual Fund Operating Expenses </div></td> <td style="width: 9.25pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 9.25pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="padding-left: 4.16pt; border-bottom: 1pt solid #000000; padding-bottom: 3.5pt;">1.29</span><span style="padding-bottom: 3.5pt;">%</span></div></td> <td style="width: 9.25pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 9.25pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="padding-left: 4.16pt; border-bottom: 1pt solid #000000; padding-bottom: 3.5pt;">1.14</span><span style="padding-bottom: 3.5pt;">% </span></div></td></tr> <tr> <td style="width: 389pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Fee Waivers and Expense Reimbursements </div></td> <td style="width: 9.25pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 9.25pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="padding-left: 0.83pt; border-bottom: 1pt solid #000000; padding-bottom: 3.5pt;">(0.22</span><span style="padding-bottom: 3.5pt;">)%**</span></div></td> <td style="width: 9.25pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 9.25pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="padding-left: 0.83pt; border-bottom: 1pt solid #000000; padding-bottom: 3.5pt;">(0.22</span><span style="padding-bottom: 3.5pt;">)%** </span></div></td></tr> <tr> <td style="width: 389pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Total Annual Fund Operating Expenses Less Fee Waivers and Expense Reimbursements </div></td> <td style="width: 9.25pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 9.25pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="border-bottom: 1pt solid #000000; padding-bottom: 3.5pt;">​</span><span style="padding-left: 4.16pt; border-bottom: 1pt solid #000000; padding-bottom: 3.5pt;">1.07</span><span style="padding-bottom: 3.5pt;">%</span></div></td> <td style="width: 9.25pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 9.25pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="padding-left: 4.16pt; border-bottom: 1pt solid #000000; padding-bottom: 3.5pt;">0.92</span><span style="padding-bottom: 3.5pt;">%</span></div></td></tr> <tr class="BRDSX_boxspacer"> <td style="height: 2.75pt; width: 389pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 9.25pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 9.25pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 36pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 9.25pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 9.25pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 36pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td></tr> </table> <div> <div class="BRDSX_rule-partial" style="height: 0pt; width: 108pt; border-bottom: 1pt solid #000000; margin-bottom: 1pt; margin-right: auto; margin-left: 0pt; margin-top: 10.25pt;"> </div></div> <table border="0" cellpadding="0" style="margin-top: 2pt; margin-left: 0pt; border-spacing: 0px;"> <tr> <td style="width: 20pt; text-align: left; vertical-align: top;"> <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">*<br/></div></td> <td style="vertical-align: top;"> <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;"> Because the Fund incurred AFFE during the most recent fiscal year, the operating expenses in this fee table will not correlate to the expense ratio in the Fund’s financial statements (or the “Financial Highlights” section in the prospectus), which does not take into account the indirect costs of investing in other investment companies. </div></td></tr> </table> <table border="0" cellpadding="0" style="margin-top: 3pt; margin-left: 0pt; border-spacing: 0px;"> <tr> <td style="width: 20pt; text-align: left; vertical-align: top;"> <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">**<br/></div></td> <td style="vertical-align: top;"> <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;"> The Fund’s adviser, Orion Portfolio Solutions, LLC d.b.a. Brinker Capital Investments (“the Adviser”), has contractually agreed to waive a portion of its management fee as necessary to keep the Fund’s management fee from exceeding 0.444% more than the total amount of sub-advisory fees paid by the Adviser. This fee waiver and reimbursement agreement shall remain in effect until June 30, 2027 and may be amended or terminated only with the consent of the Board of Trustees. </div></td></tr> </table> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.01 0.01 0 0 0.0028 0.0013 0.0001 0.0001 0.0129 0.0114 -0.0022 -0.0022 0.0107 0.0092 Because the Fund incurred AFFE during the most recent fiscal year, the operating expenses in this fee table will not correlate to the expense ratio in the Fund’s financial statements (or the “Financial Highlights” section in the prospectus), which does not take into account the indirect costs of investing in other investment companies. 2027-06-30 Examples <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">These examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The examples assume 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 time periods. The examples also assume that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </div> <table cellpadding="0" class="BRDSX_fintab" style="width: 498pt; margin-left: auto; margin-right: auto; border-spacing: 0px;"> <tr class="BRDSX_boxspacer"> <td style="height: 6pt; width: 276pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 41.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 44.34pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 44.33pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 48.33pt;"> <div style="font-size: 1pt;"> </div></td></tr> <tr class="BRDSX_header"> <td style="width: 276pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td> <td style="width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 41.22pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">After 1 year </div></td> <td style="width: 5.47pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 44.34pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">After 3 years </div></td> <td style="width: 5.47pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 44.33pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">After 5 years </div></td> <td style="width: 5.47pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 48.33pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">After 10 years </div></td></tr> <tr> <td style="width: 276pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Class I Shares</div></td> <td style="width: 5.47pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 41.22pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10.62pt; text-align: left;">$109 </div></td> <td style="width: 5.47pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 44.34pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 12.17pt; text-align: left;">$387 </div></td> <td style="width: 5.47pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 44.33pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 12.17pt; text-align: left;">$686 </div></td> <td style="width: 5.47pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 48.33pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10.41pt; text-align: left;">$1,537 </div></td></tr> <tr> <td style="width: 276pt; padding-top: 2.01pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Class Z Shares</div></td> <td style="width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 41.22pt; padding-top: 2.01pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10.62pt; text-align: left;">$<span style="padding-left: 5pt;">94 </span></div></td> <td style="width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 44.34pt; padding-top: 2.01pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 12.17pt; text-align: left;">$340 </div></td> <td style="width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 44.33pt; padding-top: 2.01pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 12.17pt; text-align: left;">$606 </div></td> <td style="width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 48.33pt; padding-top: 2.01pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10.41pt; text-align: left;">$1,366</div></td></tr> <tr class="BRDSX_boxspacer"> <td style="height: 2.75pt; width: 276pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 41.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 44.34pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 44.33pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 48.33pt;"> <div style="font-size: 1pt;"> </div></td></tr> </table> 109 387 686 1537 94 340 606 1366 Portfolio turnover <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transactions costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the above examples, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 54% of the average value of its portfolio. </div> 0.54 Principal investment strategies <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">The Fund will invest, under normal market conditions, at least 80% of its net assets (plus the amount of any borrowing for investment purposes) in equity securities. The Fund’s 80% policy is not fundamental and can be changed upon 60 days’ prior notice to shareholders. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 10pt; margin-left: 0pt; text-align: left;">The Fund employs a “multi-manager” strategy whereby the Adviser allocates the Fund’s assets among professional money managers (each, a “Sub-adviser,” and collectively, the “Sub-advisers”), each of which is responsible for investing its allocated portion of the Fund’s assets. The Adviser may also invest a portion of the Fund’s assets in unaffiliated funds that are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), and that have investment objectives and principal investment strategies consistent with those of the Fund, including open-end funds, closed-end funds and exchange traded funds (ETFs), which may be passively managed (i.e., index-tracking) or actively managed. ETFs may also be used to transition the Fund’s portfolio or to equitize cash while awaiting an opportunity to purchase securities directly. When determining how to allocate the Fund’s assets between unaffiliated funds and Sub-advisers, and among Sub-advisers, the Adviser considers a variety of factors. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">The Fund’s assets will primarily be invested in foreign equity securities, including emerging market and frontier market equity securities, of any capitalization. Equity securities include common stock, preferred stock and securities convertible into common or preferred stock, warrants and rights, depositary receipts, and other securities with equity characteristics (for example, participatory notes or derivatives linked to a basket of underlying equity securities, certain options on common stock, and ETFs). </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">The Fund’s Sub-advisers will employ a number of different investment approaches. The portfolios of some Sub-advisers may, at times, invest a significant percentage of assets in issuers in a particular geographic region, country or small number of countries, or in a single or small number of industries or sectors. Other Sub-advisers will manage a more broadly diversified portfolio that focuses more on stocks of larger companies or various capitalization levels. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">It is expected that, under normal market conditions, at least 40% of the Fund’s assets will be invested in the securities of companies that are tied economically to at least three countries outside the U.S. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">A Sub-adviser may sell a security for a variety of reasons, including, but not limited to, where the Sub-adviser believes selling the security will help the Fund to secure gains, limit losses, or redeploy assets into more promising opportunities, or the valuation is no longer attractive. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">The Fund’s investments in foreign countries generally are traded in currencies other than U.S. dollars. As a result, certain Sub-advisers will buy and sell foreign currencies to facilitate transactions in portfolio securities. Certain Sub-advisers will invest in derivatives, including futures, forwards, options and swaps, primarily to increase or decrease currency exposure and for other investment purposes. However, not all Sub-advisers will hedge their portfolios against possible fluctuations in exchange rates. Due to its investment strategy, the Fund may buy and sell securities and other instruments frequently. The Fund may also lend portfolio securities in an attempt to earn additional income. Any income realized through securities lending may help Fund performance. </div> Investing in any mutual fund involves the risk that you may lose part or all of the money you invest. <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Market Risk.<span style="font-style: normal; font-weight: normal;"> Market values of securities or other investments that the Fund holds will fall, sometimes rapidly or unpredictably, or fail to rise. Returns from the securities in which the Fund invests may underperform returns from the general securities markets or other types of securities. Markets may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Equity Securities Risk.<span style="font-style: normal; font-weight: normal;"> The Fund is subject to the risk that stock prices will fall over short or extended periods of time. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by these companies may decline in response to such developments, which could result in a decline in the value of the Fund’s shares. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Foreign and Emerging Markets Securities Risk.<span style="font-style: normal; font-weight: normal;"> Foreign securities subject the Fund to the risks associated with investing in the particular country of an issuer, including the political, regulatory, economic, social, diplomatic and other conditions or </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 10pt; margin-left: 0pt; text-align: left;">events, as well as risks associated with less developed custody and settlement practices. Foreign securities may be more volatile and less liquid than securities of U.S. companies. The performance of the Fund may also be negatively impacted by fluctuations in a foreign currency’s strength or weakness relative to the U.S. dollar. Investments in emerging markets can involve additional and greater risks than the risks associated with investments in developed foreign markets. Emerging markets can have less developed markets, greater custody and operational risk, less developed legal, regulatory, and accounting systems, and greater political, social, and economic instability than developed markets. Frontier markets, considered by the Fund to be a subset of emerging markets, generally have smaller economies and less mature capital markets than emerging markets. As a result, the risks of investing in emerging market countries are magnified in frontier market countries. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Currency Risk.<span style="font-style: normal; font-weight: normal;"> Exchange rates for currencies fluctuate daily. Accordingly, the Fund may experience volatility with respect to the value of its shares and its returns as a result of its exposure to foreign currencies through direct holdings of such currencies or holdings in non-U.S. dollar denominated securities. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Small-Cap and Micro-Cap Securities Risk.<span style="font-style: normal; font-weight: normal;"> Small capitalization stocks may underperform other types of stocks or the equity market as a whole. Stocks of smaller companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies. Small companies may have limited product lines or financial resources or may be dependent upon a small or inexperienced management group. In addition, small-cap stocks typically are traded in lower volume, are less liquid, and their issuers typically are subject to greater degrees of changes in their earnings and prospects. These risks may be heightened with respect to micro-cap companies. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Mid-Cap Securities Risk.<span style="font-style: normal; font-weight: normal;"> Mid-capitalization stocks tend to perform differently from other segments of the equity market or the equity market as a whole and can be more volatile than stocks of large-capitalization companies. Mid-capitalization companies may be newer or less established, and may have limited resources, products and markets, and may be less liquid. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Investment Style Risk.<span style="font-style: normal; font-weight: normal;"> Different investment styles tend to shift in and out of favor depending on market conditions and investor sentiment. A Sub-adviser’s approach to investing could cause it to underperform other managers that employ a different investment style. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Active Management Risk.<span style="font-style: normal; font-weight: normal;"> Due to the active management investment strategies used by the Fund’s Sub-advisers, the Fund could underperform its benchmark index and/or other funds with similar investment objectives and/or strategies. The Sub-advisers’ judgments about the attractiveness, value, or potential appreciation of the Fund’s investments may prove to be incorrect. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Investment Company and Exchange-Traded Funds (ETFs) Risk.<span style="font-style: normal; font-weight: normal;"> When the Fund invests in an investment company, including closed-end funds and ETFs, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the investment company’s expenses. Further, while the risks of owning shares of an investment company generally reflect the risks of owning the underlying investments of the investment company, the Fund may be subject to additional or different risks than if the Fund had invested directly in the underlying investments. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Liquidity Risk.<span style="font-style: normal; font-weight: normal;"> The risk that certain securities may be difficult or impossible to sell at the time and the price that the seller would like. The seller may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Europe and United Kingdom Risk.<span style="font-style: normal; font-weight: normal;"> The European financial markets have experienced increased volatility due to concerns about economic downturns, political unrest, war, military conflict, economic sanctions, rising government debt levels, energy crises, and public pandemics, and these events may continue to significantly affect all of Europe. European economies could be significantly affected by, among other things, rising unemployment, the imposition or unexpected elimination of fiscal and monetary controls by member countries of the European Economic and Monetary Union, uncertainty surrounding the euro, the success of governmental actions to reduce budget deficits, and ongoing uncertainties surrounding Brexit, the formal withdrawal by the United Kingdom from the European Union. In addition, acts of war may amplify already existing geopolitical tensions and could increase volatility and uncertainty in the financial markets and adversely affect regional and global economies. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Asia Region Risk.<span style="font-style: normal; font-weight: normal;"> Many Asian economies have at various times been negatively affected by inflation, currency devaluations, an over-reliance on international trade and exports, political and social instability, and less developed financial systems and securities trading markets. Trade restrictions, unexpected decreases in exports, changes in government policies, </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 10pt; margin-left: 0pt; text-align: left;">expropriation and/or nationalization of assets, confiscatory taxation, or natural disasters could have a significant impact on companies doing business in Asia. The Asian region may be significantly affected by political unrest, military conflict, economic sanctions, and less demand for Asian products and services. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Indian Market and India Region Risk.<span style="font-style: normal; font-weight: normal;"> Government actions, bureaucratic obstacles and inconsistent economic and tax reform policies within the Indian government have had a significant effect on the economy and could adversely affect market conditions, deter economic growth and reduce the profitability of private enterprises. Global factors and foreign actions may inhibit the flow of foreign capital on which India is dependent to sustain its growth. Large portions of many Indian companies remain in the hands of their founders (including members of their families). Family-controlled companies may have weaker and less transparent corporate governance, which increases the potential for loss and unequal treatment of investors. India experiences many of the market risks associated with developing economies, including relatively low levels of liquidity, which may result in extreme volatility in the prices of Indian securities. Religious, cultural and military disputes persist in India, and between India and Pakistan (as well as sectarian groups within each country). The threat of aggression in the region could hinder development of the Indian economy, and escalating tensions could impact the broader region, including China. Because the Fund may invest a large percentage of its assets in India, the value of the Fund’s shares may be affected by events that adversely affect India and may fluctuate more than the value of a less concentrated fund’s shares. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Securities Lending Risk.<span style="font-style: normal; font-weight: normal;"> The Fund may lose money from securities lending if, for example, it is delayed in or prevented from selling the collateral after the loan is made or recovering the securities loaned or if it incurs losses on the reinvestment of cash collateral. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Management Risk.<span style="font-style: normal; font-weight: normal;"> Securities held by the Fund may underperform those held by other funds investing in the same asset class or benchmarks that are representative of the asset class because of the Sub-advisers’ choice of securities. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Multi-Manager Risk.<span style="font-style: normal; font-weight: normal;"> The Adviser may be unable to identify and retain Sub-advisers who achieve superior investment returns relative to other similar Sub-advisers. In addition, the investment styles of the Sub-advisers may not complement each other as expected by the Adviser. The Fund may experience a higher portfolio turnover rate, which can increase the Fund’s transaction costs and more taxable short-term gains for shareholders. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Derivatives Risk.<span style="font-style: normal; font-weight: normal;"> Derivatives, such as forwards, futures, options and swaps, involve risks different from, or possibly greater than, risks associated with investing directly in securities and other traditional investments. Specific risk issues related to the use of such derivatives include valuation and tax issues, increased potential for losses and/or costs to the Fund, and a potential reduction in gains to the Fund. Each of these issues is described in greater detail in this Prospectus. Derivatives may also involve other risks described in this Prospectus or the Fund’s Statement of Additional Information, such as market, interest rate, credit, counterparty, currency, liquidity and leverage risks. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Hedging Risk.<span style="font-style: normal; font-weight: normal;"> Hedges are sometimes subject to imperfect matching between the derivative and the underlying security, and there can be no assurance that the Fund’s hedging transactions will be effective. In addition, the use of hedging may result in certain adverse tax consequences. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Depositary Receipts Risk.<span style="font-style: normal; font-weight: normal;"> Because the Fund may invest in American Depositary Receipts (“ADRs”) and other domestically-traded securities of foreign companies, the Fund’s share price may be more affected by foreign economic and political conditions, taxation policies and accounting and auditing standards than would otherwise be the case. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Concentration Risk.<span style="font-style: normal; font-weight: normal;"> Issuers in a single industry, sector, country or region can react similarly to market, economic, political, regulatory, geopolitical, and other conditions. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Preferred Securities Risk.<span style="font-style: normal; font-weight: normal;"> The risk that: (i) certain preferred stocks contain provisions that allow an issuer under certain conditions to skip or defer distributions; (ii) preferred stocks may be subject to redemption, including at the issuer’s call, and, in the event of redemption, the Fund may not be able to reinvest the proceeds at comparable or favorable rates of return; (iii) preferred stocks are generally subordinated to bonds and other debt securities in an issuer’s capital structure in terms of priority for corporate income and liquidation payments; and (iv) preferred stocks may trade less frequently and in a more limited volume and may be subject to more abrupt or erratic price movements than many other securities. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Convertible Securities Risk.<span style="font-style: normal; font-weight: normal;"> Convertible securities generally tend to be of lower credit quality, and the value of a convertible security may change with the value of the underlying common stock or changes in interest rates. A convertible security may also be subject to redemption at the option of the issuer at a price established in the convertible security’s </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 10pt; margin-left: 0pt; text-align: left;">governing instrument. If a convertible security held by the Fund is called for redemption, the Fund will be required to permit the issuer to redeem the security, convert it into the underlying common stock or sell it to a third party, which could result in a loss to the Fund. Additionally, the Fund could lose money if the issuer of a convertible security is unable to meet its financial obligations or declares bankruptcy. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Warrants Risk.<span style="font-style: normal; font-weight: normal;"> Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Warrants may be more speculative than other types of investments. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as capital loss. A warrant ceases to have value if it is not exercised prior to its expiration date. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">Your investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency entity or person. </div> Performance <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s Class I shares’ performance from year to year for the past eight calendar years and by showing how the Fund’s average annual returns for 1 year, 5 years, and since the Fund’s inception compare with those of a broad measure of market performance. The bar chart shows only the performance of the Fund’s Class I shares. Returns for Class Z shares would have been substantially similar to those of Class I shares and would have differed only to the extent that Class I shares have higher total annual fund operating expenses than Class Z shares. The Fund’s past performance, before and after taxes, does not necessarily indicate how the Fund will perform in the future. Current performance information is available at www.destinationsfunds.com or by calling 1-877-771-7979. </div> The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s Class I shares’ performance from year to year for the past eight calendar years and by showing how the Fund’s average annual returns for 1 year, 5 years, and since the Fund’s inception compare with those of a broad measure of market performance. The Fund’s past performance, before and after taxes, does not necessarily indicate how the Fund will perform in the future. www.destinationsfunds.com 1-877-771-7979 Annual Total Returns (%) as of December 31, 2025 <img alt="" src="a25563_chart3.jpg" style="height: 199px; width: 327px;"/> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;">The Fund’s best and worst calendar quarters<br/></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Best Quarter: 21.77% (June 30, 2020)<br/></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Worst Quarter: (19.69)% (March 31, 2020)<br/></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">The Fund’s Class I total return (pre-tax) from January 1, 2026 to March 31, 2026 was 1.62%. </div> Best Quarter: 0.2177 2020-06-30 Worst Quarter: -0.1969 2020-03-31 The Fund’s Class I total return (pre-tax) from January 1, 2026 to March 31, 2026 2026-03-31 0.0162 AVERAGE ANNUAL TOTAL RETURNS (For the periods ended December 31, 2025) <table cellpadding="0" class="BRDSX_fintab" style="width: 498pt; margin-left: auto; margin-right: auto; border-spacing: 0px;"> <tr class="BRDSX_boxspacer"> <td style="height: 6pt; width: 348pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 36pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 36pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 52.66pt;"> <div style="font-size: 1pt;"> </div></td></tr> <tr class="BRDSX_header"> <td style="width: 348pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">1 Year </div></td> <td style="width: 4.22pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">5 Years </div></td> <td style="width: 4.22pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 52.66pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Since Inception <br/></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">(03/20/2017) </div></td></tr> <tr> <td style="width: 348pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Return Before Taxes<br/></div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.76pt; text-align: left;"></div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.26pt; text-align: left;"></div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 52.66pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.58pt; text-align: left;"></div></td></tr> <tr> <td style="width: 348pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Class I </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.76pt; text-align: left;">30.48% </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.26pt; text-align: left;">4.26% </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 52.66pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.58pt; text-align: left;">7.68% </div></td></tr> <tr> <td style="width: 348pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Class Z* </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.76pt; text-align: left;">30.55% </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.26pt; text-align: left;">4.42% </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 52.66pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.58pt; text-align: left;">7.25% </div></td></tr> <tr> <td style="width: 348pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Return After Taxes on Distributions<br/></div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.76pt; text-align: left;"></div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.26pt; text-align: left;"></div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 52.66pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.58pt; text-align: left;"></div></td></tr> <tr> <td style="width: 348pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Class I </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.76pt; text-align: left;">24.40% </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.26pt; text-align: left;">3.26% </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 52.66pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.58pt; text-align: left;">7.01% </div></td></tr> <tr> <td style="width: 348pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Return After Taxes on Distributions and Sale of Fund Shares<br/></div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.76pt; text-align: left;"></div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.26pt; text-align: left;"></div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 52.66pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.58pt; text-align: left;"></div></td></tr> <tr> <td style="width: 348pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Class I </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.76pt; text-align: left;">19.88% </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.26pt; text-align: left;">3.26% </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 52.66pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.58pt; text-align: left;">6.15% </div></td></tr> <tr> <td style="width: 348pt; padding-top: 2.01pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">FTSE All-World ex US Index <span style="font-style: italic;">(reflects no deduction for fees, expenses, or taxes)</span> </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.76pt; text-align: left;">31.95% </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.26pt; text-align: left;">8.02% </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 52.66pt; padding-top: 2.01pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.58pt; text-align: left;">8.16%</div></td></tr> <tr class="BRDSX_boxspacer"> <td style="height: 2.75pt; width: 348pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 36pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 36pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 52.66pt;"> <div style="font-size: 1pt;"> </div></td></tr> </table> <div> <div class="BRDSX_rule-partial" style="height: 0pt; width: 108pt; border-bottom: 1pt solid #000000; margin-bottom: 1pt; margin-right: auto; margin-left: 0pt; margin-top: 9.75pt;"> </div></div> <table border="0" cellpadding="0" style="margin-top: 2pt; margin-left: 0pt; border-spacing: 0px;"> <tr> <td style="width: 20pt; text-align: left; vertical-align: top;"> <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">*<br/></div></td> <td style="vertical-align: top;"> <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;"> The Fund’s Class Z shares commenced operations on July 16, 2018. </div></td></tr> </table> 2017-03-20 0.3048 0.0426 0.0768 0.3055 0.0442 0.0725 0.244 0.0326 0.0701 0.1988 0.0326 0.0615 (reflects no deduction for fees, expenses, or taxes) 0.3195 0.0802 0.0816 2018-07-16 <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">The after-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an individual investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After tax returns are shown only for Class I and will vary for Class Z. </div> The after-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an individual investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After tax returns are shown only for Class I and will vary for Class Z. Investment objective <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 7.5pt; margin-left: 0pt; text-align: left;">Primary objective of current income with </div> secondary objective of long-term capital appreciation. Fund fees and expenses <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">This table describes the fees and expenses 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. </div> <table cellpadding="0" class="BRDSX_fintab" style="margin-top: 4pt; width: 498pt; margin-left: auto; margin-right: auto; border-spacing: 0px;"> <tr class="BRDSX_boxspacer"> <td style="height: 6pt; width: 389pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 9.25pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 9.25pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 36pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 9.25pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 9.25pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 36pt;"> <div style="font-size: 1pt;"> </div></td></tr> <tr class="BRDSX_header"> <td style="width: 389pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Annual Fund Operating Expenses <br/></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">(expenses that you pay each year as a percentage of the value of your investment)</div></td> <td style="width: 9.25pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 9.25pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Class I </div></td> <td style="width: 9.25pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 9.25pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Class Z </div></td></tr> <tr> <td style="width: 389pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Management Fees </div></td> <td style="width: 9.25pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 9.25pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="padding-left: 4.16pt;">0.80% </span></div></td> <td style="width: 9.25pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 9.25pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="padding-left: 4.16pt;">0.80% </span></div></td></tr> <tr> <td style="width: 389pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Distribution and Service (12b-1) Fees </div></td> <td style="width: 9.25pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 9.25pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;">None </div></td> <td style="width: 9.25pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 9.25pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;">None </div></td></tr> <tr> <td style="width: 389pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Other Expenses </div></td> <td style="width: 9.25pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 9.25pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="padding-left: 4.16pt;">0.29% </span></div></td> <td style="width: 9.25pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 9.25pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="padding-left: 4.16pt;">0.14% </span></div></td></tr> <tr> <td style="width: 389pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Acquired Fund Fees and Expenses (AFFE)*</div></td> <td style="width: 9.25pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 9.25pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="padding-left: 4.16pt;">0.01%</span></div></td> <td style="width: 9.25pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 9.25pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="padding-left: 4.16pt;">0.01% </span></div></td></tr> <tr> <td style="width: 389pt; padding-top: 2.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Total Annual Fund Operating Expenses </div></td> <td style="width: 9.25pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 9.25pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="padding-left: 4.16pt; border-bottom: 1pt solid #000000; padding-bottom: 3.5pt;">1.10</span><span style="padding-bottom: 3.5pt;">% </span></div></td> <td style="width: 9.25pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 9.25pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="padding-left: 4.16pt; border-bottom: 1pt solid #000000; padding-bottom: 3.5pt;">0.95</span><span style="padding-bottom: 3.5pt;">% </span></div></td></tr> <tr> <td style="width: 389pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Fee Waivers and Expense Reimbursements </div></td> <td style="width: 9.25pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 9.25pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="padding-left: 0.83pt; border-bottom: 1pt solid #000000; padding-bottom: 3.5pt;">(0.12</span><span style="padding-bottom: 3.5pt;">)%** </span></div></td> <td style="width: 9.25pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 9.25pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="padding-left: 0.83pt; border-bottom: 1pt solid #000000; padding-bottom: 3.5pt;">(0.12</span><span style="padding-bottom: 3.5pt;">)%** </span></div></td></tr> <tr> <td style="width: 389pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Total Annual Fund Operating Expenses Less Fee Waivers and Expense Reimbursements </div></td> <td style="width: 9.25pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 9.25pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="border-bottom: 1pt solid #000000; padding-bottom: 3.5pt;">​</span><span style="padding-left: 4.16pt; border-bottom: 1pt solid #000000; padding-bottom: 3.5pt;">0.98</span><span style="padding-bottom: 3.5pt;">% </span></div></td> <td style="width: 9.25pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 9.25pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="padding-left: 4.16pt; border-bottom: 1pt solid #000000; padding-bottom: 3.5pt;">0.83</span><span style="padding-bottom: 3.5pt;">%</span></div></td></tr> <tr class="BRDSX_boxspacer"> <td style="height: 2.75pt; width: 389pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 9.25pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 9.25pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 36pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 9.25pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 9.25pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 36pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td></tr> </table> <div> <div class="BRDSX_rule-partial" style="height: 0pt; width: 108pt; border-bottom: 1pt solid #000000; margin-bottom: 1pt; margin-right: auto; margin-left: 0pt; margin-top: 10.25pt;"> </div></div> <table border="0" cellpadding="0" style="margin-top: 2pt; margin-left: 0pt; border-spacing: 0px;"> <tr> <td style="width: 20pt; text-align: left; vertical-align: top;"> <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">*<br/></div></td> <td style="vertical-align: top;"> <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;"> Because the Fund incurred AFFE during the most recent fiscal year, the operating expenses in this fee table will not correlate to the expense ratio in the Fund’s financial statements (or the “Financial Highlights” section in the prospectus), which does not take into account the indirect costs of investing in other investment companies. </div></td></tr> </table> <table border="0" cellpadding="0" style="margin-top: 3pt; margin-left: 0pt; border-spacing: 0px;"> <tr> <td style="width: 20pt; text-align: left; vertical-align: top;"> <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">**<br/></div></td> <td style="vertical-align: top;"> <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;"> The Fund’s adviser, Orion Portfolio Solutions, LLC d.b.a. Brinker Capital Investments (“the Adviser”), has contractually agreed to waive a portion of its management fee as necessary to keep the Fund’s management fee from exceeding 0.444% more than the total amount of sub-advisory fees paid by the Adviser. This fee waiver and reimbursement agreement shall remain in effect until June 30, 2027 and may be amended or terminated only with the consent of the Board of Trustees. </div></td></tr> </table> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.008 0.008 0 0 0.0029 0.0014 0.0001 0.0001 0.011 0.0095 -0.0012 -0.0012 0.0098 0.0083 Because the Fund incurred AFFE during the most recent fiscal year, the operating expenses in this fee table will not correlate to the expense ratio in the Fund’s financial statements (or the “Financial Highlights” section in the prospectus), which does not take into account the indirect costs of investing in other investment companies. 2027-06-30 Examples <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">These examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The examples assume 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 time periods. The examples also assume that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </div> <table cellpadding="0" class="BRDSX_fintab" style="width: 498pt; margin-left: auto; margin-right: auto; border-spacing: 0px;"> <tr class="BRDSX_boxspacer"> <td style="height: 6pt; width: 276pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 41.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 44.34pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 44.33pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 48.33pt;"> <div style="font-size: 1pt;"> </div></td></tr> <tr class="BRDSX_header"> <td style="width: 276pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td> <td style="width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 41.22pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">After 1 year</div></td> <td style="width: 5.47pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 44.34pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">After 3 years </div></td> <td style="width: 5.47pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 44.33pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">After 5 years </div></td> <td style="width: 5.47pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 48.33pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">After 10 years </div></td></tr> <tr> <td style="width: 276pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Class I Shares </div></td> <td style="width: 5.47pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 41.22pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10.62pt; text-align: left;">$100</div></td> <td style="width: 5.47pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 44.34pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 12.17pt; text-align: left;">$338 </div></td> <td style="width: 5.47pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 44.33pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 12.17pt; text-align: left;">$595 </div></td> <td style="width: 5.47pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 48.33pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10.41pt; text-align: left;">$1,329 </div></td></tr> <tr> <td style="width: 276pt; padding-top: 2.01pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Class Z Shares </div></td> <td style="width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 41.22pt; padding-top: 2.01pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10.62pt; text-align: left;">$<span style="padding-left: 5pt;">85</span></div></td> <td style="width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 44.34pt; padding-top: 2.01pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 12.17pt; text-align: left;">$291 </div></td> <td style="width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 44.33pt; padding-top: 2.01pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 12.17pt; text-align: left;">$514 </div></td> <td style="width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 48.33pt; padding-top: 2.01pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10.41pt; text-align: left;">$1,155</div></td></tr> <tr class="BRDSX_boxspacer"> <td style="height: 2.75pt; width: 276pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 41.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 44.34pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 44.33pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 48.33pt;"> <div style="font-size: 1pt;"> </div></td></tr> </table> 100 338 595 1329 85 291 514 1155 Portfolio turnover <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transactions costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the above examples, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 62% of the average value of its portfolio. </div> 0.62 Principal investment strategies <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">The Fund will invest, under normal market conditions, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in dividend-paying equity securities of both U.S.-based and foreign companies. The Fund’s 80% policy is not fundamental and can be changed upon 60 days’ prior notice to shareholders. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 10pt; margin-left: 0pt; text-align: left;">The Fund employs a “multi-manager” strategy whereby the Adviser allocates the Fund’s assets among professional money managers (each, a “Sub-adviser,” and collectively, the “Sub-advisers”), each of which is responsible for investing its allocated portion of the Fund’s assets. The Adviser may also invest a portion of the Fund’s assets in unaffiliated funds that are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), and that have investment objectives and principal investment strategies consistent with those of the Fund, including open-end funds, closed-end funds and exchange traded funds (ETFs), which may be passively managed (i.e., index-tracking) or actively managed. In addition, ETFs that pay dividends are counted towards the Fund’s non-fundamental investment policy. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">ETFs may also be used to transition the Fund’s portfolio or to equitize cash while awaiting an opportunity to purchase securities directly. When determining how to allocate the Fund’s assets between unaffiliated funds and Sub-advisers, and among Sub-advisers, the Adviser considers a variety of factors. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">The Fund invests primarily in common stock and preferred stock (of any capitalization), interests in Real Estate Investment Trusts (REITs), foreign securities, depositary receipts, equity-linked notes and derivatives that are believed to be attractively valued and to have the potential for long-term growth. A Sub-adviser employing an actively managed strategy will select securities based on its assessment of one or more of a variety of factors. In selecting investments for purchase and sale, the Fund seeks to deliver a dividend yield that is higher than the broad equity market. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">The Fund typically will invest in foreign securities, including securities of issuers located in emerging markets, which often are denominated in currencies other than U.S. dollars. Accordingly, the Sub-advisers will have the ability, at their discretion, to attempt to hedge against unfavorable changes in currency exchange rates by engaging in forward currency transactions or currency swaps and trading currency futures contracts and options on these futures. However, a Sub-adviser may choose not to, or may be unable to, hedge the Fund’s currency exposure. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">A Sub-adviser may sell a security for a variety of reasons, including, but not limited to, where the Sub-adviser believes the combination of dividend yield and dividend growth becomes inadequate, the investment thesis deteriorates or there is diminished management commitment to the dividend. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">The Fund may also lend portfolio securities in an attempt to earn additional income. Any income realized through securities lending may help Fund performance. </div> Investing in any mutual fund involves the risk that you may lose part or all of the money you invest. <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Market Risk.<span style="font-style: normal; font-weight: normal;"> Market values of securities or other investments that the Fund holds will fall, sometimes rapidly or unpredictably, or fail to rise. Returns from the securities in which the Fund invests may underperform returns from the general securities markets or other types of securities. Markets may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Equity Securities Risk.<span style="font-style: normal; font-weight: normal;"> The Fund is subject to the risk that stock prices will fall over short or extended periods of time. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by these companies may decline in response to such developments, which could result in a decline in the value of the Fund’s shares. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Dividend Income Risk.<span style="font-style: normal; font-weight: normal;"> There is no guarantee that the issuers of the stocks held by the Fund will declare dividends in the future or that, if dividends are declared, they will remain at their current levels or increase over time. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Foreign and Emerging Markets Securities Risk.<span style="font-style: normal; font-weight: normal;"> Foreign securities subject the Fund to the risks associated with investing in the particular country of an issuer, including the political, regulatory, economic, social, diplomatic and other conditions or events, as well as risks associated with less developed custody and settlement practices. Foreign securities may be more volatile and less liquid than securities of U.S. companies. The performance of the Fund may also be negatively impacted by fluctuations in a foreign currency’s strength or weakness relative to the U.S. dollar. Investments in emerging markets can </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 10pt; margin-left: 0pt; text-align: left;">involve additional and greater risks than the risks associated with investments in developed foreign markets. Emerging markets can have less developed markets, greater custody and operational risk, less developed legal, regulatory, and accounting systems, and greater political, social, and economic instability than developed markets. Frontier markets, considered by the Fund to be a subset of emerging markets, generally have smaller economies and less mature capital markets than emerging markets. As a result, the risks of investing in emerging market countries are magnified in frontier market countries. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Currency Risk.<span style="font-style: normal; font-weight: normal;"> Exchange rates for currencies fluctuate daily. Accordingly, the Fund may experience volatility with respect to the value of its shares and its returns as a result of its exposure to foreign currencies through direct holdings of such currencies or holdings in non-U.S. dollar denominated securities. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Investment Style Risk.<span style="font-style: normal; font-weight: normal;"> Different investment styles tend to shift in and out of favor depending on market conditions and investor sentiment. A Sub-adviser’s approach to investing could cause it to underperform other managers that employ a different investment style. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Active Management Risk.<span style="font-style: normal; font-weight: normal;"> Due to the active management investment strategies used by the Fund’s Sub-advisers, the Fund could underperform its benchmark index and/or other Funds with similar investment objectives and/or strategies. The Sub-advisers’ judgments about the attractiveness, value, or potential appreciation of the Fund’s investments may prove to be incorrect. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Investment Company and Exchange-Traded Funds (ETFs) Risk.<span style="font-style: normal; font-weight: normal;"> When the Fund invests in an investment company, including closed-end funds and ETFs, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the investment company’s expenses. Further, while the risks of owning shares of an investment company generally reflect the risks of owning the underlying investments of the investment company, the Fund may be subject to additional or different risks than if the Fund had invested directly in the underlying investments. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Depositary Receipts Risk.<span style="font-style: normal; font-weight: normal;"> Because the Fund may invest in depositary receipts, to include American Depositary Receipts (ADRs), Global Depositary Receipts (GDRs), European Depositary Receipts (EDRs), and other domestically-traded securities of foreign companies, the Fund’s share price may be more affected by foreign economic and political conditions, taxation policies and accounting and auditing standards than would otherwise be the case. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Liquidity Risk.<span style="font-style: normal; font-weight: normal;"> The risk that certain securities may be difficult or impossible to sell at the time and the price that the seller would like. The seller may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Securities Lending Risk.<span style="font-style: normal; font-weight: normal;"> The Fund may lose money from securities lending if, for example, it is delayed in or prevented from selling the collateral after the loan is made or recovering the securities loaned or if it incurs losses on the reinvestment of cash collateral. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Sector Risk.<span style="font-style: normal; font-weight: normal;"> Companies with similar characteristics may be grouped together in broad categories called sectors. Sector risk is the possibility that a certain sector may underperform other sectors or the market as a whole. To the extent the Fund invests more heavily in particular sectors of the economy, its performance will be more susceptible to any economic, business or other developments which generally affect that sector. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Management Risk.<span style="font-style: normal; font-weight: normal;"> Securities held by the Fund may underperform those held by other funds investing in the same asset class or benchmarks that are representative of the asset class because of the Sub-advisers’ choice of securities. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Multi-manager Risk.<span style="font-style: normal; font-weight: normal;"> The Adviser may be unable to identify and retain Sub-advisers who achieve superior investment returns relative to other similar Sub-advisers. In addition, the investment styles of the Sub-advisers may not complement each other as expected by the Adviser. The Fund may experience a higher portfolio turnover rate, which can increase the Fund’s transaction costs and more taxable short-term gains for shareholders. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Real Estate Investment Trusts (REITs) Risk.<span style="font-style: normal; font-weight: normal;"> REITs are trusts that invest primarily in commercial real estate or real estate- related loans. The Fund’s investments in REITs will be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 10pt; margin-left: 0pt; text-align: left;">Preferred Securities Risk.<span style="font-style: normal; font-weight: normal;"> The risk that: (i) certain preferred stocks contain provisions that allow an issuer under certain conditions to skip or defer distributions; (ii) preferred stocks may be subject to redemption, including at the issuer’s call, and, in the event of redemption, the Fund may not be able to reinvest the proceeds at comparable or favorable rates of return; (iii) preferred stocks are generally subordinated to bonds and other debt securities in an issuer’s capital structure in terms of priority for corporate income and liquidation payments; and (iv) preferred stocks may trade less frequently and in a more limited volume and may be subject to more abrupt or erratic price movements than many other securities. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Convertible Securities Risk.<span style="font-style: normal; font-weight: normal;"> The value of a convertible security, which is a form of hybrid security (i.e., a security with both debt and equity characteristics), typically increases or decreases with the price of the underlying common stock. In general, a convertible security is subject to the market risks of stocks when the underlying stock’s price is high relative to the conversion price and is subject to the market risks of debt securities when the underlying stock’s price is low relative to the conversion price. The general market risks of debt securities that are common to convertible securities include, but are not limited to, interest rate risk and credit risk — that is, the value of convertible securities will move in the direction opposite to movements in interest rates; they are subject to the risk that the issuer will not be able to pay interest or dividends when due; and their market value may change based on changes in the issuer’s credit rating or the market’s perception of the issuer’s creditworthiness. Many convertible securities have credit ratings that are below investment grade and are subject to the same risks as an investment in lower-rated debt securities (commonly known as “junk bonds”). Lower-rated debt securities may fluctuate more widely in price and yield than investment grade debt securities and may fall in price during times when the economy is weak or is expected to become weak. To the extent the Fund invests in convertible securities issued by small- or mid-cap companies, it will be subject to the risks of investing in such companies. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Mid-Cap Securities Risk.<span style="font-style: normal; font-weight: normal;"> Mid-capitalization stocks tend to perform differently from other segments of the equity market or the equity market as a whole and can be more volatile than stocks of large-capitalization companies. Mid-capitalization companies may be newer or less established, and may have limited resources, products and markets, and may be less liquid. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Small-Cap Securities Risk.<span style="font-style: normal; font-weight: normal;"> Small capitalization stocks may underperform other types of stocks or the equity market as a whole. Stocks of smaller companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies. Small companies may have limited product lines or financial resources, or may be dependent upon a small or inexperienced management group. In addition, small-cap stocks typically are traded in lower volume, are less liquid, and their issuers typically are subject to greater degrees of changes in their earnings and prospects. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Derivatives Risk.<span style="font-style: normal; font-weight: normal;"> Derivatives, such as forwards, futures, options and swaps, involve risks different from, or possibly greater than, risks associated with investing directly in securities and other traditional investments. Specific risk issues related to the use of such derivatives include valuation and tax issues, increased potential for losses and/or costs to the Fund, and a potential reduction in gains to the Fund. Each of these issues is described in greater detail in this Prospectus. Derivatives may also involve other risks described in this Prospectus or the Fund’s Statement of Additional Information, such as market, interest rate, credit, counterparty, currency, liquidity and leverage risks. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">Your investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency entity or person. </div> Performance <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s Class I shares’ performance from year to year for the past eight calendar years and by showing how the Fund’s average annual returns for 1 year, 5 years, and since the Fund’s inception compare with those of a broad measure of market performance. The bar chart shows only the performance of the Fund’s Class I shares. Returns for Class Z shares would have been substantially similar to those of Class I shares and would have differed only to the extent that Class I shares have higher total annual fund operating expenses than Class Z shares. The Fund’s past performance, before and after taxes, does not necessarily indicate how the Fund will perform in the future. Current performance information is available at www.destinationsfunds.com or by calling 1-877-771-7979. </div> The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s Class I shares’ performance from year to year for the past eight calendar years and by showing how the Fund’s average annual returns for 1 year, 5 years, and since the Fund’s inception compare with those of a broad measure of market performance. The Fund’s past performance, before and after taxes, does not necessarily indicate how the Fund will perform in the future. www.destinationsfunds.com 1-877-771-7979 Annual Total Returns (%) as of December 31, 2025 <img alt="" src="a25563_chart4.jpg" style="height: 199px; width: 327px;"/> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 0pt; text-align: left;">The Fund’s best and worst calendar quarters<br/></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Best Quarter: 13.45% (December 31, 2022)<br/></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Worst Quarter: (24.39)% (March 31, 2020)<br/></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">The Fund’s Class I total return (pre-tax) from January 1, 2026 to March 31, 2026 was 5.06%. </div> Best Quarter: 0.1345 2022-12-31 Worst Quarter: -0.2439 2020-03-31 The Fund’s Class I total return (pre-tax) from January 1, 2026 to March 31, 2026 2026-03-31 0.0506 AVERAGE ANNUAL TOTAL RETURNS (For the periods ended December 31, 2025) <table cellpadding="0" class="BRDSX_fintab" style="width: 498pt; margin-left: auto; margin-right: auto; border-spacing: 0px;"> <tr class="BRDSX_boxspacer"> <td style="height: 6pt; width: 348pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 36pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 36pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 52.66pt;"> <div style="font-size: 1pt;"> </div></td></tr> <tr class="BRDSX_header"> <td style="width: 348pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">1 Year </div></td> <td style="width: 4.22pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">5 Years </div></td> <td style="width: 4.22pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 52.66pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Since Inception <br/></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">(03/20/2017) </div></td></tr> <tr> <td style="width: 348pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Return Before Taxes<br/></div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.76pt; text-align: left;"></div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.76pt; text-align: left;"></div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 52.66pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 15.08pt; text-align: left;"></div></td></tr> <tr> <td style="width: 348pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Class I </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.76pt; text-align: left;">19.32% </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.76pt; text-align: left;">11.45% </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 52.66pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 15.08pt; text-align: left;"><span style="padding-left: 5pt;">8.62% </span></div></td></tr> <tr> <td style="width: 348pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Class Z* </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.76pt; text-align: left;">19.64% </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.76pt; text-align: left;">11.64% </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 52.66pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 15.08pt; text-align: left;"><span style="padding-left: 5pt;">9.36% </span></div></td></tr> <tr> <td style="width: 348pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Return After Taxes on Distributions<br/></div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.76pt; text-align: left;"></div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.76pt; text-align: left;"></div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 52.66pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 15.08pt; text-align: left;"></div></td></tr> <tr> <td style="width: 348pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Class I </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.76pt; text-align: left;">16.94% </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.76pt; text-align: left;">10.25% </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 52.66pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 15.08pt; text-align: left;"><span style="padding-left: 5pt;">7.30% </span></div></td></tr> <tr> <td style="width: 348pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Return After Taxes on Distributions and Sale of Fund Shares<br/></div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.76pt; text-align: left;"></div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.76pt; text-align: left;"></div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 52.66pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 15.08pt; text-align: left;"></div></td></tr> <tr> <td style="width: 348pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Class I </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.76pt; text-align: left;">13.09% </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.76pt; text-align: left;"><span style="padding-left: 5pt;">8.95% </span></div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 52.66pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 15.08pt; text-align: left;"><span style="padding-left: 5pt;">6.57% </span></div></td></tr> <tr> <td style="width: 348pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">FTSE All-World Developed Index <span style="font-style: italic;">(reflects no deduction for fees, expenses, </span><br/></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;"><span style="font-style: italic;">or taxes)</span></div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.76pt; text-align: left;">22.25% </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.76pt; text-align: left;">11.97% </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 52.66pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 15.08pt; text-align: left;">12.04% </div></td></tr> <tr> <td style="width: 348pt; padding-top: 2.01pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-indent: -10pt; text-align: left;">FTSE All-World High Dividend Yield Index <span style="font-style: italic;">(reflects no deduction for fees, expenses, or taxes)</span></div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.76pt; text-align: left;">26.33% </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.76pt; text-align: left;">11.31% </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 52.66pt; padding-top: 2.01pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 15.08pt; text-align: left;"><span style="padding-left: 5pt;">8.50%</span></div></td></tr> <tr class="BRDSX_boxspacer"> <td style="height: 2.75pt; width: 348pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 36pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 36pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 52.66pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td></tr> </table> <div> <div class="BRDSX_rule-partial" style="height: 0pt; width: 108pt; border-bottom: 1pt solid #000000; margin-bottom: 1pt; margin-right: auto; margin-left: 0pt; margin-top: 10.25pt;"> </div></div> <table border="0" cellpadding="0" style="margin-top: 2pt; margin-left: 0pt; border-spacing: 0px;"> <tr> <td style="width: 20pt; text-align: left; vertical-align: top;"> <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">*<br/></div></td> <td style="vertical-align: top;"> <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;"> The Fund’s Class Z shares commenced operations on July 16, 2018 </div></td></tr> </table> 2017-03-20 0.1932 0.1145 0.0862 0.1964 0.1164 0.0936 0.1694 0.1025 0.073 0.1309 0.0895 0.0657 (reflects no deduction for fees, expenses, or taxes) 0.2225 0.1197 0.1204 0.2633 0.1131 0.085 2018-07-16 <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">This table compares the Fund’s average annual total returns to those of a broad-based securities market index and an additional index with characteristics relevant to the Fund’s investment strategy. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">The after-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an individual investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After tax returns are shown only for Class I and will vary for Class Z. </div> This table compares the Fund’s average annual total returns to those of a broad-based securities market index and an additional index with characteristics relevant to the Fund’s investment strategy. The after-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an individual investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After tax returns are shown only for Class I and will vary for Class Z. Investment objective <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 7.5pt; margin-left: 0pt; text-align: left;">Maximize current income and total return. </div> Fund fees and expenses <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">This table describes the fees and expenses 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. </div> <table cellpadding="0" class="BRDSX_fintab" style="margin-top: 4pt; width: 498pt; margin-left: auto; margin-right: auto; border-spacing: 0px;"> <tr class="BRDSX_boxspacer"> <td style="height: 6pt; width: 396pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 7.5pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 7.5pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 36pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 7.5pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 7.5pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 36pt;"> <div style="font-size: 1pt;"> </div></td></tr> <tr class="BRDSX_header"> <td style="width: 396pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Annual Fund Operating Expenses <br/></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">(expenses that you pay each year as a percentage of the value of your investment)</div></td> <td style="width: 7.5pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 7.5pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Class I </div></td> <td style="width: 7.5pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 7.5pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Class Z </div></td></tr> <tr> <td style="width: 396pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Management Fees </div></td> <td style="width: 7.5pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 7.5pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="padding-left: 4.16pt;">0.65% </span></div></td> <td style="width: 7.5pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 7.5pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="padding-left: 4.16pt;">0.65% </span></div></td></tr> <tr> <td style="width: 396pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Distribution and Service (12b-1) Fees </div></td> <td style="width: 7.5pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 7.5pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;">None </div></td> <td style="width: 7.5pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 7.5pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;">None </div></td></tr> <tr> <td style="width: 396pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Other Expenses </div></td> <td style="width: 7.5pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 7.5pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="padding-left: 4.16pt;">0.25%</span></div></td> <td style="width: 7.5pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 7.5pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="padding-left: 4.16pt;">0.10% </span></div></td></tr> <tr> <td style="width: 396pt; padding-top: 2.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Total Annual Fund Operating Expenses </div></td> <td style="width: 7.5pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 7.5pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="padding-left: 4.16pt; border-bottom: 1pt solid #000000; padding-bottom: 3.5pt;">0.90</span><span style="padding-bottom: 3.5pt;">% </span></div></td> <td style="width: 7.5pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 7.5pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="padding-left: 4.16pt; border-bottom: 1pt solid #000000; padding-bottom: 3.5pt;">0.75</span><span style="padding-bottom: 3.5pt;">% </span></div></td></tr> <tr> <td style="width: 396pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Fee Waivers and Expense Reimbursements </div></td> <td style="width: 7.5pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 7.5pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="padding-left: 0.83pt; border-bottom: 1pt solid #000000; padding-bottom: 3.5pt;">(0.03</span><span style="padding-bottom: 3.5pt;">)%*</span></div></td> <td style="width: 7.5pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 7.5pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="padding-left: 0.83pt; border-bottom: 1pt solid #000000; padding-bottom: 3.5pt;">(0.03</span><span style="padding-bottom: 3.5pt;">)%* </span></div></td></tr> <tr> <td style="width: 396pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Total Annual Fund Operating Expenses Less Fee Waivers and Expense Reimbursements </div></td> <td style="width: 7.5pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 7.5pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="border-bottom: 1pt solid #000000; padding-bottom: 3.5pt;">​</span><span style="padding-left: 4.16pt; border-bottom: 1pt solid #000000; padding-bottom: 3.5pt;">0.87</span><span style="padding-bottom: 3.5pt;">%</span></div></td> <td style="width: 7.5pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 7.5pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="padding-left: 4.16pt; border-bottom: 1pt solid #000000; padding-bottom: 3.5pt;">0.72</span><span style="padding-bottom: 3.5pt;">%</span></div></td></tr> <tr class="BRDSX_boxspacer"> <td style="height: 2.75pt; width: 396pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 7.5pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 7.5pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 36pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 7.5pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 7.5pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 36pt;"> <div style="font-size: 1pt;"> </div></td></tr> </table> <div> <div class="BRDSX_rule-partial" style="height: 0pt; width: 108pt; border-bottom: 1pt solid #000000; margin-bottom: 1pt; margin-right: auto; margin-left: 0pt; margin-top: 10.25pt;"> </div></div> <table border="0" cellpadding="0" style="margin-top: 2pt; margin-left: 0pt; border-spacing: 0px;"> <tr> <td style="width: 20pt; text-align: left; vertical-align: top;"> <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">*<br/></div></td> <td style="vertical-align: top;"> <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;"> The Fund’s adviser, Orion Portfolio Solutions, LLC d.b.a. Brinker Capital Investments (“the Adviser”), has contractually agreed to waive a portion of its management fee as necessary to keep the Fund’s management fee from exceeding 0.444% more than the total amount of sub-advisory fees paid by the Adviser. This fee waiver and reimbursement agreement shall remain in effect until June 30, 2027 and may be amended or terminated only with the consent of the Board of Trustees. </div></td></tr> </table> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0065 0.0065 0 0 0.0025 0.001 0.009 0.0075 -0.0003 -0.0003 0.0087 0.0072 2027-06-30 Examples <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">These examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The examples assume 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 time periods. The examples also assume that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </div> <table cellpadding="0" class="BRDSX_fintab" style="width: 498pt; margin-left: auto; margin-right: auto; border-spacing: 0px;"> <tr class="BRDSX_boxspacer"> <td style="height: 6pt; width: 276pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 41.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 44.34pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 44.33pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 48.33pt;"> <div style="font-size: 1pt;"> </div></td></tr> <tr class="BRDSX_header"> <td style="width: 276pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td> <td style="width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 41.22pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">After 1 year </div></td> <td style="width: 5.47pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 44.34pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">After 3 years </div></td> <td style="width: 5.47pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 44.33pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">After 5 years </div></td> <td style="width: 5.47pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 48.33pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">After 10 years </div></td></tr> <tr> <td style="width: 276pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Class I Shares</div></td> <td style="width: 5.47pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 41.22pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 13.12pt; text-align: left;">$89 </div></td> <td style="width: 5.47pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 44.34pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 12.17pt; text-align: left;">$284 </div></td> <td style="width: 5.47pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 44.33pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 12.17pt; text-align: left;">$496 </div></td> <td style="width: 5.47pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 48.33pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10.41pt; text-align: left;">$1,105 </div></td></tr> <tr> <td style="width: 276pt; padding-top: 2.01pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Class Z Shares</div></td> <td style="width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 41.22pt; padding-top: 2.01pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 13.12pt; text-align: left;">$74 </div></td> <td style="width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 44.34pt; padding-top: 2.01pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 12.17pt; text-align: left;">$237 </div></td> <td style="width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 44.33pt; padding-top: 2.01pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 12.17pt; text-align: left;">$414 </div></td> <td style="width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 48.33pt; padding-top: 2.01pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10.41pt; text-align: left;">$<span style="padding-left: 7.5pt;">928</span></div></td></tr> <tr class="BRDSX_boxspacer"> <td style="height: 2.75pt; width: 276pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 41.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 44.34pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 44.33pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 48.33pt;"> <div style="font-size: 1pt;"> </div></td></tr> </table> 89 284 496 1105 74 237 414 928 Portfolio turnover <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transactions costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the above examples, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 167% of the average value of its portfolio. </div> 1.67 Principal investment strategies <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">The Fund will invest, under normal market conditions, at least 80% of its net assets (plus the amount of any borrowing for investment purposes) in fixed income instruments. The Fund’s 80% policy is not fundamental and can be changed upon 60 days’ prior written notice to shareholders. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">The Fund employs a “multi-manager” strategy whereby the Adviser allocates the Fund’s assets among professional money managers (each, a “Sub-adviser,” and collectively, the “Sub-advisers”), each of which is responsible for investing its allocated portion of the Fund’s assets. The Adviser may also invest a portion of the Fund’s assets in unaffiliated funds that are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), and that have investment objectives and principal investment strategies consistent with those of the Fund, including open-end funds, closed-end funds </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 10pt; margin-left: 0pt; text-align: left;">and exchange traded funds (ETFs), which may be passively managed (i.e., index-tracking) or actively managed. ETFs may also be used to transition the Fund’s portfolio or to equitize cash while awaiting an opportunity to purchase securities directly. When determining how to allocate the Fund’s assets between unaffiliated funds and Sub-advisers, and among Sub-advisers, the Adviser considers a variety of factors. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">The Fund invests primarily in bonds, debt, and other fixed income instruments issued by governmental or private-sector entities, including mortgage-backed securities, asset-backed securities, investment grade corporate bonds, junk bonds, bank loans, loan participations, assignments, derivatives, credit default swaps, inverse floater securities, interest-only and principal-only securities and money market instruments. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">A Sub-adviser will select securities based on its assessment of one or more of a variety of factors. Under normal market conditions, the Fund’s total investment portfolio will have a weighted average effective duration of no less than one year and no more than ten years. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">The Fund will invest a substantial portion of its net assets in mortgage-backed securities of any maturity or type guaranteed by, or secured by collateral that is guaranteed by, the United States Government, its agencies, instrumentalities or sponsored corporations, or in privately issued mortgage-backed securities rated at the time of investment Aa3 or higher by Moody’s Investors Service, Inc. or AA- or higher by Standard &amp; Poor’s Ratings Group or the equivalent by any other nationally recognized statistical rating organization or in unrated securities that are determined by a Sub-adviser to be of comparable quality. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">The Fund will also invest in junk bonds, bank loans and assignments, privately issued residential and commercial mortgage-backed securities, and other instruments rated below investment grade or unrated but determined by the Sub-adviser to be of comparable quality, and may invest in credit default swaps of companies in the high yield universe. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">A Sub-adviser may sell a security for a variety of reasons, such as where the Sub-adviser believes there is a better investment opportunity, when the portfolio managers perceive deterioration in the credit fundamentals of the issuer or when the portfolio managers believe it would be appropriate to do so in order to readjust duration of the Fund’s investment portfolio. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 0pt; text-align: left;">Due to its investment strategy, the Fund may buy and sell securities and other instruments frequently. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">The Fund may also lend portfolio securities in an attempt to earn additional income. Any income realized through securities lending may help Fund performance. </div> Investing in any mutual fund involves the risk that you may lose part or all of the money you invest. <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Market Risk.<span style="font-style: normal; font-weight: normal;"> Market values of securities or other investments that the Fund holds will fall, sometimes rapidly or unpredictably, or fail to rise. Returns from the securities in which the Fund invests may underperform returns from the general securities markets or other types of securities. Markets may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Fixed Income Market Risk.<span style="font-style: normal; font-weight: normal;"> The prices of the Fund’s fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. Generally, the Fund’s fixed income securities will decrease in value if interest rates rise and vice versa. In a low interest rate environment, risks associated with rising rates are heightened. Declines in dealer market- making capacity as a result of structural or regulatory changes could decrease liquidity and/or increase volatility in the fixed income markets. In the case of foreign securities, price fluctuations will reflect international economic and political events, as well as changes in currency valuations relative to the U.S. dollar. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 10pt; margin-left: 0pt; text-align: left;">Interest Rate Risk.<span style="font-style: normal; font-weight: normal;"> The risk that debt instruments will change in value because of changes in interest rates. Generally, the value of the Fund’s fixed income securities will vary inversely with the direction of prevailing interest rates. Changing interest rates may have unpredictable effects on the markets and may affect the value and liquidity of instruments held by the Fund. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Mortgage-Backed Securities Risk.<span style="font-style: normal; font-weight: normal;"> The risk that borrowers may default on their mortgage obligations or the guarantees underlying the mortgage-backed securities will default or otherwise fail and that, during periods of falling interest rates, mortgage-backed securities will be called or prepaid, which may result in the Fund having to reinvest proceeds in other investments at a lower interest rate. During periods of rising interest rates, the average life of a mortgage-backed security may extend, which may lock in a below-market interest rate, increase the security’s duration, and reduce the value of the security. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Credit Risk.<span style="font-style: normal; font-weight: normal;"> Credit risk refers to the possibility that the issuer of a debt security (i.e., the borrower) will not be able to make principal and interest payments when due. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also affect the value of the Fund’s investment in that issuer. The degree of credit risk depends on the issuer’s financial condition and on the terms of the securities. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">High Yield (Junk Bonds) Risk.<span style="font-style: normal; font-weight: normal;"> The risk that debt instruments rated below investment grade or debt instruments that are unrated and determined by a Sub-adviser to be of comparable quality are predominantly speculative. These instruments, commonly known as ‘junk bonds,’ have a higher degree of default risk and may be less liquid than higher-rated bonds. These instruments may be subject to greater price volatility due to such factors as specific corporate developments, interest rate sensitivity, negative perceptions of high yield investments generally, and less secondary market liquidity. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Asset-Backed Securities Risk.<span style="font-style: normal; font-weight: normal;"> The risk that borrowers may default on the obligations that underlie the asset-backed security and that, during periods of falling interest rates, asset-backed securities may be called or prepaid, which may result in the Fund having to reinvest proceeds in other investments at a lower interest rate, and the risk that the impairment of the value of the collateral underlying a security in which the Fund invests (due, for example, to non-payment of loans) will result in a reduction in the value of the security. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Prepayment Risk.<span style="font-style: normal; font-weight: normal;"> When interest rates fall, certain obligations will be paid off by the obligor more quickly than originally anticipated, and the Fund may have to invest the proceeds in securities with lower yields. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Extension Risk.<span style="font-style: normal; font-weight: normal;"> When interest rates rise, certain obligations will be paid off by the obligor more slowly than anticipated, causing the value of these obligations to fall. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">U.S. Government Securities Risk.<span style="font-style: normal; font-weight: normal;"> Certain securities in which the Fund may invest, including securities issued by certain U.S. Government agencies and U.S. Government sponsored enterprises, are not guaranteed by the U.S. Government or supported by the full faith and credit of the United States. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Bank Loans Risk.<span style="font-style: normal; font-weight: normal;"> The market for corporate loans may be subject to irregular trading activity and wide bid/ask spreads. In addition, transactions in corporate loans may settle on a delayed basis. As a result, the proceeds from the sale of corporate loans may not be readily available to make additional investments or to meet the Fund’s redemption obligations. To the extent the extended settlement process gives rise to short-term liquidity needs, the Fund may hold additional cash, sell investments or temporarily borrow from banks and other lenders. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Foreign Securities Risk.<span style="font-style: normal; font-weight: normal;"> Foreign securities subject the Fund to the risks associated with investing in the particular country of an issuer, including the political, regulatory, economic, social, diplomatic and other conditions or events, as well as risks associated with less developed custody and settlement practices. Foreign securities may be more volatile and less liquid than securities of U.S. companies. The performance of the Fund may also be negatively impacted by fluctuations in a foreign currency’s strength or weakness relative to the U.S. dollar. Risks of foreign investment tend to be greater in emerging markets, which tend to be more likely to experience political turmoil or rapid change to market or economic conditions. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Investment Style Risk.<span style="font-style: normal; font-weight: normal;"> Different investment styles tend to shift in and out of favor depending on market conditions and investor sentiment. A Sub-adviser’s approach to investing could cause it to underperform other managers that employ a different investment style. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 10pt; margin-left: 0pt; text-align: left;">Active Management Risk.<span style="font-style: normal; font-weight: normal;"> Due to the active management investment strategies used by the Fund’s Sub-advisers, the Fund could underperform its benchmark index and/or other funds with similar investment objectives and/or strategies. The Sub-advisers’ judgments about the attractiveness, value, or potential appreciation of the Fund’s investments may prove to be incorrect. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Liquidity Risk.<span style="font-style: normal; font-weight: normal;"> The risk that certain securities may be difficult or impossible to sell at the time and the price that the seller would like. The seller may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Securities Lending Risk.<span style="font-style: normal; font-weight: normal;"> The Fund may lose money from securities lending if, for example, it is delayed in or prevented from selling the collateral after the loan is made or recovering the securities loaned or if it incurs losses on the reinvestment of cash collateral. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Management Risk.<span style="font-style: normal; font-weight: normal;"> Securities held by the Fund may underperform those held by other funds investing in the same asset class or benchmarks that are representative of the asset class because of the Sub-advisers’ choice of securities. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Multi-Manager Risk.<span style="font-style: normal; font-weight: normal;"> The Adviser may be unable to identify and retain Sub-advisers who achieve superior investment returns relative to other similar Sub-advisers. In addition, the investment styles of the Sub-advisers may not complement each other as expected by the Adviser. The Fund may experience a higher portfolio turnover rate, which can increase the Fund’s transaction costs and more taxable short-term gains for shareholders. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Portfolio Turnover Risk.<span style="font-style: normal; font-weight: normal;"> Frequent buying and selling of investments may involve higher trading costs and other expenses and may affect the Fund’s performance over time. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Loan Assignment/Loan Participation Risk.<span style="font-style: normal; font-weight: normal;"> If a bank loan is acquired through an assignment or a participation, the Fund will be exposed to the credit risk of both the borrower or the institution selling the participation. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Derivatives Risk.<span style="font-style: normal; font-weight: normal;"> Derivatives, such as forwards, futures, options and swaps, involve risks different from, or possibly greater than, risks associated with investing directly in securities and other traditional investments. Specific risk issues related to the use of such derivatives include valuation and tax issues, increased potential for losses and/or costs to the Fund, and a potential reduction in gains to the Fund. Each of these issues is described in greater detail in this Prospectus. Derivatives may also involve other risks described in this Prospectus or the Fund’s Statement of Additional Information, such as market, interest rate, credit, counterparty, currency, liquidity and leverage risks. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">TBA and When-Issued Transaction Risk.<span style="font-style: normal; font-weight: normal;"> TBA and When-Issued securities involve risk that a security the Fund buys will lose value prior to its delivery. There is also risk that the security will not be issued or that the other party to the transaction will not meet its obligations. If this occurs, the Fund loses both the investment opportunity for the assets it set aside to pay for the security and any gain in the security’s price. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Call Risk<span style="font-style: normal; font-weight: normal;">. If, during periods of falling interest rates, an issuer calls higher-yielding debt securities held by the Strategy, the Strategy may have to reinvest in securities with lower yields or higher risk of default, which may adversely impact the Strategy’s risk performance. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Hedging Risk.<span style="font-style: normal; font-weight: normal;"> Hedges are sometimes subject to imperfect matching between the derivative and the underlying security, and there can be no assurance that the Fund’s hedging transactions will be effective. In addition, the use of hedging may result in certain adverse tax consequences. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Currency Risk.<span style="font-style: normal; font-weight: normal;"> Exchange rates for currencies fluctuate daily. Accordingly, the Fund may experience volatility with respect to the value of its shares and its returns as a result of its exposure to foreign currencies through direct holdings of such currencies or holdings in non-U.S. dollar denominated securities. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Investment Company and Exchange-Traded Funds (ETFs) Risk.<span style="font-style: normal; font-weight: normal;"> When the Fund invests in an investment company, including closed-end funds and ETFs, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the investment company’s expenses. Further, while the risks of owning shares of an investment company generally reflect the risks of owning the underlying investments of the investment company, the Fund may be subject to additional or different risks than if the Fund had invested directly in the underlying investments. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">Your investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency entity or person. </div> Performance <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s Class I shares’ performance from year to year for the past eight calendar years and by showing how the Fund’s average annual returns for 1 year, 5 years, and since the Fund’s inception compare with those of a broad measure of market performance. The bar chart shows only the performance of the Fund’s Class I shares. Returns for Class Z shares would have been substantially similar to those of Class I shares and would have differed only to the extent that Class I shares have higher total annual fund operating expenses than Class Z shares. The Fund’s past performance, before and after taxes, does not necessarily indicate how the Fund will perform in the future. Current performance information is available at www.destinationsfunds.com or by calling 1-877-771-7979. </div> The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s Class I shares’ performance from year to year for the past eight calendar years and by showing how the Fund’s average annual returns for 1 year, 5 years, and since the Fund’s inception compare with those of a broad measure of market performance. The Fund’s past performance, before and after taxes, does not necessarily indicate how the Fund will perform in the future. www.destinationsfunds.com 1-877-771-7979 Annual Total Returns (%) as of December 31, 2025 <img alt="" src="a25563_chart5.jpg" style="height: 199px; width: 327px;"/> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 0pt; text-align: left;">The Fund’s best and worst calendar quarters<br/></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Best Quarter: 6.73% (December 31, 2023)<br/></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Worst Quarter: (5.65)% in (March 31, 2022)<br/></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">The Fund’s Class I total return (pre-tax) from January 1, 2026 to March 31, 2026 was (0.01)%. </div> Best Quarter: 0.0673 2023-12-31 Worst Quarter: -0.0565 2022-03-31 The Fund’s Class I total return (pre-tax) from January 1, 2026 to March 31, 2026 2026-03-31 -0.0001 AVERAGE ANNUAL TOTAL RETURNS (For the periods ended December 31, 2025) <table cellpadding="0" class="BRDSX_fintab" style="width: 498pt; margin-left: auto; margin-right: auto; border-spacing: 0px;"> <tr class="BRDSX_boxspacer"> <td style="height: 6pt; width: 348pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 36pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 36pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 52.66pt;"> <div style="font-size: 1pt;"> </div></td></tr> <tr class="BRDSX_header"> <td style="width: 348pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">1 Year </div></td> <td style="width: 4.22pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">5 Years </div></td> <td style="width: 4.22pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 52.66pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Since Inception <br/></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">(03/20/2017) </div></td></tr> <tr> <td style="width: 348pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Return Before Taxes<br/></div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.26pt; text-align: left;"></div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.59pt; text-align: left;"></div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 52.66pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.58pt; text-align: left;"></div></td></tr> <tr> <td style="width: 348pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Class I </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.26pt; text-align: left;">6.55% </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.59pt; text-align: left;">(0.42)% </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 52.66pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.58pt; text-align: left;">1.29% </div></td></tr> <tr> <td style="width: 348pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Class Z* </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.26pt; text-align: left;">6.75% </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.59pt; text-align: left;">(0.28)% </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 52.66pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.58pt; text-align: left;">1.54% </div></td></tr> <tr> <td style="width: 348pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Return After Taxes on Distributions<br/></div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.26pt; text-align: left;"></div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.59pt; text-align: left;"></div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 52.66pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.58pt; text-align: left;"></div></td></tr> <tr> <td style="width: 348pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Class I </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.26pt; text-align: left;">4.90% </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.59pt; text-align: left;">(1.75)% </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 52.66pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.58pt; text-align: left;">0.06% </div></td></tr> <tr> <td style="width: 348pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Return After Taxes on Distributions and Sale of Fund Shares<br/></div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.26pt; text-align: left;"></div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.59pt; text-align: left;"></div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 52.66pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.58pt; text-align: left;"></div></td></tr> <tr> <td style="width: 348pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Class I </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.26pt; text-align: left;">3.86% </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.59pt; text-align: left;">(0.84)% </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 52.66pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.58pt; text-align: left;">0.49% </div></td></tr> <tr> <td style="width: 348pt; padding-top: 2.01pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">ICE BofA US Broad Market Index <span style="font-style: italic;">(reflects no deduction for fees, expenses, or </span><br/></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;"><span style="font-style: italic;">taxes)</span></div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.26pt; text-align: left;">7.15% </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.59pt; text-align: left;">(0.42)% </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 52.66pt; padding-top: 2.01pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.58pt; text-align: left;">1.94%</div></td></tr> <tr class="BRDSX_boxspacer"> <td style="height: 2.75pt; width: 348pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 36pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 36pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 52.66pt;"> <div style="font-size: 1pt;"> </div></td></tr> </table> <div> <div class="BRDSX_rule-partial" style="height: 0pt; width: 108pt; border-bottom: 1pt solid #000000; margin-bottom: 1pt; margin-right: auto; margin-left: 0pt; margin-top: 10.25pt;"> </div></div> <table border="0" cellpadding="0" style="margin-top: 2pt; margin-left: 0pt; border-spacing: 0px;"> <tr> <td style="width: 20pt; text-align: left; vertical-align: top;"> <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">*<br/></div></td> <td style="vertical-align: top;"> <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;"> The Fund’s Class Z shares commenced operations on July 16, 2018. </div></td></tr> </table> 2017-03-20 0.0655 -0.0042 0.0129 0.0675 -0.0028 0.0154 0.049 -0.0175 0.0006 0.0386 -0.0084 0.0049 (reflects no deduction for fees, expenses, or taxes) 0.0715 -0.0042 0.0194 2018-07-16 <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">The after-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an individual investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After tax returns are shown only for Class I and will vary for Class Z. </div> The after-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an individual investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After tax returns are shown only for Class I and will vary for Class Z. Investment objective <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 7.5pt; margin-left: 0pt; text-align: left;">Current income. </div> Fund fees and expenses <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">This table describes the fees and expenses 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. </div> <table cellpadding="0" class="BRDSX_fintab" style="margin-top: 4pt; width: 498pt; margin-left: auto; margin-right: auto; border-spacing: 0px;"> <tr class="BRDSX_boxspacer"> <td style="height: 6pt; width: 389pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 9.25pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 9.25pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 36pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 9.25pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 9.25pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 36pt;"> <div style="font-size: 1pt;"> </div></td></tr> <tr class="BRDSX_header"> <td style="width: 389pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Annual Fund Operating Expenses <br/></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">(expenses that you pay each year as a percentage of the value of your investment)</div></td> <td style="width: 9.25pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 9.25pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Class I </div></td> <td style="width: 9.25pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 9.25pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Class Z </div></td></tr> <tr> <td style="width: 389pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Management Fees </div></td> <td style="width: 9.25pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 9.25pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="padding-left: 4.16pt;">0.70% </span></div></td> <td style="width: 9.25pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 9.25pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="padding-left: 4.16pt;">0.70% </span></div></td></tr> <tr> <td style="width: 389pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Distribution and Service (12b-1) Fees </div></td> <td style="width: 9.25pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 9.25pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;">None </div></td> <td style="width: 9.25pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 9.25pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;">None </div></td></tr> <tr> <td style="width: 389pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Other Expenses </div></td> <td style="width: 9.25pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 9.25pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="padding-left: 4.16pt;">0.34% </span></div></td> <td style="width: 9.25pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 9.25pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="padding-left: 4.16pt;">0.19% </span></div></td></tr> <tr> <td style="width: 389pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Acquired Fund Fees and Expenses (AFFE)*</div></td> <td style="width: 9.25pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 9.25pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="padding-left: 4.16pt;">0.01% </span></div></td> <td style="width: 9.25pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 9.25pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="padding-left: 4.16pt;">0.01% </span></div></td></tr> <tr> <td style="width: 389pt; padding-top: 2.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Total Annual Fund Operating Expenses </div></td> <td style="width: 9.25pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 9.25pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="padding-left: 4.16pt; border-bottom: 1pt solid #000000; padding-bottom: 3.5pt;">1.05</span><span style="padding-bottom: 3.5pt;">% </span></div></td> <td style="width: 9.25pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 9.25pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="padding-left: 4.16pt; border-bottom: 1pt solid #000000; padding-bottom: 3.5pt;">0.90</span><span style="padding-bottom: 3.5pt;">% </span></div></td></tr> <tr> <td style="width: 389pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Fee Waivers and Expense Reimbursements </div></td> <td style="width: 9.25pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 9.25pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="padding-left: 0.83pt; border-bottom: 1pt solid #000000; padding-bottom: 3.5pt;">(0.05</span><span style="padding-bottom: 3.5pt;">)%** </span></div></td> <td style="width: 9.25pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 9.25pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="padding-left: 0.83pt; border-bottom: 1pt solid #000000; padding-bottom: 3.5pt;">(0.05</span><span style="padding-bottom: 3.5pt;">)%** </span></div></td></tr> <tr> <td style="width: 389pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Total Annual Fund Operating Expenses Less Fee Waivers and Expense Reimbursements </div></td> <td style="width: 9.25pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 9.25pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="border-bottom: 1pt solid #000000; padding-bottom: 3.5pt;">​</span><span style="padding-left: 4.16pt; border-bottom: 1pt solid #000000; padding-bottom: 3.5pt;">1.00</span><span style="padding-bottom: 3.5pt;">% </span></div></td> <td style="width: 9.25pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 9.25pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="padding-left: 4.16pt; border-bottom: 1pt solid #000000; padding-bottom: 3.5pt;">0.85</span><span style="padding-bottom: 3.5pt;">%</span></div></td></tr> <tr class="BRDSX_boxspacer"> <td style="height: 2.75pt; width: 389pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 9.25pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 9.25pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 36pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 9.25pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 9.25pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 36pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td></tr> </table> <div> <div class="BRDSX_rule-partial" style="height: 0pt; width: 108pt; border-bottom: 1pt solid #000000; margin-bottom: 1pt; margin-right: auto; margin-left: 0pt; margin-top: 10.25pt;"> </div></div> <table border="0" cellpadding="0" style="margin-top: 2pt; margin-left: 0pt; border-spacing: 0px;"> <tr> <td style="width: 20pt; text-align: left; vertical-align: top;"> <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">*<br/></div></td> <td style="vertical-align: top;"> <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;"> Because the Fund incurred AFFE during the most recent fiscal year, the operating expenses in this fee table will not correlate to the expense ratio in the Fund’s financial statements (or the “Financial Highlights” section in the prospectus), which does not take into account the indirect costs of investing in other investment companies. </div></td></tr> </table> <table border="0" cellpadding="0" style="margin-top: 3pt; margin-left: 0pt; border-spacing: 0px;"> <tr> <td style="width: 20pt; text-align: left; vertical-align: top;"> <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">**<br/></div></td> <td style="vertical-align: top;"> <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;"> The Fund’s adviser, Orion Portfolio Solutions, LLC d.b.a. Brinker Capital Investments (“the Adviser”), has contractually agreed to waive a portion of its management fee as necessary to keep the Fund’s management fee from exceeding 0.444% more than the total amount of sub-advisory fees paid by the Adviser. This fee waiver and reimbursement agreement shall remain in effect until June 30, 2027 and may be amended or terminated only with the consent of the Board of Trustees. </div></td></tr> </table> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.007 0.007 0 0 0.0034 0.0019 0.0001 0.0001 0.0105 0.009 -0.0005 -0.0005 0.01 0.0085 Because the Fund incurred AFFE during the most recent fiscal year, the operating expenses in this fee table will not correlate to the expense ratio in the Fund’s financial statements (or the “Financial Highlights” section in the prospectus), which does not take into account the indirect costs of investing in other investment companies. 2027-06-30 Examples <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">These examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The examples assume 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 time periods. The examples also assume that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </div> <table cellpadding="0" class="BRDSX_fintab" style="width: 498pt; margin-left: auto; margin-right: auto; border-spacing: 0px;"> <tr class="BRDSX_boxspacer"> <td style="height: 6pt; width: 276pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 41.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 44.34pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 44.33pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 48.33pt;"> <div style="font-size: 1pt;"> </div></td></tr> <tr class="BRDSX_header"> <td style="width: 276pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td> <td style="width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 41.22pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">After 1 year </div></td> <td style="width: 5.47pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 44.34pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">After 3 years </div></td> <td style="width: 5.47pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 44.33pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">After 5 years </div></td> <td style="width: 5.47pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 48.33pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">After 10 years </div></td></tr> <tr> <td style="width: 276pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Class I Shares</div></td> <td style="width: 5.47pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 41.22pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10.62pt; text-align: left;">$102 </div></td> <td style="width: 5.47pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 44.34pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 12.17pt; text-align: left;">$329 </div></td> <td style="width: 5.47pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 44.33pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 12.17pt; text-align: left;">$575 </div></td> <td style="width: 5.47pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 48.33pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10.41pt; text-align: left;">$1,278 </div></td></tr> <tr> <td style="width: 276pt; padding-top: 2.01pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Class Z Shares</div></td> <td style="width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 41.22pt; padding-top: 2.01pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10.62pt; text-align: left;">$<span style="padding-left: 5pt;">87 </span></div></td> <td style="width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 44.34pt; padding-top: 2.01pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 12.17pt; text-align: left;">$282 </div></td> <td style="width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 44.33pt; padding-top: 2.01pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 12.17pt; text-align: left;">$494 </div></td> <td style="width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 48.33pt; padding-top: 2.01pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10.41pt; text-align: left;">$1,103</div></td></tr> <tr class="BRDSX_boxspacer"> <td style="height: 2.75pt; width: 276pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 41.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 44.34pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 44.33pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 48.33pt;"> <div style="font-size: 1pt;"> </div></td></tr> </table> 102 329 575 1278 87 282 494 1103 Portfolio turnover <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transactions costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the above examples, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 76% of the average value of its portfolio. </div> 0.76 Principal investment strategies <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">The Fund will invest, under normal market conditions, at least 80% of its total assets (plus the amount of any borrowings for investment purposes) in a diversified portfolio of fixed income securities. The Fund will normally be constructed with an average duration of three years or less. The Fund’s 80% policy is not fundamental and can be changed upon 60 days’ prior notice to shareholders. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 10pt; margin-left: 0pt; text-align: left;">The Fund employs a “multi-manager” strategy whereby the Adviser allocates the Fund’s assets among professional money managers (each, a “Sub-adviser,” and collectively, the “Sub-advisers”), each of which is responsible for investing its allocated portion of the Fund’s assets. The Adviser may also invest a portion of the Fund’s assets in unaffiliated funds that are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), and that have investment objectives and principal investment strategies consistent with those of the Fund, including open-end funds, closed-end funds and exchange traded funds (ETFs), which may be passively managed (i.e., index-tracking) or actively managed. ETFs may also be used to transition the Fund’s portfolio or to equitize cash while awaiting an opportunity to purchase securities directly. When determining how to allocate the Fund’s assets between unaffiliated funds and Sub-advisers, and among Sub-advisers, the Adviser considers a variety of factors. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">The Fund primarily invests in bonds, debt, fixed income and income-producing instruments issued by governmental or private-sector entities, including mortgage-backed securities, asset-backed securities, junk bonds, corporate debt, foreign securities (including emerging markets), inflation-indexed bonds, bank loans and assignments, collateralized loan obligations, preferred securities, and special purpose acquisition companies (SPACs). Sub-advisers employing an actively managed strategy will select securities based on its assessment of one or more of a variety of factors. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">The Fund may invest some of its assets in securities that have not been called or tendered having a maturity date in excess of three years. The Fund will also invest in fixed income and other income-producing instruments rated below investment grade and those that are unrated but determined by the Fund’s Sub-advisers to be of comparable credit quality. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">The Fund may invest in mortgage-backed securities issued by companies operated or managed by a Sub-adviser or its affiliates and in other investment companies or private investment vehicles managed by a Sub-adviser, subject to limitations imposed by applicable law. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">The Fund may enter into derivatives transactions and other instruments of any kind for hedging purposes or otherwise to gain or reduce long or short exposure to one or more asset classes or issuers. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">A Sub-adviser may sell a security for a variety of reasons, such as where the Sub-adviser believes there is a better investment opportunity, there is a deterioration in the credit fundamentals of the issuer or the individual security has reached the sell target. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 0pt; text-align: left;">Due to its investment strategy, the Fund may buy and sell securities and other instruments frequently. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">The Fund may also lend portfolio securities in an attempt to earn additional income. Any income realized through securities lending may help Fund performance. </div> Investing in any mutual fund involves the risk that you may lose part or all of the money you invest. <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Market Risk.<span style="font-style: normal; font-weight: normal;"> Market values of securities or other investments that the Fund holds will fall, sometimes rapidly or unpredictably, or fail to rise. Returns from the securities in which the Fund invests may underperform returns from the general securities markets or other types of securities. Markets may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Fixed Income Market Risk.<span style="font-style: normal; font-weight: normal;"> The prices of the Fund’s fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. Generally, the Fund’s fixed income securities will decrease in value if interest rates rise and vice versa. In a low interest rate environment, risks associated with rising rates are heightened. Declines in dealer market-making capacity as a result of structural or regulatory changes could decrease liquidity and/or increase volatility in the fixed income markets. In the case of foreign securities, price fluctuations will reflect international economic and political events, </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 10pt; margin-left: 0pt; text-align: left;">as well as changes in currency valuations relative to the U.S. dollar. In response to these events, the Fund’s value may fluctuate and/or the Fund may experience increased redemptions from shareholders, which may impact the Fund’s liquidity or force the Fund to sell securities into a declining or illiquid market. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Interest Rate Risk.<span style="font-style: normal; font-weight: normal;"> The risk that debt instruments will change in value because of changes in interest rates. Generally, the value of the Fund’s fixed income securities will vary inversely with the direction of prevailing interest rates. Changing interest rates may have unpredictable effects on the markets and may affect the value and liquidity of instruments held by the Fund. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Credit Risk.<span style="font-style: normal; font-weight: normal;"> Credit risk refers to the possibility that the issuer of a debt security (i.e., the borrower) will not be able to make principal and interest payments when due. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also affect the value of the Fund’s investment in that issuer. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">High Yield (Junk Bonds) Risk.<span style="font-style: normal; font-weight: normal;"> The risk that debt instruments rated below investment grade or debt instruments that are unrated and determined by the Sub-advisers to be of comparable quality are predominantly speculative. These instruments commonly known as ‘junk bonds,’ have a higher degree of default risk and may be less liquid than higher-rated bonds. These instruments may be subject to greater price volatility due to such factors as specific corporate developments, interest rate sensitivity, negative perceptions of high yield investments generally, and less secondary market liquidity. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Mortgage-Backed Securities Risk.<span style="font-style: normal; font-weight: normal;"> The risk that borrowers may default on their mortgage obligations or the guarantees underlying the mortgage-backed securities will default or otherwise fail and that, during periods of falling interest rates, mortgage-backed securities will be called or prepaid, which may result in the Fund having to reinvest proceeds in other investments at a lower interest rate. During periods of rising interest rates, the average life of a mortgage-backed security may extend, which may lock in a below-market interest rate, increase the security’s duration, and reduce the value of the security. Enforcing rights against the underlying assets or collateral may be difficult, or the underlying assets or collateral may be insufficient if the issuer defaults. The values of certain types of mortgage-backed securities, such as inverse floaters and interest-only and principal-only securities, may be extremely sensitive to changes in interest rates and prepayment rates. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Foreign and Emerging Markets Securities Risk.<span style="font-style: normal; font-weight: normal;"> Foreign securities subject the Fund to the risks associated with investing in the particular country of an issuer, including the political, regulatory, economic, social, diplomatic and other conditions or events, as well as risks associated with less developed custody and settlement practices. Foreign securities may be more volatile and less liquid than securities of U.S. companies. The performance of the Fund may also be negatively impacted by fluctuations in a foreign currency’s strength or weakness relative to the U.S. dollar. Investments in emerging markets can involve additional and greater risks than the risks associated with investments in developed foreign markets. Emerging markets can have less developed markets, greater custody and operational risk, less developed legal, regulatory, and accounting systems, and greater political, social, and economic instability than developed markets. Frontier markets, considered by the Fund to be a subset of emerging markets, generally have smaller economies and less mature capital markets than emerging markets. As a result, the risks of investing in emerging market countries are magnified in frontier market countries. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Asset-Backed Securities Risk.<span style="font-style: normal; font-weight: normal;"> The risk that borrowers may default on the obligations that underlie the asset-backed security and that, during periods of falling interest rates, asset-backed securities may be called or prepaid, which may result in the Fund having to reinvest proceeds in other investments at a lower interest rate, and the risk that the impairment of the value of the collateral underlying a security in which the Fund invests (due, for example, to non-payment of loans) will result in a reduction in the value of the security. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Bank Loans Risk.<span style="font-style: normal; font-weight: normal;"> The market for corporate loans may be subject to irregular trading activity and wide bid/ask spreads. In addition, transactions in corporate loans may settle on a delayed basis. As a result, the proceeds from the sale of corporate loans may not be readily available to make additional investments or to meet the Fund’s redemption obligations. To the extent the extended settlement process gives rise to short-term liquidity needs, the Fund may hold additional cash, sell investments or temporarily borrow from banks and other lenders. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Senior Loans Risk.<span style="font-style: normal; font-weight: normal;"> Senior loans are business loans made to borrowers that may be corporations, partnerships or other entities. Investing in senior loans involves investment risk and some borrowers default on their senior loan repayments. The risks associated with senior loans are similar to the risks of junk bonds, although senior loans typically are senior and secured, whereas junk bonds often are subordinated and unsecured. An economic downturn generally leads to a higher non-payment rate, and a senior loan may lose significant value before a default occurs. No active trading market may exist for certain senior loans, which may impair the ability of the Fund to realize full value in the event of the need to sell a senior </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 10pt; margin-left: 0pt; text-align: left;">loan and which may make it difficult to value senior loans. Senior loans are subject to the risk that when sold, such sale may not settle in a timely manner, resulting in a settlement date that may be much later than the trade date. Delayed settlement interferes with the Fund’s ability to realize the proceeds of senior loan sales in a timely way. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">U.S. Government Securities Risk.<span style="font-style: normal; font-weight: normal;"> Certain securities in which the Fund may invest, including securities issued by certain U.S. Government agencies and U.S. Government sponsored enterprises, are not guaranteed by the U.S. Government or supported by the full faith and credit of the United States. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Investment Style Risk.<span style="font-style: normal; font-weight: normal;"> Different investment styles tend to shift in and out of favor depending on market conditions and investor sentiment. A Sub-adviser’s approach to investing could cause it to underperform other managers that employ a different investment style. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Active Management Risk.<span style="font-style: normal; font-weight: normal;"> Due to the active management investment strategies used by the Fund’s Sub-advisers, the Fund could underperform its benchmark index and/or other funds with similar investment objectives and/or strategies. The Sub-advisers’ judgments about the attractiveness, value, or potential appreciation of the Fund’s investments may prove to be incorrect. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Liquidity Risk.<span style="font-style: normal; font-weight: normal;"> The risk that certain securities may be difficult or impossible to sell at the time and the price that the seller would like. The seller may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Securities Lending Risk.<span style="font-style: normal; font-weight: normal;"> The Fund may lose money from securities lending if, for example, it is delayed in or prevented from selling the collateral after the loan is made or recovering the securities loaned or if it incurs losses on the reinvestment of cash collateral. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Special Purpose Acquisition Companies Risks.<span style="font-style: normal; font-weight: normal;"> The Fund may, to the extent permitted by the 1940 Act, as amended, and its investment policies, invest in special purpose acquisition companies (“SPACs”). Unless and until an acquisition is completed, a SPAC generally invests its assets (less an amount to cover expenses) in U.S. Government securities, money market fund securities and cash. SPACs and similar entities may be blank check companies with no operating history or ongoing business other than to seek a potential acquisition. Accordingly, the value of their securities is particularly dependent on the ability of the entity’s management to identify and complete a profitable acquisition. Certain SPACs may seek acquisitions only in limited industries or regions, which may increase the volatility of their prices. Investments in SPACs may be illiquid and/or be subject to restrictions on resale. To the extent the SPAC is invested in cash or similar securities, this may impact the Fund’s ability to meet its investment objective. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Tax Risk.<span style="font-style: normal; font-weight: normal;"> The investment in equity securities of SPACs introduces complexities beyond typical equity investments and may introduce tax risks to the Fund. In particular, certain non-U.S. SPACs may be treated as “passive foreign investment companies” (“PFICs”) under the Internal Revenue Code of 1986, as amended (the “Code”), thereby causing the Fund to be subject to special tax rules. If a SPAC is classified as a PFIC, the Fund may be subject to U.S. federal income tax on a portion of any “excess distribution” or gain from the disposition of shares in the PFIC even if such income is distributed as a taxable dividend by the Fund to its shareholders. Additional charges in the nature of interest may be imposed on the Fund in respect of deferred taxes arising from such distributions or gains unless the Fund makes certain elections. See “Taxes — The Funds and Their Investments — Foreign Investments” in the Statement of Additional Information for additional information. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Investment Company and Exchange-Traded Funds (ETFs) Risk.<span style="font-style: normal; font-weight: normal;"> When the Fund invests in an investment company, including closed-end funds and ETFs, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the investment company’s expenses. Further, while the risks of owning shares of an investment company generally reflect the risks of owning the underlying investments of the investment company, the Fund may be subject to additional or different risks than if the Fund had invested directly in the underlying investments. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Management Risk.<span style="font-style: normal; font-weight: normal;"> Securities held by the Fund may underperform those held by other funds investing in the same asset class or benchmarks that are representative of the asset class because of the Sub-advisers’ choice of securities. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Multi-Manager Risk.<span style="font-style: normal; font-weight: normal;"> The Adviser may be unable to identify and retain Sub-advisers who achieve superior investment returns relative to other similar Sub-advisers. In addition, the investment styles of the Sub-advisers may not complement each other as expected by the Adviser. The Fund may experience a higher portfolio turnover rate, which can increase the Fund’s transaction costs and more taxable short-term gains for shareholders. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 10pt; margin-left: 0pt; text-align: left;">Collateralized Loan Obligations (CLOs) Risk.<span style="font-style: normal; font-weight: normal;"> CLOs are securities backed by an underlying portfolio of loan obligations. CLOs issue classes or “tranches” that vary in risk and yield and may experience substantial losses due to actual defaults, decrease in market value due to collateral defaults and removal of subordinate tranches, market anticipation of defaults and investor aversion to CLO securities as a class. The risks of investing in CLOs depend largely on the tranche invested in and the type of the underlying debts and loans in the tranche of the CLO in which the Fund invests. CLOs also carry risks including, but not limited to, interest rate risk and credit risk, which are described below. For example, a liquidity crisis in the global credit markets could cause substantial fluctuations in prices for leveraged loans and limited liquidity for such instruments. When the Fund invests in CLOs, in addition to directly bearing the expenses associated with its own operations, it may bear a pro rata portion of the CLO’s expenses. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Prepayment Risk.<span style="font-style: normal; font-weight: normal;"> When interest rates fall, certain obligations will be paid off by the obligor more quickly than originally anticipated, and the Fund may have to invest the proceeds in securities with lower yields. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Extension Risk.<span style="font-style: normal; font-weight: normal;"> When interest rates rise, certain obligations will be paid off by the obligor more slowly than anticipated, causing the value of these obligations to fall. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Preferred Securities Risk.<span style="font-style: normal; font-weight: normal;"> The risk that: (i) certain preferred stocks contain provisions that allow an issuer under certain conditions to skip or defer distributions; (ii) preferred stocks may be subject to redemption, including at the issuer’s call, and, in the event of redemption, the Fund may not be able to reinvest the proceeds at comparable or favorable rates of return; (iii) preferred stocks are generally subordinated to bonds and other debt securities in an issuer’s capital structure in terms of priority for corporate income and liquidation payments; and (iv) preferred stocks may trade less frequently and in a more limited volume and may be subject to more abrupt or erratic price movements than many other securities. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Currency Risk.<span style="font-style: normal; font-weight: normal;"> Exchange rates for currencies fluctuate daily. Accordingly, the Fund may experience volatility with respect to the value of its shares and its returns as a result of its exposure to foreign currencies through direct holdings of such currencies or holdings in non-U.S. dollar denominated securities. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Derivatives Risk.<span style="font-style: normal; font-weight: normal;"> Derivatives, such as forwards, futures, options and swaps, involve risks different from, or possibly greater than, risks associated with investing directly in securities and other traditional investments. Specific risk issues related to the use of such derivatives include valuation and tax issues, increased potential for losses and/or costs to the Fund, and a potential reduction in gains to the Fund. Each of these issues is described in greater detail in this Prospectus. Derivatives may also involve other risks described in this Prospectus or the Fund’s Statement of Additional Information, such as market, interest rate, credit, counterparty, currency, liquidity and leverage risks. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">Your investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency entity or person. </div> Performance <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s Class I shares’ performance from year to year for the past eight calendar years and by showing how the Fund’s average annual returns for 1 year, 5 years, and since the Fund’s inception compare with those of a broad measure of market performance. The bar chart shows only the performance of the Fund’s Class I shares. Returns for Class Z shares would have been substantially similar to those of Class I shares and would have differed only to the extent that Class I shares have higher total annual fund operating expenses than Class Z shares. The Fund’s past performance, before and after taxes, does not necessarily indicate how the Fund will perform in the future. Current performance information is available at www.destinationsfunds.com or by calling 1-877-771-7979. </div> The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s Class I shares’ performance from year to year for the past eight calendar years and by showing how the Fund’s average annual returns for 1 year, 5 years, and since the Fund’s inception compare with those of a broad measure of market performance. The Fund’s past performance, before and after taxes, does not necessarily indicate how the Fund will perform in the future. www.destinationsfunds.com 1-877-771-7979 Annual Total Returns (%) as of December 31, 2025 <img alt="" src="a25563_chart6.jpg" style="height: 199px; width: 324px;"/> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 0pt; text-align: left;">The Fund’s best and worst calendar quarters<br/></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Best Quarter: 3.92% (June 30, 2020)<br/></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Worst Quarter: (5.63)% (March 31, 2020)<br/></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">The Fund’s Class I total return (pre-tax) from January 1, 2026 to March 31, 2026 was 1.35%. </div> Best Quarter: 0.0392 2020-06-30 Worst Quarter: -0.0563 2020-03-31 The Fund’s Class I total return (pre-tax) from January 1, 2026 to March 31, 2026 2026-03-31 0.0135 AVERAGE ANNUAL TOTAL RETURNS (For the periods ended December 31, 2025) <table cellpadding="0" class="BRDSX_fintab" style="width: 498pt; margin-left: auto; margin-right: auto; border-spacing: 0px;"> <tr class="BRDSX_boxspacer"> <td style="height: 6pt; width: 348pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 36pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 36pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 52.66pt;"> <div style="font-size: 1pt;"> </div></td></tr> <tr class="BRDSX_header"> <td style="width: 348pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">1 Year </div></td> <td style="width: 4.22pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">5 Years </div></td> <td style="width: 4.22pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 52.66pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Since Inception <br/></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">(03/20/2017) </div></td></tr> <tr> <td style="width: 348pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Return Before Taxes<br/></div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.26pt; text-align: left;"></div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.59pt; text-align: left;"></div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 52.66pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.58pt; text-align: left;"></div></td></tr> <tr> <td style="width: 348pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Class I </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.26pt; text-align: left;">5.77% </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.59pt; text-align: left;"><span style="padding-left: 3.33pt;">4.80% </span></div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 52.66pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.58pt; text-align: left;">3.66% </div></td></tr> <tr> <td style="width: 348pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Class Z* </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.26pt; text-align: left;">5.96% </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.59pt; text-align: left;"><span style="padding-left: 3.33pt;">4.98% </span></div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 52.66pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.58pt; text-align: left;">4.14% </div></td></tr> <tr> <td style="width: 348pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Return After Taxes on Distributions<br/></div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.26pt; text-align: left;"></div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.59pt; text-align: left;"></div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 52.66pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.58pt; text-align: left;"></div></td></tr> <tr> <td style="width: 348pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Class I </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.26pt; text-align: left;">3.20% </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.59pt; text-align: left;"><span style="padding-left: 3.33pt;">2.53% </span></div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 52.66pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.58pt; text-align: left;">1.76% </div></td></tr> <tr> <td style="width: 348pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Return After Taxes on Distributions and Sale of Fund Shares<br/></div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.26pt; text-align: left;"></div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.59pt; text-align: left;"></div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 52.66pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.58pt; text-align: left;"></div></td></tr> <tr> <td style="width: 348pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Class I </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.26pt; text-align: left;">3.39% </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.59pt; text-align: left;"><span style="padding-left: 3.33pt;">2.68% </span></div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 52.66pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.58pt; text-align: left;">1.96% </div></td></tr> <tr> <td style="width: 348pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">ICE BofA US Broad Market Index <span style="font-style: italic;">(reflects no deduction for fees, expenses, or </span><br/></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;"><span style="font-style: italic;">taxes)</span></div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.26pt; text-align: left;">7.15% </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.59pt; text-align: left;">(0.42)% </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 52.66pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.58pt; text-align: left;">1.94% </div></td></tr> <tr> <td style="width: 348pt; padding-top: 2.01pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-indent: -10pt; text-align: left;">ICE BofA US Corporate &amp; Government 1-3 Year Index <span style="font-style: italic;">(reflects no deduction for fees, expenses, or taxes)</span></div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.26pt; text-align: left;">5.31% </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.59pt; text-align: left;"><span style="padding-left: 3.33pt;">1.97% </span></div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 52.66pt; padding-top: 2.01pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.58pt; text-align: left;">2.21%</div></td></tr> <tr class="BRDSX_boxspacer"> <td style="height: 2.75pt; width: 348pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 36pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 36pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 52.66pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td></tr> </table> <div> <div class="BRDSX_rule-partial" style="height: 0pt; width: 108pt; border-bottom: 1pt solid #000000; margin-bottom: 1pt; margin-right: auto; margin-left: 0pt; margin-top: 10.25pt;"> </div></div> <table border="0" cellpadding="0" style="margin-top: 2pt; margin-left: 0pt; border-spacing: 0px;"> <tr> <td style="width: 20pt; text-align: left; vertical-align: top;"> <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">*<br/></div></td> <td style="vertical-align: top;"> <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;"> The Fund’s Class Z shares commenced operations on July 16, 2018. </div></td></tr> </table> 2017-03-20 0.0577 0.048 0.0366 0.0596 0.0498 0.0414 0.032 0.0253 0.0176 0.0339 0.0268 0.0196 (reflects no deduction for fees, expenses, or taxes) 0.0715 -0.0042 0.0194 0.0531 0.0197 0.0221 2018-07-16 <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">This table compares the Fund’s average annual total returns to those of a broad-based securities market index and an additional index with characteristics relevant to the Fund’s investment strategy. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">The after-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an individual investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After tax returns are shown only for Class I and will vary for Class Z. </div> This table compares the Fund’s average annual total returns to those of a broad-based securities market index and an additional index with characteristics relevant to the Fund’s investment strategy. The after-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an individual investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After tax returns are shown only for Class I and will vary for Class Z. Investment objective <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 7.5pt; margin-left: 0pt; text-align: left;">Maximize total return. </div> Fund fees and expenses <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">This table describes the fees and expenses 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. </div> <table cellpadding="0" class="BRDSX_fintab" style="margin-top: 4pt; width: 498pt; margin-left: auto; margin-right: auto; border-spacing: 0px;"> <tr class="BRDSX_boxspacer"> <td style="height: 6pt; width: 396pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 7.5pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 7.5pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 36pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 7.5pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 7.5pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 36pt;"> <div style="font-size: 1pt;"> </div></td></tr> <tr class="BRDSX_header"> <td style="width: 396pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Annual Fund Operating Expenses <br/></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">(expenses that you pay each year as a percentage of the value of your investment)</div></td> <td style="width: 7.5pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 7.5pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Class I </div></td> <td style="width: 7.5pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 7.5pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Class Z </div></td></tr> <tr> <td style="width: 396pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Management Fees </div></td> <td style="width: 7.5pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 7.5pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="padding-left: 4.16pt;">0.85% </span></div></td> <td style="width: 7.5pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 7.5pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="padding-left: 4.16pt;">0.85% </span></div></td></tr> <tr> <td style="width: 396pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Distribution and Service (12b-1) Fees </div></td> <td style="width: 7.5pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 7.5pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;">None </div></td> <td style="width: 7.5pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 7.5pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;">None </div></td></tr> <tr> <td style="width: 396pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Dividend/Interest on Short Sales </div></td> <td style="width: 7.5pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 7.5pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="padding-left: 4.16pt;">0.03% </span></div></td> <td style="width: 7.5pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 7.5pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="padding-left: 4.16pt;">0.03% </span></div></td></tr> <tr> <td style="width: 396pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Other Expenses </div></td> <td style="width: 7.5pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 7.5pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="padding-left: 4.16pt;">0.28% </span></div></td> <td style="width: 7.5pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 7.5pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="padding-left: 4.16pt;">0.13% </span></div></td></tr> <tr> <td style="width: 396pt; padding-top: 2.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Total Annual Fund Operating Expenses </div></td> <td style="width: 7.5pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 7.5pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="padding-left: 4.16pt; border-bottom: 1pt solid #000000; padding-bottom: 3.5pt;">1.16</span><span style="padding-bottom: 3.5pt;">% </span></div></td> <td style="width: 7.5pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 7.5pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="padding-left: 4.16pt; border-bottom: 1pt solid #000000; padding-bottom: 3.5pt;">1.01</span><span style="padding-bottom: 3.5pt;">% </span></div></td></tr> <tr> <td style="width: 396pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Fee Waivers and Expense Reimbursements </div></td> <td style="width: 7.5pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 7.5pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="padding-left: 0.83pt; border-bottom: 1pt solid #000000; padding-bottom: 3.5pt;">(0.08</span><span style="padding-bottom: 3.5pt;">)%* </span></div></td> <td style="width: 7.5pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 7.5pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="padding-left: 0.83pt; border-bottom: 1pt solid #000000; padding-bottom: 3.5pt;">(0.08</span><span style="padding-bottom: 3.5pt;">)%* </span></div></td></tr> <tr> <td style="width: 396pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Total Annual Fund Operating Expenses Less Fee Waivers and Expense Reimbursements </div></td> <td style="width: 7.5pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 7.5pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="border-bottom: 1pt solid #000000; padding-bottom: 3.5pt;">​</span><span style="padding-left: 4.16pt; border-bottom: 1pt solid #000000; padding-bottom: 3.5pt;">1.08</span><span style="padding-bottom: 3.5pt;">% </span></div></td> <td style="width: 7.5pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 7.5pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="padding-left: 4.16pt; border-bottom: 1pt solid #000000; padding-bottom: 3.5pt;">0.93</span><span style="padding-bottom: 3.5pt;">%</span></div></td></tr> <tr class="BRDSX_boxspacer"> <td style="height: 2.75pt; width: 396pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 7.5pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 7.5pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 36pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 7.5pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 7.5pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 36pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td></tr> </table> <div> <div class="BRDSX_rule-partial" style="height: 0pt; width: 108pt; border-bottom: 1pt solid #000000; margin-bottom: 1pt; margin-right: auto; margin-left: 0pt; margin-top: 10.25pt;"> </div></div> <table border="0" cellpadding="0" style="margin-top: 2pt; margin-left: 0pt; border-spacing: 0px;"> <tr> <td style="width: 20pt; text-align: left; vertical-align: top;"> <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">*<br/></div></td> <td style="vertical-align: top;"> <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;"> The Fund’s adviser, Orion Portfolio Solutions, LLC d.b.a. Brinker Capital Investments (“the Adviser”), has contractually agreed to waive a portion of its management fee as necessary to keep the Fund’s management fee from exceeding 0.444% more than the total amount of sub-advisory fees paid by the Adviser. This fee waiver and reimbursement agreement shall remain in effect until June 30, 2027 and may be amended or terminated only with the consent of the Board of Trustees. </div></td></tr> </table> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0085 0.0085 0 0 0.0003 0.0003 0.0028 0.0013 0.0116 0.0101 -0.0008 -0.0008 0.0108 0.0093 2027-06-30 Examples <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">These examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The examples assume 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 time periods. The examples also assume that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </div> <table cellpadding="0" class="BRDSX_fintab" style="width: 498pt; margin-left: auto; margin-right: auto; border-spacing: 0px;"> <tr class="BRDSX_boxspacer"> <td style="height: 6pt; width: 276pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 41.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 44.34pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 44.33pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 48.33pt;"> <div style="font-size: 1pt;"> </div></td></tr> <tr class="BRDSX_header"> <td style="width: 276pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td> <td style="width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 41.22pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">After 1 year </div></td> <td style="width: 5.47pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 44.34pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">After 3 years </div></td> <td style="width: 5.47pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 44.33pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">After 5 years </div></td> <td style="width: 5.47pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 48.33pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">After 10 years </div></td></tr> <tr> <td style="width: 276pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Class I Shares </div></td> <td style="width: 5.47pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 41.22pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10.62pt; text-align: left;">$110 </div></td> <td style="width: 5.47pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 44.34pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 12.17pt; text-align: left;">$361 </div></td> <td style="width: 5.47pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 44.33pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 12.17pt; text-align: left;">$632 </div></td> <td style="width: 5.47pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 48.33pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10.41pt; text-align: left;">$1,404 </div></td></tr> <tr> <td style="width: 276pt; padding-top: 2.01pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Class Z Shares </div></td> <td style="width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 41.22pt; padding-top: 2.01pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10.62pt; text-align: left;">$<span style="padding-left: 5pt;">95 </span></div></td> <td style="width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 44.34pt; padding-top: 2.01pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 12.17pt; text-align: left;">$314 </div></td> <td style="width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 44.33pt; padding-top: 2.01pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 12.17pt; text-align: left;">$551 </div></td> <td style="width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 48.33pt; padding-top: 2.01pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10.41pt; text-align: left;">$1,231</div></td></tr> <tr class="BRDSX_boxspacer"> <td style="height: 2.75pt; width: 276pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 41.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 44.34pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 44.33pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 48.33pt;"> <div style="font-size: 1pt;"> </div></td></tr> </table> 110 361 632 1404 95 314 551 1231 Portfolio turnover <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transactions costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the above examples, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 104% of the average value of its portfolio. </div> 1.04 Principal investment strategies <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">The Fund will invest, under normal market conditions, at least 80% of its net assets (plus the amount of any borrowing for investment purposes) in fixed income securities. The Fund’s 80% policy is not fundamental and can be changed upon 60 days’ prior notice to shareholders. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">The Fund employs a “multi-manager” strategy whereby the Adviser allocates the Fund’s assets among professional money managers (each, a “Sub-adviser,” and collectively, the “Sub-advisers”), each of which is responsible for investing its allocated portion of the Fund’s assets. The Adviser will also invest a portion of the Fund’s assets in unaffiliated funds that </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 10pt; margin-left: 0pt; text-align: left;">are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), and that have investment objectives and principal investment strategies consistent with those of the Fund, including open-end funds, closed-end funds and exchange traded funds (ETFs), which may be passively managed (i.e., index-tracking) or actively managed. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">ETFs may also be used to transition the Fund’s portfolio or to equitize cash while awaiting an opportunity to purchase securities directly. When determining how to allocate the Fund’s assets between ETFs and Sub-advisers, and among Sub-advisers, the Adviser considers a variety of factors. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">The Fund invests primarily in investment grade and non-investment grade debt, preferred stock, convertible bonds (i.e., a bond that can be converted into a predetermined amount of the issuing company’s stock), bank loans, high yield bonds, municipal bonds, and special purpose acquisition companies (SPACs). The Fund will invest in securities of various credit qualities (i.e., investment grade and non-investment grade, which are commonly referred to as “high yield” securities or “junk bonds”, debt instruments rated below investment grade or debt instrument grade or debt instruments that are unrated and determined by the Adviser to be of comparable quality are predominantly speculative) and maturities (i.e., long-term, intermediate and short-term). The Fund will invest in debt obligations issued by sovereign, quasi-sovereign and private (non-government) emerging market issuers as well as U.S. dollar-denominated securities issued by non-U.S. domiciled companies. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">It is expected that, under normal market conditions, at least 40% of the Fund’s assets will be invested in the securities of companies that are tied economically to at least three countries outside the U.S. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">The Fund may invest in fixed income and debt obligations of any kind. Fixed income obligations include bonds, debt securities and fixed income and income-producing instruments of any kind issued or guaranteed by governmental or private-sector entities and other securities or instruments bearing fixed, floating, or variable interest rates of any maturity. The Fund may, from time to time, invest significantly in a specific credit quality, such as high-yield, or maturity, such as short-term. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">The Fund may enter into derivatives transactions and other instruments of any kind for hedging purposes or otherwise to gain, or reduce, long or short exposure to one or more asset classes or issuers. The Fund also may use derivatives transactions with the purpose or effect of creating investment leverage. The Fund may enter into currency-related transactions, including spot transactions, forward exchange contracts and futures contracts. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">A Sub-adviser may sell a security for a variety of reasons, including, among other things, if it believes a corporate action or announcement will affect the issuer or that it would be advantageous to do so. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">The Fund may also lend portfolio securities in an attempt to earn additional income. Any income realized through securities lending may help Fund performance. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 0pt; text-align: left;">Due to its investment strategy, the Fund may buy and sell securities and other instruments frequently. </div> Investing in any mutual fund involves the risk that you may lose part or all of the money you invest. <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Market Risk.<span style="font-style: normal; font-weight: normal;"> Market values of securities or other investments that the Fund holds will fall, sometimes rapidly or unpredictably, or fail to rise. Returns from the securities in which the Fund invests may underperform returns from the general securities markets or other types of securities. Markets may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Fixed Income Market Risk.<span style="font-style: normal; font-weight: normal;"> The prices of the Fund’s fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. Generally, the Fund’s fixed income securities will decrease in value if interest rates rise and vice versa. In a low interest rate environment, risks associated with rising rates are heightened. Declines in dealer market-</span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 10pt; margin-left: 0pt; text-align: left;">making capacity as a result of structural or regulatory changes could decrease liquidity and/or increase volatility in the fixed income markets. In the case of foreign securities, price fluctuations will reflect international economic and political events, as well as changes in currency valuations relative to the U.S. dollar. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Interest Rate Risk.<span style="font-style: normal; font-weight: normal;"> The risk that debt instruments will change in value because of changes in interest rates. Generally, the value of the Fund’s fixed income securities will vary inversely with the direction of prevailing interest rates. Changing interest rates may have unpredictable effects on the markets and may affect the value and liquidity of instruments held by the Fund. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Credit Risk.<span style="font-style: normal; font-weight: normal;"> Credit risk refers to the possibility that the issuer of a debt security (i.e., the borrower) will not be able to make principal and interest payments when due. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also affect the value of the Fund’s investment in that issuer. The degree of credit risk depends on the issuer’s financial condition and on the terms of the securities. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">High Yield (Junk Bonds) Risk.<span style="font-style: normal; font-weight: normal;"> The risk that debt instruments rated below investment grade or debt instruments that are unrated and determined by a Sub-adviser to be of comparable quality are predominantly speculative. These instruments, commonly known as ‘junk bonds,’ have a higher degree of default risk and may be less liquid than higher-rated bonds. These instruments may be subject to greater price volatility due to such factors as specific corporate developments, interest rate sensitivity, negative perceptions of high yield investments generally, and less secondary market liquidity. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Foreign and Emerging Markets Securities Risk.<span style="font-style: normal; font-weight: normal;"> Foreign securities subject the Fund to the risks associated with investing in the particular country of an issuer, including the political, regulatory, economic, social, diplomatic and other conditions or events, as well as risks associated with less developed custody and settlement practices. Foreign securities may be more volatile and less liquid than securities of U.S. companies. The performance of the Fund may also be negatively impacted by fluctuations in a foreign currency’s strength or weakness relative to the U.S. dollar. Investments in emerging markets can involve additional and greater risks than the risks associated with investments in developed foreign markets. Emerging markets can have less developed markets, greater custody and operational risk, less developed legal, regulatory, and accounting systems, and greater political, social, and economic instability than developed markets. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Preferred Securities Risk.<span style="font-style: normal; font-weight: normal;"> The risk that: (i) certain preferred stocks contain provisions that allow an issuer under certain conditions to skip or defer distributions; (ii) preferred stocks may be subject to redemption, including at the issuer’s call, and, in the event of redemption, the Fund may not be able to reinvest the proceeds at comparable or favorable rates of return; (iii) preferred stocks are generally subordinated to bonds and other debt securities in an issuer’s capital structure in terms of priority for corporate income and liquidation payments; and (iv) preferred stocks may trade less frequently and in a more limited volume and may be subject to more abrupt or erratic price movements than many other securities. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Bank Loans Risk.<span style="font-style: normal; font-weight: normal;"> The market for corporate loans may be subject to irregular trading activity and wide bid/ask spreads. In addition, transactions in corporate loans may settle on a delayed basis. As a result, the proceeds from the sale of corporate loans may not be readily available to make additional investments or to meet the Fund’s redemption obligations. To the extent the extended settlement process gives rise to short-term liquidity needs, the Fund may hold additional cash, sell investments or temporarily borrow from banks and other lenders. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Senior Loans Risk.<span style="font-style: normal; font-weight: normal;"> Senior loans are business loans made to borrowers that may be corporations, partnerships or other entities. Investing in senior loans involves investment risk and some borrowers default on their senior loan repayments. The risks associated with senior loans are similar to the risks of junk bonds, although senior loans typically are senior and secured, whereas junk bonds often are subordinated and unsecured. An economic downturn generally leads to a higher non-payment rate, and a senior loan may lose significant value before a default occurs. No active trading market may exist for certain senior loans, which may impair the ability of the Fund to realize full value in the event of the need to sell a senior loan and which may make it difficult to value senior loans. Senior loans are subject to the risk that when sold, such sale may not settle in a timely manner, resulting in a settlement date that may be much later than the trade date. Delayed settlement interferes with the Fund’s ability to realize the proceeds of senior loan sales in a timely way. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Investment Style Risk.<span style="font-style: normal; font-weight: normal;"> Different investment styles tend to shift in and out of favor depending on market conditions and investor sentiment. A Sub-adviser’s approach to investing could cause it to underperform other managers that employ a different investment style. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 10pt; margin-left: 0pt; text-align: left;">Active Management Risk.<span style="font-style: normal; font-weight: normal;"> Due to the active management investment strategies used by the Fund’s Sub-advisers, the Fund could underperform its benchmark index and/or other funds with similar investment objectives and/or strategies. The Sub-advisers’ judgments about the attractiveness, value, or potential appreciation of the Fund’s investments may prove to be incorrect. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Liquidity Risk.<span style="font-style: normal; font-weight: normal;"> The risk that certain securities may be difficult or impossible to sell at the time and the price that the seller would like. The seller may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Securities Lending Risk.<span style="font-style: normal; font-weight: normal;"> The Fund may lose money from securities lending if, for example, it is delayed in or prevented from selling the collateral after the loan is made or recovering the securities loaned or if it incurs losses on the reinvestment of cash collateral. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Sovereign Obligation Risk.<span style="font-style: normal; font-weight: normal;"> The issuer of the sovereign debt or the governmental authorities that control the repayment of the debt may be unable or unwilling to repay principal or interest when due, and the underlying funds may have limited recourse in the event of a default. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Special Purpose Acquisition Companies Risks<span style="font-style: normal; font-weight: normal;">. The Fund may, to the extent permitted by the 1940 Act, as amended, and its investment policies, invest in special purpose acquisition companies (“SPACs”). Unless and until an acquisition is completed, a SPAC generally invests its assets (less an amount to cover expenses) in U.S. Government securities, money market fund securities and cash. SPACs and similar entities may be blank check companies with no operating history or ongoing business other than to seek a potential acquisition. Accordingly, the value of their securities is particularly dependent on the ability of the entity’s management to identify and complete a profitable acquisition. Certain SPACs may seek acquisitions only in limited industries or regions, which may increase the volatility of their prices. Investments in SPACs may be illiquid and/or be subject to restrictions on resale. To the extent the SPAC is invested in cash or similar securities, this may impact the Fund’s ability to meet its investment objective. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Tax Risk<span style="font-style: normal; font-weight: normal;">. The investment in equity securities of SPACs introduces complexities beyond typical equity investments and may introduce tax risks to the Fund. In particular, certain non-U.S. SPACs may be treated as “passive foreign investment companies” (“PFICs”) under the Internal Revenue Code of 1986, as amended (the “Code”), thereby causing the Fund to be subject to special tax rules. If a SPAC is classified as a PFIC, the Fund may be subject to U.S. federal income tax on a portion of any “excess distribution” or gain from the disposition of shares in the PFIC even if such income is distributed as a taxable dividend by the Fund to its shareholders. Additional charges in the nature of interest may be imposed on the Fund in respect of deferred taxes arising from such distributions or gains unless the Fund makes certain elections. See “Taxes — The Funds and Their Investments — Foreign Investments” in the Statement of Additional Information for additional information. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Management Risk.<span style="font-style: normal; font-weight: normal;"> Securities held by the Fund may underperform those held by other funds investing in the same asset class or benchmarks that are representative of the asset class because of the Sub-advisers’ choice of securities. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Multi-Manager Risk.<span style="font-style: normal; font-weight: normal;"> The Adviser may be unable to identify and retain Sub-advisers who achieve superior investment returns relative to other similar Sub-advisers. In addition, the investment styles of the Sub-advisers may not complement each other as expected by the Adviser. The Fund may experience a higher portfolio turnover rate, which can increase the Fund’s transaction costs and more taxable short-term gains for shareholders. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Convertible Bond Risk.<span style="font-style: normal; font-weight: normal;"> Convertible bonds are hybrid securities that have characteristics of both bonds and common stocks and are subject to risks associated with both debt securities and equity securities. Convertible bonds that are rated below investment grade are subject to the risks associated with high-yield (junk bond) investments. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Derivatives Risk.<span style="font-style: normal; font-weight: normal;"> Derivatives, such as forwards, futures, options and swaps, involve risks different from, or possibly greater than, risks associated with investing directly in securities and other traditional investments. Specific risk issues related to the use of such derivatives include valuation and tax issues, increased potential for losses and/or costs to the Fund, and a potential reduction in gains to the Fund. Each of these issues is described in greater detail in this Prospectus. Derivatives may also involve other risks described in this Prospectus or the Fund’s Statement of Additional Information, such as market, interest rate, credit, counterparty, currency, liquidity and leverage risks. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Hedging Risk.<span style="font-style: normal; font-weight: normal;"> Hedges are sometimes subject to imperfect matching between the derivative and the underlying security, and there can be no assurance that the Fund’s hedging transactions will be effective. In addition, the use of hedging may result in certain adverse tax consequences. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 10pt; margin-left: 0pt; text-align: left;">Investment Company and Exchange-Traded Funds (ETFs) Risk.<span style="font-style: normal; font-weight: normal;"> When the Fund invests in an investment company, including closed-end funds and ETFs, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the investment company’s expenses. Further, while the risks of owning shares of an investment company generally reflect the risks of owning the underlying investments of the investment company, the Fund may be subject to additional or different risks than if the Fund had invested directly in the underlying investments. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Contingent Capital Security Risk<span style="font-style: normal; font-weight: normal;">. Contingent capital securities (sometimes referred to as “CoCos”) have loss absorption mechanisms benefitting the issuer built into their terms. Upon the occurrence of a specified trigger or event, CoCos may be subject to automatic conversion into the issuer’s common stock, which likely will have declined in value and which will be subordinate to the issuer’s other classes of securities, or to an automatic write-down of the principal amount of the securities, potentially to zero, which could result in the Strategy losing a portion or all of its investment in such securities. CoCos are often rated below investment grade and are subject to the risks of high yield securities. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Municipal Securities Risk.<span style="font-style: normal; font-weight: normal;"> The risk that municipal securities may be subject to credit/default risk, interest rate risk and certain additional risks. The Fund may be more sensitive to adverse economic, business or political developments if it invests more than 25% of its assets in the debt securities of similar projects (such as those relating to education, healthcare, housing, transportation, and utilities), industrial development bonds, or in particular types of municipal securities (such as general obligation bonds, private activity bonds and moral obligation bonds). </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Extension Risk.<span style="font-style: normal; font-weight: normal;"> When interest rates rise, certain obligations will be paid off by the obligor more slowly than anticipated, causing the value of these obligations to fall. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Prepayment Risk.<span style="font-style: normal; font-weight: normal;"> When interest rates fall, certain obligations will be paid off by the obligor more quickly than originally anticipated, and the Fund may have to invest the proceeds in securities with lower yields. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Currency Risk.<span style="font-style: normal; font-weight: normal;"> Exchange rates for currencies fluctuate daily. Accordingly, the Fund may experience volatility with respect to the value of its shares and its returns as a result of its exposure to foreign currencies through direct holdings of such currencies or holdings in non-U.S. dollar denominated securities. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Call Risk<span style="font-style: normal; font-weight: normal;">. If, during periods of falling interest rates, an issuer calls higher-yielding debt securities held by the Strategy, the Strategy may have to reinvest in securities with lower yields or higher risk of default, which may adversely impact the Strategy’s performance. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Portfolio Turnover Risk<span style="font-weight: normal;">.</span><span style="font-style: normal; font-weight: normal;"> Frequent buying and selling of investments may involve higher trading costs and other expenses and may affect the Fund’s performance over time. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">Your investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency entity or person. </div> Performance <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s Class I shares’ performance from year to year for the past eight calendar years and by showing how the Fund’s average annual returns for 1 year, 5 years, and since the Fund’s inception compare with those of a broad measure of market performance. The bar chart shows only the performance of the Fund’s Class I shares. Returns for Class Z shares would have been substantially similar to those of Class I shares and would have differed only to the extent that Class I shares have higher total annual fund operating expenses than Class Z shares. The Fund’s past performance, before and after taxes, does not necessarily indicate how the Fund will perform in the future. Current performance information is available at www.destinationsfunds.com or by calling 1-877-771-7979. </div> The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s Class I shares’ performance from year to year for the past eight calendar years and by showing how the Fund’s average annual returns for 1 year, 5 years, and since the Fund’s inception compare with those of a broad measure of market performance. The Fund’s past performance, before and after taxes, does not necessarily indicate how the Fund will perform in the future. www.destinationsfunds.com 1-877-771-7979 Annual Total Returns (%) as of December 31, 2025 <img alt="" src="a25563_chart7.jpg" style="height: 199px; width: 327px;"/> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 0pt; text-align: left;">The Fund’s best and worst calendar quarters<br/></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Best Quarter: 7.62% (June 30, 2020)<br/></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Worst Quarter: (9.19)% (March 31, 2020)<br/></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">The Fund’s Class I total return (pre-tax) from January 1, 2026 to March 31, 2026 was 0.68%. </div> Best Quarter: 0.0762 2020-06-30 Worst Quarter: -0.0919 2020-03-31 The Fund’s Class I total return (pre-tax) from January 1, 2026 to March 31, 2026 2026-03-31 0.0068 AVERAGE ANNUAL TOTAL RETURNS (For the periods ended December 31, 2025) <table cellpadding="0" class="BRDSX_fintab" style="width: 498pt; margin-left: auto; margin-right: auto; border-spacing: 0px;"> <tr class="BRDSX_boxspacer"> <td style="height: 6pt; width: 348pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 36pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 36pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 52.66pt;"> <div style="font-size: 1pt;"> </div></td></tr> <tr class="BRDSX_header"> <td style="width: 348pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">1 Year </div></td> <td style="width: 4.22pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">5 Years </div></td> <td style="width: 4.22pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 52.66pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Since Inception <br/></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">(03/20/2017) </div></td></tr> <tr> <td style="width: 348pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Return Before Taxes<br/></div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.26pt; text-align: left;"></div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.59pt; text-align: left;"></div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 52.66pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.58pt; text-align: left;"></div></td></tr> <tr> <td style="width: 348pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Class I </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.26pt; text-align: left;">7.22% </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.59pt; text-align: left;"><span style="padding-left: 3.33pt;">4.77% </span></div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 52.66pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.58pt; text-align: left;">4.23% </div></td></tr> <tr> <td style="width: 348pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Class Z* </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.26pt; text-align: left;">7.42% </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.59pt; text-align: left;"><span style="padding-left: 3.33pt;">4.94% </span></div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 52.66pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.58pt; text-align: left;">4.62% </div></td></tr> <tr> <td style="width: 348pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Return After Taxes on Distributions<br/></div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.26pt; text-align: left;"></div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.59pt; text-align: left;"></div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 52.66pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.58pt; text-align: left;"></div></td></tr> <tr> <td style="width: 348pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Class I </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.26pt; text-align: left;">4.31% </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.59pt; text-align: left;"><span style="padding-left: 3.33pt;">2.37% </span></div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 52.66pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.58pt; text-align: left;">2.14% </div></td></tr> <tr> <td style="width: 348pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Return After Taxes on Distributions and Sale of Fund Shares<br/></div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.26pt; text-align: left;"></div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.59pt; text-align: left;"></div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 52.66pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.58pt; text-align: left;"></div></td></tr> <tr> <td style="width: 348pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Class I </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.26pt; text-align: left;">4.24% </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.59pt; text-align: left;"><span style="padding-left: 3.33pt;">2.59% </span></div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 52.66pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.58pt; text-align: left;">2.31% </div></td></tr> <tr> <td style="width: 348pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-indent: -10pt; text-align: left;">ICE BofA Global Broad Market Index (USD Hedged)<span style="font-style: italic;"> (reflects no deduction for fees, expenses, or taxes)</span></div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.26pt; text-align: left;">5.07% </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.59pt; text-align: left;">(0.24)% </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 52.66pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.58pt; text-align: left;">1.97% </div></td></tr> </table> <div> <div class="BRDSX_rule-partial" style="height: 0pt; width: 108pt; border-bottom: 1pt solid #000000; margin-bottom: 1pt; margin-right: auto; margin-left: 0pt; margin-top: 10.25pt;"> </div></div> <table border="0" cellpadding="0" style="margin-top: 2pt; margin-left: 0pt; border-spacing: 0px;"> <tr> <td style="width: 20pt; text-align: left; vertical-align: top;"> <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">*<br/></div></td> <td style="vertical-align: top;"> <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;"> The Fund’s Class Z shares commenced operations on July 16, 2018. </div></td></tr> </table> 2017-03-20 0.0722 0.0477 0.0423 0.0742 0.0494 0.0462 0.0431 0.0237 0.0214 0.0424 0.0259 0.0231 (reflects no deduction for fees, expenses, or taxes) 0.0507 -0.0024 0.0197 2018-07-16 <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">The after-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an individual investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After tax returns are shown only for Class I and will vary for Class Z. </div> The after-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an individual investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After tax returns are shown only for Class I and will vary for Class Z. Investment objective <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 7.5pt; margin-left: 0pt; text-align: left;">Current income that is exempt from federal income taxation. </div> Fund fees and expenses <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">This table describes the fees and expenses 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. </div> <table cellpadding="0" class="BRDSX_fintab" style="margin-top: 4pt; width: 498pt; margin-left: auto; margin-right: auto; border-spacing: 0px;"> <tr class="BRDSX_boxspacer"> <td style="height: 6pt; width: 396pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 7.5pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 7.5pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 36pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 7.5pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 7.5pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 36pt;"> <div style="font-size: 1pt;"> </div></td></tr> <tr class="BRDSX_header"> <td style="width: 396pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Annual Fund Operating Expenses <br/></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">(expenses that you pay each year as a percentage of the value of your investment)</div></td> <td style="width: 7.5pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 7.5pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Class I </div></td> <td style="width: 7.5pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 7.5pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Class Z </div></td></tr> <tr> <td style="width: 396pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Management Fees </div></td> <td style="width: 7.5pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 7.5pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="padding-left: 4.16pt;">0.70% </span></div></td> <td style="width: 7.5pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 7.5pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="padding-left: 4.16pt;">0.70% </span></div></td></tr> <tr> <td style="width: 396pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Distribution and Service (12b-1) Fees </div></td> <td style="width: 7.5pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 7.5pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;">None </div></td> <td style="width: 7.5pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 7.5pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;">None </div></td></tr> <tr> <td style="width: 396pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Other Expenses </div></td> <td style="width: 7.5pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 7.5pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="padding-left: 4.16pt;">0.25% </span></div></td> <td style="width: 7.5pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 7.5pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="padding-left: 4.16pt;">0.10% </span></div></td></tr> <tr> <td style="width: 396pt; padding-top: 2.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Total Annual Fund Operating Expenses </div></td> <td style="width: 7.5pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 7.5pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="padding-left: 4.16pt; border-bottom: 1pt solid #000000; padding-bottom: 3.5pt;">0.95</span><span style="padding-bottom: 3.5pt;">% </span></div></td> <td style="width: 7.5pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 7.5pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="padding-left: 4.16pt; border-bottom: 1pt solid #000000; padding-bottom: 3.5pt;">0.80</span><span style="padding-bottom: 3.5pt;">% </span></div></td></tr> <tr> <td style="width: 396pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Fee Waivers and Expense Reimbursements </div></td> <td style="width: 7.5pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 7.5pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="padding-left: 0.83pt; border-bottom: 1pt solid #000000; padding-bottom: 3.5pt;">(0.11</span><span style="padding-bottom: 3.5pt;">)%* </span></div></td> <td style="width: 7.5pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 7.5pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="padding-left: 0.83pt; border-bottom: 1pt solid #000000; padding-bottom: 3.5pt;">(0.11</span><span style="padding-bottom: 3.5pt;">)%* </span></div></td></tr> <tr> <td style="width: 396pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Total Annual Fund Operating Expenses Less Fee Waivers and Expense Reimbursements </div></td> <td style="width: 7.5pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 7.5pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="border-bottom: 1pt solid #000000; padding-bottom: 3.5pt;">​</span><span style="padding-left: 4.16pt; border-bottom: 1pt solid #000000; padding-bottom: 3.5pt;">0.84</span><span style="padding-bottom: 3.5pt;">% </span></div></td> <td style="width: 7.5pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 7.5pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="padding-left: 4.16pt; border-bottom: 1pt solid #000000; padding-bottom: 3.5pt;">0.69</span><span style="padding-bottom: 3.5pt;">%</span></div></td></tr> <tr class="BRDSX_boxspacer"> <td style="height: 2.75pt; width: 396pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 7.5pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 7.5pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 36pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 7.5pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 7.5pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 36pt;"> <div style="font-size: 1pt;"> </div></td></tr> </table> <div> <div class="BRDSX_rule-partial" style="height: 0pt; width: 108pt; border-bottom: 1pt solid #000000; margin-bottom: 1pt; margin-right: auto; margin-left: 0pt; margin-top: 10.25pt;"> </div></div> <table border="0" cellpadding="0" style="margin-top: 2pt; margin-left: 0pt; border-spacing: 0px;"> <tr> <td style="width: 20pt; text-align: left; vertical-align: top;"> <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">*<br/></div></td> <td style="vertical-align: top;"> <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;"> The Fund’s adviser, Orion Portfolio Solutions, LLC d.b.a. Brinker Capital Investments (“the Adviser”), has contractually agreed to waive a portion of its management fee as necessary to keep the Fund’s management fee from exceeding 0.444% more than the total amount of sub-advisory fees paid by the Adviser. This fee waiver and reimbursement agreement shall remain in effect until June 30, 2027 and may be amended or terminated only with the consent of the Board of Trustees. </div></td></tr> </table> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.007 0.007 0 0 0.0025 0.001 0.0095 0.008 -0.0011 -0.0011 0.0084 0.0069 2027-06-30 Examples <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">These examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The examples assume that you invest $10,000 in the for the time periods indicated and then redeem all of your shares at the end of those time periods. The examples also assume that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </div> <table cellpadding="0" class="BRDSX_fintab" style="width: 498pt; margin-left: auto; margin-right: auto; border-spacing: 0px;"> <tr class="BRDSX_boxspacer"> <td style="height: 6pt; width: 276pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 41.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 44.34pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 44.33pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 48.33pt;"> <div style="font-size: 1pt;"> </div></td></tr> <tr class="BRDSX_header"> <td style="width: 276pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td> <td style="width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 41.22pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">After 1 year </div></td> <td style="width: 5.47pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 44.34pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">After 3 years </div></td> <td style="width: 5.47pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 44.33pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">After 5 years </div></td> <td style="width: 5.47pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 48.33pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">After 10 years </div></td></tr> <tr> <td style="width: 276pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Class I Shares </div></td> <td style="width: 5.47pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 41.22pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 13.12pt; text-align: left;">$86 </div></td> <td style="width: 5.47pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 44.34pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 12.17pt; text-align: left;">$292 </div></td> <td style="width: 5.47pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 44.33pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 12.17pt; text-align: left;">$515 </div></td> <td style="width: 5.47pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 48.33pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10.41pt; text-align: left;">$1,156 </div></td></tr> <tr> <td style="width: 276pt; padding-top: 2.01pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Class Z Shares </div></td> <td style="width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 41.22pt; padding-top: 2.01pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 13.12pt; text-align: left;">$70 </div></td> <td style="width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 44.34pt; padding-top: 2.01pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 12.17pt; text-align: left;">$244 </div></td> <td style="width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 44.33pt; padding-top: 2.01pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 12.17pt; text-align: left;">$433 </div></td> <td style="width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 48.33pt; padding-top: 2.01pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10.41pt; text-align: left;">$<span style="padding-left: 7.5pt;">980</span></div></td></tr> <tr class="BRDSX_boxspacer"> <td style="height: 2.75pt; width: 276pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 41.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 44.34pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 44.33pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 48.33pt;"> <div style="font-size: 1pt;"> </div></td></tr> </table> 86 292 515 1156 70 244 433 980 Portfolio turnover <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transactions costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the above examples, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 48% of the average value of its portfolio. </div> 0.48 Principal investment strategies <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">The Fund will invest, under normal market conditions, at least 80% of its net assets (plus the amount of any borrowing for investment purposes) in fixed income securities that pay interest that is exempt from regular federal income tax. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">The Fund employs a “multi-manager” strategy whereby the Adviser allocates the Fund’s assets among professional money managers (each, a “Sub-adviser,” and collectively, the “Sub-advisers”), each of which is responsible for investing its allocated portion of the Fund’s assets. The Adviser may also invest a portion of the Fund’s assets in unaffiliated funds that are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), and that have investment objectives and principal investment strategies consistent with those of the Fund, including open-end funds, closed-end funds </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 10pt; margin-left: 0pt; text-align: left;">and exchange traded funds (ETFs), which may be passively managed (i.e., index-tracking) or actively managed. ETFs may also be used to transition the Fund’s portfolio or to equitize cash while awaiting an opportunity to purchase securities directly. When determining how to allocate the Fund’s assets between unaffiliated funds and Sub-advisers, and among Sub-advisers, the Adviser considers a variety of factors. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">In seeking high current income exempt from regular federal income tax, the Fund will invest in municipal instruments, which are fixed-income obligations issued by a state, territory or possession of the United States (including the District of Columbia) or a political subdivision, agency or instrumentality thereof. Interest income received by holders of municipal instruments is often exempt from the federal income tax and from the income tax of the state in which they are issued (although there may not be a similar exemption under the laws of a particular state or local taxing jurisdiction), although municipal instruments issued for certain purposes may not be tax-exempt. For non-corporate shareholders subject to the federal alternative minimum tax (“AMT”), a limited portion of the Fund’s dividends may be subject to federal tax. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">The Fund primarily invests in investment grade debt obligations, but may invest to a limited extent in obligations that are rated below-investment grade (commonly referred to as “junk bonds”). </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">A Sub-adviser may sell a security for a variety of reasons, including, but not limited to, where the Sub-adviser believes selling the security will help the Fund to secure gains, limit losses, or redeploy assets into more promising opportunities, or the valuation is no longer attractive. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 0pt; text-align: left;">The Fund’s dollar-weighted average maturity, under normal circumstances, will range between three and thirteen years. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">In seeking to achieve its investment objective, the Fund may make significant investments in structured securities and also may invest, to a lesser extent, in futures contracts, options and swaps, all of which are considered to be derivative instruments, for both hedging and non-hedging purposes. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">The Fund’s investment adviser may engage in active trading and will not consider portfolio turnover a limiting factor in making decisions for the Fund. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">The Fund may also lend portfolio securities in an attempt to earn additional income. Any income realized through securities lending may help Fund performance. </div> Investing in any mutual fund involves the risk that you may lose part or all of the money you invest. <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Market Risk.<span style="font-style: normal; font-weight: normal;"> Market values of securities or other investments that the Fund holds will fall, sometimes rapidly or unpredictably, or fail to rise. Returns from the securities in which the Fund invests may underperform returns from the general securities markets or other types of securities. Markets may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Fixed Income Market Risk.<span style="font-style: normal; font-weight: normal;"> The prices of the Fund’s fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. Generally, the Fund’s fixed income securities will decrease in value if interest rates rise and vice versa. In a low interest rate environment, risks associated with rising rates are heightened. Declines in dealer market-making capacity as a result of structural or regulatory changes could decrease liquidity and/or increase volatility in the fixed income markets. In the case of foreign securities, price fluctuations will reflect international economic and political events, as well as changes in currency valuations relative to the U.S. dollar. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Interest Rate Risk.<span style="font-style: normal; font-weight: normal;"> The risk that debt instruments will change in value because of changes in interest rates. Generally, the value of the Fund’s fixed income securities will vary inversely with the direction of prevailing interest rates. Changing interest rates may have unpredictable effects on the markets and may affect the value and liquidity of instruments held by the Fund. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 10pt; margin-left: 0pt; text-align: left;">Municipal Securities Risk.<span style="font-style: normal; font-weight: normal;"> The risk that municipal securities may be subject to credit/default risk, interest rate risk and certain additional risks. The Fund may be more sensitive to adverse economic, business or political developments if it invests more than 25% of its assets in the debt securities of similar projects (such as those relating to education, healthcare, housing, transportation, and utilities), industrial development bonds, or in particular types of municipal securities (such as general obligation bonds, private activity bonds and moral obligation bonds). </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Credit Risk.<span style="font-style: normal; font-weight: normal;"> Credit risk refers to the possibility that the issuer of a debt security (i.e., the borrower) will not be able to make principal and interest payments when due. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also affect the value of the Fund’s investment in that issuer. The degree of credit risk depends on the issuer’s financial condition and on the terms of the securities. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Investment Style Risk.<span style="font-style: normal; font-weight: normal;"> Different investment styles tend to shift in and out of favor depending on market conditions and investor sentiment. A Sub-adviser’s approach to investing could cause it to underperform other managers that employ a different investment style. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Active Management Risk.<span style="font-style: normal; font-weight: normal;"> Due to the active management investment strategies used by the Fund’s Sub-advisers, the Fund could underperform its benchmark index and/or other funds with similar investment objectives and/or strategies. The Sub-advisers’ judgments about the attractiveness, value, or potential appreciation of the Fund’s investments may prove to be incorrect. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Liquidity Risk.<span style="font-style: normal; font-weight: normal;"> The risk that certain securities may be difficult or impossible to sell at the time and the price that the seller would like. The seller may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Tax Risk.<span style="font-style: normal; font-weight: normal;"> The risk that future legislative or administrative changes or court decisions may materially affect the value of municipal instruments or the ability of the Fund to pay tax-exempt dividends. The Fund may rely on the opinion of issuers’ bond counsel on the tax-exempt status of interest on municipal bond obligations. In such instances, neither the Fund nor the Sub-adviser will independently review the bases for those tax opinions, which may ultimately be determined to be incorrect and subject the Fund and its shareholders to substantial tax liabilities. Some of the Fund’s income distributions may be, and distributions of the Fund’s gains may be, subject to federal taxation. The Fund may realize taxable gains on the sale of its securities or other transactions, and some of the Fund’s income distributions may be subject to the AMT tax applicable to non-corporate shareholders. This may result in a lower tax-adjusted return. Additionally, distributions of the Fund’s income and gains generally will be subject to state taxation. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Securities Lending Risk.<span style="font-style: normal; font-weight: normal;"> The Fund may lose money from securities lending if, for example, it is delayed in or prevented from selling the collateral after the loan is made or recovering the securities loaned or if it incurs losses on the reinvestment of cash collateral. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Management Risk.<span style="font-style: normal; font-weight: normal;"> Securities held by the Fund may underperform those held by other funds investing in the same asset class or benchmarks that are representative of the asset class because of the Sub-advisers’ choice of securities. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Multi-Manager Risk.<span style="font-style: normal; font-weight: normal;"> The Adviser may be unable to identify and retain Sub-advisers who achieve superior investment returns relative to other similar Sub-advisers. In addition, the investment styles of the Sub-advisers may not complement each other as expected by the Adviser. The Fund may experience a higher portfolio turnover rate, which can increase the Fund’s transaction costs and more taxable short-term gains for shareholders. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">High Yield (Junk Bonds) Risk.<span style="font-style: normal; font-weight: normal;"> The risk that debt instruments rated below investment grade or debt instruments that are unrated and determined by a Sub-adviser to be of comparable quality are predominantly speculative. These instruments, commonly known as ‘junk bonds,’ have a higher degree of default risk and may be less liquid than higher-rated bonds. These instruments may be subject to greater price volatility due to such factors as specific corporate developments, interest rate sensitivity, negative perceptions of high yield investments generally, and less secondary market liquidity. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Prepayment Risk.<span style="font-style: normal; font-weight: normal;"> When interest rates fall, certain obligations will be paid off by the obligor more quickly than originally anticipated, and the Fund may have to invest the proceeds in securities with lower yields. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Extension Risk.<span style="font-style: normal; font-weight: normal;"> When interest rates rise, certain obligations will be paid off by the obligor more slowly than anticipated, causing the value of these obligations to fall. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Puerto Rico Investment Risk.<span style="font-style: normal; font-weight: normal;"> To the extent the Fund invests in Puerto Rico municipal securities, the Fund’s performance will be affected by the fiscal and economic health of the Commonwealth of Puerto Rico, its political subdivisions, </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 10pt; margin-left: 0pt; text-align: left;">municipalities, agencies and authorities and political and regulatory developments affecting Puerto Rico municipal issuers. Developments in Puerto Rico may adversely affect the securities held by the Fund. Unfavorable developments in any economic sector may have far-reaching ramifications on the overall Puerto Rico municipal market. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Investment Company and Exchange-Traded Funds (ETFs) Risk.<span style="font-style: normal; font-weight: normal;"> When the Fund invests in an investment company, including closed-end funds and ETFs, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the investment company’s expenses. Further, while the risks of owning shares of an investment company generally reflect the risks of owning the underlying investments of the investment company, the Fund may be subject to additional or different risks than if the Fund had invested directly in the underlying investments. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Derivatives Risk.<span style="font-style: normal; font-weight: normal;"> Derivatives, such as forwards, futures, options and swaps, involve risks different from, or possibly greater than, risks associated with investing directly in securities and other traditional investments. Specific risk issues related to the use of such derivatives include valuation and tax issues, increased potential for losses and/or costs to the Fund, and a potential reduction in gains to the Fund. Each of these issues is described in greater detail in this Prospectus. Derivatives may also involve other risks described in this Prospectus or the Fund’s Statement of Additional Information, such as market, interest rate, credit, counterparty, currency, liquidity and leverage risks. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">Your investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency entity or person. </div> Performance <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s Class I shares’ performance from year to year for the past eight calendar years and by showing how the Fund’s average annual returns for 1 year, 5 years, and since the Fund’s inception compare with those of a broad measure of market performance. The bar chart shows only the performance of the Fund’s Class I shares. Returns for Class Z shares would have been substantially similar to those of Class I shares and would have differed only to the extent that Class I shares have higher total annual fund operating expenses than Class Z shares. The Fund’s past performance, before and after taxes, does not necessarily indicate how the Fund will perform in the future. Current performance information is available at www.destinationsfunds.com or by calling 1-877-771-7979. </div> The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s Class I shares’ performance from year to year for the past eight calendar years and by showing how the Fund’s average annual returns for 1 year, 5 years, and since the Fund’s inception compare with those of a broad measure of market performance. The Fund’s past performance, before and after taxes, does not necessarily indicate how the Fund will perform in the future. www.destinationsfunds.com 1-877-771-7979 Annual Total Returns (%) as of December 31, 2025 <img alt="" src="a25563_chart8.jpg" style="height: 199px; width: 324px;"/> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 0pt; text-align: left;">The Fund’s best and worst calendar quarters<br/></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Best Quarter: 5.43% (December 31, 2023)<br/></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Worst Quarter: (4.99)% (March 31, 2022)<br/></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">The Fund’s Class I total return (pre-tax) from January 1, 2026 to March 31, 2026 was (0.09)%. </div> Best Quarter: 0.0543 2023-12-31 Worst Quarter: -0.0499 2022-03-31 The Fund’s Class I total return (pre-tax) from January 1, 2026 to March 31, 2026 2026-03-31 -0.0009 AVERAGE ANNUAL TOTAL RETURNS (For the periods ended December 31, 2025) <table cellpadding="0" class="BRDSX_fintab" style="width: 498pt; margin-left: auto; margin-right: auto; border-spacing: 0px;"> <tr class="BRDSX_boxspacer"> <td style="height: 6pt; width: 348pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 36pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 36pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 52.66pt;"> <div style="font-size: 1pt;"> </div></td></tr> <tr class="BRDSX_header"> <td style="width: 348pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">1 Year </div></td> <td style="width: 4.22pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">5 Years </div></td> <td style="width: 4.22pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 52.66pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Since Inception <br/></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">(03/20/2017) </div></td></tr> <tr> <td style="width: 348pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Return Before Taxes<br/></div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.26pt; text-align: left;"></div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.26pt; text-align: left;"></div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 52.66pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.58pt; text-align: left;"></div></td></tr> <tr> <td style="width: 348pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Class I </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.26pt; text-align: left;">3.58% </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.26pt; text-align: left;">0.70% </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 52.66pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.58pt; text-align: left;">1.72% </div></td></tr> <tr> <td style="width: 348pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Class Z* </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.26pt; text-align: left;">3.81% </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.26pt; text-align: left;">0.86% </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 52.66pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.58pt; text-align: left;">2.06% </div></td></tr> <tr> <td style="width: 348pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Return After Taxes on Distributions<br/></div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.26pt; text-align: left;"></div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.26pt; text-align: left;"></div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 52.66pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.58pt; text-align: left;"></div></td></tr> <tr> <td style="width: 348pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Class I </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.26pt; text-align: left;">3.58% </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.26pt; text-align: left;">0.69% </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 52.66pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.58pt; text-align: left;">1.66% </div></td></tr> <tr> <td style="width: 348pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Return After Taxes on Distributions and Sale of Fund Shares<br/></div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.26pt; text-align: left;"></div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.26pt; text-align: left;"></div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 52.66pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.58pt; text-align: left;"></div></td></tr> <tr> <td style="width: 348pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Class I </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.26pt; text-align: left;">3.27% </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.26pt; text-align: left;">1.07% </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 52.66pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.58pt; text-align: left;">1.75% </div></td></tr> <tr> <td style="width: 348pt; padding-top: 2.01pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-indent: -10pt; text-align: left;">ICE BofA US Municipal Securities 2-12 Year Index <span style="font-style: italic;">(reflects no deduction for fees, expenses, or taxes)</span></div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.26pt; text-align: left;">5.22% </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.26pt; text-align: left;">1.16% </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 52.66pt; padding-top: 2.01pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.58pt; text-align: left;">2.32%</div></td></tr> <tr class="BRDSX_boxspacer"> <td style="height: 2.75pt; width: 348pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 36pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 36pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 52.66pt;"> <div style="font-size: 1pt;"> </div></td></tr> </table> <div> <div class="BRDSX_rule-partial" style="height: 0pt; width: 108pt; border-bottom: 1pt solid #000000; margin-bottom: 1pt; margin-right: auto; margin-left: 0pt; margin-top: 9.75pt;"> </div></div> <table border="0" cellpadding="0" style="margin-top: 2pt; margin-left: 0pt; border-spacing: 0px;"> <tr> <td style="width: 20pt; text-align: left; vertical-align: top;"> <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">*<br/></div></td> <td style="vertical-align: top;"> <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;"> The Fund’s Class Z shares commenced operations on July 16, 2018. </div></td></tr> </table> 2017-03-20 0.0358 0.007 0.0172 0.0381 0.0086 0.0206 0.0358 0.0069 0.0166 0.0327 0.0107 0.0175 (reflects no deduction for fees, expenses, or taxes) 0.0522 0.0116 0.0232 2018-07-16 <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">The after-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an individual investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After tax returns are shown only for Class I and will vary for Class Z. </div> The after-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an individual investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After tax returns are shown only for Class I and will vary for Class Z. Investment objective <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 7.5pt; margin-left: 0pt; text-align: left;">Capital appreciation with reduced correlation to equity and fixed income markets. </div> Fund fees and expenses <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">This table describes the fees and expenses 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. </div> <table cellpadding="0" class="BRDSX_fintab" style="margin-top: 4pt; width: 498pt; margin-left: auto; margin-right: auto; border-spacing: 0px;"> <tr class="BRDSX_boxspacer"> <td style="height: 6pt; width: 389pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 9.25pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 9.25pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 36pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 9.25pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 9.25pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 36pt;"> <div style="font-size: 1pt;"> </div></td></tr> <tr class="BRDSX_header"> <td style="width: 389pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Annual Fund Operating Expenses <br/></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">(expenses that you pay each year as a percentage of the value of your investment)</div></td> <td style="width: 9.25pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 9.25pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Class I </div></td> <td style="width: 9.25pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 9.25pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Class Z </div></td></tr> <tr> <td style="width: 389pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Management Fees </div></td> <td style="width: 9.25pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 9.25pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="padding-left: 4.16pt;">1.35% </span></div></td> <td style="width: 9.25pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 9.25pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="padding-left: 4.16pt;">1.35% </span></div></td></tr> <tr> <td style="width: 389pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Distribution and Service (12b-1) Fees </div></td> <td style="width: 9.25pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 9.25pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;">None </div></td> <td style="width: 9.25pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 9.25pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;">None </div></td></tr> <tr> <td style="width: 389pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Dividend/Interest on Short Sales </div></td> <td style="width: 9.25pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 9.25pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="padding-left: 4.16pt;">0.03% </span></div></td> <td style="width: 9.25pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 9.25pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="padding-left: 4.16pt;">0.03% </span></div></td></tr> <tr> <td style="width: 389pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Other Expenses </div></td> <td style="width: 9.25pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 9.25pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="padding-left: 4.16pt;">0.24% </span></div></td> <td style="width: 9.25pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 9.25pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="padding-left: 4.16pt;">0.09% </span></div></td></tr> <tr> <td style="width: 389pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Acquired Fund Fees and Expenses (AFFE)*</div></td> <td style="width: 9.25pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 9.25pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="padding-left: 4.16pt;">0.07%</span></div></td> <td style="width: 9.25pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 9.25pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="padding-left: 4.16pt;">0.07% </span></div></td></tr> <tr> <td style="width: 389pt; padding-top: 2.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Total Annual Fund Operating Expenses </div></td> <td style="width: 9.25pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 9.25pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="padding-left: 4.16pt; border-bottom: 1pt solid #000000; padding-bottom: 3.5pt;">1.69</span><span style="padding-bottom: 3.5pt;">% </span></div></td> <td style="width: 9.25pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 9.25pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="padding-left: 4.16pt; border-bottom: 1pt solid #000000; padding-bottom: 3.5pt;">1.54</span><span style="padding-bottom: 3.5pt;">% </span></div></td></tr> <tr> <td style="width: 389pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Fee Waivers and Expense Reimbursements </div></td> <td style="width: 9.25pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 9.25pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="padding-left: 0.83pt; border-bottom: 1pt solid #000000; padding-bottom: 3.5pt;">(0.36</span><span style="padding-bottom: 3.5pt;">)%** </span></div></td> <td style="width: 9.25pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 9.25pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="padding-left: 0.83pt; border-bottom: 1pt solid #000000; padding-bottom: 3.5pt;">(0.36</span><span style="padding-bottom: 3.5pt;">)%** </span></div></td></tr> <tr> <td style="width: 389pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Total Annual Fund Operating Expenses Less Fee Waivers and Expense Reimbursements</div></td> <td style="width: 9.25pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 9.25pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="border-bottom: 1pt solid #000000; padding-bottom: 3.5pt;">​</span><span style="padding-left: 4.16pt; border-bottom: 1pt solid #000000; padding-bottom: 3.5pt;">1.33</span><span style="padding-bottom: 3.5pt;">% </span></div></td> <td style="width: 9.25pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 9.25pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="padding-left: 4.16pt; border-bottom: 1pt solid #000000; padding-bottom: 3.5pt;">1.18</span><span style="padding-bottom: 3.5pt;">%</span></div></td></tr> <tr class="BRDSX_boxspacer"> <td style="height: 2.75pt; width: 389pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 9.25pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 9.25pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 36pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 9.25pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 9.25pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 36pt;"> <div style="font-size: 1pt;"> </div></td></tr> </table> <div> <div class="BRDSX_rule-partial" style="height: 0pt; width: 108pt; border-bottom: 1pt solid #000000; margin-bottom: 1pt; margin-right: auto; margin-left: 0pt; margin-top: 10.25pt;"> </div></div> <table border="0" cellpadding="0" style="margin-top: 2pt; margin-left: 0pt; border-spacing: 0px;"> <tr> <td style="width: 20pt; text-align: left; vertical-align: top;"> <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">*<br/></div></td> <td style="vertical-align: top;"> <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;"> Because the Fund incurred AFFE during the most recent fiscal year, the operating expenses in this fee table will not correlate to the expense ratio in the Fund’s financial statements (or the “Financial Highlights” section in the prospectus), which does not take into account the indirect costs of investing in other investment companies. </div></td></tr> </table> <table border="0" cellpadding="0" style="margin-top: 3pt; margin-left: 0pt; border-spacing: 0px;"> <tr> <td style="width: 20pt; text-align: left; vertical-align: top;"> <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">**<br/></div></td> <td style="vertical-align: top;"> <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;"> The Fund’s adviser, Orion Portfolio Solutions, LLC d.b.a. Brinker Capital Investments (“the Adviser”), has contractually agreed to waive a portion of its management fee as necessary to keep the Fund’s management fee from exceeding 0.444% more than the total amount of sub-advisory fees paid by the Adviser. This fee waiver and reimbursement agreement shall remain in effect until June 30, 2027 and may be amended or terminated only with the consent of the Board of Trustees. </div></td></tr> </table> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0135 0.0135 0 0 0.0003 0.0003 0.0024 0.0009 0.0007 0.0007 0.0169 0.0154 -0.0036 -0.0036 0.0133 0.0118 Because the Fund incurred AFFE during the most recent fiscal year, the operating expenses in this fee table will not correlate to the expense ratio in the Fund’s financial statements (or the “Financial Highlights” section in the prospectus), which does not take into account the indirect costs of investing in other investment companies. 2027-06-30 Examples <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">These examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The examples assume 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 time periods. The examples also assume that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </div> <table cellpadding="0" class="BRDSX_fintab" style="width: 498pt; margin-left: auto; margin-right: auto; border-spacing: 0px;"> <tr class="BRDSX_boxspacer"> <td style="height: 6pt; width: 276pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 41.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 44.34pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 44.33pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 48.33pt;"> <div style="font-size: 1pt;"> </div></td></tr> <tr class="BRDSX_header"> <td style="width: 276pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td> <td style="width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 41.22pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">After 1 year </div></td> <td style="width: 5.47pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 44.34pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">After 3 years </div></td> <td style="width: 5.47pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 44.33pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">After 5 years </div></td> <td style="width: 5.47pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 48.33pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">After 10 years</div></td></tr> <tr> <td style="width: 276pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Class I Shares</div></td> <td style="width: 5.47pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 41.22pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10.62pt; text-align: left;">$136 </div></td> <td style="width: 5.47pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 44.34pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 12.17pt; text-align: left;">$499 </div></td> <td style="width: 5.47pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 44.33pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 12.17pt; text-align: left;">$887 </div></td> <td style="width: 5.47pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 48.33pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10.41pt; text-align: left;">$1,973 </div></td></tr> <tr> <td style="width: 276pt; padding-top: 2.01pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Class Z Shares</div></td> <td style="width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 41.22pt; padding-top: 2.01pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10.62pt; text-align: left;">$121 </div></td> <td style="width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 44.34pt; padding-top: 2.01pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 12.17pt; text-align: left;">$453 </div></td> <td style="width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 44.33pt; padding-top: 2.01pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 12.17pt; text-align: left;">$808 </div></td> <td style="width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 48.33pt; padding-top: 2.01pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10.41pt; text-align: left;">$1,809</div></td></tr> <tr class="BRDSX_boxspacer"> <td style="height: 2.75pt; width: 276pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 41.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 44.34pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 44.33pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 48.33pt;"> <div style="font-size: 1pt;"> </div></td></tr> </table> 136 499 887 1973 121 453 808 1809 Portfolio turnover <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transactions costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the above examples, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 55% of the average value of its portfolio. </div> 0.55 Principal investment strategies <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">The Fund, under normal market conditions, employs a strategy intended to generate long term growth across market cycles with reduced correlation to the equity and fixed income markets. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 10pt; margin-left: 0pt; text-align: left;">The Fund employs a “multi-manager” strategy whereby the Adviser allocates the Fund’s assets among professional money managers (each, a “Sub-adviser,” and collectively, the “Sub-advisers”), each of which is responsible for investing its allocated portion of the Fund’s assets. The Adviser may also invest a portion of the Fund’s assets in unaffiliated funds that are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), and that have investment objectives and principal investment strategies consistent with those of the Fund, including open-end funds, closed-end funds and exchange traded funds (ETFs), which may be passively managed (i.e., index-tracking) or actively managed. The Fund may specifically use ETFs to gain passive investment exposure, transitioning the Fund’s portfolio or awaiting an opportunity to purchase securities directly. When determining how to allocate the Fund’s assets between the unaffiliated funds and Sub-advisers, and among Sub-advisers, the Adviser considers a variety of factors. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">The unaffiliated funds or Sub-advisers that are employed may apply any of a variety of investment strategies, which may include: (i) directional or tactical strategies, such as long/short equity, long/short credit and global tactical asset allocation; (ii) event driven strategies, such as distressed securities, special situations and merger arbitrage; (iii) arbitrage strategies, such as fixed income or interest rate arbitrage, convertible arbitrage, and equity market neutral; (iv) global macro strategies; and (v) relative value credit strategies. A short sale involves the sale of a security that the Fund does not own in the expectation of purchasing the same security (or a security exchangeable therefore) at a later date at a lower price. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">The Fund invests primarily in U.S., foreign and emerging markets securities, equity securities of all types and capitalization ranges, investment and non-investment grade fixed income securities (junk bonds) of any duration or maturity issued by corporations or governments (including foreign governments), bank loans, commodities, currencies, warrants, depositary receipts, real estate investment trust (REITs), structured products, including mortgage-backed securities and collateralized loan obligations (CLOs), floating rate instruments, ETFs, exchange-traded notes and derivative instruments (which may involve leverage), principally, options, futures contracts, options on futures contracts, forward contracts and swap agreements. In addition, the Fund may invest in cash and cash equivalents, commercial paper, money market instruments and other short-term obligations to achieve its investment goal. An active management Sub-adviser will select securities based on its assessment of one or more of a variety of factors. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">The Fund may invest in publicly or private offered special purpose acquisition companies (“SPACs”) to the extent that a Sub-adviser believes that such investments will help the Fund to meet its investment objective. SPACs are collective investment structures that pool funds in order to seek potential acquisition opportunities. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">In selecting investments for purchase and sale, the Sub-advisers may seek investment opportunities where a catalyst has been identified that is expected to occur within the near to immediate term, generally within twelve months, to unlock the value embedded in the investment opportunity. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">The Fund may invest a significant portion of its assets in a particular geographic region or country, including emerging markets countries. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">The Fund may lend portfolio securities to earn additional income. Any income realized through securities lending may help Fund performance. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">A Sub-adviser may sell a security for a variety of reasons, such as where the Sub-adviser believes the Fund needs to generate cash to invest in more attractive opportunities, the average maturity of the Fund needs to be adjusted and the country or sector exposure needs to be altered. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;">Due to its investment strategy, the Fund may buy and sell securities and other instruments frequently. </div> Investing in any mutual fund involves the risk that you may lose part or all of the money you invest. <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Market Risk.<span style="font-style: normal; font-weight: normal;"> Market values of securities or other investments that the Fund holds will fall, sometimes rapidly or unpredictably, or fail to rise. Returns from the securities in which the Fund invests may underperform returns from the general securities markets or other types of securities. Markets may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 10pt; margin-left: 0pt; text-align: left;">perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Fixed Income Market Risk.<span style="font-style: normal; font-weight: normal;"> The prices of the Fund’s fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. Generally, the Fund’s fixed income securities will decrease in value if interest rates rise and vice versa. In a low interest rate environment, risks associated with rising rates are heightened. Declines in dealer market-making capacity as a result of structural or regulatory changes could decrease liquidity and/or increase volatility in the fixed income markets. In the case of foreign securities, price fluctuations will reflect international economic and political events, as well as changes in currency valuations relative to the U.S. dollar. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Equity Securities Risk.<span style="font-style: normal; font-weight: normal;"> The Fund is subject to the risk that stock prices will fall over short or extended periods of time. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by these companies may decline in response to such developments, which could result in a decline in the value of the Fund’s shares. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Credit Risk.<span style="font-style: normal; font-weight: normal;"> Credit risk refers to the possibility that the issuer of a debt security (i.e., the borrower) will not be able to make principal and interest payments when due. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also affect the value of the Fund’s investment in that issuer. The degree of credit risk depends on the issuer’s financial condition and on the terms of the securities. Credit spread risk is the risk that economic and market conditions or any actual or perceived credit deterioration may lead to an increase in the credit spreads (i.e., the difference in yield between two securities of similar maturity but different credit quality) and a decline in price of the issuer’s securities. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">High Yield (Junk Bonds) Risk.<span style="font-style: normal; font-weight: normal;"> The risk that debt instruments rated below investment grade or debt instruments that are unrated and determined by a Sub-adviser to be of comparable quality are predominantly speculative. These instruments, commonly known as ‘junk bonds,’ have a higher degree of default risk and may be less liquid than higher-rated bonds. These instruments may be subject to greater price volatility due to such factors as specific corporate developments, interest rate sensitivity, negative perceptions of high yield investments generally, and less secondary market liquidity. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Mortgage-Backed Securities Risk.<span style="font-style: normal; font-weight: normal;"> The risk that borrowers may default on their mortgage obligations or the guarantees underlying the mortgage-backed securities will default or otherwise fail and that, during periods of falling interest rates, mortgage-backed securities will be called or prepaid, which may result in the Fund having to reinvest proceeds in other investments at a lower interest rate. During periods of rising interest rates, the average life of a mortgage-backed security may extend, which may lock in a below-market interest rate, increase the security’s duration, and reduce the value of the security. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Small-Cap Securities Risk.<span style="font-style: normal; font-weight: normal;"> Small capitalization stocks may underperform other types of stocks or the equity market as a whole. Stocks of smaller companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies. Small companies may have limited product lines or financial resources, or may be dependent upon a small or inexperienced management group. In addition, small-cap stocks typically are traded in lower volume, are less liquid, and their issuers typically are subject to greater degrees of changes in their earnings and prospects. These risks may be heightened with respect to micro-cap companies. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Mid-Cap Securities Risk.<span style="font-style: normal; font-weight: normal;"> Mid-capitalization stocks tend to perform differently from other segments of the equity market or the equity market as a whole and can be more volatile than stocks of large-capitalization companies. Mid-capitalization companies may be newer or less established, and may have limited resources, products and markets, and may be less liquid. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Investment Company and Exchange-Traded Funds (ETFs) Risk.<span style="font-style: normal; font-weight: normal;"> When the Fund invests in an investment company, including closed-end funds and ETFs, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the investment company’s expenses. Further, while the risks of owning shares of an investment company generally reflect the risks of owning the underlying investments of the investment company, the Fund may be subject to additional or different risks than if the Fund had invested directly in the underlying investments. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Private Placement Risk.<span style="font-style: normal; font-weight: normal;"> A private placement involves the sale of securities that have not been registered under U.S. or foreign securities laws to certain institutional and qualified individual purchasers. In addition to the general risks to which all securities are subject, securities received in a private placement generally are subject to strict restrictions on resale, and </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 10pt; margin-left: 0pt; text-align: left;">there may be no liquid secondary market or ready purchaser for such securities. Securities sold through private placements are not publicly traded and, therefore, are less liquid. Companies seeking private placement investments tend to be in earlier stages of development and have not yet been fully tested in the public marketplace. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Event-Driven Risk.<span style="font-style: normal; font-weight: normal;"> Event-driven opportunities may not occur as anticipated, resulting in potentially reduced returns or losses to the Fund as it unwinds trades where those opportunities do not materialize as anticipated. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Derivatives Risk.<span style="font-style: normal; font-weight: normal;"> Derivatives, such as forwards, futures, options and swaps, involve risks different from, or possibly greater than, risks associated with investing directly in securities and other traditional investments. Specific risk issues related to the use of such derivatives include valuation and tax issues, increased potential for losses and/or costs to the Fund, and a potential reduction in gains to the Fund. Each of these issues is described in greater detail in this Prospectus. Derivatives may also involve other risks described in this Prospectus or the Fund’s Statement of Additional Information, such as market, interest rate, credit, counterparty, currency, liquidity and leverage risks. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Investment Style Risk.<span style="font-style: normal; font-weight: normal;"> Different investment styles tend to shift in and out of favor depending on market conditions and investor sentiment. A Sub-adviser’s approach to investing could cause it to underperform other managers that employ a different investment style. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Active Management Risk.<span style="font-style: normal; font-weight: normal;"> Due to the active management investment strategies used by the Fund’s Sub-advisers, the Fund could underperform its benchmark index and/or other funds with similar investment objectives and/or strategies. The Sub-advisers’ judgments about the attractiveness, value, or potential appreciation of the Fund’s investments may prove to be incorrect. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Hedging Risk.<span style="font-style: normal; font-weight: normal;"> Hedges are sometimes subject to imperfect matching between the derivative and the underlying security, and there can be no assurance that the Fund’s hedging transactions will be effective. In addition, the use of hedging may result in certain adverse tax consequences. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Short Sale Risk.<span style="font-style: normal; font-weight: normal;"> Positions in shorted securities are speculative and more risky than long positions (purchases) in securities. Short selling will also result in higher transaction costs (such as interest and dividends), and may result in higher taxes, which reduce the Fund’s return. Generally, the short sales in which the Fund may invest will not be “against the box,” meaning the Fund will not own the shorted security, so theoretically the potential loss resulting from short sales is unlimited. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Liquidity Risk.<span style="font-style: normal; font-weight: normal;"> The risk that certain securities may be difficult or impossible to sell at the time and the price that the seller would like. The seller may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Bank Loans Risk.<span style="font-style: normal; font-weight: normal;"> The market for corporate loans may be subject to irregular trading activity and wide bid/ask spreads. In addition, transactions in corporate loans may settle on a delayed basis. As a result, the proceeds from the sale of corporate loans may not be readily available to make additional investments or to meet the Fund’s redemption obligations. To the extent the extended settlement process gives rise to short-term liquidity needs, the Fund may hold additional cash, sell investments or temporarily borrow from banks and other lenders. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Senior Loans Risk.<span style="font-style: normal; font-weight: normal;"> Senior loans are business loans made to borrowers that may be corporations, partnerships or other entities. Investing in senior loans involves investment risk and some borrowers default on their senior loan repayments. The risks associated with senior loans are similar to the risks of junk bonds, although senior loans typically are senior and secured, whereas junk bonds often are subordinated and unsecured. An economic downturn generally leads to a higher non-payment rate, and a senior loan may lose significant value before a default occurs. No active trading market may exist for certain senior loans, which may impair the ability of the Fund to realize full value in the event of the need to sell a senior loan and which may make it difficult to value senior loans. Senior loans are subject to the risk that when sold, such sale may not settle in a timely manner, resulting in a settlement date that may be much later than the trade date. Delayed settlement interferes with the Fund’s ability to realize the proceeds of senior loan sales in a timely way. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Special Purpose Acquisition Companies Risks.<span style="font-style: normal; font-weight: normal;"> The Fund may, to the extent permitted by the 1940 Act and its investment policies, invest in special purpose acquisition companies (“SPACs”). Unless and until an acquisition is completed, a SPAC generally invests its assets (less an amount to cover expenses) in U.S. Government securities, money market fund securities and cash. SPACs and similar entities may be blank check companies with no operating history or ongoing business other than to seek a potential acquisition. Accordingly, the value of their securities is particularly dependent on the ability of the </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 10pt; margin-left: 0pt; text-align: left;">entity’s management to identify and complete a profitable acquisition. Certain SPACs may seek acquisitions only in limited industries or regions, which may increase the volatility of their prices. Investments in SPACs may be illiquid and/or be subject to restrictions on resale. To the extent the SPAC is invested in cash or similar securities, this may impact the Fund’s ability to meet its investment objective. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Tax Risk.<span style="font-style: normal; font-weight: normal;"> The investment in equity securities of SPACs introduces complexities beyond typical equity investments and may introduce tax risks to the Fund. In particular, certain non-U.S. SPACs may be treated as “passive foreign investment companies” (“PFICs”) under the Internal Revenue Code of 1986, as amended (the “Code”), thereby causing the Fund to be subject to special tax rules. If a SPAC is classified as a PFIC, the Fund may be subject to U.S. federal income tax on a portion of any “excess distribution” or gain from the disposition of shares in the PFIC even if such income is distributed as a taxable dividend by the Fund to its shareholders. Additional charges in the nature of interest may be imposed on the Fund in respect of deferred taxes arising from such distributions or gains unless the Fund makes certain elections. See “Taxes — The Funds and Their Investments — Foreign Investments” in the Statement of Additional Information for additional information. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Collateralized Loan Obligations (CLOs) Risk.<span style="font-style: normal; font-weight: normal;"> CLOs are securities backed by an underlying portfolio of loan obligations. CLOs issue classes or “tranches” that vary in risk and yield and may experience substantial losses due to actual defaults, decrease in market value due to collateral defaults and removal of subordinate tranches, market anticipation of defaults and investor aversion to CLO securities as a class. The risks of investing in CLOs depend largely on the tranche invested in and the type of the underlying debts and loans in the tranche of the CLO in which the Fund invests. CLOs also carry risks including, but not limited to, interest rate risk and credit risk, which are described below. For example, a liquidity crisis in the global credit markets could cause substantial fluctuations in prices for leveraged loans and limited liquidity for such instruments. When the Fund invests in CLOs, in addition to directly bearing the expenses associated with its own operations, it may bear a pro rata portion of the CLO’s expenses. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Foreign and Emerging Markets Securities Risk.<span style="font-style: normal; font-weight: normal;"> Foreign securities subject the Fund to the risks associated with investing in the particular country of an issuer, including the political, regulatory, economic, social, diplomatic and other conditions or events, as well as risks associated with less developed custody and settlement practices. Foreign securities may be more volatile and less liquid than securities of U.S. companies. The performance of the Fund may also be negatively impacted by fluctuations in a foreign currency’s strength or weakness relative to the U.S. dollar. Risks of foreign investment tend to be greater in emerging markets, which tend to be more likely to experience political turmoil or rapid change to market or economic conditions. Investments in emerging markets can involve additional and greater risks than the risks associated with investments in developed foreign markets. Emerging markets can have less developed markets, greater custody and operational risk, less developed legal, regulatory, and accounting systems, and greater political, social, and economic instability than developed markets. Frontier markets, considered by the Fund to be a subset of emerging markets, generally have smaller economies and less mature capital markets than emerging markets. As a result, the risks of investing in emerging market countries are magnified in frontier market countries. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Securities Lending Risk.<span style="font-style: normal; font-weight: normal;"> The Fund may lose money from securities lending if, for example, it is delayed in or prevented from selling the collateral after the loan is made or recovering the securities loaned or if it incurs losses on the reinvestment of cash collateral. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Asset-Backed Securities Risk.<span style="font-style: normal; font-weight: normal;"> The risk that borrowers may default on the obligations that underlie the asset-backed security and that, during periods of falling interest rates, asset-backed securities may be called or prepaid, which may result in the Fund having to reinvest proceeds in other investments at a lower interest rate, and the risk that the impairment of the value of the collateral underlying a security in which the Fund invests (due, for example, to non-payment of loans) will result in a reduction in the value of the security. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Convertible Securities Risk.<span style="font-style: normal; font-weight: normal;"> Convertible securities generally tend to be of lower credit quality, and the value of a convertible security may change with the value of the underlying common stock or changes in interest rates. A convertible security may also be subject to redemption at the option of the issuer at a price established in the convertible security’s governing instrument. If a convertible security held by the Fund is called for redemption, the Fund will be required to permit the issuer to redeem the security, convert it into the underlying common stock or sell it to a third party, which could result in a loss to the Fund. Additionally, the Fund could lose money if the issuer of a convertible security is unable to meet its financial obligations or declares bankruptcy. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 10pt; margin-left: 0pt; text-align: left;">Management Risk.<span style="font-style: normal; font-weight: normal;"> Securities held by the Fund may underperform those held by other funds investing in the same asset class or benchmarks that are representative of the asset class because of the Sub-advisers’ choice of securities. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Multi-Manager Risk.<span style="font-style: normal; font-weight: normal;"> The Adviser may be unable to identify and retain Sub-advisers who achieve superior investment returns relative to other similar Sub-advisers. In addition, the investment styles of the Sub-advisers may not complement each other as expected by the Adviser. The Fund may experience a higher portfolio turnover rate, which can increase the Fund’s transaction costs and more taxable short-term gains for shareholders. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Portfolio Turnover Risk.<span style="font-style: normal; font-weight: normal;"> Frequent buying and selling of investments may involve higher trading costs and other expenses and may affect the Fund’s performance over time. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Cash Position Risk.<span style="font-style: normal; font-weight: normal;"> To the extent the Fund holds assets in cash and cash equivalents, the ability of the Fund to meet its objective may be limited. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Interest Rate Risk.<span style="font-style: normal; font-weight: normal;"> The risk that debt instruments will change in value because of changes in interest rates. Generally, the value of the Fund’s fixed income securities will vary inversely with the direction of prevailing interest rates. Changing interest rates may have unpredictable effects on the markets and may affect the value and liquidity of instruments held by the Fund. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Extension Risk.<span style="font-style: normal; font-weight: normal;"> When interest rates rise, certain obligations will be paid off by the obligor more slowly than anticipated, causing the value of these obligations to fall. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Prepayment Risk.<span style="font-style: normal; font-weight: normal;"> When interest rates fall, certain obligations will be paid off by the obligor more quickly than originally anticipated, and the Fund may have to invest the proceeds in securities with lower yields. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Warrants Risk.<span style="font-style: normal; font-weight: normal;"> Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Warrants may be more speculative than other types of investments. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as capital loss. A warrant ceases to have value if it is not exercised prior to its expiration date. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Exchange-Traded Note (ETNs) Risk.<span style="font-style: normal; font-weight: normal;"> The Fund may invest in ETNs, which are notes representing unsecured debt of the issuer. ETNs are typically linked to the performance of an index plus a specified rate of interest that could be earned on cash collateral. The value of an ETN may be influenced by time to maturity, level of supply and demand for the ETN, volatility and lack of liquidity in underlying markets, changes in the applicable interest rates, changes in the issuer’s credit rating and economic, legal, political or geographic events that affect the referenced index. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">U.S. Government Securities Risk.<span style="font-style: normal; font-weight: normal;"> Certain securities in which the Fund may invest, including securities issued by certain U.S. Government agencies and U.S. Government sponsored enterprises, are not guaranteed by the U.S. Government or supported by the full faith and credit of the United States. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Sovereign Obligation Risk.<span style="font-style: normal; font-weight: normal;"> The issuer of the sovereign debt or the governmental authorities that control the repayment of the debt may be unable or unwilling to repay principal or interest when due, and the underlying funds may have limited recourse in the event of a default. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Currency Risk.<span style="font-style: normal; font-weight: normal;"> Exchange rates for currencies fluctuate daily. Accordingly, the Fund may experience volatility with respect to the value of its shares and its returns as a result of its exposure to foreign currencies through direct holdings of such currencies or holdings in non-U.S. dollar denominated securities. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Depositary Receipts Risk.<span style="font-style: normal; font-weight: normal;"> Because the Fund may invest in American Depositary Receipts (“ADRs”) and other domestically-traded securities of foreign companies, the Fund’s share price may be more affected by foreign economic and political conditions, taxation policies and accounting and auditing standards than would otherwise be the case. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Commercial Paper Risk.<span style="font-style: normal; font-weight: normal;"> Commercial paper is a short-term obligation with a maturity generally ranging from one to 270 days and is issued by U.S. or foreign companies or other entities in order to finance their current operations. Such investments are unsecured and usually discounted from their value at maturity. The value of commercial paper may be affected by changes in the credit rating or financial condition of the issuing entities and will tend to fall when interest rates rise and rise when interest rates fall. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Real Estate Investment Trusts (REITs) Risk.<span style="font-style: normal; font-weight: normal;"> REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund’s investments in REITs will be subject to the risks associated with the direct ownership of real </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 10pt; margin-left: 0pt; text-align: left;">estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">Your investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency entity or person. </div> Performance <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s Class I shares’ performance from year to year for the past eight calendar years and by showing how the Fund’s average annual returns for 1 year, 5 years, and since the Fund’s inception compare with those of a broad measure of market performance. The bar chart shows only the performance of the Fund’s Class I shares. Returns for Class Z shares would have been substantially similar to those of Class I shares and would have differed only to the extent that Class I shares have higher total annual fund operating expenses than Class Z shares. The Fund’s past performance, before and after taxes, does not necessarily indicate how the Fund will perform in the future. Current performance information is available at www.destinationsfunds.com or by calling 1-877-771-7979. </div> The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s Class I shares’ performance from year to year for the past eight calendar years and by showing how the Fund’s average annual returns for 1 year, 5 years, and since the Fund’s inception compare with those of a broad measure of market performance. The Fund’s past performance, before and after taxes, does not necessarily indicate how the Fund will perform in the future. www.destinationsfunds.com 1-877-771-7979 Annual Total Returns (%) as of December 31, 2025 <img alt="" src="a25563_chart9.jpg" style="height: 199px; width: 327px;"/> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;">The Fund’s best and worst calendar quarters<br/></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Best Quarter: 13.31% (June 30, 2020)<br/></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Worst Quarter: (12.18)% (March 31, 2020)<br/></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">The Fund’s Class I total return (pre-tax) from January 1, 2026 to March 31, 2026 was (1.13)%. </div> Best Quarter: 0.1331 2020-06-30 Worst Quarter: -0.1218 2020-03-31 The Fund’s Class I total return (pre-tax) from January 1, 2026 to March 31, 2026 2026-03-31 -0.0113 AVERAGE ANNUAL TOTAL RETURNS (For the periods ended December 31, 2025) <table cellpadding="0" class="BRDSX_fintab" style="width: 498pt; margin-left: auto; margin-right: auto; border-spacing: 0px;"> <tr class="BRDSX_boxspacer"> <td style="height: 6pt; width: 348pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 36pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 36pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 52.66pt;"> <div style="font-size: 1pt;"> </div></td></tr> <tr class="BRDSX_header"> <td style="width: 348pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">1 Year </div></td> <td style="width: 4.22pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">5 Years </div></td> <td style="width: 4.22pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 52.66pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Since Inception <br/></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">(03/20/2017) </div></td></tr> <tr> <td style="width: 348pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Return Before Taxes<br/></div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.26pt; text-align: left;"></div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.59pt; text-align: left;"></div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 52.66pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.58pt; text-align: left;"></div></td></tr> <tr> <td style="width: 348pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Class I </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.26pt; text-align: left;">5.41% </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.59pt; text-align: left;"><span style="padding-left: 3.33pt;">5.12% </span></div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 52.66pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.58pt; text-align: left;">4.92% </div></td></tr> <tr> <td style="width: 348pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Class Z* </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.26pt; text-align: left;">5.61% </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.59pt; text-align: left;"><span style="padding-left: 3.33pt;">5.30% </span></div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 52.66pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.58pt; text-align: left;">5.23% </div></td></tr> <tr> <td style="width: 348pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Return After Taxes on Distributions<br/></div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.26pt; text-align: left;"></div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.59pt; text-align: left;"></div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 52.66pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.58pt; text-align: left;"></div></td></tr> <tr> <td style="width: 348pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Class I </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.26pt; text-align: left;">3.39% </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.59pt; text-align: left;"><span style="padding-left: 3.33pt;">3.12% </span></div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 52.66pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.58pt; text-align: left;">3.20% </div></td></tr> <tr> <td style="width: 348pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Return After Taxes on Distributions and Sale of Fund Shares<br/></div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.26pt; text-align: left;"></div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.59pt; text-align: left;"></div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 52.66pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.58pt; text-align: left;"></div></td></tr> <tr> <td style="width: 348pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Class I </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.26pt; text-align: left;">3.31% </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.59pt; text-align: left;"><span style="padding-left: 3.33pt;">3.13% </span></div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 52.66pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.58pt; text-align: left;">3.12% </div></td></tr> <tr> <td style="width: 348pt; padding-top: 2.01pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">ICE BofA US Broad Market Index <span style="font-style: italic;">(reflects no deduction for fees, expenses, or </span><br/></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;"><span style="font-style: italic;">taxes)</span></div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.26pt; text-align: left;">7.15% </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.59pt; text-align: left;">(0.42)% </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 52.66pt; padding-top: 2.01pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.58pt; text-align: left;">1.94%</div></td></tr> <tr class="BRDSX_boxspacer"> <td style="height: 2.75pt; width: 348pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 36pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 36pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 4.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 52.66pt;"> <div style="font-size: 1pt;"> </div></td></tr> </table> <div> <div class="BRDSX_rule-partial" style="height: 0pt; width: 108pt; border-bottom: 1pt solid #000000; margin-bottom: 1pt; margin-right: auto; margin-left: 0pt; margin-top: 9.75pt;"> </div></div> <table border="0" cellpadding="0" style="margin-top: 2pt; margin-left: 0pt; border-spacing: 0px;"> <tr> <td style="width: 20pt; text-align: left; vertical-align: top;"> <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">*<br/></div></td> <td style="vertical-align: top;"> <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;"> The Fund’s Class Z shares commenced operations on July 16, 2018. </div></td></tr> </table> 2017-03-20 0.0541 0.0512 0.0492 0.0561 0.053 0.0523 0.0339 0.0312 0.032 0.0331 0.0313 0.0312 (reflects no deduction for fees, expenses, or taxes) 0.0715 -0.0042 0.0194 2018-07-16 <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">The after-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an individual investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After tax returns are shown only for Class I and will vary for Class Z. </div> The after-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an individual investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After tax returns are shown only for Class I and will vary for Class Z. Investment objective <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 7.5pt; margin-left: 0pt; text-align: left;">Capital appreciation with lower volatility than broad equity markets. </div> Fund fees and expenses <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">This table describes the fees and expenses 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. </div> <table cellpadding="0" class="BRDSX_fintab" style="margin-top: 4pt; width: 498pt; margin-left: auto; margin-right: auto; border-spacing: 0px;"> <tr class="BRDSX_boxspacer"> <td style="height: 6pt; width: 396pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 7.5pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 7.5pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 36pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 7.5pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 7.5pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 36pt;"> <div style="font-size: 1pt;"> </div></td></tr> <tr class="BRDSX_header"> <td style="width: 396pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Annual Fund Operating Expenses <br/></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">(expenses that you pay each year as a percentage of the value of your investment)</div></td> <td style="width: 7.5pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 7.5pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Class I </div></td> <td style="width: 7.5pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 7.5pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Class Z </div></td></tr> <tr> <td style="width: 396pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Management Fees </div></td> <td style="width: 7.5pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 7.5pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="padding-left: 4.16pt;">0.85% </span></div></td> <td style="width: 7.5pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 7.5pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="padding-left: 4.16pt;">0.85% </span></div></td></tr> <tr> <td style="width: 396pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Distribution and Service (12b-1) Fees </div></td> <td style="width: 7.5pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 7.5pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;">None </div></td> <td style="width: 7.5pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 7.5pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;">None </div></td></tr> <tr> <td style="width: 396pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Other Expenses </div></td> <td style="width: 7.5pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 7.5pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="padding-left: 4.16pt;">0.40% </span></div></td> <td style="width: 7.5pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 7.5pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="padding-left: 4.16pt;">0.25% </span></div></td></tr> <tr> <td style="width: 396pt; padding-top: 2.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Total Annual Fund Operating Expenses </div></td> <td style="width: 7.5pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 7.5pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="padding-left: 4.16pt; border-bottom: 1pt solid #000000; padding-bottom: 3.5pt;">1.25</span><span style="padding-bottom: 3.5pt;">%</span></div></td> <td style="width: 7.5pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 7.5pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="padding-left: 4.16pt; border-bottom: 1pt solid #000000; padding-bottom: 3.5pt;">1.10</span><span style="padding-bottom: 3.5pt;">% </span></div></td></tr> <tr> <td style="width: 396pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Fee Waivers and Expense Reimbursements </div></td> <td style="width: 7.5pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 7.5pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="padding-left: 0.83pt; border-bottom: 1pt solid #000000; padding-bottom: 3.5pt;">(0.06</span><span style="padding-bottom: 3.5pt;">)%* </span></div></td> <td style="width: 7.5pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 7.5pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="padding-left: 0.83pt; border-bottom: 1pt solid #000000; padding-bottom: 3.5pt;">(0.06</span><span style="padding-bottom: 3.5pt;">)%* </span></div></td></tr> <tr> <td style="width: 396pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Total Annual Fund Operating Expenses Less Fee Waivers and Expense Reimbursements </div></td> <td style="width: 7.5pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 7.5pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="border-bottom: 1pt solid #000000; padding-bottom: 3.5pt;">​</span><span style="padding-left: 4.16pt; border-bottom: 1pt solid #000000; padding-bottom: 3.5pt;">1.19</span><span style="padding-bottom: 3.5pt;">% </span></div></td> <td style="width: 7.5pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 7.5pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="padding-left: 4.16pt; border-bottom: 1pt solid #000000; padding-bottom: 3.5pt;">1.04</span><span style="padding-bottom: 3.5pt;">%</span></div></td></tr> <tr class="BRDSX_boxspacer"> <td style="height: 2.75pt; width: 396pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 7.5pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 7.5pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 36pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 7.5pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 7.5pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 36pt;"> <div style="font-size: 1pt;"> </div></td></tr> </table> <div> <div class="BRDSX_rule-partial" style="height: 0pt; width: 108pt; border-bottom: 1pt solid #000000; margin-bottom: 1pt; margin-right: auto; margin-left: 0pt; margin-top: 10.25pt;"> </div></div> <table border="0" cellpadding="0" style="margin-top: 2pt; margin-left: 0pt; border-spacing: 0px;"> <tr> <td style="width: 20pt; text-align: left; vertical-align: top;"> <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">*<br/></div></td> <td style="vertical-align: top;"> <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;"> The Fund’s adviser, Orion Portfolio Solutions, LLC d.b.a. Brinker Capital Investments (“the Adviser”), has contractually agreed to waive a portion of its management fee as necessary to keep the Fund’s management fee from exceeding 0.444% more than the total amount of sub-advisory fees paid by the Adviser. This fee waiver and reimbursement agreement shall remain in effect until June 30, 2027 and may be amended or terminated only with the consent of the Board of Trustees. </div></td></tr> </table> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0085 0.0085 0 0 0.004 0.0025 0.0125 0.011 -0.0006 -0.0006 0.0119 0.0104 2027-06-30 Examples <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">These examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The examples assume 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 time periods. The examples also assume that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </div> <table cellpadding="0" class="BRDSX_fintab" style="width: 498pt; margin-left: auto; margin-right: auto; border-spacing: 0px;"> <tr class="BRDSX_boxspacer"> <td style="height: 6pt; width: 276pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 41.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 44.34pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 44.33pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 48.33pt;"> <div style="font-size: 1pt;"> </div></td></tr> <tr class="BRDSX_header"> <td style="width: 276pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td> <td style="width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 41.22pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">After 1 year </div></td> <td style="width: 5.47pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 44.34pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">After 3 years </div></td> <td style="width: 5.47pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 44.33pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">After 5 years </div></td> <td style="width: 5.47pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 48.33pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">After 10 years </div></td></tr> <tr> <td style="width: 276pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Class I Shares </div></td> <td style="width: 5.47pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 41.22pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10.62pt; text-align: left;">$121 </div></td> <td style="width: 5.47pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 44.34pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 12.17pt; text-align: left;">$391 </div></td> <td style="width: 5.47pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 44.33pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 12.17pt; text-align: left;">$681 </div></td> <td style="width: 5.47pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 48.33pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10.41pt; text-align: left;">$1,506 </div></td></tr> <tr> <td style="width: 276pt; padding-top: 2.01pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Class Z Shares </div></td> <td style="width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 41.22pt; padding-top: 2.01pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10.62pt; text-align: left;">$106 </div></td> <td style="width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 44.34pt; padding-top: 2.01pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 12.17pt; text-align: left;">$344 </div></td> <td style="width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 44.33pt; padding-top: 2.01pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 12.17pt; text-align: left;">$600 </div></td> <td style="width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 48.33pt; padding-top: 2.01pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10.41pt; text-align: left;">$1,335</div></td></tr> <tr class="BRDSX_boxspacer"> <td style="height: 2.75pt; width: 276pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 41.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 44.34pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 44.33pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 48.33pt;"> <div style="font-size: 1pt;"> </div></td></tr> </table> 121 391 681 1506 106 344 600 1335 Portfolio turnover <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transactions costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the above examples, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 12% of the average value of its portfolio. </div> 0.12 Principal investment strategies <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">The Fund’s investment strategy seeks to provide capital appreciation through broad exposure to the equity markets with a lower volatility profile than long-only equity strategies, due to its implementation of a hedging strategy that uses index options to seek to limit the magnitude of negative returns during a declining equity market, thereby reducing the level of positive returns required to recoup losses (also referred to as drawdown risk). Insofar as the Fund’s investment strategy seeks to minimize investment losses during a declining equity market, it can be thought of as seeking to provide “shelter” to investors while weathering such market conditions. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">The Fund employs a “multi-manager” strategy whereby the Adviser allocates the Fund’s assets among one or more professional money managers (each, a “Sub-Adviser,” and collectively, the “Sub-Advisers”), each of which is responsible </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 10pt; margin-left: 0pt; text-align: left;">for investing its allocated portion of the Fund’s assets. The Adviser may also invest a portion of the Fund’s assets in unaffiliated funds that are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), and that have investment objectives and principal investment strategies consistent with those of the Fund, including open-end funds, closed-end funds and exchange traded funds (ETFs), which may be passively managed (i.e., index-tracking) or actively managed. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">To achieve its investment objective, the Fund may invest in equity securities (including U.S. and foreign common stocks, real estate investment trusts (REITs) and depositary receipts, including emerging markets); cash, cash equivalents, money market instruments and shares of money market funds; U.S. investment grade fixed income securities of various maturities, including U.S. government bonds; derivative instruments, including options on equity indexes, interest rate swaps, total return swaps, credit default swaps and futures; structured notes, and interests in unaffiliated funds. The Fund will use derivative investments primarily for hedging purposes. The Fund has the ability to invest in equity securities of issuers of various capitalizations, including small- and mid-cap issuers. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">The Fund will invest in a diversified portfolio of equity securities and will implement an option overlay strategy, pursuant to which it will systematically purchase and sell exchange-traded index put options and sell exchange-traded index call options. The Fund’s combination of equity exposure, downside protection from investments in put options, and income from the sale of index call options is designed to provide the Fund with investment returns associated with equity market investments, but with less risk and a lower volatility profile than traditional long-only equity strategies. As a trade-off for providing shelter during declining equity markets, the Fund is expected to underperform traditional long-only equity strategies in rising equity markets and is not expected to provide shelter from equity market downside during periods of low volatility. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 0pt; text-align: left;">The Fund may also lend portfolio securities in an attempt to earn additional income. </div> Investing in any mutual fund involves the risk that you may lose part or all of the money you invest. <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Market Risk.<span style="font-style: normal; font-weight: normal;"> Market values of securities or other investments that the Fund holds will fall, sometimes rapidly or unpredictably, or fail to rise. Returns from the securities in which the Fund invests typically will underperform positive returns from the equity markets. Markets may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Equity Securities Risk.<span style="font-style: normal; font-weight: normal;"> The Fund is subject to the risk that stock prices will fall over short or extended periods of time. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by these companies may decline in response to such developments, which could result in a decline in the value of the Fund’s shares. Low and minimum volatility equity securities tend not to appreciate or depreciate significantly over short periods of time. However, such securities may not necessarily protect against significant market declines, and they may limit participation in significant market gains. Because the Fund is designed to serve as a hedge against large equity market declines, the Fund could produce negative returns in years when equity markets are rising. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Small-Cap Securities Risk.<span style="font-style: normal; font-weight: normal;"> Small capitalization stocks may underperform other types of stocks or the equity market as a whole. Stocks of smaller companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies. In addition, small-cap stocks typically are traded in lower volume, are less liquid, and their issuers typically are subject to greater degrees of changes in their earnings and prospects. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Mid-Cap Securities Risk.<span style="font-style: normal; font-weight: normal;"> Mid-capitalization stocks tend to perform differently from other segments of the equity market or the equity market as a whole and can be more volatile than stocks of large-capitalization companies. Mid-capitalization companies may be newer or less established, and may have limited resources, products and markets, and may be less liquid. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Foreign and Emerging Markets Securities Risk.<span style="font-style: normal; font-weight: normal;"> Foreign securities subject the Fund to the risks associated with investing in the particular country of an issuer, including the political, regulatory, economic, social, diplomatic and other conditions or </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 10pt; margin-left: 0pt; text-align: left;">events, as well as risks associated with less developed custody and settlement practices. Foreign securities may be more volatile and less liquid than securities of U.S. companies. Investments in emerging markets can involve additional and greater risks than the risks associated with investments in developed foreign markets. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Fixed Income Market Risk<span style="font-style: normal;">.</span><span style="font-style: normal; font-weight: normal;"> The prices of the Fund’s fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. Generally, the Fund’s fixed income securities will decrease in value if interest rates rise and vice versa. In a low interest rate environment, risks associated with rising rates are heightened. In the case of foreign securities, price fluctuations will reflect international economic and political events, as well as changes in currency valuations relative to the U.S. dollar. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Management Risk.<span style="font-style: normal; font-weight: normal;"> Securities held by the Fund may underperform those held by other funds investing in the same asset class or benchmarks that are representative of the asset class because of the Sub-adviser’s choice of securities. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">U.S. Government Securities Risk.<span style="font-style: normal; font-weight: normal;"> Certain securities in which the Fund may invest, including securities issued by certain U.S. Government agencies and U.S. Government sponsored enterprises, are not guaranteed by the U.S. Government or supported by the full faith and credit of the United States. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Investment Company and Exchange-Traded Funds (ETFs) Risk.<span style="font-style: normal; font-weight: normal;"> When the Fund invests in an investment company, including closed-end funds and ETFs, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the investment company’s expenses. Further, while the risks of owning shares of an investment company generally reflect the risks of owning the underlying investments of the investment company, the Fund may be subject to additional or different risks than if the Fund had invested directly in the underlying investments. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Derivatives Risk.<span style="font-style: normal; font-weight: normal;"> Derivatives, such as futures, options and swaps, involve risks different from, or possibly greater than, risks associated with investing directly in securities and other traditional investments. The Fund will invest, in particular, in U.S. exchange-traded index options. Specific risk issues related to the use of such derivatives include valuation and tax issues, increased potential for losses and/or costs to the Fund, and a potential reduction in gains to the Fund. Each of these issues is described in greater detail in this Prospectus. Derivatives may also involve other risks described in this Prospectus or the Fund’s Statement of Additional Information, such as market, interest rate, credit, counterparty, currency, liquidity and leverage risks. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Structured Notes Risk.<span style="font-style: normal; font-weight: normal;"> The Fund may invest in structured notes, which are derivative debt securities, the interest rate or principal of which is determined by an unrelated indicator. Indexed securities include structured notes as well as securities other than debt securities, the interest rate or principal of which is determined by an unrelated indicator. Indexed securities may include a multiplier that multiplies the indexed element by a specified factor and, therefore, the value of such securities may be very volatile. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Interest Rate Risk.<span style="font-style: normal; font-weight: normal;"> The risk that debt instruments will change in value because of changes in interest rates. Generally, the value of the Fund’s fixed income securities will vary inversely with the direction of prevailing interest rates. Changing interest rates may have unpredictable effects on the markets and may affect the value and liquidity of instruments held by the Fund. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Depositary Receipts Risk.<span style="font-style: normal; font-weight: normal;"> Because the Fund may invest in American Depositary Receipts (“ADRs”) and other domestically-traded securities of foreign companies, the Fund’s share price may be more affected by foreign economic and political conditions, taxation policies and accounting and auditing standards than would otherwise be the case. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Currency Risk.<span style="font-style: normal; font-weight: normal;"> Exchange rates for currencies fluctuate daily. Accordingly, the Fund may experience volatility with respect to the value of its shares and its returns as a result of its exposure to foreign currencies through direct holdings of such currencies or holdings in non-U.S. dollar denominated securities. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Real Estate Investment Trust (REITs) Risk.<span style="font-style: normal; font-weight: normal;"> The performance of investments in real estate depends on the overall strength of the real estate market, the management of real estate investments trusts (REITs), and property management, all of which can be affected by a variety of factors, including national and regional economic conditions. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Hedging Risk.<span style="font-style: normal; font-weight: normal;"> Hedges are sometimes subject to imperfect matching between the derivative and the underlying security, and there can be no assurance that the Fund’s hedging transactions will be effective. In addition, the use of hedging may result in certain adverse tax consequences. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 10pt; margin-left: 0pt; text-align: left;">Liquidity Risk.<span style="font-style: normal; font-weight: normal;"> The risk that certain securities may be difficult or impossible to sell at the time and the price that the seller would like. The seller may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Securities Lending Risk.<span style="font-style: normal; font-weight: normal;"> The Fund may lose money from securities lending if, for example, it is delayed in or prevented from selling the collateral after the loan is made or recovering the securities loaned or if it incurs losses on the reinvestment of cash collateral. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">Your investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency entity or person. </div> Performance <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s Class I shares’ performance from year to year for the past four calendar years and by showing how the Fund’s average annual returns for 1 year and since the Fund’s inception compare with those of a broad measure of market performance. The bar chart shows only the performance of the Fund’s Class I shares. Returns for Class Z shares would have been substantially similar to those of Class I shares and would have differed only to the extent that Class I shares have higher total annual fund operating expenses than Class Z shares. The Fund’s past performance, before and after taxes, does not necessarily indicate how the Fund will perform in the future. Current performance information is available at www.destinationsfunds.com or by calling 1-877-771-7979.</div> The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s Class I shares’ performance from year to year for the past four calendar years and by showing how the Fund’s average annual returns for 1 year and since the Fund’s inception compare with those of a broad measure of market performance. The Fund’s past performance, before and after taxes, does not necessarily indicate how the Fund will perform in the future. www.destinationsfunds.com 1-877-771-7979 Annual Total Returns (%) as of December 31, 2025 <img alt="" src="a25563_chart10.jpg" style="height: 199px; width: 327px;"/> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 0pt; text-align: left;">The Fund’s best and worst calendar quarters<br/></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Best Quarter: 7.56% (March 31, 2024)<br/></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Worst Quarter: (9.45)% (June 30, 2022)<br/></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">The Fund’s Class I total return (pre-tax) from January 1, 2026 to March 31, 2026 was (4.47)%. </div> Best Quarter: 0.0756 2024-03-31 Worst Quarter: -0.0945 2022-06-30 The Fund’s Class I total return (pre-tax) from January 1, 2026 to March 31, 2026 2026-03-31 -0.0447 AVERAGE ANNUAL TOTAL RETURNS (For the periods ended December 31, 2025) <table cellpadding="0" class="BRDSX_fintab" style="width: 498pt; margin-left: auto; margin-right: auto; border-spacing: 0px;"> <tr class="BRDSX_boxspacer"> <td style="height: 6pt; width: 396pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 7.5pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 7.5pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 36pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 7.5pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 7.5pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 36pt;"> <div style="font-size: 1pt;"> </div></td></tr> <tr class="BRDSX_header"> <td style="width: 396pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td> <td style="width: 7.5pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 7.5pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">1 Year </div></td> <td style="width: 7.5pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 7.5pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Since Inception <br/></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">(10/26/2021) </div></td></tr> <tr> <td style="width: 396pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Return Before Taxes<br/></div></td> <td style="width: 7.5pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 7.5pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.75pt; text-align: left;"></div></td> <td style="width: 7.5pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 7.5pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.75pt; text-align: left;"></div></td></tr> <tr> <td style="width: 396pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Class I </div></td> <td style="width: 7.5pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 7.5pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.75pt; text-align: left;">11.23% </div></td> <td style="width: 7.5pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 7.5pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.75pt; text-align: left;"><span style="padding-left: 5pt;">7.17% </span></div></td></tr> <tr> <td style="width: 396pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Class Z* </div></td> <td style="width: 7.5pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 7.5pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.75pt; text-align: left;">11.43% </div></td> <td style="width: 7.5pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 7.5pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.75pt; text-align: left;"><span style="padding-left: 5pt;">7.04% </span></div></td></tr> <tr> <td style="width: 396pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Return After Taxes on Distributions<br/></div></td> <td style="width: 7.5pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 7.5pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.75pt; text-align: left;"></div></td> <td style="width: 7.5pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 7.5pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.75pt; text-align: left;"></div></td></tr> <tr> <td style="width: 396pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Class I </div></td> <td style="width: 7.5pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 7.5pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.75pt; text-align: left;">11.21% </div></td> <td style="width: 7.5pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 7.5pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.75pt; text-align: left;"><span style="padding-left: 5pt;">7.09% </span></div></td></tr> <tr> <td style="width: 396pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Return After Taxes on Distributions and Sale of Fund Shares<br/></div></td> <td style="width: 7.5pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 7.5pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.75pt; text-align: left;"></div></td> <td style="width: 7.5pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 7.5pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.75pt; text-align: left;"></div></td></tr> <tr> <td style="width: 396pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Class I </div></td> <td style="width: 7.5pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 7.5pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.75pt; text-align: left;"><span style="padding-left: 5pt;">6.66% </span></div></td> <td style="width: 7.5pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 7.5pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.75pt; text-align: left;"><span style="padding-left: 5pt;">5.59% </span></div></td></tr> <tr> <td style="width: 396pt; padding-top: 2.01pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Russell 1000 Index<span style="font-style: italic;"> (reflects no deduction for fees, expenses, or taxes)</span></div></td> <td style="width: 7.5pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 7.5pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.75pt; text-align: left;">17.37% </div></td> <td style="width: 7.5pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 7.5pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.75pt; text-align: left;">10.90%</div></td></tr> <tr class="BRDSX_boxspacer"> <td style="height: 2.75pt; width: 396pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 7.5pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 7.5pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 36pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 7.5pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 7.5pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 36pt;"> <div style="font-size: 1pt;"> </div></td></tr> </table> <div> <div class="BRDSX_rule-partial" style="height: 0pt; width: 108pt; border-bottom: 1pt solid #000000; margin-bottom: 1pt; margin-right: auto; margin-left: 0pt; margin-top: 9.75pt;"> </div></div> <table border="0" cellpadding="0" style="margin-top: 2pt; margin-left: 0pt; border-spacing: 0px;"> <tr> <td style="width: 20pt; text-align: left; vertical-align: top;"> <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">*<br/></div></td> <td style="vertical-align: top;"> <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;"> The Fund’s Class Z shares commenced operations on November 3, 2021. </div></td></tr> </table> 2021-10-26 0.1123 0.0717 0.1143 0.0704 0.1121 0.0709 0.0666 0.0559 (reflects no deduction for fees, expenses, or taxes) 0.1737 0.109 2021-11-03 <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">The after-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an individual investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After tax returns are shown only for Class I and will vary for Class Z. </div> The after-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an individual investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After tax returns are shown only for Class I and will vary for Class Z. Investment objective <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 7.5pt; margin-left: 0pt; text-align: left;">Long term capital appreciation. </div> Fund fees and expenses <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">This table describes the fees and expenses 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. </div> <table cellpadding="0" class="BRDSX_fintab" style="margin-top: 4pt; width: 498pt; margin-left: auto; margin-right: auto; border-spacing: 0px;"> <tr class="BRDSX_boxspacer"> <td style="height: 6pt; width: 389pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 9.25pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 9.25pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 36pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 9.25pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 9.25pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 36pt;"> <div style="font-size: 1pt;"> </div></td></tr> <tr class="BRDSX_header"> <td style="width: 389pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Annual Fund Operating Expenses <br/></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">(expenses that you pay each year as a percentage of the value of your investment)</div></td> <td style="width: 9.25pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 9.25pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Class I </div></td> <td style="width: 9.25pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 9.25pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Class Z </div></td></tr> <tr> <td style="width: 389pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Management Fees </div></td> <td style="width: 9.25pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 9.25pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="padding-left: 4.16pt;">1.00% </span></div></td> <td style="width: 9.25pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 9.25pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="padding-left: 4.16pt;">1.00% </span></div></td></tr> <tr> <td style="width: 389pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Distribution and Service (12b-1) Fees </div></td> <td style="width: 9.25pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 9.25pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;">None </div></td> <td style="width: 9.25pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 9.25pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;">None </div></td></tr> <tr> <td style="width: 389pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Other Expenses</div></td> <td style="width: 9.25pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 9.25pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="padding-left: 4.16pt;">0.39% </span></div></td> <td style="width: 9.25pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 9.25pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="padding-left: 4.16pt;">0.24% </span></div></td></tr> <tr> <td style="width: 389pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Acquired Fund Fees and Expenses (AFFE)*</div></td> <td style="width: 9.25pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 9.25pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="padding-left: 4.16pt;">0.04% </span></div></td> <td style="width: 9.25pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 9.25pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="padding-left: 4.16pt;">0.04% </span></div></td></tr> <tr> <td style="width: 389pt; padding-top: 2.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Total Annual Fund Operating Expenses</div></td> <td style="width: 9.25pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 9.25pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="padding-left: 4.16pt; border-bottom: 1pt solid #000000; padding-bottom: 3.5pt;">1.43</span><span style="padding-bottom: 3.5pt;">% </span></div></td> <td style="width: 9.25pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 9.25pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="padding-left: 4.16pt; border-bottom: 1pt solid #000000; padding-bottom: 3.5pt;">1.28</span><span style="padding-bottom: 3.5pt;">% </span></div></td></tr> <tr> <td style="width: 389pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Fee Waivers and Expense Reimbursements </div></td> <td style="width: 9.25pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 9.25pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="padding-left: 0.83pt; border-bottom: 1pt solid #000000; padding-bottom: 3.5pt;">(0.25</span><span style="padding-bottom: 3.5pt;">)%** </span></div></td> <td style="width: 9.25pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 9.25pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="padding-left: 0.83pt; border-bottom: 1pt solid #000000; padding-bottom: 3.5pt;">(0.25</span><span style="padding-bottom: 3.5pt;">)%** </span></div></td></tr> <tr> <td style="width: 389pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Total Annual Fund Operating Expenses Less Fee Waivers and Expense Reimbursements </div></td> <td style="width: 9.25pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 9.25pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="border-bottom: 1pt solid #000000; padding-bottom: 3.5pt;">​</span><span style="padding-left: 4.16pt; border-bottom: 1pt solid #000000; padding-bottom: 3.5pt;">1.18</span><span style="padding-bottom: 3.5pt;">% </span></div></td> <td style="width: 9.25pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 9.25pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.17pt; text-align: left;"><span style="padding-left: 4.16pt; border-bottom: 1pt solid #000000; padding-bottom: 3.5pt;">1.03</span><span style="padding-bottom: 3.5pt;">%</span></div></td></tr> <tr class="BRDSX_boxspacer"> <td style="height: 2.75pt; width: 389pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 9.25pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 9.25pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 36pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 9.25pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 9.25pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 36pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td></tr> </table> <div> <div class="BRDSX_rule-partial" style="height: 0pt; width: 108pt; border-bottom: 1pt solid #000000; margin-bottom: 1pt; margin-right: auto; margin-left: 0pt; margin-top: 10.25pt;"> </div></div> <table border="0" cellpadding="0" style="margin-top: 2pt; margin-left: 0pt; border-spacing: 0px;"> <tr> <td style="width: 20pt; text-align: left; vertical-align: top;"> <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">*<br/></div></td> <td style="vertical-align: top;"> <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;"> Because the Fund incurred AFFE during the most recent fiscal year, the operating expenses in this fee table will not correlate to the expense ratio in the Fund’s financial statements (or the “Financial Highlights” section in the prospectus), which does not take into account the indirect costs of investing in other investment companies. </div></td></tr> </table> <table border="0" cellpadding="0" style="margin-top: 3pt; margin-left: 0pt; border-spacing: 0px;"> <tr> <td style="width: 20pt; text-align: left; vertical-align: top;"> <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">**<br/></div></td> <td style="vertical-align: top;"> <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;"> The Fund’s adviser, Orion Portfolio Solutions, LLC d.b.a. Brinker Capital Investments (“the Adviser”), has contractually agreed to waive a portion of its management fee as necessary to keep the Fund’s management fee from exceeding 0.444% more than the total amount of sub-advisory fees paid by the Adviser. This fee waiver and reimbursement agreement shall remain in effect until June 30, 2027 and may be amended or terminated only with the consent of the Board of Trustees. </div></td></tr> </table> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.01 0.01 0 0 0.0039 0.0024 0.0004 0.0004 0.0143 0.0128 -0.0025 -0.0025 0.0118 0.0103 Because the Fund incurred AFFE during the most recent fiscal year, the operating expenses in this fee table will not correlate to the expense ratio in the Fund’s financial statements (or the “Financial Highlights” section in the prospectus), which does not take into account the indirect costs of investing in other investment companies. 2027-06-30 Examples <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">These examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The examples assume 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 time periods. The examples also assume that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </div> <table cellpadding="0" class="BRDSX_fintab" style="width: 498pt; margin-left: auto; margin-right: auto; border-spacing: 0px;"> <tr class="BRDSX_boxspacer"> <td style="height: 6pt; width: 276pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 41.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 44.34pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 44.33pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 48.33pt;"> <div style="font-size: 1pt;"> </div></td></tr> <tr class="BRDSX_header"> <td style="width: 276pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td> <td style="width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 41.22pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">After 1 year </div></td> <td style="width: 5.47pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 44.34pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">After 3 years </div></td> <td style="width: 5.47pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 44.33pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">After 5 years </div></td> <td style="width: 5.47pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 48.33pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">After 10 years </div></td></tr> <tr> <td style="width: 276pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Class I Shares </div></td> <td style="width: 5.47pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 41.22pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10.62pt; text-align: left;">$120 </div></td> <td style="width: 5.47pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 44.34pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 12.17pt; text-align: left;">$428 </div></td> <td style="width: 5.47pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 44.33pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 12.17pt; text-align: left;">$758 </div></td> <td style="width: 5.47pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 48.33pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10.41pt; text-align: left;">$1,692 </div></td></tr> <tr> <td style="width: 276pt; padding-top: 2.01pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Class Z Shares </div></td> <td style="width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 41.22pt; padding-top: 2.01pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10.62pt; text-align: left;">$105 </div></td> <td style="width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 44.34pt; padding-top: 2.01pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 12.17pt; text-align: left;">$381 </div></td> <td style="width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 44.33pt; padding-top: 2.01pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 12.17pt; text-align: left;">$678 </div></td> <td style="width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 48.33pt; padding-top: 2.01pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10.41pt; text-align: left;">$1,523</div></td></tr> <tr class="BRDSX_boxspacer"> <td style="height: 2.75pt; width: 276pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 41.22pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 44.34pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 44.33pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 5.47pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 48.33pt;"> <div style="font-size: 1pt;"> </div></td></tr> </table> 120 428 758 1692 105 381 678 1523 Portfolio turnover <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transactions costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the above examples, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 92% of the average value of its portfolio. </div> 0.92 Principal investment strategies <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">The Fund will invest, under normal market conditions, at least 80% of its net assets (including any borrowings for investment purposes) in “real assets.” The term “real assets” is defined broadly by the Fund to include any assets that have physical properties, such as energy, materials, natural resources, industrials, utilities or real estate (including real estate </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 10pt; margin-left: 0pt; text-align: left;">investment trusts (“REITs”)) as well as direct or indirect exposure to commodities (e.g., commodity-linked derivative instruments), subject to limitations of applicable law. The Fund’s 80% policy is not fundamental and can be changed upon 60 days’ prior notice to shareholders. The Fund will concentrate its assets in the real assets sector. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">Under normal market conditions, the Fund will invest at least 25% of the value of its total assets (as measured at the time of purchase) in the securities of issuers that derive a significant portion of their profits and revenues (at least 20%) from the energy, materials, industrials or utilities sectors and at least 25% of the value of its total assets (as measured at the time of purchase) in the securities of issuers that derive a significant portion of their profits and revenues (at least 20%) from the real estate sector. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">Companies in natural resources industries include companies principally engaged in the discovery, development, production, or distribution of natural resources; the development of technologies for the production or efficient use of natural resources; or the furnishing of related supplies or services. Natural resources may include, for example, energy sources, precious and other metals, forest products, real estate, food and agriculture, and other basic commodities. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">The Fund may invest in derivatives for both hedging and non-hedging purposes. The Fund’s derivative investments may include: (i) futures contracts, including futures based on securities and/or indices, interest rate futures, currency futures and swap futures; (ii) swaps, including currency, interest rate, total return, variance, credit default and security and/or index swaps, and swaps on futures contracts; (iii) options, including long and short positions in call options and put options on indices, individual securities or currencies, swaptions and options on futures contracts; (iv) forward contracts, including forwards based on securities and/or indices, currency forwards, interest rate forwards, swap forwards and non-deliverable forwards; and (v) other instruments, including structured securities, exchange-traded notes, and contracts for differences (“CFDs”). As a result of the Fund’s use of derivatives, the Fund may also hold U.S. Treasuries or short-term investments, including money market funds, repurchase agreements, cash and time deposits. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">The Fund employs a “multi-manager” strategy whereby the Adviser allocates the Fund’s assets among professional money managers (each, a “Sub-adviser,” and collectively, the “Sub-advisers”), each of which is responsible for investing its allocated portion of the Fund’s assets. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">The Adviser may also invest a portion of the Fund’s assets in unaffiliated funds that are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), and that have investment objectives and principal investment strategies consistent with those of the Fund, including open-end funds, closed-end funds and exchange traded funds (ETFs), which may be passively managed (i.e., index-tracking) or actively managed. When determining how to allocate the Fund’s assets between unaffiliated funds and Sub-advisers, and among Sub-advisers, the Adviser considers a variety of factors. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">The Adviser and/or Sub-adviser may invest the Fund’s assets in securities of issuers of all capitalizations located anywhere in the world, including emerging markets. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">The Fund is non-diversified and holds a larger portion of its assets in a smaller number of issuers. The Fund will likely hold a more limited number of securities than many other mutual funds. However, the Fund intends to satisfy the asset diversification requirements for qualification as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), as described in detail in the “Taxes” section of the Statement of Additional Information. If a Sub-Adviser is unable to find suitable investments for the entire portion of its portfolio, any uninvested assets may be held in cash or cash equivalents. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">The Fund may lend portfolio securities to earn additional income. Any income realized through securities lending may help the Fund’s performance. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">A Sub-adviser may sell a security for a variety of reasons, including, but not limited to, where the Sub-adviser believes selling the security will help the Fund to secure gains, limit losses, or redeploy assets into more promising opportunities, or the valuation is no longer attractive. </div> Investing in any mutual fund involves the risk that you may lose part or all of the money you invest. <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Real Assets Risk. <span style="font-style: normal; font-weight: normal;">Investments in the energy, materials, industrials, utilities and real estate sectors involve a high degree of risk, including significant financial, operating, and competitive risks. Investments in REITs and MLPs expose the Fund to adverse macroeconomic conditions, such as changes and volatility in commodity prices, a rise in interest rates or a downturn in the economy in which the asset is located, elevating the risk of loss. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Market Risk. <span style="font-style: normal; font-weight: normal;">Market values of securities or other investments that the Fund holds will fall, sometimes rapidly or unpredictably, or fail to rise. Returns from the securities in which the Fund invests may underperform returns from the general securities markets or other types of securities. Markets may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Concentration Risk. <span style="font-style: normal; font-weight: normal;">Concentrating investments in the real assets sector increases the risk of loss because the stocks of many or all of the companies in the sector may decline in value due to developments adversely affecting the sector. In particular, the Fund’s investments will be concentrated in companies that conduct their principal business activities in the energy and other natural resources groups of industries. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Equity Securities Risk. <span style="font-style: normal; font-weight: normal;">The Fund is subject to the risk that stock prices will fall over short or extended periods of time. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by these companies may decline in response to such developments, which could result in a decline in the value of the Fund’s shares. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Foreign Securities and Emerging Markets Risk. <span style="font-style: normal; font-weight: normal;">Foreign securities subject the Fund to the risks associated with investing in the particular country of an issuer, including the political, regulatory, economic, social, diplomatic and other conditions or events, as well as risks associated with less developed custody and settlement practices. Foreign securities may be more volatile and less liquid than securities of U.S. companies. The performance of the Fund may also be negatively impacted by fluctuations in a foreign currency’s strength or weakness relative to the U.S. dollar. Risks of foreign investment tend to be greater in emerging markets, which tend to be more likely to experience political turmoil or rapid change to market or economic conditions. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Investment Company and Exchange-Traded Funds (ETFs) Risk. <span style="font-style: normal; font-weight: normal;">When the Fund invests in an investment company, including open-end funds, closed-end funds and ETFs, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the investment company’s expenses. Further, while the risks of owning shares of an investment company generally reflect the risks of owning the underlying investments of the investment company, the Fund may be subject to additional or different risks than if the Fund had invested directly in the underlying investments. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Commodity Investments Risk. <span style="font-style: normal; font-weight: normal;">The market price of commodity investments may be volatile due to fluctuating demand, supply disruption, speculation, and other factors. Certain commodity investments may have no active trading market at times. The value of commodities investments will generally be affected by overall market movements and factors specific to a particular industry or commodity, which may include weather, pandemics, epidemics, embargoes, tariffs, and health, political, international and regulatory developments. Economic and other events (whether real or perceived) can reduce the demand for commodities, which may reduce market prices and cause the value of shares of the Fund to fall. Exposure to commodities and commodities markets may subject the fund to greater volatility than investments in traditional securities. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Currency Risk. <span style="font-style: normal; font-weight: normal;">Exchange rates for currencies fluctuate daily. Accordingly, the Fund may experience volatility with respect to the value of its shares and its returns as a result of its exposure to foreign currencies through direct holdings of such currencies or holdings in non-U.S. dollar denominated securities. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Investment Style Risk. <span style="font-style: normal; font-weight: normal;">Different investment styles tend to shift in and out of favor depending on market conditions and investor sentiment. A Sub-adviser’s approach to investing could cause it to underperform other managers that employ a different investment style. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Active Management Risk. <span style="font-style: normal; font-weight: normal;">Due to the active management investment strategies used by the Fund’s Sub-advisers, the Fund could underperform its benchmark index and/or other funds with similar investment objectives and/or strategies. The Sub-advisers’ judgments about the attractiveness, value, or potential appreciation of the Fund’s investments may prove to be incorrect. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 10pt; margin-left: 0pt; text-align: left;">Natural Resources Investment Risk. <span style="font-style: normal; font-weight: normal;">Investment in companies in natural resources industries can be significantly affected by (often rapid) changes in supply of, or demand for, various natural resources. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Real Estate Investment Trusts (REITs) Risk. <span style="font-style: normal; font-weight: normal;">REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund’s investments in REITs will be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Mid-Cap Securities Risk. <span style="font-style: normal; font-weight: normal;">Mid-capitalization stocks tend to perform differently from other segments of the equity market or the equity market as a whole, and can be more volatile than stocks of large-capitalizations companies. Mid-capitalization companies may be newer or less established, and may have limited resources, products and markets, and may be less liquid. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Small-Cap Securities Risk. <span style="font-style: normal; font-weight: normal;">Small capitalization stocks may underperform other types of stocks or the equity market as a whole. Stocks of smaller companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies. Small companies may have limited product lines or financial resources, or may be dependent upon a small or inexperienced management group. In addition, small-cap stocks typically are traded in lower volume, are less liquid, and their issuers typically are subject to greater degrees of changes in their earnings and prospects. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Liquidity Risk. <span style="font-style: normal; font-weight: normal;">The risk that certain securities may be difficult or impossible to sell at the time and the price that the seller would like. The seller may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Securities Lending Risk. <span style="font-style: normal; font-weight: normal;">The Fund may lose money from securities lending if, for example, it is delayed in or prevented from selling the collateral after the loan is made or recovering the securities loaned or if it incurs losses on the reinvestment of cash collateral. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Management Risk. <span style="font-style: normal; font-weight: normal;">Securities held by the Fund may underperform those held by other funds investing in the same asset class or benchmarks that are representative of the asset class because of the Sub-advisers’ choice of securities. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Multi-Manager Risk. <span style="font-style: normal; font-weight: normal;">The Adviser may be unable to identify and retain Sub-advisers who achieve superior investment returns relative to other similar Sub-advisers. In addition, the investment styles of the Sub-advisers may not complement each other as expected by the Adviser. The Fund may experience a higher portfolio turnover rate, which can increase the Fund’s transaction costs and more taxable short-term gains for shareholders. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Non-Diversified Risk. <span style="font-style: normal; font-weight: normal;">As a non-diversified fund, the Fund may invest a larger portion of its assets in a smaller number of issuers. This could make the Fund more susceptible to economic or credit risks than a diversified fund. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">MLP Risk. <span style="font-style: normal; font-weight: normal;">MLPs often own several properties or businesses (or own interests) that are related to oil and gas industries or other natural resources, but they also may finance other projects. To the extent that an MLP’s interests are all in a particular industry, the MLP will be negatively impacted by economic events adversely impacting the industry. Additional risks of investing in an MLP also include those involved in investing in a partnership as opposed to a corporation, such as limited control of management, limited voting rights and tax risks. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Derivatives Risk. <span style="font-style: normal; font-weight: normal;">Derivatives, such as forwards, futures, options and swaps, involve risks different from, or possibly greater than, risks associated with investing directly in securities and other traditional investments. Specific risk issues related to the use of such derivatives include valuation and tax issues, increased potential for losses and/or costs to the Fund, and a potential reduction in gains to the Fund. Each of these issues is described in greater detail in this Prospectus. Derivatives may also involve other risks described in this Prospectus or the Fund’s Statement of Additional Information, such as market, interest rate, credit, counterparty, currency, liquidity and leverage risks. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">Your investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency entity or person. </div> Performance <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">From February 1, 2021 through November 13, 2024, the Fund was not an active component in the advisory models that are implemented through the Destinations Funds. During that time, the Fund had de minimis assets that consisted entirely of cash and the Adviser was the sole beneficial owner of the Fund’s shares.  </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s Class I shares’ performance from year to year for the past eight calendar years and by showing how the Fund’s average annual returns for 1 year, 5 years, and since the Fund’s inception compare with those of a broad measure of market performance. The bar chart shows only the performance of the Fund’s Class I shares. Returns for Class Z shares would have been substantially similar to those of Class I shares and would have differed only to the extent that Class I shares have higher total annual fund operating expenses than Class Z shares. The Fund’s past performance, before and after taxes, does not necessarily indicate how the Fund will perform in the future. Current performance information is available at www.destinationsfunds.com or by calling 1-877-771-7979. </div> The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s Class I shares’ performance from year to year for the past eight calendar years and by showing how the Fund’s average annual returns for 1 year, 5 years, and since the Fund’s inception compare with those of a broad measure of market performance. The Fund’s past performance, before and after taxes, does not necessarily indicate how the Fund will perform in the future. www.destinationsfunds.com 1-877-771-7979 Annual Total Returns (%) as of December 31, 2025 <img alt="" src="a25563_chart11.jpg" style="height: 199px; width: 327px;"/> <table border="0" cellpadding="0" style="margin-top: 2pt; margin-left: 0pt; border-spacing: 0px;"> <tr> <td style="width: 20pt; text-align: left; vertical-align: top;"> <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">*<br/></div></td> <td style="vertical-align: top;"> <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">As described above, from February 1, 2021 through November 13, 2024, the Fund’s portfolio consisted entirely of cash. </div></td></tr> </table> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;">The Fund’s best and worst calendar quarters<br/></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Best Quarter: 20.39% (June 30, 2020)<br/></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Worst Quarter: (38.69)% (March 31, 2020)<br/></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">The Fund’s Class I total return (pre-tax) from January 1, 2026 to March 31, 2026 was 10.16%. </div> Best Quarter: 0.2039 2020-06-30 Worst Quarter: -0.3869 2020-03-31 The Fund’s Class I total return (pre-tax) from January 1, 2026 to March 31, 2026 2026-03-31 0.1016 AVERAGE ANNUAL TOTAL RETURNS* (For the periods ended December 31, 2025) <table border="0" cellpadding="0" style="margin-top: 3pt; margin-left: 0pt; border-spacing: 0px;"> <tr> <td style="width: 20pt; text-align: left; vertical-align: top;"> <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">*<br/></div></td> <td style="vertical-align: top;"> <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">From February 1, 2021 through November 13, 2024, the Fund’s portfolio consisted entirely of cash. </div></td></tr> </table> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 7.5pt; margin-left: 0pt; text-align: left;"> </div> <table cellpadding="0" class="BRDSX_fintab" style="width: 498pt; margin-left: auto; margin-right: auto; border-spacing: 0px;"> <tr class="BRDSX_boxspacer"> <td style="height: 6pt; width: 352pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 3.56pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 3.56pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 36pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 3.56pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 3.56pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 36pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 3.56pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 3.56pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 6pt; width: 52.66pt;"> <div style="font-size: 1pt;"> </div></td></tr> <tr class="BRDSX_header"> <td style="width: 352pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td> <td style="width: 3.56pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 3.56pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">1 Year </div></td> <td style="width: 3.56pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 3.56pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">5 Years </div></td> <td style="width: 3.56pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 3.56pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 52.66pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Since Inception <br/></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">(03/20/2017) </div></td></tr> <tr> <td style="width: 352pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Return Before Taxes<br/></div></td> <td style="width: 3.56pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 3.56pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.75pt; text-align: left;"></div></td> <td style="width: 3.56pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 3.56pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.76pt; text-align: left;"></div></td> <td style="width: 3.56pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 3.56pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 52.66pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 13.42pt; text-align: left;"></div></td></tr> <tr> <td style="width: 352pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Class I </div></td> <td style="width: 3.56pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 3.56pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.75pt; text-align: left;">19.12% </div></td> <td style="width: 3.56pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 3.56pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.76pt; text-align: left;"><span style="padding-left: 5pt;">3.32% </span></div></td> <td style="width: 3.56pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 3.56pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 52.66pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 13.42pt; text-align: left;"><span style="padding-left: 5pt;">(8.86)% </span></div></td></tr> <tr> <td style="width: 352pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Class Z* </div></td> <td style="width: 3.56pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 3.56pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.75pt; text-align: left;">19.61% </div></td> <td style="width: 3.56pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 3.56pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.76pt; text-align: left;"><span style="padding-left: 5pt;">3.40% </span></div></td> <td style="width: 3.56pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 3.56pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 52.66pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 13.42pt; text-align: left;"><span style="padding-left: 5pt;">(9.93)% </span></div></td></tr> <tr> <td style="width: 352pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Return After Taxes on Distributions<br/></div></td> <td style="width: 3.56pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 3.56pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.75pt; text-align: left;"></div></td> <td style="width: 3.56pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 3.56pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.76pt; text-align: left;"></div></td> <td style="width: 3.56pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 3.56pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 52.66pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 13.42pt; text-align: left;"></div></td></tr> <tr> <td style="width: 352pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Class I </div></td> <td style="width: 3.56pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 3.56pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.75pt; text-align: left;">17.88% </div></td> <td style="width: 3.56pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 3.56pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.76pt; text-align: left;"><span style="padding-left: 5pt;">0.98% </span></div></td> <td style="width: 3.56pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 3.56pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 52.66pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 13.42pt; text-align: left;">(10.71)% </div></td></tr> <tr> <td style="width: 352pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Return After Taxes on Distributions and Sale of Fund Shares<br/></div></td> <td style="width: 3.56pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 3.56pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.75pt; text-align: left;"></div></td> <td style="width: 3.56pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 3.56pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.76pt; text-align: left;"></div></td> <td style="width: 3.56pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 3.56pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 52.66pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 13.42pt; text-align: left;"></div></td></tr> <tr> <td style="width: 352pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Class I </div></td> <td style="width: 3.56pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 3.56pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.75pt; text-align: left;">11.77% </div></td> <td style="width: 3.56pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 3.56pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.76pt; text-align: left;"><span style="padding-left: 5pt;">1.54% </span></div></td> <td style="width: 3.56pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 3.56pt; background-color: #D2F7FA;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 52.66pt; padding-top: 2.01pt; padding-bottom: 2.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 13.42pt; text-align: left;"><span style="padding-left: 5pt;">(6.49)% </span></div></td></tr> <tr> <td style="width: 352pt; padding-top: 2.01pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">FTSE All World Developed Index<span style="font-style: italic;"> (reflects no deduction for fees, expenses, or taxes)</span></div></td> <td style="width: 3.56pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 3.56pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.75pt; text-align: left;">22.25% </div></td> <td style="width: 3.56pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 3.56pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 36pt; padding-top: 2.01pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.76pt; text-align: left;">11.97% </div></td> <td style="width: 3.56pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 3.56pt;"> <div style="font-size: 1pt;"> </div></td> <td style="width: 52.66pt; padding-top: 2.01pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 13.42pt; text-align: left;"><span style="padding-left: 3.33pt;">12.04%</span></div></td></tr> <tr class="BRDSX_boxspacer"> <td style="height: 2.75pt; width: 352pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 3.56pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 3.56pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 36pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 3.56pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 3.56pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 36pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 3.56pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 3.56pt;"> <div style="font-size: 1pt;"> </div></td> <td style="height: 2.75pt; width: 52.66pt;"> <div style="font-size: 1pt;"> </div></td></tr> </table> <div> <div class="BRDSX_rule-partial" style="height: 0pt; width: 108pt; border-bottom: 1pt solid #000000; margin-bottom: 1pt; margin-right: auto; margin-left: 0pt; margin-top: 9.75pt;"> </div></div> <table border="0" cellpadding="0" style="margin-top: 2pt; margin-left: 0pt; border-spacing: 0px;"> <tr> <td style="width: 20pt; text-align: left; vertical-align: top;"> <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">**<br/></div></td> <td style="vertical-align: top;"> <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">The Fund’s Class Z shares commenced operations on July 16, 2018. </div></td></tr> </table> 2017-03-20 0.1912 0.0332 -0.0886 0.1961 0.034 -0.0993 0.1788 0.0098 -0.1071 0.1177 0.0154 -0.0649 (reflects no deduction for fees, expenses, or taxes) 0.2225 0.1197 0.1204 2018-07-16 <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 10pt; margin-left: 0pt; text-align: left;">The after-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an individual investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After tax returns are shown only for Class I and will vary for Class Z. </div> The after-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an individual investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After tax returns are shown only for Class I and will vary for Class Z. -0.0597 0.2870 0.2114 0.2080 -0.188 0.2485 0.2124 0.1481 -0.0757 0.3078 0.2362 0.2730 -0.1983 0.1162 0.1508 0.1404 -0.1439 0.2507 0.2340 0.0140 -0.2092 0.1554 0.0194 0.3048 -0.0543 0.2178 -0.0411 0.2241 -0.0109 0.0508 0.1327 0.1932 -0.0003 0.0693 0.0470 -0.0132 -0.1406 0.0594 0.0227 0.0655 0.0177 0.0363 0.0152 0.0570 -0.0148 0.0819 0.0608 0.0577 -0.0035 0.0665 0.0359 0.0527 -0.0507 0.0905 0.0803 0.0722 0.0072 0.0586 0.0390 -0.0014 -0.0617 0.0457 0.0205 0.0358 -0.0365 0.0893 0.1001 0.0522 -0.0345 0.1282 0.0623 0.0541 -0.1598 0.1720 0.1948 0.1123 -0.4183 -0.2602 -0.1488 0.0315 0.0000 0.0000 -0.0422 0.1912 485BPOS 0001688680 false 2026-02-28 The Fund’s adviser, Orion Portfolio Solutions, LLC d.b.a. Brinker Capital Investments (“the Adviser”), has contractually agreed to waive a portion of its management fee as necessary to keep the Fund’s management fee from exceeding 0.444% more than the total amount of sub-advisory fees paid by the Adviser. This fee waiver and reimbursement agreement shall remain in effect until June 30, 2027 and may be amended or terminated only with the consent of the Board of Trustees. The Fund’s Class Z shares commenced operations on July 16, 2018. The Fund’s adviser, Orion Portfolio Solutions, LLC d.b.a. Brinker Capital Investments (“the Adviser”), has contractually agreed to waive a portion of its management fee as necessary to keep the Fund’s management fee from exceeding 0.444% more than the total amount of sub-advisory fees paid by the Adviser. This fee waiver and reimbursement agreement shall remain in effect until June 30, 2027 and may be amended or terminated only with the consent of the Board of Trustees. Because the Fund incurred AFFE during the most recent fiscal year, the operating expenses in this fee table will not correlate to the expense ratio in the Fund’s financial statements (or the “Financial Highlights” section in the prospectus), which does not take into account the indirect costs of investing in other investment companies. The Fund’s Class Z shares commenced operations on July 16, 2018. The Fund’s adviser, Orion Portfolio Solutions, LLC d.b.a. Brinker Capital Investments (“the Adviser”), has contractually agreed to waive a portion of its management fee as necessary to keep the Fund’s management fee from exceeding 0.444% more than the total amount of sub-advisory fees paid by the Adviser. This fee waiver and reimbursement agreement shall remain in effect until June 30, 2027 and may be amended or terminated only with the consent of the Board of Trustees. Because the Fund incurred AFFE during the most recent fiscal year, the operating expenses in this fee table will not correlate to the expense ratio in the Fund’s financial statements (or the “Financial Highlights” section in the prospectus), which does not take into account the indirect costs of investing in other investment companies. The Fund’s Class Z shares commenced operations on July 16, 2018. The Fund’s adviser, Orion Portfolio Solutions, LLC d.b.a. Brinker Capital Investments (“the Adviser”), has contractually agreed to waive a portion of its management fee as necessary to keep the Fund’s management fee from exceeding 0.444% more than the total amount of sub-advisory fees paid by the Adviser. This fee waiver and reimbursement agreement shall remain in effect until June 30, 2027 and may be amended or terminated only with the consent of the Board of Trustees. Because the Fund incurred AFFE during the most recent fiscal year, the operating expenses in this fee table will not correlate to the expense ratio in the Fund’s financial statements (or the “Financial Highlights” section in the prospectus), which does not take into account the indirect costs of investing in other investment companies. The Fund’s Class Z shares commenced operations on July 16, 2018 The Fund’s adviser, Orion Portfolio Solutions, LLC d.b.a. Brinker Capital Investments (“the Adviser”), has contractually agreed to waive a portion of its management fee as necessary to keep the Fund’s management fee from exceeding 0.444% more than the total amount of sub-advisory fees paid by the Adviser. This fee waiver and reimbursement agreement shall remain in effect until June 30, 2027 and may be amended or terminated only with the consent of the Board of Trustees. The Fund’s Class Z shares commenced operations on July 16, 2018. Because the Fund incurred AFFE during the most recent fiscal year, the operating expenses in this fee table will not correlate to the expense ratio in the Fund’s financial statements (or the “Financial Highlights” section in the prospectus), which does not take into account the indirect costs of investing in other investment companies. The Fund’s adviser, Orion Portfolio Solutions, LLC d.b.a. Brinker Capital Investments (“the Adviser”), has contractually agreed to waive a portion of its management fee as necessary to keep the Fund’s management fee from exceeding 0.444% more than the total amount of sub-advisory fees paid by the Adviser. This fee waiver and reimbursement agreement shall remain in effect until June 30, 2027 and may be amended or terminated only with the consent of the Board of Trustees. The Fund’s Class Z shares commenced operations on July 16, 2018. The Fund’s adviser, Orion Portfolio Solutions, LLC d.b.a. Brinker Capital Investments (“the Adviser”), has contractually agreed to waive a portion of its management fee as necessary to keep the Fund’s management fee from exceeding 0.444% more than the total amount of sub-advisory fees paid by the Adviser. This fee waiver and reimbursement agreement shall remain in effect until June 30, 2027 and may be amended or terminated only with the consent of the Board of Trustees. The Fund’s Class Z shares commenced operations on July 16, 2018. The Fund’s adviser, Orion Portfolio Solutions, LLC d.b.a. Brinker Capital Investments (“the Adviser”), has contractually agreed to waive a portion of its management fee as necessary to keep the Fund’s management fee from exceeding 0.444% more than the total amount of sub-advisory fees paid by the Adviser. This fee waiver and reimbursement agreement shall remain in effect until June 30, 2027 and may be amended or terminated only with the consent of the Board of Trustees. The Fund’s Class Z shares commenced operations on July 16, 2018. Because the Fund incurred AFFE during the most recent fiscal year, the operating expenses in this fee table will not correlate to the expense ratio in the Fund’s financial statements (or the “Financial Highlights” section in the prospectus), which does not take into account the indirect costs of investing in other investment companies. The Fund’s adviser, Orion Portfolio Solutions, LLC d.b.a. Brinker Capital Investments (“the Adviser”), has contractually agreed to waive a portion of its management fee as necessary to keep the Fund’s management fee from exceeding 0.444% more than the total amount of sub-advisory fees paid by the Adviser. This fee waiver and reimbursement agreement shall remain in effect until June 30, 2027 and may be amended or terminated only with the consent of the Board of Trustees. The Fund’s Class Z shares commenced operations on July 16, 2018. The Fund’s adviser, Orion Portfolio Solutions, LLC d.b.a. Brinker Capital Investments (“the Adviser”), has contractually agreed to waive a portion of its management fee as necessary to keep the Fund’s management fee from exceeding 0.444% more than the total amount of sub-advisory fees paid by the Adviser. This fee waiver and reimbursement agreement shall remain in effect until June 30, 2027 and may be amended or terminated only with the consent of the Board of Trustees. The Fund’s Class Z shares commenced operations on November 3, 2021. Because the Fund incurred AFFE during the most recent fiscal year, the operating expenses in this fee table will not correlate to the expense ratio in the Fund’s financial statements (or the “Financial Highlights” section in the prospectus), which does not take into account the indirect costs of investing in other investment companies. The Fund’s adviser, Orion Portfolio Solutions, LLC d.b.a. Brinker Capital Investments (“the Adviser”), has contractually agreed to waive a portion of its management fee as necessary to keep the Fund’s management fee from exceeding 0.444% more than the total amount of sub-advisory fees paid by the Adviser. This fee waiver and reimbursement agreement shall remain in effect until June 30, 2027 and may be amended or terminated only with the consent of the Board of Trustees.