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oef:RiskLoseMoneyMember 2026-07-03 2026-07-03 0000831114 rbbfund:S000001097Member oef:RiskLoseMoneyMember 2026-07-03 2026-07-03 iso4217:USD pure false 485BPOS 2026-07-03 0000831114 N-1A THE RBB FUND, INC. 2026-07-03 SUMMARY SECTION — BOSTON PARTNERS ALL-CAP VALUE FUND Investment Objective <p id="xdx_A88_eoef--ObjectivePrimaryTextBlock_z7MQODLSVH3f" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">The Boston Partners All-Cap Value Fund (the “Fund”) seeks long-term growth of capital and outperformance of its benchmark net of fees.</p> Expenses and Fees <p id="xdx_A84_eoef--ExpenseNarrativeTextBlock_zFBWtGULkiKc" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. <b>You may be required to pay commissions and/or other forms of compensation to a broker for transactions in shares of the Fund, which are not reflected in the tables or the examples below.</b></p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0070 0.0070 0.0070 0 0.0025 0 0.0015 0.0015 0.0009 0.0085 0.0110 0.0079 -0.0005 -0.0005 -0.0005 0.0080 0.0105 0.0074 “Other Expenses” are estimated for R6 Class shares for the current fiscal year. December 31, 2027 Example <p id="xdx_A85_eoef--ExpenseExampleNarrativeTextBlock_zxLMrDbYZQJ2" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $100,000 in Institutional Class shares, $10,000 in Investor Class, or $1,000,000 in R6 Class shares of the Fund for the time periods indicated and that you hold or sell all of your shares at the end of the period. The Example also assumes that your investment has a 5% return each year and that the operating expenses of the Fund remain the same (taking into account the contractual expense limitation until its expiration). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> 817 2662 4665 10443 107 345 601 1336 7558 24732 43382 97328 Portfolio Turnover <p id="xdx_A86_eoef--PortfolioTurnoverTextBlock_zXaoKkPqhx7e" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Total annual Fund operating expenses or in the Example, affect the Fund’s performance. During the fiscal year ended August 31, 2025, the portfolio turnover rate for the Fund was <span id="xdx_902_eoef--PortfolioTurnoverRate_c20260703__20260703__dei--LegalEntityAxis__custom--S000001106Member_zUkZbiFVFu2k">37%</span> of the average value of its portfolio.</p> 0.37 Summary of Principal Investment Strategies <p id="xdx_A89_eoef--StrategyNarrativeTextBlock_zzC2Am8c4SUg" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">The Fund pursues its objective by investing, under normal circumstances, at least 80% of its net assets (including borrowings for investment purposes) in a diversified portfolio consisting primarily of equity securities, such as common stocks of issuers across the capitalization spectrum and identified by the Adviser as having value characteristics.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">The Adviser examines various factors in determining the value characteristics of such issuers including price to book value ratios and price to earnings ratios. These value characteristics are examined in the context of the issuer’s operating and financial fundamentals, such as return on equity and earnings growth and cash flow. The Adviser selects securities for the Fund based on a continuous study of trends in industries and companies, earnings power and growth and other investment criteria.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">The Adviser will sell a stock when it no longer meets one or more investment criteria, either through obtaining target value or due to an adverse change in fundamentals or business momentum. Each holding has a target valuation established at purchase, which the Adviser constantly monitors and adjusts as appropriate.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">The Fund may also invest up to 20% of its total assets in non U.S. dollar-denominated securities.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">The Fund may invest up to 15% of its net assets in illiquid investments, including investments that are illiquid by virtue of the absence of a readily available market or legal or contractual restrictions on resale.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">The Fund may participate as a purchaser in initial public offerings of securities ("IPO"). An IPO is a company’s first offering of stock to the public.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">The Fund may invest up to 10% of its net assets in securities that can be converted into common stock, such as certain debt securities and preferred stock.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">The Fund may hedge overall portfolio exposure up to 40% of its net assets through the purchase and sale of index and individual put and call options.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">In general, the Fund’s investments are broadly diversified over a number of industries and, as a matter of policy, the Fund is limited to investing less than 25% of its total assets in any one industry.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">While the Adviser intends to fully invest the Fund’s assets at all times in accordance with the above-mentioned policies, the Fund reserves the right to hold up to 100% of its assets, as a temporary defensive measure, in cash and eligible U.S. dollar-denominated money market instruments and make investments inconsistent with its investment objective. The Adviser will determine when market conditions warrant temporary defensive measures.</p> You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b><span id="xdx_91C_ecustom--ConvertibleSecuritiesRiskMember_zKD1Xf1F3MAe">Convertible Securities Risk</span>.</b> Securities that can be converted into common stock, such as certain securities and preferred stock, are subject to the usual risks associated with fixed income investments, such as interest rate risk and credit risk. In addition, because they react to changes in the value of the equity securities into which they will convert, convertible securities are also subject to the risks associated with equity securities.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b><span id="xdx_910_ecustom--CyberSecurityRiskMember_zbHxHBqFQ2Z4">Cyber Security Risk</span>. </b>Cyber security risk is the risk of an unauthorized breach and access to Fund assets, Fund or customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring that causes the Fund, the Adviser, custodian, transfer agent, distributor and other service providers and financial intermediaries to suffer data breaches, data corruption or lose operational functionality or prevent Fund investors from purchasing, redeeming or exchanging shares or receiving distributions. The use of artificial intelligence and machine learning could exacerbate these risks.The Fund and the Adviser have limited ability to prevent or mitigate cyber security incidents affecting third-party service providers and such third-party service providers may have limited indemnification obligations to the Fund or the Adviser. Successful cyber-attacks or other cyber-failures or events affecting the Fund or its service providers may adversely impact and cause financial losses to the Fund or its shareholders. Issuers of securities in which the Fund invests are also subject to cyber security risks, and the value of these securities could decline if the issuers experience cyber-attacks or other cyber-failures.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b><span id="xdx_915_ecustom--EquitySecuritiesRiskMember_zTO0BmAWY0Z2">Equity Securities Risk</span>.</b> The Fund may invest in, or have exposure to, equity securities. Equity securities tend to be more volatile than other investment choices, such as debt and money market instruments. The value of your investment may decrease in response to overall stock market movements or the value of individual securities.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b><span id="xdx_91C_ecustom--ForeignCustodyRiskMember_zAQ47ql1fPza">Foreign Custody Risk</span>. </b>The Fund may hold foreign securities and cash with foreign banks, agents, and securities depositories appointed by the Fund’s custodian (each a “Foreign Custodian”). Some Foreign Custodians may be recently organized or new to the foreign custody business. In some countries, Foreign Custodians may be subject to little or no regulatory oversight over or independent evaluation of their operations. Further, the laws of certain countries may place limitations on the Fund’s ability to recover its assets if a Foreign Custodian enters bankruptcy. Investments in emerging markets may be subject to even greater custody risks than investments in more developed markets. Custody services in emerging market countries are very often undeveloped and may be considerably less well-regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b><span id="xdx_910_ecustom--ForeignSecuritiesRiskMember_zeVjBZlWIvl3">Foreign Securities Risk</span>.</b> International investing may be subject to special risks, including, but not limited to, currency exchange rate volatility, political, social or economic instability, less publicly available information, less stringent investor protections, and differences in taxation, auditing and other financial practices. Foreign securities in which the Fund invests may be traded in markets that close before the time that the Fund calculates its net asset value ("NAV"). Furthermore, certain foreign securities in which the Fund invests may be listed on foreign exchanges that trade on weekends or other days when the Fund does not calculate its NAV. As a result, the value of the Fund’s holdings may change on days when shareholders are not able to purchase or redeem the Fund’s shares.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b><span id="xdx_914_ecustom--IlliquidInvestmentsRiskMember_zLVC4bilG5ji">Illiquid Investments Risk</span>.</b> Investing in illiquid investments is subject to certain risks, such as limitations on resale and uncertainty in determining valuation. Limitations on resale may adversely affect the marketability of portfolio securities and the Fund might be unable to dispose of restricted or other illiquid investments promptly or at reasonable prices and might thereby experience difficulty satisfying redemptions within seven days. The Fund might, in order to dispose of restricted securities, have to register securities resulting in additional expense and delay. Adverse market conditions could impede such a public offering of such securities.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b><span id="xdx_91F_ecustom--IpoRiskMember_zLsnlJ1Xl8Wa">IPO Risk</span>.</b> IPO risk is the risk that the market value of IPO shares will fluctuate considerably due to certain factors, such as the absence of a prior public market, unseasoned trading, the small number of shares available for trading and limited information about the issuer. The purchase of IPO shares may involve high transaction costs. IPO shares are subject to market risk and liquidity risk. When the Fund’s asset base is small, a significant portion of the Fund’s performance could be attributable to investments in IPOs, because such investments would have a magnified impact on the Fund. As the Fund’s assets grow, the effect of the Fund’s investments in IPOs on the Fund’s performance probably will decline, which could reduce the Fund’s performance. Because of the price volatility of IPO shares, the Fund may choose to hold IPO shares for a very short period of time. This may increase the turnover of the Fund’s portfolio and may lead to increased expenses to the Fund, such as commissions and transaction costs. In addition, the Adviser cannot guarantee continued access to IPOs.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b><span id="xdx_912_ecustom--LargeCapCompaniesRiskMember_zZ0EN1eTFTAh">Large-Cap Companies Risk</span></b>. The stocks of large capitalization companies as a group could fall out of favor with the market, causing the Fund to underperform investments that focus solely on small- or medium-capitalization stocks.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b><span id="xdx_91E_ecustom--ManagementRiskMember_zmHoej3jRYdc">Management Risk</span>.</b> The Fund is subject to the risk of poor investment selection. In other words, the individual investments of the Fund may not perform as well as expected, and/or the Fund’s portfolio management practices may not work to achieve their desired result.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b><span id="xdx_911_ecustom--MarketRiskMember_zcvHOFNmoom8">Market Risk</span>.</b> The NAV of the Fund will change with changes in the market value of its portfolio positions. The value of investments held by the Fund may increase or decrease in response to economic, political, financial, public health crises (such as epidemics or pandemics) or other disruptive events (whether real, expected or perceived) in the U.S. and global markets. Investors may lose money. Although the Fund will invest in stocks the Adviser believes to be undervalued, there is no guarantee that the prices of these stocks will not move even lower.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b><span id="xdx_918_ecustom--MicroCapCompaniesRiskMember_zzj4hXnZIfB9">Micro-Cap Companies Risk</span>. </b>Micro-cap stocks may be very sensitive to changing economic conditions and market downturns because the issuers often have narrow markets for their products or services, fewer product lines, and more limited managerial and financial resources than larger issuers. The stocks of micro-cap companies may therefore be more volatile and the ability to sell them at a desirable time or price may be more limited.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b><span id="xdx_91A_ecustom--MidCapCompaniesRiskMember_zd0ytgZfnmUi">Mid-Cap Companies Risk</span>. </b>The stocks of mid-sized companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b><span id="xdx_91D_ecustom--OptionsRiskMember_z2mgyHFxoK7c">Options Risk</span>.</b> An option is a type of derivative instrument that gives the holder the right (but not the obligation) to buy (a "call") or sell (a "put") an asset in the near future at an agreed upon price prior to the expiration date of the option. The Fund may "cover" a call option by owning the security underlying the option or through other means. The value of options can be highly volatile, and their use can result in loss if the Adviser is incorrect in its expectation of price fluctuations.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b><span id="xdx_91E_ecustom--SmallCapCompaniesRiskMember_zUjgrFUfkc69">Small-Cap Companies Risk</span>. </b>The stocks of smaller companies may be subject to more abrupt, erratic market movements than stocks of larger, more established companies. Small companies may have limited product lines or financial resources, or may be dependent on a small or inexperienced management group, and their securities may trade less frequently and in lower volume than securities of larger companies, which could lead to higher transaction costs. Generally, the smaller the company size, the greater the risk.</td></tr></table> Performance Information <p id="xdx_A85_eoef--PerformanceNarrativeTextBlock_z8344I3VHdhh" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">The bar chart and table below illustrate the long-term performance of the Fund’s Institutional Class. <span id="xdx_903_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260703__20260703__dei--LegalEntityAxis__custom--S000001106Member_z3rCBAkiqtLl">The bar chart below shows you how the performance of the Fund’s Institutional Class has varied year by year and provides some indication of the risks of investing in the Fund.</span> The bar chart assumes reinvestment of dividends and distributions. <span id="xdx_90A_eoef--PerformancePastDoesNotIndicateFuture_c20260703__20260703__dei--LegalEntityAxis__custom--S000001106Member_zKHLZIjCLqii">As with all such investments, past performance (before and after taxes) is not an indication of future results.</span> Performance reflects fee waivers in effect. If fee waivers were not in place, the Fund’s performance would be reduced. Updated performance information is available at <span style="text-decoration: underline"><span id="xdx_90E_eoef--PerformanceAvailabilityWebSiteAddress_c20260703__20260703__dei--LegalEntityAxis__custom--S000001106Member_zVqFLY5E4sS8">www.bostonpartners.com</span></span> or <span id="xdx_90C_eoef--PerformanceAvailabilityPhone_c20260703__20260703__dei--LegalEntityAxis__custom--S000001106Member_zpTmR4eKzfGe">1-888-261-4073</span>. Performance information is not available for the R6 Class shares of the Fund since the R6 Class shares had not commenced operations prior to the date of this Prospectus. The performance for the R6 Class shares would differ only to the extent that the R6 Class shares have different expenses than the Institutional Class shares.</p> The bar chart below shows you how the performance of the Fund’s Institutional Class has varied year by year and provides some indication of the risks of investing in the Fund. As with all such investments, past performance (before and after taxes) is not an indication of future results. www.bostonpartners.com 1-888-261-4073 Total Returns for the Calendar Years Ended December 31 - Institutional Class 0.1482 0.1787 -0.1187 0.2788 0.0412 0.2559 -0.0242 0.1241 0.0999 0.1752 <p id="xdx_A83_eoef--BarChartClosingTextBlock_zROuIEi961y2" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Best and Worst Quarterly Performance (for the periods reflected in the chart above):</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="2" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; background-color: Gainsboro"> <td style="width: 40%"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_90C_eoef--HighestQuarterlyReturnLabel_c20260703__20260703__dei--LegalEntityAxis__custom--S000001106Member__oef--ClassAxis__custom--C000002997Member_zQWD4HicoB95">Best Quarter</span>:</span></td> <td style="width: 20%"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_905_eoef--BarChartHighestQuarterlyReturn_c20260703__20260703__dei--LegalEntityAxis__custom--S000001106Member__oef--ClassAxis__custom--C000002997Member_zXSAzhWnd4wb">19.93%</span></span></td> <td style="width: 40%"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">(quarter ended <span id="xdx_90F_eoef--BarChartHighestQuarterlyReturnDate_c20260703__20260703__dei--LegalEntityAxis__custom--S000001106Member__oef--ClassAxis__custom--C000002997Member_zcXkgVlX4PK6">December 31, 2020</span>)</span></td></tr> <tr style="vertical-align: top; background-color: White"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_90E_eoef--LowestQuarterlyReturnLabel_c20260703__20260703__dei--LegalEntityAxis__custom--S000001106Member__oef--ClassAxis__custom--C000002997Member_zU8Nwbx0Q3Bk">Worst Quarter</span>:</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_900_eoef--BarChartLowestQuarterlyReturn_c20260703__20260703__dei--LegalEntityAxis__custom--S000001106Member__oef--ClassAxis__custom--C000002997Member_zc2v39zs2dkk">-28.57%</span></span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">(quarter ended <span id="xdx_90C_eoef--BarChartLowestQuarterlyReturnDate_c20260703__20260703__dei--LegalEntityAxis__custom--S000001106Member__oef--ClassAxis__custom--C000002997Member_zausow3c5kC4">March 31, 2020</span>)</span></td></tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund’s Institutional Class <span id="xdx_90A_eoef--YearToDateReturnLabel_c20260703__20260703__dei--LegalEntityAxis__custom--S000001106Member__oef--ClassAxis__custom--C000002997Member_zyfg5xZTDCJl">year-to-date total return</span> for the six months ended <span id="xdx_906_eoef--BarChartYearToDateReturnDate_c20260703__20260703__dei--LegalEntityAxis__custom--S000001106Member__oef--ClassAxis__custom--C000002997Member_zhPPI5npBjj5">June 30, 2026</span> was <span id="xdx_90D_eoef--BarChartYearToDateReturn_c20260703__20260703__dei--LegalEntityAxis__custom--S000001106Member__oef--ClassAxis__custom--C000002997Member_z5NLTXcUTRl4">12.45%</span>.</p> Best Quarter 0.1993 2020-12-31 Worst Quarter -0.2857 2020-03-31 year-to-date total return 2026-06-30 0.1245 <p id="xdx_A8B_eoef--PerformanceTableNarrativeTextBlock_zEuan6O6Cifh" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">The table shows how the average annual returns of the Institutional Class and Investor Class shares for 1 year, 5 year, and 10 year periods compare to the average annual total returns of a broad-based securities market index for the same periods. Performance information is not available for the R6 Class shares of the Fund since the R6 Class shares had not commenced operations prior to the date of this Prospectus. The performance for the R6 Class shares would differ only to the extent that the R6 Class shares have different expenses than the Institutional Class and Investor Class shares.</p> Average Annual Total Returns for the Periods Ended December 31, 2025 0.1752 0.1223 0.1095 0.1517 0.1003 0.0938 0.1207 0.0944 0.0871 0.1724 0.1195 0.1068 0.1715 0.1315 0.1429 0.1571 0.1118 0.1046 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. 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 for Institutional Class shares only. After-tax returns for Investor Class shares will vary. SUMMARY SECTION — BOSTON PARTNERS GLOBAL EQUITY FUND Investment Objective <p id="xdx_A83_eoef--ObjectivePrimaryTextBlock_zU3YdRNmSS99" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">The Boston Partners Global Equity Fund (the “Fund”) seeks long-term growth of capital and outperformance of its benchmark net of fees.</p> Expenses and Fees <p id="xdx_A87_eoef--ExpenseNarrativeTextBlock_zxURLXh08wMi" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell Institutional Class shares of the Fund. <b>You may be required to pay commissions and/or other forms of compensation to a broker for transactions in Institutional Class shares of the Fund, which are not reflected in the tables or the examples below.</b></p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0090 0.0090 0 0 0.0021 0.0013 0.0111 0.0103 -0.0016 -0.0016 0.0095 0.0087 “Other Expenses” are estimated for R6 Class shares for the current fiscal year. December 31, 2027 969 3370 5961 13374 8880 31190 55308 124495 Portfolio Turnover <p id="xdx_A84_eoef--PortfolioTurnoverTextBlock_zCHH2YXWxRuk" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Total annual Fund operating expenses or in the Example, affect the Fund’s performance. During the fiscal year ended August 31, 2025, the portfolio turnover rate for the Fund was <span id="xdx_909_eoef--PortfolioTurnoverRate_c20260703__20260703__dei--LegalEntityAxis__custom--S000035438Member_zvXBpICtQL5e">55%</span> of the average value of its portfolio.</p> 0.55 Summary of Principal Investment Strategies <p id="xdx_A8B_eoef--StrategyNarrativeTextBlock_zuk2yhEHjEk9" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">The Fund pursues its objective by investing, under normal circumstances, at least 80% of its net assets (including borrowings for investment purposes) in a diversified portfolio of equity and equity-related securities issued by U.S. and non-U.S. companies of any capitalization size. The Fund may invest in all types of equity and equity- related securities, including without limitation exchange-traded and over-the-counter common and preferred stocks, warrants, options, rights, convertible securities, sponsored and unsponsored depositary receipts and shares, trust certificates, participatory notes, limited partnership interests, shares of other investment companies (including exchanged-traded funds ("ETFs")), real estate investment trusts ("REITs") and equity participation. An equity participation is a type of loan that gives the lender a portion of equity ownership in a property, in addition to principal and interest payments. A convertible security is a bond, debenture, note, preferred stock or other security that may be converted into or exchanged for a prescribed amount of common stock of the same or a different issuer within a particular period of time at a specified price or formula.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">The Fund defines non-U.S. companies as companies (i) that are organized under the laws of a foreign country; (ii) whose principal trading market is in a foreign country; or (iii) that have a majority of their assets, or that derive a significant portion of their revenue or profits from businesses, investments or sales, outside of the United States. Under normal market conditions, the Fund invests significantly (ordinarily at least 40% — unless market conditions are not deemed favorable by the Adviser, in which case the Fund would invest at least 30%) in non-U.S. companies. The Fund principally will be invested in issuers located in countries with developed securities markets, but may also invest in issuers located in emerging markets. The Fund will allocate its assets among various regions and countries, including the United States (but in no less than three different countries).</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">The Fund generally invests in the equity securities of issuers believed by the Adviser to be undervalued in the marketplace, focusing on issuers that combine attractive valuations with catalysts for change. The Adviser applies a bottom-up stock selection process (i.e., one that focuses primarily on issuer-specific factors) in managing the Fund, using a combination of fundamental and quantitative analysis. In selecting investments for the Fund, the Adviser considers various factors such as price-to-book value, price-to-sales and earnings ratios, dividend yields, strength of management, and cash flow to identify securities that are trading at a price that appears to be lower than the issuer’s inherent value.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">The Adviser will sell a stock when it no longer meets one or more investment criteria, either through obtaining target value or due to an adverse change in fundamentals or business momentum. Each holding has a target valuation established at purchase, which the Adviser constantly monitors and adjusts as appropriate.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">The Fund may (but is not required to) invest in derivatives, including put and call options, futures, forward contracts and swaps, in lieu of investing directly in a security, currency or instrument, for hedging and non-hedging purposes.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">The Fund may invest up to 15% of its net assets in illiquid investments, including investments that are illiquid by virtue of the absence of a readily available market or legal or contractual restrictions on resale.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">The Fund may participate as a purchaser in initial public offerings of securities ("IPO"). An IPO is a company’s first offering of stock to the public. The Fund may also seek to increase its income by lending portfolio securities.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">While the Adviser intends to fully invest the Fund’s assets at all times in accordance with the above-mentioned policies, the Fund reserves the right to hold up to 100% of its assets, as a temporary defensive measure, in cash and eligible U.S. dollar-denominated money market instruments and make investments inconsistent with its investment objective. The Adviser will determine when market conditions warrant temporary defensive measures.</p> You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>Convertible Securities Risk.</b> Securities that can be converted into common stock, such as certain securities and preferred stock, are subject to the usual risks associated with fixed income investments, such as interest rate risk and credit risk. In addition, because they react to changes in the value of the equity securities into which they will convert, convertible securities are also subject to the risks associated with equity securities.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b><span id="xdx_912_ecustom--CurrencyRiskMember_zzwyUofRGGUf">Currency Risk</span>.</b> Investment in foreign securities also involves currency risk associated with securities that trade or are denominated in currencies other than the U.S. dollar and which may be affected by fluctuations in currency exchange rates. An increase in the strength of the U.S. dollar relative to a foreign currency may cause the U.S. dollar value of an investment in that country to decline. Foreign currencies also are subject to risks caused by inflation, interest rates, budget deficits and low savings rates, political factors and government controls.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>Cyber Security Risk. </b>Cyber security risk is the risk of an unauthorized breach and access to Fund assets, Fund or customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring that causes the Fund, the Adviser, custodian, transfer agent, distributor and other service providers and financial intermediaries to suffer data breaches, data corruption or lose operational functionality or prevent Fund investors from purchasing, redeeming or exchanging shares or receiving distributions. The use of artificial intelligence and machine learning could exacerbate these risks. The Fund and the Adviser have limited ability to prevent or mitigate cyber security incidents affecting third-party service providers and such third-party service providers may have limited indemnification obligations to the Fund or the Adviser. Successful cyber-attacks or other cyber-failures or events affecting the Fund or its service providers may adversely impact and cause financial losses to the Fund or its shareholders. Issuers of securities in which the Fund invests are also subject to cyber security risks, and the value of these securities could decline if the issuers experience cyber-attacks or other cyber-failures.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b><span id="xdx_91B_ecustom--DerivativesRiskMember_zWcYjkm4Dbek">Derivatives Risk</span>.</b> The Fund’s investments in derivative instruments, which include futures and options on securities, securities indices or currencies, options on these futures, forward foreign currency contracts and interest rate or currency swaps, may be leveraged and result in losses exceeding the amounts invested. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. The use of derivatives is also subject to operational and legal risks. Operational risks generally refer to risks related to potential operational issues, including documentation issues, settlement issues, system failures, inadequate controls, and human error. Legal risks generally refer to risks of loss resulting from insufficient documentation, insufficient capacity or authority of counterparty, or legality or enforceability of a contract.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b><span id="xdx_919_ecustom--EmergingMarketsRiskMember_ztN37fbGCPn6">Emerging Markets Risk</span>.</b> Investment in emerging market securities involves greater risk than that associated with investment in securities of issuers in developed foreign countries. These risks include volatile currency exchange rates, periods of high inflation, increased risk of default, greater social, economic and political uncertainty and instability, less governmental supervision and regulation of securities markets, weaker auditing and financial reporting standards, lack of liquidity in the markets, and the significantly smaller market capitalizations of emerging market issuers. The information available about an emerging market issuer may be less reliable than for comparable issuers in more developed capital markets. In addition, investments in certain emerging markets are subject to an elevated risk of loss resulting from market manipulation and the imposition of exchange controls (including repatriation restrictions). The legal rights and remedies available for investors in emerging markets may be more limited than the rights and remedies available in the U.S., and the ability of U.S. authorities (e.g., SEC and the U.S. Department of Justice) to bring actions against bad actors in emerging markets may be limited.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>Equity Securities Risk.</b> The Fund may invest in, or have exposure to, equity securities. Equity securities tend to be more volatile than other investment choices, such as debt and money market instruments. The value of your investment may decrease in response to overall stock market movements or the value of individual securities.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b><span id="xdx_915_ecustom--ExchangeTradedFundRiskMember_zxidNHl1I8Ii">Exchange-Traded Fund Risk</span>.</b> Exchange-traded funds ("ETFs") are a type of investment company bought and sold on a securities exchange. An ETF typically represents a fixed portfolio of securities designed to track a particular market index. The risks of owning an ETF generally reflect the risks of owning the underlying securities that they are designed to track, although lack of liquidity in an ETF could result in its being more volatile. Some ETFs are actively-managed by an investment adviser and/or sub-advisers. Actively-managed ETFs are subject to the risk of poor investment selection. The Fund may incur brokerage fees in connection with its purchase of ETF shares. The purchase of shares of ETFs may result in duplication of expenses, including advisory fees, in addition to the Fund’s own expenses. Certain ETFs may be thinly traded and experience large spreads between the "ask" price quoted by a seller and the "bid" price offered by a buyer. The existence of extreme market volatility or potential lack of an active trading market for an ETF’s shares could result in such shares trading at a significant premium or discount to their net asset value ("NAV").</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>Foreign Custody Risk. </b>The Fund may hold foreign securities and cash with foreign banks, agents, and securities depositories appointed by the Fund’s custodian (each a “Foreign Custodian”). Some Foreign Custodians may be recently organized or new to the foreign custody business. In some countries, Foreign Custodians may be subject to little or no regulatory oversight over or independent evaluation of their operations. Further, the laws of certain countries may place limitations on the Fund’s ability to recover its assets if a Foreign Custodian enters bankruptcy. Investments in emerging markets may be subject to even greater custody risks than investments in more developed markets. Custody services in emerging market countries are very often undeveloped and may be considerably less well-regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>Foreign Securities Risk.</b> International investing may be subject to special risks, including, but not limited to, currency exchange rate volatility, political, social or economic instability, less publicly available information, less stringent investor protections, and differences in taxation, auditing and other financial practices. The Fund may invest in securities of foreign issuers either directly or through depositary receipts. Depositary receipts may be available through "sponsored" or "unsponsored" facilities. Holders of unsponsored depositary receipts generally bear all of the costs of the unsponsored facility. The depository of an unsponsored facility is frequently under no obligation to distribute shareholder communications received from the issuer of the deposited security or to pass through, to the holders of the receipts, voting rights with respect to the deposited securities. The depository of unsponsored depositary receipts may provide less information to receipt holders. Participatory notes ("P-notes") are derivative instruments used by investors to take positions in certain foreign securities. P-notes present similar risks to investing directly in such securities and also expose investors to counterparty risk. Foreign securities in which the Fund invests may be traded in markets that close before the time that the Fund calculates its NAV. Furthermore, certain foreign securities in which the Fund invests may be listed on foreign exchanges that trade on weekends or other days when the Fund does not calculate its NAV. As a result, the value of the Fund’s holdings may change on days when shareholders are not able to purchase or redeem the Fund’s shares.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>Illiquid Investments Risk.</b> Investing in illiquid investments is subject to certain risks, such as limitations on resale and uncertainty in determining valuation. Limitations on resale may adversely affect the marketability of portfolio securities and the Fund might be unable to dispose of restricted or other illiquid investments promptly or at reasonable prices and might thereby experience difficulty satisfying redemptions within seven days. The Fund might, in order to dispose of restricted securities, have to register securities resulting in additional expense and delay. Adverse market conditions could impede such a public offering of such securities. Less liquid securities that the Fund may want to invest in may be difficult or impossible to purchase. Federal banking regulations may also cause certain dealers to reduce their inventories of certain securities, which may further decrease the Fund’s ability to buy or sell such securities.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>IPO Risk.</b> IPO risk is the risk that the market value of IPO shares will fluctuate considerably due to certain factors, such as the absence of a prior public market, unseasoned trading, the small number of shares available for trading and limited information about the issuer. The purchase of IPO shares may involve high transaction costs. IPO shares are subject to market risk and liquidity risk. When the Fund’s asset base is small, a significant portion of the Fund’s performance could be attributable to investments in IPOs, because such investments would have a magnified impact on the Fund. As the Fund’s assets grow, the effect of the Fund’s investments in IPOs on the Fund’s performance probably will decline, which could reduce the Fund’s performance. Because of the price volatility of IPO shares, the Fund may choose to hold IPO shares for a very short period of time. This may increase the turnover of the Fund’s portfolio and may lead to increased expenses to the Fund, such as commissions and transaction costs. In addition, the Adviser cannot guarantee continued access to IPOs.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>Large-Cap Companies Risk</b>. The stocks of large capitalization companies as a group could fall out of favor with the market, causing the Fund to underperform investments that focus solely on small- or medium-capitalization stocks.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>Management Risk.</b> The Fund is subject to the risk of poor investment selection. In other words, the individual investments of the Fund may not perform as well as expected, and/or the Fund’s portfolio management practices may not work to achieve their desired result.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>Market Risk.</b> The NAV of the Fund will change with changes in the market value of its portfolio positions. The value of investments held by the Fund may increase or decrease in response to economic, political, financial, public health crises (such as epidemics or pandemics) or other disruptive events (whether real, expected or perceived) in the U.S. and global markets. Investors may lose money. Although the Fund will invest in stocks the Adviser believes to be undervalued, there is no guarantee that the prices of these stocks will not move even lower.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>Mid-Cap Companies Risk. </b>The stocks of mid-sized companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>Options Risk.</b> An option is a type of derivative instrument that gives the holder the right (but not the obligation) to buy (a "call") or sell (a "put") an asset in the near future at an agreed upon price prior to the expiration date of the option. The Fund may "cover" a call option by owning the security underlying the option or through other means. The value of options can be highly volatile, and their use can result in loss if the Adviser is incorrect in its expectation of price fluctuations.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><span id="xdx_914_ecustom--ReitsRiskMember_zVa2hGlMASlb">REITs Risk</span>.</b> REITs may be affected by economic forces and other factors related to the real estate industry. The value of securities issued by REITs is affected by tax and regulatory requirements and by perceptions of management skill. They also may be affected by general economic conditions and are subject to heavy cash flow dependency, defaults by borrowers or tenants, self-liquidation at an economically disadvantageous time, and the possibility of failing to qualify for favorable tax treatment under applicable U.S. or foreign law and/or to maintain exempt status under the 1940 Act. Additional risks include possible declines in the value of real estate, possible lack of availability of mortgage funds and unexpected vacancies of properties. REITs are also subject to heavy cash flow dependency, defaults by borrowers, self-liquidation, interest rate risks (especially mortgage REITs) and liquidity risk. REITs that invest in real estate mortgages are also subject to prepayment risk. Investing in REITs may involve risks similar to those associated with investing in small capitalization companies. REITs may have limited financial resources, may trade less frequently and in a limited volume, engage in dilutive offerings and may be subject to more abrupt or erratic price movements than larger company securities. Historically, small capitalization stocks, such as REITs, have been more volatile in price than the larger capitalization stocks included in the S&amp;P 500® Index. In addition, REITs could possibly fail to (i) qualify for favorable tax treatment under applicable tax law or (ii) maintain their exemptions from registration under the 1940 Act.</span></td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b><span id="xdx_910_ecustom--SecuritiesLendingRiskMember_z9R82NuS6Wrj">Securities Lending Risk</span>.</b> The Fund may lend portfolio securities to institutions, such as certain broker- dealers. The Fund may experience a loss or delay in the recovery of its securities if the borrowing institution breaches its agreement with the Fund.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>Small-Cap Companies Risk. </b>The stocks of smaller companies may be subject to more abrupt, erratic market movements than stocks of larger, more established companies. Small companies may have limited product lines or financial resources, or may be dependent on a small or inexperienced management group, and their securities may trade less frequently and in lower volume than securities of larger companies, which could lead to higher transaction costs. Generally, the smaller the company size, the greater the risk.</td></tr></table> Performance Information <p id="xdx_A88_eoef--PerformanceNarrativeTextBlock_zvSyk0a39d1f" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The bar chart and table below illustrate the long-term performance of the Fund’s Institutional Class. <span id="xdx_903_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260703__20260703__dei--LegalEntityAxis__custom--S000035438Member_zv1vszL71Hj2">The bar chart below shows you how the performance of the Fund’s Institutional Class has varied year by year and provides some indication of the risks of investing in the Fund.</span> The bar chart assumes reinvestment of dividends and distributions. <span id="xdx_902_eoef--PerformancePastDoesNotIndicateFuture_c20260703__20260703__dei--LegalEntityAxis__custom--S000035438Member_zrErp0kTGold">As with all such investments, past performance (before and after taxes) is not an indication of future results.</span> Performance reflects fee waivers in effect. If fee waivers were not in place, the Fund’s performance would be reduced. Updated performance information is available at <span style="text-decoration: underline"><span id="xdx_900_eoef--PerformanceAvailabilityWebSiteAddress_c20260703__20260703__dei--LegalEntityAxis__custom--S000035438Member_zWBdlEsLk8W6">www.bostonpartners.com</span></span> or <span id="xdx_90E_eoef--PerformanceAvailabilityPhone_c20260703__20260703__dei--LegalEntityAxis__custom--S000035438Member_zwwA5XajBI82">1-888-261-4073</span>. Performance information is not available for the R6 Class shares of the Fund since the R6 Class shares had not commenced operations prior to the date of this Prospectus. The performance for the R6 Class shares would differ only to the extent that the R6 Class shares have different expenses than the Institutional Class shares.</p> The bar chart below shows you how the performance of the Fund’s Institutional Class has varied year by year and provides some indication of the risks of investing in the Fund. As with all such investments, past performance (before and after taxes) is not an indication of future results. www.bostonpartners.com 1-888-261-4073 Total Returns for the Calendar Years Ended December 31 0.0850 0.2037 -0.1315 0.1877 0.0326 0.2176 -0.0307 0.1411 0.0721 0.3402 <p id="xdx_A8C_eoef--BarChartClosingTextBlock_zi3mX3kVMQN2" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Best and Worst Quarterly Performance (for the periods reflected in the chart above):</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="2" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: Gainsboro"> <td style="width: 40%"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_902_eoef--HighestQuarterlyReturnLabel_c20260703__20260703__dei--LegalEntityAxis__custom--S000035438Member__oef--ClassAxis__custom--C000108834Member_zcJ1W09EW937">Best Quarter</span>:</span></td> <td style="width: 20%"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_900_eoef--BarChartHighestQuarterlyReturn_c20260703__20260703__dei--LegalEntityAxis__custom--S000035438Member__oef--ClassAxis__custom--C000108834Member_z8Incaha6St1">21.81%</span></span></td> <td style="width: 40%"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">(quarter ended <span id="xdx_903_eoef--BarChartHighestQuarterlyReturnDate_c20260703__20260703__dei--LegalEntityAxis__custom--S000035438Member__oef--ClassAxis__custom--C000108834Member_ztOErH9qI1hg">December 31, 2020</span>)</span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_906_eoef--LowestQuarterlyReturnLabel_c20260703__20260703__dei--LegalEntityAxis__custom--S000035438Member__oef--ClassAxis__custom--C000108834Member_zLZQPYcz6Nf9">Worst Quarter</span>:</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_905_eoef--BarChartLowestQuarterlyReturn_c20260703__20260703__dei--LegalEntityAxis__custom--S000035438Member__oef--ClassAxis__custom--C000108834Member_zauCyYhv1AJg">-29.53%</span></span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">(quarter ended <span id="xdx_905_eoef--BarChartLowestQuarterlyReturnDate_c20260703__20260703__dei--LegalEntityAxis__custom--S000035438Member__oef--ClassAxis__custom--C000108834Member_zKWjuzXfnL7l">March 31, 2020</span>)</span></td></tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund’s Institutional Class <span id="xdx_90F_eoef--YearToDateReturnLabel_c20260703__20260703__dei--LegalEntityAxis__custom--S000035438Member__oef--ClassAxis__custom--C000108834Member_zJyg969Xt4yj">year-to-date total return</span> for the six months ended <span id="xdx_903_eoef--BarChartYearToDateReturnDate_c20260703__20260703__dei--LegalEntityAxis__custom--S000035438Member__oef--ClassAxis__custom--C000108834Member_zGSDT0kTnuw4">June 30, 2026</span> was <span id="xdx_90B_eoef--BarChartYearToDateReturn_c20260703__20260703__dei--LegalEntityAxis__custom--S000035438Member__oef--ClassAxis__custom--C000108834Member_zdQGqcIWVbuj">7.32%</span>.</p> Best Quarter 0.2181 2020-12-31 Worst Quarter -0.2953 2020-03-31 year-to-date total return 2026-06-30 0.0732 <p id="xdx_A88_eoef--PerformanceTableNarrativeTextBlock_zObRdo1x5vgf" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">The table below compares the average annual total returns for the Fund’s Institutional Class, both before and after taxes for the past calendar year, past five calendar years and past ten calendar years to the average annual total returns of broad-based securities market indices for the same periods. Performance information is not available for the R6 Class shares of the Fund since the R6 Class shares had not commenced operations prior to the date of this Prospectus. The performance for the R6 Class shares would differ only to the extent that the R6 Class shares have different expenses than the Institutional Class shares.</p> Average Annual Total Returns for the Periods Ended December 31, 2025 0.3402 0.1411 0.1041 0.3092 0.1316 0.0956 0.2206 0.1131 0.0843 0.2160 0.1266 0.1274 0.2109 0.1215 0.1217 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. 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. SUMMARY SECTION — BOSTON PARTNERS LONG/SHORT EQUITY FUND Investment Objective <p id="xdx_A83_eoef--ObjectivePrimaryTextBlock_zyqXoaty7IFh" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">The Boston Partners Long/Short Equity Fund (the “Fund”) seeks long-term growth of capital with reduced exposure to general equity market risk.</p> Expenses and Fees <p id="xdx_A82_eoef--ExpenseNarrativeTextBlock_zjrR4FDy0Gd7" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. <b>You may be required to pay commissions and/or other forms of compensation to a broker for transactions in shares of the Fund, which are not reflected in the tables or the examples below.</b></p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0160 0.0160 0 0.0025 0.0032 0.0032 0.0006 0.0006 0.0000 0.0000 0.0198 0.0223 -0.0022 -0.0022 0.0176 0.0201 December 31, 2027 Example <p id="xdx_A89_eoef--ExpenseExampleNarrativeTextBlock_z4uu3DGlzjm2" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $100,000 in Institutional Class shares or $10,000 in Investor Class shares of the Fund for the time periods indicated and that you hold or sell all of your shares at the end of the period. The Example also assumes that your investment has a 5% return each year and that the operating expenses of the Fund remain the same (taking into account the contractual expense limitation until its expiration). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> 1789 6001 10472 22886 204 676 1175 2547 Portfolio Turnover <p id="xdx_A88_eoef--PortfolioTurnoverTextBlock_zKfxlM0CXxK1" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Total annual Fund operating expenses or in the Example, affect the Fund’s performance. During the fiscal year ended August 31, 2025, the portfolio turnover rate for the Fund was <span id="xdx_909_eoef--PortfolioTurnoverRate_c20260703__20260703__dei--LegalEntityAxis__custom--S000001108Member_zifN9qxKHNgh">54%</span> of the average value of its portfolio.</p> 0.54 Summary of Principal Investment Strategies <p id="xdx_A87_eoef--StrategyNarrativeTextBlock_zlFt4CYnnaL7" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">The Fund invests in long positions in stocks identified by the Adviser as undervalued and takes short positions in stocks that the Adviser has identified as overvalued. The cash proceeds from short sales will be invested in short-term cash instruments to produce a return on such proceeds just below the federal funds rate. Short sales are considered speculative transactions and a form of leverage. The Fund invests, both long and short, in securities principally traded in the United States markets. The Fund may invest in securities of companies operating for three years or less ("unseasoned issuers"). The Adviser will determine the size of each long or short position by analyzing the tradeoff between the attractiveness of each position and its impact on the risk of the overall portfolio. The Fund seeks to construct a portfolio that has less volatility than the United States equity market generally. The Adviser examines various factors in determining the value characteristics of such issuers including price-to-book value ratios and price-to-earnings ratios. These value characteristics are examined in the context of the issuer’s operating and financial fundamentals such as return on equity, earnings growth and cash flow. The Adviser selects securities for the Fund based on a continuous study of trends in industries and companies, earnings power and growth and other investment criteria.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">The Fund intends, under normal circumstances, to invest at least 80% of its net assets (including borrowings for investment purposes) in equity securities. Under normal circumstances, the Adviser expects that the Fund’s long positions will not exceed approximately 125% of the Fund’s net assets.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">The Fund’s long and short positions may involve (without limit) equity securities of foreign issuers that are traded in the markets of the United States. The Fund may also invest up to 20% of its total assets directly in equity securities of foreign issuers.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">To meet margin requirements, redemptions or pending investments, the Fund may also temporarily hold a portion of its assets in full faith and credit obligations of the United States government and in short-term notes, commercial paper or other money market instruments.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">The Adviser will sell a stock when it no longer meets one or more investment criteria, either through obtaining target value or due to an adverse change in fundamentals or business momentum. Each holding has a target valuation established at purchase, which the Adviser constantly monitors and adjusts as appropriate.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">The Fund may participate as a purchaser in initial public offerings of securities ("IPO"). An IPO is a company’s first offering of stock to the public.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">The Fund may invest from time to time a significant portion of its assets in smaller issuers which are more volatile and less liquid than investments in issuers with larger market capitalizations.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">The Fund may invest up to 15% of its net assets in illiquid investments, including investments that are illiquid by virtue of the absence of a readily available market or legal or contractual restrictions on resale.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">In general, the Fund’s investments are broadly diversified over a number of industries and, as a matter of policy, the Fund is limited to investing a maximum of 25% of its total assets in any one industry.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">The Fund may invest up to 20% of its net assets in high yield debt obligations, such as bonds and debentures, used by corporations and other business organizations. High yield debt obligations are referred to as "junk bonds" and are not considered to be investment grade.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">While the Adviser intends to fully invest the Fund’s assets at all times in accordance with the above-mentioned policies, the Fund reserves the right to hold up to 100% of its assets, as a temporary defensive measure, in cash and eligible U.S. dollar-denominated money market instruments and make investments inconsistent with its investment objective. The Adviser will determine when market conditions warrant temporary defensive measures.</p> You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>Cyber Security Risk. </b>Cyber security risk is the risk of an unauthorized breach and access to Fund assets, Fund or customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring that causes the Fund, the Adviser, custodian, transfer agent, distributor and other service providers and financial intermediaries to suffer data breaches, data corruption or lose operational functionality or prevent Fund investors from purchasing, redeeming or exchanging shares or receiving distributions. The use of artificial intelligence and machine learning could exacerbate these risks. The Fund and the Adviser have limited ability to prevent or mitigate cyber security incidents affecting third-party service providers and such third-party service providers may have limited indemnification obligations to the Fund or the Adviser. Successful cyber-attacks or other cyber-failures or events affecting the Fund or its service providers may adversely impact and cause financial losses to the Fund or its shareholders. Issuers of securities in which the Fund invests are also subject to cyber security risks, and the value of these securities could decline if the issuers experience cyber-attacks or other cyber-failures.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>Equity Securities Risk.</b> The Fund may invest in, or have exposure to, equity securities. Equity securities tend to be more volatile than other investment choices, such as debt and money market instruments. The value of your investment may decrease in response to overall stock market movements or the value of individual securities.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>Foreign Custody Risk. </b>The Fund may hold foreign securities and cash with foreign banks, agents, and securities depositories appointed by the Fund’s custodian (each a “Foreign Custodian”). Some Foreign Custodians may be recently organized or new to the foreign custody business. In some countries, Foreign Custodians may be subject to little or no regulatory oversight over or independent evaluation of their operations. Further, the laws of certain countries may place limitations on the Fund’s ability to recover its assets if a Foreign Custodian enters bankruptcy. Investments in emerging markets may be subject to even greater custody risks than investments in more developed markets. Custody services in emerging market countries are very often undeveloped and may be considerably less well-regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>Foreign Securities Risk.</b> International investing may be subject to special risks, including, but not limited to, currency exchange rate volatility, political, social or economic instability, less publicly available information, less stringent investor protections, and differences in taxation, auditing and other financial practices. Foreign securities in which the Fund invests may be traded in markets that close before the time that the Fund calculates its net asset value ("NAV"). Furthermore, certain foreign securities in which the Fund invests may be listed on foreign exchanges that trade on weekends or other days when the Fund does not calculate its NAV. As a result, the value of the Fund’s holdings may change on days when shareholders are not able to purchase or redeem the Fund’s shares.</span></td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b><span id="xdx_91E_ecustom--HighYieldDebtObligationsRiskMember_zayPoK6kX3S3">High Yield Debt Obligations Risk</span>.</b> The Fund may invest up to 20% of its net assets in high yield debt obligations, such as bonds and debentures, issued by corporations and other business organizations. An issuer of debt obligations may default on its obligation to pay interest and repay principal. Also, changes in the financial strength of an issuer or changes in the credit rating of a security may affect its value. Such high yield debt obligations are referred to as "junk bonds" and are not considered to be investment grade.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>Illiquid Investments Risk.</b> Investing in illiquid investments is subject to certain risks, such as limitations on resale and uncertainty in determining valuation. Limitations on resale may adversely affect the marketability of portfolio securities and the Fund might be unable to dispose of restricted or other illiquid investments promptly or at reasonable prices and might thereby experience difficulty satisfying redemptions within seven days. The Fund might, in order to dispose of restricted securities, have to register securities resulting in additional expense and delay. Adverse market conditions could impede such a public offering of such securities. Less liquid securities that the Fund may want to invest in may be difficult or impossible to purchase. Federal banking regulations may also cause certain dealers to reduce their inventories of certain securities, which may further decrease the Fund’s ability to buy or sell such securities.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>IPO Risk.</b> IPO risk is the risk that the market value of IPO shares will fluctuate considerably due to certain factors, such as the absence of a prior public market, unseasoned trading, the small number of shares available for trading and limited information about the issuer. The purchase of IPO shares may involve high transaction costs. IPO shares are subject to market risk and liquidity risk. When the Fund’s asset base is small, a significant portion of the Fund’s performance could be attributable to investments in IPOs, because such investments would have a magnified impact on the Fund. As the Fund’s assets grow, the effect of the Fund’s investments in IPOs on the Fund’s performance probably will decline, which could reduce the Fund’s performance. Because of the price volatility of IPO shares, the Fund may choose to hold IPO shares for a very short period of time. This may increase the turnover of the Fund’s portfolio and may lead to increased expenses to the Fund, such as commissions and transaction costs. In addition, the Adviser cannot guarantee continued access to IPOs.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>Management Risk.</b> The Fund is subject to the risk of poor investment selection. In other words, the Adviser may not be successful in its strategy of taking long positions in stocks the manager believes to be undervalued and short positions in stocks the manager believes to be overvalued. Further, since the Adviser will manage both a long and a short portfolio, there is the risk that the Adviser may make more poor investment decisions than an adviser of a typical mutual fund with only a long portfolio may make.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>Market Risk.</b> The NAV of the Fund will change with changes in the market value of its portfolio positions. The value of investments held by the Fund may increase or decrease in response to economic, political, financial, public health crises (such as epidemics or pandemics) or other disruptive events (whether real, expected or perceived) in the U.S. and global markets. Investors may lose money. Although the long portfolio of the Fund will invest in stocks the Adviser believes to be undervalued, there is no guarantee that the prices of these stocks will not move even lower.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>REITs Risk. </b>REITs may be affected by economic forces and other factors related to the real estate industry. The value of securities issued by REITs is affected by tax and regulatory requirements and by perceptions of management skill. They also may be affected by general economic conditions and are subject to heavy cash flow dependency, defaults by borrowers or tenants, self-liquidation at an economically disadvantageous time, and the possibility of failing to qualify for favorable tax treatment under applicable U.S. or foreign law and/or to maintain exempt status under the 1940 Act. Additional risks include possible declines in the value of real estate, possible lack of availability of mortgage funds and unexpected vacancies of properties. REITs are also subject to heavy cash flow dependency, defaults by borrowers, self-liquidation, interest rate risks (especially mortgage REITs) and liquidity risk. REITs that invest in real estate mortgages are also subject to prepayment risk. Investing in REITs may involve risks similar to those associated with investing in small capitalization companies. REITs may have limited financial resources, may trade less frequently and in a limited volume, engage in dilutive offerings and may be subject to more abrupt or erratic price movements than larger company securities. Historically, small capitalization stocks, such as REITs, have been more volatile in price than the larger capitalization stocks included in the S&amp;P 500® Index. In addition, REITs could possibly fail to (i) qualify for favorable tax treatment under applicable tax law or (ii) maintain their exemptions from registration under the 1940 Act.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b><span id="xdx_916_ecustom--ShortSalesRiskMember_zgHWyPEG9zl8">Short Sales Risk</span>.</b> Short sales of securities may result in gains if a security’s price declines, but may result in losses if a security’s price rises.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>Small-Cap Companies Risk.</b> The small capitalization equity securities in which the Fund may invest may be traded only in the over-the-counter market or on a regional securities exchange, may be listed only in the quotation service commonly known as the "pink sheets," and may not be traded every day or in the volume typical of trading on a national securities exchange. These securities may also be subject to wide fluctuations in market value. The trading market for any given small capitalization equity security may be sufficiently small as to make it difficult for the Fund to dispose of a substantial block of such securities. The sale by the Fund of portfolio securities to meet redemptions may require the Fund to sell its small capitalization securities at a discount from market prices or during periods when, in the Adviser’s judgment, such sale is not desirable. Moreover, the lack of an efficient market for these securities may make them difficult to value.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b><span id="xdx_910_ecustom--UnseasonedIssuersRiskMember_zxTGuJMxJfK7">Unseasoned Issuers Risk</span>.</b> Unseasoned issuers may not have an established financial history and may have limited product lines, markets or financial resources. Unseasoned issuers may depend on a few key personnel for management and may be susceptible to losses and risks of bankruptcy. As a result, such securities may be more volatile and difficult to sell.</td></tr></table> Performance Information <p id="xdx_A87_eoef--PerformanceNarrativeTextBlock_ziDTX2a4e6F" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">The bar chart and table below illustrate the long-term performance of the Fund’s Institutional Class. <span id="xdx_900_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260703__20260703__dei--LegalEntityAxis__custom--S000001108Member_zLYtD5V0sfTg">The bar chart below shows you how the performance of the Fund’s Institutional Class has varied year by year and provides some indication of the risks of investing in the Fund.</span> The bar chart assumes reinvestment of dividends and distributions. <span id="xdx_90B_eoef--PerformancePastDoesNotIndicateFuture_c20260703__20260703__dei--LegalEntityAxis__custom--S000001108Member_zpepkNG3mT3j">As with all such investments, past performance (before and after taxes) is not an indication of future results.</span> Performance reflects fee waivers in effect. If fee waivers were not in place, the Fund’s performance would be reduced. Updated performance information is available at <span style="text-decoration: underline"><span id="xdx_904_eoef--PerformanceAvailabilityWebSiteAddress_c20260703__20260703__dei--LegalEntityAxis__custom--S000001108Member_zbkUCq5i9iqc">www.bostonpartners.com</span></span> or <span id="xdx_90B_eoef--PerformanceAvailabilityPhone_c20260703__20260703__dei--LegalEntityAxis__custom--S000001108Member_zsnmdbO3UUkc">1-888-261-4073</span>.</p> The bar chart below shows you how the performance of the Fund’s Institutional Class has varied year by year and provides some indication of the risks of investing in the Fund. As with all such investments, past performance (before and after taxes) is not an indication of future results. www.bostonpartners.com 1-888-261-4073 Total Returns for the Calendar Years Ended December 31 - Institutional Class 0.2248 0.0277 -0.1547 0.0912 -0.0635 0.3203 0.0720 0.1520 0.1328 0.2832 <p id="xdx_A8D_eoef--BarChartClosingTextBlock_zye9Wp2pnZO7" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Best and Worst Quarterly Performance (for the periods reflected in the chart above):</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="2" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; background-color: Gainsboro"> <td style="width: 40%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_905_eoef--HighestQuarterlyReturnLabel_c20260703__20260703__dei--LegalEntityAxis__custom--S000001108Member__oef--ClassAxis__custom--C000003001Member_zKClLFR4ZeJ3">Best Quarter</span>:</span></td> <td style="width: 20%"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_908_eoef--BarChartHighestQuarterlyReturn_c20260703__20260703__dei--LegalEntityAxis__custom--S000001108Member__oef--ClassAxis__custom--C000003001Member_zvIDJzMzVBef">13.76%</span></span></td> <td style="width: 40%"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">(quarter ended <span id="xdx_90E_eoef--BarChartHighestQuarterlyReturnDate_c20260703__20260703__dei--LegalEntityAxis__custom--S000001108Member__oef--ClassAxis__custom--C000003001Member_zVCQgKUvF5ki">December 31, 2022</span>)</span></td></tr> <tr style="vertical-align: top; background-color: White"> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_901_eoef--LowestQuarterlyReturnLabel_c20260703__20260703__dei--LegalEntityAxis__custom--S000001108Member__oef--ClassAxis__custom--C000003001Member_zPrLvop5BhSi">Worst Quarter</span>:</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_906_eoef--BarChartLowestQuarterlyReturn_c20260703__20260703__dei--LegalEntityAxis__custom--S000001108Member__oef--ClassAxis__custom--C000003001Member_zeIknbzSkH16">-19.48%</span></span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">(quarter ended <span id="xdx_901_eoef--BarChartLowestQuarterlyReturnDate_c20260703__20260703__dei--LegalEntityAxis__custom--S000001108Member__oef--ClassAxis__custom--C000003001Member_z3lky5S1XgJ1">March 31, 2020</span>)</span></td></tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund’s Institutional Class <span id="xdx_90F_eoef--YearToDateReturnLabel_c20260703__20260703__dei--LegalEntityAxis__custom--S000001108Member__oef--ClassAxis__custom--C000003001Member_zbRzg7KABIob">year-to-date total return</span> for the six months ended <span id="xdx_90C_eoef--BarChartYearToDateReturnDate_c20260703__20260703__dei--LegalEntityAxis__custom--S000001108Member__oef--ClassAxis__custom--C000003001Member_ziosTbEQJHn">June 30, 2026 </span>was <span id="xdx_90C_eoef--BarChartYearToDateReturn_c20260703__20260703__dei--LegalEntityAxis__custom--S000001108Member__oef--ClassAxis__custom--C000003001Member_zXrrd0C61ES8">14.92%</span>.</p> Best Quarter 0.1376 2022-12-31 Worst Quarter -0.1948 2020-03-31 year-to-date total return 2026-06-30 0.1492 <p id="xdx_A80_eoef--PerformanceTableNarrativeTextBlock_z1U0ZfWrOle6" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">The table shows how the average annual returns of the Institutional Class and Investor Class shares for 1 year, 5 year, and 10 year periods compare to the average annual total returns of a broad-based securities market index for the same periods. Although the Fund compares its average total return to a broad-based securities market index, the Fund seeks returns that are not correlated to securities market returns.</p> Average Annual Total Returns for the Periods Ended December 31, 2025 0.2832 0.1884 0.0993 0.2575 0.1470 0.0681 0.1806 0.1383 0.0694 0.2793 0.1854 0.0965 0.1788 0.1442 0.1482 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. 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 for Institutional Class shares only. After-tax returns for Investor Class shares will vary. In certain cases, the figure representing “Return after Taxes on Distributions and Sale of Fund Shares” may be higher than the other return figures for the same period, since a higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. SUMMARY SECTION — BOSTON PARTNERS LONG/SHORT RESEARCH FUND Investment Objective <p id="xdx_A88_eoef--ObjectivePrimaryTextBlock_zeF05Or16vpd" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">The Boston Partners Long/Short Research Fund (the “Fund”) seeks long-term growth of capital with reduced exposure to general equity market risk.</p> Expenses and Fees <p id="xdx_A80_eoef--ExpenseNarrativeTextBlock_z3g5oV7q4Cr2" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. <b>You may be required to pay commissions and/or other forms of compensation to a broker for transactions in shares of the Fund, which are not reflected in the tables or the examples below.</b></p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0125 0.0125 0 0.0025 0.0016 0.0016 0.0043 0.0043 0.0000 0.0000 0.0184 0.0209 Example <p id="xdx_A85_eoef--ExpenseExampleNarrativeTextBlock_zowYwhW7e6Sd" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $100,000 in Institutional Class shares or $10,000 in Investor Class shares of the Fund for the time periods indicated and that you hold or sell all of your shares at the end of the period. The Example also assumes that your investment has a 5% return each year and that the operating expenses of the Fund remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> 1869 5786 9955 21585 212 655 1124 2421 Portfolio Turnover <p id="xdx_A86_eoef--PortfolioTurnoverTextBlock_z4mB8mI5ZzFd" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Total annual Fund operating expenses or in the Example, affect the Fund’s performance. During the fiscal year ended August 31, 2025, the portfolio turnover rate for the Fund was <span id="xdx_902_eoef--PortfolioTurnoverRate_c20260703__20260703__dei--LegalEntityAxis__custom--S000030191Member_z7VEWoOtF229">65%</span> of the average value of its portfolio.</p> 0.65 Summary of Principal Investment Strategies <p id="xdx_A86_eoef--StrategyNarrativeTextBlock_zPNMvUkzne9c" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">The Fund uses a hedged strategy. The Fund actively invests in long positions in stocks identified by the Adviser as undervalued and takes short positions in stocks that the Adviser has identified as overvalued. The cash proceeds from short sales (i.e., sales of securities the Fund does not own) are invested in short-term cash instruments to produce a return on such proceeds just below the federal funds rate. Short sales are considered speculative transactions and a form of leverage.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">The Fund invests, both long and short, in equity securities issued by large-, mid- and small (or "micro") cap companies, as well as other instruments that are convertible into equity securities. Selling securities short is a form of leverage. Equity securities in which the Fund may invest include exchange-traded and over-the-counter common and preferred stocks, warrants, rights, convertible securities, depositary receipts and shares, trust certificates, limited partnership interests, shares of other investment companies and real estate investment trusts ("REITs"), and equity participations. An equity participation is a type of loan that gives the lender a portion of equity ownership in a property, in addition to principal and interest payments. A convertible security is a bond, debenture, note, preferred stock or other security that may be converted into or exchanged for a prescribed amount of common stock of the same or a different issuer within a particular period of time at a specified price or formula. The Fund may invest in securities of companies operating for three years or less ("unseasoned issuers"). The Fund may also invest in depositary receipts and equity securities of foreign companies (denominated in either U.S. dollars or foreign currencies), put and call options, futures, indexed securities and fixed-income securities (including bonds, notes, asset-backed securities, convertible securities, Eurodollar and Yankee dollar instruments, preferred stocks and money market instruments) and high yield securities (commonly referred to as "junk bonds"). Fixed income securities in which the Fund invests include those rated between AAA and D by a nationally recognized statistical rating organization, or deemed of comparable quality by the Adviser. The Adviser may also temporarily invest uninvested cash in money market funds and similar collective investment vehicles. The Fund may also seek to increase its income by lending portfolio securities.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">The Adviser determines the size of each long or short position by analyzing the tradeoff between the attractiveness of each position and its impact on the risk of the overall portfolio. The Fund seeks to construct a portfolio that has less volatility than the U.S. equity market by investing less than 100% of its assets in net long positions. Selection of individual securities to be held long or sold short will be based on a mix of quantitative techniques and fundamental security analysis. The Adviser selects stocks on the basis of three criteria: value, fundamental business strength and momentum. The Adviser examines various factors in determining the value characteristics of such issuers including price-to-book value ratios and price-to-earnings ratios. These value characteristics are examined in the context of the issuer’s operating and financial fundamentals such as return on equity, earnings growth and cash flow. The Adviser selects securities for the Fund based on a continuous study of trends in industries and companies, earnings power and growth and other investment criteria.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">Although the Fund seeks to follow a hedged strategy, there can be no assurance that the Fund’s portfolio or investments will be insulated from market moves or effectively hedged against risk.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">In general, the Fund’s investments are broadly diversified over a number of industries and, as a matter of policy, the Fund is limited to investing less than 25% of its total assets in any one industry, except that the Fund may invest in exchange traded funds to the extent permitted by the Investment Company Act of 1940, as amended (“1940 Act”), and applicable SEC orders.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">The Fund may participate as a purchaser in initial public offerings of securities ("IPO"). An IPO is a company’s first offering of stock to the public.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">The Fund may invest up to 15% of its net assets in illiquid investments, including investments that are illiquid by virtue of the absence of a readily available market or legal or contractual restrictions on resale.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">The Adviser will sell a stock when it no longer meets one or more investment criteria, either through obtaining target value or due to an adverse change in fundamentals or business momentum. Each holding has a target valuation established at purchase, which the Adviser constantly monitors and adjusts as appropriate.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">The principal derivative instruments in which the Fund invests are futures and options on securities, securities indices or currencies, options on these futures, forward foreign currency contracts and interest rate or currency swaps. The Fund’s investments in derivative instruments may be leveraged and result in losses exceeding the amounts invested.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">While the Adviser intends to fully invest the Fund’s assets at all times in accordance with the above-mentioned policies, the Fund reserves the right to hold up to 100% of its assets, as a temporary defensive measure, in cash and eligible U.S. dollar-denominated money market instruments and make investments inconsistent with its investment objective. The Adviser will determine when market conditions warrant temporary defensive measures.</p> You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>Currency Risk.</b> Investment in foreign securities also involves currency risk associated with securities that trade or are denominated in currencies other than the U.S. dollar and which may be affected by fluctuations in currency exchange rates. An increase in the strength of the U.S. dollar relative to a foreign currency may cause the U.S. dollar value of an investment in that country to decline. Foreign currencies also are subject to risks caused by inflation, interest rates, budget deficits and low savings rates, political factors and government controls.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>Cyber Security Risk. </b>Cyber security risk is the risk of an unauthorized breach and access to Fund assets, Fund or customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring that causes the Fund, the Adviser, custodian, transfer agent, distributor and other service providers and financial intermediaries to suffer data breaches, data corruption or lose operational functionality or prevent Fund investors from purchasing, redeeming or exchanging shares or receiving distributions. The use of artificial intelligence and machine learning could exacerbate these risks. The Fund and the Adviser have limited ability to prevent or mitigate cyber security incidents affecting third-party service providers and such third-party service providers may have limited indemnification obligations to the Fund or the Adviser. Successful cyber-attacks or other cyber-failures or events affecting the Fund or its service providers may adversely impact and cause financial losses to the Fund or its shareholders. Issuers of securities in which the Fund invests are also subject to cyber security risks, and the value of these securities could decline if the issuers experience cyber-attacks or other cyber-failures.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>Derivatives Risk.</b> The Fund’s investments in derivative instruments, which include futures and options on securities, securities indices or currencies, options on these futures, forward foreign currency contracts and interest rate or currency swaps, may be leveraged and result in losses exceeding the amounts invested. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. The use of derivatives is also subject to operational and legal risks. Operational risks generally refer to risks related to potential operational issues, including documentation issues, settlement issues, system failures, inadequate controls, and human error. Legal risks generally refer to risks of loss resulting from insufficient documentation, insufficient capacity or authority of counterparty, or legality or enforceability of a contract.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>Equity Securities Risk.</b> The Fund may invest in, or have exposure to, equity securities. Equity securities tend to be more volatile than other investment choices, such as debt and money market instruments. The value of your investment may decrease in response to overall stock market movements or the value of individual securities.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>Exchange-Traded Fund Risk.</b> Exchange-traded funds ("ETFs") are a type of investment company bought and sold on a securities exchange. An ETF typically represents a fixed portfolio of securities designed to track a particular market index. The risks of owning an ETF generally reflect the risks of owning the underlying securities that they are designed to track, although lack of liquidity in an ETF could result in its being more volatile. Some ETFs are actively-managed by an investment adviser and/or sub-advisers. Actively-managed ETFs are subject to the risk of poor investment selection. The Fund may incur brokerage fees in connection with its purchase of ETF shares. The purchase of shares of ETFs may result in duplication of expenses, including advisory fees, in addition to the Fund’s own expenses. Certain ETFs may be thinly traded and experience large spreads between the "ask" price quoted by a seller and the "bid" price offered by a buyer. The existence of extreme market volatility or potential lack of an active trading market for an ETF’s shares could result in such shares trading at a significant premium or discount to their net asset value ("NAV").</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>Foreign Custody Risk. </b>The Fund may hold foreign securities and cash with foreign banks, agents, and securities depositories appointed by the Fund’s custodian (each a “Foreign Custodian”). Some Foreign Custodians may be recently organized or new to the foreign custody business. In some countries, Foreign Custodians may be subject to little or no regulatory oversight over or independent evaluation of their operations. Further, the laws of certain countries may place limitations on the Fund’s ability to recover its assets if a Foreign Custodian enters bankruptcy. Investments in emerging markets may be subject to even greater custody risks than investments in more developed markets. Custody services in emerging market countries are very often undeveloped and may be considerably less well-regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>Foreign Securities Risk.</b> International investing may be subject to special risks, including currency exchange rate volatility, political, social or economic instability, less publicly available information, less stringent investor protections, and differences in taxation, auditing and financial practices. Foreign securities in which the Fund invests may be traded in markets that close before the time that the Fund calculates its NAV. Furthermore, certain foreign securities in which the Fund invests may be listed on foreign exchanges that trade on weekends or other days when the Fund does not calculate its NAV. As a result, the value of the Fund’s holdings may change on days when shareholders are not able to purchase or redeem the Fund’s shares.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>High Yield Debt Obligations Risk.</b> The Fund may invest up to 20% of its net assets in high yield debt obligations (of any rating, including defaulted securities and unrated securities), including bonds and debentures, issued by corporations and business organizations. An issuer of debt obligations may default on its obligation to pay interest and repay principal. Also, changes in the financial strength of an issuer or changes in the credit rating of a security may affect its value. Such high yield debt obligations are referred to as "junk bonds" and are not considered to be investment grade.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>Illiquid Investments Risk.</b> Investing in illiquid investments is subject to certain risks, such as limitations on resale and uncertainty in determining valuation. Limitations on resale may adversely affect the marketability of portfolio securities and the Fund might be unable to dispose of restricted or other illiquid investments promptly or at reasonable prices and might thereby experience difficulty satisfying redemptions within seven days. Less liquid securities that the Fund may want to invest in may be difficult or impossible to purchase. Federal banking regulations may also cause certain dealers to reduce their inventories of certain securities, which may further decrease the Fund’s ability to buy or sell such securities.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>IPO Risk.</b> IPO risk is the risk that the market value of IPO shares will fluctuate considerably due to certain factors, such as the absence of a prior public market, unseasoned trading, the small number of shares available for trading and limited information about the issuer. The purchase of IPO shares may involve high transaction costs. IPO shares are subject to market risk and liquidity risk. When the Fund’s asset base is small, a significant portion of the Fund’s performance could be attributable to investments in IPOs, because such investments would have a magnified impact on the Fund. As the Fund’s assets grow, the effect of the Fund’s investments in IPOs on the Fund’s performance probably will decline, which could reduce the Fund’s performance. Because of the price volatility of IPO shares, the Fund may choose to hold IPO shares for a very short period of time. This may increase the turnover of the Fund’s portfolio and may lead to increased expenses to the Fund, such as commissions and transaction costs. In addition, the Adviser cannot guarantee continued access to IPOs.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b><span id="xdx_91C_ecustom--IndexedSecuritiesRiskMember_z7sZK30JvKn">Indexed Securities Risk</span>.</b> The Fund may invest in indexed securities whose value is linked to securities indices. Most such securities have values that rise and fall according to the change in one or more specified indices and may have characteristics similar to direct investments in the underlying securities. Depending on the index, such securities may have greater volatility than the market as a whole.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>Large-Cap Companies Risk</b>. The stocks of large capitalization companies as a group could fall out of favor with the market, causing the Fund to underperform investments that focus solely on small- or medium-capitalization stocks.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>Management Risk.</b> The Fund is subject to the risk of poor investment selection. The Adviser may be incorrect in the stocks it buys and believes to be undervalued and in stocks it sells short and believes to be overvalued. Further, since the Adviser will manage both a long and a short portfolio, there is the risk that the Adviser may make more poor investment decisions than an adviser of a typical mutual fund with only a long portfolio.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>Market Risk.</b> The NAV of the Fund will change with changes in the market value of its portfolio positions. The value of investments held by the Fund may increase or decrease in response to economic, political, financial, public health crises (such as epidemics or pandemics) or other disruptive events (whether real, expected or perceived) in the U.S. and global markets. Investors may lose money. Although the long portfolio of the Fund will invest in stocks the Adviser believes to be undervalued, there is no guarantee that the price of these stocks will not move even lower.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>Mid-Cap Companies Risk. </b>The stocks of mid-sized companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>REITs Risk.</b> REITs may be affected by economic forces and other factors related to the real estate industry. The value of securities issued by REITs is affected by tax and regulatory requirements and by perceptions of management skill. They also may be affected by general economic conditions and are subject to heavy cash flow dependency, defaults by borrowers or tenants, self-liquidation at an economically disadvantageous time, and the possibility of failing to qualify for favorable tax treatment under applicable U.S. or foreign law and/or to maintain exempt status under the 1940 Act. Additional risks include possible declines in the value of real estate, possible lack of availability of mortgage funds and unexpected vacancies of properties. REITs are also subject to heavy cash flow dependency, defaults by borrowers, self-liquidation, interest rate risks (especially mortgage REITs) and liquidity risk. REITs that invest in real estate mortgages are also subject to prepayment risk. Investing in REITs may involve risks similar to those associated with investing in small capitalization companies. REITs may have limited financial resources, may trade less frequently and in a limited volume, engage in dilutive offerings and may be subject to more abrupt or erratic price movements than larger company securities. Historically, small capitalization stocks, such as REITs, have been more volatile in price than the larger capitalization stocks included in the S&amp;P 500^® Index. In addition, REITs could possibly fail to (i) qualify for favorable tax treatment under applicable tax law or (ii) maintain their exemptions from registration under the 1940 Act.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>Securities Lending Risk.</b> The Fund may lend portfolio securities to institutions, such as certain broker-dealers. The Fund may experience a loss or delay in the recovery of its securities if the borrowing institution breaches its agreement with the Fund.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>Short Sales Risk.</b> Short sales of securities may result in gains if a security’s price declines, but may result in losses if a security’s price rises. In a rising market, short positions may be more likely to result in losses because securities sold short may be more likely to increase in value. Short selling also involves the risks of: increased leverage, and its accompanying potential for losses; the potential inability to reacquire a security in a timely manner, or at an acceptable price; the possibility of the lender terminating the loan at any time, forcing the Fund to close the transaction under unfavorable circumstances; and the additional costs that may be incurred. Short sales "against the box" may protect the Fund against the risk of losses in the value of a portfolio security because any decline in value of the security should be wholly or partially offset by a corresponding gain in the short position. Any potential gains in the security, however, would be wholly or partially offset by a corresponding loss in the short position. Short sales that are not "against the box" involve a form of investment leverage, and the amount of the Fund’s loss on a short sale is potentially unlimited.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>Small-Cap Companies Risk.</b> The small capitalization equity securities in which the Fund may invest may be traded only in the over-the-counter market or on a regional securities exchange, may be listed only in the quotation service commonly known as the "pink sheets," and may not be traded every day or in the volume typical of trading on a national securities exchange. These securities may also be subject to wide fluctuations in market value. The trading market for any given small capitalization equity security may be sufficiently small as to make it difficult for the Fund to dispose of a substantial block of such securities. The sale by the Fund of portfolio securities to meet redemptions may require the Fund to sell its small capitalization securities at a discount from market prices or during periods when, in the Adviser’s judgment, such sale is not desirable. Moreover, the lack of an efficient market for these securities may make them difficult to value.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>Unseasoned Issuers Risk.</b> Unseasoned issuers may not have an established financial history and may have limited product lines, markets or financial resources. Unseasoned issuers may depend on a few key personnel for management and may be susceptible to losses and risks of bankruptcy. As a result, such securities may be more volatile and difficult to sell.</td></tr></table> Performance Information <p id="xdx_A8F_eoef--PerformanceNarrativeTextBlock_zCc55v6ET249" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">The bar chart and table below illustrate the long-term performance of the Fund’s Institutional Class. <span id="xdx_90D_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260703__20260703__dei--LegalEntityAxis__custom--S000030191Member_zi9JH8vgdF2j">The bar chart below shows you how the performance of the Fund’s Institutional Class has varied year by year and provides some indication of the risks of investing in the Fund.</span> The bar chart assumes reinvestment of dividends and distributions. <span id="xdx_901_eoef--PerformancePastDoesNotIndicateFuture_c20260703__20260703__dei--LegalEntityAxis__custom--S000030191Member_zqleYxjnQZW">As with all such investments, past performance (before and after taxes) is not an indication of future results.</span> Performance reflects fee waivers in effect. If fee waivers were not in place, the Fund’s performance would be reduced. Updated performance information is available at <span style="text-decoration: underline"><span id="xdx_90A_eoef--PerformanceAvailabilityWebSiteAddress_c20260703__20260703__dei--LegalEntityAxis__custom--S000030191Member_zOPLLkI61Nkd">www.bostonpartners.com</span></span> or <span id="xdx_90E_eoef--PerformanceAvailabilityPhone_c20260703__20260703__dei--LegalEntityAxis__custom--S000030191Member_znjWquPoFeg8">1-888-261-4073</span>.</p> The bar chart below shows you how the performance of the Fund’s Institutional Class has varied year by year and provides some indication of the risks of investing in the Fund. As with all such investments, past performance (before and after taxes) is not an indication of future results. www.bostonpartners.com 1-888-261-4073 Total Returns for the Calendar Years Ended December 31 - Institutional Class 0.0362 0.1010 -0.1059 0.1258 -0.0825 0.2380 0.0648 0.0474 0.1348 0.1496 <p id="xdx_A8C_eoef--BarChartClosingTextBlock_zDXDBDIBw07h" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Best and Worst Quarterly Performance (for the periods reflected in the chart above):</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="2" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: Gainsboro"> <td style="width: 40%"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_90C_eoef--HighestQuarterlyReturnLabel_c20260703__20260703__dei--LegalEntityAxis__custom--S000030191Member__oef--ClassAxis__custom--C000092913Member_zs0nMMetvXb6">Best Quarter</span>:</span></td> <td style="width: 20%"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_903_eoef--BarChartHighestQuarterlyReturn_c20260703__20260703__dei--LegalEntityAxis__custom--S000030191Member__oef--ClassAxis__custom--C000092913Member_z4dNEfkcfoZh">11.99%</span></span></td> <td style="width: 40%"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">(quarter ended <span id="xdx_900_eoef--BarChartHighestQuarterlyReturnDate_c20260703__20260703__dei--LegalEntityAxis__custom--S000030191Member__oef--ClassAxis__custom--C000092913Member_z1Uz9Nuuymcj">December 31, 2020</span>)</span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_900_eoef--LowestQuarterlyReturnLabel_c20260703__20260703__dei--LegalEntityAxis__custom--S000030191Member__oef--ClassAxis__custom--C000092913Member_zMXNCcNjvIS7">Worst Quarter</span>:</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_90D_eoef--BarChartLowestQuarterlyReturn_c20260703__20260703__dei--LegalEntityAxis__custom--S000030191Member__oef--ClassAxis__custom--C000092913Member_zwE8fsWGL9Qc">-18.51%</span></span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">(quarter ended <span id="xdx_90F_eoef--BarChartLowestQuarterlyReturnDate_c20260703__20260703__dei--LegalEntityAxis__custom--S000030191Member__oef--ClassAxis__custom--C000092913Member_zYC7Tp7Fn1wc">March 31, 2020</span>)</span></td></tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund’s Institutional Class <span id="xdx_905_eoef--YearToDateReturnLabel_c20260703__20260703__dei--LegalEntityAxis__custom--S000030191Member__oef--ClassAxis__custom--C000092913Member_zlljCxqTzxId">year-to-date total return</span> for the six months ended <span id="xdx_905_eoef--BarChartYearToDateReturnDate_c20260703__20260703__dei--LegalEntityAxis__custom--S000030191Member__oef--ClassAxis__custom--C000092913Member_zwna8CbIGRBd">June 30, 2026</span> was <span id="xdx_907_eoef--BarChartYearToDateReturn_c20260703__20260703__dei--LegalEntityAxis__custom--S000030191Member__oef--ClassAxis__custom--C000092913Member_zE56wRYWSHe1">6.34%</span>.</p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></p> Best Quarter 0.1199 2020-12-31 Worst Quarter -0.1851 2020-03-31 year-to-date total return 2026-06-30 0.0634 <p id="xdx_A81_eoef--PerformanceTableNarrativeTextBlock_zUvGuY3ZDHY6" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">The table shows how the average annual returns of the Institutional Class and Investor Class shares for 1 year, 5 year, and 10 year periods compare to the average annual total returns of a broad-based securities market index for the same periods.</p> Average Annual Total Returns for the Periods Ended December 31, 2025 0.1496 0.1249 0.0662 0.1233 0.0908 0.0480 0.1074 0.0920 0.0490 0.1467 0.1222 0.0635 0.1788 0.1442 0.1482 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. 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 for Institutional Class shares only. After-tax returns for Investor Class shares will vary. In certain cases, the figure representing “Return after Taxes on Distributions and Sale of Fund Shares” may be higher than the other return figures for the same period, since a higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. SUMMARY SECTION — BOSTON PARTNERS SMALL CAP VALUE FUND II Investment Objective <p id="xdx_A83_eoef--ObjectivePrimaryTextBlock_zDgEJq0O29O3" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">The Boston Partners Small Cap Value Fund II (the “Fund”) seeks long-term growth of capital and outperformance of its benchmark net of fees.</p> Expenses and Fees <p id="xdx_A84_eoef--ExpenseNarrativeTextBlock_zLclwAOxqX47" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. <b>You may be required to pay commissions and/or other forms of compensation to a broker for transactions in shares of the Fund, which are not reflected in the tables or the examples below.</b></p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0085 0.0085 0.0085 0 0.0025 0 0.0017 0.0017 0.0010 0.0005 0.0005 0.0005 0.0107 0.0132 0.0100 -0.0008 -0.0008 -0.0008 0.0099 0.0124 0.0092 “Other Expenses” are estimated for R6 Class shares for the current fiscal year. Acquired Fund Fees and Expenses (“AFFE”) are indirect fees and expenses that the Fund incurs from investing in the shares of other mutual funds, including money market funds and exchange traded funds, and are estimated for the current fiscal year. Please note that the amount of Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses after Fee Waiver/Expense Reimbursements shown in the above table will differ from the “Financial Highlights” section of the Prospectus, which reflects the operating expenses of the Fund and does not include indirect expenses such as AFFE. December 31, 2027 Example <p id="xdx_A87_eoef--ExpenseExampleNarrativeTextBlock_zUqkDE7FqYTg" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $100,000 in Institutional Class shares, $10,000 in Investor Class shares, or $1,000,000 in R6 Class shares of the Fund for the time periods indicated and that you hold or sell all of your shares at the end of the period. The Example also assumes that your investment has a 5% return each year and that the operating expenses of the Fund remain the same (taking into account the contractual expense limitation until its expiration). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> 1010 3324 5824 12985 126 410 716 1583 9388 31045 54469 121736 Portfolio Turnover <p id="xdx_A8D_eoef--PortfolioTurnoverTextBlock_zve9xYTTteek" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Total annual Fund operating expenses or in the Example, affect the Fund’s performance. During the fiscal year ended August 31, 2025, the portfolio turnover rate for the Fund was <span id="xdx_903_eoef--PortfolioTurnoverRate_c20260703__20260703__dei--LegalEntityAxis__custom--S000001094Member_zUpCTQKuhJn6">70%</span> of the average value of its portfolio.</p> 0.70 Summary of Principal Investment Strategies <p id="xdx_A88_eoef--StrategyNarrativeTextBlock_zHmgOj3r5B7c" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">The Fund pursues its objective by investing, under normal circumstances, at least 80% of its net assets (including borrowings for investment purposes) in a diversified portfolio consisting primarily of equity securities, such as common stocks of issuers with small market capitalizations and identified by the Adviser as having value characteristics. A small market capitalization issuer generally is considered to be one whose market capitalization is, at the time the Fund makes the investment, similar to the market capitalization of companies in the Russell 2000^® Value Index. The Russell 2000^® Value Index is an unmanaged index that contains stocks from the Russell 2000^® Index with less than average growth orientation. As of December 31, 2025, the median market capitalization of the companies in the Russell 2000^® Value Index was $804 million and the largest stock was $31.1 billion. Please note that this range is as of a particular point in time and is subject to change.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">The Fund generally invests in the equity securities of small companies. The Adviser will seek to invest in companies it considers to be well managed and to have attractive fundamental financial characteristics. The Adviser believes greater potential for price appreciation exists among small companies since they tend to be less widely followed by other securities analysts and thus may be more likely to be undervalued by the market. The Fund may invest from time to time a portion of its assets, not to exceed 20% (under normal conditions) at the time of purchase, in companies with larger market capitalizations.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">The Adviser examines various factors in determining the value characteristics of such issuers including price to book value ratios and price to earnings ratios. These value characteristics are examined in the context of the issuer’s operating and financial fundamentals such as return on equity, earnings growth and cash flow. The Adviser selects securities for the Fund based on a continuous study of trends in industries and companies, earnings power and growth and other investment criteria.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">The Adviser will sell a stock when it no longer meets one or more investment criteria, either through obtaining target value or due to an adverse change in fundamentals or business momentum. Each holding has a target valuation established at purchase, which the Adviser constantly monitors and adjusts as appropriate.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">The Fund may also invest up to 25% of its total assets in non U.S. dollar-denominated securities.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">The Fund may invest up to 15% of its net assets in illiquid investments, including investments that are illiquid by virtue of the absence of a readily available market or legal or contractual restrictions on resale.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">The Fund may participate as a purchaser in initial public offerings of securities (“IPO”). An IPO is a company’s first offering of stock to the public.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">In general, the Fund’s investments are broadly diversified over a number of industries and, as a matter of policy, the Fund is limited to investing a maximum of 25% of its total assets in any one industry.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">While the Adviser intends to fully invest the Fund’s assets at all times in accordance with the above-mentioned policies, the Fund reserves the right to hold up to 100% of its assets, as a temporary defensive measure, in cash and eligible U.S. dollar-denominated money market instruments and make investments inconsistent with its investment objective. The Adviser will determine when market conditions warrant temporary defensive measures.</p> You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>Cyber Security Risk. </b>Cyber security risk is the risk of an unauthorized breach and access to Fund assets, Fund or customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring that causes the Fund, the Adviser, custodian, transfer agent, distributor and other service providers and financial intermediaries to suffer data breaches, data corruption or lose operational functionality or prevent Fund investors from purchasing, redeeming or exchanging shares or receiving distributions. The use of artificial intelligence and machine learning could exacerbate these risks. The Fund and the Adviser have limited ability to prevent or mitigate cyber security incidents affecting third-party service providers and such third-party service providers may have limited indemnification obligations to the Fund or the Adviser. Successful cyber-attacks or other cyber-failures or events affecting the Fund or its service providers may adversely impact and cause financial losses to the Fund or its shareholders. Issuers of securities in which the Fund invests are also subject to cyber security risks, and the value of these securities could decline if the issuers experience cyber-attacks or other cyber-failures.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>Equity Securities Risk.</b> The Fund may invest in, or have exposure to, equity securities. Equity securities tend to be more volatile than other investment choices, such as debt and money market instruments. The value of your investment may decrease in response to overall stock market movements or the value of individual securities.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>Foreign Custody Risk. </b>The Fund may hold foreign securities and cash with foreign banks, agents, and securities depositories appointed by the Fund’s custodian (each a “Foreign Custodian”). Some Foreign Custodians may be recently organized or new to the foreign custody business. In some countries, Foreign Custodians may be subject to little or no regulatory oversight over or independent evaluation of their operations. Further, the laws of certain countries may place limitations on the Fund’s ability to recover its assets if a Foreign Custodian enters bankruptcy. Investments in emerging markets may be subject to even greater custody risks than investments in more developed markets. Custody services in emerging market countries are very often undeveloped and may be considerably less well-regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries.</span></td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>Foreign Securities Risk.</b> International investing may be subject to special risks, including, but not limited to, currency exchange rate volatility, political, social or economic instability, less publicly available information, less stringent investor protections, and differences in taxation, auditing and other financial practices. Foreign securities in which the Fund invests may be traded in markets that close before the time that the Fund calculates its net asset value ("NAV"). Furthermore, certain foreign securities in which the Fund invests may be listed on foreign exchanges that trade on weekends or other days when the Fund does not calculate its NAV. As a result, the value of the Fund’s holdings may change on days when shareholders are not able to purchase or redeem the Fund’s shares.</span></td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>Illiquid Investments Risk.</b> Investing in illiquid investments is subject to certain risks, such as limitations on resale and uncertainty in determining valuation. Limitations on resale may adversely affect the marketability of portfolio securities and the Fund might be unable to dispose of restricted or other illiquid investments promptly or at reasonable prices and might thereby experience difficulty satisfying redemptions within seven days. The Fund might, in order to dispose of restricted securities, have to register securities resulting in additional expense and delay. Adverse market conditions could impede such a public offering of such securities. Less liquid securities that the Fund may want to invest in may be difficult or impossible to purchase. Federal banking regulations may also cause certain dealers to reduce their inventories of certain securities, which may further decrease the Fund’s ability to buy or sell such securities.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>IPO Risk.</b> IPO risk is the risk that the market value of IPO shares will fluctuate considerably due to certain factors, such as the absence of a prior public market, unseasoned trading, the small number of shares available for trading and limited information about the issuer. The purchase of IPO shares may involve high transaction costs. IPO shares are subject to market risk and liquidity risk. When the Fund’s asset base is small, a significant portion of the Fund’s performance could be attributable to investments in IPOs, because such investments would have a magnified impact on the Fund. As the Fund’s assets grow, the effect of the Fund’s investments in IPOs on the Fund’s performance probably will decline, which could reduce the Fund’s performance. Because of the price volatility of IPO shares, the Fund may choose to hold IPO shares for a very short period of time. This may increase the turnover of the Fund’s portfolio and may lead to increased expenses to the Fund, such as commissions and transaction costs. In addition, the Adviser cannot guarantee continued access to IPOs.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>Management Risk.</b> The Fund is subject to the risk of poor investment selection. In other words, the individual investments of the Fund may not perform as well as expected, and/or the Fund’s portfolio management practices may not work to achieve their desired result.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>Market Risk.</b> The NAV of the Fund will change with changes in the market value of its portfolio positions. The value of investments held by the Fund may increase or decrease in response to economic, political, financial, public health crises (such as epidemics or pandemics) or other disruptive events (whether real, expected or perceived) in the U.S. and global markets. Investors may lose money. Although the Fund will invest in stocks the Adviser believes to be undervalued, there is no guarantee that the prices of these stocks will not move even lower.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>REITs Risk.</b> REITs may be affected by economic forces and other factors related to the real estate industry. The value of securities issued by REITs is affected by tax and regulatory requirements and by perceptions of management skill. They also may be affected by general economic conditions and are subject to heavy cash flow dependency, defaults by borrowers or tenants, self-liquidation at an economically disadvantageous time, and the possibility of failing to qualify for favorable tax treatment under applicable U.S. or foreign law and/or to maintain exempt status under the 1940 Act. Additional risks include possible declines in the value of real estate, possible lack of availability of mortgage funds and unexpected vacancies of properties. REITs are also subject to heavy cash flow dependency, defaults by borrowers, self-liquidation, interest rate risks (especially mortgage REITs) and liquidity risk. REITs that invest in real estate mortgages are also subject to prepayment risk. Investing in REITs may involve risks similar to those associated with investing in small capitalization companies. REITs may have limited financial resources, may trade less frequently and in a limited volume, engage in dilutive offerings and may be subject to more abrupt or erratic price movements than larger company securities. Historically, small capitalization stocks, such as REITs, have been more volatile in price than the larger capitalization stocks included in the S&amp;P 500^® Index. In addition, REITs could possibly fail to (i) qualify for favorable tax treatment under applicable tax law or (ii) maintain their exemptions from registration under the Investment Company Act of 1940, as amended.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>Small Cap Companies Risk.</b> The Fund will invest in smaller issuers which are more volatile and less liquid than investments in issuers with a market capitalization greater than the market capitalization of companies in the Russell 2000^® Value Index. Small market capitalization issuers are not as diversified in their business activities as issuers with market capitalizations greater than the market capitalization of companies in the Russell 2000^® Value Index and are more susceptible to changes in the business cycle.</td></tr></table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 31.5pt; text-align: justify; text-indent: -20pt"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-align: justify">The small capitalization equity securities in which the Fund invests may be traded only in the over-the-counter market or on a regional securities exchange, may be listed only in the quotation service commonly known as the "pink sheets," and may not be traded every day or in the volume typical of trading on a national securities exchange. These securities may also be subject to wide fluctuations in market value. The trading market for any given small capitalization equity security may be sufficiently small as to make it difficult for the Fund to dispose of a substantial block of such securities. The sale by the Fund of portfolio securities to meet redemptions may require the Fund to sell its small capitalization securities at a discount from market prices or during periods when, in the Adviser’s judgment, such sale is not desirable. Moreover, the lack of an efficient market for these securities may make them difficult to value.</p> Performance Information <p id="xdx_A88_eoef--PerformanceNarrativeTextBlock_z83SrC7KQYVe" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">The bar chart and table below illustrate the long-term performance of the Fund’s Institutional Class. <span id="xdx_902_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260703__20260703__dei--LegalEntityAxis__custom--S000001094Member_zN1dmtwnqBvk">The bar chart below shows you how the performance of the Fund’s Institutional Class has varied year by year and provides some indication of the risks of investing in the Fund.</span> The bar chart assumes reinvestment of dividends and distributions. <span id="xdx_909_eoef--PerformancePastDoesNotIndicateFuture_c20260703__20260703__dei--LegalEntityAxis__custom--S000001094Member_zmLVnCAaQVX8">As with all such investments, past performance (before and after taxes) is not an indication of future results.</span> Performance reflects fee waivers in effect. If fee waivers were not in place, the Fund’s performance would be reduced. Updated performance information is available at <span style="text-decoration: underline"><span id="xdx_90C_eoef--PerformanceAvailabilityWebSiteAddress_c20260703__20260703__dei--LegalEntityAxis__custom--S000001094Member_zJPXlQsd2VWj">www.bostonpartners.com</span></span> or <span id="xdx_903_eoef--PerformanceAvailabilityPhone_c20260703__20260703__dei--LegalEntityAxis__custom--S000001094Member_zc5EvDJo5I7c">1-888-261-4073</span>. Performance information is not available for the R6 Class shares of the Fund since the R6 Class shares had not commenced operations prior to the date of this Prospectus. The performance for the R6 Class shares would differ only to the extent that the R6 Class shares have different expenses than the Institutional Class shares.</p> The bar chart below shows you how the performance of the Fund’s Institutional Class has varied year by year and provides some indication of the risks of investing in the Fund. As with all such investments, past performance (before and after taxes) is not an indication of future results. www.bostonpartners.com 1-888-261-4073 Total Returns for the Calendar Years Ended December 31- Institutional Class 0.2597 0.0978 -0.1634 0.2802 0.0160 0.2578 -0.1149 0.1668 0.1402 0.0750 <p id="xdx_A8F_eoef--BarChartClosingTextBlock_zYpCfXkyipLf" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Best and Worst Quarterly Performance (for the periods reflected in the chart above):</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="2" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; background-color: Gainsboro"> <td style="width: 40%"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_900_eoef--HighestQuarterlyReturnLabel_c20260703__20260703__dei--LegalEntityAxis__custom--S000001094Member__oef--ClassAxis__custom--C000002982Member_z8lhXQZsw6bh">Best Quarter</span>:</span></td> <td style="width: 20%"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_902_eoef--BarChartHighestQuarterlyReturn_c20260703__20260703__dei--LegalEntityAxis__custom--S000001094Member__oef--ClassAxis__custom--C000002982Member_zIw0C1kDB3Da">29.93%</span></span></td> <td style="width: 40%"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">(quarter ended <span id="xdx_900_eoef--BarChartHighestQuarterlyReturnDate_c20260703__20260703__dei--LegalEntityAxis__custom--S000001094Member__oef--ClassAxis__custom--C000002982Member_znVWvvxQxA55">December 31, 2020</span>)</span></td></tr> <tr style="vertical-align: top; background-color: White"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_90B_eoef--LowestQuarterlyReturnLabel_c20260703__20260703__dei--LegalEntityAxis__custom--S000001094Member__oef--ClassAxis__custom--C000002982Member_zFnKNf66ncrd">Worst Quarter</span>:</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_90C_eoef--BarChartLowestQuarterlyReturn_c20260703__20260703__dei--LegalEntityAxis__custom--S000001094Member__oef--ClassAxis__custom--C000002982Member_zICRqmAYdM99">-38.98%</span></span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">(quarter ended <span id="xdx_906_eoef--BarChartLowestQuarterlyReturnDate_c20260703__20260703__dei--LegalEntityAxis__custom--S000001094Member__oef--ClassAxis__custom--C000002982Member_z9T1BqbGDhv3">March 31, 2020</span>)</span></td></tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i> </i></b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund’s Institutional Class <span id="xdx_907_eoef--YearToDateReturnLabel_c20260703__20260703__dei--LegalEntityAxis__custom--S000001094Member__oef--ClassAxis__custom--C000002982Member_zfeWEvrZ4ESe">year-to-date total return</span> for the six months ended <span id="xdx_905_eoef--BarChartYearToDateReturnDate_c20260703__20260703__dei--LegalEntityAxis__custom--S000001094Member__oef--ClassAxis__custom--C000002982Member_z6nddfAcjh06">June 30, 2026</span> was <span id="xdx_90A_eoef--BarChartYearToDateReturn_c20260703__20260703__dei--LegalEntityAxis__custom--S000001094Member__oef--ClassAxis__custom--C000002982Member_zI9osPACgxe">17.61%</span>.</p> Best Quarter 0.2993 2020-12-31 Worst Quarter -0.3898 2020-03-31 year-to-date total return 2026-06-30 0.1761 <p id="xdx_A88_eoef--PerformanceTableNarrativeTextBlock_zGN2nv1mpFJe" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">The table shows how the average annual returns of the Institutional Class and Investor Class shares for 1 year, 5 year, and 10 year periods compare to the average annual total returns of a broad-based securities market index for the same periods. Performance information is not available for the R6 Class shares of the Fund since the R6 Class shares had not commenced operations prior to the date of this Prospectus. The performance for the R6 Class shares would differ only to the extent that the R6 Class shares have different expenses than the Institutional Class shares.</p> Average Annual Total Returns for the Periods Ended December 31, 2025 0.0750 0.0975 0.0913 0.0573 0.0739 0.0752 0.0574 0.0744 0.0717 0.0721 0.0948 0.0886 0.1715 0.1315 0.1429 0.1259 0.0888 0.0927 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. 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 for Institutional Class shares only. After-tax returns for Investor Class shares will vary. In certain cases, the figure representing “Return after Taxes on Distributions and Sale of Fund Shares” may be higher than the other return figures for the same period, since a higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. SUMMARY SECTION — WPG PARTNERS SELECT SMALL CAP VALUE FUND Investment Objective <p id="xdx_A8B_eoef--ObjectivePrimaryTextBlock_zf5Nry5DxJTe" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">The WPG Partners Select Small Cap Value Fund (the “Fund”) seeks long-term growth of capital and outperformance of its benchmark net of fees.</p> Expenses and Fees <p id="xdx_A89_eoef--ExpenseNarrativeTextBlock_zsAjBV9XtQc" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell Institutional Class shares of the Fund. <b>You may be required to pay commissions and/or other forms of compensation to a broker for transactions in Institutional Class shares of the Fund, which are not reflected in the tables or the examples below.</b></p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0090 0 0.0023 0.0113 -0.0003 0.0110 December 31, 2027 Example <p id="xdx_A83_eoef--ExpenseExampleNarrativeTextBlock_zKBx0Jt0zokk" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $100,000 in the Fund for the time periods indicated and that you hold or sell all of your shares at the end of the period. The Example also assumes that your investment has a 5% return each year and that the operating expenses of the Fund remain the same (taking into account the contractual expense limitation until its expiration). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> 1121 3561 6194 13720 Portfolio Turnover <p id="xdx_A80_eoef--PortfolioTurnoverTextBlock_zrq8rSjdINpl" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Total annual Fund operating expenses or in the Example, affect the Fund’s performance. During the fiscal year ended August 31, 2025, the portfolio turnover rate for the Fund was <span id="xdx_90E_eoef--PortfolioTurnoverRate_c20260703__20260703__dei--LegalEntityAxis__custom--S000074886Member_zAEoyE8G8bQ5">155%</span> of the average value of its portfolio.</p> 1.55 Summary of Principal Investment Strategies <p id="xdx_A87_eoef--StrategyNarrativeTextBlock_zQ9A8u39ohF1" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">The Fund pursues its objective by investing, under normal circumstances, at least 80% of its net assets (including borrowings for investment purposes) in equity securities of U.S. companies that, at the time of purchase, have a market capitalization that is within the range of the market capitalization of issuers in the Russell 2000^® Value Index. As of December 31, 2025, the median market capitalization of the companies in the Russell 2000^® Value Index is $804 million and the largest stock is $31.1 billion. The Fund may invest in depositary receipts and equity securities of foreign companies. Although the Fund invests primarily in common stocks (which include both exchange-listed and over-the-counter ("OTC") securities), the Fund may invest in all types of equity and equity-related securities, including (without limitation):</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify">Securities convertible into common stocks.</td></tr></table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-align: justify; text-indent: -20pt"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify">Shares of real estate investment trusts ("REITs").</td></tr></table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-align: justify; text-indent: -20pt"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify">Warrants and rights to purchase common stocks.</td></tr></table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-align: justify; text-indent: -20pt"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify">Preferred stocks.</td></tr></table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-align: justify; text-indent: -20pt"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify">Exchange-traded limited partnerships.</td></tr></table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-align: justify; text-indent: -20pt"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt"><b><i>Special Situations:</i></b> The Fund may invest in companies that may experience unusual and possibly unique developments which may create a special opportunity for significant returns. Special situations include: significant technological improvements or important discoveries; reorganizations, recapitalizations or mergers; favorable resolutions of litigation; new management or material changes in company policies; and actual or potential changes in control of a company.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt"><b><i>Strategies:</i></b> The Adviser uses a value approach to select the Fund’s investments. Using this investment style, the Adviser seeks securities selling at substantial discounts to their underlying values and then holds these securities until the market values reflect what the Adviser believes to be their intrinsic values. The Adviser employs a bottom-up strategy, focusing on undervalued industries that the Adviser believes are experiencing positive change. The Adviser then uses both qualitative and quantitative methods to assess a security’s potential value. The portfolio manager managing the Fund and the analytical team meet with a multitude of companies annually to identify companies with increasing returns on capital in their core businesses which are selling at attractive valuations.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">Factors the Adviser looks for in selecting investments include (without limitation):</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify">Increasing returns on invested capital.</td></tr></table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify">Companies who have demonstrated an ability to generate high return on invested capital.</td></tr></table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-align: justify; text-indent: -20pt"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify">Companies which provide solid cash flows with appropriate capital.</td></tr></table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-align: justify; text-indent: -20pt"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify">Potential catalysts such as new products, cyclical upturns and changes in management.</td></tr></table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-align: justify; text-indent: -20pt"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify">Low market valuations relative to earnings forecast, book value, cash flow and sales.</td></tr></table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-align: justify; text-indent: -20pt"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">The Fund may participate as a purchaser in initial public offerings of securities ("IPO"). An IPO is a company’s first offering of stock to the public.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">The Adviser will sell a stock when it no longer meets one or more investment criteria, either through obtaining target value or due to an adverse change in fundamentals or business momentum. Each holding has a target valuation established at purchase, which the Adviser constantly monitors and adjusts as appropriate.</p> You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>Convertible Securities Risk.</b> Securities that can be converted into common stock, such as certain securities and preferred stock, are subject to the usual risks associated with fixed income investments, such as interest rate risk and credit risk. In addition, because they react to changes in the value of the equity securities into which they will convert, convertible securities are also subject to the risks associated with equity securities.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>Cyber Security Risk. </b>Cyber security risk is the risk of an unauthorized breach and access to Fund assets, Fund or customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring that causes the Fund, the Adviser, custodian, transfer agent, distributor and other service providers and financial intermediaries to suffer data breaches, data corruption or lose operational functionality or prevent Fund investors from purchasing, redeeming or exchanging shares or receiving distributions. The use of artificial intelligence and machine learning could exacerbate these risks. The Fund and the Adviser have limited ability to prevent or mitigate cyber security incidents affecting third-party service providers and such third-party service providers may have limited indemnification obligations to the Fund or the Adviser. Successful cyber-attacks or other cyber-failures or events affecting the Fund or its service providers may adversely impact and cause financial losses to the Fund or its shareholders. Issuers of securities in which the Fund invests are also subject to cyber security risks, and the value of these securities could decline if the issuers experience cyber-attacks or other cyber-failures.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>Equity Securities Risk</b>. The Fund may invest in, or have exposure to, equity securities. Equity securities tend to be more volatile than other investment choices, such as debt and money market instruments. The value of your investment may decrease in response to overall stock market movements or the value of individual securities.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>Foreign Custody Risk. </b>The Fund may hold foreign securities and cash with foreign banks, agents, and securities depositories appointed by the Fund’s custodian (each a “Foreign Custodian”). Some Foreign Custodians may be recently organized or new to the foreign custody business. In some countries, Foreign Custodians may be subject to little or no regulatory oversight over or independent evaluation of their operations. Further, the laws of certain countries may place limitations on the Fund’s ability to recover its assets if a Foreign Custodian enters bankruptcy.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>Foreign Securities Risk.</b> International investing may be subject to special risks, including, but not limited to, currency exchange rate volatility, political, social or economic instability, less publicly available information, less stringent investor protections, and differences in taxation, auditing and other financial practices. Foreign securities in which the Fund invests may be traded in markets that close before the time that the Fund calculates its net asset value (“NAV”). Furthermore, certain foreign securities in which the Fund invests may be listed on foreign exchanges that trade on weekends or other days when the Fund does not calculate its NAV. As a result, the value of the Fund’s holdings may change on days when shareholders are not able to purchase or redeem the Fund’s shares.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>IPO Risk.</b> IPO risk is the risk that the market value of IPO shares will fluctuate considerably due to certain factors, such as the absence of a prior public market, unseasoned trading, the small number of shares available for trading and limited information about the issuer. The purchase of IPO shares may involve high transaction costs. IPO shares are subject to market risk and liquidity risk. When the Fund’s asset base is small, a significant portion of the Fund’s performance could be attributable to investments in IPOs, because such investments would have a magnified impact on the Fund. As the Fund’s assets grow, the effect of the Fund’s investments in IPOs on the Fund’s performance probably will decline, which could reduce the Fund’s performance. Because of the price volatility of IPO shares, the Fund may choose to hold IPO shares for a very short period of time. This may increase the turnover of the Fund’s portfolio and may lead to increased expenses to the Fund, such as commissions and transaction costs. In addition, the Adviser cannot guarantee continued access to IPOs.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>Management Risk.</b> The Fund is subject to the risk of poor investment selection. In other words, the individual investments of the Fund may not perform as well as expected, and/or the Fund’s portfolio management practices may not work to achieve their desired result.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>Market Risk.</b> The NAV of the Fund will change with changes in the market value of its portfolio positions. The value of investments held by the Fund may increase or decrease in response to economic, political, financial, public health crises (such as epidemics or pandemics) or other disruptive events (whether real, expected or perceived) in the U.S. and global markets. Investors may lose money. Although the Fund will invest in stocks the Adviser believes to be undervalued, there is no guarantee that the prices of these stocks will not move even lower.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b><span id="xdx_912_ecustom--OtcRiskMember_zlfSt2uQSP1i">OTC Risk</span>.</b> Securities traded on OTC markets are not listed and traded on an organized exchange such as the New York Stock Exchange ("NYSE"). Generally, the volume of trading in an unlisted or OTC common stock is less than the volume of trading in an exchange-listed stock. As a result, the market liquidity of some stocks in which the Fund invests may not be as great as that of exchange-listed stocks and, if the Fund were to dispose of such stocks, the Fund may have to offer the shares at a discount from recent prices or sell the shares in small lots over an extended period of time. In addition, penny stocks and pink sheet stocks can be classified as OTC stocks.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b><span id="xdx_916_ecustom--PortfolioTurnoverRiskMember_zFwzdNbZAg1d">Portfolio Turnover Risk</span></b>. The Fund may frequently trade its portfolio securities, resulting in higher brokerage commissions and transaction costs, which could lower the Fund’s performance. In addition to lower performance, high portfolio turnover could result in taxable capital gains. A portfolio turnover rate of 100% is considered to be high. The annual portfolio turnover rate for the Fund is not expected to exceed 400%; however, it may be higher if the Adviser believes it wil improve the Fund’s performance.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>REITs Risk. </b>REITs may be affected by economic forces and other factors related to the real estate industry. The value of securities issued by REITs is affected by tax and regulatory requirements and by perceptions of management skill. They also may be affected by general economic conditions and are subject to heavy cash flow dependency, defaults by borrowers or tenants, self-liquidation at an economically disadvantageous time, and the possibility of failing to qualify for favorable tax treatment under applicable U.S. or foreign law and/or to maintain exempt status under the 1940 Act. Additional risks include possible declines in the value of real estate, possible lack of availability of mortgage funds and unexpected vacancies of properties. REITs are also subject to heavy cash flow dependency, defaults by borrowers, self-liquidation, interest rate risks (especially mortgage REITs) and liquidity risk. REITs that invest in real estate mortgages are also subject to prepayment risk. Investing in REITs may involve risks similar to those associated with investing in small capitalization companies. REITs may have limited financial resources, may trade less frequently and in a limited volume, engage in dilutive offerings and may be subject to more abrupt or erratic price movements than larger company securities. Historically, small capitalization stocks, such as REITs, have been more volatile in price than the larger capitalization stocks included in the S&amp;P 500® Index. In addition, REITs could possibly fail to (i) qualify for favorable tax treatment under applicable tax law or (ii) maintain their exemptions from registration under the Investment Company Act of 1940, as amended.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b><span id="xdx_915_ecustom--RightsAndWarrantsRiskMember_zf0ZnL8j8b9c">Rights and Warrants Risk</span>.</b> The purchase of rights or warrants involves the risk that the Fund could lose the purchase value of a right or warrant if the right to subscribe to additional shares is not executed prior to the right’s or warrant’s expiration. Also, the purchase of rights and/or warrants involves the risk that the effective price paid for the right and/or warrant added to the subscription price of the related security may exceed the value of the subscribed security’s market price such as when there is no movement in the level of the underlying security.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>Small-Cap Companies Risk. </b>The stocks of smaller companies may be subject to more abrupt, erratic market movements than stocks of larger, more established companies. Small companies may have limited product lines or financial resources or may be dependent on a small or inexperienced management group, and their securities may trade less frequently and in lower volume than securities of larger companies, which could lead to higher transaction costs. Generally, the smaller the company size, the greater the risk.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b><span id="xdx_915_ecustom--SpecialSituationsRiskMember_zK7TZgv9k4l5">Special Situations Risk</span>.</b> The Fund will seek to benefit from "special situations," such as mergers, reorganizations, or other unusual events expected to affect a particular issuer. There is a risk that the "special situation" might not occur or involve longer time frames than originally expected, which could have a negative impact on the price of the issuer’s securities and fail to produce gains or produce a loss for the Fund.</td></tr></table> Performance Information <p id="xdx_A8C_eoef--PerformanceNarrativeTextBlock_z53MN5tAQRjd" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">The bar chart and table below illustrate the performance of the Fund’s Institutional Class. <span id="xdx_901_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260703__20260703__dei--LegalEntityAxis__custom--S000074886Member_z21UDPjMqCNb">The bar chart below shows you the performance of the Fund’s Institutional Class has varied year to year and provides some indication of the risks of investing in the Fund.</span> The bar chart assumes reinvestment of dividends and distributions. <span id="xdx_904_eoef--PerformancePastDoesNotIndicateFuture_c20260703__20260703__dei--LegalEntityAxis__custom--S000074886Member_zCe666LQy9cb">As with all such investments, past performance (before and after taxes) is not an indication of future results.</span> Performance reflects fee waivers in effect. If fee waivers were not in place, the Fund’s performance would be reduced. Updated performance information is available at <span style="text-decoration: underline"><span id="xdx_90B_eoef--PerformanceAvailabilityWebSiteAddress_c20260703__20260703__dei--LegalEntityAxis__custom--S000074886Member_z4NAHOOpVpFi">www.bostonpartners.com</span></span> or <span id="xdx_904_eoef--PerformanceAvailabilityPhone_c20260703__20260703__dei--LegalEntityAxis__custom--S000074886Member_zI0SPrhYVhFd">1-888-261-4073</span>.</p> The bar chart below shows you the performance of the Fund’s Institutional Class has varied year to year and provides some indication of the risks of investing in the Fund. As with all such investments, past performance (before and after taxes) is not an indication of future results. www.bostonpartners.com 1-888-261-4073 Total Returns for the Calendar Years Ended December 31 0.0346 0.1973 0.0795 0.0663 <p id="xdx_A8E_eoef--BarChartClosingTextBlock_zaZUcT4zHdM4" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Best and Worst Quarterly Performance (for the periods reflected in the chart above):</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="2" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; background-color: Gainsboro"> <td style="width: 40%"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_902_eoef--HighestQuarterlyReturnLabel_c20260703__20260703__dei--LegalEntityAxis__custom--S000074886Member__oef--ClassAxis__custom--C000233246Member_zzdyBYEYYn4k">Best Quarter</span>:</span></td> <td style="width: 20%"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_902_eoef--BarChartHighestQuarterlyReturn_c20260703__20260703__dei--LegalEntityAxis__custom--S000074886Member__oef--ClassAxis__custom--C000233246Member_zQWLXatl3X09">18.26%</span></span></td> <td style="width: 40%"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">(quarter ended <span id="xdx_90A_eoef--BarChartHighestQuarterlyReturnDate_c20260703__20260703__dei--LegalEntityAxis__custom--S000074886Member__oef--ClassAxis__custom--C000233246Member_zuOBaiwR6lA9">December 31, 2022</span>)</span></td></tr> <tr style="vertical-align: top; background-color: White"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_90C_eoef--LowestQuarterlyReturnLabel_c20260703__20260703__dei--LegalEntityAxis__custom--S000074886Member__oef--ClassAxis__custom--C000233246Member_zYSQPpXhhRif">Worst Quarter</span>:</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_90D_eoef--BarChartLowestQuarterlyReturn_c20260703__20260703__dei--LegalEntityAxis__custom--S000074886Member__oef--ClassAxis__custom--C000233246Member_z4TfkDRBViZi">-16.16%</span></span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">(quarter ended <span id="xdx_90B_eoef--BarChartLowestQuarterlyReturnDate_c20260703__20260703__dei--LegalEntityAxis__custom--S000074886Member__oef--ClassAxis__custom--C000233246Member_zr0uSHbp7nXc">June 30, 2022</span>)</span></td></tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund’s Institutional Class <span id="xdx_90A_eoef--YearToDateReturnLabel_c20260703__20260703__dei--LegalEntityAxis__custom--S000074886Member__oef--ClassAxis__custom--C000233246Member_zssMjQwDudRg">year-to-date total return</span> for the six months ended <span id="xdx_900_eoef--BarChartYearToDateReturnDate_c20260703__20260703__dei--LegalEntityAxis__custom--S000074886Member__oef--ClassAxis__custom--C000233246Member_zgnbmvBZFkG5">June 30, 2026</span> was <span id="xdx_902_eoef--BarChartYearToDateReturn_c20260703__20260703__dei--LegalEntityAxis__custom--S000074886Member__oef--ClassAxis__custom--C000233246Member_zfC6hgAeIHRf">33.71%</span>.</p> Best Quarter 0.1826 2022-12-31 Worst Quarter -0.1616 2022-06-30 year-to-date total return 2026-06-30 0.3371 <p id="xdx_A8F_eoef--PerformanceTableNarrativeTextBlock_zST5yDJIXdIg" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">The table below compares the average annual total returns for the Fund’s Institutional Class both before and after taxes for the one-year and since-inception periods to the average annual total returns of a broad-based securities market index for the same periods.</p> Average Annual Total Returns for the Period Ended December 31, 2025 2021-12-29 2021-12-29 2021-12-29 2021-12-29 2021-12-29 0.0663 0.0924 0.0507 0.0708 0.0448 0.0636 0.1715 0.1008 0.1259 0.0447 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. 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. SUMMARY SECTION — WPG PARTNERS SMALL CAP VALUE DIVERSIFIED FUND Investment Objective <p id="xdx_A84_eoef--ObjectivePrimaryTextBlock_zdhxeFqPX4uf" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">The WPG Partners Small Cap Value Diversified Fund (the “Fund”) seeks long-term growth of capital and outperformance of its benchmark net of fees.</p> Expenses and Fees <p id="xdx_A8E_eoef--ExpenseNarrativeTextBlock_zUgIEoJjFK1f" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell Institutional Class shares of the Fund. <b>You may be required to pay commissions and/or other forms of compensation to a broker for transactions in Institutional Class shares of the Fund, which are not reflected in the tables or the examples below.</b></p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0080 0 0.0041 0.0121 -0.0011 0.0110 December 31, 2027 Example <p id="xdx_A80_eoef--ExpenseExampleNarrativeTextBlock_zBQZt3dSN6Z2" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $100,000 in the Fund for the time periods indicated and that you hold or sell all of your shares at the end of the period. The Example also assumes that your investment has a 5% return each year and that the operating expenses of the Fund remain the same (taking into account the contractual expense limitation until its expiration). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> 1121 3732 6544 14562 Portfolio Turnover <p id="xdx_A80_eoef--PortfolioTurnoverTextBlock_ztE0HElAMg54" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Total annual Fund operating expenses or in the Example, affect the Fund’s performance. During the fiscal year ended August 31, 2025, the portfolio turnover rate for the Fund was <span id="xdx_907_eoef--PortfolioTurnoverRate_c20260703__20260703__dei--LegalEntityAxis__custom--S000001097Member_zKaZIzFxT7Y">92%</span> of the average value of its portfolio.</p> 0.92 Summary of Principal Investment Strategies <p id="xdx_A8F_eoef--StrategyNarrativeTextBlock_zjmmP74uIrLi" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">The Fund pursues its objective by investing, under normal circumstances, at least 80% of its net assets (including borrowings for investment purposes) in equity securities of U.S. companies that, at the time of purchase, have a market capitalization that is within the range of the market capitalization of issuers in the Russell 2000^® Value Index. As of December 31, 2025, the median market capitalization of the companies in the Russell 2000^® Value Index is $804 million and the largest stock is $31.1 billion. The Fund may invest in depositary receipts and equity securities of foreign companies. Although the Fund invests primarily in common stocks, the Fund may invest in all types of equity and equity-related securities, including (without limitation):</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify">Securities convertible into common stocks.</td></tr></table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 31.5pt; text-align: justify; text-indent: -20pt"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify">Shares of real estate investment trusts ("REITs").</td></tr></table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 31.5pt; text-align: justify; text-indent: -20pt"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify">Warrants and rights to purchase common stocks.</td></tr></table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 31.5pt; text-align: justify; text-indent: -20pt"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify">Preferred stocks.</td></tr></table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 31.5pt; text-align: justify; text-indent: -20pt"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify">Exchange-traded limited partnerships.</td></tr></table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 31.5pt; text-align: justify; text-indent: -20pt"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt"><b><i>Special Situations:</i></b> The Fund may invest in companies that may experience unusual and possibly unique developments which may create a special opportunity for significant returns. Special situations include: significant technological improvements or important discoveries; reorganizations, recapitalizations or mergers; favorable resolutions of litigation; new management or material changes in company policies; and actual or potential changes in control of a company.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt"><b><i> </i></b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt"><b><i>Strategies:</i></b> The Adviser uses a value approach to select the Fund’s investments. Using this investment style, the Adviser seeks securities selling at substantial discounts to their underlying values and then holds these securities until the market values reflect what the Adviser believes to be their intrinsic values. The Adviser employs a bottom-up strategy, focusing on undervalued industries that the Adviser believes are experiencing positive change. The Adviser then uses both qualitative and quantitative methods to assess a security’s potential value. The portfolio managers managing the Fund meet with a multitude of companies annually to identify companies with increasing returns on capital in their core businesses which are selling at attractive valuations.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt"><b><i> </i></b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt; text-align: justify">Factors the Adviser looks for in selecting investments include (without limitation):</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify">Increasing returns on invested capital.</td></tr></table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 31.5pt; text-align: justify; text-indent: -20pt"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify">Companies who have demonstrated an ability to generate high return on invested capital (ROIC).</td></tr></table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 31.5pt; text-align: justify; text-indent: -20pt"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify">Companies which provide solid cash flows with appropriate capital.</td></tr></table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 31.5pt; text-align: justify; text-indent: -20pt"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify">Potential catalysts such as new products, cyclical upturns and changes in management.</td></tr></table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 31.5pt; text-align: justify; text-indent: -20pt"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify">Low market valuations relative to earnings forecast, book value, cash flow and sales.</td></tr></table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">The Fund may participate as a purchaser in initial public offerings of securities ("IPO"). An IPO is a company’s first offering of stock to the public.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">The Adviser will sell a stock when it no longer meets one or more investment criteria, either through obtaining target value or due to an adverse change in fundamentals or business momentum. Each holding has a target valuation established at purchase, which the Adviser constantly monitors and adjusts as appropriate.</p> You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>Convertible Securities Risk.</b> Securities that can be converted into common stock, such as certain securities and preferred stock, are subject to the usual risks associated with fixed income investments, such as interest rate risk and credit risk. In addition, because they react to changes in the value of the equity securities into which they will convert, convertible securities are also subject to the risks associated with equity securities.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>Cyber Security Risk. </b>Cyber security risk is the risk of an unauthorized breach and access to Fund assets, Fund or customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring that causes the Fund, the Adviser, custodian, transfer agent, distributor and other service providers and financial intermediaries to suffer data breaches, data corruption or lose operational functionality or prevent Fund investors from purchasing, redeeming or exchanging shares or receiving distributions. The use of artificial intelligence and machine learning could exacerbate these risks. The Fund and the Adviser have limited ability to prevent or mitigate cyber security incidents affecting third-party service providers and such third-party service providers may have limited indemnification obligations to the Fund or the Adviser. Successful cyber-attacks or other cyber-failures or events affecting the Fund or its service providers may adversely impact and cause financial losses to the Fund or its shareholders. Issuers of securities in which the Fund invests are also subject to cyber security risks, and the value of these securities could decline if the issuers experience cyber-attacks or other cyber-failures.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>Equity Securities Risk.</b> The Fund may invest in, or have exposure to, equity securities. Equity securities tend to be more volatile than other investment choices, such as debt and money market instruments. The value of your investment may decrease in response to overall stock market movements or the value of individual securities.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>Foreign Custody Risk. </b>The Fund may hold foreign securities and cash with foreign banks, agents, and securities depositories appointed by the Fund’s custodian (each a “Foreign Custodian”). Some Foreign Custodians may be recently organized or new to the foreign custody business. In some countries, Foreign Custodians may be subject to little or no regulatory oversight over or independent evaluation of their operations. Further, the laws of certain countries may place limitations on the Fund’s ability to recover its assets if a Foreign Custodian enters bankruptcy. Investments in emerging markets may be subject to even greater custody risks than investments in more developed markets. Custody services in emerging market countries are very often undeveloped and may be considerably less well-regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>Foreign Securities Risk.</b> International investing may be subject to special risks, including, but not limited to, currency exchange rate volatility, political, social or economic instability, less publicly available information, less stringent investor protections, and differences in taxation, auditing and other financial practices. Foreign securities in which the Fund invests may be traded in markets that close before the time that the Fund calculates its net asset value ("NAV"). Furthermore, certain foreign securities in which the Fund invests may be listed on foreign exchanges that trade on weekends or other days when the Fund does not calculate its NAV. As a result, the value of the Fund’s holdings may change on days when shareholders are not able to purchase or redeem the Fund’s shares.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>IPO Risk.</b> IPO risk is the risk that the market value of IPO shares will fluctuate considerably due to certain factors, such as the absence of a prior public market, unseasoned trading, the small number of shares available for trading and limited information about the issuer. The purchase of IPO shares may involve high transaction costs. IPO shares are subject to market risk and liquidity risk. When the Fund’s asset base is small, a significant portion of the Fund’s performance could be attributable to investments in IPOs, because such investments would have a magnified impact on the Fund. As the Fund’s assets grow, the effect of the Fund’s investments in IPOs on the Fund’s performance probably will decline, which could reduce the Fund’s performance. Because of the price volatility of IPO shares, the Fund may choose to hold IPO shares for a very short period of time. This may increase the turnover of the Fund’s portfolio and may lead to increased expenses to the Fund, such as commissions and transaction costs. In addition, the Adviser cannot guarantee continued access to IPOs.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>Management Risk.</b> The Fund is subject to the risk of poor investment selection. In other words, the individual investments of the Fund may not perform as well as expected, and/or the Fund’s portfolio management practices may not work to achieve their desired result.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>Market Risk.</b> The NAV of the Fund will change with changes in the market value of its portfolio positions. The value of investments held by the Fund may increase or decrease in response to economic, political, financial, public health crises (such as epidemics or pandemics) or other disruptive events (whether real, expected or perceived) in the U.S. and global markets. Investors may lose money. Although the Fund will invest in stocks the Adviser believes to be undervalued, there is no guarantee that the price of these stocks will not move even lower.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>Micro-Cap Companies Risk. </b>Micro-cap stocks may be very sensitive to changing economic conditions and market downturns because the issuers often have narrow markets for their products or services, fewer product lines, and more limited managerial and financial resources than larger issuers. The stocks of micro-cap companies may therefore be more volatile and the ability to sell them at a desirable time or price may be more limited.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>REITs Risk. </b>REITs may be affected by economic forces and other factors related to the real estate industry. The value of securities issued by REITs is affected by tax and regulatory requirements and by perceptions of management skill. They also may be affected by general economic conditions and are subject to heavy cash flow dependency, defaults by borrowers or tenants, self-liquidation at an economically disadvantageous time, and the possibility of failing to qualify for favorable tax treatment under applicable U.S. or foreign law and/or to maintain exempt status under the 1940 Act. Additional risks include possible declines in the value of real estate, possible lack of availability of mortgage funds and unexpected vacancies of properties. REITs are also subject to heavy cash flow dependency, defaults by borrowers, self-liquidation, interest rate risks (especially mortgage REITs) and liquidity risk. REITs that invest in real estate mortgages are also subject to prepayment risk. Investing in REITs may involve risks similar to those associated with investing in small capitalization companies. REITs may have limited financial resources, may trade less frequently and in a limited volume, engage in dilutive offerings and may be subject to more abrupt or erratic price movements than larger company securities. Historically, small capitalization stocks, such as REITs, have been more volatile in price than the larger capitalization stocks included in the S&amp;P 500^® Index. In addition, REITs could possibly fail to (i) qualify for favorable tax treatment under applicable tax law or (ii) maintain their exemptions from registration under the 1940 Act.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>Rights and Warrants Risk.</b> The purchase of rights or warrants involves the risk that the Fund could lose the purchase value of a right or warrant if the right to subscribe to additional shares is not executed prior to the right’s or warrant’s expiration. Also, the purchase of rights and/or warrants involves the risk that the effective price paid for the right and/or warrant added to the subscription price of the related security may exceed the value of the subscribed security’s market price such as when there is no movement in the level of the underlying security.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>Small-Cap Companies Risk. </b>The stocks of smaller companies may be subject to more abrupt, erratic market movements than stocks of larger, more established companies. Small companies may have limited product lines or financial resources, or may be dependent on a small or inexperienced management group, and their securities may trade less frequently and in lower volume than securities of larger companies, which could lead to higher transaction costs. Generally, the smaller the company size, the greater the risk.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b>Special Situations Risk.</b> The Fund will seek to benefit from "special situations," such as mergers, reorganizations, or other unusual events expected to affect a particular issuer. There is a risk that the "special situation" might not occur or involve longer time frames than originally expected, which could have a negative impact on the price of the issuer’s securities and fail to produce gains or produce a loss for the Fund.</td></tr></table> Performance Information <p id="xdx_A83_eoef--PerformanceNarrativeTextBlock_z8gGlVEArpJ3" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">The bar chart and table below illustrate the performance of the Fund’s Institutional Class. <span id="xdx_90B_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260703__20260703__dei--LegalEntityAxis__custom--S000001097Member_zVbmYtmaNYri">The bar chart below shows you how the performance of the Fund’s Institutional Class has varied year by year and provides some indication of the risks of investing in the Fund.</span> The bar chart assumes reinvestment of dividends and distributions. <span id="xdx_906_eoef--PerformancePastDoesNotIndicateFuture_c20260703__20260703__dei--LegalEntityAxis__custom--S000001097Member_zJkriBLrgWAg">As with all such investments, past performance (before and after taxes) is not an indication of future results.</span> Performance reflects fee waivers in effect. If fee waivers were not in place, the Fund’s performance would be reduced. Updated performance information is available at <span style="text-decoration: underline"><span id="xdx_901_eoef--PerformanceAvailabilityWebSiteAddress_c20260703__20260703__dei--LegalEntityAxis__custom--S000001097Member_ztRdFea7ISbd">www.bostonpartners.com</span></span> or <span id="xdx_90C_eoef--PerformanceAvailabilityPhone_c20260703__20260703__dei--LegalEntityAxis__custom--S000001097Member_zLoPRAbdguql">1-888-261-4073</span>.</p> The bar chart below shows you how the performance of the Fund’s Institutional Class has varied year by year and provides some indication of the risks of investing in the Fund. As with all such investments, past performance (before and after taxes) is not an indication of future results. www.bostonpartners.com 1-888-261-4073 Total Returns for the Calendar Years Ended December 31 -0.1374 0.1963 0.0568 -0.2177 0.2335 -0.0131 0.4006 0.0204 0.1430 0.1057 <p id="xdx_A85_eoef--BarChartClosingTextBlock_zJTfC2Tw5aN6" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Best and Worst Quarterly Performance (for the periods reflected in the chart above):</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <div style="display: none">oef:BarChartTableTextBlock</div> <div></div> <table cellpadding="2" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; background-color: Gainsboro"> <td style="width: 40%"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_90B_eoef--HighestQuarterlyReturnLabel_c20260703__20260703__dei--LegalEntityAxis__custom--S000001097Member__oef--ClassAxis__custom--C000002987Member_zxQBCF9GCpWa">Best Quarter</span>:</span></td> <td style="width: 20%"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_900_eoef--BarChartHighestQuarterlyReturn_c20260703__20260703__dei--LegalEntityAxis__custom--S000001097Member__oef--ClassAxis__custom--C000002987Member_zd1Q4O8wMTxg">31.12%</span></span></td> <td style="width: 40%"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">(quarter ended <span id="xdx_902_eoef--BarChartHighestQuarterlyReturnDate_c20260703__20260703__dei--LegalEntityAxis__custom--S000001097Member__oef--ClassAxis__custom--C000002987Member_zfx1C9cAGMy7">December  31, 2020</span>)</span></td></tr> <tr style="vertical-align: top; background-color: White"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_90F_eoef--LowestQuarterlyReturnLabel_c20260703__20260703__dei--LegalEntityAxis__custom--S000001097Member__oef--ClassAxis__custom--C000002987Member_zPZYzm3HI889">Worst Quarter</span>:</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_909_eoef--BarChartLowestQuarterlyReturn_c20260703__20260703__dei--LegalEntityAxis__custom--S000001097Member__oef--ClassAxis__custom--C000002987Member_zJcpwkIBAYi4">-35.92%</span></span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">(quarter ended <span id="xdx_904_eoef--BarChartLowestQuarterlyReturnDate_c20260703__20260703__dei--LegalEntityAxis__custom--S000001097Member__oef--ClassAxis__custom--C000002987Member_z1fvH3f7Z6y7">March 31, 2020</span>)</span></td></tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund’s Institutional Class <span id="xdx_90D_eoef--YearToDateReturnLabel_c20260703__20260703__dei--LegalEntityAxis__custom--S000001097Member__oef--ClassAxis__custom--C000002987Member_zvapgP7uuio8">year-to-date total return</span> for the six months ended <span id="xdx_902_eoef--BarChartYearToDateReturnDate_c20260703__20260703__dei--LegalEntityAxis__custom--S000001097Member__oef--ClassAxis__custom--C000002987Member_zoodw5KNTy6e">June 30, 2026</span> was <span id="xdx_909_eoef--BarChartYearToDateReturn_c20260703__20260703__dei--LegalEntityAxis__custom--S000001097Member__oef--ClassAxis__custom--C000002987Member_zYwH4E7YYPDg">23.15%</span>.</p> Best Quarter 0.3112 2020-12-31 Worst Quarter -0.3592 2020-03-31 year-to-date total return 2026-06-30 0.2315 <p id="xdx_A8A_eoef--PerformanceTableNarrativeTextBlock_zXBOWKSiJT1k" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">The table below compares the average annual total returns for the Fund’s Institutional Class both before and after taxes for the past calendar year, past five calendar years and past ten calendar years to the average annual total returns of a broad-based securities market index for the same periods.</p> Average Annual Total Returns for the Periods Ended December 31, 2025 0.0720 0.1413 0.0883 0.0487 0.1172 0.0711 0.0596 0.1080 0.0663 0.1715 0.1315 0.1429 0.1259 0.0888 0.0927 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. 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. In certain cases, the figure representing “Return after Taxes on Distributions and Sale of Fund Shares” may be higher than the other return figures for the same period, since a higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. “Other Expenses” are estimated for R6 Class shares for the current fiscal year. The Fund’s investment adviser, Boston Partners Global Investors, Inc. (the "Adviser"), has contractually agreed to waive all or a portion of its advisory fee and/or reimburse expenses in an aggregate amount equal to the amount by which the Total annual Fund operating expenses (excluding certain items discussed below) exceeds 0.80%, 1.05%, or 0.74% of the average daily net assets attributable to the Fund’s Institutional Class shares, Investor Class shares, or R6 Class shares of the Fund, respectively. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account and could cause net Total annual Fund operating expenses to exceed 0.80%, 1.05%, or 0.74% of the average daily net assets attributable to the Fund’s Institutional Class shares, Investor Class shares, or R6 Class shares of the Fund, respectively: short sale dividend expenses, brokerage commissions, extraordinary items, interest or taxes. This contractual limitation is in effect until December 31, 2027, and may not be terminated without the approval of the Board of Directors of The RBB Fund, Inc. If at any time the Total annual fund operating expenses (not including short sale dividend expense, brokerage commissions, extraordinary items, interest or taxes) for a year for Institutional Class shares, Investor Class shares, or R6 Class shares are less than 0.80%, 1.05%, or 0.74% respectively, or the expense cap then in effect, whichever is less, the Adviser is entitled to reimbursement by the Fund of the advisory fees forgone and other payments remitted by the Adviser to the Fund within three years from the date on which such waiver or reimbursement was made, provided such reimbursement does not cause the Fund to exceed expense limitations that were in effect at the time of the waiver or reimbursement. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.After-tax returns are shown for Institutional Class shares only. After-tax returns for Investor Class shares will vary. “Other Expenses” are estimated for R6 Class shares for the current fiscal year. The Fund’s investment adviser, Boston Partners Global Investors, Inc. (the "Adviser") has contractually agreed to waive all or a portion of its advisory fee and/or reimburse expenses in an aggregate amount equal to the amount by which the Total annual Fund operating expenses (excluding certain items discussed below) for the Fund’s Institutional Class shares or R6 Class shares exceeds 0.95% or 0.87% of the average daily net assets attributable to the Fund’s Institutional Class shares or R6 Class shares, respectively. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account and could cause net Total annual Fund operating expenses to exceed 0.95% or 0.87% of Institutional Class shares or R6 Class shares, respectively: short sale dividend expenses, brokerage commissions, extraordinary items, interest or taxes. This contractual limitation is in effect until December 31, 2027, and may not be terminated without the approval of the Board of Directors of The RBB Fund, Inc. If at any time the Fund’s Total annual Fund operating expenses (not including short sale dividend expense, brokerage commissions, extraordinary items, interest or taxes) for a year are less than 0.95% or 0.87% of Institutional Class shares or R6 Class shares, respectively, or the expense cap then in effect, or whichever is less, the Adviser is entitled to reimbursement by the Fund of the advisory fees waived and other payments remitted by the Adviser to the Fund within three years from the date on which such waiver or reimbursement was made, provided such reimbursement does not cause the Fund to exceed expense limitations that were in effect at the time of the waiver or reimbursement. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Prior to March 1, 2026, the management fee was 2.25%. Accordingly, total annual Fund operating expenses have been restated to reflect fees for the current fiscal year. The Fund’s investment adviser, Boston Partners Global Investors, Inc. (the "Adviser"), has contractually agreed to waive all or a portion of its advisory fee and/or reimburse expenses in an aggregate amount equal to the amount by which the Total annual Fund operating expenses (excluding certain items discussed below) exceeds 1.70% or 1.95% of the average daily net assets attributable to the Fund’s Institutional Class shares or Investor Class shares of the Fund, respectively. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account and could cause net Total annual Fund operating expenses to exceed 1.70% or 1.95% of the average daily net assets attributable to the Fund’s Institutional Class shares or Investor Class shares of the Fund, respectively: short sale dividend expenses, brokerage commissions, extraordinary items, interest or taxes. This contractual limitation is in effect until December 31, 2027, and may not be terminated without the approval of the Board of Directors of The RBB Fund, Inc. If at any time the Total annual fund operating expenses (not including short sale dividend expense, brokerage commissions, extraordinary items, interest or taxes) for a year for Institutional Class or Investor Class shares are less than 1.70% or 1.95%, respectively, or the expense cap then in effect, whichever is less, the Adviser is entitled to reimbursement by the Fund of the advisory fees forgone and other payments remitted by the Adviser to the Fund within three years from the date on which such waiver or reimbursement was made, provided such reimbursement does not cause the Fund to exceed expense limitations that were in effect at the time of the waiver or reimbursement. Prior to March 1, 2026, the Fund’s contractual expense cap was 1.96% or 2.21% of the average daily net assets attributable to the Fund’s Institutional Class shares or Investor Class shares of the Fund, respectively. Accordingly, total annual Fund operating expenses have been restated to reflect fees for the current fiscal year. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.After-tax returns are shown for Institutional Class shares only. After-tax returns for Investor Class shares will vary. In certain cases, the figure representing “Return after Taxes on Distributions and Sale of Fund Shares” may be higher than the other return figures for the same period, since a higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. The Fund’s investment adviser, Boston Partners Global Investors, Inc. (the “Adviser”), has contractually agreed to waive all or a portion of its advisory fee and/or reimburse expenses in an aggregate amount equal to the amount by which the Total annual Fund operating expenses (excluding certain items discussed below) exceeds 1.50% or 1.75% of the average daily net assets attributable to the Fund’s Institutional Class shares or Investor Class shares of the Fund, respectively. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account and could cause net Total annual Fund operating expenses to exceed 1.50% or 1.75% of the average daily net assets attributable to the Fund’s Institutional Class shares or Investor Class shares of the Fund, respectively: short sale dividend expenses, brokerage commissions, extraordinary items, interest or taxes. This contractual limitation is in effect until December 31, 2027, and may not be terminated without the approval of the Board of Directors of The RBB Fund, Inc. If at any time the Total annual fund operating expenses (not including short sale dividend expense, brokerage commissions, extraordinary items, interest or taxes) for a year for Institutional Class or Investor Class shares are less than 1.50% or 1.75%, respectively, or the expense cap then in effect, whichever is less, the Adviser is entitled to reimbursement by the Fund of the advisory fees forgone and other payments remitted by the Adviser to the Fund within three years from the date on which such waiver or reimbursement was made, provided such reimbursement does not cause the Fund to exceed expense limitations that were in effect at the time of the waiver or reimbursement. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.After-tax returns are shown for Institutional Class shares only. After-tax returns for Investor Class shares will vary. In certain cases, the figure representing “Return after Taxes on Distributions and Sale of Fund Shares” may be higher than the other return figures for the same period, since a higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. “Other Expenses” are estimated for R6 Class shares for the current fiscal year. Acquired Fund Fees and Expenses (“AFFE”) are indirect fees and expenses that the Fund incurs from investing in the shares of other mutual funds, including money market funds and exchange traded funds, and are estimated for the current fiscal year. Please note that the amount of Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses after Fee Waiver/Expense Reimbursements shown in the above table will differ from the “Financial Highlights” section of the Prospectus, which reflects the operating expenses of the Fund and does not include indirect expenses such as AFFE. The Fund’s investment adviser, Boston Partners Global Investors, Inc. (the "Adviser"), has contractually agreed to waive all or a portion of its advisory fee and/or reimburse expenses in an aggregate amount equal to the amount by which the Total annual Fund operating expenses (excluding certain items discussed below) exceeds 0.99%, 1.24%, or 0.92% of the average daily net assets attributable to the Fund’s Institutional Class shares, Investor Class shares, or R6 Class shares of the Fund, respectively. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account and could cause net Total annual Fund operating expenses to exceed 0.99%, 1.24%, or 0.92% of the average daily net assets attributable to the Fund’s Institutional Class shares, Investor Class shares, or R6 Class shares of the Fund, respectively: short sale dividend expenses, brokerage commissions, extraordinary items, interest or taxes. This contractual limitation is in effect until December 31, 2027, and may not be terminated without the approval of the Board of Directors of The RBB Fund, Inc. If at any time the Total annual fund operating expenses (not including short sale dividend expense, brokerage commissions, extraordinary items, interest or taxes) for a year for Institutional Class shares, Investor Class shares, or R6 Class shares are less than 0.99%, 1.24%, or 0.92%, respectively, or the expense cap then in effect, whichever is less, the Adviser is entitled to reimbursement by the Fund of the advisory fees forgone and other payments remitted by the Adviser to the Fund within three years from the date on which such waiver or reimbursement was made, provided such reimbursement does not cause the Fund to exceed expense limitations that were in effect at the time of the waiver or reimbursement. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.After-tax returns are shown for Institutional Class shares only. After-tax returns for Investor Class shares will vary. In certain cases, the figure representing “Return after Taxes on Distributions and Sale of Fund Shares” may be higher than the other return figures for the same period, since a higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. The Fund’s investment adviser, Boston Partners Global Investors, Inc. (the "Adviser") has contractually agreed to waive all or a portion of its advisory fee and/or reimburse expenses in an aggregate amount equal to the amount by which the Total annual Fund operating expenses (excluding certain items discussed below) for the Fund’s Institutional Class shares exceeds 1.10% of the average daily net assets attributable to the Fund’s Institutional Class shares. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account and could cause net Total annual Fund operating expenses to exceed 1.10%: short sale dividend expenses, brokerage commissions, extraordinary items, interest or taxes. This contractual limitation is in effect until December 31, 2027, and may not be terminated without the approval of the Board of Directors of The RBB Fund, Inc. If at any time, the Fund’s total annual fund operating expenses (not including short sale dividend expense, brokerage commissions, extraordinary items, interest or taxes) for a year are less than 1.10% or the expense cap then in effect, whichever is less, the Adviser is entitled to reimbursement by the Fund of the advisory fees forgone and other payments remitted by the Adviser to the Fund within three years from the date on which such waiver or reimbursement was made, provided such reimbursement does not cause the Fund to exceed expense limitations that were in effect at the time of the waiver or reimbursement. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The Fund’s investment adviser, Boston Partners Global Investors, Inc. (the "Adviser") has contractually agreed to waive all or a portion of its advisory fee and/or reimburse expenses in an aggregate amount equal to the amount by which the Total annual Fund operating expenses (excluding certain items discussed below) for the Fund’s Institutional Class shares exceeds 1.10% of the average daily net assets attributable to the Fund’s Institutional Class shares. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account and could cause net Total annual Fund operating expenses to exceed 1.10%: short sale dividend expenses, brokerage commissions, extraordinary items, interest or taxes. This contractual limitation is in effect until December 31, 2027, and may not be terminated without the approval of the Board of Directors of The RBB Fund, Inc. If at any time, the Fund’s total annual fund operating expenses (not including short sale dividend expense, brokerage commissions, extraordinary items, interest or taxes) for a year are less than 1.10% or the expense cap then in effect, whichever is less, the Adviser is entitled to reimbursement by the Fund of the advisory fees forgone and other payments remitted by the Adviser to the Fund within three years from the date on which such waiver or reimbursement was made, provided such reimbursement does not cause the Fund to exceed expense limitations that were in effect at the time of the waiver or reimbursement. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In certain cases, the figure representing “Return after Taxes on Distributions and Sale of Fund Shares” may be higher than the other return figures for the same period, since a higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor.