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iso4217:USD pure false 485BPOS N-1A 2026-03-31 0001644419 2020-06-30 2020-03-31 2021-12-31 2020-03-31 2026-07-23 Northern Lights Fund Trust IV 2026-07-29 2026-07-29 FUND SUMMARY – USA MUTUALS VICE FUND Investment Objective: The USA Mutuals Vice Fund (the “Fund”) seeks long-term growth of capital. Fees and Expenses of the Fund: This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A shares of the Fund. More information about these and other discounts is available from your financial professional and in How to Purchase Shares on page 20 of the Prospectus. In addition, description of the sales load waivers and/or discounts for Class A shares with respect to certain financial intermediaries are reproduced in Appendix A to the Prospectus based on information provided by the financial intermediary. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A shares of the Fund. 50000 Shareholder Fees (fees paid directly from your investment) <div id="xdx_A81_eoef--ShareholderFeesTableTextBlock_z0YlX9aDCpRb"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_zk6ah9J0iwQk" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="background-color: #D9D9D9"> <td style="border: Black 1pt solid; vertical-align: top; width: 61%; text-align: left"> Shareholder Fees (fees paid directly from your investment) </td> <td id="xdx_491_20260723__20260723__dei--LegalEntityAxis__custom--S000070210Member__oef--ClassAxis__custom--C000223275Member_zaOPDS0SgjB6" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 11%; text-align: center">Institutional Class</td> <td id="xdx_490_20260723__20260723__dei--LegalEntityAxis__custom--S000070210Member__oef--ClassAxis__custom--C000223276Member_zFWjNwB1tMci" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 10%; text-align: center">Investor Class</td> <td id="xdx_490_20260723__20260723__dei--LegalEntityAxis__custom--S000070210Member__oef--ClassAxis__custom--C000223274Member_zjk9O20aaYf4" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 9%; text-align: center">Class A</td> <td id="xdx_490_20260723__20260723__dei--LegalEntityAxis__custom--S000070210Member__oef--ClassAxis__custom--C000223277Member_zjBNOfFQ8lYb" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 9%; text-align: center">Class C</td></tr> <tr id="xdx_403_eoef--MaximumSalesChargeImposedOnPurchasesOverOfferingPrice_dpn_z7tj8iKUTWM"> <td style="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left">Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">None</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">None</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">5.75%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">None</td></tr> <tr id="xdx_405_eoef--MaximumDeferredSalesChargeOverOfferingPrice_dpn_zTFjKd2flLwk"> <td style="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid"> Maximum Contingent Deferred Sales Charge (Load) (as a percentage of the shares redeemed within 12 months of purchase)</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">None</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">None</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">None</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">1.00%</td></tr> <tr id="xdx_405_eoef--MaximumDeferredSalesChargeOverOther_dpn_zsd4ajNBZArc"> <td style="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid"> Maximum Contingent Deferred Sales Charge (Load) (as a percentage of purchases of $1,000,000 or more that are redeemed within 18 months of purchase)</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">None</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">None</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">1.00%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">None</td></tr> </table> 0 0 0.0575 0 0 0 0 0.0100 0 0 0.0100 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A83_eoef--AnnualFundOperatingExpensesTableTextBlock_zVak9UQRTjof"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zI2A67ekEGM3" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="background-color: #D9D9D9"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td id="xdx_49D_20260723__20260723__dei--LegalEntityAxis__custom--S000070210Member__oef--ClassAxis__custom--C000223275Member_z9PjSMNErKui" style="border-bottom: Black 1pt solid; text-align: center"> </td> <td id="xdx_491_20260723__20260723__dei--LegalEntityAxis__custom--S000070210Member__oef--ClassAxis__custom--C000223276Member_zH3qxQH0B6ne" style="border-bottom: Black 1pt solid; text-align: center"> </td> <td id="xdx_493_20260723__20260723__dei--LegalEntityAxis__custom--S000070210Member__oef--ClassAxis__custom--C000223274Member_z7hGG6siLmK4" style="border-bottom: Black 1pt solid; text-align: center"> </td> <td id="xdx_49D_20260723__20260723__dei--LegalEntityAxis__custom--S000070210Member__oef--ClassAxis__custom--C000223277Member_zjU5Qt6R68Re" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_401_eoef--ManagementFeesOverAssets_dpn_zHst3EkBTioc"> <td style="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; width: 61%">Management Fees</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 11%">0.95%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 10%">0.95%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 9%">0.95%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 9%">0.95%</td></tr> <tr id="xdx_408_eoef--DistributionAndService12b1FeesOverAssets_dpn_zR6syByP8hDd"> <td style="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left">Distribution and Service (12b-1) Fees </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">None</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">0.25%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">0.25%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">1.00%</td></tr> <tr id="xdx_400_eoef--OtherExpensesOverAssets_dpn_zUZNS6LYqCl3"> <td style="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left">Other Expenses</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">0.83%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">0.83%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">0.83%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">0.83%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dpn_ztnG1Iqw4cHd"> <td style="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left">Total Annual Fund Operating Expenses</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">1.78%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">2.03%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">2.03%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">2.78%</td></tr> </table> 0.0095 0.0095 0.0095 0.0095 0 0.0025 0.0025 0.0100 0.0083 0.0083 0.0083 0.0083 0.0178 0.0203 0.0203 0.0278 Example: This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The Example reflects the contractual fee waiver/expense reimbursement arrangement for the first year only. Although your actual costs may be higher or lower, based upon these assumptions your costs would be: <div id="xdx_A8B_eoef--ExpenseExampleWithRedemptionTableTextBlock_zPaqaH72n4bb"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zElak4ihNnIb" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: top"> <td style="width: 28%; text-align: justify"> </td> <td id="xdx_488_eoef--ExpenseExampleYear01_zKSBQXpR8Rxh" style="width: 18%; text-align: center">1 Year</td> <td id="xdx_48E_eoef--ExpenseExampleYear03_zpuEMC90TLU6" style="width: 18%; text-align: center">3 Years</td> <td id="xdx_489_eoef--ExpenseExampleYear05_zygEtpvY7bDa" style="width: 18%; text-align: center">5 Years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_z7rBXgFtNrp8" style="width: 18%; text-align: center">10 Years</td></tr> <tr id="xdx_410_20260723__20260723__dei--LegalEntityAxis__custom--S000070210Member__oef--ClassAxis__custom--C000223275Member_zbd6AGvgOGX3" style="vertical-align: top"> <td style="text-align: justify">Institutional Class</td> <td style="text-align: center">$181</td> <td style="text-align: center">$560</td> <td style="text-align: center">$964</td> <td style="text-align: center">$2,095</td></tr> <tr id="xdx_418_20260723__20260723__dei--LegalEntityAxis__custom--S000070210Member__oef--ClassAxis__custom--C000223276Member_zmEkNHnWaJyb" style="vertical-align: top"> <td style="text-align: justify">Investor Class</td> <td style="text-align: center">$206</td> <td style="text-align: center">$637</td> <td style="text-align: center">$1,093</td> <td style="text-align: center">$2,358</td></tr> <tr id="xdx_41A_20260723__20260723__dei--LegalEntityAxis__custom--S000070210Member__oef--ClassAxis__custom--C000223274Member_zdjze8Xz4jq8" style="vertical-align: top"> <td style="text-align: justify">Class A</td> <td style="text-align: center">$769</td> <td style="text-align: center">$1,175</td> <td style="text-align: center">$1,605</td> <td style="text-align: center">$2,798</td></tr> <tr id="xdx_416_20260723__20260723__dei--LegalEntityAxis__custom--S000070210Member__oef--ClassAxis__custom--C000223277Member_zsITYKFXSC1i" style="vertical-align: top"> <td style="text-align: justify">Class C</td> <td style="text-align: center">$381</td> <td style="text-align: center">$862</td> <td style="text-align: center">$1,469</td> <td style="text-align: center">$3,109</td></tr> </table> 181 560 964 2095 206 637 1093 2358 769 1175 1605 2798 381 862 1469 3109 You would pay the following expenses if you did not redeem your Class C shares: <div id="xdx_A8C_eoef--ExpenseExampleNoRedemptionTableTextBlock_zvcFtNCpjfjb"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zAmxsNYUAKr9" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example, No Redemption"> <tr style="vertical-align: top"> <td style="width: 28%; text-align: justify"> </td> <td id="xdx_486_eoef--ExpenseExampleNoRedemptionYear01_zS5tPKkhmXsk" style="width: 18%; text-align: center">1 Year</td> <td id="xdx_488_eoef--ExpenseExampleNoRedemptionYear03_zTW7G5VIDN14" style="width: 18%; text-align: center">3 Years</td> <td id="xdx_48C_eoef--ExpenseExampleNoRedemptionYear05_zwXOl1LVMZB1" style="width: 18%; text-align: center">5 Years</td> <td id="xdx_489_eoef--ExpenseExampleNoRedemptionYear10_zyNx7XuMbEDl" style="width: 18%; text-align: center">10 Years</td></tr> <tr id="xdx_41B_20260723__20260723__dei--LegalEntityAxis__custom--S000070210Member__oef--ClassAxis__custom--C000223275Member_zYc7qnpwL767" style="vertical-align: top"> <td style="text-align: justify">Institutional Class</td> <td style="text-align: center">$181</td> <td style="text-align: center">$560</td> <td style="text-align: center">$964</td> <td style="text-align: center">$2,095</td></tr> <tr id="xdx_413_20260723__20260723__dei--LegalEntityAxis__custom--S000070210Member__oef--ClassAxis__custom--C000223276Member_zsHj4EtD80Sl" style="vertical-align: top"> <td style="text-align: justify">Investor Class</td> <td style="text-align: center">$206</td> <td style="text-align: center">$637</td> <td style="text-align: center">$1,093</td> <td style="text-align: center">$2,358</td></tr> <tr id="xdx_411_20260723__20260723__dei--LegalEntityAxis__custom--S000070210Member__oef--ClassAxis__custom--C000223274Member_zWXcPHAdxVK8" style="vertical-align: top"> <td style="text-align: justify">Class A</td> <td style="text-align: center">$769</td> <td style="text-align: center">$1,175</td> <td style="text-align: center">$1,605</td> <td style="text-align: center">$2,798</td></tr> <tr id="xdx_413_20260723__20260723__dei--LegalEntityAxis__custom--S000070210Member__oef--ClassAxis__custom--C000223277Member_z25wuCH1ToGd" style="vertical-align: top"> <td style="text-align: justify">Class C</td> <td style="text-align: center">$281</td> <td style="text-align: center">$862</td> <td style="text-align: center">$1,469</td> <td style="text-align: center">$3,109</td></tr> </table> 181 560 964 2095 206 637 1093 2358 769 1175 1605 2798 281 862 1469 3109 Portfolio Turnover: The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the fiscal year ended March 31, 2026, the Fund’s portfolio rate was 17% of the average value of its portfolio. 0.17 Principal Investment Strategies: The Fund, a diversified investment company, invests primarily in equity securities (i.e., common stocks, preferred stocks and securities convertible into common stocks) of small, medium and large capitalization companies, which include U.S. issuers and foreign issuers, including those whose securities are traded in foreign jurisdictions, and those whose securities are traded in the U.S. as American Depositary Receipts (“ADRs”). Under normal market conditions, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in equity securities of companies that derive a significant portion of their revenues from a group of vice industries that includes the alcoholic beverages, defense/aerospace, gaming, and tobacco industries. The Fund concentrates at least 25% of its net assets in this group of four vice industries (but no more than 80% of its net assets in any single industry). “Vice industries” are those industries whose focus, in the Adviser’s assessment, may be morally questioned by members of the general public or face funding or regulatory challenges because of social disapproval. In addition, under normal market conditions, the Fund invests in at least three countries (one of which may be the United States) and invests at least 40% of its total assets at the time of purchase in non-U.S. companies. The Fund may also participate in the short selling of securities and certain options strategies in an attempt to generate incremental returns. Use of these strategies depends upon market and other conditions and may be limited by regulatory and other constraints. For cash management purposes or due to a lack of suitable investment opportunities, the Fund may hold up to 20% of its net assets in cash or similar short-term, high-quality debt securities. These short-term debt securities and money market instruments include commercial paper, certificates of deposit, bankers’ acceptances, shares of money market mutual funds, U.S. government securities and repurchase agreements. As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. The Fund is not intended to be a complete investment program. Many factors affect the Fund’s net asset value (“NAV”) and performance. The following describes the risks of investing in the Fund. As with any mutual fund, there is no guarantee that the Fund will achieve its goal. ADR Risk. Unsponsored ADRs held by the Fund are frequently under no obligation to distribute shareholder communications received from the underlying issuer, and there is less information available about unsponsored ADRs than sponsored ADRs; unsponsored ADRs are also not obligated to pass through voting rights to the Fund. Asset Allocation Risk. Asset allocation to a particular strategy may not reflect actual market movement or the effect of economic conditions. Cash and Cash Equivalents Risk. The Fund may have significant investments in cash or cash equivalents. When a substantial portion of a portfolio is held in cash or cash equivalents, there is the risk that the value of the cash account, including interest, will not keep pace with inflation, thus reducing purchasing power over time. Convertible Securities Risk. Convertible securities are subject to many of the same risks as regular fixed-income securities, including the risk that when market interest rates rise, the value of the convertible security falls. In the event of a liquidation of the issuing company, holders of convertible securities generally would be paid after the company’s creditors but before the company’s common shareholders. Derivatives Risk. Investing in derivatives, specifically call and put options, for hedging purposes and to reduce Fund volatility may subject the Fund to losses if the derivatives do not perform as expected. The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Options Risk. There are risks associated with the sale and purchase of call and put options. As a seller (writer) of a put option, the Fund will tend to lose money if the value of the reference index or security falls below the strike price. As the seller (writer) of a call option, the Fund may experience lower returns if the value of the reference index or security rises above the strike price. Emerging Markets Risk. Investing in emerging markets, including frontier markets, involves not only the risks described below with respect to investing in foreign securities, but also other risks, including exposure to economic structures that are generally less diverse and mature, limited availability and reliability of information material to an investment decision, and to political systems that can be expected to have less stability, than those of developed countries. The typically small size of the securities markets of issuers located in emerging markets and the possibility of a low or nonexistent volume of trading in those securities may also result in a lack of liquidity and in price volatility of those securities. Equity Risk. Equity securities are susceptible to general stock market fluctuations and to volatile increases and decreases in value. The equity securities held by the Fund may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors affecting securities markets generally, the equity securities of a particular sector, or a particular company. Foreign Securities Risk. Since the Fund’s investments may include foreign securities, the Fund is subject to risks beyond those associated with investing in domestic securities. Foreign companies are generally not subject to the same regulatory requirements of U.S. companies thereby resulting in less publicly available information about these companies. In addition, foreign accounting, auditing and financial reporting standards generally differ from those applicable to U.S. companies. Industry Concentration Risk. The Fund concentrates at least 25% of its net assets in the group of four vice industries identified in this Prospectus and therefore may be subject to the risks affecting those industries, including the risk that the securities of companies within those industries will underperform due to adverse economic conditions, regulatory or legislative changes or increased competition affecting those industries, more than would a fund that invests in a wide variety of industries. Large-Capitalization Companies Risk. Large-capitalization companies may be less able than smaller capitalization companies to adapt to changing market conditions. Large-capitalization companies may be more mature and subject to more limited growth potential compared with smaller capitalization companies. During different market cycles, the performance of large capitalization companies has trailed the overall performance of the broader securities markets. Leverage Risk. Leveraging may exaggerate the effect on NAV of any increase or decrease in the market value of the Fund’s portfolio. Liquidity Risk. The securities of many companies with small- and mid-size capitalizations may have less “float” (the number of shares that normally trade on a given day) and less interest in the market and therefore are subject to liquidity risk. Certain securities may be difficult or impossible to sell at the time and price that the Fund would like to sell. Management Risk. The Adviser may be incorrect in its assessment of the intrinsic value of the securities the Fund holds which may result in a decline in the value of Fund shares and failure to achieve its investment objective. The Fund’s portfolio manager uses qualitative analyses and/or models. Any imperfections or limitations in such analyses and models could affect the ability of the portfolio manager to implement strategies. Market and Geopolitical Risk. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, climate change and climate-related events, pandemics, epidemics, terrorism, international conflicts, regulatory events, tariffs or trade wars and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years may result in market volatility and may have long term effects on both the U.S. and global financial markets. Regulatory Risk. Changes in the laws or regulations of the U.S. or other countries, including any changes to applicable tax laws and regulations, could impair the ability of the Fund to achieve its investment objective and could increase the operating expenses of the Fund. Sector Exposure Risk. The Fund may have significant exposure to a limited number of issuers conducting business in the same sector or group of sectors. Market conditions, interest rates, and economic, regulatory, or financial developments could significantly affect a single sector or a group of sectors, and the securities of companies in that sector or group of sectors could react similarly to these or other developments. Consumer Staples Sector Risk. The consumer staples sector may be affected by the regulation of various product components and production methods, marketing campaigns and other factors affecting consumer demand. Industrial Sector Risk. Industrial companies are affected by supply and demand both for their specific product or service and for industrial sector products in general. Government regulation, world events, exchange rates and economic conditions, technological developments and liabilities for environmental damage and general civil liabilities will likewise affect the performance of these companies. Short Sales Risk. Short sales risk is the risk of loss associated with any appreciation on the price of a security borrowed in connection with a short sale. The Fund may engage in short sales that are not made “against-the-box,” which means that the Fund may sell short securities even when they are not actually owned or otherwise covered at all times during the period the short position is open. Short sales that are not made “against-the-box” theoretically involve unlimited loss potential since the market price of securities sold short may continuously increase. Small- and Medium-Capitalization Companies Risk. The earnings and prospects of small and medium sized companies are more volatile than larger companies and may experience higher failure rates than larger companies. Small and medium sized companies normally have a lower trading volume than larger companies, which may tend to make their market price fall more disproportionately than larger companies in response to selling pressures and may have limited markets, product lines, or financial resources and lack management experience. Stock Market Risk. The value of securities owned by the Fund may go up or down, sometimes rapidly or unpredictably, due to factors affecting particular companies or the securities markets generally. A general downturn in the securities market may cause multiple asset classes to decline in value simultaneously. U.S. Government Securities Risk. Although U.S. government securities are considered among the safest investments, they are not guaranteed against price movements due to changing interest rates. Obligations issued by some U.S. government agencies are backed by the U.S. Treasury, while others are backed solely by the ability of the agency to borrow from the U.S. Treasury or by the agency’s own resources. ADR Risk. Unsponsored ADRs held by the Fund are frequently under no obligation to distribute shareholder communications received from the underlying issuer, and there is less information available about unsponsored ADRs than sponsored ADRs; unsponsored ADRs are also not obligated to pass through voting rights to the Fund.<div id="xdx_C0E_gRBRTB-UMSR_z25WfVmBGEp4"> </div> Asset Allocation Risk. Asset allocation to a particular strategy may not reflect actual market movement or the effect of economic conditions.<div id="xdx_C00_gRBRTB-UMSR_ziWKHNVBr6ld"> </div> Cash and Cash Equivalents Risk. The Fund may have significant investments in cash or cash equivalents. When a substantial portion of a portfolio is held in cash or cash equivalents, there is the risk that the value of the cash account, including interest, will not keep pace with inflation, thus reducing purchasing power over time.<div id="xdx_C0F_gRBRTB-UMSR_zTacME6I2oic"> </div> Convertible Securities Risk. Convertible securities are subject to many of the same risks as regular fixed-income securities, including the risk that when market interest rates rise, the value of the convertible security falls. In the event of a liquidation of the issuing company, holders of convertible securities generally would be paid after the company’s creditors but before the company’s common shareholders.<div id="xdx_C01_gRBRTB-UMSR_zLR59nTrmBDa"> </div> Derivatives Risk. Investing in derivatives, specifically call and put options, for hedging purposes and to reduce Fund volatility may subject the Fund to losses if the derivatives do not perform as expected. The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships.<div id="xdx_C03_gRBRTB-UMSR_zTDdWgVr1Mm4"> </div><div id="xdx_C06_gRBRTB-UMSR_zpvhAOOzavTf">Options Risk. There are risks associated with the sale and purchase of call and put options. As a seller (writer) of a put option, the Fund will tend to lose money if the value of the reference index or security falls below the strike price. As the seller (writer) of a call option, the Fund may experience lower returns if the value of the reference index or security rises above the strike price.</div> Options Risk. There are risks associated with the sale and purchase of call and put options. As a seller (writer) of a put option, the Fund will tend to lose money if the value of the reference index or security falls below the strike price. As the seller (writer) of a call option, the Fund may experience lower returns if the value of the reference index or security rises above the strike price.<div id="xdx_C0B_gRBRTB-UMSR_zZJl7moWFaxg"> </div> Emerging Markets Risk. Investing in emerging markets, including frontier markets, involves not only the risks described below with respect to investing in foreign securities, but also other risks, including exposure to economic structures that are generally less diverse and mature, limited availability and reliability of information material to an investment decision, and to political systems that can be expected to have less stability, than those of developed countries. The typically small size of the securities markets of issuers located in emerging markets and the possibility of a low or nonexistent volume of trading in those securities may also result in a lack of liquidity and in price volatility of those securities.<div id="xdx_C0B_gRBRTB-UMSR_zDqvIkhSe82b"> </div> Equity Risk. Equity securities are susceptible to general stock market fluctuations and to volatile increases and decreases in value. The equity securities held by the Fund may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors affecting securities markets generally, the equity securities of a particular sector, or a particular company.<div id="xdx_C0D_gRBRTB-UMSR_zojQUuSWvXnd"> </div> Foreign Securities Risk. Since the Fund’s investments may include foreign securities, the Fund is subject to risks beyond those associated with investing in domestic securities. Foreign companies are generally not subject to the same regulatory requirements of U.S. companies thereby resulting in less publicly available information about these companies. In addition, foreign accounting, auditing and financial reporting standards generally differ from those applicable to U.S. companies.<div id="xdx_C00_gRBRTB-UMSR_z5hmRVZkJ1F5"> </div> Industry Concentration Risk. The Fund concentrates at least 25% of its net assets in the group of four vice industries identified in this Prospectus and therefore may be subject to the risks affecting those industries, including the risk that the securities of companies within those industries will underperform due to adverse economic conditions, regulatory or legislative changes or increased competition affecting those industries, more than would a fund that invests in a wide variety of industries.<div id="xdx_C05_gRBRTB-UMSR_zrhDw9qhhJzb"> </div> Large-Capitalization Companies Risk. Large-capitalization companies may be less able than smaller capitalization companies to adapt to changing market conditions. Large-capitalization companies may be more mature and subject to more limited growth potential compared with smaller capitalization companies. During different market cycles, the performance of large capitalization companies has trailed the overall performance of the broader securities markets.<div id="xdx_C03_gRBRTB-UMSR_zzcJDfhbEcjl"> </div> Leverage Risk. Leveraging may exaggerate the effect on NAV of any increase or decrease in the market value of the Fund’s portfolio.<div id="xdx_C02_gRBRTB-UMSR_z9iT7WIfgIf7"> </div> Liquidity Risk. The securities of many companies with small- and mid-size capitalizations may have less “float” (the number of shares that normally trade on a given day) and less interest in the market and therefore are subject to liquidity risk. Certain securities may be difficult or impossible to sell at the time and price that the Fund would like to sell.<div id="xdx_C04_gRBRTB-UMSR_zz62EyRsZepf"> </div> Management Risk. The Adviser may be incorrect in its assessment of the intrinsic value of the securities the Fund holds which may result in a decline in the value of Fund shares and failure to achieve its investment objective. The Fund’s portfolio manager uses qualitative analyses and/or models. Any imperfections or limitations in such analyses and models could affect the ability of the portfolio manager to implement strategies. <div id="xdx_C0C_gRBRTB-UMSR_zChC3VFjugc1"> </div> Market and Geopolitical Risk. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, climate change and climate-related events, pandemics, epidemics, terrorism, international conflicts, regulatory events, tariffs or trade wars and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years may result in market volatility and may have long term effects on both the U.S. and global financial markets.<div id="xdx_C09_gRBRTB-UMSR_zEdNSPeauXkf"> </div> Regulatory Risk. Changes in the laws or regulations of the U.S. or other countries, including any changes to applicable tax laws and regulations, could impair the ability of the Fund to achieve its investment objective and could increase the operating expenses of the Fund.<div id="xdx_C01_gRBRTB-UMSR_zRbudOM7JwSc"> </div> Sector Exposure Risk. The Fund may have significant exposure to a limited number of issuers conducting business in the same sector or group of sectors. Market conditions, interest rates, and economic, regulatory, or financial developments could significantly affect a single sector or a group of sectors, and the securities of companies in that sector or group of sectors could react similarly to these or other developments.<div id="xdx_C06_gRBRTB-UMSR_zEpf9a7zFZs6"> </div> <div id="xdx_C02_gRBRTB-UMSR_zr84qtnbUaYe">Consumer Staples Sector Risk. The consumer staples sector may be affected by the regulation of various product components and production methods, marketing campaigns and other factors affecting consumer demand.</div><div id="xdx_C09_gRBRTB-UMSR_z7FIuzDe7ihi"> </div><div id="xdx_C0D_gRBRTB-UMSR_zi6VfdCwefsi">Industrial Sector Risk. Industrial companies are affected by supply and demand both for their specific product or service and for industrial sector products in general. Government regulation, world events, exchange rates and economic conditions, technological developments and liabilities for environmental damage and general civil liabilities will likewise affect the performance of these companies.</div> Consumer Staples Sector Risk. The consumer staples sector may be affected by the regulation of various product components and production methods, marketing campaigns and other factors affecting consumer demand. Industrial Sector Risk. Industrial companies are affected by supply and demand both for their specific product or service and for industrial sector products in general. Government regulation, world events, exchange rates and economic conditions, technological developments and liabilities for environmental damage and general civil liabilities will likewise affect the performance of these companies.<div id="xdx_C04_gRBRTB-UMSR_zAnAKzdpKWa2"> </div> Short Sales Risk. Short sales risk is the risk of loss associated with any appreciation on the price of a security borrowed in connection with a short sale. The Fund may engage in short sales that are not made “against-the-box,” which means that the Fund may sell short securities even when they are not actually owned or otherwise covered at all times during the period the short position is open. Short sales that are not made “against-the-box” theoretically involve unlimited loss potential since the market price of securities sold short may continuously increase.<div id="xdx_C04_gRBRTB-UMSR_zVwoyQ7FhqM3"> </div> Small- and Medium-Capitalization Companies Risk. The earnings and prospects of small and medium sized companies are more volatile than larger companies and may experience higher failure rates than larger companies. Small and medium sized companies normally have a lower trading volume than larger companies, which may tend to make their market price fall more disproportionately than larger companies in response to selling pressures and may have limited markets, product lines, or financial resources and lack management experience.<div id="xdx_C08_gRBRTB-UMSR_zr9uHEzCvaGf"> </div> Stock Market Risk. The value of securities owned by the Fund may go up or down, sometimes rapidly or unpredictably, due to factors affecting particular companies or the securities markets generally. A general downturn in the securities market may cause multiple asset classes to decline in value simultaneously.<div id="xdx_C08_gRBRTB-UMSR_zzMTuKG1K1Lk"> </div> U.S. Government Securities Risk. Although U.S. government securities are considered among the safest investments, they are not guaranteed against price movements due to changing interest rates. Obligations issued by some U.S. government agencies are backed by the U.S. Treasury, while others are backed solely by the ability of the agency to borrow from the U.S. Treasury or by the agency’s own resources. Performance: The bar chart and performance table below show the variability of the Fund’s returns, which is some indication of the risks of investing in the Fund. The bar chart shows performance of the Fund’s Investor Class shares for each full calendar year for the past 10 years, which includes performance of the Predecessor Fund (as defined below). Although Institutional Class, Class A and Class C shares have similar annual returns to Investor Class shares because the classes are invested in the same portfolio of securities, the returns for Institutional Class, Class A and Class C shares are different than Investor Class shares because Institutional Class, Class A and Class C shares have different expenses than Investor Class shares. The performance table compares the performance of the Fund over time to the performance of a broad-based market index and a supplemental index. You should be aware that the Fund’s past performance (before and after taxes) may not be an indication of how the Fund will perform in the future. After-tax returns are calculated using the historical highest individual federal marginal income tax rates in effect and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts (“IRAs”). The Fund acquired all of the assets and liabilities of USA Mutuals Vitium Global Fund, a series of USA Mutuals, (the “Predecessor Fund”) in a tax-free reorganization on January 22, 2021. In connection with this acquisition, shares of the Predecessor Fund’s Investor Class, Institutional Class, Class A and Class C Shares were exchanged for Investor Class, Institutional Class, Class A and Class C Shares of the Fund, respectively. The Predecessor Fund had an investment objective and strategies that were, in all material respects, the same as those of the Fund, and was managed in a manner that, in all material respects, complied with the investment guidelines and restrictions of the Fund. The performance information set forth below reflects the historical performance of the Predecessor Fund shares. Updated performance information is available at no cost by calling 1-866-264-8783 and on the Fund’s website at www.usamutuals.com. The bar chart and performance table below show the variability of the Fund’s returns, which is some indication of the risks of investing in the Fund. The bar chart shows performance of the Fund’s Investor Class shares for each full calendar year for the past 10 years, which includes performance of the Predecessor Fund (as defined below). You should be aware that the Fund’s past performance (before and after taxes) may not be an indication of how the Fund will perform in the future. After-tax returns are calculated using the historical highest individual federal marginal income tax rates in effect and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts (“IRAs”). 1-866-264-8783 www.usamutuals.com Performance Bar Chart Investor Class Calendar Year Ended December 31 <div id="xdx_A86_eoef--BarChartTableTextBlock_zL7xHJlVSoQk"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zT7YlfuIAZq5" style="font: 10pt Arial, Helvetica, Sans-Serif; display: none; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top; text-align: center"> <td style="text-align: center; width: 10%"> </td> <td id="xdx_498_20160101__20161231_ztCEpGsLcvIf" style="text-align: center; width: 9%">2016</td> <td id="xdx_493_20170101__20171231_zqj4ISsXsdbd" style="text-align: center; width: 9%">2017</td> <td id="xdx_492_20180101__20181231_zpvHX8PLTQx2" style="text-align: center; width: 9%">2018</td> <td id="xdx_495_20190101__20191231_zgiRc2lxUAOb" style="text-align: center; width: 9%">2019</td> <td id="xdx_493_20200101__20201231_ziya5tjzpMzc" style="text-align: center; width: 9%">2020</td> <td id="xdx_49F_20210101__20211231_zHCArB9XxBBa" style="text-align: center; width: 9%">2021</td> <td id="xdx_494_20220101__20221231_zggnG3VkDiZ3" style="text-align: center; width: 9%">2022</td> <td id="xdx_49D_20230101__20231231_zeEfAGRV0Ig" style="text-align: center; width: 9%">2023</td> <td id="xdx_491_20240101__20241231_zd3JfwHmpWhb" style="text-align: center; width: 9%">2024</td> <td id="xdx_491_20250101__20251231_zCrPJLWVpmak" style="text-align: center; width: 9%">2025</td></tr> <tr id="xdx_40A_eoef--AnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000070210Member__oef--ClassAxis__custom--C000223276Member_zTXSxjw9h0ee" style="vertical-align: top; text-align: center"> <td> </td> <td>9.41%</td> <td>25.72%</td> <td>-21.27%</td> <td>26.24%</td> <td>-0.90%</td> <td>-1.30%</td> <td>3.25%</td> <td>-2.15%</td> <td>1.55%</td> <td>20.32%</td></tr> </table> <img alt="" src="image_002.jpg" style="height: 309px; width: 438px"/> 0.0941 0.2572 -0.2127 0.2624 -0.0090 -0.0130 0.0325 -0.0215 0.0155 0.2032 <div id="xdx_A82_eoef--BarChartClosingTextBlock_zJjNGdWvhak3"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr> <td id="xdx_98D_eoef--HighestQuarterlyReturnLabel_c20260723__20260723__dei--LegalEntityAxis__custom--S000070210Member_zw5eercqFZ05" style="width: 35%; text-align: center">Best Quarter:</td> <td id="xdx_980_eoef--BarChartHighestQuarterlyReturnDate_dxH_c20260723__20260723__dei--LegalEntityAxis__custom--S000070210Member_zRNFEmwuSSl8" style="width: 40%; text-align: center" title="::XDX::2020-06-30">2nd Quarter 2020</td> <td id="xdx_982_eoef--BarChartHighestQuarterlyReturn_dp_c20260723__20260723__dei--LegalEntityAxis__custom--S000070210Member_zTlThSHjjqnh" style="width: 25%; text-align: center">16.79%</td></tr> <tr> <td id="xdx_98C_eoef--LowestQuarterlyReturnLabel_c20260723__20260723__dei--LegalEntityAxis__custom--S000070210Member_zOGJzFKMSC2i" style="text-align: center">Worst Quarter:</td> <td id="xdx_984_eoef--BarChartLowestQuarterlyReturnDate_dxH_c20260723__20260723__dei--LegalEntityAxis__custom--S000070210Member_z5GPg6On88Oi" style="text-align: center" title="::XDX::2020-03-31">1st Quarter 2020</td> <td id="xdx_984_eoef--BarChartLowestQuarterlyReturn_dp_c20260723__20260723__dei--LegalEntityAxis__custom--S000070210Member_zy8GwA6PWjb9" style="text-align: center">(26.45)%</td></tr> </table> The Fund’s Investor Class year-to-date return as of the most recent fiscal quarter, which ended June 30, 2026 was 4.63%. Best Quarter: 0.1679 Worst Quarter: -0.2645 The Fund’s Investor Class year-to-date return 2026-06-30 0.0463 Performance Table Average Annualized Total Returns (For periods ended December 31, 2025) <div id="xdx_A82_eoef--PerformanceTableTextBlock_zC668A96EWKh"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zJPP1Kik6ddd" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="background-color: #D9D9D9"> <td style="border: Black 1pt solid; vertical-align: top; width: 54%; text-align: center"> </td> <td id="xdx_491_20250101__20251231_ze3K4qTQB2ph" style="border-top: Black 1pt solid; width: 16%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">One Year</td> <td id="xdx_494_20210101__20251231_zr1ZfWu9zhzc" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 16%; text-align: center">Five Years</td> <td id="xdx_49C_20160101__20251231_zuNVvNUczEub" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 14%; text-align: center">Ten Years</td></tr> <tr> <td style="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify">Investor Class</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000070210Member__oef--ClassAxis__custom--C000223276Member_zkroMN5YMBnd"> <td style="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.2in; text-align: justify">Return Before Taxes</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">20.32%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">4.03%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">5.14%</td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000070210Member__oef--ClassAxis__custom--C000223276Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zSWO2hTBqtz2"> <td style="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.2in; text-align: justify">Return After Taxes on Distributions</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">16.66%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">1.71%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">3.17%</td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000070210Member__oef--ClassAxis__custom--C000223276Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_z6hH7uAA54c1"> <td style="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.2in; text-align: justify">Return After Taxes on Distributions and Sale of Fund Shares</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">14.15%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">2.84%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">3.75%</td></tr> <tr> <td style="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify">Institutional Class</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000070210Member__oef--ClassAxis__custom--C000223275Member_zY5xrkx3iDZ"> <td style="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.2in; text-align: justify">Return Before Taxes</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">20.63%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">4.29%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">5.42%</td></tr> <tr> <td style="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify">Class A</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000070210Member__oef--ClassAxis__custom--C000223274Member_zySPw08YO44"> <td style="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.2in; text-align: justify">Return Before Taxes</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">20.34%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">4.03%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">5.12%</td></tr> <tr> <td style="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify">Class C</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000070210Member__oef--ClassAxis__custom--C000223277Member_zmlqqJRbNuHg"> <td style="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.2in; text-align: justify">Return Before Taxes</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">19.40%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">3.25%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">4.36%</td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000070210Member__oef--PerformanceMeasureAxis__custom--SAndP500IndexReflectsNoDeductionsForFeesExpensesOrTaxesMember_zVNM5G69lBN8"> <td style="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid"> S&P 500 Index(1)(2) (reflects no deductions for fees, expenses or taxes)</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">17.88%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">14.42%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">14.63%</td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000070210Member__oef--PerformanceMeasureAxis__custom--MSCIAllCountryWorldIndexReflectsNoDeductionsForFeesExpensesOrTaxesMember_zgHx0GpmBWef"> <td style="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left">MSCI All Country World Index(3) (reflects no deductions for fees, expenses or taxes)</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">22.87%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">11.70%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">12.28%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0"></td><td id="xdx_F05_zjxogQQmEhDc" style="width: 0.25in">(1)</td><td id="xdx_F15_zmg4TokNAQid" style="text-align: justify">The S&P 500 Index is an unmanaged market capitalization-weighted index which is comprised of 500 of the largest U.S. domiciled companies and includes the reinvestment of all dividends. Investors cannot invest directly in an index. Unlike the Fund’s returns, the index does not reflect any fees or expenses.</td></tr></table> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0"></td><td id="xdx_F06_zgKJ6WN4uHol" style="width: 0.25in">(2)</td><td id="xdx_F11_zdUZGrQKtWv6" style="text-align: justify">The Fund’s benchmark has changed to the S&P 500 Index. The Adviser believes the S&P 500 Index provides a more appropriate broad-based benchmark for evaluating the Fund's performance because it is a widely recognized and commonly followed measure of U.S. equity market performance, which the Adviser believes is the benchmark most frequently referenced by the Fund's investors. In addition, the Fund's investment opportunity set and portfolio exposures have historically been predominantly invested in U.S. equities, making the S&P 500 Index a more relevant comparator for shareholders. The benchmark change is intended to provide investors with a performance comparison that the Adviser believes is more meaningful and consistent with how the Fund's performance is evaluated. The benchmark change does not reflect any change in the Fund's investment objective, principal investment strategies, or portfolio management process.</td></tr></table> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0"></td><td id="xdx_F03_zYG3CvxOcHAg" style="width: 0.25in">(3)</td><td style="text-align: justify">The MSCI All Country World Index is an index representing the equity returns in 23 developed and 24 emerging markets. Investors cannot invest directly in an index. Unlike the Fund’s returns, the index does not reflect any fees or expenses.</td></tr></table> Return Before Taxes 0.2032 0.0403 0.0514 0.1666 0.0171 0.0317 0.1415 0.0284 0.0375 Return Before Taxes 0.2063 0.0429 0.0542 Return Before Taxes 0.2034 0.0403 0.0512 Return Before Taxes 0.1940 0.0325 0.0436 reflects no deductions for fees, expenses or taxes 0.1788 0.1442 0.1463 reflects no deductions for fees, expenses or taxes 0.2287 0.1170 0.1228 The Fund’s benchmark has changed to the S&P 500 Index. FUND SUMMARY – USA MUTUALS ALL SEASONS FUND Investment Objective: The USA Mutuals All Seasons Fund (the “Fund”) seeks capital appreciation in all economic cycles. Fees and Expenses of the Fund: This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below. Shareholder Fees (fees paid directly from your investment) <div id="xdx_A81_eoef--ShareholderFeesTableTextBlock_zeElYnWP28Rc"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_zKsBaLkjr4n2" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="background-color: #D9D9D9"> <td style="border: Black 1pt solid; vertical-align: top; width: 72%; text-align: left"> Shareholder Fees (fees paid directly from your investment) </td> <td id="xdx_491_20260723__20260723__dei--LegalEntityAxis__custom--S000070209Member__oef--ClassAxis__custom--C000223272Member_zzWcfeCJLb5" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 15%; text-align: center">Institutional Class</td> <td id="xdx_491_20260723__20260723__dei--LegalEntityAxis__custom--S000070209Member__oef--ClassAxis__custom--C000223273Member_zcwcv0vCpLG6" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 13%; text-align: center">Class Z(1)</td></tr> <tr id="xdx_407_eoef--MaximumSalesChargeImposedOnPurchasesOverOfferingPrice_dpn_zlNXMPeL1Nk9"> <td style="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left">Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">None</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">None</td></tr> </table> 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A8F_eoef--AnnualFundOperatingExpensesTableTextBlock_z1lDXINWGbVc"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_z7jaEOfQ916c" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="background-color: #D9D9D9"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td id="xdx_490_20260723__20260723__dei--LegalEntityAxis__custom--S000070209Member__oef--ClassAxis__custom--C000223272Member_zCMHepltlmnj" style="border-bottom: Black 1pt solid; text-align: center"> </td> <td id="xdx_492_20260723__20260723__dei--LegalEntityAxis__custom--S000070209Member__oef--ClassAxis__custom--C000223273Member_zNvi7gYCGuL" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">(1)</td></tr> <tr id="xdx_40D_eoef--ManagementFeesOverAssets_dpn_zgDmIn5ZVhrb"> <td style="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; width: 72%">Management Fees</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 15%">1.75%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 13%">1.75%</td></tr> <tr id="xdx_40E_eoef--DistributionAndService12b1FeesOverAssets_dpn_zr3B82krJozh"> <td style="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left">Distribution and Service (12b-1) Fees </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">None</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">None</td></tr> <tr id="xdx_405_eoef--OtherExpensesOverAssets_dpn_zR5zYC597Q51"> <td style="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left">Other Expenses</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">1.58% </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">1.58% </td></tr> <tr id="xdx_409_eoef--ExpensesOverAssets_dpn_zyT2Clg4lb2"> <td style="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left">Total Annual Fund Operating Expenses</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">3.33% </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">3.33% </td></tr> <tr id="xdx_40F_eoef--FeeWaiverOrReimbursementOverAssets_dpn_zFNvVjA2htub"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left">Fee Waiver and Reimbursement(2)</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">(1.07)% </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">(1.07)% </td></tr> <tr id="xdx_400_eoef--NetExpensesOverAssets_dpn_zTiisUfbpun6"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left">Total Annual Fund Operating Expenses After Fee Waiver and Reimbursement</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">2.26% </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">2.26% </td></tr> </table> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0"></td><td id="xdx_F0F_zL5grKRlOMP9" style="width: 0.25in">(1)</td><td id="xdx_F1B_zoHyg32aI4Ob" style="text-align: justify">Class Z shares are not currently offered for sale.</td></tr></table> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0"></td><td id="xdx_F0D_zTh0trGpe1Fi" style="width: 0.25in">(2)</td><td id="xdx_F17_zPdLW2WQp4Yb" style="text-align: justify">The Fund’s adviser, USA Mutuals Advisors, Inc. (the “Adviser”), has contractually agreed to reduce its fees and/or absorb expenses of the Fund, at least until July 31, 2027, to ensure that total annual fund operating expenses after fee waiver and reimbursement (but not including: front-end or contingent deferred loads, shareholder servicing plan fees, taxes, borrowing cost such as interest and dividends on short positions, brokerage fees and commissions, acquired fund fees and expenses, extraordinary expenses such as litigation expenses (which may include indemnification of Fund officers and Trustees, and contractual indemnification of Fund service providers (other than the Adviser)) and class specific expenses like distribution (12b-1) fees) will not exceed 2.26% of the Fund’s average daily net assets for each share class. These fee waivers and expense reimbursements are subject to possible recoupment from the Fund in future years (within the three years after the fees were waived or reimbursed) if such recoupment can be achieved within the lesser of the expense limitation in place at the time of waiver and the expense limitation in place at the time of recapture. This agreement may be terminated by the Trust’s Board of Trustees only on 60 days’ written notice to the Adviser. </td></tr></table> 0.0175 0.0175 0 0 0.0158 0.0158 0.0333 0.0333 -0.0107 -0.0107 0.0226 0.0226 July 31, 2027 Example: This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based upon these assumptions your costs would be: <div id="xdx_A88_eoef--ExpenseExampleWithRedemptionTableTextBlock_zk0yXjW6qer6"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zovzurORyQe9" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: top"> <td style="width: 28%; font-size: 12pt; text-align: center"> </td> <td id="xdx_48C_eoef--ExpenseExampleYear01_zw4OptzPPQ7d" style="width: 18%; text-align: center">1 Year</td> <td id="xdx_48E_eoef--ExpenseExampleYear03_zcAyiI5eb2We" style="width: 18%; text-align: center">3 Years</td> <td id="xdx_485_eoef--ExpenseExampleYear05_zfIr8DT0lxBe" style="width: 18%; text-align: center">5 Years</td> <td id="xdx_48B_eoef--ExpenseExampleYear10_zd07N4pMEsE5" style="width: 18%; text-align: center">10 Years</td></tr> <tr id="xdx_415_20260723__20260723__dei--LegalEntityAxis__custom--S000070209Member__oef--ClassAxis__custom--C000223272Member_z2WQsDQHLg8k" style="vertical-align: top"> <td style="text-align: justify">Institutional Class</td> <td style="text-align: center">$229</td> <td style="text-align: center">$925</td> <td style="text-align: center">$1,644</td> <td style="text-align: center">$3,550</td></tr> <tr id="xdx_419_20260723__20260723__dei--LegalEntityAxis__custom--S000070209Member__oef--ClassAxis__custom--C000223273Member_zEXk0QnJNlak" style="vertical-align: top"> <td style="text-align: justify">Class Z</td> <td style="text-align: center">$229</td> <td style="text-align: center">$925</td> <td style="text-align: center">$1,644</td> <td style="text-align: center">$3,550</td></tr> </table> 229 925 1644 3550 229 925 1644 3550 Portfolio Turnover: The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the fiscal year ended March 31, 2026, the Fund’s portfolio rate was 0% of the average value of its portfolio. 0 Principal Investment Strategies: The Fund, a diversified investment company, pursues its investment objective by employing a discretionary trading strategy which attempts to tactically allocate exposure levels in the U.S. stock-markets. The Adviser invests the portfolio primarily in long and short equity stock index futures; however, the Adviser may also invest in stock index futures listed on other exchanges. A stock index futures contract is an agreement between two parties to take or make delivery of an amount of cash equal to a specified dollar amount, multiplied by the difference between the stock index value at the close of the last trading day of the contract and the price at which the futures contract is originally struck. A stock index futures contract does not involve the physical delivery of the underlying stocks in the index. Although stock index futures contracts call for the actual taking or delivery of cash, in most cases the Fund expects to liquidate its stock index futures positions through offsetting transactions, which may result in a gain or a loss, before cash settlement is required. The Fund may use stock index futures for hedging or speculation purposes. The Fund’s investment methodology is based on the Adviser’s quantitative model. The model provides indicative buy and sell prices in the futures market. These futures trades generally are held no more than 5 days. The model uses a broad array of market data to drive its indicators. This may include the following input data: <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in">1)</td><td style="text-align: justify">Price movement of the underlying future</td></tr></table> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in">2)</td><td style="text-align: justify">Volatility levels of the underlying future</td></tr></table> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in">3)</td><td style="text-align: justify">Volatility of volatility of the underlying future</td></tr></table> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in">4)</td><td style="text-align: justify">Options market pricing of the underlying future</td></tr></table> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in">5)</td><td style="text-align: justify">Correlation information across markets</td></tr></table> The Fund implements short positions by using futures contracts. Short sales are transactions where the Fund sells securities it does not own in anticipation of a decline in the value of the securities. The Fund must borrow the security to deliver it to the buyer. The Fund is then obligated to replace the security borrowed at the market price at the time of replacement. The Fund may enter into a futures contract pursuant to which it agrees to sell an asset (that it does not currently own) at a specified price at a specified point in the future. This gives the Fund a short position with respect to that asset. The Fund uses leverage through derivatives, including stock index futures and options. Leverage includes the practice of borrowing money to purchase securities or borrowing securities to sell them short. Investments in derivative instruments also involve the use of leverage because the amount of exposure to the underlying asset is often greater than the amount of capital required to purchase the derivative instrument. Leverage can increase or decrease the investment returns of the Fund. As a result, the sum of the Fund’s investment exposures may at times exceed the amount of assets invested in the Fund, although these exposures may vary over time. Buy and sell decisions are at the discretion of the portfolio managers. As with all mutual funds, there is a risk that you could lose money through your investment in the Fund. The Fund is not intended to be a complete investment program. Many factors affect the Fund’s net asset value (“NAV”) and performance. Derivatives Risk. Investing in derivatives, specifically futures contracts, may subject the Fund to losses if the derivatives do not perform as expected. The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Futures Contract Risk. A futures contract, which is a contract that derives its value from the price performance of an underlying entity, such as an asset, index, or interest rate, has additional risks because it is a financial contract rather than a security, including counterparty risk, and liquidity risk. Where futures contracts are used for hedging, lack of the desired or expected correlation between the future and the underlying, known as basis risk, would reduce the desired effectiveness of the hedging instrument. Options Risk. There are risks associated with the sale and purchase of call and put options. As a seller (writer) of a put option, the Fund will tend to lose money if the value of the reference index or security falls below the strike price. As the seller (writer) of a call option, the Fund may experience lower returns if the value of the reference index or security rises above the strike price. Hedging Risk. Although intended to limit or reduce investment risk, hedging strategies may also limit or reduce the potential for profit. There is no assurance that hedging strategies will be successful. Leverage Risk. Leveraging may exaggerate the effect on NAV of any increase or decrease in the market value of the Fund’s portfolio. Management Risk. The Adviser may be incorrect in its assessment of the intrinsic value of the securities the Fund holds which may result in a decline in the value of Fund shares and failure to achieve its investment objective. The Fund’s portfolio managers use qualitative analyses and/or models. Any imperfections or limitations in such analyses and models could affect the ability of the portfolio managers to implement strategies. Market and Geopolitical Risk. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, climate change and climate-related events, pandemics, epidemics, terrorism, international conflicts, regulatory events, tariffs or trade wars and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years may result in market volatility and may have long term effects on both the U.S. and global financial markets. Short Sales Risk. Short sales risk is the risk of loss associated with any appreciation on the price of a security borrowed in connection with a short sale. The Fund may engage in short sales that are not made “against-the-box,” which means that the Fund may sell short securities even when they are not actually owned or otherwise covered at all times during the period the short position is open. Short sales that are not made “against-the-box” theoretically involve unlimited loss potential since the market price of securities sold short may continuously increase. Stock Market Risk. The value of securities owned by the Fund may go up or down, sometimes rapidly or unpredictably, due to factors affecting particular companies or the securities markets generally. A general downturn in the securities market may cause multiple asset classes to decline in value simultaneously. Derivatives Risk. Investing in derivatives, specifically futures contracts, may subject the Fund to losses if the derivatives do not perform as expected. The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships.<div id="xdx_C07_gRBRTB-DZY_zPpYoELPYIF7"> </div> <div id="xdx_C0D_gRBRTB-DZY_zAVSGR1kIm2">Futures Contract Risk. A futures contract, which is a contract that derives its value from the price performance of an underlying entity, such as an asset, index, or interest rate, has additional risks because it is a financial contract rather than a security, including counterparty risk, and liquidity risk. Where futures contracts are used for hedging, lack of the desired or expected correlation between the future and the underlying, known as basis risk, would reduce the desired effectiveness of the hedging instrument. </div><div id="xdx_C04_gRBRTB-DZY_z5GBxWNrf6Tf"> </div><div id="xdx_C0D_gRBRTB-DZY_zTFF6h5hynY2">Options Risk. There are risks associated with the sale and purchase of call and put options. As a seller (writer) of a put option, the Fund will tend to lose money if the value of the reference index or security falls below the strike price. As the seller (writer) of a call option, the Fund may experience lower returns if the value of the reference index or security rises above the strike price.</div> Futures Contract Risk. A futures contract, which is a contract that derives its value from the price performance of an underlying entity, such as an asset, index, or interest rate, has additional risks because it is a financial contract rather than a security, including counterparty risk, and liquidity risk. Where futures contracts are used for hedging, lack of the desired or expected correlation between the future and the underlying, known as basis risk, would reduce the desired effectiveness of the hedging instrument. <div id="xdx_C01_gRBRTB-LEP_zGSY9LrJh4fj"><div id="xdx_C04_gRBRTB-DZY_z5GBxWNrf6Tf"> </div></div> Options Risk. There are risks associated with the sale and purchase of call and put options. As a seller (writer) of a put option, the Fund will tend to lose money if the value of the reference index or security falls below the strike price. As the seller (writer) of a call option, the Fund may experience lower returns if the value of the reference index or security rises above the strike price.<div id="xdx_C05_gRBRTB-DZY_zJaf1HKA8YM8"> </div> Hedging Risk. Although intended to limit or reduce investment risk, hedging strategies may also limit or reduce the potential for profit. There is no assurance that hedging strategies will be successful.<div id="xdx_C0C_gRBRTB-DZY_zaFrzvNHQC0f"> </div> Leverage Risk. Leveraging may exaggerate the effect on NAV of any increase or decrease in the market value of the Fund’s portfolio.<div id="xdx_C0C_gRBRTB-DZY_zLleg6PDk3sj"> </div> Management Risk. The Adviser may be incorrect in its assessment of the intrinsic value of the securities the Fund holds which may result in a decline in the value of Fund shares and failure to achieve its investment objective. The Fund’s portfolio managers use qualitative analyses and/or models. Any imperfections or limitations in such analyses and models could affect the ability of the portfolio managers to implement strategies. Market and Geopolitical Risk. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, climate change and climate-related events, pandemics, epidemics, terrorism, international conflicts, regulatory events, tariffs or trade wars and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years may result in market volatility and may have long term effects on both the U.S. and global financial markets.<div id="xdx_C0B_gRBRTB-DZY_zimT4gibD1qa"> </div> Short Sales Risk. Short sales risk is the risk of loss associated with any appreciation on the price of a security borrowed in connection with a short sale. The Fund may engage in short sales that are not made “against-the-box,” which means that the Fund may sell short securities even when they are not actually owned or otherwise covered at all times during the period the short position is open. Short sales that are not made “against-the-box” theoretically involve unlimited loss potential since the market price of securities sold short may continuously increase.<div id="xdx_C0A_gRBRTB-DZY_zZqro6ocJ6b1"> </div> Stock Market Risk. The value of securities owned by the Fund may go up or down, sometimes rapidly or unpredictably, due to factors affecting particular companies or the securities markets generally. A general downturn in the securities market may cause multiple asset classes to decline in value simultaneously. Performance: The bar chart and performance table below show the variability of the Fund’s returns, which is some indication of the risks of investing in the Fund. The bar chart shows performance of the Fund’s Institutional Class shares for each full calendar year since the inception of the Predecessor Fund (as defined below). The performance table compares the performance of the Fund’s Institutional Class shares over time to the performance of a broad-based market index. You should be aware that the Fund’s past performance (before and after taxes) may not be an indication of how the Fund will perform in the future. After-tax returns are calculated using the historical highest individual federal marginal income tax rates in effect and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts (“IRAs”). The Fund acquired all of the assets and liabilities of USA Mutuals Navigator Fund, a series of USA Mutuals, (the “Predecessor Fund”) in a tax-free reorganization on January 22, 2021. In connection with this acquisition, shares of the Predecessor Fund’s Institutional Class Shares were exchanged for Institutional Class Shares of the Fund. The Predecessor Fund had an investment objective and strategies that were, in all material respects, the same as those of the Fund, and was managed in a manner that, in all material respects, complied with the investment guidelines and restrictions of the Fund. The performance information set forth below reflects the historical performance of the Predecessor Fund shares. Updated performance information is available at no cost by calling 1-866-264-8783 and on the Fund’s website at www.usamutuals.com. The bar chart and performance table below show the variability of the Fund’s returns, which is some indication of the risks of investing in the Fund. The bar chart shows performance of the Fund’s Institutional Class shares for each full calendar year since the inception of the Predecessor Fund (as defined below). You should be aware that the Fund’s past performance (before and after taxes) may not be an indication of how the Fund will perform in the future. After-tax returns are calculated using the historical highest individual federal marginal income tax rates in effect and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts (“IRAs”). 1-866-264-8783 www.usamutuals.com Performance Bar Chart Institutional Class Calendar Year Ended December 31 <div id="xdx_A83_eoef--BarChartTableTextBlock_zQaDdAh1rvjd"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_z1NfHPxgiw39" style="font: 10pt Arial, Helvetica, Sans-Serif; display: none; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top; text-align: center"> <td style="text-align: center; width: 12%"> </td> <td id="xdx_49C_20180101__20181231_z4PMCgiA7fa1" style="text-align: center; width: 11%">2018</td> <td id="xdx_498_20190101__20191231_zgwL8PkJiVC8" style="text-align: center; width: 11%">2019</td> <td id="xdx_492_20200101__20201231_zDby8MaytgZ8" style="text-align: center; width: 11%">2020</td> <td id="xdx_49A_20210101__20211231_zKK8gBIEHG9i" style="text-align: center; width: 11%">2021</td> <td id="xdx_490_20220101__20221231_zVn4OAX8NIJ5" style="text-align: center; width: 11%">2022</td> <td id="xdx_494_20230101__20231231_zC54JOcEIVH6" style="text-align: center; width: 11%">2023</td> <td id="xdx_49E_20240101__20241231_zPURLTBm9OW3" style="text-align: center; width: 11%">2024</td> <td id="xdx_499_20250101__20251231_zo8LVm8vspGk" style="text-align: center; width: 11%">2025</td></tr> <tr id="xdx_407_eoef--AnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000070209Member__oef--ClassAxis__custom--C000223272Member_zy88cPMi1DZ7" style="vertical-align: top; text-align: center"> <td> </td> <td>-4.90%</td> <td>25.54%</td> <td>-8.36%</td> <td>11.74%</td> <td>6.91%</td> <td>3.43%</td> <td>6.76%</td> <td>1.91%</td></tr> </table> <img alt="" src="image_003.jpg" style="height: 287px; width: 446px"/> -0.0490 0.2554 -0.0836 0.1174 0.0691 0.0343 0.0676 0.0191 <div id="xdx_A89_eoef--BarChartClosingTextBlock_zMVqQPuWERfj"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr> <td id="xdx_983_eoef--HighestQuarterlyReturnLabel_c20260723__20260723__dei--LegalEntityAxis__custom--S000070209Member_ztmj3t1Advkh" style="width: 35%; text-align: center">Best Quarter:</td> <td id="xdx_987_eoef--BarChartHighestQuarterlyReturnDate_dxH_c20260723__20260723__dei--LegalEntityAxis__custom--S000070209Member_zzdJfGCFftV9" style="width: 37%; text-align: center" title="::XDX::2021-12-31">4th Quarter 2021</td> <td id="xdx_985_eoef--BarChartHighestQuarterlyReturn_dp_c20260723__20260723__dei--LegalEntityAxis__custom--S000070209Member_zFAakFI4KMe9" style="width: 28%; text-align: center">15.02%</td></tr> <tr> <td id="xdx_98A_eoef--LowestQuarterlyReturnLabel_c20260723__20260723__dei--LegalEntityAxis__custom--S000070209Member_zS9PO0tD3A2j" style="text-align: center">Worst Quarter:</td> <td id="xdx_980_eoef--BarChartLowestQuarterlyReturnDate_dxH_c20260723__20260723__dei--LegalEntityAxis__custom--S000070209Member_zVjsfJuzLZ4h" style="text-align: center" title="::XDX::2020-03-31">1st Quarter 2020</td> <td id="xdx_989_eoef--BarChartLowestQuarterlyReturn_dp_c20260723__20260723__dei--LegalEntityAxis__custom--S000070209Member_zOxC4ZeWiaF2" style="text-align: center">(18.52)%</td></tr> </table> The Fund’s Institutional Class year-to-date return as of the most recent fiscal quarter, which ended June 30, 2026 was (3.77)%. Best Quarter: 0.1502 Worst Quarter: -0.1852 The Fund’s Institutional Class year-to-date return 2026-06-30 -0.0377 Performance Table Average Annualized Total Returns (For periods ended December 31, 2025) <div id="xdx_A89_eoef--PerformanceTableTextBlock_zWSIAV9GiEHd"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zX6qgQuwNAr" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="background-color: #D9D9D9"> <td style="border: Black 1pt solid; vertical-align: top; width: 60%; text-align: justify"> </td> <td id="xdx_499_20250101__20251231_zQ4kOkBm7Lej" style="border-top: Black 1pt solid; width: 14%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">One Year</td> <td id="xdx_49C_20210101__20251231_zgmtXCBZvSh4" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 13%"> Five Years</td> <td id="xdx_496_20171013__20251231_zewb6WbPVvbc" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; width: 13%; text-align: center">Since Inception(1)</td></tr> <tr> <td style="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify">Institutional Class</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000070209Member__oef--ClassAxis__custom--C000223272Member_zhdbPIzkhFe3" style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.2in; text-align: justify">Return Before Taxes</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">1.91%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">6.09%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">5.41%</td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000070209Member__oef--ClassAxis__custom--C000223272Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zqUab74AAvx7" style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.2in; text-align: justify">Return After Taxes on Distributions</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">0.89%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">5.50%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">4.78%</td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000070209Member__oef--ClassAxis__custom--C000223272Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_z7IOOs4ho9Xj" style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.2in; text-align: justify">Return After Taxes on Distributions and Sale of Fund Shares</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">1.13%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">4.50%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">4.04%</td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000070209Member__oef--PerformanceMeasureAxis__custom--SAndP500IndexReflectsNoDeductionsForFeesExpensesOrTaxesMember_zW3QUV8XdFGf" style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left">S&P 500 Index(2) (reflects no deductions for fees, expenses or taxes)</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">17.88%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">14.42%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">14.82%</td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000070209Member__oef--PerformanceMeasureAxis__custom--SAndP500TargetRiskConservativeIndexReflectsNoDeductionsForFeesExpensesOrTaxesMember_zgpfWHdo1ELb" style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"> S&P 500 Target Risk Conservative Index(3) (reflects no deductions for fees, expenses or taxes</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">11.74%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">3.60%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">4.77%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0"></td><td id="xdx_F0E_zMt3BxlYMpy3" style="width: 0.25in">(1)</td><td id="xdx_F17_zZoaxCBqCMU" style="text-align: justify">The Predecessor Fund commenced operations on October 13, 2017.</td></tr></table> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0"></td><td id="xdx_F0E_zOwMWM2MeKQa" style="width: 0.25in">(2)</td><td id="xdx_F13_zEondkXabf2g" style="text-align: justify">The S&P 500 Index is an unmanaged market capitalization-weighted index which is comprised of 500 of the largest U.S. domiciled companies and includes the reinvestment of all dividends. Investors cannot invest directly in an index. Unlike the Fund’s returns, the index does not reflect any fees or expenses.</td></tr></table> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0"></td><td id="xdx_F02_zITfaHSsw81d" style="width: 0.25in">(3)</td><td id="xdx_F14_ziGd7H24vry7" style="text-align: justify"> The S&P 500 Target Risk Conservative Index is multi-asset benchmark designed to measure the performance of conservative stock-bond allocations to fixed income, seeking to produce a current income stream and avoid excessive volatility of returns. Investors cannot invest directly in an index. Unlike the Fund’s returns, the index does not reflect any fees or expenses.</td></tr></table> Return Before Taxes 0.0191 0.0609 0.0541 0.0089 0.0550 0.0478 0.0113 0.0450 0.0404 reflects no deductions for fees, expenses or taxes 0.1788 0.1442 0.1482 reflects no deductions for fees, expenses or taxes 0.1174 0.0360 0.0477 2017-10-13 The S&P 500 Index is an unmanaged market capitalization-weighted index which is comprised of 500 of the largest U.S. domiciled companies and includes the reinvestment of all dividends. Investors cannot invest directly in an index. Unlike the Fund’s returns, the index does not reflect any fees or expenses. The Fund’s benchmark has changed to the S&P 500 Index. The Adviser believes the S&P 500 Index provides a more appropriate broad-based benchmark for evaluating the Fund's performance because it is a widely recognized and commonly followed measure of U.S. equity market performance, which the Adviser believes is the benchmark most frequently referenced by the Fund's investors. In addition, the Fund's investment opportunity set and portfolio exposures have historically been predominantly invested in U.S. equities, making the S&P 500 Index a more relevant comparator for shareholders. The benchmark change is intended to provide investors with a performance comparison that the Adviser believes is more meaningful and consistent with how the Fund's performance is evaluated. The benchmark change does not reflect any change in the Fund's investment objective, principal investment strategies, or portfolio management process. The MSCI All Country World Index is an index representing the equity returns in 23 developed and 24 emerging markets. Class Z shares are not currently offered for sale. The Fund’s adviser, USA Mutuals Advisors, Inc. (the “Adviser”), has contractually agreed to reduce its fees and/or absorb expenses of the Fund, at least until July 31, 2027, to ensure that total annual fund operating expenses after fee waiver and reimbursement (but not including: front-end or contingent deferred loads, shareholder servicing plan fees, taxes, borrowing cost such as interest and dividends on short positions, brokerage fees and commissions, acquired fund fees and expenses, extraordinary expenses such as litigation expenses (which may include indemnification of Fund officers and Trustees, and contractual indemnification of Fund service providers (other than the Adviser)) and class specific expenses like distribution (12b-1) fees) will not exceed 2.26% of the Fund’s average daily net assets for each share class. These fee waivers and expense reimbursements are subject to possible recoupment from the Fund in future years (within the three years after the fees were waived or reimbursed) if such recoupment can be achieved within the lesser of the expense limitation in place at the time of waiver and the expense limitation in place at the time of recapture. This agreement may be terminated by the Trust’s Board of Trustees only on 60 days’ written notice to the Adviser. The Predecessor Fund commenced operations on October 13, 2017. The S&P 500 Index is an unmanaged market capitalization-weighted index which is comprised of 500 of the largest U.S. domiciled companies and includes the reinvestment of all dividends. Investors cannot invest directly in an index. Unlike the Fund’s returns, the index does not reflect any fees or expenses. The S&P 500 Target Risk Conservative Index is multi-asset benchmark designed to measure the performance of conservative stock-bond allocations to fixed income, seeking to produce a current income stream and avoid excessive volatility of returns. Investors cannot invest directly in an index. Unlike the Fund’s returns, the index does not reflect any fees or expenses.