The First Sentier American Listed Infrastructure Fund, a series of Advisors Series Trust, was the predecessor to the Fund (the “American Listed Predecessor Fund”). The American Listed Predecessor Fund was reorganized into the Fund on November 3, 2025 following shareholder approval (the “Reorganization”). The Fund commenced operations as of this date and assumed the financial and performance history of the American Listed Predecessor Fund. The following bar chart and table are intended to help you understand the risks of investing in the Fund. The Fund performance shown below is the performance of the American Listed Predecessor Fund until November 3, 2025, after which performance shown is that of the Fund. The American Listed Predecessor Fund was managed using investment policies, objectives, guidelines and restrictions that were substantially similar to those of the Fund. Prior to the Reorganization, the Fund had not yet commenced operations. The bar chart and performance table below provide an indication of the risks of an investment in the Fund by showing how the Fund’s performance has varied from year to year, and by showing how the Fund’s average annual returns compare with those of a broad measure of market performance. Performance reflects contractual fee waivers in effect. If fee waivers were not in place, performance would be reduced. After-tax returns are shown for Class I shares only and will vary from the after-tax returns for other share classes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available on the Fund’s website at www.firstsentierfunds.com or by calling the Fund toll-free at 1-888-898-5040.

The Fund’s most recent quarterly return through June 30, 2026 was 2.99%. During the period of time shown in the bar chart, the highest return for a calendar quarter was 15.00% (December 31, 2021) and the lowest return for a calendar quarter was -9.57% (June 30, 2022).

The First Sentier Global Listed Infrastructure Fund, a series of Advisors Series Trust, was the predecessor to the Fund (the “Global Listed Predecessor Fund”). The Global Listed Predecessor Fund was reorganized into the Fund on November 3, 2025 following shareholder approval (the “Reorganization”). The Fund commenced operations as of this date and assumed the financial and performance history of the Global Listed Predecessor Fund. The following bar chart and table are intended to help you understand the risks of investing in the Fund. The Fund performance shown below is the performance of the Global Listed Predecessor Fund until November 3, 2025, after which performance shown is that of the Fund. The Global Listed Predecessor Fund was managed using investment policies, objectives, guidelines and restrictions that were substantially similar to those of the Fund. Prior to the Reorganization, the Fund had not yet commenced operations. The bar chart and performance table below provide an indication of the risks of an investment in the Fund by showing how the Fund’s performance has varied from year to year, and by showing how the Fund’s average annual returns compare with those of a broad measure of market performance. Performance reflects contractual fee waivers in effect. If fee waivers were not in place, performance would be reduced. After-tax returns are shown for Class I shares only and will vary from the after-tax returns for other share classes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available on the Fund’s website at www.firstsentierfunds.com or by calling the Fund toll-free at 1-888-898-5040.

The Fund’s most recent quarterly return through June 30, 2026 was 0.87%. During the period of time shown in the bar chart, the highest return for a calendar quarter was 14.12% (March 31, 2019) and the lowest return for a calendar quarter was -20.67% (March 31, 2020).

Because the Fund had not commenced operations as of the calendar year ended December 31, 2025, there is no annual performance information included.