0001511699 2026-07-29 2026-07-29 0001511699 ck0001511699:S000043754Member 2026-07-29 2026-07-29 0001511699 ck0001511699:S000043754Member ck0001511699:C000135684Member 2026-07-29 2026-07-29 0001511699 ck0001511699:S000043754Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-07-29 2026-07-29 0001511699 ck0001511699:S000043754Member oef:RiskLoseMoneyMember 2026-07-29 2026-07-29 0001511699 ck0001511699:S000043754Member ck0001511699:GeneralMarketRiskMember 2026-07-29 2026-07-29 0001511699 ck0001511699:S000043754Member ck0001511699:ManagementRiskMember 2026-07-29 2026-07-29 0001511699 ck0001511699:S000043754Member ck0001511699:AssetAllocationRiskMember 2026-07-29 2026-07-29 0001511699 ck0001511699:S000043754Member ck0001511699:CashCashEquivalentsRiskMember 2026-07-29 2026-07-29 0001511699 ck0001511699:S000043754Member ck0001511699:EquitySecuritiesRiskMember 2026-07-29 2026-07-29 0001511699 ck0001511699:S000043754Member ck0001511699:GrowthStyleInvestingRiskMember 2026-07-29 2026-07-29 0001511699 ck0001511699:S000043754Member ck0001511699:LimitedHoldingsRisksMember 2026-07-29 2026-07-29 0001511699 ck0001511699:S000043754Member ck0001511699:LargeCapCompanyRiskMember 2026-07-29 2026-07-29 0001511699 ck0001511699:S000043754Member ck0001511699:MidCapAndSmallCapCompaniesRiskMember 2026-07-29 2026-07-29 0001511699 ck0001511699:S000043754Member ck0001511699:ForeignSecuritiesRiskMember 2026-07-29 2026-07-29 0001511699 ck0001511699:S000043754Member ck0001511699:ADRRiskMember 2026-07-29 2026-07-29 0001511699 ck0001511699:S000043754Member ck0001511699:SectorEmphasisRiskMember 2026-07-29 2026-07-29 0001511699 ck0001511699:S000043754Member ck0001511699:CybersecurityRiskMember 2026-07-29 2026-07-29 0001511699 ck0001511699:C000135684Member 2026-07-29 2026-07-29 0001511699 ck0001511699:C000135684Member 2025-01-01 2025-12-31 0001511699 ck0001511699:C000135684Member 2021-01-01 2025-12-31 0001511699 ck0001511699:C000135684Member 2016-01-01 2025-12-31 0001511699 ck0001511699:C000135684Member 2024-03-31 2025-12-31 0001511699 ck0001511699:C000135684Member oef:AfterTaxesOnDistributionsMember 2026-07-29 2026-07-29 0001511699 ck0001511699:C000135684Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0001511699 ck0001511699:C000135684Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0001511699 ck0001511699:C000135684Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0001511699 ck0001511699:C000135684Member oef:AfterTaxesOnDistributionsMember 2024-03-31 2025-12-31 0001511699 ck0001511699:C000135684Member oef:AfterTaxesOnDistributionsAndSalesMember 2026-07-29 2026-07-29 0001511699 ck0001511699:C000135684Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0001511699 ck0001511699:C000135684Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0001511699 ck0001511699:C000135684Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0001511699 ck0001511699:C000135684Member oef:AfterTaxesOnDistributionsAndSalesMember 2024-03-31 2025-12-31 0001511699 ck0001511699:SP500IndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2026-07-29 2026-07-29 0001511699 ck0001511699:SP500IndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2025-01-01 2025-12-31 0001511699 ck0001511699:SP500IndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2021-01-01 2025-12-31 0001511699 ck0001511699:SP500IndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2016-01-01 2025-12-31 0001511699 ck0001511699:SP500IndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2024-03-31 2025-12-31 0001511699 ck0001511699:S000043754Member ck0001511699:C000135684Member 2016-01-01 2016-12-31 0001511699 ck0001511699:S000043754Member ck0001511699:C000135684Member 2017-01-01 2017-12-31 0001511699 ck0001511699:S000043754Member ck0001511699:C000135684Member 2018-01-01 2018-12-31 0001511699 ck0001511699:S000043754Member ck0001511699:C000135684Member 2019-01-01 2019-12-31 0001511699 ck0001511699:S000043754Member ck0001511699:C000135684Member 2020-01-01 2020-12-31 0001511699 ck0001511699:S000043754Member ck0001511699:C000135684Member 2021-01-01 2021-12-31 0001511699 ck0001511699:S000043754Member ck0001511699:C000135684Member 2022-01-01 2022-12-31 0001511699 ck0001511699:S000043754Member ck0001511699:C000135684Member 2023-01-01 2023-12-31 0001511699 ck0001511699:S000043754Member ck0001511699:C000135684Member 2024-01-01 2024-12-31 0001511699 ck0001511699:S000043754Member ck0001511699:C000135684Member 2025-01-01 2025-12-31 iso4217:USD pure 485BPOS 0001511699 false 0.0585 0.1500 -0.0068 0.1666 0.0923 0.1323 -0.0868 0.1072 0.1020 0.1032 2026-07-27 N-1A MANAGED PORTFOLIO SERIES Port Street Quality Growth Fund 2026-07-29 Investment Objective <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:303.18pt">The Port Street Quality Growth Fund (the “Fund”) seeks total return.</span> Fees and Expenses of the Fund <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.84pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.8399999999999pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:201.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:468pt">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:540pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:218.27pt">are not reflected in the tables and example below.</span> Shareholder Fees (fees paid directly from your investment) 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0085 0.0010 0.0015 0.0110 -0.0013 0.0097 The Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets included in the Financial Highlights sections of the Fund’s Statutory Prospectus, which reflects the operating expenses of the Fund and does not include available but unused shareholder servicing plan fees. July 29, 2027 Example <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.89pt">This Example is intended to help you compare the costs of investing in the Fund with the cost of investing</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:551.1pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.98pt">in other mutual funds.  The Example assumes that you invest $10,000 in the Fund for the time periods</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:564.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.95pt">indicated and then redeem all of your shares at the end of those periods.  The Example also assumes that</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:577.5pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.85pt">your investment has a 5% return each year and that the Fund’s operating expenses remain the same</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.85pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:257.88pt">(taking into account the expense limitation for one year).</span> Although your actual costs may be higher or lower, based on these assumptions, your costs would be: 99 337 594 1329 Portfolio Turnover <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.98pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over”</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:98.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.93pt">its portfolio).  A higher portfolio turnover rate may indicate higher transaction costs and may result in</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:111.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.88pt">higher taxes when Fund shares are held in a taxable account.  These costs, which are not reflected in the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:124.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:468pt">annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:540pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:220.74pt">fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:292.74pt;position:var(--position);text-decoration:none;white-space:pre;width:14.66pt">9%</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:307.4pt;position:var(--position);text-decoration:none;white-space:pre;width:160.59pt"> of the average value of its portfolio.</span> 0.09 Principal Investment Strategies <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.96pt">The Fund’s approach to investing focuses on those companies that can be purchased at market prices</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:190.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.94pt">below their fair value with a record of consistent, above average profit growth; strong balance sheets;</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:204pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.92pt">sustainable competitive advantages; and capable management.  The source of such growth is persistently</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:217.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.86pt">above average profitability, which, when combined with a sensible policy relating to the payout of such</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.86pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:230.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.89pt">profits and intelligent re-investment, results in the compounding of retained earnings and long-term</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:243.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.97pt">growth.  The Fund’s investment strategy is designed to grow purchasing power in excess of inflation and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:256.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:452.48pt">outperform the general market over time while mitigating losses during periods of economic adversity.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:524.48pt;position:var(--position);text-decoration:none;white-space:pre;width:8.25pt">  </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:283.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:468pt">Under normal market conditions, the Fund invests primarily in equity securities, including common</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:540pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:296.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:468pt">stocks.  Although the Fund invests in equity securities issued by companies of any capitalization, it</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:540pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:309.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.89pt">focuses a greater portion of its investments in larger-capitalization (“larger cap”) companies, many of</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:322.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.93pt">which generate income through dividend distributions as well as providing capital appreciation</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:336pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:60.77pt">opportunities.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:132.77pt;position:var(--position);text-decoration:none;white-space:pre;width:8.25pt">  </span></div><div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:362.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:468pt">The Fund divides responsibility for investment management between the Adviser and Saratoga Research</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:540pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:375.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:406.7pt">&amp; Investment Management, an unaffiliated sub-adviser (the “Sub-Adviser” or “Saratoga”). </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:478.7pt;position:var(--position);text-decoration:none;white-space:pre;width:61.19pt">Subject to the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:388.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.9pt">Adviser’s oversight, the Sub-Adviser is primarily responsible for the day-to-day portfolio management of</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:402pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:41.54pt">the Fund.</span></div></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:428.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.97pt">In selecting securities for the Fund’s portfolio, the Sub-Adviser begins by performing a quantitative</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:441.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.99pt">screen on a database of approximately 10,000 companies to identify those companies with a healthy</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:454.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.88pt">balance sheet, not more than a moderate amount of leverage, a non-capital intensive business model,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:468pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.93pt">profitability, a propensity for above average profit margins, and management that has proven adept at</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:481.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.98pt">allocating capital over time. This screen typically reduces the Fund’s investment universe to 150 to 200</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:497.289pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;top:-2.889pt;white-space:pre;width:49.77pt">companies.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:121.77000000000001pt;position:var(--position);text-decoration:none;top:-2.626pt;white-space:pre;width:2.5pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:520.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.91pt">Subject to the Adviser’s investment oversight responsibilities, the Sub-Adviser studies the business</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:534pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.92pt">models of the companies identified during the initial screen to better understand the drivers of each</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:547.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.99pt">company’s performance. The Sub-Adviser then uses valuation analysis to establish target purchase prices</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:560.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.85pt">for each company. The result of this process is a portfolio of 25 to 45 companies the Sub-Adviser believes</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.85pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:573.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.95pt">are quality issuers that have the ability to grow future profits in excess of market averages and are priced</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:589.689pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;top:-2.889pt;white-space:pre;width:164.52pt">at a discount to their intrinsic values.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:236.52pt;position:var(--position);text-decoration:none;top:-2.626pt;white-space:pre;width:2.9pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:239.42pt;position:var(--position);text-decoration:none;top:-2.889pt;white-space:pre;width:300.58pt">From time to time, the Fund may focus its investments in securities</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:540pt;position:var(--position);text-decoration:none;top:-2.889pt;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:600pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:188.99pt">of companies in the same economic sector.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:260.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:626.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.94pt">Due to the Adviser’s and Sub-Adviser’s investing approach, the Fund may hold a significant position in</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:639.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.94pt">cash or cash equivalents (including, but not limited to, U.S. Treasury bills and shares of money market</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:652.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.88pt">funds) for an extended period of time, based on the Adviser’s and Sub-Adviser’s determination of the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:666pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.99pt">availability of high-quality companies trading at valuations that meet the Fund’s investment criteria and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:679.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.99pt">investment objective. The Adviser and Sub-Adviser will determine the Fund’s cash position using its</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:692.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:190.21pt">quantitative screens and valuation analysis.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:262.21000000000004pt;position:var(--position);text-decoration:none;white-space:pre;width:5.5pt">  </span></div></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:72pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.99pt">The Fund may also invest up to 25% of its total assets in American Depositary Receipts (“ADRs”), which</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:85.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.98pt">are negotiable certificates issued by U.S. banks that represent a specified number of shares of a foreign</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:173.44pt">stock that is traded on a U.S. exchange.</span> The Fund may also invest up to 25% of its total assets in American Depositary Receipts (“ADRs”), which are negotiable certificates issued by U.S. banks that represent a specified number of shares of a foreign stock that is traded on a U.S. exchange. <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.92pt">An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span>Deposit Insurance Corporation (“FDIC”) or any other governmental agency. <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:421.36pt;position:var(--position);text-decoration:none;white-space:pre;width:118.53pt">In addition to possibly not</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:164.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:150.26pt">achieving your investment goals, </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:bold;left:222.26pt;position:var(--position);text-decoration:none;white-space:pre;width:317.58pt">you could lose all or a portion of your investment in the Fund over</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:bold;left:539.8399999999999pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:bold;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:157.56pt">short or even long periods of time</span>. <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:102.38pt">General Market Risk. </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:174.38pt;position:var(--position);text-decoration:none;white-space:pre;width:365.51pt">The Fund’s net asset value (“NAV”) and investment return will fluctuate based</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:216pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:238.06pt">upon changes in the value of its portfolio securities. </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:310.06pt;position:var(--position);text-decoration:none;white-space:pre;width:3.62pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:313.68pt;position:var(--position);text-decoration:none;white-space:pre;width:226.25pt">Certain securities selected for the Fund’s portfolio</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:459.17pt">may be worth less than the price originally paid for them, or less than they were worth at an earlier time.</span> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:89.25pt">Management Risk.  </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:161.25pt;position:var(--position);text-decoration:none;white-space:pre;width:378.67pt">The Fund may not meet its investment objective or may underperform the market or</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:268.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.98pt">other mutual funds with similar strategies if the Adviser and Sub-Adviser cannot successfully implement</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:144.73pt">the Fund’s investment strategies.</span> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:98.01pt">Asset Allocation Risk</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:170.01pt;position:var(--position);text-decoration:none;white-space:pre;width:369.91pt">.  The Fund’s allocation among various asset classes and investments may not</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:120.3pt">produce the desired results.</span> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;top:-2.889pt;white-space:pre;width:132.48pt">Cash/Cash Equivalents Risk.</span><span style="color:#0000ff;font-family:'Times New Roman', serif;font-size:8.5pt;font-style:normal;font-weight:normal;left:204.48pt;position:var(--position);text-decoration:none;top:-2.232pt;white-space:pre;width:4.69pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:209.17pt;position:var(--position);text-decoration:none;top:-2.889pt;white-space:pre;width:330.78pt">A substantial cash/cash equivalent position can adversely impact Fund</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;top:-2.889pt;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:361.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:468pt">performance in certain market conditions and may make it more difficult for the Fund to achieve its</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:540pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:374.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.97pt">investment objective. In rising markets, holding cash or cash equivalents will negatively affect the Fund’s</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:387.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:170.03pt">performance relative to its benchmark.</span></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:102.06pt">Equity Securities Risk</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:174.06pt;position:var(--position);text-decoration:none;white-space:pre;width:365.81pt">.  The equity securities held in the Fund’s portfolio may experience sudden,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.87pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:427.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.98pt">unpredictable drops in value or long periods of decline in value.  This may occur because of factors that</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:440.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.99pt">affect securities markets generally or factors affecting specific industries, sectors, geographic markets, or</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:165.52pt">companies in which the Fund invests.</span> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;top:-2.889pt;white-space:pre;width:128.59pt">Growth-Style Investing Risk.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:200.59pt;position:var(--position);text-decoration:none;top:-2.626pt;white-space:pre;width:7.5pt">  </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:208.09pt;position:var(--position);text-decoration:none;top:-2.889pt;white-space:pre;width:331.83pt">Investors expect growth companies to increase their earnings at a certain</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;top:-2.889pt;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:493.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.93pt">rate that is generally higher than the rate expected for non-growth companies.  If a growth company does</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:506.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.96pt">not meet these expectations, the price of its stock may decline significantly, even if it has increased</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:519.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.94pt">earnings.  Growth companies also typically do not pay dividends.  Companies that pay dividends may</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:322.11pt">experience less significant stock price declines during market downturns.</span> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:108.85pt">Limited Holdings Risk.  </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:180.85pt;position:var(--position);text-decoration:none;white-space:pre;width:359.1pt">The Fund may have a relatively high concentration of assets in a single or small</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:390.19pt">number of issuers, which may reduce its diversification and result in increased volatility.</span> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:118.59pt">Large Cap Company Risk.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:190.59pt;position:var(--position);text-decoration:none;white-space:pre;width:349.34pt">  The Fund’s investments in larger, more established companies are subject to</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:612pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.93pt">the risk that larger companies are sometimes unable to attain the high growth rates of successful, smaller</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:625.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.94pt">companies, especially during extended periods of economic expansion.  Larger, more established</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:638.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.89pt">companies may be unable to respond quickly to new competitive challenges such as changes in consumer</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div>tastes or innovative smaller competitors potentially resulting in lower markets for their common stock. <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:209.97pt">Mid Cap and Small Cap Companies Risk. </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:281.97pt;position:var(--position);text-decoration:none;white-space:pre;width:257.9pt">Mid cap and small cap companies may not have the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.87pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:85.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.93pt">management experience, financial resources, product or business diversification and competitive strengths</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:98.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.92pt">of large cap companies.  Therefore, these securities may have more price volatility and be less liquid than</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:230.19pt">the securities of larger, more established companies.</span> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:109.89pt">Foreign Securities Risk</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:181.89pt;position:var(--position);text-decoration:none;white-space:pre;width:358.1pt">.  Investments in securities issued by foreign companies involve risks not</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:151.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.95pt">generally associated with investments in securities of U.S. companies, including risks relating to political,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:164.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:468pt">social, and economic developments abroad, differences between U.S. and foreign regulatory and tax</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:540pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:177.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.94pt">requirements, and market practices, as well as fluctuations in foreign currencies.  There may be less</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:190.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.92pt">information publicly available about foreign companies than about a U.S. company, and many foreign</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:204pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.9pt">companies are not subject to accounting, auditing, and financial reporting standards, regulatory</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:249.74pt">framework and practices comparable to those in the U.S.</span> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;top:-2.889pt;white-space:pre;width:47.03pt">ADR Risk.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:119.03pt;position:var(--position);text-decoration:none;top:-2.889pt;white-space:pre;width:326.14pt">  ADRs are generally subject to the same risks as the foreign securities</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:445.17pt;position:var(--position);text-decoration:none;top:-2.626pt;white-space:pre;width:3.75pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:448.92pt;position:var(--position);text-decoration:none;top:-2.889pt;white-space:pre;width:91.03pt">because their values</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;top:-2.889pt;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:256.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.93pt">depend on the performance of the underlying foreign securities. Holders of unsponsored ADRs generally</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:270pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.86pt">bear all the costs of such depositary receipts, and the issuers of unsponsored ADRs frequently are under</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.86pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:283.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.97pt">no obligation to distribute shareholder communications received from the company that issues the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:390.58pt">underlying foreign securities or to pass through voting rights to the holders of the ADRs.</span> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:95.65pt">Sector Emphasis Risk</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:167.65pt;position:var(--position);text-decoration:none;white-space:pre;width:372.21pt">.  The securities of companies in the same or related businesses (“industry sectors”),</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.86pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:336pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.98pt">if comprising a significant portion of the Fund’s portfolio, may in some circumstances react negatively to</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:349.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.99pt">market conditions, interest rates and economic, regulatory or financial developments and adversely affect</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:362.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.83pt">the value of the portfolio to a greater extent than if such securities comprised a lesser portion of the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.8299999999999pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:375.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:470.75pt">Fund’s portfolio or the Fund’s portfolio was diversified across a greater number of industry sectors. </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:542.75pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:335.84pt">Some industry sectors have particular risks that may not affect other sectors.</span> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:90.38pt">Cybersecurity Risk. </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:162.38pt;position:var(--position);text-decoration:none;white-space:pre;width:377.49pt">Investment advisers, including the Adviser, must rely in part on digital and network</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.87pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:427.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.97pt">technologies (collectively “cyber networks”) to conduct their businesses. Such cyber networks might in</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:439.95pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.87pt">some circumstances be at risk of cyber-attacks that could potentially seek unauthorized access to digital</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.87pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:452.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.93pt">systems for purposes such as misappropriating sensitive information, corrupting data, or causing</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:465.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:99.54pt">operational disruption.</span></div> Performance <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:450.81pt">The accompanying bar chart and table provide some indication of the risks of investing in the Fund. </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:522.81pt;position:var(--position);text-decoration:none;white-space:pre;width:17.09pt">The</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:517.5pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.89pt">bar chart shows how the Fund’s total returns have varied from year-to-year. Following the bar chart are</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:530.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.98pt">the Fund’s highest and lowest quarterly returns during the period shown in the bar chart. The performance</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:543.9pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.87pt">table that follows shows how the Fund’s average annual total returns over time compare with a broad-</span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:557.1pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:138.37pt">based securities market index. </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:210.37pt;position:var(--position);text-decoration:none;white-space:pre;width:329.56pt">Past performance (before and after taxes) will not necessarily continue in</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:570.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:60.23pt">the future. </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:132.23pt;position:var(--position);text-decoration:none;white-space:pre;width:377.19pt">Updated performance information is available on the Fund’s website at </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:509.42pt;position:var(--position);text-decoration:none;white-space:pre;width:30.53pt">https://</span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:89.45pt">portstreetinvest.com</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:161.45pt;position:var(--position);text-decoration:none;white-space:pre;width:151.43pt"> or by calling the Fund toll-free at </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:312.88pt;position:var(--position);text-decoration:none;white-space:pre;width:71.48pt">1-855-369-6220</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:384.36pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt">.</span> The accompanying bar chart and table provide some indication of the risks of investing in the Fund. Past performance (before and after taxes) will not necessarily continue in the future. https://portstreetinvest.com 1-855-369-6220 Calendar Year Total Returns as of December 31 <div style="font-size:0pt;left:217.5pt;position:var(--position);width:177pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:83.25pt"></td><td style="padding:0;width:93.75pt"></td></tr><tr style="height:15.75pt"><td style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);width:83.25pt"><div><div style="line-height:10pt;position:var(--position);top:3.9pt;width:83.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:16.24pt;position:var(--position);text-decoration:none;white-space:pre">Best Quarter</span></div></div></div></td><td style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:83.25pt;position:var(--position);width:93.75pt"><div><div style="line-height:10pt;position:var(--position);top:3.9pt;width:93.75pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:18.16pt;position:var(--position);text-decoration:none;white-space:pre">Worst Quarter</span></div></div></div></td></tr><tr style="height:15.75pt"><td style="border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:15.75pt;width:83.25pt"><div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:3.9pt;width:83.25pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:10.1pt;position:var(--position);text-decoration:none;white-space:pre">Q2 2020</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:44.82pt;position:var(--position);white-space:pre"> </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:47.32pt;position:var(--position);text-decoration:none;white-space:pre">8.21%</span></div></div></div></td><td style="border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:83.25pt;position:var(--position);top:15.75pt;width:93.75pt"><div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:3.9pt;width:93.75pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:13.68pt;position:var(--position);text-decoration:none;white-space:pre">Q1 2020</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:48.4pt;position:var(--position);white-space:pre"> </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:50.9pt;position:var(--position);text-decoration:none;white-space:pre">-9.66%</span></div></div></div></td></tr><tr style="height:15.75pt"><td colspan="2" style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:31.5pt;width:177pt"><div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:3.9pt;width:177pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:8.15pt;position:var(--position);text-decoration:none;white-space:pre">Year to Date Return</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:88.87pt;position:var(--position);white-space:pre"> as of </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:113.02000000000001pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span></div></div></div></td></tr><tr style="height:15.75pt"><td colspan="2" style="border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:47.25pt;width:177pt"><div><div style="line-height:10pt;position:var(--position);top:3.9pt;width:177pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:76.52pt;position:var(--position);text-decoration:none;white-space:pre">2.90%</span></div></div></div></td></tr></tbody></table></div></div> Best Quarter Worst Quarter 2020-06-30 0.0821 2020-03-31 -0.0966 Year to Date Return 2026-06-30 0.0290 Average Annual Total Returns for the periods ended December 31, 2025 2014-03-31 Return Before Taxes 0.1032 0.0683 0.0792 0.0723 Return After Taxes on Distributions 0.0678 0.0554 0.0711 0.0654 Return After Taxes on Distributions and Sale of Fund Shares 0.0848 0.0523 0.0635 0.0583 S&P 500® Index (reflects no deductions for fees, expenses or taxes) (reflects no deductions for fees, expenses or taxes) 0.1788 0.1442 0.1482 0.1367 <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.96pt">After tax returns are calculated using the historical highest individual federal marginal income tax rates</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:531.1pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:232.01pt">and do not reflect the impact of state and local taxes.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:304.01pt;position:var(--position);text-decoration:none;white-space:pre;width:2.78pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:306.78999999999996pt;position:var(--position);text-decoration:none;white-space:pre;width:233.17pt">Actual after-tax returns depend on your situation and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:544.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:136.85pt">may differ from those shown.  </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:208.85pt;position:var(--position);text-decoration:none;white-space:pre;width:331.03pt">Furthermore, the after-tax returns shown are not relevant to those investors</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:557.5pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.88pt">who hold their shares through tax-advantaged arrangements such as 401(k) plans or individual retirement</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:84.26pt">accounts (“IRAs”).</span> 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. Furthermore, the after-tax returns shown are not relevant to those investors who hold their shares through tax-advantaged arrangements such as 401(k) plans or individual retirement accounts (“IRAs”). The Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets included in the Financial Highlights sections of the Fund’s Statutory Prospectus, which reflects the operating expenses of the Fund and does not include available but unused shareholder servicing plan fees. Port Street Investments, LLC (the “Adviser” or “Port Street”) has contractually agreed to waive its management fees and pay Fund expenses in order to ensure that Total Annual Fund Operating Expenses (excluding any acquired fund fees and expenses, leverage/borrowing interest, interest expense, dividends paid on short sales, taxes, brokerage commissions and other transactional expenses, and extraordinary expenses) do not exceed 0.97% of the Fund’s average daily net assets.  Fees waived and expenses paid by the Adviser may be recouped by the Adviser for a period of 36 months following the month during which such fee waiver and expense payment was made if such recoupment can be achieved without exceeding the expense limit in effect at the time the fee waiver and expense payment occurred and the expense limit in effect at the time of recoupment.  The Operating Expenses Limitation Agreement is indefinite in term and cannot be terminated through July 29, 2027. Thereafter, the agreement may be terminated at any time upon 60 days’ written notice by the Trust’s Board or the Adviser, with the consent of the Board.