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2025-12-31 0000842512 wit:S000001564Member wit:SAndP500INDEXReflectsNoDeductionForFeesExpensesOrTaxesMember 2016-01-01 2025-12-31 iso4217:USD pure false 485BPOS 2026-03-31 0000842512 N-1A WILLIAMSBURG INVESTMENT TRUST 2026-08-01 2026-08-01 Risk/Return Summary Davenport Core Leaders Fund What is the Fund’s Investment Objective? The investment objective of the Davenport Core Leaders Fund (the “Core Leaders Fund” or the “Fund”) is long-term growth of capital. What are the Fund’s Fees and Expenses? This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Core Leaders Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. Shareholder Fees (fees paid directly from your investment) <div id="xdx_A83_eoef--ShareholderFeesTableTextBlock_zJnb0ah4yfHa"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_z0jPDwFmlFG7" style="width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr> <td style="font: 11pt Times New Roman, Times, Serif; vertical-align: top"></td> <td id="xdx_490_20260801__20260801__dei--LegalEntityAxis__custom--S000001559Member__oef--ClassAxis__custom--C000004218Member_z4ow6N5FBrNa" style="font: 11pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"></td></tr> <tr id="xdx_406_eoef--ShareholderFeeOther_dn_zPMAwJBuUJwj"> <td style="font: 11pt Times New Roman, Times, Serif; vertical-align: top; width: 86%">Shareholder Fees (fees paid directly from your investment) </td> <td style="font: 11pt Times New Roman, Times, Serif; vertical-align: bottom; width: 14%; text-align: right">None</td></tr> </table> 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A87_eoef--AnnualFundOperatingExpensesTableTextBlock_zQfHRzDqfnSe"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zOI1feCVIJQ1" style="width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: top"> <td style="font: 11pt Times New Roman, Times, Serif; width: 86%; text-align: justify">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td id="xdx_490_20260801__20260801__dei--LegalEntityAxis__custom--S000001559Member__oef--ClassAxis__custom--C000004218Member_zxQyRT6ahmbg" style="font: 11pt Times New Roman, Times, Serif; width: 14%; text-align: justify"> </td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zBrzhBxyNXg" style="vertical-align: top"> <td style="width: 86%">Management Fees </td> <td style="text-align: right; width: 14%">0.75%</td></tr> <tr id="xdx_401_eoef--DistributionAndService12b1FeesOverAssets_dpn_zh5uvgwByCv7"> <td style="vertical-align: top">Distribution (12b-1) Fees </td> <td style="text-align: right">None</td></tr> <tr id="xdx_40B_eoef--OtherExpensesOverAssets_dpn_zpWFeWWkayOi"> <td style="vertical-align: top">Other Expenses </td> <td style="border-bottom: black 1pt solid; text-align: right; vertical-align: bottom">0.10%</td></tr> <tr id="xdx_409_eoef--ExpensesOverAssets_dpn_zA0VSb1yEUUc"> <td style="vertical-align: top">Total Annual Fund Operating Expenses </td> <td style="border-bottom: black 2.25pt double; text-align: right; vertical-align: bottom">0.85%</td></tr> </table> 0.0075 0 0.0010 0.0085 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A87_eoef--ExpenseExampleWithRedemptionTableTextBlock_zjd2hlJco9Ec"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zOTPWphSFGil" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr> <td style="width: 2%"> </td> <td id="xdx_483_eoef--ExpenseExampleYear01_zi6aX5dzWa7c" style="border-bottom: black 1pt solid; width: 21%; text-align: center">1 Year</td> <td style="vertical-align: top; width: 5%; text-align: center"> </td> <td id="xdx_483_eoef--ExpenseExampleYear03_zNc2I2eVrlqb" style="border-bottom: black 1pt solid; width: 21%; text-align: center">3 Years</td> <td style="vertical-align: top; width: 5%; text-align: center"> </td> <td id="xdx_489_eoef--ExpenseExampleYear05_zUGzSKicKMu6" style="border-bottom: black 1pt solid; width: 20%; text-align: center">5 Years</td> <td style="vertical-align: top; width: 5%; text-align: center"> </td> <td id="xdx_48E_eoef--ExpenseExampleYear10_z7jHqzS2j8A2" style="border-bottom: black 1pt solid; width: 21%; text-align: center">10 Years</td></tr> <tr id="xdx_419_20260801__20260801__dei--LegalEntityAxis__custom--S000001559Member__oef--ClassAxis__custom--C000004218Member_zTLFtMpf3aa7"> <td> </td> <td style="text-align: center">$87</td> <td style="vertical-align: top; text-align: center"> </td> <td style="text-align: center">$271</td> <td style="vertical-align: top; text-align: center"> </td> <td style="text-align: center">$471</td> <td style="vertical-align: top; text-align: center"> </td> <td style="text-align: center">$1,049</td></tr> </table> 87 271 471 1049 Portfolio Turnover The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 16% of the average value of its portfolio. 0.16 What are the Fund’s Principal Investment Strategies? Under normal circumstances, the Core Leaders Fund will invest at least 80% of its net assets (including the amount of any borrowings for investment purposes) in common stocks of companies that are considered by Davenport & Company, LLC (the “Adviser”) to be core leaders. The Adviser defines a “core leader” as a company that possesses a distinct competitive advantage as evidenced by a meaningfully large or influential and/or growing market share, based upon the following criteria, among other factors: <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 4pt; margin-bottom: 4pt"> <tr style="vertical-align: top"> <td style="width: 9pt"></td> <td style="width: 13.5pt">·</td> <td style="text-align: justify">Above Average Earnings Growth: The company has a favorable 3 to 5 year earnings per share trajectory versus the broader market as measured by companies in the S&P 500® Index.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 4pt; margin-bottom: 4pt"> <tr style="vertical-align: top"> <td style="width: 9pt"></td> <td style="width: 13.5pt">·</td> <td style="text-align: justify">Capital Allocation: The company has demonstrated its proficiency in deploying its free cash flow and/or has the potential for strong returns on invested capital.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 4pt; margin-bottom: 4pt"> <tr style="vertical-align: top"> <td style="width: 9pt"></td> <td style="width: 13.5pt">·</td> <td style="text-align: justify">Financial Strength: The company has a strong balance sheet and reasonable valuation levels.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 4pt; margin-bottom: 4pt"> <tr style="vertical-align: top"> <td style="width: 9pt"></td> <td style="width: 13.5pt">·</td> <td style="text-align: justify">Disciplined Management: The company has a sound and talented management team that is aligned with its shareholders.</td></tr> </table> The Adviser attempts to control risk through diversification among major market sectors, but at times, may emphasize a particular business sector. The Adviser does not limit the Fund to any particular capitalization requirement. At any time, the Fund may invest a portion of its assets in small, unseasoned companies. The Fund may invest up to 20% of its net assets in shares of exchange traded funds (“ETFs”) to adjust its exposure to the broad market or to industry sectors without purchasing a large number of individual securities. ETFs typically hold a portfolio of securities designed to track the performance of a particular index, capitalization, or market sector. The Fund may invest up to 30% of its net assets in common stocks of foreign companies if the Adviser believes they would be advantageous to the Fund and help it to achieve its investment objective. A security will be sold when the Adviser believes it no longer has the potential for strong capital appreciation, when it meets its targeted price, when the fundamentals of the issuer’s business or general market conditions have changed, when more attractive opportunities become available, or when strong performance has resulted in an outsized position for the security within the Fund’s portfolio. The Core Leaders Fund is not intended to be a complete investment program and there can be no assurance that the Fund will achieve its investment objective. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any government agency. As with any mutual fund investment, there is a risk that you could lose money by investing in the Fund. Common Stock Risk. The return on and value of an investment in the Fund will fluctuate in response to stock market movements. Stocks tend to move in cycles and may decline in tandem with a drop in the overall value of the markets based on investor perceptions, interest rate changes, or negative developments affecting the U.S. or global economies, or certain issuers or industries. A company’s stock price may decline if the company does not perform as expected, is poorly managed, if there is a decreased demand for its products or services, or during periods of economic uncertainty or stock market turbulence. Even investments in high quality or “blue chip” stocks may be negatively impacted by adverse market or economic conditions. Natural or environmental disasters, public health events (such as pandemics) and other events can be highly disruptive to economies and the markets. Because economies and global markets are interconnected, economic, financial, or political events in one country, sector or region could potentially have adverse widespread impacts.The financial markets continue to experience periods of volatility driven by geopolitical tensions, evolving economic conditions, and fiscal uncertainties, including elevated government debt levels and budget negotiations. Inflation remains elevated in certain sectors, increasing concerns about slowing growth, and contributing to uncertainty about the pace, timing and ultimate trajectory of the Federal Reserve’s monetary policy. Trade policy developments, including expanded U.S. tariffs and the risk of retaliatory measures, have contributed to higher input costs, supply chain disruptions, and pressure on companies with export exposure or reliance on cross border inputs. Strategic competition between the U.S. and China continues to influence global trade policy and investor sentiment, while broader geopolitical developments, economic instability, and volatility in energy and commodity markets, present continuing challenges to economic stability. In addition, rapid technological and structural changes, including significant investments in artificial intelligence and automation, have contributed to market concentration and uncertainty about corporate earnings, labor market trends, and broader economic impacts. Other events that may arise in the future could exacerbate pre-existing political, social, and economic risks in ways that cannot be predicted. Sector Focus and Holdings Risk. At times, the Fund may emphasize investment in a particular issuer or issuers, or in one or more particular business sectors, which may cause its share price to be more susceptible to the financial, market, or economic events affecting a particular issuer, or industries within a particular sector, than a fund that holds a larger number of stocks, or a fund that does not emphasize investment in particular sectors. Economic or market factors, regulation, or deregulation, and technological or other developments may negatively impact an issuer, or the companies in a particular sector, and may increase the risk of loss to the Fund. As of March 31, 2026, the Fund had 30.8% of the value of its net assets invested in common stocks within the technology sector. The values of securities in the technology sector may be adversely affected by, among other factors, intense competitive pressures, short product cycles, aggressive pricing, rapid technological changes, and the potential for rapid obsolescence of products and services. They are particularly susceptible to cybersecurity risks, including hacking, data breaches and theft of proprietary or consumer information, as well as evolving regulatory developments, dependence on intellectual property rights, supply chain disruptions, and changes in consumer demand. The sectors that the Fund may emphasize may vary from time to time.Foreign Securities Risk. Investments in foreign securities involve risks that may be different from those associated with U.S. securities. Foreign economies may be less stable or more volatile than the U.S. economy, and foreign issuers may not be subject to uniform audit and financial reporting or disclosure standards comparable to those in the U.S. Foreign issuers may be subject to political, economic, or market instability; tensions or open conflicts between nations; unfavorable government intervention, sanctions, tariffs or trade restrictions in their local jurisdictions; or the effects of geopolitical tensions and armed conflicts. Foreign securities are also subject to foreign currency risk, which is the risk that their value may decrease due to fluctuations in exchange rates between the U.S. dollar and the applicable foreign currency. In addition, income from foreign securities may be reduced by foreign withholding taxes.Market Capitalization Risk. The Fund may emphasize investment in a particular market capitalization, which may cause its share price to be more susceptible to the financial, market or economic events affecting issuers within that market capitalization. Larger capitalization companies may be unable to respond quickly to new competitive challenges, such as changes in technology, innovation, and consumer preferences, and may have more limited growth opportunities compared to smaller, more dynamic companies. Multinational companies with foreign business operations can be significantly impacted by political, economic, regulatory and currency developments in foreign markets. Mid-cap, small-cap, and micro-cap companies may have more limited management experience, financial resources, product diversification and other competitive strengths than larger, more established companies and may be less able to respond effectively to competitive pressures or changes in the marketplace. Securities of smaller capitalization companies may be less liquid than those of larger companies and may trade in lower volumes, making them more difficult to buy or sell at desired times or prices. When making large sales, the Fund may have to sell at a discount to market prices or may have to make a series of small sales over an extended period of time.ETF Risk. An ETF is managed independently from the Fund and differs from a mutual fund in that its shares are listed on a securities exchange and trade intraday. An ETF is subject to the risks that (i) the value of its underlying securities may decline, (ii) its shares may trade at a premium or discount to its net asset value, or (iii) a lack of liquidity in the secondary market may impair the Fund’s ability to buy or sell shares at desired prices.Inflation Risk. The Fund is subject to inflation risk, which is the risk that the present value of its assets or investment income may decline in real terms as inflation reduces purchasing power. Unanticipated or persistent inflation may adversely affect the financial condition and operating results of a company, which may cause the Fund’s share price to decline. Periods of higher inflation may be accompanied by higher interest rates, which may lead investors to favor other asset classes than stocks, resulting in broader market declines that are not necessarily related to the performance of specific companies.Management Risk. The Adviser’s method of security selection may not be successful and the Fund may underperform the stock market as a whole or not produce the intended results. A stock with capital appreciation characteristics may have sharp price declines due to decreases in current or expected earnings. Common Stock Risk. The return on and value of an investment in the Fund will fluctuate in response to stock market movements. Stocks tend to move in cycles and may decline in tandem with a drop in the overall value of the markets based on investor perceptions, interest rate changes, or negative developments affecting the U.S. or global economies, or certain issuers or industries. A company’s stock price may decline if the company does not perform as expected, is poorly managed, if there is a decreased demand for its products or services, or during periods of economic uncertainty or stock market turbulence. Even investments in high quality or “blue chip” stocks may be negatively impacted by adverse market or economic conditions. Natural or environmental disasters, public health events (such as pandemics) and other events can be highly disruptive to economies and the markets. Because economies and global markets are interconnected, economic, financial, or political events in one country, sector or region could potentially have adverse widespread impacts.<div id="xdx_C05_gRBRTB-GSWJN_zEnkBAUGsLw7">The financial markets continue to experience periods of volatility driven by geopolitical tensions, evolving economic conditions, and fiscal uncertainties, including elevated government debt levels and budget negotiations. Inflation remains elevated in certain sectors, increasing concerns about slowing growth, and contributing to uncertainty about the pace, timing and ultimate trajectory of the Federal Reserve’s monetary policy. Trade policy developments, including expanded U.S. tariffs and the risk of retaliatory measures, have contributed to higher input costs, supply chain disruptions, and pressure on companies with export exposure or reliance on cross border inputs. Strategic competition between the U.S. and China continues to influence global trade policy and investor sentiment, while broader geopolitical developments, economic instability, and volatility in energy and commodity markets, present continuing challenges to economic stability. In addition, rapid technological and structural changes, including significant investments in artificial intelligence and automation, have contributed to market concentration and uncertainty about corporate earnings, labor market trends, and broader economic impacts. Other events that may arise in the future could exacerbate pre-existing political, social, and economic risks in ways that cannot be predicted.</div> Sector Focus and Holdings Risk. At times, the Fund may emphasize investment in a particular issuer or issuers, or in one or more particular business sectors, which may cause its share price to be more susceptible to the financial, market, or economic events affecting a particular issuer, or industries within a particular sector, than a fund that holds a larger number of stocks, or a fund that does not emphasize investment in particular sectors. Economic or market factors, regulation, or deregulation, and technological or other developments may negatively impact an issuer, or the companies in a particular sector, and may increase the risk of loss to the Fund. As of March 31, 2026, the Fund had 30.8% of the value of its net assets invested in common stocks within the technology sector. The values of securities in the technology sector may be adversely affected by, among other factors, intense competitive pressures, short product cycles, aggressive pricing, rapid technological changes, and the potential for rapid obsolescence of products and services. They are particularly susceptible to cybersecurity risks, including hacking, data breaches and theft of proprietary or consumer information, as well as evolving regulatory developments, dependence on intellectual property rights, supply chain disruptions, and changes in consumer demand. The sectors that the Fund may emphasize may vary from time to time. Foreign Securities Risk. Investments in foreign securities involve risks that may be different from those associated with U.S. securities. Foreign economies may be less stable or more volatile than the U.S. economy, and foreign issuers may not be subject to uniform audit and financial reporting or disclosure standards comparable to those in the U.S. Foreign issuers may be subject to political, economic, or market instability; tensions or open conflicts between nations; unfavorable government intervention, sanctions, tariffs or trade restrictions in their local jurisdictions; or the effects of geopolitical tensions and armed conflicts. Foreign securities are also subject to foreign currency risk, which is the risk that their value may decrease due to fluctuations in exchange rates between the U.S. dollar and the applicable foreign currency. In addition, income from foreign securities may be reduced by foreign withholding taxes. Market Capitalization Risk. The Fund may emphasize investment in a particular market capitalization, which may cause its share price to be more susceptible to the financial, market or economic events affecting issuers within that market capitalization. Larger capitalization companies may be unable to respond quickly to new competitive challenges, such as changes in technology, innovation, and consumer preferences, and may have more limited growth opportunities compared to smaller, more dynamic companies. Multinational companies with foreign business operations can be significantly impacted by political, economic, regulatory and currency developments in foreign markets. Mid-cap, small-cap, and micro-cap companies may have more limited management experience, financial resources, product diversification and other competitive strengths than larger, more established companies and may be less able to respond effectively to competitive pressures or changes in the marketplace. Securities of smaller capitalization companies may be less liquid than those of larger companies and may trade in lower volumes, making them more difficult to buy or sell at desired times or prices. When making large sales, the Fund may have to sell at a discount to market prices or may have to make a series of small sales over an extended period of time. ETF Risk. An ETF is managed independently from the Fund and differs from a mutual fund in that its shares are listed on a securities exchange and trade intraday. An ETF is subject to the risks that (i) the value of its underlying securities may decline, (ii) its shares may trade at a premium or discount to its net asset value, or (iii) a lack of liquidity in the secondary market may impair the Fund’s ability to buy or sell shares at desired prices. Inflation Risk. The Fund is subject to inflation risk, which is the risk that the present value of its assets or investment income may decline in real terms as inflation reduces purchasing power. Unanticipated or persistent inflation may adversely affect the financial condition and operating results of a company, which may cause the Fund’s share price to decline. Periods of higher inflation may be accompanied by higher interest rates, which may lead investors to favor other asset classes than stocks, resulting in broader market declines that are not necessarily related to the performance of specific companies. Management Risk. The Adviser’s method of security selection may not be successful and the Fund may underperform the stock market as a whole or not produce the intended results. A stock with capital appreciation characteristics may have sharp price declines due to decreases in current or expected earnings. What has been the Fund’s Performance History? The bar chart and performance table shown below provide some indication of the risks and variability of investing in the Core Leaders Fund. The bar chart shows changes in the Fund’s performance from year to year for each of the last 10 calendar years. The performance table shows how the Fund’s average annual total returns for 1, 5 and 10 years compare with those of a broad measure of market performance, the S&P 500® Index, and an additional comparative index that is representative of the market sectors in which the Fund may invest. How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information, current through the most recent month end, is available by calling 1-800-281-3217. The bar chart and performance table shown below provide some indication of the risks and variability of investing in the Core Leaders Fund. The bar chart shows changes in the Fund’s performance from year to year for each of the last 10 calendar years. How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. 1-800-281-3217 <div id="xdx_A81_eoef--BarChartTableTextBlock_zdoT6Coo4Yge"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zawlRcowhYYg" style="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; display: none" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top; text-align: left"> <td style="width: 10%"> </td> <td id="xdx_498_20160101__20161231_zvaKz3R7srjb" style="width: 9%">2016</td> <td id="xdx_498_20170101__20171231_zphg9cIZrfB1" style="width: 9%">2017</td> <td id="xdx_498_20180101__20181231_zb740OjRrr82" style="width: 9%">2018</td> <td id="xdx_498_20190101__20191231_zugmvhgZeCz9" style="width: 9%">2019</td> <td id="xdx_498_20200101__20201231_zMgof3RGDWs9" style="width: 9%">2020</td> <td id="xdx_498_20210101__20211231_zqOr7QltmH14" style="width: 9%">2021</td> <td id="xdx_498_20220101__20221231_zyRsPQz9Lubg" style="width: 9%">2022</td> <td id="xdx_498_20230101__20231231_zzJgbrzf2lV3" style="width: 9%">2023</td> <td id="xdx_498_20240101__20241231_zBCGhwAtBvS7" style="width: 9%">2024</td> <td id="xdx_498_20250101__20251231_z7Apmv9TAz37" style="width: 9%">2025</td></tr> <tr id="xdx_402_eoef--AnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000001559Member__oef--ClassAxis__custom--C000004218Member_zWZ9uGE4fTCd" style="vertical-align: top; text-align: left"> <td> </td> <td>9.26%</td> <td>19.87%</td> <td>-6.24%</td> <td>32.89%</td> <td>13.78%</td> <td>22.97%</td> <td>-20.05%</td> <td>28.95%</td> <td>20.63%</td> <td>10.71%</td></tr> </table> <img alt="" src="image_021.jpg" style="width: 435px; height: 172px"/> 0.0926 0.1987 -0.0624 0.3289 0.1378 0.2297 -0.2005 0.2895 0.2063 0.1071 The Fund’s year-to-date return through June 30, 2026 is 5.30%. During the periods shown in the bar chart, the highest return for a quarter was 18.81% during the quarter ended June 30, 2020 and the lowest return for a quarter was -20.31% during the quarter ended March 31, 2020. The Fund’s year-to-date return 2026-06-30 0.0530 the highest return for a quarter was 0.1881 2020-06-30 the lowest return for a quarter was -0.2031 2020-03-31 Average Annual Total Returns For Periods Ended December 31, 2025: 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, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are 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, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. <div id="xdx_A89_eoef--PerformanceTableTextBlock_zmwZ0nzeMbFa"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zncMpTqVl2El" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: top"> <td style="width: 58%; text-align: center"> </td> <td id="xdx_49B_20250101__20251231_z34Ni1ITeCwh" style="border-bottom: black 1pt solid; width: 14%; text-align: center">One Year</td> <td id="xdx_49B_20210101__20251231_zacEKHBJFK8i" style="border-bottom: black 1pt solid; width: 14%; text-align: center">Five Years</td> <td id="xdx_49B_20160101__20251231_ziGjn6gHF2c" style="border-bottom: black 1pt solid; width: 14%; text-align: center">Ten Years</td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000001559Member__oef--ClassAxis__custom--C000004218Member_zzElGKYwEkcf" style="vertical-align: bottom"> <td>Return Before Taxes </td> <td style="text-align: center">10.71%</td> <td style="text-align: center">11.11%</td> <td style="text-align: center">12.14%</td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000001559Member__oef--ClassAxis__custom--C000004218Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zeQJUcdRfAf" style="vertical-align: bottom"> <td>Return After Taxes on Distributions </td> <td style="text-align: center">9.57%</td> <td style="text-align: center">9.58%</td> <td style="text-align: center">10.99%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000001559Member__oef--ClassAxis__custom--C000004218Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zLGUN6erUpI1" style="vertical-align: bottom"> <td>Return After Taxes on Distributions and Sale of Fund Shares </td> <td style="text-align: center">7.13%</td> <td style="text-align: center">8.53%</td> <td style="text-align: center">9.80%</td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000001559Member__oef--PerformanceMeasureAxis__custom--SAndP500INDEXReflectsNoDeductionForFeesExpensesOrTaxesMember_zNptdReRaSme" style="vertical-align: bottom"> <td>S&P 500® INDEX (reflects no deduction for fees, expenses, or taxes) </td> <td style="text-align: center">17.88%</td> <td style="text-align: center">14.42%</td> <td style="text-align: center">14.82%</td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000001559Member__oef--PerformanceMeasureAxis__custom--LIPPERLARGECAPCOREINDEXReflectsNoDeductionForFeesExpensesOrTaxesMember_zvmJVDXgycwe" style="vertical-align: bottom"> <td>LIPPER LARGE CAP CORE INDEX (reflects no deduction for fees, expenses, or taxes) </td> <td style="text-align: center">17.72%</td> <td style="text-align: center">13.62%</td> <td style="text-align: center">13.81%</td></tr> </table> Return Before Taxes 0.1071 0.1111 0.1214 0.0957 0.0958 0.1099 0.0713 0.0853 0.0980 reflects no deduction for fees, expenses, or taxes 0.1788 0.1442 0.1482 reflects no deduction for fees, expenses, or taxes 0.1772 0.1362 0.1381 Davenport Value & Income Fund What is the Fund’s Investment Objective? The investment objective of the Davenport Value & Income Fund (the “Value & Income Fund” or the “Fund”) is to achieve long-term growth while generating current income through dividend payments on portfolio securities. What are the Fund’s Fees and Expenses? This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Value & Income Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. Shareholder Fees (fees paid directly from your investment) <div id="xdx_A8C_eoef--ShareholderFeesTableTextBlock_z8Lsmh7EXST7"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_z7xXU1wIFymd" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr> <td style="vertical-align: top"></td> <td id="xdx_49E_20260801__20260801__dei--LegalEntityAxis__custom--S000030554Member__oef--ClassAxis__custom--C000094748Member_zyPfDDS4JeZ1" style="vertical-align: bottom; text-align: right"></td></tr> <tr id="xdx_405_eoef--ShareholderFeeOther_dn_zqxt0C6bFsd6"> <td style="vertical-align: top; width: 87%">Shareholder Fees (fees paid directly from your investment) </td> <td style="vertical-align: bottom; width: 13%; text-align: right">None</td></tr> </table> 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A81_eoef--AnnualFundOperatingExpensesTableTextBlock_zZsH2iXHDDP5"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_zMacjcBxzikj" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: top"> <td style="width: 86%; text-align: justify">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td id="xdx_49D_20260801__20260801__dei--LegalEntityAxis__custom--S000030554Member__oef--ClassAxis__custom--C000094748Member_z6C3Wn3YzQ2b" style="width: 13%; text-align: justify"> </td> <td style="width: 1%; text-align: justify"> </td></tr> <tr id="xdx_404_eoef--ManagementFeesOverAssets_dpn_zoSzs9QKYPxe" style="vertical-align: top"> <td>Management Fees </td> <td style="text-align: right">0.75%</td> <td style="text-align: right"> </td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_zAUh9KNliYLd"> <td style="vertical-align: top">Distribution (12b-1) Fees </td> <td style="text-align: right">None</td> <td style="text-align: right"> </td></tr> <tr id="xdx_401_eoef--OtherExpensesOverAssets_dpn_zzeqnxoqVCmb" style="vertical-align: top"> <td>Other Expenses </td> <td style="text-align: right">0.11%</td> <td style="text-align: right"> </td></tr> <tr id="xdx_406_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zgrESvEBKIwf" style="vertical-align: top"> <td>Acquired Fund Fees and Expenses</td> <td style="text-align: right">0.01%</td> <td style="text-align: right"> </td></tr> <tr id="xdx_403_eoef--ExpensesOverAssets_dpn_zMNKTU8n85C8"> <td style="vertical-align: top; width: 86%">Total Annual Fund Operating Expenses </td> <td style="border-top: Black 1pt solid; border-bottom: black 2.25pt double; text-align: right; vertical-align: bottom; width: 13%">0.87%</td> <td style="border-top: Black 1pt solid; border-bottom: black 2.25pt double; text-align: left; vertical-align: bottom; width: 1%">(1)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; width: 100%; margin-top: 1pt; margin-bottom: 0"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 13.5pt">(1)</td> <td style="text-align: justify">“Total Annual Fund Operating Expenses” will not correlate to the Fund’s ratio of total expenses to average net assets in the Fund’s Financial Highlights, which reflects the operating expenses of the Fund but does not include “Acquired Fund Fees and Expenses.”</td></tr> </table> 0.0075 0 0.0011 0.0001 0.0087 “Total Annual Fund Operating Expenses” will not correlate to the Fund’s ratio of total expenses to average net assets in the Fund’s Financial Highlights, which reflects the operating expenses of the Fund but does not include “Acquired Fund Fees and Expenses.” Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A8B_eoef--ExpenseExampleWithRedemptionTableTextBlock_znd9hLRhVFCd"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zybkuM0uyvtd" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr> <td style="width: 2%"> </td> <td id="xdx_48E_eoef--ExpenseExampleYear01_zeGEd0AlGn45" style="border-bottom: black 1pt solid; width: 20%; text-align: center">1 Year</td> <td style="vertical-align: top; width: 5%; text-align: center"> </td> <td id="xdx_483_eoef--ExpenseExampleYear03_zdRYJGUurJC4" style="border-bottom: black 1pt solid; width: 21%; text-align: center">3 Years</td> <td style="vertical-align: top; width: 5%; text-align: center"> </td> <td id="xdx_48F_eoef--ExpenseExampleYear05_ziim11Qpafmk" style="border-bottom: black 1pt solid; width: 22%; text-align: center">5 Years</td> <td style="vertical-align: top; width: 5%; text-align: center"> </td> <td id="xdx_485_eoef--ExpenseExampleYear10_zYCL23RqAsQ5" style="border-bottom: black 1pt solid; width: 20%; text-align: center">10 Years</td></tr> <tr id="xdx_41E_20260801__20260801__dei--LegalEntityAxis__custom--S000030554Member__oef--ClassAxis__custom--C000094748Member_zcqKu9NXXW5e"> <td> </td> <td style="text-align: center">$89</td> <td style="vertical-align: top; text-align: center"> </td> <td style="text-align: center">$278</td> <td style="vertical-align: top; text-align: center"> </td> <td style="text-align: center">$482</td> <td style="vertical-align: top; text-align: center"> </td> <td style="text-align: center">$1,073</td></tr> </table> 89 278 482 1073 Portfolio Turnover The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 30% of the average value of its portfolio. 0.30 What are the Fund’s Principal Investment Strategies? Under normal circumstances, the Value & Income Fund will invest at least 80% of its net assets (including the amount of any borrowings for investment purposes) in common stocks of companies that are considered to have attractive valuations and dividend income potential. Davenport & Company LLC (the “Adviser”) seeks to identify stocks of companies that have a history of dividend payments and dividend growth, or dividend growth potential, and are considered to be undervalued because they are currently out of favor with the market or temporarily misunderstood by the investment community. In determining whether to purchase the stock of a company for the Fund, the Adviser will assess the valuation of a company based on its intrinsic, absolute, and relative value, and will assess a company’s dividend income potential by analyzing its dividend history, competitive position, and industry dynamics. The Adviser uses a “bottom-up” stock selection approach that focuses primarily on individual companies having an attractive business model, sound balance sheet, and a disciplined management team in the context of broader market factors. The Adviser attempts to control risk through diversification among major market sectors, but may overweight a position or a sector that is believed to have favorable prospects. The Adviser does not limit the Fund to any particular market capitalization. At any time, the Fund may invest a portion of its assets in small, unseasoned companies. The Fund may invest in special situation companies facing near-term headwinds but with favorable prospects for recovery. Special situations may include significant changes in a company’s allocation of its existing capital (companies undergoing turnarounds, spin-offs, mergers, or acquisitions) or a restructuring of assets. Special situations may also result from significant changes to an industry through regulatory developments or shifts in competition, new or improved products, changes in senior management or significant changes in cost structure. The Fund may invest up to 20% of its net assets in shares of exchange traded funds (“ETFs”) to increase its exposure to the broad market or to industry sectors without purchasing a large number of individual securities. ETFs typically hold a portfolio of securities designed to track the performance of a particular index, capitalization, or market sector. The Fund may invest up to 30% of its net assets in common stocks of foreign issuers if the Adviser believes they would be advantageous to the Fund and help it achieve its investment objective. The Fund may invest in foreign issuers through the purchase of ETFs that invest primarily in common stocks of foreign companies, including regional and/or country specific ETFs. A security will be sold when the Adviser believes it no longer has the potential for capital appreciation, when it meets its targeted price, when the fundamentals of the issuer’s business or general market conditions have changed, when more attractive opportunities become available, or when strong performance has resulted in an outsized position for the security within the Fund’s portfolio. The Value & Income Fund is not intended to be a complete investment program and there can be no assurance that the Fund will achieve its investment objective. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any government agency. As with any mutual fund investment, there is a risk that you could lose money by investing in the Fund. Common Stock Risk. The return on and value of an investment in the Fund will fluctuate in response to stock market movements. Stocks tend to move in cycles and may decline in tandem with a drop in the overall value of the markets based on investor perceptions, interest rate changes, or negative developments affecting the U.S. or global economies, or certain issuers or industries. A company’s stock price may decline if the company does not perform as expected, is poorly managed, if there is a decreased demand for its products or services, or during periods of economic uncertainty or stock market turbulence. Even investments in high quality or “blue chip” stocks may be negatively impacted by adverse market or economic conditions. Natural or environmental disasters, public health events (such as pandemics) and other events can be highly disruptive to economies and the markets. Because economies and global markets are interconnected, economic, financial, or political events in one country, sector or region could potentially have adverse widespread impacts. Investing in special situation companies carries an additional risk of loss if the expected development does not occur or produce the intended results.The financial markets continue to experience periods of volatility driven by geopolitical tensions, evolving economic conditions, and fiscal uncertainties, including elevated government debt levels and budget negotiations. Inflation remains elevated in certain sectors, increasing concerns about slowing growth, and contributing to uncertainty about the pace, timing and ultimate trajectory of the Federal Reserve’s monetary policy. Trade policy developments, including expanded U.S. tariffs and the risk of retaliatory measures, have contributed to higher input costs, supply chain disruptions, and pressure on companies with export exposure or reliance on cross border inputs. Strategic competition between the U.S. and China continues to influence global trade policy and investor sentiment, while broader geopolitical developments, economic instability, and volatility in energy and commodity markets, present continuing challenges to economic stability. In addition, rapid technological and structural changes, including significant investments in artificial intelligence and automation, have contributed to market concentration and uncertainty about corporate earnings, labor market trends, and broader economic impacts. Other events that may arise in the future could exacerbate pre-existing political, social, and economic risks in ways that cannot be predicted.Sector Focus Risk. The Fund may emphasize investment in one or more particular business sectors at times, which may cause its share price to be more susceptible to the financial, market, or economic events affecting issuers and industries within those sectors than a fund that does not emphasize investment in particular sectors. Economic or market factors, regulation, or deregulation, and technological or other developments may negatively impact all companies in a particular sector and may increase the risk of loss of an investment in the Fund. The sectors that the Fund may emphasize will vary from time to time.Market Capitalization Risk. The Fund may emphasize investment in a particular market capitalization, which may cause its share price to be more susceptible to the financial, market or economic events affecting issuers within that market capitalization. Larger capitalization companies may be unable to respond quickly to new competitive challenges, such as changes in technology, innovation, and consumer preferences, and may have more limited growth opportunities compared to smaller, more dynamic companies. Multinational companies with foreign business operations can be significantly impacted by political, economic, regulatory, and currency developments in foreign markets. Mid-cap, small-cap, and micro-cap companies may have more limited management experience, financial resources, product diversification and other competitive strengths than larger companies and may be less able to respond effectively to competitive pressures or changes in the marketplace. Securities of smaller capitalization companies may be less liquid than those of larger companies and may trade in lower volumes, making them more difficult to buy or sell at desired times or prices.Foreign Securities Risk. Investments in foreign securities involve risks that may be different from those associated with U.S. securities. Foreign economies may be less stable or more volatile than the U.S. economy, and foreign issuers may not be subject to uniform audit and financial reporting or disclosure standards comparable to those in the U.S. Foreign issuers may be subject to political, economic, or market instability; tensions or open conflicts between nations; unfavorable government intervention, sanctions, tariffs or trade restrictions in their local jurisdictions; or the effects of geopolitical tensions and armed conflicts. Foreign securities are also subject to foreign currency risk, which is the risk that their value may decrease due to fluctuations in exchange rates between the U.S. dollar and the applicable foreign currency. In addition, income from foreign securities may be reduced by foreign withholding taxes.ETF Risk. An ETF is managed independently from the Fund and differs from a mutual fund in that its shares are listed on a securities exchange and trade intraday. An ETF is subject to the risks that (i) the value of its underlying securities may decline, (ii) its shares may trade at a premium or discount to its net asset value, or (iii) a lack of liquidity in the secondary market may impair the Fund’s ability to buy or sell shares at desired prices.Inflation Risk. The Fund is subject to inflation risk, which is the risk that the present value of its assets or investment income may decline in real terms as inflation reduces purchasing power. Unanticipated or persistent inflation may adversely affect the financial condition and operating results of a company, which may cause the Fund’s share price to decline. Periods of higher inflation may be accompanied by higher interest rates, which may lead investors to favor other asset classes than stocks, resulting in broader market declines that are not necessarily related to the performance of specific companies.Management Risk. The Adviser’s method of security selection may not be successful and the Fund may underperform the stock market as a whole or not produce the intended results. Changes in the dividend policies or capital resources of companies held by the Fund may affect the Fund’s ability to generate income. In addition, a sharp rise in interest rates or an economic downturn could cause a company to unexpectedly reduce or eliminate its dividend. Value stocks are subject to the risks that they may not appreciate in value as expected or their prices may decline. The Fund’s investment style could cause it to underperform relative to funds that use a growth or non-value approach to investing, or funds that have a broader investment style. Common Stock Risk. The return on and value of an investment in the Fund will fluctuate in response to stock market movements. Stocks tend to move in cycles and may decline in tandem with a drop in the overall value of the markets based on investor perceptions, interest rate changes, or negative developments affecting the U.S. or global economies, or certain issuers or industries. A company’s stock price may decline if the company does not perform as expected, is poorly managed, if there is a decreased demand for its products or services, or during periods of economic uncertainty or stock market turbulence. Even investments in high quality or “blue chip” stocks may be negatively impacted by adverse market or economic conditions. Natural or environmental disasters, public health events (such as pandemics) and other events can be highly disruptive to economies and the markets. Because economies and global markets are interconnected, economic, financial, or political events in one country, sector or region could potentially have adverse widespread impacts. Investing in special situation companies carries an additional risk of loss if the expected development does not occur or produce the intended results.<div id="xdx_C0B_gRBRTB-JXQDT_zI09Bjmujvkd">The financial markets continue to experience periods of volatility driven by geopolitical tensions, evolving economic conditions, and fiscal uncertainties, including elevated government debt levels and budget negotiations. Inflation remains elevated in certain sectors, increasing concerns about slowing growth, and contributing to uncertainty about the pace, timing and ultimate trajectory of the Federal Reserve’s monetary policy. Trade policy developments, including expanded U.S. tariffs and the risk of retaliatory measures, have contributed to higher input costs, supply chain disruptions, and pressure on companies with export exposure or reliance on cross border inputs. Strategic competition between the U.S. and China continues to influence global trade policy and investor sentiment, while broader geopolitical developments, economic instability, and volatility in energy and commodity markets, present continuing challenges to economic stability. In addition, rapid technological and structural changes, including significant investments in artificial intelligence and automation, have contributed to market concentration and uncertainty about corporate earnings, labor market trends, and broader economic impacts. Other events that may arise in the future could exacerbate pre-existing political, social, and economic risks in ways that cannot be predicted.</div> Sector Focus Risk. The Fund may emphasize investment in one or more particular business sectors at times, which may cause its share price to be more susceptible to the financial, market, or economic events affecting issuers and industries within those sectors than a fund that does not emphasize investment in particular sectors. Economic or market factors, regulation, or deregulation, and technological or other developments may negatively impact all companies in a particular sector and may increase the risk of loss of an investment in the Fund. The sectors that the Fund may emphasize will vary from time to time. Market Capitalization Risk. The Fund may emphasize investment in a particular market capitalization, which may cause its share price to be more susceptible to the financial, market or economic events affecting issuers within that market capitalization. Larger capitalization companies may be unable to respond quickly to new competitive challenges, such as changes in technology, innovation, and consumer preferences, and may have more limited growth opportunities compared to smaller, more dynamic companies. Multinational companies with foreign business operations can be significantly impacted by political, economic, regulatory, and currency developments in foreign markets. Mid-cap, small-cap, and micro-cap companies may have more limited management experience, financial resources, product diversification and other competitive strengths than larger companies and may be less able to respond effectively to competitive pressures or changes in the marketplace. Securities of smaller capitalization companies may be less liquid than those of larger companies and may trade in lower volumes, making them more difficult to buy or sell at desired times or prices. Foreign Securities Risk. Investments in foreign securities involve risks that may be different from those associated with U.S. securities. Foreign economies may be less stable or more volatile than the U.S. economy, and foreign issuers may not be subject to uniform audit and financial reporting or disclosure standards comparable to those in the U.S. Foreign issuers may be subject to political, economic, or market instability; tensions or open conflicts between nations; unfavorable government intervention, sanctions, tariffs or trade restrictions in their local jurisdictions; or the effects of geopolitical tensions and armed conflicts. Foreign securities are also subject to foreign currency risk, which is the risk that their value may decrease due to fluctuations in exchange rates between the U.S. dollar and the applicable foreign currency. In addition, income from foreign securities may be reduced by foreign withholding taxes. ETF Risk. An ETF is managed independently from the Fund and differs from a mutual fund in that its shares are listed on a securities exchange and trade intraday. An ETF is subject to the risks that (i) the value of its underlying securities may decline, (ii) its shares may trade at a premium or discount to its net asset value, or (iii) a lack of liquidity in the secondary market may impair the Fund’s ability to buy or sell shares at desired prices. Inflation Risk. The Fund is subject to inflation risk, which is the risk that the present value of its assets or investment income may decline in real terms as inflation reduces purchasing power. Unanticipated or persistent inflation may adversely affect the financial condition and operating results of a company, which may cause the Fund’s share price to decline. Periods of higher inflation may be accompanied by higher interest rates, which may lead investors to favor other asset classes than stocks, resulting in broader market declines that are not necessarily related to the performance of specific companies. Management Risk. The Adviser’s method of security selection may not be successful and the Fund may underperform the stock market as a whole or not produce the intended results. Changes in the dividend policies or capital resources of companies held by the Fund may affect the Fund’s ability to generate income. In addition, a sharp rise in interest rates or an economic downturn could cause a company to unexpectedly reduce or eliminate its dividend. Value stocks are subject to the risks that they may not appreciate in value as expected or their prices may decline. The Fund’s investment style could cause it to underperform relative to funds that use a growth or non-value approach to investing, or funds that have a broader investment style. What has been the Fund’s Performance History? The bar chart and performance table shown below provide some indication of the risks and variability of investing in the Value & Income Fund. The bar chart shows the Fund’s performance for each of the last 10 calendar years. The performance table shows how the Fund’s average annual total returns for 1, 5 and 10 years compare with those of a broad measure of market performance, the S&P 500® Index, and an additional comparative index that is representative of the market sectors in which the Fund may invest. On October 1, 2026, the Fund will change its additional comparative index from the Russell 1000® Value Index to the Bloomberg U.S. 1000 Value Index due to licensing cost considerations. How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information, current through the most recent month end, is available by calling 1-800-281-3217. The bar chart and performance table shown below provide some indication of the risks and variability of investing in the Value & Income Fund. The bar chart shows the Fund’s performance for each of the last 10 calendar years. How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. 1-800-281-3217 <div id="xdx_A8B_eoef--BarChartTableTextBlock_zZx2JF0mCN3"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zuS762SLieP" style="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; display: none" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top; text-align: left"> <td style="width: 10%"> </td> <td id="xdx_492_20160101__20161231_ziYYOhXOm9pe" style="width: 9%">2016</td> <td id="xdx_492_20170101__20171231_z603Hoq863r7" style="width: 9%">2017</td> <td id="xdx_492_20180101__20181231_zpp8wboLEOtg" style="width: 9%">2018</td> <td id="xdx_492_20190101__20191231_zBC29Fsenblh" style="width: 9%">2019</td> <td id="xdx_492_20200101__20201231_zL9jMevgZpX9" style="width: 9%">2020</td> <td id="xdx_492_20210101__20211231_z1vPtySmLvUb" style="width: 9%">2021</td> <td id="xdx_492_20220101__20221231_zyGdO3QxDKJd" style="width: 9%">2022</td> <td id="xdx_492_20230101__20231231_zA496vg1Vs09" style="width: 9%">2023</td> <td id="xdx_492_20240101__20241231_zSBL4qxskXRb" style="width: 9%">2024</td> <td id="xdx_492_20250101__20251231_zr0j3gZxW0B6" style="width: 9%">2025</td></tr> <tr id="xdx_40A_eoef--AnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000030554Member__oef--ClassAxis__custom--C000094748Member_zswNjTywTdJ6" style="vertical-align: top; text-align: left"> <td> </td> <td>13.99%</td> <td>18.23%</td> <td>-10.67%</td> <td>25.15%</td> <td>1.91%</td> <td>23.35%</td> <td>-12.90%</td> <td>8.50%</td> <td>11.82%</td> <td>13.69%</td></tr> </table> <img alt="" src="image_022.jpg" style="width: 435px; height: 192px"/> 0.1399 0.1823 -0.1067 0.2515 0.0191 0.2335 -0.1290 0.0850 0.1182 0.1369 The Fund’s year-to-date return through June 30, 2026 is 5.12%. During the periods shown in the bar chart, the highest return for a quarter was 13.37% during the quarter ended December 31, 2020 and the lowest return for a quarter was -26.32% during the quarter ended March 31, 2020. The Fund’s year-to-date return 2026-06-30 0.0512 the highest return for a quarter was 0.1337 2020-12-31 the lowest return for a quarter -0.2632 2020-03-31 Average Annual Total Returns For Periods Ended December 31, 2025: 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, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are 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, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. <div id="xdx_A8C_eoef--PerformanceTableTextBlock_zZMILJw0EhRj"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zYgoXuf4mc6h" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr> <td style="vertical-align: top; width: 58%"> </td> <td id="xdx_49F_20250101__20251231_zhBUEk23NJyl" style="border-bottom: black 1pt solid; vertical-align: bottom; width: 14%; text-align: center">One Year</td> <td id="xdx_491_20210101__20251231_zoEpey0OvIyb" style="border-bottom: black 1pt solid; vertical-align: bottom; width: 14%; text-align: center">Five Years</td> <td id="xdx_494_20160101__20251231_zHoYwSUSie3d" style="border-bottom: black 1pt solid; vertical-align: bottom; width: 14%; text-align: center">Ten Years</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000030554Member__oef--ClassAxis__custom--C000094748Member_zvEjoNfsRAwa" style="vertical-align: bottom"> <td>Return Before Taxes </td> <td style="text-align: center">13.69%</td> <td style="text-align: center">8.19%</td> <td style="text-align: center">8.57%</td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000030554Member__oef--ClassAxis__custom--C000094748Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zAlQ5uFynUTa" style="vertical-align: bottom"> <td>Return After Taxes on Distributions </td> <td style="text-align: center">11.56%</td> <td style="text-align: center">6.77%</td> <td style="text-align: center">7.30%</td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000030554Member__oef--ClassAxis__custom--C000094748Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zS1HCr6TrQPb" style="vertical-align: bottom"> <td>Return After Taxes on Distributions and Sale of Fund Shares </td> <td style="text-align: center"> 8.96%</td> <td style="text-align: center">6.22%</td> <td style="text-align: center">6.69%</td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000030554Member__oef--PerformanceMeasureAxis__custom--SAndP500INDEXReflectsNoDeductionForFeesExpensesOrTaxesMember_zifcAlVnfYLg" style="vertical-align: bottom"> <td>S&P 500® INDEX (reflects no deduction for fees, expenses, or taxes) </td> <td style="text-align: center">17.88%</td> <td style="text-align: center">14.42%</td> <td style="text-align: center">14.82%</td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000030554Member__oef--PerformanceMeasureAxis__custom--BloombergUS1000ValueIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zuOSnq6iKUp5" style="vertical-align: bottom"> <td>Bloomberg U.S. 1000 Value Index (reflects no deduction for fees, expenses, or taxes) </td> <td style="text-align: center">16.53%</td> <td style="text-align: center">12.66%</td> <td style="text-align: center">11.07%</td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000030554Member__oef--PerformanceMeasureAxis__custom--Russell1000ValueIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zXxtKdjAxBhg"> <td style="vertical-align: top">RUSSELL 1000® VALUE INDEX (reflects no deduction for fees, expenses, or taxes) </td> <td style="vertical-align: bottom; text-align: center">15.91%</td> <td style="vertical-align: bottom; text-align: center">11.33%</td> <td style="vertical-align: bottom; text-align: center">10.53%</td></tr> </table> Return Before Taxes 0.1369 0.0819 0.0857 0.1156 0.0677 0.0730 0.0896 0.0622 0.0669 reflects no deduction for fees, expenses, or taxes 0.1788 0.1442 0.1482 reflects no deduction for fees, expenses, or taxes 0.1653 0.1266 0.1107 reflects no deduction for fees, expenses, or taxes 0.1591 0.1133 0.1053 Davenport Equity Opportunities Fund What is the Fund’s Investment Objective? The investment objective of the Davenport Equity Opportunities Fund (the “Equity Opportunities Fund” or the “Fund”) is long-term capital appreciation. What are the Fund’s Fees and Expenses? This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Equity Opportunities Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. Shareholder Fees (fees paid directly from your investment) <div id="xdx_A8D_eoef--ShareholderFeesTableTextBlock_zhmoYOgPhme8"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zgfE0vTZX621" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr> <td style="vertical-align: top"></td> <td id="xdx_499_20260801__20260801__dei--LegalEntityAxis__custom--S000030555Member__oef--ClassAxis__custom--C000094749Member_zf67KyOAzFY" style="vertical-align: bottom; text-align: right"></td></tr> <tr id="xdx_40E_eoef--ShareholderFeeOther_dn_zB5btTCbLIj2"> <td style="vertical-align: top; width: 86%">Shareholder Fees (fees paid directly from your investment) </td> <td style="vertical-align: bottom; width: 14%; text-align: right">None</td></tr> </table> 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A88_eoef--AnnualFundOperatingExpensesTableTextBlock_z9khPRW2ScRk"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zlReeynMVlzj" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: top"> <td style="width: 86%; text-align: justify">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td id="xdx_499_20260801__20260801__dei--LegalEntityAxis__custom--S000030555Member__oef--ClassAxis__custom--C000094749Member_zjcOgGKoYH4i" style="width: 14%; text-align: justify"> </td></tr> <tr id="xdx_408_eoef--ManagementFeesOverAssets_dpn_zZV1Y7Wy4D94" style="vertical-align: top"> <td style="width: 86%">Management Fees </td> <td style="text-align: right; width: 14%">0.75%</td></tr> <tr id="xdx_40A_eoef--DistributionAndService12b1FeesOverAssets_dpn_zY5pe3dZ2RAh"> <td>Distribution (12b-1) Fees </td> <td style="text-align: right">None</td></tr> <tr id="xdx_407_eoef--OtherExpensesOverAssets_dpn_ze03xB8xNYce" style="vertical-align: top"> <td>Other Expenses </td> <td style="border-bottom: Black 1pt solid; text-align: right">0.12%</td></tr> <tr id="xdx_409_eoef--ExpensesOverAssets_dpn_zGocDen9dXM9"> <td style="vertical-align: top">Total Annual Fund Operating Expenses </td> <td style="border-bottom: Black 2.25pt double; text-align: right; vertical-align: bottom">0.87%</td></tr> </table> 0.0075 0 0.0012 0.0087 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A8F_eoef--ExpenseExampleWithRedemptionTableTextBlock_zrjZhEebEsY8"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_ztfQ96wzF2O6" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr> <td style="width: 1%"> </td> <td id="xdx_486_eoef--ExpenseExampleYear01_zuLjMN8rHLr" style="border-bottom: black 1pt solid; width: 21%; text-align: center">1 Year</td> <td style="vertical-align: top; width: 5%; text-align: center"> </td> <td id="xdx_486_eoef--ExpenseExampleYear03_z5OPnv7RkpO5" style="border-bottom: black 1pt solid; width: 21%; text-align: center">3 Years</td> <td style="vertical-align: top; width: 5%; text-align: center"> </td> <td id="xdx_484_eoef--ExpenseExampleYear05_zhZ5I61NZWU9" style="border-bottom: black 1pt solid; width: 21%; text-align: center">5 Years</td> <td style="vertical-align: top; width: 5%; text-align: center"> </td> <td id="xdx_488_eoef--ExpenseExampleYear10_znRLSjRAnRT4" style="border-bottom: black 1pt solid; width: 21%; text-align: center">10 Years</td></tr> <tr id="xdx_410_20260801__20260801__dei--LegalEntityAxis__custom--S000030555Member__oef--ClassAxis__custom--C000094749Member_zGyKgJyLK8e8"> <td> </td> <td style="text-align: center">$89</td> <td style="vertical-align: top; text-align: center"> </td> <td style="text-align: center">$278</td> <td style="vertical-align: top; text-align: center"> </td> <td style="text-align: center">$482</td> <td style="vertical-align: top; text-align: center"> </td> <td style="text-align: center">$1,073</td></tr> </table> 89 278 482 1073 Portfolio Turnover The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 29% of the average value of its portfolio. 0.29 What are the Fund’s Principal Investment Strategies? Under normal circumstances, at least 80% of the Equity Opportunities Fund’s net assets (including the amount of any borrowings for investment purposes, although the Fund does not currently intend to borrow for investment purposes) will be invested in equity securities. Equity securities consist of common stocks and shares of exchange traded funds (“ETFs”) that invest primarily in common stocks. The Fund focuses on superior risk/return opportunities using a flexible, concentrated, and opportunistic approach. The Fund is classified as non-diversified and may therefore invest a greater percentage of its assets in the securities of fewer issuers than a fund that is diversified. At times, the Fund may overweight a position in a particular issuer or emphasize investment in a limited number of issuers or one or more particular business sectors. Davenport & Company LLC (the “Adviser”) uses a “bottom-up” stock selection approach that focuses primarily on individual companies in the context of broader market factors. The Adviser attempts to control risk through diversification among major market sectors, but may overweight a position or a sector if it has a strong conviction about its potential for capital appreciation. The Fund will invest primarily in common stocks of companies that, in the Adviser’s opinion, show superior potential for capital appreciation, have strong and focused management, and solid balance sheets. In making its determinations, the Adviser will focus on companies that exhibit one or more of the following characteristics: <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 4pt; margin-bottom: 4pt"> <tr style="vertical-align: top"> <td style="width: 9pt"></td> <td style="width: 13.5pt">·</td> <td style="text-align: justify">Evidence of Financial Strength – The company has a consistent generation of free cash flow, a strong balance sheet, a high return on invested capital and the ability to grow revenues.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 4pt; margin-bottom: 4pt"> <tr style="vertical-align: top"> <td style="width: 9pt"></td> <td style="width: 13.5pt">·</td> <td style="text-align: justify">Pricing Flexibility – The company has the ability to adjust its prices independent of competitive forces.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 4pt; margin-bottom: 4pt"> <tr style="vertical-align: top"> <td style="width: 9pt"></td> <td style="width: 13.5pt">·</td> <td style="text-align: justify">Competitive Advantage – The company has a leading presence and a business that is difficult to replicate, or benefits from barriers to entry that limit or prevent new competition.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 4pt; margin-bottom: 4pt"> <tr style="vertical-align: top"> <td style="width: 9pt"></td> <td style="width: 13.5pt">·</td> <td style="text-align: justify">Disciplined Management – The company has an experienced and sound management team that is focused on building value.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 4pt; margin-bottom: 4pt"> <tr style="vertical-align: top"> <td style="width: 9pt"></td> <td style="width: 13.5pt">·</td> <td style="text-align: justify">Attractive Valuation – The company is selling at a low price relative to its assets, earnings, cash flow, franchise value or growth potential. This may be determined by its price-earnings ratio, price-book ratio, price-sales ratio, or price-free cash flow ratio.</td></tr> </table> The Fund will emphasize investments in common stocks of medium and small capitalization companies but is not limited to any particular market capitalization. The Adviser defines medium capitalization companies as those whose market capitalization, at the time of purchase, is between $2 billion and $20 billion and defines small capitalization companies as those whose market capitalization, at the time of purchase, is between $300 million and $13 billion. The Fund may also invest in special situation companies that have fallen out of favor with the market but are believed to offer favorable risk-adjusted returns. Special situations may include significant changes in a company’s allocation of its existing capital (companies undergoing turnarounds, spin-offs, mergers, or acquisitions) or a restructuring of assets. Special situations may also result from significant changes to an industry through regulatory developments or shifts in competition, new or improved products, changes in senior management or significant changes in cost structure. The Fund may invest up to 20% of its net assets in shares of ETFs to adjust its exposure to the broad market or to industry sectors without purchasing a large number of individual securities. ETFs typically hold a portfolio of securities designed to track the performance of a particular index, capitalization, or market sector. The Fund may invest up to 30% of its net assets in common stocks of foreign issuers if the Adviser believes they would be advantageous to the Fund and help it achieve its investment objective. The Fund may invest in foreign issuers through the purchase of ETFs that invest primarily in common stocks of foreign companies, including regional and/or country specific ETFs. A security will be sold when the Adviser believes it no longer has the potential for strong growth, when it meets its targeted price, when the fundamentals of the issuer’s business or general market conditions have changed, when more attractive opportunities become available, or when strong performance has resulted in an outsized position. The Equity Opportunities Fund is not intended to be a complete investment program and there can be no assurance that the Fund will achieve its investment objective. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any government agency. As with any mutual fund investment, there is a risk that you could lose money by investing in the Fund. Common Stock Risk. The return on and value of an investment in the Fund will fluctuate in response to stock market movements. Stocks tend to move in cycles and may decline in tandem with a drop in the overall value of the markets based on investor perceptions, interest rate changes, or negative developments affecting the U.S. or global economies, or certain issuers or industries. A company’s stock price may decline if the company does not perform as expected, is poorly managed, if there is a decreased demand for its products or services, or during periods of economic uncertainty or stock market turbulence. Even investments in high quality or “blue chip” stocks may be negatively impacted by adverse market or economic conditions. Natural or environmental disasters, public health events (such as pandemics) and other events can be highly disruptive to economies and the markets. Because economies and global markets are interconnected, economic, financial, or political events in one country, sector or region, could potentially have adverse widespread impacts. Investing in special situation companies carries an additional risk of loss if the expected development does not occur or produce the intended results.The financial markets continue to experience periods of volatility driven by geopolitical tensions, evolving economic conditions, and fiscal uncertainties, including elevated government debt levels and budget negotiations. Inflation remains elevated in certain sectors, increasing concerns about slowing growth, and contributing to uncertainty about the pace, timing and ultimate trajectory of the Federal Reserve’s monetary policy. Trade policy developments, including expanded U.S. tariffs and the risk of retaliatory measures, have contributed to higher input costs, supply chain disruptions, and pressure on companies with export exposure or reliance on cross border inputs. Strategic competition between the U.S. and China continues to influence global trade policy and investor sentiment, while broader geopolitical developments, economic instability, and volatility in energy and commodity markets, present continuing challenges to economic stability. In addition, rapid technological and structural changes, including significant investments in artificial intelligence and automation, have contributed to market concentration and uncertainty about corporate earnings, labor market trends, and broader economic impacts. Other events that may arise in the future could exacerbate pre-existing political, social, and economic risks in ways that cannot be predicted.Non-Diversification Risk. Because a relatively high percentage of the assets of the Fund may be invested in shares of a limited number of issuers, the Fund may be more susceptible to any economic, business, political or regulatory occurrence affecting an issuer than a diversified fund. At times, the Fund may overweight a position in a particular issuer or emphasize investment in a limited number of issuers which may increase its risk of loss and share price volatility.Sector Focus Risk. The Fund may emphasize investment in one or more particular business sectors at times, which may cause its share price to be more susceptible to the financial, market or economic events affecting issuers and industries within those sectors than a fund that does not emphasize investment in particular sectors. Economic or market factors, regulation, or deregulation and technological or other developments may negatively impact all companies in a particular sector and may increase the risk of loss of an investment in the Fund. The sectors that the Fund may emphasize will vary from time to time.Foreign Securities Risk. Investments in foreign securities involve risks that may be different from those associated with U.S. securities. Foreign economies may be less stable or more volatile than the U.S. economy, and foreign issuers may not be subject to uniform audit and financial reporting or disclosure standards comparable to those in the U.S. Foreign issuers may be subject to political, economic, or market instability; tensions or open conflicts between nations; unfavorable government intervention, sanctions, tariffs or trade restrictions in their local jurisdictions; or the effects of geopolitical tensions and armed conflicts. Foreign securities are also subject to foreign currency risk, which is the risk that their value may decrease due to fluctuations in exchange rates between the U.S. dollar and the applicable foreign currency. In addition, income from foreign securities may be reduced by foreign withholding taxes.Market Capitalization Risk. Small and medium capitalization companies may have more limited management experience, financial resources, product diversification and competitive strengths than larger, more established companies, and may be less able to respond effectively to competitive pressures or changes in the marketplace. Securities of smaller capitalization companies may be less liquid than those of larger companies and may trade in lower volumes, making them more difficult to buy or sell at desired times or prices. When making large sales, the Fund may have to sell at a discount from market prices or may have to make a series of small sales over an extended period of time. Therefore, the securities of small and medium capitalization companies may be subject to greater price fluctuations than the securities of large capitalization companies. These risks may be more pronounced for investments in small capitalization companies.ETF Risk. An ETF is managed independently from the Fund and differs from a mutual fund in that its shares are listed on a securities exchange and trade intraday. An ETF is subject to the risks that (i) the value of its underlying securities may decline, (ii) its shares may trade at a premium or discount to its net asset value, or (iii) a lack of liquidity in the secondary market may impair the Fund’s ability to buy or sell shares at desired prices.Inflation Risk. The Fund is subject to inflation risk, which is the risk that the present value of its assets or investment income may decline in real terms as inflation reduces purchasing power. Unanticipated or persistent inflation may adversely affect the financial condition and operating results of a company, which may cause the Fund’s share price to decline. Periods of higher inflation may be accompanied by higher interest rates, which may lead investors to favor other asset classes than stocks, resulting in broader market declines that are not necessarily related to the performance of specific companies.Management Risk. The Adviser’s method of security selection may not be successful and the Fund may underperform the stock market as a whole or not produce the intended results. Common Stock Risk. The return on and value of an investment in the Fund will fluctuate in response to stock market movements. Stocks tend to move in cycles and may decline in tandem with a drop in the overall value of the markets based on investor perceptions, interest rate changes, or negative developments affecting the U.S. or global economies, or certain issuers or industries. A company’s stock price may decline if the company does not perform as expected, is poorly managed, if there is a decreased demand for its products or services, or during periods of economic uncertainty or stock market turbulence. Even investments in high quality or “blue chip” stocks may be negatively impacted by adverse market or economic conditions. Natural or environmental disasters, public health events (such as pandemics) and other events can be highly disruptive to economies and the markets. Because economies and global markets are interconnected, economic, financial, or political events in one country, sector or region, could potentially have adverse widespread impacts. Investing in special situation companies carries an additional risk of loss if the expected development does not occur or produce the intended results.<div id="xdx_C05_gRBRTB-ZCO_znNs8vARoVa7">The financial markets continue to experience periods of volatility driven by geopolitical tensions, evolving economic conditions, and fiscal uncertainties, including elevated government debt levels and budget negotiations. Inflation remains elevated in certain sectors, increasing concerns about slowing growth, and contributing to uncertainty about the pace, timing and ultimate trajectory of the Federal Reserve’s monetary policy. Trade policy developments, including expanded U.S. tariffs and the risk of retaliatory measures, have contributed to higher input costs, supply chain disruptions, and pressure on companies with export exposure or reliance on cross border inputs. Strategic competition between the U.S. and China continues to influence global trade policy and investor sentiment, while broader geopolitical developments, economic instability, and volatility in energy and commodity markets, present continuing challenges to economic stability. In addition, rapid technological and structural changes, including significant investments in artificial intelligence and automation, have contributed to market concentration and uncertainty about corporate earnings, labor market trends, and broader economic impacts. Other events that may arise in the future could exacerbate pre-existing political, social, and economic risks in ways that cannot be predicted.</div> Non-Diversification Risk. Because a relatively high percentage of the assets of the Fund may be invested in shares of a limited number of issuers, the Fund may be more susceptible to any economic, business, political or regulatory occurrence affecting an issuer than a diversified fund. At times, the Fund may overweight a position in a particular issuer or emphasize investment in a limited number of issuers which may increase its risk of loss and share price volatility. Sector Focus Risk. The Fund may emphasize investment in one or more particular business sectors at times, which may cause its share price to be more susceptible to the financial, market or economic events affecting issuers and industries within those sectors than a fund that does not emphasize investment in particular sectors. Economic or market factors, regulation, or deregulation and technological or other developments may negatively impact all companies in a particular sector and may increase the risk of loss of an investment in the Fund. The sectors that the Fund may emphasize will vary from time to time. Foreign Securities Risk. Investments in foreign securities involve risks that may be different from those associated with U.S. securities. Foreign economies may be less stable or more volatile than the U.S. economy, and foreign issuers may not be subject to uniform audit and financial reporting or disclosure standards comparable to those in the U.S. Foreign issuers may be subject to political, economic, or market instability; tensions or open conflicts between nations; unfavorable government intervention, sanctions, tariffs or trade restrictions in their local jurisdictions; or the effects of geopolitical tensions and armed conflicts. Foreign securities are also subject to foreign currency risk, which is the risk that their value may decrease due to fluctuations in exchange rates between the U.S. dollar and the applicable foreign currency. In addition, income from foreign securities may be reduced by foreign withholding taxes. Market Capitalization Risk. Small and medium capitalization companies may have more limited management experience, financial resources, product diversification and competitive strengths than larger, more established companies, and may be less able to respond effectively to competitive pressures or changes in the marketplace. Securities of smaller capitalization companies may be less liquid than those of larger companies and may trade in lower volumes, making them more difficult to buy or sell at desired times or prices. When making large sales, the Fund may have to sell at a discount from market prices or may have to make a series of small sales over an extended period of time. Therefore, the securities of small and medium capitalization companies may be subject to greater price fluctuations than the securities of large capitalization companies. These risks may be more pronounced for investments in small capitalization companies. ETF Risk. An ETF is managed independently from the Fund and differs from a mutual fund in that its shares are listed on a securities exchange and trade intraday. An ETF is subject to the risks that (i) the value of its underlying securities may decline, (ii) its shares may trade at a premium or discount to its net asset value, or (iii) a lack of liquidity in the secondary market may impair the Fund’s ability to buy or sell shares at desired prices. Inflation Risk. The Fund is subject to inflation risk, which is the risk that the present value of its assets or investment income may decline in real terms as inflation reduces purchasing power. Unanticipated or persistent inflation may adversely affect the financial condition and operating results of a company, which may cause the Fund’s share price to decline. Periods of higher inflation may be accompanied by higher interest rates, which may lead investors to favor other asset classes than stocks, resulting in broader market declines that are not necessarily related to the performance of specific companies. Management Risk. The Adviser’s method of security selection may not be successful and the Fund may underperform the stock market as a whole or not produce the intended results. What has been the Fund’s Performance History? The bar chart and performance table shown below provide some indication of the risks and variability of investing in the Equity Opportunities Fund. The bar chart shows the Fund’s performance for each of the last 10 calendar years. The performance table shows how the Fund’s average annual total returns for 1, 5 and 10 years compare with those of a broad measure of market performance, the S&P 500® Index, and an additional comparative index that is representative of the market sectors in which the Fund may invest. On October 1, 2026, the Fund will change its additional comparative index from the Russell Midcap® Index to the Bloomberg U.S. Midcap Total Return Index due to licensing cost considerations. How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information, current through the most recent month end, is available by calling 1-800-281-3217. The bar chart and performance table shown below provide some indication of the risks and variability of investing in the Equity Opportunities Fund. How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. 1-800-281-3217 <div id="xdx_A88_eoef--BarChartTableTextBlock_zwSE8HPhyTt8"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zEk37hVoslfd" style="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; display: none" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top; text-align: left"> <td style="width: 10%"> </td> <td id="xdx_497_20160101__20161231_z9rH4g1HnA29" style="width: 9%">2016</td> <td id="xdx_497_20170101__20171231_zg10dBjifvka" style="width: 9%">2017</td> <td id="xdx_497_20180101__20181231_z4fy0Mbs0qS6" style="width: 9%">2018</td> <td id="xdx_497_20190101__20191231_zjmiXRXb3aEi" style="width: 9%">2019</td> <td id="xdx_497_20200101__20201231_zcwZBTgD5BYk" style="width: 9%">2020</td> <td id="xdx_497_20210101__20211231_z5DpK6edacS6" style="width: 9%">2021</td> <td id="xdx_497_20220101__20221231_zLhALQzXyFXj" style="width: 9%">2022</td> <td id="xdx_497_20230101__20231231_z3Hihj8RAKT2" style="width: 9%">2023</td> <td id="xdx_497_20240101__20241231_zwRQoJompoMb" style="width: 9%">2024</td> <td id="xdx_497_20250101__20251231_zMXIgnqw2U0a" style="width: 9%">2025</td></tr> <tr id="xdx_405_eoef--AnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000030555Member__oef--ClassAxis__custom--C000094749Member_za1ZL9cHDAWb" style="vertical-align: top; text-align: left"> <td> </td> <td>7.33%</td> <td>20.79%</td> <td>-8.01%</td> <td>39.22%</td> <td>21.43%</td> <td>26.43%</td> <td>-23.14%</td> <td>27.69%</td> <td>9.72%</td> <td>-2.61%</td></tr> </table> <img alt="" src="image_023.jpg" style="width: 434px; height: 201px"/> 0.0733 0.2079 -0.0801 0.3922 0.2143 0.2643 -0.2314 0.2769 0.0972 -0.0261 The Fund’s year-to-date return through June 30, 2026 is 5.67%. During the periods shown in the bar chart, the highest return for a quarter was 23.48% during the quarter ended June 30, 2020 and the lowest return for a quarter was -22.62% during the quarter ended March 31, 2020. The Fund’s year-to-date return 2026-06-30 0.0567 the highest return for a quarter was 0.2348 2020-06-30 the lowest return for a quarter was -0.2262 2020-03-31 Average Annual Total Returns For Periods Ended December 31, 2025: 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, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are 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, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. <div id="xdx_A8B_eoef--PerformanceTableTextBlock_zMXJCEVYIVl5"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zg2PR1Gsfyyg" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="width: 58%; text-align: center"> </td> <td id="xdx_497_20250101__20251231_zOaL7HsuXfc7" style="border-bottom: black 1pt solid; width: 14%; text-align: center">One Year</td> <td id="xdx_493_20210101__20251231_z0StitDHpqQ1" style="border-bottom: black 1pt solid; width: 14%; text-align: center">Five Years</td> <td id="xdx_49E_20160101__20251231_zcpsss7lflW1" style="border-bottom: black 1pt solid; width: 14%; text-align: center">Ten Years</td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000030555Member__oef--ClassAxis__custom--C000094749Member_zLJtrwJmieW8" style="vertical-align: bottom"> <td>Return Before Taxes</td> <td style="text-align: center">-2.61%</td> <td style="text-align: center">5.81%</td> <td style="text-align: center">10.33%</td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000030555Member__oef--ClassAxis__custom--C000094749Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zOlavpsc1eya" style="vertical-align: bottom"> <td>Return After Taxes on Distributions </td> <td style="text-align: center">-3.37%</td> <td style="text-align: center">4.40%</td> <td style="text-align: center"> 9.07%</td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000030555Member__oef--ClassAxis__custom--C000094749Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zdOKmuUOyBRc" style="vertical-align: bottom"> <td>Return After Taxes on Distributions and Sale of Fund Shares </td> <td style="text-align: center">-1.14%</td> <td style="text-align: center">4.32%</td> <td style="text-align: center"> 8.25%</td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000030555Member__oef--PerformanceMeasureAxis__custom--SAndP500INDEXReflectsNoDeductionForFeesExpensesOrTaxesMember_zF1U5nAEoKIk" style="vertical-align: bottom"> <td>S&P 500® INDEX (reflects no deduction for fees, expenses, or taxes) </td> <td style="text-align: center">17.88%</td> <td style="text-align: center">14.42%</td> <td style="text-align: center">14.82%</td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000030555Member__oef--PerformanceMeasureAxis__custom--BloombergUSMidcapTotalReturnIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zpdwuAGrF6I8" style="vertical-align: bottom"> <td>Bloomberg U.S. Midcap Total Return Index (reflects no deduction for fees, expenses, or taxes) </td> <td style="text-align: center">10.94%</td> <td style="text-align: center">8.96%</td> <td style="text-align: center">11.47%</td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000030555Member__oef--PerformanceMeasureAxis__custom--RussellMidcapIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zgXEaHIOUSU5" style="vertical-align: bottom"> <td>RUSSELL MIDCAP® INDEX (reflects no deduction for fees, expenses, or taxes) </td> <td style="text-align: center">10.60%</td> <td style="text-align: center">8.67%</td> <td style="text-align: center">11.01%</td></tr> </table> Return Before Taxes -0.0261 0.0581 0.1033 -0.0337 0.0440 0.0907 -0.0114 0.0432 0.0825 reflects no deduction for fees, expenses, or taxes 0.1788 0.1442 0.1482 reflects no deduction for fees, expenses, or taxes 0.1094 0.0896 0.1147 reflects no deduction for fees, expenses, or taxes 0.1060 0.0867 0.1101 Davenport Small Cap Focus Fund What is the Fund’s Investment Objective? The investment objective of the Davenport Small Cap Focus Fund (the “Small Cap Focus Fund” or the “Fund”) is long-term capital appreciation. What are the Fund’s Fees and Expenses? This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Small Cap Focus Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. Shareholder Fees (fees paid directly from your investment) <div id="xdx_A8E_eoef--ShareholderFeesTableTextBlock_zkMaGB98OWi8"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_zIcV5ivqwy1f" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr> <td style="vertical-align: top"></td> <td id="xdx_492_20260801__20260801__dei--LegalEntityAxis__custom--S000047867Member__oef--ClassAxis__custom--C000150331Member_zGicCqTkyDdc" style="vertical-align: bottom; text-align: right"></td></tr> <tr id="xdx_403_eoef--ShareholderFeeOther_dn_zoV5EKCfmJif"> <td style="vertical-align: top; width: 86%">Shareholder Fees (fees paid directly from your investment) </td> <td style="vertical-align: bottom; width: 14%; text-align: right">None</td></tr> </table> 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A86_eoef--AnnualFundOperatingExpensesTableTextBlock_zCrktMyWYCbg"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zJKlgdQh95u1" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: top"> <td style="width: 86%; text-align: justify">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td id="xdx_492_20260801__20260801__dei--LegalEntityAxis__custom--S000047867Member__oef--ClassAxis__custom--C000150331Member_zhjvsifQMp5b" style="width: 14%; text-align: justify"> </td></tr> <tr id="xdx_40A_eoef--ManagementFeesOverAssets_dpn_zwolNU6EoPib" style="vertical-align: top"> <td style="width: 86%">Management Fees </td> <td style="text-align: right; width: 14%">0.75%</td></tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dpn_zgH0FKbawDGh"> <td style="vertical-align: top">Distribution (12b-1) Fees </td> <td style="text-align: right">None</td></tr> <tr id="xdx_405_eoef--OtherExpensesOverAssets_dpn_zmad4Lrosspd" style="vertical-align: top"> <td>Other Expenses </td> <td style="text-align: right">0.13%</td></tr> <tr id="xdx_40D_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zihzFVWBn0W7" style="vertical-align: top"> <td>Acquired Fund Fees and Expenses </td> <td style="border-bottom: black 1pt solid; text-align: right">0.01%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dpn_z3xEARtc12R7"> <td style="vertical-align: top">Total Annual Fund Operating Expenses </td> <td style="border-bottom: black 2.25pt double; text-align: right; vertical-align: bottom">0.89%(1)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; width: 100%; margin-top: 3pt; margin-bottom: 0"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 13.5pt">(1)</td> <td style="text-align: justify">“Total Annual Fund Operating Expenses” will not correlate to the Fund’s ratio of total expenses to average net assets in the Fund’s Financial Highlights, which reflects the operating expenses of the Fund but does not include “Acquired Fund Fees and Expenses.”</td></tr> </table> 0.0075 0 0.0013 0.0001 0.0089 “Total Annual Fund Operating Expenses” will not correlate to the Fund’s ratio of total expenses to average net assets in the Fund’s Financial Highlights, which reflects the operating expenses of the Fund but does not include “Acquired Fund Fees and Expenses.” Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A8F_eoef--ExpenseExampleWithRedemptionTableTextBlock_z7VXdaG8rz1a"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zatoIuWgO6f4" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr> <td style="width: 1%"> </td> <td id="xdx_48E_eoef--ExpenseExampleYear01_zxxw2sRW6YQb" style="border-bottom: black 1pt solid; width: 21%; text-align: center">1 Year</td> <td style="vertical-align: top; width: 5%; text-align: center"> </td> <td id="xdx_48C_eoef--ExpenseExampleYear03_zhcFxcWKAGrk" style="border-bottom: black 1pt solid; width: 21%; text-align: center">3 Years</td> <td style="vertical-align: top; width: 5%; text-align: center"> </td> <td id="xdx_483_eoef--ExpenseExampleYear05_z7iJQlKUCPY" style="border-bottom: black 1pt solid; width: 21%; text-align: center">5 Years</td> <td style="vertical-align: top; width: 5%; text-align: center"> </td> <td id="xdx_489_eoef--ExpenseExampleYear10_zcdqoGlW9Gpj" style="border-bottom: black 1pt solid; width: 21%; text-align: center">10 Years</td></tr> <tr id="xdx_41A_20260801__20260801__dei--LegalEntityAxis__custom--S000047867Member__oef--ClassAxis__custom--C000150331Member_zHcWign4tzMh"> <td> </td> <td style="text-align: center">$91</td> <td style="vertical-align: top; text-align: center"> </td> <td style="text-align: center">$284</td> <td style="vertical-align: top; text-align: center"> </td> <td style="text-align: center">$493</td> <td style="vertical-align: top; text-align: center"> </td> <td style="text-align: center">$1,096</td></tr> </table> 91 284 493 1096 Portfolio Turnover The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 39% of the average value of its portfolio. 0.39 What are the Fund’s Principal Investment Strategies? Under normal circumstances, at least 80% of the Small Cap Focus Fund’s net assets (including the amount of any borrowings for investment purposes) will be invested in common stocks of small capitalization companies and shares of registered investment companies (“RICs”) that invest primarily in stocks of small capitalization companies. The Adviser defines small capitalization companies as those whose market capitalization, at the time of purchase, is between $300 million and $13 billion. The market capitalization of the companies in the Fund’s portfolio will change over time, and the Fund will not automatically sell a company it already owns, just because the company’s market capitalization increases above or decreases below this range. Under normal circumstances, the Fund will invest primarily in companies that Davenport & Company LLC (the ”Adviser”) believes have the potential for significant capital appreciation. The Adviser seeks to identify companies that have the potential to achieve above average long-term earnings growth or companies that may be undervalued because they are currently out of favor with the market or misunderstood and underfollowed by the investment community. At times, the Fund may emphasize investment in one or more particular issuers or business sectors that are believed to have favorable prospects. The Adviser uses a “bottom-up” fundamental research process that focuses primarily on individual companies in the context of broader market factors. In determining whether a company has the potential for capital appreciation, the Adviser will focus on several criteria, including, among other things: <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 4pt; margin-bottom: 4pt"> <tr style="vertical-align: top"> <td style="width: 9pt"></td> <td style="width: 13.5pt">·</td> <td style="text-align: justify">rate of earnings growth or earnings growth potential</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 4pt; margin-bottom: 4pt"> <tr style="vertical-align: top"> <td style="width: 9pt"></td> <td style="width: 13.5pt">·</td> <td style="text-align: justify">valuation</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 4pt; margin-bottom: 4pt"> <tr style="vertical-align: top"> <td style="width: 9pt"></td> <td style="width: 13.5pt">·</td> <td style="text-align: justify">management strength</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 4pt; margin-bottom: 4pt"> <tr style="vertical-align: top"> <td style="width: 9pt"></td> <td style="width: 13.5pt">·</td> <td style="text-align: justify">balance sheet strength</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 4pt; margin-bottom: 4pt"> <tr style="vertical-align: top"> <td style="width: 9pt"></td> <td style="width: 13.5pt">·</td> <td style="text-align: justify">free cash flow generation</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 4pt; margin-bottom: 4pt"> <tr style="vertical-align: top"> <td style="width: 9pt"></td> <td style="width: 13.5pt">·</td> <td style="text-align: justify">effective capital allocations</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 4pt; margin-bottom: 4pt"> <tr style="vertical-align: top"> <td style="width: 9pt"></td> <td style="width: 13.5pt">·</td> <td style="text-align: justify">returns on invested capital </td></tr> </table> The Fund may invest in special situation companies facing near-term headwinds but with favorable prospects for recovery. Special situations may include significant changes in a company’s allocation of its existing capital (companies undergoing turnarounds, spin-offs, mergers, or acquisitions) or a restructuring of assets. Special situations may also result from significant changes to an industry through regulatory developments or shifts in competition, new or improved products, changes in senior management or significant changes in cost structure. The Fund may invest in RICs, including shares of mutual funds and shares of exchange-traded funds (“ETFs”) to increase its exposure to the broad market or to industry sectors without purchasing a large number of individual securities. ETFs typically hold a portfolio of securities designed to track the performance of a particular index, capitalization, or market sector. The Fund may invest up to 30% of its net assets in common stocks of foreign issuers when the Adviser believes they would be advantageous to the Fund and help it achieve its investment objective. The Fund may invest in foreign issuers through the purchase of ETFs that invest primarily in common stocks of foreign companies, including regional and/or country specific ETFs. A security will be sold when the Adviser believes it no longer has the potential for strong appreciation, when it meets its targeted price, when the fundamentals of the issuer’s business or general market conditions have changed, when more attractive opportunities become available, or when strong performance has resulted in an outsized position. The Small Cap Focus Fund is not intended to be a complete investment program and there can be no assurance that the Fund will achieve its investment objective. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any government agency. As with any mutual fund investment, there is a risk that you could lose money by investing in the Fund. Common Stock Risk. The return on and value of an investment in the Fund will fluctuate in response to stock market movements. Stocks tend to move in cycles and may decline in tandem with a drop in the overall value of the markets based on investor perceptions, interest rate changes, or negative developments affecting the U.S. or global economies, or certain issuers or industries. A company’s stock price may decline if the company does not perform as expected, is poorly managed, if there is a decreased demand for its products or services, or during periods of economic uncertainty or stock market turbulence. Natural or environmental disasters, public health events (such as pandemics) and other events can be highly disruptive to economies and the markets. Because economies and global markets are interconnected, economic, financial, or political events in one country, sector or region could potentially have adverse widespread impacts. Investing in special situation companies carries an additional risk of loss if the expected development does not occur or produce the intended results.The financial markets continue to experience periods of volatility driven by geopolitical tensions, evolving economic conditions, and fiscal uncertainties, including elevated government debt levels and budget negotiations. Inflation remains elevated in certain sectors, increasing concerns about slowing growth, and contributing to uncertainty about the pace, timing and ultimate trajectory of the Federal Reserve’s monetary policy. Trade policy developments, including expanded U.S. tariffs and the risk of retaliatory measures, have contributed to higher input costs, supply chain disruptions, and pressure on companies with export exposure or reliance on cross border inputs. Strategic competition between the U.S. and China continues to influence global trade policy and investor sentiment, while broader geopolitical developments, economic instability, and volatility in energy and commodity markets, present continuing challenges to economic stability. In addition, rapid technological and structural changes, including significant investments in artificial intelligence and automation, have contributed to market concentration and uncertainty about corporate earnings, labor market trends, and broader economic impacts. Other events that may arise in the future could exacerbate pre-existing political, social, and economic risks in ways that cannot be predicted.Small Capitalization Risk. Small capitalization companies often involve higher risks because they may have more limited management experience, financial resources, product diversification and other competitive strengths than larger, more established companies, and may be less able to respond effectively to competitive pressures or changes in the marketplace. Securities of small-cap companies may be less liquid than those of larger companies and may trade in lower volumes, making them more difficult to buy or sell at desired times or prices. When making large sales, the Fund may have to sell portfolio holdings at a discount to market prices or may have to make a series of small sales over an extended period. Therefore, the securities of small capitalization companies may be subject to greater price fluctuations than the securities of larger capitalization companies.Sector Focus Risk. The Fund may emphasize investment in one or more particular business sectors at times, which may cause its share price to be more susceptible to the financial, market or economic events affecting issuers and industries within those sectors than a fund that does not emphasize investment in particular sectors. Economic or market factors, regulation, or deregulation and technological or other developments may negatively impact all companies in a particular sector and may increase the risk of loss of an investment in the Fund. The sectors that the Fund may emphasize will vary from time to time.Foreign Securities Risk. Investments in foreign securities involve risks that may be different from those associated with U.S. securities. Foreign economies may be less stable or more volatile than the U.S. economy, and foreign issuers may not be subject to uniform audit and financial reporting or disclosure standards comparable to those in the U.S. Foreign issuers may be subject to political, economic, or market instability; tensions or open conflicts between nations; unfavorable government intervention, sanctions, tariffs or trade restrictions in their local jurisdictions; or the effects of geopolitical tensions and armed conflicts. Foreign securities are also subject to foreign currency risk, which is the risk that their value may decrease due to fluctuations in exchange rates between the U.S. dollar and the applicable foreign currency. In addition, income from foreign securities may be reduced by foreign withholding taxes.RIC Risk. A RIC is managed independently from the Fund and subject to the risks of a decline in the value of the underlying securities it holds or the sectors it is designed to track. An ETF differs from a mutual fund in that its shares are listed on a securities exchange and trade intraday. An ETF is subject to the risks that (i) the value of its underlying securities may decline, (ii) its shares may trade at a premium or discount to its net asset value, or (iii) a lack of liquidity in the secondary market may impair the Fund’s ability to buy or sell shares at desired prices.Inflation Risk. The Fund is subject to inflation risk, which is the risk that the present value of its assets or investment income may decline in real terms as inflation reduces purchasing power. Unanticipated or persistent inflation may adversely affect the financial condition and operating results of a company, which may cause the Fund’s share price to decline. Periods of higher inflation may be accompanied by higher interest rates, which may lead investors to favor other asset classes than stocks, resulting in broader market declines that are not necessarily related to the performance of specific companies.Management Risk. The Adviser’s method of security selection may not be successful and the Fund may underperform the stock market as a whole or not produce the intended results. Common Stock Risk. The return on and value of an investment in the Fund will fluctuate in response to stock market movements. Stocks tend to move in cycles and may decline in tandem with a drop in the overall value of the markets based on investor perceptions, interest rate changes, or negative developments affecting the U.S. or global economies, or certain issuers or industries. A company’s stock price may decline if the company does not perform as expected, is poorly managed, if there is a decreased demand for its products or services, or during periods of economic uncertainty or stock market turbulence. Natural or environmental disasters, public health events (such as pandemics) and other events can be highly disruptive to economies and the markets. Because economies and global markets are interconnected, economic, financial, or political events in one country, sector or region could potentially have adverse widespread impacts. Investing in special situation companies carries an additional risk of loss if the expected development does not occur or produce the intended results.<div id="xdx_C03_gRBRTB-PKAQX_zi95feFo1lk8">The financial markets continue to experience periods of volatility driven by geopolitical tensions, evolving economic conditions, and fiscal uncertainties, including elevated government debt levels and budget negotiations. Inflation remains elevated in certain sectors, increasing concerns about slowing growth, and contributing to uncertainty about the pace, timing and ultimate trajectory of the Federal Reserve’s monetary policy. Trade policy developments, including expanded U.S. tariffs and the risk of retaliatory measures, have contributed to higher input costs, supply chain disruptions, and pressure on companies with export exposure or reliance on cross border inputs. Strategic competition between the U.S. and China continues to influence global trade policy and investor sentiment, while broader geopolitical developments, economic instability, and volatility in energy and commodity markets, present continuing challenges to economic stability. In addition, rapid technological and structural changes, including significant investments in artificial intelligence and automation, have contributed to market concentration and uncertainty about corporate earnings, labor market trends, and broader economic impacts. Other events that may arise in the future could exacerbate pre-existing political, social, and economic risks in ways that cannot be predicted.</div> Small Capitalization Risk. Small capitalization companies often involve higher risks because they may have more limited management experience, financial resources, product diversification and other competitive strengths than larger, more established companies, and may be less able to respond effectively to competitive pressures or changes in the marketplace. Securities of small-cap companies may be less liquid than those of larger companies and may trade in lower volumes, making them more difficult to buy or sell at desired times or prices. When making large sales, the Fund may have to sell portfolio holdings at a discount to market prices or may have to make a series of small sales over an extended period. Therefore, the securities of small capitalization companies may be subject to greater price fluctuations than the securities of larger capitalization companies. Sector Focus Risk. The Fund may emphasize investment in one or more particular business sectors at times, which may cause its share price to be more susceptible to the financial, market or economic events affecting issuers and industries within those sectors than a fund that does not emphasize investment in particular sectors. Economic or market factors, regulation, or deregulation and technological or other developments may negatively impact all companies in a particular sector and may increase the risk of loss of an investment in the Fund. The sectors that the Fund may emphasize will vary from time to time. Foreign Securities Risk. Investments in foreign securities involve risks that may be different from those associated with U.S. securities. Foreign economies may be less stable or more volatile than the U.S. economy, and foreign issuers may not be subject to uniform audit and financial reporting or disclosure standards comparable to those in the U.S. Foreign issuers may be subject to political, economic, or market instability; tensions or open conflicts between nations; unfavorable government intervention, sanctions, tariffs or trade restrictions in their local jurisdictions; or the effects of geopolitical tensions and armed conflicts. Foreign securities are also subject to foreign currency risk, which is the risk that their value may decrease due to fluctuations in exchange rates between the U.S. dollar and the applicable foreign currency. In addition, income from foreign securities may be reduced by foreign withholding taxes. RIC Risk. A RIC is managed independently from the Fund and subject to the risks of a decline in the value of the underlying securities it holds or the sectors it is designed to track. An ETF differs from a mutual fund in that its shares are listed on a securities exchange and trade intraday. An ETF is subject to the risks that (i) the value of its underlying securities may decline, (ii) its shares may trade at a premium or discount to its net asset value, or (iii) a lack of liquidity in the secondary market may impair the Fund’s ability to buy or sell shares at desired prices. Inflation Risk. The Fund is subject to inflation risk, which is the risk that the present value of its assets or investment income may decline in real terms as inflation reduces purchasing power. Unanticipated or persistent inflation may adversely affect the financial condition and operating results of a company, which may cause the Fund’s share price to decline. Periods of higher inflation may be accompanied by higher interest rates, which may lead investors to favor other asset classes than stocks, resulting in broader market declines that are not necessarily related to the performance of specific companies. Management Risk. The Adviser’s method of security selection may not be successful and the Fund may underperform the stock market as a whole or not produce the intended results. What has been the Fund’s Performance History? The bar chart and performance table shown below provide some indication of the risks and variability of investing in the Small Cap Focus Fund. The bar chart shows the Fund’s performance for each of the last 10 calendar years. The performance table shows how the Fund’s average annual total returns for 1, 5, and 10 years compare with those of a broad measure of market performance, the S&P 500® Index, and an additional comparative index that is representative of the market sectors in which the Fund may invest. On October 1, 2026, the Fund will change its additional comparative index from the Russell 2000® Index to the Bloomberg U.S. 2000 Index due to licensing cost considerations. How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information, current through the most recent month end, is available by calling 1-800-281-3217. The bar chart and performance table shown below provide some indication of the risks and variability of investing in the Small Cap Focus Fund. How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. 1-800-281-3217 <div id="xdx_A80_eoef--BarChartTableTextBlock_zplx80X5AyJk"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zGCJ4v99llY2" style="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; display: none" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top; text-align: left"> <td style="width: 10%"> </td> <td id="xdx_49B_20160101__20161231_zbbK6MXqRpZb" style="width: 9%">2016</td> <td id="xdx_49B_20170101__20171231_z3yP9bjjOqi9" style="width: 9%">2017</td> <td id="xdx_49B_20180101__20181231_zkC1Xzj9oJz9" style="width: 9%">2018</td> <td id="xdx_49B_20190101__20191231_zoPbEk5ESHCk" style="width: 9%">2019</td> <td id="xdx_49B_20200101__20201231_zkIhWdRLrF3" style="width: 9%">2020</td> <td id="xdx_49B_20210101__20211231_zeLFaP0mltxc" style="width: 9%">2021</td> <td id="xdx_49B_20220101__20221231_zX1dXfSaBnj1" style="width: 9%">2022</td> <td id="xdx_49B_20230101__20231231_z3YATpuHvbab" style="width: 9%">2023</td> <td id="xdx_49B_20240101__20241231_zbbNLwyME4Ea" style="width: 9%">2024</td> <td id="xdx_49B_20250101__20251231_zgxbsbex2ZV" style="width: 9%">2025</td></tr> <tr id="xdx_40F_eoef--AnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000047867Member__oef--ClassAxis__custom--C000150331Member_zK4fYy4K6Eyb" style="vertical-align: top; text-align: left"> <td> </td> <td>26.21%</td> <td>19.88%</td> <td>-14.63%</td> <td>40.88%</td> <td>25.74%</td> <td>20.39%</td> <td>-15.58%</td> <td>22.28%</td> <td>3.32%</td> <td>-7.26%</td></tr> </table> <img alt="" src="image_024.jpg" style="width: 435px; height: 177px"/> 0.2621 0.1988 -0.1463 0.4088 0.2574 0.2039 -0.1558 0.2228 0.0332 -0.0726 The Fund’s year-to-date return through June 30, 2026 is 11.96%. During the periods shown in the bar chart, the highest return for a quarter was 33.62% during the quarter ended June 30, 2020 and the lowest return for a quarter was -28.04% during the quarter ended March 31, 2020. The Fund’s year-to-date return 2026-06-30 0.1196 the highest return for a quarter was 0.3362 2020-06-30 the lowest return for a quarter was -0.2804 2020-03-31 Average Annual Total Returns For Periods Ended December 31, 2025: 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, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are 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, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. <div id="xdx_A81_eoef--PerformanceTableTextBlock_zK91Wt18PwA6"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zO2mGix1tBFb" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="width: 58%"> </td> <td id="xdx_497_20250101__20251231_zlB8rzniZ3y7" style="border-bottom: black 1pt solid; width: 14%; text-align: center">One Year</td> <td id="xdx_497_20210101__20251231_zT7Bk3sFv0Hj" style="border-bottom: black 1pt solid; width: 14%; text-align: center">Five Years</td> <td id="xdx_497_20160101__20251231_zGA8TuxW5cCh" style="border-bottom: black 1pt solid; width: 14%">Ten Years</td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000047867Member__oef--ClassAxis__custom--C000150331Member_zdwJLxpdf3Qi" style="vertical-align: bottom"> <td>Return Before Taxes </td> <td style="text-align: center">-7.26%</td> <td style="text-align: center">3.55%</td> <td style="text-align: center">10.54%</td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000047867Member__oef--ClassAxis__custom--C000150331Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_ztIlSC5r2U4" style="vertical-align: bottom"> <td>Return After Taxes on Distributions </td> <td style="text-align: center">-7.43%</td> <td style="text-align: center">1.90%</td> <td style="text-align: center"> 9.26%</td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000047867Member__oef--ClassAxis__custom--C000150331Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zCyELJD25xqe" style="vertical-align: bottom"> <td>Return After Taxes on Distributions and Sale of Fund Shares </td> <td style="text-align: center">-4.30%</td> <td style="text-align: center">2.43%</td> <td style="text-align: center"> 8.40%</td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000047867Member__oef--PerformanceMeasureAxis__custom--SAndP500INDEXReflectsNoDeductionForFeesExpensesOrTaxesMember_zoYGk59rJISj" style="vertical-align: bottom"> <td>S&P 500® INDEX (reflects no deduction for fees, expenses, or taxes) </td> <td style="text-align: center">17.88%</td> <td style="text-align: center">14.42%</td> <td style="text-align: center">14.82%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000047867Member__oef--PerformanceMeasureAxis__custom--BloombergUS2000IndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zhbmWkQadj5l" style="vertical-align: bottom"> <td>Bloomberg U.S. 2000 Index (reflects no deduction for fees, expenses, or taxes) </td> <td style="text-align: center">11.06%</td> <td style="text-align: center">6.65%</td> <td style="text-align: center">10.00%</td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000047867Member__oef--PerformanceMeasureAxis__custom--Russell2000IndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zsS8Ttl0RYIh" style="vertical-align: bottom"> <td>RUSSELL 2000® INDEX (reflects no deduction for fees, expenses, or taxes) </td> <td style="text-align: center">12.81%</td> <td style="text-align: center">6.09%</td> <td style="text-align: center">9.62%</td></tr> </table> -0.0726 0.0355 0.1054 -0.0743 0.0190 0.0926 -0.0430 0.0243 0.0840 reflects no deduction for fees, expenses, or taxes 0.1788 0.1442 0.1482 reflects no deduction for fees, expenses, or taxes 0.1106 0.0665 0.1000 reflects no deduction for fees, expenses, or taxes 0.1281 0.0609 0.0962 Davenport Insider Buying Fund What is the Fund’s Investment Objective? The investment objective of the Davenport Insider Buying Fund (the “Insider Buying Fund” or the “Fund”) is long-term growth of capital. What are the Fund’s Fees and Expenses? This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. Shareholder Fees (fees paid directly from your investment) <div id="xdx_A87_eoef--ShareholderFeesTableTextBlock_zohEaN9dqIa9"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zXvvSFjOO7nc" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr> <td style="vertical-align: top; padding-left: 13.7pt; text-indent: -13.7pt; text-align: left"></td> <td id="xdx_494_20260801__20260801__dei--LegalEntityAxis__custom--S000082904Member__oef--ClassAxis__custom--C000246245Member_zzimaDbtPAg7" style="vertical-align: bottom; text-align: center"></td></tr> <tr id="xdx_40C_eoef--ShareholderFeeOther_dn_zVqfNKMh6VZ4"> <td style="vertical-align: top; width: 86%; padding-left: 13.7pt; text-indent: -13.7pt; text-align: left">Shareholder Fees (fees paid directly from your investment)</td> <td style="vertical-align: bottom; width: 14%; text-align: center">None</td></tr> </table> 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A84_eoef--AnnualFundOperatingExpensesTableTextBlock_zrGIBISXmDe6"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zc6HWXA0OvXl" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: top"> <td style="padding-left: 13.7pt; text-indent: -13.7pt; text-align: left"> </td> <td id="xdx_494_20260801__20260801__dei--LegalEntityAxis__custom--S000082904Member__oef--ClassAxis__custom--C000246245Member_zlwQd5AJerHi" style="text-align: center"> </td></tr> <tr id="xdx_40C_eoef--ManagementFeesOverAssets_dpn_zDUdSxrTXjzj" style="vertical-align: top"> <td style="width: 86%; padding-left: 13.7pt; text-indent: -13.7pt; text-align: left">Management Fees</td> <td style="width: 14%; text-align: right">0.75%</td></tr> <tr id="xdx_40E_eoef--DistributionAndService12b1FeesOverAssets_dpn_zNifn15b4Yy7"> <td style="vertical-align: top; padding-left: 13.7pt; text-indent: -13.7pt; text-align: left">Distribution (12b-1) Fees</td> <td style="text-align: right">None</td></tr> <tr id="xdx_404_eoef--OtherExpensesOverAssets_dpn_z0i6Au92HWFa"> <td style="vertical-align: top; padding-left: 13.7pt; text-indent: -13.7pt; text-align: left">Other Expenses</td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right">0.26%</td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_zpPGveQhQjVd"> <td style="vertical-align: top; padding-left: 13.7pt; text-indent: -13.7pt; text-align: left">Total Annual Fund Operating Expenses</td> <td style="border-bottom: Black 1.5pt double; vertical-align: bottom; text-align: right">1.01%</td></tr> </table> 0.0075 0 0.0026 0.0101 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A8D_eoef--ExpenseExampleWithRedemptionTableTextBlock_zdXmRMqUeY6b"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zCaAcNP3vksc" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr> <td style="display: none; width: 0%"> </td> <td id="xdx_487_eoef--ExpenseExampleYear01_zeiX66L4Vun9" style="border-bottom: black 1pt solid; width: 22%; text-align: center">1 Year</td> <td style="vertical-align: top; width: 6%; text-align: center"> </td> <td id="xdx_486_eoef--ExpenseExampleYear03_zCl8KvXXG432" style="border-bottom: black 1pt solid; width: 20%; text-align: center">3 Years</td> <td style="vertical-align: top; width: 6%; text-align: center"> </td> <td id="xdx_48F_eoef--ExpenseExampleYear05_zQMBrBMnyb2i" style="border-bottom: black 1pt solid; vertical-align: top; width: 20%; text-align: center">5 Years</td> <td style="vertical-align: top; width: 6%; text-align: center"> </td> <td id="xdx_489_eoef--ExpenseExampleYear10_z9aq1188sJCa" style="border-bottom: black 1pt solid; vertical-align: top; width: 20%; text-align: center">10 Years</td></tr> <tr id="xdx_41A_20260801__20260801__dei--LegalEntityAxis__custom--S000082904Member__oef--ClassAxis__custom--C000246245Member_zbljsbq1lKnh"> <td style="display: none"> </td> <td style="text-align: center">$103</td> <td style="vertical-align: top; text-align: center"> </td> <td style="text-align: center">$322</td> <td style="vertical-align: top; text-align: center"> </td> <td style="vertical-align: top; text-align: center">$558</td> <td style="vertical-align: top; text-align: center"> </td> <td style="vertical-align: top; text-align: center">$1,236</td></tr> </table> 103 322 558 1236 Portfolio Turnover The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 42% of the average value of its portfolio. 0.42 What are the Fund’s Principal Investment Strategies? Under normal circumstances, the Insider Buying Fund will invest at least 80% of its net assets (including the amount of any borrowings for investment purposes) in common stocks of companies that show strong capital appreciation potential based upon “insider buying” activity. Insider buying means purchases of a company’s common stock by a company’s executives, officers, and/or directors that occur within a year of the Fund’s investment, as publicly reported in Securities and Exchange Commission (“SEC”) insider transaction filings (Forms 4 and 5). In selecting investments for the Fund, the Adviser will focus, among other matters, on the amount of insider buying activity in a company by a director, officer or executive within that company in an effort to discern if a company has favorable investment potential, based on the thesis that corporate insiders may know more about the prospects of a company than other investors. The Adviser uses public information from SEC filings on corporate insider buying and selling activities to determine the extent of insider buying activity in a company. In analyzing the buying and selling activities of corporate insiders, the Adviser considers various factors, such as the position of the insider within the company, possible motivations for the trade, trade volumes, and insider trading trends, including clustering and net buy/sells. The Adviser may also take into account the amount of insider ownership in a company by a director, officer, or executive, as a secondary consideration. The Adviser will select stocks of companies that have strong and focused management, solid balance sheets and a history of proven results. In determining whether a company has the potential for appreciation, the Adviser will focus on several criteria, including, among other things: <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 4pt; margin-bottom: 4pt"> <tr style="vertical-align: top"> <td style="width: 9pt"></td> <td style="width: 13.5pt">·</td> <td style="text-align: justify">wide economic moat – the company has a competitive advantage that may be difficult to replicate;</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 4pt; margin-bottom: 4pt"> <tr style="vertical-align: top"> <td style="width: 9pt"></td> <td style="width: 13.5pt">·</td> <td style="text-align: justify">financial flexibility – the company has the ability to self-finance its growth through internally generated cash flow and to efficiently direct its free cash flow through capital expenditures, acquisitions, share buybacks, dividends, and/or debt paydown;</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 4pt; margin-bottom: 4pt"> <tr style="vertical-align: top"> <td style="width: 9pt"></td> <td style="width: 13.5pt">·</td> <td style="text-align: justify">above-average growth – the company has a favorable trajectory of revenue, earnings, and cash flow growth versus the broader market, as measured by companies in the S&P 500® Index;</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 4pt; margin-bottom: 4pt"> <tr style="vertical-align: top"> <td style="width: 9pt"></td> <td style="width: 13.5pt">·</td> <td style="text-align: justify">above-average returns on capital – the company has the ability to generate above-average returns on equity, assets, or invested capital; and</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 4pt; margin-bottom: 4pt"> <tr style="vertical-align: top"> <td style="width: 9pt"></td> <td style="width: 13.5pt">·</td> <td style="text-align: justify">below average valuation – the company’s shares are trading at a below-average valuation multiple on an absolute basis, or on a relative basis as measured by its competitors and/or companies in the S&P 500® Index.</td></tr> </table> The Adviser attempts to control risk through diversification among major market sectors, but at times, may emphasize a particular business sector. The Adviser does not limit the Fund’s investments to any particular market capitalization; however, the Fund typically expects to focus its investments in companies having a market capitalization of $5 billion or more at the time of purchase. The market capitalization of the companies in the Fund’s portfolio may fluctuate over time. The Fund is not required to sell the stock of a company if the company’s market capitalization falls below $5 billion. At any time, the Fund may invest a portion of its assets in small, unseasoned companies. The Fund may invest up to 20% of its net assets in shares of exchange traded funds (“ETFs”) to adjust the Fund’s exposure to the broad market or to industry sectors without purchasing a large number of individual securities. ETFs typically hold a portfolio of securities designed to track the performance of a particular index, capitalization, or market sector. The Fund may invest up to 30% of its net assets in common stocks of foreign issuers if the Adviser believes they would be advantageous to the Fund and help it achieve its investment objective. A security may be sold when the Adviser believes the security no longer has the potential for strong capital appreciation, when it meets its targeted price, when the fundamentals of the issuer’s business or general market conditions have changed, when strong performance has resulted in an outsized position for the security within the Fund’s portfolio, or when the Adviser believes more attractive opportunities become available. The Fund is not intended to be a complete investment program and there can be no assurance that the Fund will achieve its investment objective. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any government agency. As with any mutual fund investment, there is a risk that you could lose money by investing in the Fund. Common Stock Risk. The return on and value of an investment in the Fund will fluctuate in response to stock market movements. Stocks tend to move in cycles and may decline in tandem with a drop in the overall value of the markets based on investor perceptions, interest rate changes, or negative developments affecting the U.S. or global economies, or certain issuers or industries. A company’s stock price may decline if the company does not perform as expected, if it is poorly managed, if there is a decreased demand for its products or services, or during periods of economic uncertainty or stock market turbulence. Natural or environmental disasters, public health events (such as pandemics) and other events can be highly disruptive to economies and the markets. Because economies and global markets are interconnected, economic, financial or political events in one country, sector or region could potentially have adverse widespread impacts. The financial markets continue to experience periods of volatility driven by geopolitical tensions, evolving economic conditions, and fiscal uncertainties, including elevated government debt levels and budget negotiations. Inflation remains elevated in certain sectors, increasing concerns about slowing growth, and contributing to uncertainty about the pace, timing and ultimate trajectory of the Federal Reserve’s monetary policy. Trade policy developments, including expanded U.S. tariffs and the risk of retaliatory measures, have contributed to higher input costs, supply chain disruptions, and pressure on companies with export exposure or reliance on cross border inputs. Strategic competition between the U.S. and China continues to influence global trade policy and investor sentiment, while broader geopolitical developments, economic instability, and volatility in energy and commodity markets, present continuing challenges to economic stability. In addition, rapid technological and structural changes, including significant investments in artificial intelligence and automation, have contributed to market concentration and uncertainty about corporate earnings, labor market trends, and broader economic impacts. Other events that may arise in the future could exacerbate pre-existing political, social, and economic risks in ways that cannot be predicted.Sector Focus Risk. The Fund may emphasize investment in one or more particular business sectors at times, which may cause its share price to be more susceptible to the financial, market, or economic events affecting issuers and industries within those sectors than a fund that does not emphasize investment in particular sectors. Economic or market factors, regulation, or deregulation, and technological or other developments may negatively impact all companies in a particular sector and may increase the risk of loss of an investment in the Fund. The sectors that the Fund may emphasize will vary from time to time.Foreign Securities Risk. Investments in foreign securities involve risks that may be different from those associated with U.S. securities. Foreign economies may be less stable or more volatile than the U.S. economy, and foreign issuers may not be subject to uniform audit and financial reporting or disclosure standards comparable to those in the U.S. Foreign issuers may be subject to political, economic, or market instability; tensions or open conflicts between nations; unfavorable government intervention, sanctions, tariffs or trade restrictions in their local jurisdictions; or the effects of geopolitical tensions and armed conflicts. Foreign securities are also subject to foreign currency risk, which is the risk that their value may decrease due to fluctuations in exchange rates between the U.S. dollar and the applicable foreign currency. In addition, income from foreign securities may be reduced by foreign withholding taxes. Market Capitalization Risk. The Fund typically expects to focus its investments in companies having a market capitalization of $5 billion or more at the time of purchase, but may also invest in companies with smaller market capitalizations. The Fund’s share price may be more susceptible to the financial, market, or economic events affecting issuers within its market capitalization. Larger capitalization companies may be unable to respond quickly to new competitive challenges, such as changes in technology, innovation, and consumer preferences, and may have more limited growth opportunities compared to smaller, more dynamic companies. Multinational companies with foreign business operations can be significantly impacted by political, economic, regulatory, and currency developments in foreign markets. Mid-cap, small-cap, and micro-cap companies may lack the management experience, financial resources, product diversification and other competitive strengths of larger companies. In many instances, the securities of small and micro-cap companies are traded only over-the-counter or on a regional securities exchange, and the frequency and volume of their trading is substantially less than is typical of larger companies.ETF Risk. An ETF is managed independently from the Fund and differs from a mutual fund in that its shares are listed on a securities exchange and trade intraday. An ETF is subject to the risks that (i) the value of its underlying securities may decline, (ii) its shares may trade at a premium or discount to its net asset value, or (iii) a lack of liquidity in the secondary market may impair the Fund’s ability to buy or sell shares at desired prices.Inflation Risk. The Fund is subject to inflation risk, which is the risk that the present value of its assets or investment income may decline in real terms as inflation reduces purchasing power. Unanticipated or persistent inflation may adversely impact the financial condition and operating results of a company, which may cause the Fund’s share price to decline. Periods of higher inflation may be accompanied by higher interest rates, which may lead investors to favor other asset classes than stocks, resulting in broader market declines that are not necessarily related to the performance of specific companies.Management Risk. The success of the Fund’s investment program depends largely on the Adviser’s skill in assessing a company’s potential for capital appreciation and the Adviser’s ability to discern if insider purchase activity in a company has favorable investment potential. If the Adviser’s opinion about a company’s capital appreciation or favorable investment potential based upon insider purchase activity is incorrect, a stock may not achieve the price appreciation anticipated by the Adviser and the securities in the Fund’s portfolio may not perform as well as the market as a whole or produce the intended results. A stock with capital appreciation characteristics may have sharp price declines due to decreases in current or expected earnings. Common Stock Risk. The return on and value of an investment in the Fund will fluctuate in response to stock market movements. Stocks tend to move in cycles and may decline in tandem with a drop in the overall value of the markets based on investor perceptions, interest rate changes, or negative developments affecting the U.S. or global economies, or certain issuers or industries. A company’s stock price may decline if the company does not perform as expected, if it is poorly managed, if there is a decreased demand for its products or services, or during periods of economic uncertainty or stock market turbulence. Natural or environmental disasters, public health events (such as pandemics) and other events can be highly disruptive to economies and the markets. Because economies and global markets are interconnected, economic, financial or political events in one country, sector or region could potentially have adverse widespread impacts.<div id="xdx_C02_gRBRTB-ZUJE_zotgO3f8xwFb"> </div><div id="xdx_C01_gRBRTB-ZUJE_zHZTwdEKiQY8">The financial markets continue to experience periods of volatility driven by geopolitical tensions, evolving economic conditions, and fiscal uncertainties, including elevated government debt levels and budget negotiations. Inflation remains elevated in certain sectors, increasing concerns about slowing growth, and contributing to uncertainty about the pace, timing and ultimate trajectory of the Federal Reserve’s monetary policy. Trade policy developments, including expanded U.S. tariffs and the risk of retaliatory measures, have contributed to higher input costs, supply chain disruptions, and pressure on companies with export exposure or reliance on cross border inputs. Strategic competition between the U.S. and China continues to influence global trade policy and investor sentiment, while broader geopolitical developments, economic instability, and volatility in energy and commodity markets, present continuing challenges to economic stability. In addition, rapid technological and structural changes, including significant investments in artificial intelligence and automation, have contributed to market concentration and uncertainty about corporate earnings, labor market trends, and broader economic impacts. Other events that may arise in the future could exacerbate pre-existing political, social, and economic risks in ways that cannot be predicted.</div> Sector Focus Risk. The Fund may emphasize investment in one or more particular business sectors at times, which may cause its share price to be more susceptible to the financial, market, or economic events affecting issuers and industries within those sectors than a fund that does not emphasize investment in particular sectors. Economic or market factors, regulation, or deregulation, and technological or other developments may negatively impact all companies in a particular sector and may increase the risk of loss of an investment in the Fund. The sectors that the Fund may emphasize will vary from time to time. Foreign Securities Risk. Investments in foreign securities involve risks that may be different from those associated with U.S. securities. Foreign economies may be less stable or more volatile than the U.S. economy, and foreign issuers may not be subject to uniform audit and financial reporting or disclosure standards comparable to those in the U.S. Foreign issuers may be subject to political, economic, or market instability; tensions or open conflicts between nations; unfavorable government intervention, sanctions, tariffs or trade restrictions in their local jurisdictions; or the effects of geopolitical tensions and armed conflicts. Foreign securities are also subject to foreign currency risk, which is the risk that their value may decrease due to fluctuations in exchange rates between the U.S. dollar and the applicable foreign currency. In addition, income from foreign securities may be reduced by foreign withholding taxes. Market Capitalization Risk. The Fund typically expects to focus its investments in companies having a market capitalization of $5 billion or more at the time of purchase, but may also invest in companies with smaller market capitalizations. The Fund’s share price may be more susceptible to the financial, market, or economic events affecting issuers within its market capitalization. Larger capitalization companies may be unable to respond quickly to new competitive challenges, such as changes in technology, innovation, and consumer preferences, and may have more limited growth opportunities compared to smaller, more dynamic companies. Multinational companies with foreign business operations can be significantly impacted by political, economic, regulatory, and currency developments in foreign markets. Mid-cap, small-cap, and micro-cap companies may lack the management experience, financial resources, product diversification and other competitive strengths of larger companies. In many instances, the securities of small and micro-cap companies are traded only over-the-counter or on a regional securities exchange, and the frequency and volume of their trading is substantially less than is typical of larger companies. ETF Risk. An ETF is managed independently from the Fund and differs from a mutual fund in that its shares are listed on a securities exchange and trade intraday. An ETF is subject to the risks that (i) the value of its underlying securities may decline, (ii) its shares may trade at a premium or discount to its net asset value, or (iii) a lack of liquidity in the secondary market may impair the Fund’s ability to buy or sell shares at desired prices. Inflation Risk. The Fund is subject to inflation risk, which is the risk that the present value of its assets or investment income may decline in real terms as inflation reduces purchasing power. Unanticipated or persistent inflation may adversely impact the financial condition and operating results of a company, which may cause the Fund’s share price to decline. Periods of higher inflation may be accompanied by higher interest rates, which may lead investors to favor other asset classes than stocks, resulting in broader market declines that are not necessarily related to the performance of specific companies. Management Risk. The success of the Fund’s investment program depends largely on the Adviser’s skill in assessing a company’s potential for capital appreciation and the Adviser’s ability to discern if insider purchase activity in a company has favorable investment potential. If the Adviser’s opinion about a company’s capital appreciation or favorable investment potential based upon insider purchase activity is incorrect, a stock may not achieve the price appreciation anticipated by the Adviser and the securities in the Fund’s portfolio may not perform as well as the market as a whole or produce the intended results. A stock with capital appreciation characteristics may have sharp price declines due to decreases in current or expected earnings. What has been the Fund’s Performance History? The bar chart and performance table shown below provide some indication of the risks and variability of investing in the Insider Buying Fund. The bar chart shows the Fund’s performance for each full calendar year of the Fund’s operations. The performance table shows how the Fund’s average annual total returns for 1 year and since inception compare with those of a broad measure of market performance, the S&P 500® Index, and an additional comparative index that is representative of the market sectors in which the Fund may invest. On October 1, 2026, the Fund will change its additional comparative index from the Russell 1000® Value Index to the Bloomberg U.S. 1000 Value Index due to licensing cost considerations. How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information, current through the most recent month end, is available by calling 1-800-281-3217. The bar chart and performance table shown below provide some indication of the risks and variability of investing in the Insider Buying Fund. The bar chart shows the Fund’s performance for each full calendar year of the Fund’s operations. How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. 1-800-281-3217 <div id="xdx_A86_eoef--BarChartTableTextBlock_zqKEOnx0ZFC8"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zhgdm48yGpQ7" style="font: 10pt Arial, Helvetica, Sans-Serif; display: none; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top; text-align: center"> <td style="text-align: center; width: 34%"> </td> <td id="xdx_49E_20240101__20241231_z2hvmNCUgHZ7" style="text-align: center; width: 33%">2024</td> <td id="xdx_492_20250101__20251231_z4wZICjGtQR2" style="text-align: center; width: 33%">2025</td></tr> <tr id="xdx_402_eoef--AnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000082904Member__oef--ClassAxis__custom--C000246245Member_zAkg9lYsceLd" style="vertical-align: top; text-align: center"> <td> </td> <td>3.12%</td> <td>4.26%</td></tr> </table> <img alt="" src="image_025.jpg" style="height: 159px; width: 357px"/> 0.0312 0.0426 The Fund’s year-to-date return through June 30, 2026 is 13.56%. During the periods shown in the bar chart, the highest return for a quarter was 7.59% during the quarter ended September 30, 2024 and the lowest return for a quarter was -7.26% during the quarter ended June 30, 2024. The Fund’s year-to-date return 2026-06-30 0.1356 the highest return for a quarter 0.0759 2024-09-30 the lowest return for a quarter -0.0726 2024-06-30 Average Annual Total Returns For Periods Ended December 31, 2025: 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, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are 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, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. <div id="xdx_A8A_eoef--PerformanceTableTextBlock_zzvXs33OMjuc"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zsYkpmklqdz4" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="width: 70%"> </td> <td id="xdx_492_20250101__20251231_zobABPcgo7Ok" style="border-bottom: black 1pt solid; width: 15%; text-align: center">One Year</td> <td id="xdx_498_20231130__20251231_zJ5XB6muK7K1" style="border-bottom: black 1pt solid; text-align: center; width: 15%">Since Inception (11-30-23)</td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000082904Member__oef--ClassAxis__custom--C000246245Member_zMbLO6NpxXE5" style="vertical-align: bottom"> <td>Return Before Taxes</td> <td style="text-align: center">4.26%</td> <td style="text-align: center">7.04%</td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000082904Member__oef--ClassAxis__custom--C000246245Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zbj2KCA9s9kj" style="vertical-align: bottom"> <td>Return After Taxes on Distributions</td> <td style="text-align: center">3.98%</td> <td style="text-align: center">6.79%</td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000082904Member__oef--ClassAxis__custom--C000246245Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zrtHR9BHzC0d" style="vertical-align: bottom"> <td>Return After Taxes on Distributions and Sale of Fund Shares</td> <td style="text-align: center">2.51%</td> <td style="text-align: center">5.34%</td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000082904Member__oef--PerformanceMeasureAxis__custom--SAndP500INDEXReflectsNoDeductionForFeesExpensesOrTaxesMember_zC8D4G14tIUk" style="vertical-align: bottom"> <td>S&P 500® INDEX (reflects no deduction for fees, expenses, or taxes)</td> <td style="text-align: center">17.88%</td> <td style="text-align: center">23.04%</td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000082904Member__oef--PerformanceMeasureAxis__custom--BloombergUS1000ValueIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zSjOtanrSfVg" style="vertical-align: bottom"> <td>BLOOMBERG U.S. 1000 VALUE INDEX (reflects no deduction for fees, expenses, or taxes)</td> <td style="text-align: center">16.53%</td> <td style="text-align: center">17.35%</td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000082904Member__oef--PerformanceMeasureAxis__custom--Russell1000ValueIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zw7fgVk1GYtl" style="vertical-align: bottom"> <td>RUSSELL 1000® VALUE INDEX (reflects no deduction for fees, expenses, or taxes)</td> <td style="text-align: center">15.91%</td> <td style="text-align: center">17.47%</td></tr> </table> 2023-11-30 Return Before Taxes 0.0426 0.0704 0.0398 0.0679 0.0251 0.0534 reflects no deduction for fees, expenses, or taxes 0.1788 0.2304 reflects no deduction for fees, expenses, or taxes 0.1653 0.1735 reflects no deduction for fees, expenses, or taxes 0.1591 0.1747 Davenport Balanced Income Fund What is the Fund’s Investment Objective? The investment objective of the Davenport Balanced Income Fund (the “Balanced Income Fund” or the “Fund”) is current income and an opportunity for long-term growth. What are the Fund’s Fees and Expenses? This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. Shareholder Fees (fees paid directly from your investment) <div id="xdx_A8A_eoef--ShareholderFeesTableTextBlock_z94r9YYvP5b7"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zV0EwyCTY6qa" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr> <td style="vertical-align: top"></td> <td id="xdx_490_20260801__20260801__dei--LegalEntityAxis__custom--S000052150Member__oef--ClassAxis__custom--C000164143Member_zN0mEqalHrr8" style="vertical-align: bottom; text-align: center"></td></tr> <tr id="xdx_40D_eoef--ShareholderFeeOther_dpn_zVRKrdhHoPl4"> <td style="vertical-align: top; width: 86%">Shareholder Fees (fees paid directly from your investment)</td> <td style="vertical-align: bottom; width: 14%; text-align: right">None</td></tr> </table> 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A86_eoef--AnnualFundOperatingExpensesTableTextBlock_zIfM9ybzIDB6"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zCXGpYE3oehd" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: top"> <td></td> <td id="xdx_490_20260801__20260801__dei--LegalEntityAxis__custom--S000052150Member__oef--ClassAxis__custom--C000164143Member_zZDXBXItszVl" style="text-align: center"></td></tr> <tr id="xdx_402_eoef--ManagementFeesOverAssets_dpn_zEFqHT8dTeee" style="vertical-align: top"> <td style="width: 86%">Management Fees</td> <td style="text-align: right; width: 14%">0.75%</td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_zGfLsYFMYmKf"> <td style="vertical-align: top">Distribution (12b-1) Fees</td> <td style="text-align: right">None</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dpn_zQF9BSbPWyQc" style="vertical-align: top"> <td>Other Expenses</td> <td style="text-align: right">0.17%</td></tr> <tr id="xdx_409_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zR9k9b8hvdqa" style="vertical-align: top"> <td>Acquired Fund Fees and Expenses</td> <td style="text-align: right">0.01%</td></tr> <tr id="xdx_40A_eoef--ExpensesOverAssets_dpn_zWs2o9u8yIfi"> <td style="vertical-align: top">Total Annual Fund Operating Expenses</td> <td style="border-top: Black 1pt solid; border-bottom: black 2.25pt double; text-align: right; vertical-align: bottom">0.93%(1)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; width: 100%; margin-top: 3pt; margin-bottom: 0"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 13.5pt">(1)</td> <td style="text-align: justify">“Total Annual Fund Operating Expenses” will not correlate to the Fund’s ratio of total expenses to average net assets in the Fund’s Financial Highlights, which reflects the operating expenses of the Fund but does not include “Acquired Fund Fees and Expenses.”</td></tr> </table> 0.0075 0 0.0017 0.0001 0.0093 “Total Annual Fund Operating Expenses” will not correlate to the Fund’s ratio of total expenses to average net assets in the Fund’s Financial Highlights, which reflects the operating expenses of the Fund but does not include “Acquired Fund Fees and Expenses.” Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A87_eoef--ExpenseExampleWithRedemptionTableTextBlock_zzlyNSKA9rOe"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_z3M1RXXbKtfb" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr> <td style="display: none; width: 0%"> </td> <td id="xdx_48D_eoef--ExpenseExampleYear01_zTQ2UkLDrAM5" style="border-bottom: black 1pt solid; width: 22%; text-align: center">1 Year</td> <td style="vertical-align: top; width: 6%; text-align: center"> </td> <td id="xdx_486_eoef--ExpenseExampleYear03_zcDv4xkFY6Jk" style="border-bottom: black 1pt solid; width: 20%; text-align: center">3 Years</td> <td style="vertical-align: top; width: 6%; text-align: center"> </td> <td id="xdx_48A_eoef--ExpenseExampleYear05_zZxOMlKzNoTj" style="border-bottom: black 1pt solid; width: 20%; text-align: center">5 Years</td> <td style="vertical-align: top; width: 6%; text-align: center"> </td> <td id="xdx_487_eoef--ExpenseExampleYear10_zYpf5NHIm97d" style="border-bottom: black 1pt solid; width: 20%; text-align: center">10 Years</td></tr> <tr id="xdx_41E_20260801__20260801__dei--LegalEntityAxis__custom--S000052150Member_zGdZkqoZPtr3"> <td style="display: none"> </td> <td style="text-align: center">$95</td> <td style="vertical-align: top; text-align: center"> </td> <td style="text-align: center">$296</td> <td style="vertical-align: top; text-align: center"> </td> <td style="text-align: center">$515</td> <td style="vertical-align: top; text-align: center"> </td> <td style="text-align: center">$1,143</td></tr> </table> 95 296 515 1143 Portfolio Turnover The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 36% of the average value of its portfolio. 0.36 What are the Fund’s Principal Investment Strategies? The Balanced Income Fund invests in a diversified portfolio of equity and fixed income securities, including exchange-traded funds (“ETFs”) that invest in equity and fixed income securities. Under normal market conditions, the Fund will target an allocation of no more than 75% and no less than 25% of its total assets in equity securities and no less than 25% of its total assets in fixed income securities. With regard to the Fund’s equity securities, Davenport & Company LLC (the “Adviser”) looks for companies that have established business models, attractive valuations, a history of dividend payment and dividend growth, and/or dividend growth potential. The Fund’s fixed income securities are used to enhance current income and to provide stability. The Fund may invest in fixed income securities of any duration, maturity, or quality rating. The Adviser attempts to control risk through diversification among major market sectors, but may overweight a position or a sector that is believed to have favorable prospects. The Adviser does not limit the Fund’s equity securities to any particular market capitalization. At any time, the Fund may invest a portion of its assets in small, unseasoned companies. The Fund may invest in shares of ETFs to adjust its exposure to the broad market or to industry sectors without purchasing a large number of individual securities. ETFs typically hold a portfolio of securities designed to track the performance of a particular index, capitalization, or market sector. The Fund may invest in equity and debt obligations of foreign issuers if the Adviser believes they would be advantageous to the Fund and help it achieve its investment objective. The Fund may invest in foreign issuers through the purchase of ETFs that invest primarily in common stocks or debt obligations of foreign companies, including regional and/or country specific ETFs. Equity Securities. The Adviser seeks to identify companies that may be undervalued because they are currently out of favor with the market or temporarily misunderstood by the investment community. The Adviser will assess the sustainability of a company’s dividend payments by analyzing its dividend history, its competitive position and industry dynamics. The Adviser uses a “bottom-up” stock selection approach that focuses primarily on individual companies in the context of broader market factors. In selecting equity investments for the Fund, the Adviser will focus on companies that exhibit one or more of the following characteristics: <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 4pt; margin-bottom: 4pt"> <tr style="vertical-align: top"> <td style="width: 9pt"></td> <td style="width: 13.5pt">·</td> <td style="text-align: justify">attractive valuation based on intrinsic, absolute, and relative value</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 4pt; margin-bottom: 4pt"> <tr style="vertical-align: top"> <td style="width: 9pt"></td> <td style="width: 13.5pt">·</td> <td style="text-align: justify">attractive dividend yield</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 4pt; margin-bottom: 4pt"> <tr style="vertical-align: top"> <td style="width: 9pt"></td> <td style="width: 13.5pt">·</td> <td style="text-align: justify">history of growing dividends with the likelihood of sustainable dividend growth</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 4pt; margin-bottom: 4pt"> <tr style="vertical-align: top"> <td style="width: 9pt"></td> <td style="width: 13.5pt">·</td> <td style="text-align: justify">an attractive business model, sound balance sheet and a disciplined management team</td></tr> </table> The Fund may invest in special situation companies facing near-term headwinds but with favorable prospects for recovery. Special situations may include significant changes in a company’s allocation of its existing capital (companies undergoing turnarounds, spin-offs, mergers, or acquisitions) or a restructuring of assets. Special situations may also result from significant changes to an industry through regulatory developments or shifts in competition, new or improved products, changes in senior management or significant changes in cost structure. The Fund may also invest in the equity securities of master limited partnerships (“MLPs”). MLPs are publicly traded partnerships that often own several properties or businesses (or directly own interests). MLPs are generally related to the real estate development and oil and gas industries, but may also finance other projects or provide financial services. By confining their interests to specific activities, MLP interests or units are able to trade on public securities exchanges exactly like shares of a corporation, without entity level taxation. An equity security will be sold when the Adviser believes it no longer has the potential for capital appreciation, when it meets its targeted price, when the fundamentals of the issuer’s business or general market conditions have changed, when more attractive opportunities become available, or when strong performance has resulted in an outsized position. Fixed Income Securities. The Fund may invest in fixed income securities of all types, including, but not limited to, government and government-related securities, mortgage and asset-backed securities, corporate and municipal bonds, and floating rate securities. The Fund will invest primarily in investment grade fixed income securities, but may invest in non-investment grade fixed income securities. Investment grade fixed income securities are those rated in one of the four highest rating categories by a nationally recognized rating agency or unrated securities determined to be investment-grade quality by the Adviser. Non-investment grade fixed income securities, commonly referred to as “junk bonds,” are rated below the four highest rating categories and generally involve a greater degree of credit risk. The Fund may invest in fixed income securities of any maturity or duration. The Fund’s effective duration is calculated using each security’s nearest call date or maturity date, whichever comes first. Duration is a measure of the Fund’s sensitivity to interest rate changes. For example, if interest rates increase by one percentage point (1%) and the Fund has a duration of 4 years, the value of the Fund’s fixed income holdings would be expected to decline by approximately 4%. The Fund’s allocation among different types of fixed income securities will vary based upon the Adviser’s assessment of economic conditions, interest rate trends, the shape of the yield curve, and sector analysis. In selecting fixed income securities, the Adviser considers factors such as interest rate expectations, yield curve positioning, credit ratings, liquidity, duration, and the potential for price appreciation. A fixed income security may be sold when it no longer meets the Adviser’s investment criteria or when a more attractive investment is available. The Balanced Income Fund is not intended to be a complete investment program and there can be no assurance that the Fund will achieve its investment objective. During a general downturn in the securities markets, the prices of both equity and fixed income investments may decline simultaneously. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any government agency. As with any mutual fund investment, there is a risk that you could lose money by investing in the Fund. Equity Securities Risk. The return on and value of an investment in the Fund will fluctuate in response to stock market movements. Stocks tend to move in cycles and may decline in tandem with a drop in the overall value of the markets based on investor perceptions, interest rate changes, or negative developments affecting the U.S. or global economies, or certain issuers or industries. A company’s stock price may decline if the company does not perform as expected, is poorly managed, if there is a decreased demand for its products or services, or during periods of economic uncertainty or stock market turbulence. Even investments in high quality or “blue chip” stocks may be negatively impacted by adverse market or economic conditions. Natural or environmental disasters, public health events (such as pandemics) and other events can be highly disruptive to economies and the markets. Because economies and global markets are interconnected, economic, financial, or political events in one country, sector or region could potentially have adverse widespread impacts. Investing in special situation companies carries an additional risk of loss if the expected development does not occur or produce the intended results.The financial markets continue to experience periods of volatility driven by geopolitical tensions, evolving economic conditions, and fiscal uncertainties, including elevated government debt levels and budget negotiations. Inflation remains elevated in certain sectors, increasing concerns about slowing growth, and contributing to uncertainty about the pace, timing and ultimate trajectory of the Federal Reserve’s monetary policy. Trade policy developments, including expanded U.S. tariffs and the risk of retaliatory measures, have contributed to higher input costs, supply chain disruptions, and pressure on companies with export exposure or reliance on cross border inputs. Strategic competition between the U.S. and China continues to influence global trade policy and investor sentiment, while broader geopolitical developments, economic instability, and volatility in energy and commodity markets, present continuing challenges to economic stability. In addition, rapid technological and structural changes, including significant investments in artificial intelligence and automation, have contributed to market concentration and uncertainty about corporate earnings, labor market trends, and broader economic impacts. Other events that may arise in the future could exacerbate pre-existing political, social, and economic risks in ways that cannot be predicted. Foreign Securities Risk. Investments in foreign securities involve risks that may be different from those associated with U.S. securities. Foreign economies may be less stable or more volatile than the U.S. economy, and foreign issuers may not be subject to uniform audit and financial reporting or disclosure standards comparable to those in the U.S. Foreign issuers may be subject to political, economic, or market instability; tensions or open conflicts between nations; unfavorable government intervention, sanctions, tariffs or trade restrictions in their local jurisdictions; or the effects of geopolitical tensions and armed conflicts. Foreign securities are also subject to foreign currency risk, which is the risk that their value may decrease due to fluctuations in exchange rates between the U.S. dollar and the applicable foreign currency. In addition, income from foreign securities may be reduced by foreign withholding taxes.Sector Focus Risk. The Fund may emphasize investment in one or more particular business sectors at times, which may cause its share price to be more susceptible to the financial, market or economic events affecting issuers and industries within those sectors than a fund that does not emphasize investment in particular sectors. Economic or market factors, regulation, or deregulation and technological or other developments may negatively impact all companies in a particular sector and may increase the risk of loss of an investment in the Fund. The sectors that the Fund may emphasize will vary from time to time.Market Capitalization Risk. The Fund may emphasize investment in a particular market capitalization, which may cause its share price to be more susceptible to the financial, market or economic events affecting issuers within that market capitalization. Larger capitalization companies may be unable to respond quickly to new competitive challenges, such as changes in technology, innovation, and consumer preferences, and may have more limited growth opportunities compared to smaller, more dynamic companies. Multinational companies with foreign business operations can be significantly impacted by political, economic, regulatory, and currency developments in foreign markets. Mid-cap, small-cap, and micro-cap companies may have more limited management experience, financial resources, product diversification and competitive strengths than larger, more established companies, and may be less able to respond effectively to competitive pressures or changes in the marketplace. Securities of mid-cap, small-cap, and micro-cap companies may be less liquid than those of larger companies and may trade in lower volumes, making them more difficult to buy or sell at desired times or prices. MLP Risk. Investments in securities of MLPs involve certain risks that differ from investments in common stock, including risks related to a common unit holder’s limited control and limited voting rights on matters affecting the MLP, as well as potential conflicts of interest between the MLP and its general partner. Additional risks include, cash flow risks, dilution and the general partner’s right to require unitholders to sell their common units at a time or price that may be unfavorable. Certain MLP securities may be thinly traded and may experience periods of limited liquidity, as well as abrupt or erratic price movements. MLPs are generally considered to be interest-rate sensitive and may not provide attractive returns during periods of interest rate volatility.MLPs that operate in the energy sector are subject to specific risks, including fluctuations in commodity prices, reduced consumer demand for energy products, extreme weather or natural disasters, regulatory changes, potential terrorist threats to energy infrastructure, or the depletion of natural resources.Fixed Income Risk. The value of the Fund’s fixed income securities will fluctuate based on a variety of factors, including changes in interest rates, the maturity of the security, the creditworthiness of an issuer, the liquidity of the security, and general bond market conditions. Interest rate changes may be influenced by government and central banking monetary policy, inflation expectations, general economic conditions and supply and demand. At times there may be an imbalance of supply and demand in the fixed income markets, which could result in greater price volatility, less liquidity, wider trading spreads and a lack of price transparency.<div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__us-gaap--InterestRateRiskMember_zMawwmDWsMP5"> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 4pt; margin-bottom: 4pt"> <tr style="vertical-align: top"> <td style="width: 9pt"></td> <td style="width: 13.5pt">·</td> <td style="text-align: justify">Interest Rate Risk. The value of the Fund’s fixed income securities will generally vary inversely with the direction of prevailing interest rate movements. Generally, when interest rates rise, the value of the Fund’s fixed income securities can be expected to decline. The longer the maturity of a fixed income security, the greater its sensitivity to interest rate changes. It is difficult to accurately predict the direction and timing of interest rate changes.</td></tr> </table></div><div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--MaturityRiskMember_z6Ig3xqCj6Gg"> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 4pt; margin-bottom: 4pt"> <tr style="vertical-align: top"> <td style="width: 9pt"></td> <td style="width: 13.5pt">·</td> <td style="text-align: justify">Maturity Risk. The value of the Fund’s fixed income securities is also dependent on their maturity. Generally, the longer the maturity or duration of a fixed income security, the greater the effect a change in interest rates may have on its share price. Thus, the Fund’s sensitivity to interest rate risk will increase with any increase in the Fund’s overall duration.</td></tr> </table></div><div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__us-gaap--CreditRiskMember_zuX8DCIaBXS9"> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 9pt"></td> <td style="width: 13.5pt">·</td> <td style="text-align: justify">Credit Risk. The value of the Fund’s fixed income securities depends upon the issuer’s ability to make timely payments of principal or interest. Nearly all fixed income securities are subject to credit risk, which may vary depending upon whether the issuer is a corporation, domestic or foreign government, or government agency. A deterioration in the financial condition of an issuer, or a deterioration in general economic conditions could impair an issuer’s ability to meet its payment obligations. Issuers of corporate debt obligations rated in the fourth highest rating category by a nationally recognized statistical rating organization (“NRSRO”) may not be as financially secure as issuers of higher rated securities. Lower rated fixed income securities are considered to be speculative and are more susceptible to adverse changes in economic conditions or other circumstances. These securities generally carry a greater risk of default and may be more sensitive to changes in market perceptions of an issuer’s creditworthiness, potentially resulting in greater price volatility.</td></tr> </table></div> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_z2ooi2Mcujoe"> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 6pt"> <tr style="vertical-align: top"> <td style="width: 9pt"></td> <td style="width: 13.5pt">·</td> <td style="text-align: justify">Liquidity Risk. Liquidity risk is the risk that a limited market for a security may make it difficult for the Fund to sell that security at an advantageous time or price. Liquidity risk may be magnified in a rising interest rate environment or other circumstances where investor redemptions from fixed income mutual funds or ETFs may be higher than normal. The capacity of traditional dealers to engage in fixed income trading has not kept pace with the fixed income market’s growth, causing dealer inventories to be at or near historical lows relative to market size. Lower rated securities and foreign debt securities may be subject to greater liquidity risk due to the lack of an active market and a reduced number of market participants. There is a risk that monetary policy actions by the U.S. Government to stimulate or stabilize the economy could result in less liquidity.</td></tr></table></div><div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--GovernmentSecuritiesRiskMember_zQ7k1lOHr9bi"> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 6pt"> <tr style="vertical-align: top"> <td style="width: 9pt"></td> <td style="width: 13.5pt">·</td> <td style="text-align: justify">Government Securities Risk. U.S. Government securities are subject to varying degrees of credit risk, depending upon whether they are supported by the full faith and credit of the U.S. Government, the ability to borrow from the U.S. Treasury, or the credit of the issuing U.S. Government agency, instrumentality or corporation. No assurance can be given that the U.S. Government will provide financial support to U.S. Government agencies, instrumentalities, or sponsored enterprises if it is not legally obligated to do so. In such cases, the Fund must rely primarily on the issuing or guaranteeing entity for ultimate repayment, and may not be able to assert a claim against the U.S. Government if that entity does not meet its commitment. Concerns about the ability of the U.S. Government to meet its obligations may negatively impact the value of U.S. Government securities held by the Fund. The guarantee of the U.S. Government does not extend to the yield or value of the U.S. Government securities held by the Fund or to the Fund’s shares.</td></tr></table></div><div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--MortgageRelatedSecuritiesRiskMember_zevnNl8oeSAb"> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 9pt"></td> <td style="width: 13.5pt">·</td> <td style="text-align: justify">Mortgage-Related Securities Risk. Mortgage-related securities are subject to varying degrees of credit risk, depending on whether they are issued by agencies or instrumentalities of the U.S. Government (including those whose securities are neither guaranteed nor insured by the U.S. Government) or by non-governmental issuers. Securities issued by private organizations may not be readily marketable and may be subject to greater illiquidity risk. Mortgage-related and other asset-backed securities may be particularly sensitive to changes in prevailing interest rates and early repayment on such securities may expose the Fund to a lower rate of return upon reinvestment of principal.</td></tr></table></div> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--AssetBackedSecuritiesRiskMember_zi3IIlCAlb0f"> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 6pt"> <tr style="vertical-align: top"> <td style="width: 9pt"></td> <td style="width: 13.5pt">·</td> <td style="text-align: justify">Asset-Backed Securities Risk. Asset-backed securities are backed by assets such as credit card, automobile or consumer loan receivables, retail installment loans, or participations in pools of leases. Credit support for these securities may be derived from structural features, such as subordination or overcollateralization and/or third party credit enhancements. Asset backed securities may be affected by factors concerning the interests in and structure of the issuer or the originator of the receivables, the creditworthiness of the entities that provide any supporting letters of credit or other credit enhancements, or the market’s assessment of the quality of the underlying security.</td></tr></table></div><div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--RisksAssociatedWithCreditRatingsMember_za4zCES3MDTe"> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 6pt"> <tr style="vertical-align: top"> <td style="width: 9pt"></td> <td style="width: 13.5pt">·</td> <td style="text-align: justify">Risks Associated with Credit Ratings. A credit agency’s rating represents the agency’s opinion as to the credit quality of a security but is not an absolute standard of quality or guarantee as to the creditworthiness of an issuer. Ratings of nationally recognized rating agencies present an inherent conflict of interest because such agencies are paid by the entities whose securities they rate. The credit rating of a security does not necessarily address its market risk (that is, the risk that the value of a security will be adversely affected due to movements in the overall financial markets or changes in the level of interest rates). In addition, ratings may not be revised promptly to reflect developments in the issuer’s financial condition.</td></tr></table></div>ETF Risk. An ETF is managed independently from the Fund and differs from a mutual fund in that its shares are listed on a securities exchange and trade intraday. An ETF is subject to the risks that (i) the value of its underlying securities may decline, (ii) its shares may trade at a premium or discount to its net asset value, or (iii) a lack of liquidity in the secondary market may impair the Fund’s ability to buy or sell shares at desired prices.Inflation Risk. The Fund is subject to inflation risk, which is the risk that the present value of its assets or investment income may decline in real terms as inflation reduces purchasing power. Unanticipated or persistent inflation may adversely affect the financial condition and operating results of a company, which may cause the Fund’s share price to decline. Periods of higher inflation may be accompanied by higher interest rates, resulting in broader equity market declines that are not necessarily related to the performance of specific companies. Management Risk. The Adviser’s method of security selection may not be successful and the securities in the Fund’s portfolio may not perform as well as the markets as a whole. The assumptions by which the Adviser bases its allocation among fixed income and equity securities may not produce the intended results and the Fund’s portfolio securities may not appreciate in value as expected. The allocations among equity and fixed income securities may limit the Fund’s potential for capital appreciation relative to a Fund that invests primarily in equity securities and may contribute to greater volatility than a Fund that invests primarily in fixed income securities. Equity Securities Risk. The return on and value of an investment in the Fund will fluctuate in response to stock market movements. Stocks tend to move in cycles and may decline in tandem with a drop in the overall value of the markets based on investor perceptions, interest rate changes, or negative developments affecting the U.S. or global economies, or certain issuers or industries. A company’s stock price may decline if the company does not perform as expected, is poorly managed, if there is a decreased demand for its products or services, or during periods of economic uncertainty or stock market turbulence. Even investments in high quality or “blue chip” stocks may be negatively impacted by adverse market or economic conditions. Natural or environmental disasters, public health events (such as pandemics) and other events can be highly disruptive to economies and the markets. Because economies and global markets are interconnected, economic, financial, or political events in one country, sector or region could potentially have adverse widespread impacts. Investing in special situation companies carries an additional risk of loss if the expected development does not occur or produce the intended results.<div id="xdx_C06_gRBRTB-YFOE_zk7dwodX9yjf">The financial markets continue to experience periods of volatility driven by geopolitical tensions, evolving economic conditions, and fiscal uncertainties, including elevated government debt levels and budget negotiations. Inflation remains elevated in certain sectors, increasing concerns about slowing growth, and contributing to uncertainty about the pace, timing and ultimate trajectory of the Federal Reserve’s monetary policy. Trade policy developments, including expanded U.S. tariffs and the risk of retaliatory measures, have contributed to higher input costs, supply chain disruptions, and pressure on companies with export exposure or reliance on cross border inputs. Strategic competition between the U.S. and China continues to influence global trade policy and investor sentiment, while broader geopolitical developments, economic instability, and volatility in energy and commodity markets, present continuing challenges to economic stability. In addition, rapid technological and structural changes, including significant investments in artificial intelligence and automation, have contributed to market concentration and uncertainty about corporate earnings, labor market trends, and broader economic impacts. Other events that may arise in the future could exacerbate pre-existing political, social, and economic risks in ways that cannot be predicted.</div> Foreign Securities Risk. Investments in foreign securities involve risks that may be different from those associated with U.S. securities. Foreign economies may be less stable or more volatile than the U.S. economy, and foreign issuers may not be subject to uniform audit and financial reporting or disclosure standards comparable to those in the U.S. Foreign issuers may be subject to political, economic, or market instability; tensions or open conflicts between nations; unfavorable government intervention, sanctions, tariffs or trade restrictions in their local jurisdictions; or the effects of geopolitical tensions and armed conflicts. Foreign securities are also subject to foreign currency risk, which is the risk that their value may decrease due to fluctuations in exchange rates between the U.S. dollar and the applicable foreign currency. In addition, income from foreign securities may be reduced by foreign withholding taxes. Sector Focus Risk. The Fund may emphasize investment in one or more particular business sectors at times, which may cause its share price to be more susceptible to the financial, market or economic events affecting issuers and industries within those sectors than a fund that does not emphasize investment in particular sectors. Economic or market factors, regulation, or deregulation and technological or other developments may negatively impact all companies in a particular sector and may increase the risk of loss of an investment in the Fund. The sectors that the Fund may emphasize will vary from time to time. Market Capitalization Risk. The Fund may emphasize investment in a particular market capitalization, which may cause its share price to be more susceptible to the financial, market or economic events affecting issuers within that market capitalization. Larger capitalization companies may be unable to respond quickly to new competitive challenges, such as changes in technology, innovation, and consumer preferences, and may have more limited growth opportunities compared to smaller, more dynamic companies. Multinational companies with foreign business operations can be significantly impacted by political, economic, regulatory, and currency developments in foreign markets. Mid-cap, small-cap, and micro-cap companies may have more limited management experience, financial resources, product diversification and competitive strengths than larger, more established companies, and may be less able to respond effectively to competitive pressures or changes in the marketplace. Securities of mid-cap, small-cap, and micro-cap companies may be less liquid than those of larger companies and may trade in lower volumes, making them more difficult to buy or sell at desired times or prices. MLP Risk. Investments in securities of MLPs involve certain risks that differ from investments in common stock, including risks related to a common unit holder’s limited control and limited voting rights on matters affecting the MLP, as well as potential conflicts of interest between the MLP and its general partner. Additional risks include, cash flow risks, dilution and the general partner’s right to require unitholders to sell their common units at a time or price that may be unfavorable. Certain MLP securities may be thinly traded and may experience periods of limited liquidity, as well as abrupt or erratic price movements. MLPs are generally considered to be interest-rate sensitive and may not provide attractive returns during periods of interest rate volatility.<div id="xdx_C08_gRBRTB-YFOE_zK25c5Z7wwY4">MLPs that operate in the energy sector are subject to specific risks, including fluctuations in commodity prices, reduced consumer demand for energy products, extreme weather or natural disasters, regulatory changes, potential terrorist threats to energy infrastructure, or the depletion of natural resources.</div> Fixed Income Risk. The value of the Fund’s fixed income securities will fluctuate based on a variety of factors, including changes in interest rates, the maturity of the security, the creditworthiness of an issuer, the liquidity of the security, and general bond market conditions. Interest rate changes may be influenced by government and central banking monetary policy, inflation expectations, general economic conditions and supply and demand. At times there may be an imbalance of supply and demand in the fixed income markets, which could result in greater price volatility, less liquidity, wider trading spreads and a lack of price transparency. <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__us-gaap--InterestRateRiskMember_zMawwmDWsMP5"> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 4pt; margin-bottom: 4pt"> <tr style="vertical-align: top"> <td style="width: 9pt"></td> <td style="width: 13.5pt">·</td> <td style="text-align: justify">Interest Rate Risk. The value of the Fund’s fixed income securities will generally vary inversely with the direction of prevailing interest rate movements. Generally, when interest rates rise, the value of the Fund’s fixed income securities can be expected to decline. The longer the maturity of a fixed income security, the greater its sensitivity to interest rate changes. It is difficult to accurately predict the direction and timing of interest rate changes.</td></tr> </table></div> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--MaturityRiskMember_z6Ig3xqCj6Gg"> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 4pt; margin-bottom: 4pt"> <tr style="vertical-align: top"> <td style="width: 9pt"></td> <td style="width: 13.5pt">·</td> <td style="text-align: justify">Maturity Risk. The value of the Fund’s fixed income securities is also dependent on their maturity. Generally, the longer the maturity or duration of a fixed income security, the greater the effect a change in interest rates may have on its share price. Thus, the Fund’s sensitivity to interest rate risk will increase with any increase in the Fund’s overall duration.</td></tr> </table></div> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__us-gaap--CreditRiskMember_zuX8DCIaBXS9"> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 9pt"></td> <td style="width: 13.5pt">·</td> <td style="text-align: justify">Credit Risk. The value of the Fund’s fixed income securities depends upon the issuer’s ability to make timely payments of principal or interest. Nearly all fixed income securities are subject to credit risk, which may vary depending upon whether the issuer is a corporation, domestic or foreign government, or government agency. A deterioration in the financial condition of an issuer, or a deterioration in general economic conditions could impair an issuer’s ability to meet its payment obligations. Issuers of corporate debt obligations rated in the fourth highest rating category by a nationally recognized statistical rating organization (“NRSRO”) may not be as financially secure as issuers of higher rated securities. Lower rated fixed income securities are considered to be speculative and are more susceptible to adverse changes in economic conditions or other circumstances. These securities generally carry a greater risk of default and may be more sensitive to changes in market perceptions of an issuer’s creditworthiness, potentially resulting in greater price volatility.</td></tr> </table></div> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_z2ooi2Mcujoe"> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 6pt"> <tr style="vertical-align: top"> <td style="width: 9pt"></td> <td style="width: 13.5pt">·</td> <td style="text-align: justify">Liquidity Risk. Liquidity risk is the risk that a limited market for a security may make it difficult for the Fund to sell that security at an advantageous time or price. Liquidity risk may be magnified in a rising interest rate environment or other circumstances where investor redemptions from fixed income mutual funds or ETFs may be higher than normal. The capacity of traditional dealers to engage in fixed income trading has not kept pace with the fixed income market’s growth, causing dealer inventories to be at or near historical lows relative to market size. Lower rated securities and foreign debt securities may be subject to greater liquidity risk due to the lack of an active market and a reduced number of market participants. There is a risk that monetary policy actions by the U.S. Government to stimulate or stabilize the economy could result in less liquidity.</td></tr></table></div> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--GovernmentSecuritiesRiskMember_zQ7k1lOHr9bi"> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 6pt"> <tr style="vertical-align: top"> <td style="width: 9pt"></td> <td style="width: 13.5pt">·</td> <td style="text-align: justify">Government Securities Risk. U.S. Government securities are subject to varying degrees of credit risk, depending upon whether they are supported by the full faith and credit of the U.S. Government, the ability to borrow from the U.S. Treasury, or the credit of the issuing U.S. Government agency, instrumentality or corporation. No assurance can be given that the U.S. Government will provide financial support to U.S. Government agencies, instrumentalities, or sponsored enterprises if it is not legally obligated to do so. In such cases, the Fund must rely primarily on the issuing or guaranteeing entity for ultimate repayment, and may not be able to assert a claim against the U.S. Government if that entity does not meet its commitment. Concerns about the ability of the U.S. Government to meet its obligations may negatively impact the value of U.S. Government securities held by the Fund. The guarantee of the U.S. Government does not extend to the yield or value of the U.S. Government securities held by the Fund or to the Fund’s shares.</td></tr></table></div> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--MortgageRelatedSecuritiesRiskMember_zevnNl8oeSAb"> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 9pt"></td> <td style="width: 13.5pt">·</td> <td style="text-align: justify">Mortgage-Related Securities Risk. Mortgage-related securities are subject to varying degrees of credit risk, depending on whether they are issued by agencies or instrumentalities of the U.S. Government (including those whose securities are neither guaranteed nor insured by the U.S. Government) or by non-governmental issuers. Securities issued by private organizations may not be readily marketable and may be subject to greater illiquidity risk. Mortgage-related and other asset-backed securities may be particularly sensitive to changes in prevailing interest rates and early repayment on such securities may expose the Fund to a lower rate of return upon reinvestment of principal.</td></tr></table></div> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--AssetBackedSecuritiesRiskMember_zi3IIlCAlb0f"> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 6pt"> <tr style="vertical-align: top"> <td style="width: 9pt"></td> <td style="width: 13.5pt">·</td> <td style="text-align: justify">Asset-Backed Securities Risk. Asset-backed securities are backed by assets such as credit card, automobile or consumer loan receivables, retail installment loans, or participations in pools of leases. Credit support for these securities may be derived from structural features, such as subordination or overcollateralization and/or third party credit enhancements. Asset backed securities may be affected by factors concerning the interests in and structure of the issuer or the originator of the receivables, the creditworthiness of the entities that provide any supporting letters of credit or other credit enhancements, or the market’s assessment of the quality of the underlying security.</td></tr></table></div> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--RisksAssociatedWithCreditRatingsMember_za4zCES3MDTe"> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 6pt"> <tr style="vertical-align: top"> <td style="width: 9pt"></td> <td style="width: 13.5pt">·</td> <td style="text-align: justify">Risks Associated with Credit Ratings. A credit agency’s rating represents the agency’s opinion as to the credit quality of a security but is not an absolute standard of quality or guarantee as to the creditworthiness of an issuer. Ratings of nationally recognized rating agencies present an inherent conflict of interest because such agencies are paid by the entities whose securities they rate. The credit rating of a security does not necessarily address its market risk (that is, the risk that the value of a security will be adversely affected due to movements in the overall financial markets or changes in the level of interest rates). In addition, ratings may not be revised promptly to reflect developments in the issuer’s financial condition.</td></tr></table></div> ETF Risk. An ETF is managed independently from the Fund and differs from a mutual fund in that its shares are listed on a securities exchange and trade intraday. An ETF is subject to the risks that (i) the value of its underlying securities may decline, (ii) its shares may trade at a premium or discount to its net asset value, or (iii) a lack of liquidity in the secondary market may impair the Fund’s ability to buy or sell shares at desired prices. Inflation Risk. The Fund is subject to inflation risk, which is the risk that the present value of its assets or investment income may decline in real terms as inflation reduces purchasing power. Unanticipated or persistent inflation may adversely affect the financial condition and operating results of a company, which may cause the Fund’s share price to decline. Periods of higher inflation may be accompanied by higher interest rates, resulting in broader equity market declines that are not necessarily related to the performance of specific companies. Management Risk. The Adviser’s method of security selection may not be successful and the securities in the Fund’s portfolio may not perform as well as the markets as a whole. The assumptions by which the Adviser bases its allocation among fixed income and equity securities may not produce the intended results and the Fund’s portfolio securities may not appreciate in value as expected. The allocations among equity and fixed income securities may limit the Fund’s potential for capital appreciation relative to a Fund that invests primarily in equity securities and may contribute to greater volatility than a Fund that invests primarily in fixed income securities. What has been the Fund’s Performance History? The bar chart and performance table shown below provide some indication of the risks and variability of investing in the Balanced Income Fund. The bar chart shows the Fund’s performance for each of the last 10 calendar years. The performance table shows how the Fund’s average annual total returns for 1, 5, and 10 year periods compare with those of a broad measure of market performance, the S&P 500® Index, and additional comparative indices that are representative of the market sectors in which the Fund may invest. On October 1, 2026, the Fund will change two of its additional comparative indices due to licensing cost considerations - replacing the Russell 1000® Value Index with the Bloomberg U.S. 1000 Value Index; and replacing the 60% Russell 1000® Value Index/40% Bloomberg Intermediate U.S. Government/Credit Index with the 60% Bloomberg U.S. 1000 Value Index/40% Bloomberg Intermediate U.S. Government/Credit Index. The blended indexes are composite representations of the U.S. stock and bond markets. How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information, current through the most recent month end, is available by calling 1-800-281-3217. The bar chart and performance table shown below provide some indication of the risks and variability of investing in the Balanced Income Fund. The bar chart shows the Fund’s performance for each of the last 10 calendar years. How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. 1-800-281-3217 <div id="xdx_A88_eoef--BarChartTableTextBlock_zC2EYZnFSUm4"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zTKrPtFkeGpb" style="font: 10pt Arial, Helvetica, Sans-Serif; display: none; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top; text-align: center"> <td style="text-align: center; width: 10%"> </td> <td id="xdx_498_20160101__20161231_ztCEpGsLcvIf" style="text-align: center; width: 9%">2016</td> <td id="xdx_493_20170101__20171231_zqj4ISsXsdbd" style="text-align: center; width: 9%">2017</td> <td id="xdx_492_20180101__20181231_zpvHX8PLTQx2" style="text-align: center; width: 9%">2018</td> <td id="xdx_495_20190101__20191231_zgiRc2lxUAOb" style="text-align: center; width: 9%">2019</td> <td id="xdx_493_20200101__20201231_ziya5tjzpMzc" style="text-align: center; width: 9%">2020</td> <td id="xdx_49F_20210101__20211231_zHCArB9XxBBa" style="text-align: center; width: 9%">2021</td> <td id="xdx_494_20220101__20221231_zggnG3VkDiZ3" style="text-align: center; width: 9%">2022</td> <td id="xdx_49D_20230101__20231231_zeEfAGRV0Ig" style="text-align: center; width: 9%">2023</td> <td id="xdx_491_20240101__20241231_zd3JfwHmpWhb" style="text-align: center; width: 9%">2024</td> <td id="xdx_491_20250101__20251231_zCrPJLWVpmak" style="text-align: center; width: 9%">2025</td></tr> <tr id="xdx_40F_eoef--AnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000052150Member__oef--ClassAxis__custom--C000164143Member_zVY0fxSkEXua" style="vertical-align: top; text-align: center"> <td> </td> <td>9.16%</td> <td>11.11%</td> <td>-7.56%</td> <td>18.55%</td> <td>3.58%</td> <td>14.18%</td> <td>-11.03%</td> <td>7.81%</td> <td>7.98%</td> <td>9.88%</td></tr> </table> <img alt="" src="image_028.jpg"/> 0.0916 0.1111 -0.0756 0.1855 0.0358 0.1418 -0.1103 0.0781 0.0798 0.0988 The Fund’s year-to-date return through June 30, 2026 is 3.63%. During the periods shown in the bar chart, the highest return for a quarter was 10.40% during the quarter ended June 30, 2020 and the lowest return for a quarter was -18.57% during the quarter ended March 31, 2020. The Fund’s year-to-date return 2026-06-30 0.0363 the highest return for a quarter 0.1040 2020-06-30 the lowest return for a quarter -0.1857 2020-03-31 Average Annual Total Returns For Periods Ended December 31, 2025: 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, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are 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, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. <div id="xdx_A89_eoef--PerformanceTableTextBlock_zT1a1p4cbEn1"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_ztpU7ncvRpQb" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr> <td style="vertical-align: bottom; width: 64%"> </td> <td id="xdx_491_20250101__20251231_z7W0rnNmaOUe" style="border-bottom: black 1pt solid; vertical-align: top; width: 12%; text-align: center">One Year</td> <td id="xdx_49E_20210101__20251231_zv7buajiHBn2" style="border-bottom: black 1pt solid; vertical-align: top; width: 12%; text-align: center">Five Years</td> <td id="xdx_490_20160101__20251231_zATArQNXFZdl" style="border-bottom: black 1pt solid; text-align: center; vertical-align: top; width: 12%">Ten Years</td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000052150Member__oef--ClassAxis__custom--C000164143Member_zcMN41yUxgei" style="vertical-align: bottom"> <td>Return Before Taxes</td> <td style="text-align: center">9.88%</td> <td style="text-align: center">5.38%</td> <td style="text-align: center">5.99%</td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000052150Member__oef--ClassAxis__custom--C000164143Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zc84ybV0CfC4" style="vertical-align: bottom"> <td>Return After Taxes on Distributions</td> <td style="text-align: center">8.03%</td> <td style="text-align: center">4.34%</td> <td style="text-align: center">5.17%</td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000052150Member__oef--ClassAxis__custom--C000164143Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zb7IjPvmcro7" style="vertical-align: bottom"> <td>Return After Taxes on Distributions and Sale of Fund Shares</td> <td style="text-align: center">6.29%</td> <td style="text-align: center">3.91%</td> <td style="text-align: center">4.57%</td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000052150Member__oef--PerformanceMeasureAxis__custom--SAndP500INDEXReflectsNoDeductionForFeesExpensesOrTaxesMember_zGTLVuyKNeka" style="vertical-align: bottom"> <td>S&P 500® INDEX (reflects no deduction for fees, expenses, or taxes)</td> <td style="text-align: center">17.88%</td> <td style="text-align: center">14.42%</td> <td style="text-align: center">14.82%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000052150Member__oef--PerformanceMeasureAxis__custom--BloombergUS1000ValueIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zdHfiVeALFif" style="vertical-align: bottom"> <td style="text-indent: -5.4pt; padding-left: 5.4pt">BLOOMBERG U.S. 1000 VALUE INDEX (reflects no deduction for fees, expenses, or taxes)</td> <td style="text-align: center">16.53%</td> <td style="text-align: center">12.66%</td> <td style="text-align: center">11.07%</td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000052150Member__oef--PerformanceMeasureAxis__custom--Russell1000ValueIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zmoKheEtFvM2" style="vertical-align: bottom"> <td style="text-indent: -5.4pt; padding-left: 5.4pt">RUSSELL 1000® VALUE INDEX (reflects no deduction for fees, expenses, or taxes)</td> <td style="text-align: center">15.91%</td> <td style="text-align: center">11.33%</td> <td style="text-align: center">10.53%</td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000052150Member__oef--PerformanceMeasureAxis__custom--BloombergIntermediateUSGovernmentCreditIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zbjfhJkv9561" style="vertical-align: bottom"> <td style="text-indent: -5.4pt; padding-left: 5.4pt">BLOOMBERG INTERMEDIATE U.S GOVERNMENT/CREDIT INDEX (reflects no deduction for fees, expenses, or taxes)</td> <td style="text-align: center">6.97%</td> <td style="text-align: center">0.96%</td> <td style="text-align: center">2.29%</td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000052150Member__oef--PerformanceMeasureAxis__custom--SixtyBloombergUS1000ValueIndex40BloombergIntermediateUSGovernmentCreditIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zUylnG8vGM12" style="vertical-align: bottom"> <td style="text-indent: -5.4pt; padding-left: 5.4pt">60% BLOOMBERG U.S. 1000 VALUE INDEX/40% BLOOMBERG INTERMEDIATE U.S. GOVERNMENT/CREDIT INDEX (reflects no deduction for fees, expenses, or taxes)</td> <td style="text-align: center">12.72%</td> <td style="text-align: center">8.07%</td> <td style="text-align: center">7.79%</td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000052150Member__oef--PerformanceMeasureAxis__custom--SixtyRussell1000ValueIndex40BloombergIntermediateUSGovernmentCreditIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zDfDKwPgzmT6" style="vertical-align: bottom"> <td style="text-indent: -5.4pt; padding-left: 5.4pt">60% RUSSELL 1000® VALUE INDEX/ 40% BLOOMBERG INTERMEDIATE U.S. GOVERNMENT/CREDIT INDEX (reflects no deduction for fees, expenses, or taxes)</td> <td style="text-align: center">12.34%</td> <td style="text-align: center">7.28%</td> <td style="text-align: center">7.45%</td></tr> </table> Return Before Taxes 0.0988 0.0538 0.0599 0.0803 0.0434 0.0517 0.0629 0.0391 0.0457 reflects no deduction for fees, expenses, or taxes 0.1788 0.1442 0.1482 reflects no deduction for fees, expenses, or taxes 0.1653 0.1266 0.1107 reflects no deduction for fees, expenses, or taxes 0.1591 0.1133 0.1053 reflects no deduction for fees, expenses, or taxes 0.0697 0.0096 0.0229 reflects no deduction for fees, expenses, or taxes 0.1272 0.0807 0.0779 reflects no deduction for fees, expenses, or taxes 0.1234 0.0728 0.0745 The Government Street Equity Fund What is the Fund’s investment objective? The investment objective of The Government Street Equity Fund (the “Fund”) is to seek capital appreciation. What are the Fund’s fees and expenses? This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of The Government Street Equity Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. Shareholder Fees (fees paid directly from your investment) <div id="xdx_A8E_eoef--ShareholderFeesTableTextBlock_zix8wKvJctq5"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_z93htaQFNG59" style="width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr> <td style="font: 10.5pt Calisto MT; vertical-align: top; text-align: left"></td> <td id="xdx_49B_20260801__20260801__dei--LegalEntityAxis__custom--S000001557Member__oef--ClassAxis__custom--C000004216Member_zft7bAFcTa1d" style="font: 10.5pt Calisto MT; vertical-align: bottom; text-align: center"></td> <td style="font: 10.5pt Calisto MT; vertical-align: bottom; text-align: right"></td></tr> <tr id="xdx_407_eoef--ShareholderFeeOther_dpn_zmbBMeWxDmb9"> <td style="font: 10.5pt Calisto MT; vertical-align: top; width: 87%; text-align: left">Shareholder Fees (fees paid directly from your investment) </td> <td style="font: 10.5pt Calisto MT; vertical-align: bottom; width: 11%; text-align: right">None</td> <td style="font: 10.5pt Calisto MT; vertical-align: bottom; width: 2%; text-align: right"> </td></tr> </table> 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A84_eoef--AnnualFundOperatingExpensesTableTextBlock_zSgztPJsjIhf"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zoppRSLug8k2" style="font: 10.5pt Calisto MT; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: top"> <td style="text-align: left"></td> <td id="xdx_49B_20260801__20260801__dei--LegalEntityAxis__custom--S000001557Member__oef--ClassAxis__custom--C000004216Member_zLVJFR2msSpa" style="text-align: center"></td> <td style="text-align: center"></td></tr> <tr id="xdx_409_eoef--ManagementFeesOverAssets_dpn_z1y8DNecBNkh" style="vertical-align: top"> <td style="width: 86%; text-align: left">Management Fees </td> <td style="width: 12%; text-align: right">0.60%</td> <td style="width: 2%; text-align: center"> </td></tr> <tr id="xdx_404_eoef--DistributionAndService12b1FeesOverAssets_dpn_z6S9Bou8QHp1"> <td style="vertical-align: top; text-align: left">Distribution (12b-1) Fees </td> <td style="text-align: right">None</td> <td style="text-align: center"> </td></tr> <tr id="xdx_408_eoef--Component1OtherExpensesOverAssets_dpn_zWKl85gccvFk" style="vertical-align: top"> <td style="text-align: left">Other Expenses </td> <td style="text-align: right">0.21%</td> <td style="text-align: center"> </td></tr> <tr id="xdx_401_eoef--Component2OtherExpensesOverAssets_dpn_zDfjIhb390Yf" style="vertical-align: top"> <td style="padding-left: 10pt; text-align: left">Shareholder Servicing Fees </td> <td style="text-align: right">0.04%</td> <td style="text-align: center">(1)</td></tr> <tr id="xdx_409_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_z7rnt67Ggxma"> <td style="vertical-align: top; text-align: left">Acquired Fund Fees and Expenses </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right">0.03%</td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"> </td></tr> <tr id="xdx_40B_eoef--ExpensesOverAssets_dpn_zwyHhMe6WiT4"> <td style="vertical-align: top; text-align: left">Total Annual Fund Operating Expenses </td> <td style="border-bottom: black 2.25pt double; vertical-align: bottom; text-align: right">0.88%</td> <td style="border-bottom: black 2.25pt double; vertical-align: bottom; text-align: center">(2)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 8pt Calisto MT; width: 100%; margin-top: 6pt; margin-bottom: 0"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 13.5pt">(1)</td> <td style="text-align: justify">The Fund has adopted a Shareholder Servicing Plan which allows the Fund to make payments to financial organizations for providing account administration and account maintenance services to Fund shareholders. The annual limitation for the payment of these expenses is 0.25% of the Fund’s average daily net assets.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 8pt Calisto MT; width: 100%; margin-top: 3pt; margin-bottom: 0"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 13.5pt">(2)</td> <td style="text-align: justify">“Total Annual Fund Operating Expenses” will not correlate to the Fund’s ratio of total expenses to average net assets in the Fund’s Financial Highlights, which reflects the operating expenses of the Fund but does not include “Acquired Fund Fees and Expenses.” </td></tr> </table> 0.0060 0 0.0021 0.0004 0.0003 0.0088 “Total Annual Fund Operating Expenses” will not correlate to the Fund’s ratio of total expenses to average net assets in the Fund’s Financial Highlights, which reflects the operating expenses of the Fund but does not include “Acquired Fund Fees and Expenses.” Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A8B_eoef--ExpenseExampleWithRedemptionTableTextBlock_zbycNf7b0074"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_ztM1x1Y4bwF9" style="font: 10.5pt Calisto MT; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr> <td style="display: none; width: 0%"> </td> <td id="xdx_482_eoef--ExpenseExampleYear01_z9aDIp6efAzi" style="border-bottom: black 1pt solid; width: 23%; text-align: center">1 Year</td> <td style="vertical-align: top; width: 6%; text-align: center"> </td> <td id="xdx_48F_eoef--ExpenseExampleYear03_z6YZgLyHD78j" style="border-bottom: black 1pt solid; width: 20%; text-align: center">3 Years</td> <td style="vertical-align: top; width: 6%; text-align: center"> </td> <td id="xdx_485_eoef--ExpenseExampleYear05_zDO51YHhkZff" style="border-bottom: black 1pt solid; width: 20%; text-align: center">5 Years</td> <td style="vertical-align: top; width: 6%; text-align: center"> </td> <td id="xdx_48E_eoef--ExpenseExampleYear10_zIYWpetjcKZ2" style="border-bottom: black 1pt solid; width: 19%; text-align: center">10 Years</td></tr> <tr id="xdx_41B_20260801__20260801__dei--LegalEntityAxis__custom--S000001557Member__oef--ClassAxis__custom--C000004216Member_zcp8JWFJKFG5"> <td style="display: none"> </td> <td style="text-align: center">$ 90</td> <td style="vertical-align: top; text-align: center"> </td> <td style="text-align: center">$ 281</td> <td style="vertical-align: top; text-align: center"> </td> <td style="text-align: center">$ 488</td> <td style="vertical-align: top; text-align: center"> </td> <td style="text-align: center">$1,084</td></tr> </table> 90 281 488 1084 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 19% of the average value of its portfolio. 0.19 What are the Fund’s principal investment strategies? Under normal circumstances, at least 80% of The Government Street Equity Fund’s net assets (including the amount of any borrowings for investment purposes) will be invested in equity securities. Equity securities consist of domestic and foreign common stocks and shares of exchange traded funds (“ETFs”) that invest primarily in common stocks. The Fund’s investments in foreign common stocks are made through the purchase of American Depositary Receipts (“ADRs”) or ETFs that investment primarily in common stocks of foreign companies, including regional and/or country specific ETFs. The Fund is governed by an investment philosophy that seeks to reduce the variability of its returns (risk) and to increase its longer-term compounded returns through a diversified investment strategy. The Fund is typically broadly diversified among companies in a variety of industries and economic sectors. The Fund’s portfolio will generally consist of securities whose market capitalizations fall within the range of the market capitalizations of the S&P 500® Index. The market capitalizations of the companies in the S&P 500® Index ranged from $5.1 billion to $4.85 trillion as of June 30, 2026. The process for selecting equity securities begins with a list of large capitalization common stocks. The stocks are reviewed for their financial attributes, such as balance sheet quality, earnings history, future prospects and financial ratios (including, but not limited to, debt/equity ratios, return on equity, return on assets and net worth). The list is narrowed to a universe of approximately 150 to 300 common stocks. Stocks in this universe are then grouped into either a “growth” or “value” category (depending upon their respective price/book values). Each category (“growth” or “value”) is then sorted into the eleven economic sector weightings of the S&P 500® Index. These twenty-two categories of stocks serve as the basis for the diversification that is inherent in the portfolio. The Fund may invest up to 25% of its net assets in shares of ETFs to adjust its exposure to the broad market or to industry sectors without purchasing a large number of individual securities. ETFs typically hold a portfolio of securities designed to track the performance of a particular index, capitalization, or market sector. The Fund may invest up to 25% of its net assets in foreign issuers. The performance of the Fund and its individual securities is monitored on an ongoing basis. To maintain the quality and diversification that is desired, the portfolio is continuously evaluated and re-balanced periodically. A security may be sold when it no longer meets the Adviser’s criteria for investment, when there are more attractive investment opportunities, or when the fundamentals of the issuer’s business or general market conditions have changed. The Government Street Equity Fund is not intended to be a complete investment program and there can be no assurance that the Fund will achieve its investment objective. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. As with any mutual fund investment, there is a risk that you could lose money by investing in the Fund. Equity Securities Risk. The return on and value of an investment in the Fund will fluctuate in response to stock market movements. Stocks tend to move in cycles and may decline in tandem with a drop in the overall value of the markets based on investor perceptions, interest rate changes, or negative developments affecting the U.S. or global economies, or certain issuers or industries. A company’s stock price may decline if the company does not perform as expected, is poorly managed, if there is a decreased demand for its products or services, or during periods of economic uncertainty or stock market turbulence. Natural or environmental disasters, public health events (such as pandemics) and other events can be highly disruptive to economies and the markets. Because economies and global markets are interconnected, economic, financial, or political events in one country, sector or region could potentially have adverse widespread impacts.The financial markets continue to experience periods of volatility driven by geopolitical tensions, evolving economic conditions, and fiscal uncertainties, including elevated government debt levels and budget negotiations. Inflation remains elevated in certain sectors, increasing concerns about slowing growth, and contributing to uncertainty about the pace, timing and ultimate trajectory of the Federal Reserve’s monetary policy. Trade policy developments, including expanded U.S. tariffs and the risk of retaliatory measures, have contributed to higher input costs, supply chain disruptions, and pressure on companies with export exposure or reliance on cross border inputs. Strategic competition between the U.S. and China continues to influence global trade policy and investor sentiment, while broader geopolitical developments, economic instability, and volatility in energy and commodity markets, present continuing challenges to economic stability. In addition, rapid technological and structural changes, including significant investments in artificial intelligence and automation, have contributed to market concentration and uncertainty about corporate earnings, labor market trends, and broader economic impacts. These and other events that may arise in the future could exacerbate pre-existing political, social and economic risks in ways that cannot be predicted.Large Company Risk. Larger capitalization companies may be unable to respond quickly to new competitive challenges, such as changes in technology, innovation, and consumer preferences, and may have more limited growth opportunities compared to smaller, more dynamic companies. Multinational companies with foreign business operations can be significantly impacted by political, economic, regulatory, and currency developments in foreign markets.ETF Risk. An ETF is managed independently from the Fund and differs from a mutual fund in that its shares are listed on a securities exchange and trade intraday. An ETF is subject to the risks that (i) the value of its underlying securities may decline, (ii) its shares may trade at a premium or discount to its net asset value, or (iii) a lack of liquidity in the secondary market may impair the Fund’s ability to buy or sell shares at desired prices.Foreign Securities Risk. Investments in foreign securities involve risks that may be different than those associated with U.S. securities. Foreign economies may be less stable or more volatile than the U.S. economy, and foreign issuers may not be subject to uniform audit and financial reporting or disclosure standards, comparable to those in the U.S. Foreign issuers may be subject to political, economic, or market instability; tensions or open conflicts between nations; unfavorable government intervention, sanctions, tariffs or trade restrictions in their local jurisdictions; or the effects of geopolitical tensions and armed conflicts. Foreign securities are also subject to foreign currency risk, which is the risk that their value may decrease due to fluctuations in exchange rates between the U.S. dollar and the applicable foreign currency. In addition, income from foreign securities may be reduced by foreign withholding taxes.ADRs are securities that are generally issued by a U.S. bank to U.S. buyers as a substitute for direct ownership of a foreign security and are traded on U.S. exchanges. ADRs are subject to certain additional risks, in addition to the risks of foreign investments. In sponsored depositary arrangements, the foreign issuer typically bears some or all of the depositary’s fees, while in unsponsored arrangements, the issuer has no obligations and the fees are paid by the depositary holders. Because unsponsored depositary arrangements are organized without the issuer’s participation, information about the issuer may be less current and the voting rights associated with the deposited securities are generally not passed through to the holders.Sector Focus Risk. The Fund may emphasize investment in one or more particular business sectors at times, which may cause its share price to be more susceptible to the financial, market or economic events affecting issuers and industries within those sectors than a fund that does not emphasize investment in particular sectors. Economic or market factors, regulation, or deregulation, and technological or other developments may negatively impact all companies in a particular sector and may increase the risk of loss of an investment in the Fund. As of March 31, 2026, the Fund had 26.6% of its net assets invested in securities within the technology sector. The values of securities in the technology sector may be adversely affected by, among other factors, intense competitive pressures, short product cycles, aggressive pricing, rapid technological changes, and the potential for rapid obsolescence of products and services. They are particularly susceptible to cybersecurity risks, including hacking, data breaches, and theft of proprietary or consumer information, as well as evolving regulatory developments, dependence on intellectual property rights, supply chain disruptions, and changes in consumer demand. The sectors that the Fund may emphasize may vary from time to time.Holdings Risk. If the Fund emphasizes investments in a particular issuer or issuers or holds a smaller number of stocks than other mutual funds, the Fund’s portfolio may be more susceptible to the depreciation of any one stock than a fund that invests in a larger number of stocks.Inflation Risk. The Fund is subject to inflation risk, which is the risk that the present value of assets or income may decline in real terms as inflation reduces purchasing power. Unanticipated or persistent inflation may adversely affect the financial conditions or operating results of a company, which may cause the Fund’s share price to decline. Periods of higher inflation may be accompanied by higher interest rates, which may lead investors to favor other asset classes than stocks, resulting in broader market declines that are not necessarily related to the performance of specific companies.Management Risk. The Adviser’s method of selecting securities may not be successful and the Fund may underperform the stock market as a whole. The Fund’s securities may not appreciate in value as expected. Equity Securities Risk. The return on and value of an investment in the Fund will fluctuate in response to stock market movements. Stocks tend to move in cycles and may decline in tandem with a drop in the overall value of the markets based on investor perceptions, interest rate changes, or negative developments affecting the U.S. or global economies, or certain issuers or industries. A company’s stock price may decline if the company does not perform as expected, is poorly managed, if there is a decreased demand for its products or services, or during periods of economic uncertainty or stock market turbulence. Natural or environmental disasters, public health events (such as pandemics) and other events can be highly disruptive to economies and the markets. Because economies and global markets are interconnected, economic, financial, or political events in one country, sector or region could potentially have adverse widespread impacts.<div id="xdx_C04_gRBRTB-PT_z9xvmfqIUwYj">The financial markets continue to experience periods of volatility driven by geopolitical tensions, evolving economic conditions, and fiscal uncertainties, including elevated government debt levels and budget negotiations. Inflation remains elevated in certain sectors, increasing concerns about slowing growth, and contributing to uncertainty about the pace, timing and ultimate trajectory of the Federal Reserve’s monetary policy. Trade policy developments, including expanded U.S. tariffs and the risk of retaliatory measures, have contributed to higher input costs, supply chain disruptions, and pressure on companies with export exposure or reliance on cross border inputs. Strategic competition between the U.S. and China continues to influence global trade policy and investor sentiment, while broader geopolitical developments, economic instability, and volatility in energy and commodity markets, present continuing challenges to economic stability. In addition, rapid technological and structural changes, including significant investments in artificial intelligence and automation, have contributed to market concentration and uncertainty about corporate earnings, labor market trends, and broader economic impacts. These and other events that may arise in the future could exacerbate pre-existing political, social and economic risks in ways that cannot be predicted.</div> Large Company Risk. Larger capitalization companies may be unable to respond quickly to new competitive challenges, such as changes in technology, innovation, and consumer preferences, and may have more limited growth opportunities compared to smaller, more dynamic companies. Multinational companies with foreign business operations can be significantly impacted by political, economic, regulatory, and currency developments in foreign markets. ETF Risk. An ETF is managed independently from the Fund and differs from a mutual fund in that its shares are listed on a securities exchange and trade intraday. An ETF is subject to the risks that (i) the value of its underlying securities may decline, (ii) its shares may trade at a premium or discount to its net asset value, or (iii) a lack of liquidity in the secondary market may impair the Fund’s ability to buy or sell shares at desired prices. Foreign Securities Risk. Investments in foreign securities involve risks that may be different than those associated with U.S. securities. Foreign economies may be less stable or more volatile than the U.S. economy, and foreign issuers may not be subject to uniform audit and financial reporting or disclosure standards, comparable to those in the U.S. Foreign issuers may be subject to political, economic, or market instability; tensions or open conflicts between nations; unfavorable government intervention, sanctions, tariffs or trade restrictions in their local jurisdictions; or the effects of geopolitical tensions and armed conflicts. Foreign securities are also subject to foreign currency risk, which is the risk that their value may decrease due to fluctuations in exchange rates between the U.S. dollar and the applicable foreign currency. In addition, income from foreign securities may be reduced by foreign withholding taxes.<div id="xdx_C0C_gRBRTB-PT_zr7pe6nm61Pl">ADRs are securities that are generally issued by a U.S. bank to U.S. buyers as a substitute for direct ownership of a foreign security and are traded on U.S. exchanges. ADRs are subject to certain additional risks, in addition to the risks of foreign investments. In sponsored depositary arrangements, the foreign issuer typically bears some or all of the depositary’s fees, while in unsponsored arrangements, the issuer has no obligations and the fees are paid by the depositary holders. Because unsponsored depositary arrangements are organized without the issuer’s participation, information about the issuer may be less current and the voting rights associated with the deposited securities are generally not passed through to the holders.</div> Sector Focus Risk. The Fund may emphasize investment in one or more particular business sectors at times, which may cause its share price to be more susceptible to the financial, market or economic events affecting issuers and industries within those sectors than a fund that does not emphasize investment in particular sectors. Economic or market factors, regulation, or deregulation, and technological or other developments may negatively impact all companies in a particular sector and may increase the risk of loss of an investment in the Fund.<div id="xdx_C0A_gRBRTB-PT_zUVfP2p1RZKg"> </div><div id="xdx_C08_gRBRTB-PT_zuuNXCkeBHn9">As of March 31, 2026, the Fund had 26.6% of its net assets invested in securities within the technology sector. The values of securities in the technology sector may be adversely affected by, among other factors, intense competitive pressures, short product cycles, aggressive pricing, rapid technological changes, and the potential for rapid obsolescence of products and services. They are particularly susceptible to cybersecurity risks, including hacking, data breaches, and theft of proprietary or consumer information, as well as evolving regulatory developments, dependence on intellectual property rights, supply chain disruptions, and changes in consumer demand. The sectors that the Fund may emphasize may vary from time to time.</div> Holdings Risk. If the Fund emphasizes investments in a particular issuer or issuers or holds a smaller number of stocks than other mutual funds, the Fund’s portfolio may be more susceptible to the depreciation of any one stock than a fund that invests in a larger number of stocks. Inflation Risk. The Fund is subject to inflation risk, which is the risk that the present value of assets or income may decline in real terms as inflation reduces purchasing power. Unanticipated or persistent inflation may adversely affect the financial conditions or operating results of a company, which may cause the Fund’s share price to decline. Periods of higher inflation may be accompanied by higher interest rates, which may lead investors to favor other asset classes than stocks, resulting in broader market declines that are not necessarily related to the performance of specific companies. Management Risk. The Adviser’s method of selecting securities may not be successful and the Fund may underperform the stock market as a whole. The Fund’s securities may not appreciate in value as expected. What has been the Fund’s performance history? The bar chart and performance table shown below provide some indication of the risks and variability of investing in The Government Street Equity Fund. The bar chart shows changes in the Fund’s performance from year to year for each of the last 10 calendar years. The performance table shows how the Fund’s average annual total returns for 1, 5 and 10 years compare with those of a broad measure of market performance. How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information, current through the most recent month end, is available by calling 1-866-738-1125. The bar chart and performance table shown below provide some indication of the risks and variability of investing in The Government Street Equity Fund. The bar chart shows changes in the Fund’s performance from year to year for each of the last 10 calendar years. How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. 1-866-738-1125 <div id="xdx_A8D_eoef--BarChartTableTextBlock_zdjqfjGMH9dh"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zxudL8Iw4lxb" style="font: 10pt Arial, Helvetica, Sans-Serif; display: none; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top; text-align: center"> <td style="text-align: center; width: 10%"> </td> <td id="xdx_49A_20160101__20161231_zfVuhQaDn1Wd" style="text-align: center; width: 9%">2016</td> <td id="xdx_499_20170101__20171231_zrxViW6ayNs7" style="text-align: center; width: 9%">2017</td> <td id="xdx_494_20180101__20181231_zvJ4aOClaNQc" style="text-align: center; width: 9%">2018</td> <td id="xdx_494_20190101__20191231_zkUY5W2uxCdg" style="text-align: center; width: 9%">2019</td> <td id="xdx_497_20200101__20201231_zKGSttLuLWb2" style="text-align: center; width: 9%">2020</td> <td id="xdx_49C_20210101__20211231_zwNoiJoKBise" style="text-align: center; width: 9%">2021</td> <td id="xdx_495_20220101__20221231_z7oXBVfzYCZ5" style="text-align: center; width: 9%">2022</td> <td id="xdx_49A_20230101__20231231_zWLzaiFMyW8k" style="text-align: center; width: 9%">2023</td> <td id="xdx_498_20240101__20241231_zjnZMxoqpDLi" style="text-align: center; width: 9%">2024</td> <td id="xdx_493_20250101__20251231_zpCCeCQxRnA5" style="text-align: center; width: 9%">2025</td></tr> <tr id="xdx_40F_eoef--AnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000001557Member__oef--ClassAxis__custom--C000004216Member_zlSpDjZ97Ze4" style="vertical-align: top; text-align: center"> <td> </td> <td>5.04%</td> <td>22.69%</td> <td>-6.01%</td> <td>31.81%</td> <td>22.28%</td> <td>29.33%</td> <td>-17.27%</td> <td>20.79%</td> <td>29.63%</td> <td>19.49%</td></tr> </table> <img alt="" src="image_010.jpg" style="width: 435px; height: 172px"/> 0.0504 0.2269 -0.0601 0.3181 0.2228 0.2933 -0.1727 0.2079 0.2963 0.1949 The Fund’s year-to-date return through June 30, 2026 is 8.61%. During the periods shown in the bar chart, the highest return for a quarter was 20.54% during the quarter ended June 30, 2020 and the lowest return for a quarter was -17.08% during the quarter ended March 31, 2020. The Fund’s year-to-date return 2026-06-30 0.0861 the highest return for a quarter 0.2054 2020-06-30 the lowest return for a quarter -0.1708 2020-03-31 Average Annual Total Returns For Periods Ended December 31, 2025: 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, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are 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, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. <div id="xdx_A8B_eoef--PerformanceTableTextBlock_zKDruZ18o7pj"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_z8YjAix4J3g5" style="font: 10.5pt Calisto MT; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: top"> <td style="width: 63%; text-align: left"> </td> <td id="xdx_493_20250101__20251231_zJJ4c9ZzDabj" style="border-bottom: black 1pt solid; width: 13%; text-align: left">One Year</td> <td id="xdx_49E_20210101__20251231_za5q6U3BdVs5" style="border-bottom: black 1pt solid; width: 12%; text-align: left">Five Years</td> <td id="xdx_49D_20160101__20251231_zqx5DWccM00g" style="border-bottom: black 1pt solid; width: 12%; text-align: left">Ten Years</td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000001557Member__oef--ClassAxis__custom--C000004216Member_z5Rdksp51HGh" style="vertical-align: bottom"> <td style="text-align: left">Return Before Taxes </td> <td style="text-align: left">19.49%</td> <td style="text-align: left">14.89%</td> <td style="text-align: left">14.60%</td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000001557Member__oef--ClassAxis__custom--C000004216Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zMS0ZwtUQJIg" style="vertical-align: bottom"> <td style="text-align: left">Return After Taxes on Distributions </td> <td style="text-align: left">18.54%</td> <td style="text-align: left">13.55%</td> <td style="text-align: left">13.23%</td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000001557Member__oef--ClassAxis__custom--C000004216Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zgqAAncSVKM9" style="vertical-align: bottom"> <td style="text-align: left">Return After Taxes on Distributions and Sale of Fund Shares </td> <td style="text-align: left">11.99%</td> <td style="text-align: left">11.62%</td> <td style="text-align: left">11.78%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000001557Member__oef--PerformanceMeasureAxis__custom--SAndP500INDEXReflectsNoDeductionForFeesExpensesOrTaxesMember_z4cwiSHeA6L2" style="vertical-align: bottom"> <td style="text-align: left">S&P 500® INDEX (reflects no deduction for fees, expenses, or taxes) </td> <td style="text-align: left">17.88%</td> <td style="text-align: left">14.42%</td> <td style="text-align: left">14.82%</td></tr> </table> Return Before Taxes 0.1949 0.1489 0.1460 0.1854 0.1355 0.1323 0.1199 0.1162 0.1178 reflects no deduction for fees, expenses, or taxes 0.1788 0.1442 0.1482 The Government Street Opportunities Fund What is the Fund’s investment objective? The investment objective of The Government Street Opportunities Fund (the “Fund”) is to seek capital appreciation. What are the Fund’s fees and expenses? This table describes the fees and expenses that you may pay if you buy, hold and sell shares of The Government Street Opportunities Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below. Shareholder Fees (fees paid directly from your investment) <div id="xdx_A86_eoef--ShareholderFeesTableTextBlock_zTiwPQ2gcMx6"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zLQ46zxFRYLk" style="font: 10.5pt Calisto MT; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr> <td style="vertical-align: top; text-align: left"></td> <td id="xdx_495_20260801__20260801__dei--LegalEntityAxis__custom--S000001562Member__oef--ClassAxis__custom--C000004221Member_znco5BfCBgHi" style="vertical-align: bottom; text-align: right"></td></tr> <tr id="xdx_409_eoef--ShareholderFeeOther_dpn_zGlnZvhtKsPd"> <td style="vertical-align: top; width: 87%; text-align: left">Shareholder Fees (fees paid directly from your investment) </td> <td style="vertical-align: bottom; width: 13%; text-align: right">None</td></tr> </table> 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A8D_eoef--AnnualFundOperatingExpensesTableTextBlock_znneCt2b8KD8"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zpmVnkNxp3a7" style="font: 10.5pt Calisto MT; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: top"> <td style="text-align: left"></td> <td id="xdx_495_20260801__20260801__dei--LegalEntityAxis__custom--S000001562Member__oef--ClassAxis__custom--C000004221Member_zmRdVZm4fJdh" style="text-align: right"></td> <td style="text-align: left"></td></tr> <tr id="xdx_40B_eoef--ManagementFeesOverAssets_dpn_z5qAZbPXCyP9" style="vertical-align: top"> <td style="text-align: left">Management Fees </td> <td style="text-align: right">0.75%</td> <td style="text-align: left"> </td></tr> <tr id="xdx_406_eoef--DistributionAndService12b1FeesOverAssets_dpn_z1THc14U5DIa" style="vertical-align: top"> <td style="text-align: left">Distribution (12b-1) Fees </td> <td style="text-align: right">None</td> <td style="text-align: left"> </td></tr> <tr id="xdx_402_eoef--Component1OtherExpensesOverAssets_dpn_zJZxqQF2u2b2" style="vertical-align: top"> <td style="text-align: left">Other Expenses </td> <td style="text-align: right">0.24%</td> <td style="text-align: left"> </td></tr> <tr id="xdx_409_eoef--Component2OtherExpensesOverAssets_dpn_z2BciWB84bmf" style="vertical-align: top"> <td style="padding-left: 10pt; text-align: left; width: 86%">Shareholder Servicing Fees </td> <td style="text-align: right; width: 12%">0.04%</td> <td style="text-align: left; width: 2%">(1)</td></tr> <tr id="xdx_40A_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zSkfFv3OrZy" style="vertical-align: top"> <td style="text-align: left">Acquired Fund Fees and Expenses </td> <td style="border-bottom: black 1pt solid; text-align: right">0.04%</td> <td style="border-bottom: black 1pt solid; text-align: left"> </td></tr> <tr id="xdx_40D_eoef--ExpensesOverAssets_dpn_zqXnj6Ihg67i" style="vertical-align: top"> <td style="text-align: left">Total Annual Fund Operating Expenses </td> <td style="border-bottom: black 2.25pt double; text-align: right">1.07%</td> <td style="border-bottom: black 2.25pt double; text-align: left">(2)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 8pt Calisto MT; width: 100%; margin-top: 6pt; margin-bottom: 0"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 13.5pt">(1)</td> <td style="text-align: justify">The Fund has adopted a Shareholder Servicing Plan that allows it to make payments to financial organizations for providing account administration and account maintenance services to Fund shareholders. The annual limitation for the payment of these expenses is 0.25% of the Fund’s average daily net assets.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 8pt Calisto MT; width: 100%; margin-top: 3pt; margin-bottom: 0"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 13.5pt">(2)</td> <td style="text-align: justify">“Total Annual Fund Operating Expenses” will not correlate to the Fund’s ratio of total expenses to average net assets in the Fund’s Financial Highlights, which reflects the operating expenses of the Fund but does not include “Acquired Fund Fees and Expenses.”</td></tr> </table> 0.0075 0 0.0024 0.0004 0.0004 0.0107 “Total Annual Fund Operating Expenses” will not correlate to the Fund’s ratio of total expenses to average net assets in the Fund’s Financial Highlights, which reflects the operating expenses of the Fund but does not include “Acquired Fund Fees and Expenses.” Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A83_eoef--ExpenseExampleWithRedemptionTableTextBlock_z8pARU3j0oG7"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zjCrcVZwKCa3" style="font: 10.5pt Calisto MT; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr> <td style="display: none; width: 0%"> </td> <td id="xdx_48E_eoef--ExpenseExampleYear01_ztZFnQXssakc" style="border-bottom: black 1pt solid; width: 23%; text-align: center">1 Year</td> <td style="vertical-align: top; width: 6%; text-align: center"> </td> <td id="xdx_485_eoef--ExpenseExampleYear03_zHQ6ZqAZPS97" style="border-bottom: black 1pt solid; width: 20%; text-align: center">3 Years</td> <td style="vertical-align: top; width: 6%; text-align: center"> </td> <td id="xdx_48C_eoef--ExpenseExampleYear05_zF03UeyySrs9" style="border-bottom: black 1pt solid; width: 20%; text-align: center">5 Years</td> <td style="vertical-align: top; width: 6%; text-align: center"> </td> <td id="xdx_484_eoef--ExpenseExampleYear10_zHZcmV1C2bU5" style="border-bottom: black 1pt solid; width: 19%; text-align: center">10 Years</td></tr> <tr id="xdx_418_20260801__20260801__dei--LegalEntityAxis__custom--S000001562Member__oef--ClassAxis__custom--C000004221Member_zj0bMX5knYi6"> <td style="display: none"> </td> <td style="text-align: center">$ 109</td> <td style="vertical-align: top; text-align: center"> </td> <td style="text-align: center">$ 340</td> <td style="vertical-align: top; text-align: center"> </td> <td style="text-align: center">$ 590</td> <td style="vertical-align: top; text-align: center"> </td> <td style="text-align: center">$1,306</td></tr> </table> 109 340 590 1306 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 20% of the average value of its portfolio. 0.20 What are the Fund’s principal investment strategies? The Government Street Opportunities Fund’s portfolio emphasizes investment in the common stocks of medium capitalization (“mid-cap”) companies and is typically broadly diversified among companies in a variety of industries and economic sectors. Common stocks may include securities of foreign issuers in the form of ADRs or through investments in ETFs that invest primarily in common stocks of foreign companies, including regional and/or country specific ETFs. The Fund is governed by an investment philosophy that seeks to reduce the variability of its returns (risk) and to increase its longer-term compounded returns through a diversified investment strategy. The Fund will emphasize investments in common stocks of mid-cap companies and shares of ETFs that invest primarily in common stocks of mid-cap companies, but is not limited to any particular market capitalization. The process for selecting mid-cap common stocks begins with a list of approximately 450 mid-cap common stocks. The stocks are reviewed for their financial attributes, such as balance sheet quality, earnings history, future prospects and financial ratios (including, but not limited to, debt/equity ratios, return on equity, return on assets, and net worth). The list is narrowed to a universe of approximately 400 common stocks. Stocks in this universe are then grouped into either a “growth” or “value” category. Each category (“growth” or “value”) is then sorted into eleven economic sector weightings. These twenty-two categories of stocks serve as the basis for the diversification that is inherent in the portfolio. The Fund will use a similar investment process in selecting common stocks of companies with other market capitalizations. The Fund may invest up to 25% of its net assets in shares of ETFs to adjust its exposure to the broad market or to industry sectors without purchasing a large number of individual securities. ETFs typically hold a portfolio of securities designed to track the performance of a particular index, capitalization, or market sector. The Fund may invest up to 25% of its net assets in foreign issuers. The performance of the Fund and its individual securities is monitored on an ongoing basis. To maintain the quality and diversification that is desired, the portfolio is continuously evaluated and re-balanced periodically. A security may be sold when it no longer meets the Adviser’s criteria for investment, when there are more attractive investment opportunities, or when the fundamentals of the issuer’s business or general market conditions have changed. The Government Street Opportunities Fund is not intended to be a complete investment program and there can be no assurance that the Fund will achieve its investment objective. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. As with any mutual fund investment, there is a risk that you could lose money by investing in the Fund. Common Stock Risk. The return on and value of an investment in the Fund will fluctuate in response to stock market movements. Stocks tend to move in cycles and may decline in tandem with a drop in the overall value of the markets based on investor perceptions, interest rate changes, or negative developments affecting the U.S. or global economies, or certain issuers or industries. A company’s stock price may decline if the company does not perform as expected, is poorly managed, if there is a decreased demand for its products or services, or during periods of economic uncertainty or stock market turbulence. Natural or environmental disasters, public health events (such as pandemics) and other events can be highly disruptive to economies and the markets. Because economies and global markets are interconnected, economic, financial, or political events in one country, sector or region could potentially have adverse widespread impacts.The financial markets continue to experience periods of volatility driven by geopolitical tensions, evolving economic conditions, and fiscal uncertainties, including elevated government debt levels and budget negotiations. Inflation remains elevated in certain sectors, increasing concerns about slowing growth, and contributing to uncertainty about the pace, timing, and ultimate trajectory of the Federal Reserve’s monetary policy. Trade policy developments, including expanded U.S. tariffs and the risk of retaliatory measures, have contributed to higher input costs, supply chain disruptions, and pressure on companies with export exposure or reliance on cross border inputs. Strategic competition between the U.S. and China continues to influence global trade policy and investor sentiment, while broader geopolitical developments, economic instability, and volatility in energy and commodity markets, present continuing challenges to economic stability. In addition, rapid technological and structural changes, including significant investments in artificial intelligence and automation, have contributed to market concentration and uncertainty about corporate earnings, labor market trends, and broader economic impacts. These and other events that may arise in the future could exacerbate pre-existing political, social, and economic risks in ways that cannot be predicted.Holdings Risk. If the Fund emphasizes investments in a particular issuer or issuers or holds a smaller number of stocks than other mutual funds, the Fund’s portfolio may be more susceptible to the depreciation of any one stock than a fund that invests in a larger number of stocks.Mid-Cap Company Risk. Mid-cap companies may have more limited management experience, financial resources, product diversification, and competitive strengths than larger, more established companies, and may be less able to respond effectively to competitive pressures or changes in the marketplace. Securities of mid-cap companies may be less liquid than those of larger companies and may trade in lower volumes, making them more difficult to buy or sell at desired times or prices. When making large sales, the Fund may have to sell at a discount to market prices or may have to make a series of small sales over an extended period of time. Therefore, the securities of mid-cap companies may be subject to greater price fluctuations than the securities of large capitalization companies.Large Company Risk. Larger capitalization companies may be unable to respond quickly to new competitive challenges, such as changes in technology, innovation and consumer preferences, and may have more limited growth opportunities compared to smaller, more dynamic companies. Multinational companies with foreign business operations can be significantly impacted by political, economic, regulatory and currency developments in foreign markets.Small Cap Company Risk. Small capitalization companies often involve higher risks because they may lack the management experience, financial resources, product diversification, and other competitive strengths of larger companies. Securities of smaller companies may be less liquid and may trade in lower volumes than those of larger companies, which can make them more difficult to buy or sell at the desired times or prices. Some small cap securities may be thinly or inactively traded. When making large sales, the Fund may have to sell at a discount to market prices or may have to make a series of small sales over an extended period of time. Therefore, the securities of small capitalization companies may be subject to greater price fluctuations than the securities of larger capitalization companies.ETF Risk. An ETF is managed independently from the Fund and differs from a mutual fund in that its shares are listed on a securities exchange and trade intraday. An ETF is subject to the risks that (i) the value of its underlying securities may decline, (ii) its shares may trade at a premium or discount to its net asset value, or (iii) a lack of liquidity in the secondary market may impair the Fund’s ability to buy or sell shares at desired prices.Foreign Securities Risk. Investments in foreign securities involve risks that may be different from those associated with U.S. securities. Foreign economies may be less stable or more volatile than the U.S. economy, and foreign issuers may not be subject to uniform audit and financial reporting or disclosure standards, comparable to those in the U.S. Foreign issuers may be subject to political, economic, or market instability; tensions or open conflicts between nations; unfavorable government intervention, sanctions, tariffs or trade restrictions in their local jurisdictions; or the effects of geopolitical tensions and armed conflicts. Foreign securities may also be subject to foreign currency risk, which is the risk that their value may decrease due to fluctuations in exchange rates between the U.S. dollar and the applicable foreign currency. In addition, income from foreign securities may be reduced by foreign withholding taxes.ADRs are securities that are generally issued by a U.S. bank to U.S. buyers as a substitute for direct ownership of a foreign security and are traded on U.S. exchanges. ADRs are subject to certain additional risks, in addition to the risks of foreign investments. In sponsored depositary arrangements, the foreign issuer typically bears some or all of the depositary’s fees, while in unsponsored depositary arrangements, the issuer has no obligations, and the fees are paid by the depositary holders. Because unsponsored depositary arrangements are organized without the issuer’s participation, information about the issuer may be less current, and the voting rights associated with the deposited securities are generally not passed through to the holders.Inflation Risk. The Fund is subject to inflation risk, which is the risk that the present value of its assets or investment income may decline in real terms as inflation reduces purchasing power. Unanticipated or persistent inflation may adversely affect the financial condition and operating results of a company, which may cause the Fund’s share price to decline. Periods of higher inflation may be accompanied by higher interest rates, which may lead investors to favor other asset classes than stocks, resulting in broader market declines that are not necessarily related to the performance of specific companies.Management Risk. The Adviser’s method of selecting securities may not be successful and the Fund’s may underperform the stock market as a whole or may not appreciate in value as expected. Common Stock Risk. The return on and value of an investment in the Fund will fluctuate in response to stock market movements. Stocks tend to move in cycles and may decline in tandem with a drop in the overall value of the markets based on investor perceptions, interest rate changes, or negative developments affecting the U.S. or global economies, or certain issuers or industries. A company’s stock price may decline if the company does not perform as expected, is poorly managed, if there is a decreased demand for its products or services, or during periods of economic uncertainty or stock market turbulence. Natural or environmental disasters, public health events (such as pandemics) and other events can be highly disruptive to economies and the markets. Because economies and global markets are interconnected, economic, financial, or political events in one country, sector or region could potentially have adverse widespread impacts.<div id="xdx_C05_gRBRTB-BBR_z3DC44y2PfMa">The financial markets continue to experience periods of volatility driven by geopolitical tensions, evolving economic conditions, and fiscal uncertainties, including elevated government debt levels and budget negotiations. Inflation remains elevated in certain sectors, increasing concerns about slowing growth, and contributing to uncertainty about the pace, timing, and ultimate trajectory of the Federal Reserve’s monetary policy. Trade policy developments, including expanded U.S. tariffs and the risk of retaliatory measures, have contributed to higher input costs, supply chain disruptions, and pressure on companies with export exposure or reliance on cross border inputs. Strategic competition between the U.S. and China continues to influence global trade policy and investor sentiment, while broader geopolitical developments, economic instability, and volatility in energy and commodity markets, present continuing challenges to economic stability. In addition, rapid technological and structural changes, including significant investments in artificial intelligence and automation, have contributed to market concentration and uncertainty about corporate earnings, labor market trends, and broader economic impacts. These and other events that may arise in the future could exacerbate pre-existing political, social, and economic risks in ways that cannot be predicted.</div> Holdings Risk. If the Fund emphasizes investments in a particular issuer or issuers or holds a smaller number of stocks than other mutual funds, the Fund’s portfolio may be more susceptible to the depreciation of any one stock than a fund that invests in a larger number of stocks. Mid-Cap Company Risk. Mid-cap companies may have more limited management experience, financial resources, product diversification, and competitive strengths than larger, more established companies, and may be less able to respond effectively to competitive pressures or changes in the marketplace. Securities of mid-cap companies may be less liquid than those of larger companies and may trade in lower volumes, making them more difficult to buy or sell at desired times or prices. When making large sales, the Fund may have to sell at a discount to market prices or may have to make a series of small sales over an extended period of time. Therefore, the securities of mid-cap companies may be subject to greater price fluctuations than the securities of large capitalization companies. Large Company Risk. Larger capitalization companies may be unable to respond quickly to new competitive challenges, such as changes in technology, innovation and consumer preferences, and may have more limited growth opportunities compared to smaller, more dynamic companies. Multinational companies with foreign business operations can be significantly impacted by political, economic, regulatory and currency developments in foreign markets. Small Cap Company Risk. Small capitalization companies often involve higher risks because they may lack the management experience, financial resources, product diversification, and other competitive strengths of larger companies. Securities of smaller companies may be less liquid and may trade in lower volumes than those of larger companies, which can make them more difficult to buy or sell at the desired times or prices. Some small cap securities may be thinly or inactively traded. When making large sales, the Fund may have to sell at a discount to market prices or may have to make a series of small sales over an extended period of time. Therefore, the securities of small capitalization companies may be subject to greater price fluctuations than the securities of larger capitalization companies. ETF Risk. An ETF is managed independently from the Fund and differs from a mutual fund in that its shares are listed on a securities exchange and trade intraday. An ETF is subject to the risks that (i) the value of its underlying securities may decline, (ii) its shares may trade at a premium or discount to its net asset value, or (iii) a lack of liquidity in the secondary market may impair the Fund’s ability to buy or sell shares at desired prices. Foreign Securities Risk. Investments in foreign securities involve risks that may be different from those associated with U.S. securities. Foreign economies may be less stable or more volatile than the U.S. economy, and foreign issuers may not be subject to uniform audit and financial reporting or disclosure standards, comparable to those in the U.S. Foreign issuers may be subject to political, economic, or market instability; tensions or open conflicts between nations; unfavorable government intervention, sanctions, tariffs or trade restrictions in their local jurisdictions; or the effects of geopolitical tensions and armed conflicts. Foreign securities may also be subject to foreign currency risk, which is the risk that their value may decrease due to fluctuations in exchange rates between the U.S. dollar and the applicable foreign currency. In addition, income from foreign securities may be reduced by foreign withholding taxes.<div id="xdx_C09_gRBRTB-BBR_zhVmDjVBzM4l"></div><div id="xdx_C0D_gRBRTB-BBR_ztHE6NAOzjE4">ADRs are securities that are generally issued by a U.S. bank to U.S. buyers as a substitute for direct ownership of a foreign security and are traded on U.S. exchanges. ADRs are subject to certain additional risks, in addition to the risks of foreign investments. In sponsored depositary arrangements, the foreign issuer typically bears some or all of the depositary’s fees, while in unsponsored depositary arrangements, the issuer has no obligations, and the fees are paid by the depositary holders. Because unsponsored depositary arrangements are organized without the issuer’s participation, information about the issuer may be less current, and the voting rights associated with the deposited securities are generally not passed through to the holders.</div> Inflation Risk. The Fund is subject to inflation risk, which is the risk that the present value of its assets or investment income may decline in real terms as inflation reduces purchasing power. Unanticipated or persistent inflation may adversely affect the financial condition and operating results of a company, which may cause the Fund’s share price to decline. Periods of higher inflation may be accompanied by higher interest rates, which may lead investors to favor other asset classes than stocks, resulting in broader market declines that are not necessarily related to the performance of specific companies. Management Risk. The Adviser’s method of selecting securities may not be successful and the Fund’s may underperform the stock market as a whole or may not appreciate in value as expected. What has been the Fund’s performance history? The bar chart and performance table shown below provide some indication of the risks and variability of investing in The Government Street Opportunities Fund. The bar chart shows changes in the Fund’s performance from year to year for each of the last 10 calendar years. The performance table shows how the Fund’s average annual total returns for 1, 5 and 10 years compare with those of the Russell 3000® Index, a broad measure of market performance. The S&P Mid-Cap 400® Index is included as an additional comparative index since it is representative of the market sectors in which the Fund may invest. How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information, current through the most recent month end, is available by calling 1-866-738-1125. The bar chart and performance table shown below provide some indication of the risks and variability of investing in The Government Street Opportunities Fund. The bar chart shows changes in the Fund’s performance from year to year for each of the last 10 calendar years. How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. 1-866-738-1125 <div id="xdx_A8C_eoef--BarChartTableTextBlock_zQx8pxjy3ibc"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zcOiL4m0WlDf" style="font: 10pt Arial, Helvetica, Sans-Serif; display: none; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top; text-align: center"> <td style="text-align: center; width: 10%"> </td> <td id="xdx_492_20160101__20161231_zqmhQtZp4dvd" style="text-align: center; width: 9%">2016</td> <td id="xdx_498_20170101__20171231_z6uCMhbn9rR5" style="text-align: center; width: 9%">2017</td> <td id="xdx_493_20180101__20181231_zLnTy5cu6Xf" style="text-align: center; width: 9%">2018</td> <td id="xdx_49F_20190101__20191231_zVnO82YlQFHa" style="text-align: center; width: 9%">2019</td> <td id="xdx_491_20200101__20201231_zUSmgPziC6Of" style="text-align: center; width: 9%">2020</td> <td id="xdx_493_20210101__20211231_zTrM1VIiZDbj" style="text-align: center; width: 9%">2021</td> <td id="xdx_491_20220101__20221231_zjx4nFeywaf7" style="text-align: center; width: 9%">2022</td> <td id="xdx_492_20230101__20231231_zJJRdb4iefpa" style="text-align: center; width: 9%">2023</td> <td id="xdx_49A_20240101__20241231_zQM08PqfLnm1" style="text-align: center; width: 9%">2024</td> <td id="xdx_499_20250101__20251231_zVDryhp5VCkc" style="text-align: center; width: 9%">2025</td></tr> <tr id="xdx_400_eoef--AnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000001562Member__oef--ClassAxis__custom--C000004221Member_zNSflaD3VDxi" style="vertical-align: top; text-align: center"> <td> </td> <td>14.02%</td> <td>20.32%</td> <td>-7.28%</td> <td>30.37%</td> <td>17.98%</td> <td>30.40%</td> <td>-14.18%</td> <td>15.17%</td> <td>17.28%</td> <td>14.51%</td></tr> </table> <img alt="" src="image_011.jpg" style="width: 439px; height: 164px"/> 0.1402 0.2032 -0.0728 0.3037 0.1798 0.3040 -0.1418 0.1517 0.1728 0.1451 The Fund’s year-to-date return through June 30, 2026 is 15.27%. During the periods shown in the bar chart, the highest return for a quarter was 17.67% during the quarter ended June 30, 2020 and the lowest return for a quarter was -19.95% during the quarter ended March 31, 2020. The Fund’s year-to-date return 2026-06-30 0.1527 the highest return for a quarter 0.1767 2020-06-30 the lowest return for a quarter -0.1995 2020-03-31 Average Annual Total Returns For Periods Ended December 31, 2025: 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, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are 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, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. <div id="xdx_A8A_eoef--PerformanceTableTextBlock_zFHEwLBNM68b"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zw1Z6RR13PEj" style="font: 10.5pt Calisto MT; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr> <td style="vertical-align: top; width: 64%; text-align: left"> </td> <td id="xdx_499_20250101__20251231_zoAPAJiRmWUj" style="border-bottom: black 1pt solid; vertical-align: bottom; width: 12%; text-align: center">One Year</td> <td id="xdx_492_20210101__20251231_zqN4VbPd26Ud" style="border-bottom: black 1pt solid; vertical-align: bottom; width: 12%; text-align: center">Five Years</td> <td id="xdx_49B_20160101__20251231_zNN205uaoxbe" style="border-bottom: black 1pt solid; vertical-align: bottom; width: 12%; text-align: center">Ten Years</td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000001562Member__oef--ClassAxis__custom--C000004221Member_zRM4jnKEl7Pe" style="vertical-align: bottom"> <td style="text-align: left">Return Before Taxes </td> <td style="text-align: center">14.51%</td> <td style="text-align: center">11.60%</td> <td style="text-align: center">12.98%</td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000001562Member__oef--ClassAxis__custom--C000004221Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zpGszJPN4bni" style="vertical-align: bottom"> <td style="text-align: left">Return After Taxes on Distributions </td> <td style="text-align: center">13.39%</td> <td style="text-align: center">10.69%</td> <td style="text-align: center">11.96%</td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000001562Member__oef--ClassAxis__custom--C000004221Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zfC7FGenzsC8" style="vertical-align: bottom"> <td style="text-align: left">Return After Taxes on Distributions and Sale of Fund Shares </td> <td style="text-align: center"> 9.21%</td> <td style="text-align: center"> 9.08%</td> <td style="text-align: center">10.54%</td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000001562Member__oef--PerformanceMeasureAxis__custom--Russell3000IndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zLHbvLCcyovc" style="vertical-align: bottom"> <td style="text-align: left">RUSSELL 3000® INDEX (reflects no deduction for fees, expenses, or taxes) </td> <td style="text-align: center">17.15%</td> <td style="text-align: center">13.15%</td> <td style="text-align: center">14.29%</td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000001562Member__oef--PerformanceMeasureAxis__custom--SAndPMidCap400IndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zd8I855AxRaa"> <td style="vertical-align: top; text-align: left">S&P MID-CAP 400® INDEX (reflects no deduction for fees, expenses, or taxes) </td> <td style="vertical-align: bottom; text-align: center"> 7.50%</td> <td style="vertical-align: bottom; text-align: center"> 9.12%</td> <td style="vertical-align: bottom; text-align: center">10.72%</td></tr> </table> Return Before Taxes 0.1451 0.1160 0.1298 0.1339 0.1069 0.1196 0.0921 0.0908 0.1054 reflects no deduction for fees, expenses, or taxes 0.1715 0.1315 0.1429 reflects no deduction for fees, expenses, or taxes 0.0750 0.0912 0.1072 Risk/Return Summary What is the Fund’s investment objective? The investment objective of The Jamestown Equity Fund (the “Fund”) is long-term growth of capital. What are the Fund’s fees and expenses? This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. Shareholder Fees (fees paid directly from your investment) <div id="xdx_A8A_eoef--ShareholderFeesTableTextBlock_zqbR3TDWNZd8"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zLDLsdnAkj48" style="width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr> <td style="font: 11pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"></td> <td id="xdx_499_20260801__20260801__dei--LegalEntityAxis__custom--S000001564Member__oef--ClassAxis__custom--C000004223Member_zd3k8fnjd181" style="font: 11pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"></td> <td style="font: 11pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"></td></tr> <tr id="xdx_408_eoef--ShareholderFeeOther_dpn_zAPfsfz4U9Tf"> <td style="font: 11pt Times New Roman, Times, Serif; vertical-align: top; width: 87%; text-align: left">Shareholder Fees (fees paid directly from your investment) </td> <td style="font: 11pt Times New Roman, Times, Serif; vertical-align: bottom; width: 10%; text-align: right">None</td> <td style="font: 11pt Times New Roman, Times, Serif; vertical-align: bottom; width: 3%; text-align: center"> </td></tr> </table> 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A89_eoef--AnnualFundOperatingExpensesTableTextBlock_zlzqSQCJCOji"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zYFOTd5DTvP2" style="width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: top"> <td style="font: 11pt Times New Roman, Times, Serif; text-align: left"></td> <td id="xdx_499_20260801__20260801__dei--LegalEntityAxis__custom--S000001564Member__oef--ClassAxis__custom--C000004223Member_zIWW7q3jcTbc" style="font: 11pt Times New Roman, Times, Serif; text-align: right"></td> <td style="font: 11pt Times New Roman, Times, Serif; text-align: left"></td></tr> <tr id="xdx_408_eoef--ManagementFeesOverAssets_dpn_zW9ixBoEe0gh" style="vertical-align: top"> <td style="font: 11pt Times New Roman, Times, Serif; width: 86%; text-align: left">Management Fees </td> <td style="font: 11pt Times New Roman, Times, Serif; width: 11%; text-align: right">0.65%</td> <td style="font: 11pt Times New Roman, Times, Serif; width: 3%; text-align: left"> </td></tr> <tr id="xdx_40A_eoef--DistributionAndService12b1FeesOverAssets_dpn_zIeny6JBqlqd"> <td style="font: 11pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">Distribution (12b-1) Fees </td> <td style="font: 11pt Times New Roman, Times, Serif; text-align: right">None</td> <td style="font: 11pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_407_eoef--Component1OtherExpensesOverAssets_dpn_z2fJ9KxUMM0j" style="vertical-align: top"> <td style="font: 11pt Times New Roman, Times, Serif; text-align: left">Other Expenses </td> <td style="font: 11pt Times New Roman, Times, Serif; text-align: right">0.29%</td> <td style="font: 11pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_40C_eoef--Component2OtherExpensesOverAssets_dpn_zj2GuzsiE7U" style="vertical-align: top"> <td style="font: 11pt Times New Roman, Times, Serif; padding-left: 20.9pt; text-align: left; text-indent: -13.7pt">Shareholder Servicing Fees </td> <td style="font: 11pt Times New Roman, Times, Serif; text-align: right">0.01%</td> <td style="font: 11pt Times New Roman, Times, Serif; text-align: left">(1)</td></tr> <tr id="xdx_408_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zMdnodB1XhK9" style="vertical-align: top"> <td style="font: 11pt Times New Roman, Times, Serif; text-align: left">Acquired Fund Fees and Expenses </td> <td style="border-bottom: black 1pt solid; font: 11pt Times New Roman, Times, Serif; text-align: right">0.04%</td> <td style="border-bottom: black 1pt solid; font: 11pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_408_eoef--ExpensesOverAssets_dpn_zD8NoDieKoS6" style="vertical-align: top"> <td style="font: 11pt Times New Roman, Times, Serif; text-align: left">Total Annual Fund Operating Expenses </td> <td style="border-bottom: black 2.25pt double; font: 11pt Times New Roman, Times, Serif; text-align: right">0.99%</td> <td style="border-bottom: black 2.25pt double; font: 11pt Times New Roman, Times, Serif; text-align: left">(2) </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 0"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 13.5pt">(1)</td> <td style="text-align: justify">The Fund has adopted a Shareholder Servicing Plan that allows the Fund to make payments to financial organizations for providing account administration and account maintenance services to Fund shareholders. The annual limitation for payment of these expenses is 0.25% of the Fund’s average daily net assets.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; margin-top: 3pt; margin-bottom: 0"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 13.5pt">(2)</td> <td style="text-align: justify">“Total Annual Fund Operating Expenses” will not correlate to the Fund’s ratio of total expenses to average net assets in the Fund’s Financial Highlights, which reflects the operating expenses of the Fund but does not include “Acquired Fund Fees and Expenses.” </td></tr> </table> 0.0065 0 0.0029 0.0001 0.0004 0.0099 “Total Annual Fund Operating Expenses” will not correlate to the Fund’s ratio of total expenses to average net assets in the Fund’s Financial Highlights, which reflects the operating expenses of the Fund but does not include “Acquired Fund Fees and Expenses.” Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A86_eoef--ExpenseExampleWithRedemptionTableTextBlock_zBqPKnoHgII3"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zm11JLVqR1pg" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr> <td style="display: none; width: 0%"> </td> <td id="xdx_48D_eoef--ExpenseExampleYear01_zFTpTOgVyZ48" style="border-bottom: black 1pt solid; width: 23%; text-align: center">1 Year</td> <td style="vertical-align: top; width: 6%; text-align: center"> </td> <td id="xdx_48C_eoef--ExpenseExampleYear03_zz2eAGK7G4t7" style="border-bottom: black 1pt solid; width: 20%; text-align: center">3 Years</td> <td style="vertical-align: top; width: 6%; text-align: center"> </td> <td id="xdx_481_eoef--ExpenseExampleYear05_zvzTbR3rmhnc" style="border-bottom: black 1pt solid; width: 20%; text-align: center">5 Years</td> <td style="vertical-align: top; width: 6%; text-align: center"> </td> <td id="xdx_485_eoef--ExpenseExampleYear10_ziQJnU8wZt6c" style="border-bottom: black 1pt solid; width: 19%; text-align: center">10 Years</td></tr> <tr id="xdx_417_20260801__20260801__dei--LegalEntityAxis__custom--S000001564Member__oef--ClassAxis__custom--C000004223Member_zpDGPKCCsSf"> <td style="display: none"> </td> <td style="text-align: center">$101</td> <td style="vertical-align: top; text-align: center"> </td> <td style="text-align: center">$315</td> <td style="vertical-align: top; text-align: center"> </td> <td style="text-align: center">$547</td> <td style="vertical-align: top; text-align: center"> </td> <td style="text-align: center">$1,213</td></tr> </table> 101 315 547 1213 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 7% of the average value of its portfolio. 0.07 What are the Fund’s principal investment strategies? The Fund seeks to achieve its objective by investing in a diversified portfolio composed primarily of domestic equity securities. Under normal circumstances, at least 80% of the Fund’s net assets (including the amount of any borrowings for investment purposes) will be invested in equity securities. Equity securities consist of common stocks, shares of exchange-traded funds (“ETFs”) that invest in common stocks, preferred stocks, and convertible preferred stocks. The Fund invests in a variety of companies, industries, economic sectors and market capitalizations, but seeks relatively large capitalization companies. The Fund seeks financially strong companies that offer above average earnings and relatively modest valuations. Lowe, Brockenbrough & Company, Inc., doing business as Brockenbrough (the “Adviser”) uses a multi-factor screening process within a defined universe comprised of the stocks in the S&P 500® Index and the 50 largest capitalization stocks in the S&P 400® MidCap Index. The process emphasizes securities with the most compelling earnings and valuation profiles based upon a variety of characteristics, including, but not limited to, earnings momentum, earnings volatility, earnings estimate revisions, earnings surprises and free cash flow yield. A security may be sold when it no longer meets the Adviser’s investment criteria, when there are more attractive investment opportunities, or when the fundamentals of the issuer’s business or general market conditions have changed. The Fund may invest in shares of ETFs to adjust its exposure to the broad market or to industry sectors without purchasing a large number of individual securities. ETFs typically hold a portfolio of securities designed to track the performance of a particular index, capitalization, or market sector. Preferred stocks are equity securities that typically have priority over common stock for dividend payments and bankruptcy or liquidation proceeds, but rank below an issuer senior debt and junior debt for both types of payments A convertible security is a bond or preferred stock that can be exchanged or converted into a specific number of shares of the issuer’s common stock. The Fund is not intended to be a complete investment program and there can be no assurance that the Fund will achieve its investment objective. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. As with any mutual fund investment, there is a risk that you could lose money by investing in the Fund. Equity Securities Risk. The return on and value of an investment in the Fund will fluctuate in response to stock market movements. Stocks tend to move in cycles and may decline in tandem with a drop in the overall value of the markets based on investor perceptions, interest rate changes, or negative developments affecting the U.S. or global economies, or certain issuers or industries. A company’s stock price may decline if the company does not perform as expected, is poorly managed, if there is a decreased demand for its products or services, or during periods of economic uncertainty or stock market turbulence. Even investments in high quality or “blue chip” stocks can be negatively impacted by poor overall market and economic conditions. Natural or environmental disasters, public health events (such as pandemics) and other events can be highly disruptive to economies and the markets. Because economies and global markets are interconnected, economic, financial, or political events in one country, sector or region could potentially have adverse widespread impacts.The financial markets continue to experience periods of volatility driven by geopolitical tensions, evolving economic conditions, and fiscal uncertainties, including elevated government debt levels and budget negotiations. Inflation remains elevated in certain sectors, increasing concerns about slowing growth, and contributing to uncertainty about the pace, timing and ultimate trajectory of the Federal Reserve’s monetary policy. Trade policy developments, including expanded U.S. tariffs and the risk of retaliatory measures, have contributed to higher input costs, supply chain disruptions, and pressure on companies with export exposure or reliance on cross border inputs. Strategic competition between the U.S. and China continues to influence global trade policy and investor sentiment, while broader geopolitical developments, economic instability, and volatility in energy and commodity markets, present continuing challenges to economic stability. In addition, rapid technological and structural changes, including significant investments in artificial intelligence and automation, have contributed to market concentration and uncertainty about corporate earnings, labor market trends, and broader economic impacts. These and other events that may arise in the future could exacerbate pre-existing political, social, and economic risks in ways that cannot be predicted.ETF Risk. An ETF is managed independently from the Fund and differs from a mutual fund in that its shares are listed on a securities exchange and trade intraday. An ETF is subject to the risks that (i) the value of its underlying securities may decline, (ii) its shares may trade at a premium or discount to its net asset value, or (iii) a lack of liquidity in the secondary market may impair the Fund’s ability to buy or sell shares at desired prices.Preferred Stock Risk. Preferred stock is subject to the risks of both equity and fixed income securities, including interest rate risk. Because a company generally pays dividends on preferred stock only after it has made its required payments to creditors, its value may be particularly sensitive to changes in an issuer’s outlook or financial condition. Preferred stock may be less liquid than common stock and generally has limited or no voting rights. In addition, issuers of preferred stock may defer or suspend dividends, call or redeem the stock when interest rates decline, or convert it to common stock on unfavorable terms. Lower rated preferred stocks have more speculative characteristics than higher grade preferred stocks.Convertible Security Risk. When the price of the underlying stock falls, the price of a convertible security tends to decline. Because a company must generally pay interest on its nonconvertible secured debt before it can pay interest on its convertible securities, the credit rating of a company’s convertible securities is generally lower than on its secured nonconvertible debt securities. A convertible security may be “callable,” which means the issuer can redeem the security prior to its maturity.Market Capitalization Risk. Larger capitalization companies may be unable to respond quickly to new competitive challenges, such as changes in technology, innovation and consumer preferences, and may have more limited growth opportunities compared to smaller, more dynamic companies. Multinational companies with foreign business operations can be significantly impacted by political, economic, regulatory and currency developments in foreign markets. Mid-cap companies may lack the management experience, financial resources or competitive strengths of larger companies.Sector Focus Risk. The Fund may emphasize investment in one or more particular business sectors at times, which may cause its share price to be more susceptible to the financial, market or economic events affecting issuers and industries within those sectors than a fund that does not emphasize investment in particular sectors. Economic or market factors, regulation, or deregulation, and technological or other developments may negatively impact all companies in a particular sector and may increase the risk of loss of an investment in the Fund. The sectors that the Fund may emphasize will vary from time to time. As of March 31, 2026, the Fund had 34.0% of the value of its net assets invested in common stocks and ETFs within the technology sector. The values of securities in the technology sector may be adversely affected by, among other factors, intense competitive pressures, short product cycles, aggressive pricing, rapid technological changes, and the potential for rapid obsolescence of products and services. They are particularly susceptible to cybersecurity risks, including hacking, data breaches and theft of proprietary or consumer information, as well as evolving regulatory developments, dependence on intellectual property rights, supply chain disruptions, and changes in consumer demand.Management Risk. The Adviser’s method of selecting securities may not be successful and the Fund may underperform the stock market as a whole. The Fund’s portfolio securities may not appreciate in value as expected. Equity Securities Risk. The return on and value of an investment in the Fund will fluctuate in response to stock market movements. Stocks tend to move in cycles and may decline in tandem with a drop in the overall value of the markets based on investor perceptions, interest rate changes, or negative developments affecting the U.S. or global economies, or certain issuers or industries. A company’s stock price may decline if the company does not perform as expected, is poorly managed, if there is a decreased demand for its products or services, or during periods of economic uncertainty or stock market turbulence. Even investments in high quality or “blue chip” stocks can be negatively impacted by poor overall market and economic conditions. Natural or environmental disasters, public health events (such as pandemics) and other events can be highly disruptive to economies and the markets. Because economies and global markets are interconnected, economic, financial, or political events in one country, sector or region could potentially have adverse widespread impacts.<div id="xdx_C09_gRBRTB-TYFB_zWzK8oOjFQec">The financial markets continue to experience periods of volatility driven by geopolitical tensions, evolving economic conditions, and fiscal uncertainties, including elevated government debt levels and budget negotiations. Inflation remains elevated in certain sectors, increasing concerns about slowing growth, and contributing to uncertainty about the pace, timing and ultimate trajectory of the Federal Reserve’s monetary policy. Trade policy developments, including expanded U.S. tariffs and the risk of retaliatory measures, have contributed to higher input costs, supply chain disruptions, and pressure on companies with export exposure or reliance on cross border inputs. Strategic competition between the U.S. and China continues to influence global trade policy and investor sentiment, while broader geopolitical developments, economic instability, and volatility in energy and commodity markets, present continuing challenges to economic stability. In addition, rapid technological and structural changes, including significant investments in artificial intelligence and automation, have contributed to market concentration and uncertainty about corporate earnings, labor market trends, and broader economic impacts. These and other events that may arise in the future could exacerbate pre-existing political, social, and economic risks in ways that cannot be predicted.</div> ETF Risk. An ETF is managed independently from the Fund and differs from a mutual fund in that its shares are listed on a securities exchange and trade intraday. An ETF is subject to the risks that (i) the value of its underlying securities may decline, (ii) its shares may trade at a premium or discount to its net asset value, or (iii) a lack of liquidity in the secondary market may impair the Fund’s ability to buy or sell shares at desired prices. Preferred Stock Risk. Preferred stock is subject to the risks of both equity and fixed income securities, including interest rate risk. Because a company generally pays dividends on preferred stock only after it has made its required payments to creditors, its value may be particularly sensitive to changes in an issuer’s outlook or financial condition. Preferred stock may be less liquid than common stock and generally has limited or no voting rights. In addition, issuers of preferred stock may defer or suspend dividends, call or redeem the stock when interest rates decline, or convert it to common stock on unfavorable terms. Lower rated preferred stocks have more speculative characteristics than higher grade preferred stocks. Convertible Security Risk. When the price of the underlying stock falls, the price of a convertible security tends to decline. Because a company must generally pay interest on its nonconvertible secured debt before it can pay interest on its convertible securities, the credit rating of a company’s convertible securities is generally lower than on its secured nonconvertible debt securities. A convertible security may be “callable,” which means the issuer can redeem the security prior to its maturity. Market Capitalization Risk. Larger capitalization companies may be unable to respond quickly to new competitive challenges, such as changes in technology, innovation and consumer preferences, and may have more limited growth opportunities compared to smaller, more dynamic companies. Multinational companies with foreign business operations can be significantly impacted by political, economic, regulatory and currency developments in foreign markets. Mid-cap companies may lack the management experience, financial resources or competitive strengths of larger companies. Sector Focus Risk. The Fund may emphasize investment in one or more particular business sectors at times, which may cause its share price to be more susceptible to the financial, market or economic events affecting issuers and industries within those sectors than a fund that does not emphasize investment in particular sectors. Economic or market factors, regulation, or deregulation, and technological or other developments may negatively impact all companies in a particular sector and may increase the risk of loss of an investment in the Fund. The sectors that the Fund may emphasize will vary from time to time. As of March 31, 2026, the Fund had 34.0% of the value of its net assets invested in common stocks and ETFs within the technology sector. The values of securities in the technology sector may be adversely affected by, among other factors, intense competitive pressures, short product cycles, aggressive pricing, rapid technological changes, and the potential for rapid obsolescence of products and services. They are particularly susceptible to cybersecurity risks, including hacking, data breaches and theft of proprietary or consumer information, as well as evolving regulatory developments, dependence on intellectual property rights, supply chain disruptions, and changes in consumer demand. Management Risk. The Adviser’s method of selecting securities may not be successful and the Fund may underperform the stock market as a whole. The Fund’s portfolio securities may not appreciate in value as expected. What has been the Fund’s performance history? The bar chart and performance table shown below provide some indication of the risks and variability of investing in the Fund. The bar chart shows changes in the Fund’s performance from year to year for each of the last 10 calendar years. The performance table shows how the Fund’s average annual total returns for 1, 5 and 10 years compare with those of a broad measure of market performance. How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information, current through the most recent month end, is available by calling 1-866-738-1126. The bar chart and performance table shown below provide some indication of the risks and variability of investing in the Fund. The bar chart shows changes in the Fund’s performance from year to year for each of the last 10 calendar years. How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. 1-866-738-1126 <div id="xdx_A8B_eoef--BarChartTableTextBlock_zal5DC6GbCj2"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zMh43Z6r2cW6" style="font: 10pt Arial, Helvetica, Sans-Serif; display: none; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top; text-align: center"> <td style="text-align: center; width: 10%"> </td> <td id="xdx_499_20160101__20161231_z1GbTndDw9q2" style="text-align: center; width: 9%">2016</td> <td id="xdx_499_20170101__20171231_zTGJzmliOm8" style="text-align: center; width: 9%">2017</td> <td id="xdx_495_20180101__20181231_zAh9nc7aVu6i" style="text-align: center; width: 9%">2018</td> <td id="xdx_490_20190101__20191231_zbE156NK38p" style="text-align: center; width: 9%">2019</td> <td id="xdx_49A_20200101__20201231_zCN941kaIQI8" style="text-align: center; width: 9%">2020</td> <td id="xdx_493_20210101__20211231_zwiK3fooJvt6" style="text-align: center; width: 9%">2021</td> <td id="xdx_494_20220101__20221231_zkMxZmGrOZ34" style="text-align: center; width: 9%">2022</td> <td id="xdx_49F_20230101__20231231_zOR5NK7kMUxa" style="text-align: center; width: 9%">2023</td> <td id="xdx_493_20240101__20241231_ztIJsBF5Xvd6" style="text-align: center; width: 9%">2024</td> <td id="xdx_496_20250101__20251231_z8csHW3ZmkP8" style="text-align: center; width: 9%">2025</td></tr> <tr id="xdx_40D_eoef--AnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000001564Member__oef--ClassAxis__custom--C000004223Member_zBmq4Tupgmyl" style="vertical-align: top; text-align: center"> <td> </td> <td>6.69%</td> <td>19.75%</td> <td>-6.81%</td> <td>30.15%</td> <td>21.81%</td> <td>29.47%</td> <td>-16.62%</td> <td>24.26%</td> <td>24.75%</td> <td>19.05%</td></tr> </table> <img alt="" src="image_018.jpg" style="width: 433px; height: 173px"/> 0.0669 0.1975 -0.0681 0.3015 0.2181 0.2947 -0.1662 0.2426 0.2475 0.1905 The Fund’s year-to-date return through June 30, 2026 is 8.42%. During the periods shown in the bar chart, the highest return for a quarter was 20.93% during the quarter ended June 30, 2020 and the lowest return for a quarter was -18.35% during the quarter ended March 31, 2020. The Fund’s year-to-date return 2026-06-30 0.0842 the highest return for a quarter 0.2093 2020-06-30 the lowest return for a quarter -0.1835 2020-03-31 Average Annual Total Returns For Periods Ended December 31, 2025: 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, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are 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, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. <div id="xdx_A81_eoef--PerformanceTableTextBlock_z67siixZscvg"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zOwgVFtsGQtf" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="width: 62%; text-align: center"> </td> <td id="xdx_496_20250101__20251231_z66aQN2NKll1" style="border-bottom: black 1pt solid; width: 14%; text-align: center">1 Year</td> <td id="xdx_497_20210101__20251231_zjfYyKj8FgA1" style="border-bottom: black 1pt solid; width: 12%; text-align: center">5 Years</td> <td id="xdx_49E_20160101__20251231_zVa6drAgVLwi" style="border-bottom: black 1pt solid; width: 12%; text-align: center">10 Years</td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000001564Member__oef--ClassAxis__custom--C000004223Member_zPo0D5xvv8v7" style="vertical-align: bottom"> <td style="text-align: left">Return Before Taxes </td> <td style="text-align: center">19.05%</td> <td style="text-align: center">14.78%</td> <td style="text-align: center">14.16%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000001564Member__oef--ClassAxis__custom--C000004223Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_ztkvrTYwKJ2l" style="vertical-align: bottom"> <td style="text-align: left">Return After Taxes on Distributions </td> <td style="text-align: center">16.70%</td> <td style="text-align: center">12.85%</td> <td style="text-align: center">12.35%</td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000001564Member__oef--ClassAxis__custom--C000004223Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_z2aEvtR5tqO5" style="vertical-align: bottom"> <td style="text-align: left">Return After Taxes on Distributions and Sale of Fund Shares </td> <td style="text-align: center">12.56%</td> <td style="text-align: center">11.40%</td> <td style="text-align: center">11.23%</td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000001564Member__oef--PerformanceMeasureAxis__custom--SAndP500INDEXReflectsNoDeductionForFeesExpensesOrTaxesMember_zwGih45SWGe7"> <td style="vertical-align: top; text-align: left">S&P 500® Index (reflects no deduction for fees, expenses, or taxes) </td> <td style="vertical-align: bottom; text-align: center">17.88%</td> <td style="vertical-align: bottom; text-align: center">14.42%</td> <td style="vertical-align: bottom; text-align: center">14.82%</td></tr> </table> Return Before Taxes 0.1905 0.1478 0.1416 0.1670 0.1285 0.1235 0.1256 0.1140 0.1123 reflects no deduction for fees, expenses, or taxes 0.1788 0.1442 0.1482 “Total Annual Fund Operating Expenses” will not correlate to the Fund’s ratio of total expenses to average net assets in the Fund’s Financial Highlights, which reflects the operating expenses of the Fund but does not include “Acquired Fund Fees and Expenses.” “Total Annual Fund Operating Expenses” will not correlate to the Fund’s ratio of total expenses to average net assets in the Fund’s Financial Highlights, which reflects the operating expenses of the Fund but does not include “Acquired Fund Fees and Expenses.” “Total Annual Fund Operating Expenses” will not correlate to the Fund’s ratio of total expenses to average net assets in the Fund’s Financial Highlights, which reflects the operating expenses of the Fund but does not include “Acquired Fund Fees and Expenses.” The Fund has adopted a Shareholder Servicing Plan which allows the Fund to make payments to financial organizations for providing account administration and account maintenance services to Fund shareholders. The annual limitation for the payment of these expenses is 0.25% of the Fund’s average daily net assets. “Total Annual Fund Operating Expenses” will not correlate to the Fund’s ratio of total expenses to average net assets in the Fund’s Financial Highlights, which reflects the operating expenses of the Fund but does not include “Acquired Fund Fees and Expenses.” The Fund has adopted a Shareholder Servicing Plan that allows it to make payments to financial organizations for providing account administration and account maintenance services to Fund shareholders. The annual limitation for the payment of these expenses is 0.25% of the Fund’s average daily net assets. “Total Annual Fund Operating Expenses” will not correlate to the Fund’s ratio of total expenses to average net assets in the Fund’s Financial Highlights, which reflects the operating expenses of the Fund but does not include “Acquired Fund Fees and Expenses.” The Fund has adopted a Shareholder Servicing Plan that allows the Fund to make payments to financial organizations for providing account administration and account maintenance services to Fund shareholders. The annual limitation for payment of these expenses is 0.25% of the Fund’s average daily net assets. “Total Annual Fund Operating Expenses” will not correlate to the Fund’s ratio of total expenses to average net assets in the Fund’s Financial Highlights, which reflects the operating expenses of the Fund but does not include “Acquired Fund Fees and Expenses.”