0001199046 2026-08-01 2026-08-01 0001199046 ust:S000081741Member 2026-08-01 2026-08-01 0001199046 ust:S000081741Member ust:ClosedEndFundRiskMember 2026-08-01 2026-08-01 0001199046 ust:S000081741Member ust:ClosedEndFundAdviserRiskMember 2026-08-01 2026-08-01 0001199046 ust:S000081741Member ust:FundOfFundsRiskMember 2026-08-01 2026-08-01 0001199046 ust:S000081741Member ust:EventDrivenRiskMember 2026-08-01 2026-08-01 0001199046 ust:S000081741Member ust:ShortSaleRiskMember 2026-08-01 2026-08-01 0001199046 ust:S000081741Member ust:EquityRiskMember 2026-08-01 2026-08-01 0001199046 ust:S000081741Member ust:MarketAndGeopoliticalRiskMember 2026-08-01 2026-08-01 0001199046 ust:S000081741Member ust:ManagementRiskMember 2026-08-01 2026-08-01 0001199046 ust:S000081741Member ust:RegisteredInvestmentCompanyAndExchangeTradedFundsRiskMember 2026-08-01 2026-08-01 0001199046 ust:S000081741Member ust:MoneyMarketFundRiskMember 2026-08-01 2026-08-01 0001199046 ust:S000081741Member ust:CashAndCashEquivalentsHoldingsRiskMember 2026-08-01 2026-08-01 0001199046 ust:S000081741Member ust:RightsRiskMember 2026-08-01 2026-08-01 0001199046 ust:S000081741Member ust:HighPortfolioTurnoverRateRiskMember 2026-08-01 2026-08-01 0001199046 ust:S000081741Member ust:CounterpartyRiskMember 2026-08-01 2026-08-01 0001199046 ust:S000081739Member 2026-08-01 2026-08-01 0001199046 ust:S000081739Member ust:ConvertibleArbitrageRiskMember 2026-08-01 2026-08-01 0001199046 ust:S000081739Member ust:ConvertibleSecuritiesRiskMember 2026-08-01 2026-08-01 0001199046 ust:S000081739Member ust:ShortSaleRiskMember 2026-08-01 2026-08-01 0001199046 ust:S000081739Member ust:FixedIncomeSecuritiesRiskMember 2026-08-01 2026-08-01 0001199046 ust:S000081739Member ust:EquityRiskMember 2026-08-01 2026-08-01 0001199046 ust:S000081739Member ust:LiquidityRiskMember 2026-08-01 2026-08-01 0001199046 ust:S000081739Member ust:MarketAndGeopoliticalRiskMember 2026-08-01 2026-08-01 0001199046 ust:S000081739Member ust:ManagementRiskMember 2026-08-01 2026-08-01 0001199046 ust:S000081739Member ust:SmallAndMidSizedCapitalizationCompanyRiskMember 2026-08-01 2026-08-01 0001199046 ust:S000081739Member ust:DerivativesRiskMember 2026-08-01 2026-08-01 0001199046 ust:S000081739Member ust:LeverageRiskMember 2026-08-01 2026-08-01 0001199046 ust:S000081739Member ust:MoneyMarketFundRiskMember 2026-08-01 2026-08-01 0001199046 ust:S000081739Member ust:RegisteredInvestmentCompanyAndExchangeTradedFundsRiskMember 2026-08-01 2026-08-01 0001199046 ust:S000081739Member ust:CurrencyRiskMember 2026-08-01 2026-08-01 0001199046 ust:S000081739Member ust:ForeignInvestmentsRiskMember 2026-08-01 2026-08-01 0001199046 ust:S000081739Member ust:ADRRiskMember 2026-08-01 2026-08-01 0001199046 ust:S000081739Member ust:SectorConcentrationRiskMember 2026-08-01 2026-08-01 0001199046 ust:S000081739Member ust:LargeShareholderRiskMember 2026-08-01 2026-08-01 0001199046 ust:S000081739Member ust:HighYieldSecuritiesRiskMember 2026-08-01 2026-08-01 0001199046 ust:S000081739Member ust:PreferredStockRiskMember 2026-08-01 2026-08-01 0001199046 ust:S000081739Member ust:CounterpartyRiskMember 2026-08-01 2026-08-01 0001199046 ust:S000081740Member 2026-08-01 2026-08-01 0001199046 ust:S000081740Member ust:ConvertibleArbitrageRiskMember 2026-08-01 2026-08-01 0001199046 ust:S000081740Member ust:ConvertibleSecuritiesRiskMember 2026-08-01 2026-08-01 0001199046 ust:S000081740Member ust:ShortSaleRiskMember 2026-08-01 2026-08-01 0001199046 ust:S000081740Member ust:FixedIncomeSecuritiesRiskMember 2026-08-01 2026-08-01 0001199046 ust:S000081740Member ust:EquityRiskMember 2026-08-01 2026-08-01 0001199046 ust:S000081740Member ust:LiquidityRiskMember 2026-08-01 2026-08-01 0001199046 ust:S000081740Member ust:MarketAndGeopoliticalRiskMember 2026-08-01 2026-08-01 0001199046 ust:S000081740Member ust:ManagementRiskMember 2026-08-01 2026-08-01 0001199046 ust:S000081740Member ust:SmallAndMidSizedCapitalizationCompanyRiskMember 2026-08-01 2026-08-01 0001199046 ust:S000081740Member ust:DerivativesRiskMember 2026-08-01 2026-08-01 0001199046 ust:S000081740Member ust:LeverageRiskMember 2026-08-01 2026-08-01 0001199046 ust:S000081740Member ust:MoneyMarketFundRiskMember 2026-08-01 2026-08-01 0001199046 ust:S000081740Member ust:RegisteredInvestmentCompanyAndExchangeTradedFundsRiskMember 2026-08-01 2026-08-01 0001199046 ust:S000081740Member ust:CurrencyRiskMember 2026-08-01 2026-08-01 0001199046 ust:S000081740Member ust:ForeignInvestmentsRiskMember 2026-08-01 2026-08-01 0001199046 ust:S000081740Member ust:ADRRiskMember 2026-08-01 2026-08-01 0001199046 ust:S000081740Member ust:SectorConcentrationRiskMember 2026-08-01 2026-08-01 0001199046 ust:S000081740Member ust:LargeShareholderRiskMember 2026-08-01 2026-08-01 0001199046 ust:S000081740Member ust:HighYieldSecuritiesRiskMember 2026-08-01 2026-08-01 0001199046 ust:S000081740Member ust:PreferredStockRiskMember 2026-08-01 2026-08-01 0001199046 ust:S000081740Member ust:CounterpartyRiskMember 2026-08-01 2026-08-01 0001199046 ust:S000081741Member ust:C000244726Member 2026-08-01 2026-08-01 0001199046 ust:S000081739Member ust:C000244724Member 2026-08-01 2026-08-01 0001199046 ust:S000081739Member ust:C000244723Member 2026-08-01 2026-08-01 0001199046 ust:S000081740Member ust:C000244725Member 2026-08-01 2026-08-01 0001199046 ust:S000081741Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-08-01 2026-08-01 0001199046 ust:S000081741Member oef:RiskLoseMoneyMember 2026-08-01 2026-08-01 0001199046 ust:S000081739Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-08-01 2026-08-01 0001199046 ust:S000081739Member oef:RiskLoseMoneyMember 2026-08-01 2026-08-01 0001199046 ust:S000081740Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-08-01 2026-08-01 0001199046 ust:S000081740Member oef:RiskLoseMoneyMember 2026-08-01 2026-08-01 0001199046 ust:C000244726Member 2016-01-01 2016-12-31 0001199046 ust:C000244726Member 2017-01-01 2017-12-31 0001199046 ust:C000244726Member 2018-01-01 2018-12-31 0001199046 ust:C000244726Member 2019-01-01 2019-12-31 0001199046 ust:C000244726Member 2020-01-01 2020-12-31 0001199046 ust:C000244726Member 2021-01-01 2021-12-31 0001199046 ust:C000244726Member 2022-01-01 2022-12-31 0001199046 ust:C000244726Member 2023-01-01 2023-12-31 0001199046 ust:C000244726Member 2024-01-01 2024-12-31 0001199046 ust:C000244726Member 2025-01-01 2025-12-31 0001199046 ust:C000244724Member 2016-01-01 2016-12-31 0001199046 ust:C000244724Member 2017-01-01 2017-12-31 0001199046 ust:C000244724Member 2018-01-01 2018-12-31 0001199046 ust:C000244724Member 2019-01-01 2019-12-31 0001199046 ust:C000244724Member 2020-01-01 2020-12-31 0001199046 ust:C000244724Member 2021-01-01 2021-12-31 0001199046 ust:C000244724Member 2022-01-01 2022-12-31 0001199046 ust:C000244724Member 2023-01-01 2023-12-31 0001199046 ust:C000244724Member 2024-01-01 2024-12-31 0001199046 ust:C000244724Member 2025-01-01 2025-12-31 0001199046 ust:C000244725Member 2023-01-01 2023-12-31 0001199046 ust:C000244725Member 2024-01-01 2024-12-31 0001199046 ust:C000244725Member 2025-01-01 2025-12-31 0001199046 ust:C000244726Member 2021-01-01 2025-12-31 0001199046 ust:C000244726Member 2016-01-01 2025-12-31 0001199046 ust:C000244726Member 2026-08-01 2026-08-01 0001199046 ust:C000244726Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0001199046 ust:C000244726Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0001199046 ust:C000244726Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0001199046 ust:C000244726Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0001199046 ust:C000244726Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0001199046 ust:C000244726Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0001199046 ust:C000244726Member ust:SAndP500IndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2025-01-01 2025-12-31 0001199046 ust:C000244726Member ust:SAndP500IndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2021-01-01 2025-12-31 0001199046 ust:C000244726Member ust:SAndP500IndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2016-01-01 2025-12-31 0001199046 ust:C000244726Member ust:BloombergUSAggregateBondIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2025-01-01 2025-12-31 0001199046 ust:C000244726Member ust:BloombergUSAggregateBondIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2021-01-01 2025-12-31 0001199046 ust:C000244726Member ust:BloombergUSAggregateBondIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2016-01-01 2025-12-31 0001199046 ust:C000244726Member ust:HFRXGlobalHedgeFundIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2025-01-01 2025-12-31 0001199046 ust:C000244726Member ust:HFRXGlobalHedgeFundIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2021-01-01 2025-12-31 0001199046 ust:C000244726Member ust:HFRXGlobalHedgeFundIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2016-01-01 2025-12-31 0001199046 ust:C000244726Member ust:MSCIWorldIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2025-01-01 2025-12-31 0001199046 ust:C000244726Member ust:MSCIWorldIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2021-01-01 2025-12-31 0001199046 ust:C000244726Member ust:MSCIWorldIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2016-01-01 2025-12-31 0001199046 ust:C000244724Member 2021-01-01 2025-12-31 0001199046 ust:C000244724Member 2016-01-01 2025-12-31 0001199046 ust:C000244724Member 2026-08-01 2026-08-01 0001199046 ust:C000244724Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0001199046 ust:C000244724Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0001199046 ust:C000244724Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0001199046 ust:C000244724Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0001199046 ust:C000244724Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0001199046 ust:C000244724Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0001199046 ust:C000244723Member 2026-08-01 2026-08-01 0001199046 ust:C000244723Member 2025-01-01 2025-12-31 0001199046 ust:C000244723Member ust:SAndP500IndexMember 2025-01-01 2025-12-31 0001199046 ust:C000244723Member ust:SAndP500IndexMember 2021-01-01 2025-12-31 0001199046 ust:C000244723Member ust:SAndP500IndexMember 2016-01-01 2025-12-31 0001199046 ust:C000244723Member ust:HFRXFixedIncomeConvertibleArbitrageIndexMember 2025-01-01 2025-12-31 0001199046 ust:C000244723Member ust:HFRXFixedIncomeConvertibleArbitrageIndexMember 2021-01-01 2025-12-31 0001199046 ust:C000244723Member ust:HFRXFixedIncomeConvertibleArbitrageIndexMember 2016-01-01 2025-12-31 0001199046 ust:C000244723Member ust:BloombergUSAggregateBondIndexMember 2025-01-01 2025-12-31 0001199046 ust:C000244723Member ust:BloombergUSAggregateBondIndexMember 2021-01-01 2025-12-31 0001199046 ust:C000244723Member ust:BloombergUSAggregateBondIndexMember 2016-01-01 2025-12-31 0001199046 ust:C000244725Member 2026-08-01 2026-08-01 0001199046 ust:C000244725Member oef:AfterTaxesOnDistributionsMember 2026-08-01 2026-08-01 0001199046 ust:C000244725Member oef:AfterTaxesOnDistributionsAndSalesMember 2026-08-01 2026-08-01 0001199046 ust:C000244725Member ust:BloombergUSAggregateBondIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2026-08-01 2026-08-01 0001199046 ust:C000244725Member ust:SAndP500IndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2026-08-01 2026-08-01 0001199046 ust:C000244725Member 2022-06-30 2025-12-31 0001199046 ust:C000244725Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0001199046 ust:C000244725Member oef:AfterTaxesOnDistributionsMember 2022-06-30 2025-12-31 0001199046 ust:C000244725Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0001199046 ust:C000244725Member oef:AfterTaxesOnDistributionsAndSalesMember 2022-06-30 2025-12-31 0001199046 ust:C000244725Member ust:BloombergUSAggregateBondIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2025-01-01 2025-12-31 0001199046 ust:C000244725Member ust:BloombergUSAggregateBondIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2022-06-30 2025-12-31 0001199046 ust:C000244725Member ust:SAndP500IndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2025-01-01 2025-12-31 0001199046 ust:C000244725Member ust:SAndP500IndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2022-06-30 2025-12-31 iso4217:USD pure false 485BPOS 2026-08-01 0001199046 2018-12-31 2021-12-31 N-1A Unified Series Trust 2026-08-01 SUMMARY SECTION Investment Objective Absolute CEF Opportunities (the “Fund”) seeks to achieve long-term capital appreciation with an emphasis on absolute (positive) returns and low sensitivity to traditional financial market indices such as the Standard & Poor’s 500® Index (“S&P 500® Index”). 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 tables and examples below. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A80_eoef--AnnualFundOperatingExpensesTableTextBlock_zw58VY73Vkod"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zBJntwLQ2Sxf" style="font: 10pt Times New Roman, Times, Serif;width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; width: 84%"> </td> <td style="width: 1%"> </td> <td id="xdx_496_20260801__20260801__dei--LegalEntityAxis__custom--S000081741Member__oef--ClassAxis__custom--C000244726Member_zzg7ABVQjNL" style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom; width: 15%"> </td></tr> <tr id="xdx_406_eoef--ManagementFeesOverAssets_dpn_zhAsbdsqm0xj" style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; padding-right: 22.5pt">Management Fees</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">1.40%</td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_zvPctz3Rfgdh" style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; padding-right: 22.5pt">Distribution and/or Service (12b-1) Fees</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">none</td></tr> <tr id="xdx_409_eoef--Component1OtherExpensesOverAssets_dpn_z9WVvZ59jHB1" style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; padding-right: 22.5pt">Other Expenses</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">2.84%</td></tr> <tr id="xdx_404_eoef--Component2OtherExpensesOverAssets_dpn_zd5PrEL27jA" style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; padding-right: 22.5pt">Dividend and Interest Expenses on Short Sales</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">2.78%</td></tr> <tr id="xdx_400_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zmrNLtP2JfRc" style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; padding-right: 22.5pt">Acquired Fund Fees and Expenses(1) </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">3.49%</td></tr> <tr id="xdx_406_eoef--ExpensesOverAssets_dpn_zlWEtlFoXWQk" style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; padding-right: 22.5pt">Total Annual Fund Operating Expenses(2) </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">10.51%</td></tr> <tr id="xdx_400_eoef--FeeWaiverOrReimbursementOverAssets_dpn_zlubjq6J1u5" style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 1pt; vertical-align: top; padding-right: 22.5pt">Fee Waiver and/or Expense Reimbursement(3) </td> <td> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">(2.45)%</td></tr> <tr id="xdx_400_eoef--NetExpensesOverAssets_dpn_zS8bmz7ZZbzi" style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 2.5pt; vertical-align: top; padding-right: 22.5pt">Total Annual Fund Operating Expenses (After Fee Waiver and/or Expense Reimbursement)(2) </td> <td> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">8.06%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 1pt; vertical-align: top; padding-right: 22.5pt"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; vertical-align: bottom; text-align: center"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="font: 10pt Times New Roman, Times, Serif;vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> Acquired Fund Fees and Expenses (“AFFE”) are fees and expenses incurred by the Fund in connection with its investments in other investment companies. The operating expenses in this fee table do not correlate to the expense ratio in the Fund’s financial highlights because the financial statements include only the direct operating expenses incurred by the Fund.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="font: 10pt Times New Roman, Times, Serif;vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> Total Annual Fund Operating Expenses do not correlate to the expense ratio in the Fund’s financial highlights because the financial statements only include the direct operating expenses incurred by the Fund. Further, because AFFE is estimated for the current fiscal year, Total Annual Fund Operating Expenses in the table above are estimated for the current fiscal year.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="font: 10pt Times New Roman, Times, Serif;vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> Absolute Investment Advisers, LLC (the “Adviser”) has contractually agreed to waive its management fee and/or reimburse certain operating expenses, but only to the extent necessary so that the Fund’s total annual operating expenses, excluding portfolio transaction and other investment-related costs (including brokerage fees and commissions); taxes; borrowing costs (such as interest and dividend expenses on securities sold short); acquired fund fees and expenses; fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses); any administrative and/or shareholder servicing fees payable pursuant to a plan adopted by the Board of Trustees; expenses incurred in connection with any merger or reorganization; extraordinary expenses (such as litigation expenses, indemnification of Trust officers and Trustees and contractual indemnification of Fund service providers); and other expenses that the Trustees agree have not been incurred in the ordinary course of the Fund’s business, does not exceed 1.79% through July 31, 2027 (the “Expense Cap”). This Expense Cap may not be terminated prior to this date except by the Board of Trustees upon sixty (60) days’ written notice to the Adviser. The Adviser may recoup from the Fund fees waived (other than management fees waived by the Adviser related to the Fund’s investments in other pooled vehicles sponsored by the Adviser) and expenses reimbursed by the Adviser pursuant to the Expense Cap in the three years following the date the particular fee waiver/expense payment occurred in connection with the Fund or the Predecessor Fund, but only if such recoupment can be achieved without exceeding the annual expense limitation in effect at the time of the fee waiver/expense payment and any expense limitation in effect at the time of the recoupment. The Adviser has contractually agreed to waive its investment management fees related to any Fund assets invested in pooled vehicles sponsored by the Adviser.</td></tr> </table> 0.0140 0 0.0284 0.0278 0.0349 0.1051 -0.0245 0.0806 The operating expenses in this fee table do not correlate to the expense ratio in the Fund’s financial highlights because the financial statements include only the direct operating expenses incurred by the Fund. Total Annual Fund Operating Expenses do not correlate to the expense ratio in the Fund’s financial highlights because the financial statements only include the direct operating expenses incurred by the Fund. July 31, 2027 Example. This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or 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, whether you do or do not redeem your shares at the end of each period described below, your costs would be: The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or 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, whether you do or do not redeem your shares at the end of each period described below, your costs would be: <div id="xdx_A84_eoef--ExpenseExampleWithRedemptionTableTextBlock_zeH2dnHtCT7f"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_zatooYkRzj81" style="font: 10pt Times New Roman, Times, Serif;width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="padding-bottom: 1pt; width: 0%"> </td> <td id="xdx_485_eoef--ExpenseExampleYear01_zETeDiLbJnf9" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 24%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1 Year</td> <td style="padding-bottom: 1pt; width: 2%"> </td> <td id="xdx_48E_eoef--ExpenseExampleYear03_zHfiHIEY1avk" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 23%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">3 Years</td> <td style="padding-bottom: 1pt; width: 2%"> </td> <td id="xdx_482_eoef--ExpenseExampleYear05_zqw1rVzQja25" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 23%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5 Years</td> <td style="padding-bottom: 1pt; width: 2%"> </td> <td id="xdx_48A_eoef--ExpenseExampleYear10_zIy55Zcdu2T9" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 24%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">10 Years</td></tr> <tr id="xdx_41B_20260801__20260801__dei--LegalEntityAxis__custom--S000081741Member__oef--ClassAxis__custom--C000244726Member_z1gx072sMiG2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$794</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$2,721</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$4,441</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$7,978</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> </td></tr> </table> 794 2721 4441 7978 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 389% of the average value of its portfolio. 3.89 Principal Investment Strategies The Adviser believes that there are important benefits that come from pursuing the Fund’s investment objective by primarily investing, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) will be investments in publicly traded closed-end funds (“CEFs”), including buying securities issued by CEFs, or selling short CEF securities. The Adviser believes that certain features of CEFs can create significant market inefficiencies, and the Fund will opportunistically pursue investments created by or otherwise related to those inefficiencies. One such market inefficiency relates to differences between the trading price of the shares of a CEF as compared to the net asset value (“NAV”) of the securities and other assets held by that CEF. The Adviser focuses on relative value and event driven strategies in any given asset class. A relative value assessment involves identifying securities that the Adviser believes are mispriced relative to their NAV. The Adviser purchases securities that it believes are undervalued and shorts securities that it believes are overvalued. Relative value trades tend to be longer in nature as the Adviser buys long or sells short a CEF when that security is believed to be mispriced. Typically, the Adviser will believe there is a catalyst that will push the price of the security up or down. Some catalysts include dividend changes, activist ownership, interest rate changes, and other market conditions. An event-driven strategy is when the Adviser opportunistically invests in a security when the Adviser believes an upcoming circumstance or situation has the potential to produce positive returns. Event-driven opportunities tend to be shorter-term in nature. These potential investments are expected to be more dependent on the outcome of special situations or corporate actions related to a CEF. Some of these events include tender offers, rights offerings, fund mergers, and fund liquidations, or fund conversions into an exchange-traded fund (“ETF”) or an open-end fund, among others. Shorting may be used in two main ways: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">1.</td> <td style="font: 10pt Times New Roman, Times, Serif">Strategically hedge out exposure to a certain sector (i.e., mitigating risk)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">2.</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">As part of its “Event Driven” strategy by shorting a security when the Adviser believes the price will decline based on news, e.g. CEF cuts their dividend, or future event, i.e., a fund is merging into another fund, and as part of its “Relative Value” strategy by shorting a security that the Adviser believes to be overvalued relative to its NAV.</td></tr> </table> Other Investments Although the Fund will invest primarily in CEFs, the Adviser may also invest a portion of the Fund’s assets in ETFs. The Fund may utilize ETFs to gain market exposure, or as a hedge. ETFs differ from CEFs in that institutional investors can create and redeem shares on a daily basis., and therefore, their share prices are typically very close to NAV. All investments involve risks, and the Fund cannot guarantee that it will achieve its investment objective. An investment in the Fund is not insured or guaranteed by any government agency. As with any mutual fund investment, the Fund’s returns and share price will fluctuate, and you may lose money by investing in the Fund. It is important that you closely review and understand the risks of investing in the Fund prior to making an investment in the Fund. An investment in the Fund is not insured or guaranteed by any government agency. As with any mutual fund investment, the Fund’s returns and share price will fluctuate, and you may lose money by investing in the Fund. <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--ClosedEndFundRiskMember_zpGTvXfDqB1h" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in">Closed-End Fund Risk. The Fund expects to invest primarily in CEFs, and may also sell CEFs short, the shares of which may trade at a premium or discount to their NAV. CEFs differ from open-end investment funds in that holders of interests in a CEF do not have the right to redeem their interests on a daily basis at a price based on NAV. The CEF shares in which the Fund may trade may be traded on one or more U.S. or foreign exchanges. The Fund may also trade shares of CEFs that trade sporadically, are illiquid and may not be traded on an exchange. CEFs may be subject to various trading restrictions. The Fund will generally not have any control over the investments made by CEFs and will generally only have limited access to information about the CEFs and their investments. CEFs generally trade independently of each other and, at times, may hold economically offsetting positions. At times CEFs may make in kind distributions which could result in the Fund owning securities that were in a CEF’s portfolio. These securities may be illiquid and may take considerable time to sell. If a CEF converts to open-end status, such conversion may result in the Fund holding shares in an open-end fund. As a part of such conversion the new open-end fund’s withdrawal terms may have associated withdrawal fees, which often decline over time and consequently, if such open-end fund’s shares are held by the Fund, certain withdrawals by the Fund from such open-end fund may be subject to a withdrawal fee. Certain CEFs may also employ leverage, which may amplify investment gains and losses.<div> </div> Closed-End Fund Adviser Risk. Fund performance may be dependent upon the success of the advisers in the underlying CEFs that the Fund invests in while in the pursuit of their investment objectives. A CEF’s performance may depend on the success of the CEF advisers’ methodology. In addition, various CEFs in the Fund’s portfolio could enter into conflicting transactions (e.g. one CEF adviser purchasing a security at the same time another CEF adviser sells the same security or one CEF takes a long position in a security that another CEF has also sold short), which depending on the performance of such securities and the economic environment, could be beneficial or detrimental to the Fund’s performance. Since each underlying CEF will have a different portfolio manager the Fund’s portfolio turnover rate could increase, which could result in higher levels of realized capital gains or losses, higher brokerage commissions and other transaction costs. A CEF adviser may have limited experience managing funds, which, unlike other funds these advisers manage, are subject to daily inflows and outflows of investor cash and are subject to certain legal and tax-related restrictions on their investments and operations.<div> </div> Fund of Funds Risk. The Fund, as a shareholder of the CEFs, ETFs, or other funds (“Underlying Funds”), indirectly bears its proportionate share of any investment management fees and other expenses of the Underlying Funds. Further, due to the fees and expenses paid by the Fund, as well as small variations in the Fund’s actual allocations to the Underlying Funds and any derivatives and cash held in the Fund’s portfolio, the performance and income distributions of the Fund will not be the same as the performance and income distributions of the Underlying Funds.<div> </div> Event Driven Risk. Investments in CEFs that the Adviser expects will be involved in a special event carry the risk that the expected event or transaction may not be completed or may be completed on less favorable terms than originally expected, which may lower the Fund’s performance.<div> </div> Short Sale Risk. If the price of CEF shares which the Fund has borrowed and sold to other investors has gone up since the time the Fund borrowed the CEF shares and sold them, the Fund will lose money on the investment. Although the Fund’s gain is limited by the amount for which it sold the borrowed security, its potential loss is unlimited. A mutual fund that engages in short selling is more risky than other mutual funds that do not engage in short selling.<div> </div> Equity Risk. Equity securities, which include common stocks, convertible securities, preferred stocks, rights and sponsored and unsponsored ADRs may decline in value because of changes in the price of a particular holding or a broad stock market decline. Common stock ranks below preferred stock and debt securities in claims for dividends and for assets of the company in a liquidation or bankruptcy. The value of a security may decline for a number of reasons that directly relate to the issuer of a security or broader economic or market events including changes in interest rates and the same will impact any Underlying Fund that holds such securities.<div> </div> Market and Geopolitical Risk. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, climate change and climate-related events, pandemics, epidemics, terrorism, tariffs and trade wars, international conflicts, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is not known how long such impacts, or any future impacts of other significant events described above, will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. During a general market downturn, multiple asset classes may be negatively affected. Changes in market conditions and interest rates can have the same impact on all types of securities and instruments. In times of severe market disruptions, you could lose your entire investment. <div> </div> Management Risk. The Fund is actively managed and is thus subject to management risk. The Adviser will apply its investment techniques and strategies in making investment decisions for the Fund, but there is no guarantee that such techniques will produce the intended results.<div> </div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--RegisteredInvestmentCompanyAndExchangeTradedFundsRiskMember_z6q6RL6lbTD7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Registered Investment Company and Exchange-Traded Funds Risk. The risks of investing in these securities typically reflect the risks of the types of instruments in which the investment companies or ETF invest. By investing in another investment company or ETF, the Fund becomes a shareholder of that investment company or ETF and bears its proportionate share of the fees and expenses of the other investment company or ETF. ETF shares trade in the secondary market and may be purchased by the Fund at a premium or discount to their NAV. When selling such securities, the Fund may not sell at the same premium or discount and may lose money on the premium or discount.<div> </div> Money Market Fund Risk. Although a money market fund is designed to be a relatively low risk investment, it is not free of risk. Despite the short maturities and high credit quality of a money market fund’s investments, increases in interest rates and deteriorations in the credit quality of the instruments the money market fund has purchased may reduce the money market fund’s yield and can cause the price of a money market security to decrease. In addition, a money market fund is subject to the risk that the value of an investment may be eroded over time by inflation.<div> </div> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashAndCashEquivalentsHoldingsRiskMember_zrgvEc08k3D2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Cash and Cash Equivalents Holdings Risk. The Fund risks achieving lower returns and potential lost opportunities to participate in market appreciation, which could negatively impact the Fund’s performance and ability to achieve its investment objective. This is particularly true when the market for other investments in which the Fund may invest is rapidly rising.<div> </div> Rights Risk. Rights may be considered more speculative than certain other types of investments in that they do not entitle a holder to dividends or voting rights with respect to the underlying securities that may be purchased, nor do they represent any rights in the assets of the issuing company. Also, the value of a right does not necessarily change with the value of the underlying securities and a right ceases to have value if it is not exercised prior to the expiration date. If a right held by the Fund is not exercised by the date of its expiration, the Fund would lose the entire purchase price of the right. The market for rights may be very limited and there may at times not be a liquid secondary market for rights.<div> </div> High Portfolio Turnover Rate Risk. The Fund may have a relatively high turnover rate in comparison to many mutual funds. A high portfolio turnover rate (100% or more) has the potential to result in increased brokerage transaction costs which may lower the Fund’s returns. Furthermore, a high portfolio turnover rate may result in the realization by the Fund, and distribution to shareholders, of a greater amount of short-term capital gains than if the Fund had a low portfolio turnover rate. Distributions to shareholders of short-term capital gains are taxed as ordinary income under federal income tax laws. This could result in a higher tax liability and may lower your after-tax return.<div> </div> Counterparty Risk. The Fund may enter into financial instruments or transactions with a counterparty. A counterparty may become bankrupt or otherwise fail to perform its obligations due to financial difficulties, jeopardizing the value of the Fund’s investment. Performance Information On September 8, 2023, the Fund acquired all of the assets and liabilities of the Absolute Strategies Fund, a series of Forum Funds (the “Predecessor Fund”), in a tax-free reorganization. In connection with this acquisition, shares of the Predecessor Fund’s Institutional Class shares were exchanged for Institutional Class shares of the Fund. The Predecessor Fund had an investment objective and strategies that were, in all material respects, the same as those of the Fund through October 22, 2024, and was managed in a manner that, in all material respects, complied with the investment guidelines and restrictions of the Fund. The Fund’s performance for periods prior to September 11, 2023 is that of the Predecessor Fund. The Fund is a continuation of the Predecessor Fund, and therefore, the performance information includes the performance of the Predecessor Fund. On August 1, 2024, the Fund added Mr. Kevin McNally and Ms. Patty Santorella as portfolio managers to the Fund and began utilizing CEFs as part of its non-principal investment strategy. On October 22, 2024, the Fund removed Mr. James Compson, the Fund’s portfolio manager since July 11, 2025, as a portfolio manager, and changed its strategy to utilize CEFs as the Fund’s principal portfolio investment. Different investment strategies may lead to different performance results. The Fund’s performance for periods prior to October 22, 2024, reflects the investment strategy in effect prior to that date. The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in the performance of the Institutional Shares of the Fund from year to year and by showing how the Fund’s average annual returns compare with those of a broad based securities market index and secondary performance indices. The performance of the Predecessor Fund was calculated net of the Predecessor Fund’s fees and expenses. The performance of the Predecessor Fund is not the performance of the Fund, has not been restated to reflect the fees, expenses and fee waivers and/or expense limitations of the Fund, and is not necessarily indicative of the Fund’s future performance. If the performance of the Predecessor Fund had been restated to reflect the applicable fees and expenses of the Fund, the performance may have been lower than the performance shown in the bar chart and Average Annual Total Returns table below. Updated performance information is available at www.absoluteadvisers.com or by calling (888) 99-ABSOLUTE or (888) 992-2765 (toll free). Performance information (before and after taxes) represents only past performance and does not necessarily indicate future results. The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in the performance of the Institutional Shares of the Fund from year to year and by showing how the Fund’s average annual returns compare with those of a broad based securities market index and secondary performance indices. www.absoluteadvisers.com (888) 99-ABSOLUTE or (888) 992-2765 Performance information (before and after taxes) represents only past performance and does not necessarily indicate future results. Annual Returns as of December 31 Institutional Shares <img alt="" src="pro-acefx_001.jpg" style="height: 319px; width: 550px"/> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zYNJiorWbqtl" style="font: 10pt Times New Roman, Times, Serif; display: none; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top; text-align: left"> <td style="width: 50%"> </td> <td style="text-align: center; width: 50%"> </td></tr> <tr style="vertical-align: top; text-align: left"> <td>Annual Return 2016</td> <td id="xdx_987_eoef--AnnlRtrPct_c20160101__20161231__oef--ClassAxis__custom--C000244726Member_zFvvXAV2N4Db">2.63%</td></tr> <tr style="vertical-align: top; text-align: left"> <td>Annual Return 2017</td> <td id="xdx_987_eoef--AnnlRtrPct_c20170101__20171231__oef--ClassAxis__custom--C000244726Member_z3Qv06JJLmQ4">-8.42%</td></tr> <tr style="vertical-align: top; text-align: left"> <td>Annual Return 2018</td> <td id="xdx_984_eoef--AnnlRtrPct_c20180101__20181231__oef--ClassAxis__custom--C000244726Member_zeLVt7Va4aS8">1.33%</td></tr> <tr style="vertical-align: top; text-align: left"> <td>Annual Return 2019</td> <td id="xdx_986_eoef--AnnlRtrPct_c20190101__20191231__oef--ClassAxis__custom--C000244726Member_z7Az234kxKic">-3.38%</td></tr> <tr style="vertical-align: top; text-align: left"> <td>Annual Return 2020</td> <td id="xdx_980_eoef--AnnlRtrPct_c20200101__20201231__oef--ClassAxis__custom--C000244726Member_z3Rid57bPcui">0.74%</td></tr> <tr style="vertical-align: top; text-align: left"> <td>Annual Return 2021</td> <td id="xdx_986_eoef--AnnlRtrPct_c20210101__20211231__oef--ClassAxis__custom--C000244726Member_zn9cYORM01S9">-13.90%</td></tr> <tr style="vertical-align: top; text-align: left"> <td>Annual Return 2022</td> <td id="xdx_983_eoef--AnnlRtrPct_c20220101__20221231__oef--ClassAxis__custom--C000244726Member_zzd62CaQ2Po7">8.48%</td></tr> <tr style="vertical-align: top; text-align: left"> <td>Annual Return 2023</td> <td id="xdx_988_eoef--AnnlRtrPct_c20230101__20231231__oef--ClassAxis__custom--C000244726Member_zUREl1pW1513">-11.77%</td></tr> <tr style="vertical-align: top; text-align: left"> <td>Annual Return 2024</td> <td id="xdx_985_eoef--AnnlRtrPct_c20240101__20241231__oef--ClassAxis__custom--C000244726Member_zLns0JGV3tVk">-5.33%</td></tr> <tr style="vertical-align: top; text-align: left"> <td>Annual Return 2025</td> <td id="xdx_984_eoef--AnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000244726Member_z6VNLCPRClh4">9.24%</td></tr> </table> 0.0263 -0.0842 0.0133 -0.0338 0.0074 -0.1390 0.0848 -0.1177 -0.0533 0.0924 The calendar year-to-date total return as of June 30, 2026, was 5.54%. Highest/Lowest quarterly results during this time period were: Highest Quarter: Fourth Quarter 2018 4.75% Lowest Quarter: Fourth Quarter 2021 (6.30)% The calendar year-to-date total return 2026-06-30 0.0554 Highest Quarter 0.0475 Lowest Quarter -0.0630 Average Annual Total Returns (for periods ended 12/31/2025) <div id="xdx_A86_eoef--PerformanceTableTextBlock_zPEHObczjt9g"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zskgixXi7Rj3" style="font: 10pt Times New Roman, Times, Serif;width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(159,161,164); vertical-align: top"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 55%">Absolute CEF Opportunities</td> <td id="xdx_49A_20250101__20251231_zGZU2inoSjB8" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap; text-align: center; width: 15%">1 Year</td> <td id="xdx_49C_20210101__20251231_zEZo2Lv2b6S" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap; text-align: center; width: 15%">5 Years</td> <td id="xdx_493_20160101__20251231_z7zN2flpaV02" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap; text-align: center; width: 15%">10 Years</td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000244726Member_zLcUMeBWlEnb" style="font: 10pt Times New Roman, Times, Serif; background-color: Gainsboro; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top">Institutional Shares - Return Before Taxes</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">9.24%</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">(3.15)%</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">(2.33)%</td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000244726Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zgx12FiVHKJ4" style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(187,187,192); vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top">Institutional Shares - Return After Taxes on Distributions</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">9.22%</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">(3.73)%</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">(3.01)%</td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000244726Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zF5SNJWJkdtg" style="font: 10pt Times New Roman, Times, Serif; background-color: Gainsboro; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top">Institutional Shares - Return After Taxes on Distributions and Sale of Fund Shares</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">5.48%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">(2.59)%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">(1.86)%</td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000244726Member__oef--PerformanceMeasureAxis__custom--SAndP500IndexReflectsNoDeductionForFeesExpensesOrTaxesMember_z5EGNISp5V8d" style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(187,187,192)"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top">S&P 500® Index(1) (reflects no deduction for fees, expenses or taxes)</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">17.88%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">14.42%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">14.82%</td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000244726Member__oef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zA2JXCzdUxc4" style="font: 10pt Times New Roman, Times, Serif; background-color: Gainsboro"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top">Bloomberg U.S. Aggregate Bond Index(2) (reflects no deduction for fees, expenses or taxes)</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">7.30%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">(0.36)%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">2.01%</td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000244726Member__oef--PerformanceMeasureAxis__custom--HFRXGlobalHedgeFundIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_z2mNWtAlIPhc" style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(187,187,192)"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top">HFRX Global Hedge Fund Index(3) (reflects no deduction for fees, expenses or taxes)</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">3.23%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">4.39%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">1.84%</td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000244726Member__oef--PerformanceMeasureAxis__custom--MSCIWorldIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zUUo2WXWROfh" style="font: 10pt Times New Roman, Times, Serif; background-color: Gainsboro"> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top">MSCI World Index(4) (reflects no deduction for fees, expenses or taxes)</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">21.09%</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">12.15%</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">12.17%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 22.5pt">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">S&P 500® Index is a widely recognized unmanaged market capitalization weighted index of 500 leading publicly traded companies in the U.S. and is representative of a broader domestic equity market and range of securities than is found in the Fund’s portfolio. Individuals cannot invest directly in the index; however, an individual can invest in exchange traded funds or other investment vehicles that attempt to track the performance of a benchmark index. Index returns assume reinvestment of dividends and do not reflect any fees or expenses.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 22.5pt">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Bloomberg U.S. Aggregate Bond Index is an unmanaged index comprised of U.S. investment grade, fixed rate bond market securities, including government, government agency, corporate and mortgage-backed securities between one and ten years. Index returns assume reinvestment of dividends. Investors may not invest in the index directly.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 22.5pt">(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">HFRX Global Hedge Fund Index is designed to be representative of the overall composition of the hedge fund universe. It is comprised of all eligible hedge fund strategies, including but not limited to convertible arbitrage, distressed securities, equity hedge, equity market neutral, event driven, macro, merger arbitrage, and relative value arbitrage. Investors may not invest in the index directly.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 22.5pt">(4)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">MSCI World® Index is an unmanaged index that is designed to capture large and mid-cap representation across 23 developed market countries, including securities listed on exchanges in the U.S., Europe, Canada, Australia, New Zealand, Israel and the Far East. Investors may not invest in the index directly.</td></tr> </table> Return Before Taxes 0.0924 -0.0315 -0.0233 0.0922 -0.0373 -0.0301 0.0548 -0.0259 -0.0186 reflects no deduction for fees, expenses or taxes 0.1788 0.1442 0.1482 reflects no deduction for fees, expenses or taxes 0.0730 -0.0036 0.0201 reflects no deduction for fees, expenses or taxes 0.0323 0.0439 0.0184 reflects no deduction for fees, expenses or taxes 0.2109 0.1215 0.1217 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. The return after taxes on distributions and sale of Fund shares may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. The return after taxes on distributions and sale of Fund shares may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. Absolute Convertible Arbitrage Fund Investment Objective The Absolute Convertible Arbitrage Fund (the “Fund”) seeks to achieve positive absolute returns over the long-term with low volatility when compared to traditional market indices. 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 tables or examples below. <div id="xdx_A88_eoef--AnnualFundOperatingExpensesTableTextBlock_zOTWR0J82PIj"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_zrOhSTyriL7" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: normal 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; vertical-align: bottom; text-align: left">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td id="xdx_49F_20260801__20260801__dei--LegalEntityAxis__custom--S000081739Member__oef--ClassAxis__custom--C000244724Member_zIDsmhNAkw02" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">Institutional Shares</td> <td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td id="xdx_49A_20260801__20260801__dei--LegalEntityAxis__custom--S000081739Member__oef--ClassAxis__custom--C000244723Member_znKpsufDyZz9" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">Investor Shares</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td></tr> <tr id="xdx_406_eoef--ManagementFeesOverAssets_dpn_z55FOPyCvXz6" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 68%; text-align: left">Management Fees</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 15%; text-align: center">1.00%</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 15%; text-align: center">1.00%</td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_zunzJ84m59Uj" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Distribution and/or Service (12b-1) Fees</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">None</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">0.25%</td></tr> <tr id="xdx_409_eoef--Component1OtherExpensesOverAssets_dpn_zHbg9RsA4gZ4" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top">Other Expenses (including recoupment of previously waived management fees of 0.04%)</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">0.17%</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">0.16%</td></tr> <tr id="xdx_404_eoef--Component2OtherExpensesOverAssets_dpn_zhYk8K7g8tJg" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Dividend and Interest Expenses on Short Sales(1) </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">0.14%</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">0.15%</td></tr> <tr id="xdx_400_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_z2S9tDwvhAO4" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1pt">Acquired Fund Fees and Expenses(2) </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">0.05%</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">0.05%</td></tr> <tr id="xdx_406_eoef--ExpensesOverAssets_dpn_zF6yn3Dfyvnd" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Total Annual Fund Operating Expenses</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">1.36%</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">1.61%</td></tr> <tr id="xdx_400_eoef--FeeWaiverOrReimbursementOverAssets_dpn_z4pGaWNbDfif" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1pt">Fee Waiver and/or Expense Reimbursement(3) </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">0.00%</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">0.00%</td></tr> <tr id="xdx_400_eoef--NetExpensesOverAssets_dpn_zj0V8FWkAH9f" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 2.5pt">Total Annual Fund Operating Expenses (After Fee Waiver and/or Expense Reimbursement)(4) </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">1.36%</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">1.61%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> Dividend and interest expenses on short sales occur when the Fund sells an equity or debt security short to gain the inverse exposure necessary to meet its investment objective. Please refer to the section entitled “Information Regarding Dividend and Interest Expenses on Short Sales” in the Prospectus.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> Acquired Fund Fees and Expenses (“AFFE”) are fees and expenses incurred by the Fund in connection with its investments in other investment companies.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif;vertical-align: top; text-align: justify"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left">(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> Absolute Investment Advisers, LLC (the “Adviser”) has contractually agreed to waive its management fee and/or reimburse certain operating expenses, but only to the extent necessary so that the Fund’s total annual operating expenses, excluding portfolio transaction and other investment-related costs (including brokerage fees and commissions); taxes; borrowing costs (such as interest and dividend expenses on securities sold short); acquired fund fees and expenses; fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses); any administrative and/or shareholder servicing fees payable pursuant to a plan adopted by the Board of Trustees; expenses incurred in connection with any merger or reorganization; extraordinary expenses (such as litigation expenses, indemnification of Trust officers and Trustees and contractual indemnification of Fund service providers); and other expenses that the Trustees agree have not been incurred in the ordinary course of the Fund’s business, do not exceed 1.20% and 1.45% of the Institutional Shares and Investor Shares, respectively, through July 31, 2027 (the “Expense Cap”). The Expense Cap may not be terminated prior to this date except by the Board of Trustees upon sixty (60) days’ written notice to the Adviser. The Adviser may recoup from the Fund fees waived (other than management fees waived by Absolute related to the Fund’s investments in other pooled vehicles sponsored by the Adviser) and expenses pursuant to the Expense Cap in the three years following the date the particular fee waiver/expense payment occurred in connection with the Fund or the Predecessor Fund, but only if such recoupment can be achieved without exceeding the annual expense limitation in effect at the time of the fee waiver/expense payment and any expense limitation in effect at the time of the recoupment. The Adviser has contractually agreed to waive its investment management fees related to any Fund assets invested in pooled vehicles sponsored by Absolute.</td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"> <td id="xdx_F0F_zzgH3OBZ1QF6" style="font: 10pt Times New Roman, Times, Serif; text-align: left">(4)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> Total Annual Fund Operating Expenses do not correlate to the ratio of net expenses to average net assets found in the “Financial Highlights” section of this prospectus because the Fund’s financial highlights do not include AFFE. </td></tr> </table> 0.0100 0.0100 0 0.0025 0.0017 0.0016 0.0014 0.0015 0.0005 0.0005 0.0136 0.0161 0.0000 0.0000 0.0136 0.0161 July 31, 2027 Total Annual Fund Operating Expenses do not correlate to the ratio of net expenses to average net assets found in the “Financial Highlights” section of this prospectus because the Fund’s financial highlights do not include AFFE. 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 hold or 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, except that it reflects the Expense Cap through the time periods described above. Although your actual costs may be higher or lower, based on these assumptions, whether you do or do not redeem your shares at the end of each period described below, your costs would be: The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same, except that it reflects the Expense Cap through the time periods described above. Although your actual costs may be higher or lower, based on these assumptions, whether you do or do not redeem your shares at the end of each period described below, your costs would be: <div id="xdx_A8F_eoef--ExpenseExampleWithRedemptionTableTextBlock_zxUhHRzYllU5"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_z9j30c5DI0Cd" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: bold 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left"> </td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; vertical-align: bottom"> </td> <td id="xdx_487_eoef--ExpenseExampleYear01_zbShBrhC4Qi9" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">1 Year</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; vertical-align: bottom"> </td> <td id="xdx_48F_eoef--ExpenseExampleYear03_zk6IVdyoHwe5" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">3 Years</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; vertical-align: bottom"> </td> <td id="xdx_487_eoef--ExpenseExampleYear05_z4nBz1PiXEF7" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">5 Years</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; vertical-align: bottom"> </td> <td id="xdx_483_eoef--ExpenseExampleYear10_zDqIqInY4747" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">10 Years</td></tr> <tr id="xdx_41D_20260801__20260801__dei--LegalEntityAxis__custom--S000081739Member__oef--ClassAxis__custom--C000244724Member_znf4ozGVMAnl" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: bold 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; text-align: left; width: 21%; vertical-align: top">Institutional Shares</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 1%; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 18%; text-align: center">$138</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 2%; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 18%; text-align: center">$431</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 2%; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 18%; text-align: center">$745</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 2%; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 18%; text-align: center">$1,635</td></tr> <tr id="xdx_415_20260801__20260801__dei--LegalEntityAxis__custom--S000081739Member__oef--ClassAxis__custom--C000244723Member_zmAESdS3TpHk" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: bold 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top">Investor Shares</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">$164</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">$508</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">$876</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">$1,911</td></tr> </table> 138 431 745 1635 164 508 876 1911 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 24% of the average value of its portfolio. 0.24 Principal Investment Strategies The Fund invests, under normal circumstances, at least 80% of its net assets (plus borrowings for investment purposes) in a diversified portfolio of convertible securities issued by both U.S. and foreign companies. The Fund defines convertible securities as debt securities, preferred stocks, or other securities that can be exchanged for, or converted into, common stock or its equivalent value. Convertible arbitrage involves purchasing such a portfolio of convertible securities and hedging the equity risk inherent in such securities by selling short the common stock into which the securities may be converted. The Fund’s convertible arbitrage strategy is intended to offer investors the potential for yield and capital appreciation with less risk than traditional equity indices due to the convertible securities being hedged by shorting the underlying common stock. In so doing, the Fund is designed to provide investors with a potential source of alternative income and returns from investments in interest and dividend-paying convertible securities and trading based on the pricing inefficiencies of the options embedded in the convertible securities. Although the Fund may invest in securities of issuers of any market capitalization, the Fund expects to invest primarily in small- and mid-capitalization companies. For these purposes, the Fund considers small capitalization companies to be those with a market capitalization of less than $2 billion at the time of investment and mid-capitalization companies to be those with a market capitalization between $2 billion and $50 billion at the time of investment. The Fund may also invest in below investment grade securities with individual ratings ranging from BB+ to CCC. The weighted average grade of bonds in the Fund’s portfolio is typically below investment grade. Such “junk bonds” typically are rated Ba1 or below by Moody’s, BB+ or below by S&P or BB+ or below by Fitch. The Fund may purchase unrated securities if, at the time of purchase, Absolute believes that they are of comparable quality to rated securities that the Fund may purchase. The Fund may invest, long or short, in securities of issuers of any market capitalization in the U.S. or abroad. The securities in which the Fund typically takes a long position include convertible bonds, such as private placement/ restricted and Rule 144A securities and contingent convertible securities (“CoCos”), which are fixed-income instruments that are convertible into equity if a pre-specified trigger event occurs. As part of its convertible arbitrage strategy, the Fund typically invests in short equity positions against a long convertible position of the same issuer, which may include shorting the common stock of such issuer, or shorting certain exposures to non-U.S. issuers obtained through investments in American Depositary Receipts (“ADRs”). The Fund may also invest in pooled investment vehicles, including other registered investment companies and ETFs, and may utilize treasury futures to manage interest rate risk. The Fund may focus its investments in securities of a particular sector from time to time, including the Information Technology Sector, Healthcare Sector, Consumer Discretionary Sector, or Industrials Sector. All investments involve risks, and the Fund cannot guarantee that it will achieve its investment objective. An investment in the Fund is not insured or guaranteed by any government agency. As with any mutual fund investment, the Fund’s returns and share price will fluctuate, and you may lose money by investing in the Fund. It is important that you closely review and understand the risks of investing in the Fund prior to making an investment in the Fund. <div style="display: none"></div> An investment in the Fund is not insured or guaranteed by any government agency. As with any mutual fund investment, the Fund’s returns and share price will fluctuate, and you may lose money by investing in the Fund. Convertible Arbitrage Risk. Convertible arbitrage involves purchasing a portfolio of convertible securities, generally convertible bonds, and hedging all or a portion of the equity risk by selling short the underlying common stock. Employing arbitrage and alternative strategies involves the risk that anticipated opportunities may not play out as planned, resulting in potentially reduced returns or losses to the Fund as it unwinds failed trades. Convertible arbitrage is further subject to special risks, including the risk of default in interest or principal payments, which could result in a loss of income to the Fund, or a decline in the market value of the securities. Arbitrage strategies involve the risk that underlying relationships between securities in which investment positions are taken may change in an adverse or unanticipated manner. <div style="display: none"></div> Convertible Securities Risk. A convertible security is a fixed income security (a debt instrument or a preferred stock) that may be converted at a stated price within a specified period of time into a certain quantity of the common stock of the same or a different issuer. While providing a fixed income stream (generally higher in yield than the income derivable from common stock but lower than that afforded by a similar non-convertible security) a convertible security also gives an investor the opportunity, through its conversion feature, to participate in the capital appreciation of the issuing company depending upon a market price advance in the convertible security’s underlying common stock. As a result of these features, a convertible security is subject to many of the risks to which common stock and fixed income securities are subject. Contingent Convertible Securities Risk. In addition to the general risks associated with fixed-income securities and convertible securities, the risks of investing in contingent convertible securities (“CoCos”) include the risk that a CoCo may be written down, written off or converted into an equity security when the issuer’s capital ratio falls below a specified trigger level, or in a regulator’s discretion depending on the regulator’s judgment about the issuer’s solvency prospects. Due to these features, CoCos may have substantially greater risk than other securities in times of financial stress. If the trigger level is breached, the issuer’s decision to write down, write off or convert a CoCo may be outside its control, and the Fund may suffer a complete loss on an investment in CoCos with no chance of recovery even if the issuer remains in existence. <div style="display: none"></div> Short Sale Risk. If the price of stocks which the Fund has borrowed and sold to other investors has gone up since the time the Fund borrowed the stocks and sold them, the Fund will lose money on the investment. Although the Fund’s gain is limited by the amount for which it sold the borrowed security, its potential loss is unlimited. A mutual fund that engages in short selling is more risky than other mutual funds that do not engage in short selling. <div style="display: none"></div> Fixed-Income Securities Risk. The Fund may invest in fixed-income (debt) securities, which are generally subject to the following risks: Credit Risk. The issuer of a fixed income security may not be able or willing to make interest and principal payments when due. Generally, the lower the credit rating of a security, the greater the risk that the issuer will default on its obligation. Interest Rate Risk. The market value of fixed income securities in which the Fund invests and, thus, the Fund’s net asset value, can be expected to vary inversely with changes in interest rates. Fixed-income securities with longer durations tend to be more sensitive to changes in interest rates, generally making them more volatile than fixed-income securities with shorter durations. Prepayment and Extension Risk. As interest rates decline, the issuers of certain types of fixed income securities may prepay principal earlier than scheduled, forcing the Fund to reinvest in lower yielding securities. As interest rates increase, slower than expected principal payments may extend the average life of fixed income securities, locking in below-market interest rates and reducing the value of these securities. There is a greater risk that the Fund will lose money due to prepayment and extension risks when the Fund invests in mortgage-backed and asset-backed securities. <div style="display: none"></div> Equity Risk. Equity securities, which include common stocks, convertible securities, preferred stocks, warrants and sponsored and unsponsored ADRs may decline in value because of changes in the price of a particular holding or a broad stock market decline. Common stock ranks below preferred stock and debt securities in claims for dividends and for assets of the company in a liquidation or bankruptcy. The value of a security may decline for a number of reasons that directly relate to the issuer of a security or broader economic or market events including changes in interest rates. <div style="display: none"></div> Liquidity Risk. From time to time, the trading market for a particular investment or type of security in which the Fund invests may become less liquid or even illiquid. The Fund may not be able to sell certain securities when the Fund considers it desirable to do so and/or may have to sell the security at a lower price. Market prices for such securities may be volatile. <div style="display: none"></div> Market and Geopolitical Risk. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, climate change and climate-related events, pandemics, epidemics, terrorism, tariffs and trade wars, international conflicts, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is not known how long such impacts, or any future impacts of other significant events described above, will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. During a general market downturn, multiple asset classes may be negatively affected. Changes in market conditions and interest rates can have the same impact on all types of securities and instruments. In times of severe market disruptions, you could lose your entire investment. <div style="display: none"></div> Management Risk. The Fund is actively managed and is thus subject to management risk. The Adviser will apply its investment techniques and strategies in making investment decisions for the Fund, but there is no guarantee that the techniques will produce the intended results. <div style="display: none"></div> Small and Mid-Sized Capitalization Company Risk. Securities of companies with small and mid market capitalizations are often more volatile and less liquid than investments in larger companies. Small and medium cap companies may face a greater risk of business failure, which could increase the volatility of the Fund’s portfolio. <div style="display: none"></div> Derivatives Risk. The Fund may use derivatives (including futures) to enhance returns or hedge against market declines. The Fund’s use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities including Hedging Risk. Hedging risk is the risk that derivative instruments used to hedge against an opposite position may offset losses, but they also may offset gains. Hedges may not be perfect and typically involve expenses. Leverage and Volatility Risk. Derivative contracts ordinarily have leverage inherent in their terms. The low margin deposits normally required in trading derivatives, including futures contracts, permit a high degree of leverage. In addition, it is anticipated that the futures will be “notionally funded” - that is their nominal trading level will exceed the cash deposited in the trading accounts. Accordingly, a relatively small price movement may result in an immediate and substantial loss to the Fund. The use of leverage may also cause the Fund to liquidate portfolio positions when it would not be advantageous to do so. The use of leveraged derivatives can magnify the Fund’s potential for gain or loss and, therefore, amplify the effects of market volatility on the Fund’s share price. Liquidity Risk. Although it is anticipated that the derivatives traded by the Fund will be actively traded, it is possible that particular investments might be difficult to purchase or sell, possibly preventing the Fund from executing positions at an advantageous time or price, or possibly requiring them to dispose of other investments at unfavorable times or prices in order to satisfy their obligations. Most U.S. commodity futures exchanges impose daily limits regulating the maximum amount above or below the previous day’s settlement price which a futures contract price may fluctuate during a single day. During a single trading day, no trades may be executed at prices beyond the daily limit. Once the price of a particular futures contract has increased or decreased to the limit point, it may be difficult, costly or impossible to liquidate a position. It is also possible that an exchange or the CFTC, which regulates commodity futures exchanges, may suspend trading in a particular contract, order immediate settlement of a contract or order that trading be limited to the liquidation of open positions only. <div style="display: none"></div> Leverage Risk. Using futures to increase the Fund’s combined long and short exposure creates leverage, which can magnify the Fund’s potential for gain or loss and, therefore, amplify the effects of market volatility on the Fund’s share price <div style="display: none"></div> Money Market Fund Risk. Although a money market fund is designed to be a relatively low risk investment, it is not free of risk. Despite the short maturities and high credit quality of a money market fund’s investments, increases in interest rates and deteriorations in the credit quality of the instruments the money market fund has purchased may reduce the money market fund’s yield and can cause the price of a money market security to decrease. In addition, a money market fund is subject to the risk that the value of an investment may be eroded over time by inflation. <div style="display: none"></div> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--RegisteredInvestmentCompanyAndExchangeTradedFundsRiskMember_zTdTezaMmeB2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">Registered Investment Company and Exchange-Traded Funds Risk. The risks of investing in these securities typically reflect the risks of the types of instruments in which the investment companies or ETF invest. By investing in another investment company or ETF, the Fund becomes a shareholder of that investment company or ETF and bears its proportionate share of the fees and expenses of the other investment company or ETF. ETF shares trade in the secondary market and may be purchased by the Fund at a premium or discount to their NAV. When selling such securities, the Fund may not sell at the same premium or discount and may lose money on the premium or discount. <div style="display: none"></div> Currency Risk. The Fund may invest in securities that trade in and/or receive revenues in foreign currencies or in derivatives that provide exposure to foreign currencies. These investments are subject to the risk that the foreign currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged. The value of foreign currencies can change rapidly and unexpectedly. <div style="display: none"></div> Foreign Investments Risk. Foreign investing involves risks not typically associated with U.S. investments, including adverse fluctuations in foreign currency values, adverse political, social and economic developments, less liquidity, greater volatility, less developed or less efficient trading markets, political instability and differing auditing and legal standards. Investing in emerging markets imposes risks different from, or greater than, risks of investing in foreign developed countries. <div style="display: none"></div> ADR Risk. ADRs are receipts, issued by depository banks in the United States, for shares of a foreign-based company that entitle the holder to dividends and capital gains on the underlying security. ADRs may be sponsored or unsponsored. In addition to the risks of investing in foreign securities, there is no guarantee that an ADR issuer will continue to offer a particular ADR. As a result, the Fund may have difficulty selling the ADR or selling them quickly and efficiently at the prices at which they have been valued. The issuers of unsponsored ADRs are not obligated to disclose information that is considered material in the U.S. and voting rights with respect to the deposited securities are not passed through. ADRs may not track the prices of the underlying foreign securities on which they are based, and their values may change materially at times when U.S. markets are not open for trading. <div style="display: none"></div> Sector Concentration Risk. The Fund may focus its investments in securities of a particular sector. Economic, legislative or regulatory developments may occur that significantly affect the sector. This may cause the Fund’s NAV to fluctuate more than that of a fund that does not focus in a particular sector. <div style="display: none"></div> Large Shareholder Risk. The Fund is subject to the risk that a redemption by that shareholder of all or a large portion of its Fund shares will require the Fund to sell securities at disadvantageous prices or otherwise disrupt the Fund’s operations. <div style="display: none"></div> High-Yield Securities Risk. Lower-quality bonds, known as “high yield” or “junk” bonds, present greater risk than bonds of higher quality, including an increased risk of default. An economic downturn or period of rising interest rates could adversely affect the market for these bonds and reduce the Fund’s ability to sell its bonds. The lack of a liquid market for these bonds could decrease the Fund’s share price. High-Yield securities are speculative. <div style="display: none"></div> Preferred Stock Risk. Preferred stock is subject to many of the risks to which common stock and fixed income securities are subject, such as interest rate risk and credit risk. In addition, preferred stock may have mandatory sinking fund provisions, as well as provisions allowing the stock to be called or redeemed, which can limit the benefit of a decline in interest rates. <div style="display: none"></div> Counterparty Risk. The Fund may enter into financial instruments or transactions with a counterparty. A counterparty may become bankrupt or otherwise fail to perform its obligations due to financial difficulties, jeopardizing the value of the Fund’s investment. Performance Information The Fund acquired all of the assets and liabilities of the Absolute Convertible Arbitrage Fund, a series of Forum Funds (the “Predecessor Fund”), in a tax-free reorganization on September 8, 2023. In connection with this acquisition, shares of the Predecessor Fund’s Investor Class and Institutional Class shares were exchanged for Investor Class and Institutional Class shares of the Fund, respectively. The Predecessor Fund had an investment objective and strategies that were, in all material respects, the same as those of the Fund, and was managed in a manner that, in all material respects, complied with the investment guidelines and restrictions of the Fund. The Fund’s performance for periods prior to September 11, 2023 is that of the Predecessor Fund. The Fund is a continuation of the Predecessor Fund, and therefore, the performance information includes the performance of the Predecessor Fund. The returns presented for the Predecessor Fund prior to August 14, 2017 reflect the performance of the Mohican VCA Fund, LP (“Mohican”) a privately offered hedge fund that was the predecessor of the Predecessor Fund. The Predecessor Fund had adopted the historical performance of Mohican as the result of a reorganization in which the Predecessor Fund acquired all the assets, subject to liabilities, of Mohican, effective as of the close of business on August 14, 2017. Mohican was advised by the Predecessor Fund’s subadviser, Mohican Financial Management, LLC. The Predecessor Fund was managed in a manner that is in all material respects equivalent to the management of Mohican, including the investment objective, strategies, guidelines, and restrictions. Mohican was created for purposes entirely unrelated to the establishment of a performance record. Mohican, however, was not registered as an investment company under the Investment Company Act of 1940, as amended (“1940 Act”). Therefore, Mohican was not subject to certain investment limitations, diversification requirements, liquidity requirements, and other restrictions imposed by the 1940 Act and the Internal Revenue Code of 1986, as amended, which, if applicable, may have adversely affected its performance. The Predecessor Fund’s performance for periods prior to August 14, 2017 is that of Mohican and is based on calculations that are different from the methodology mandated by the SEC for registered investment companies. The performance of Mohican and the Predecessor Fund was calculated net of the Mohican’s and the Predecessor Fund’s fees and expenses respectively. Mohican’s and the Predecessor Fund’s performance are included because the Fund believes that the performance information presented is sufficiently relevant to merit consideration by prospective Fund investors. The performance of Mohican and the Predecessor Fund is not the performance of the Fund, has not been restated to reflect the fees, expenses and fee waivers and/or expense limitations of the Fund, and is not necessarily indicative of the Fund’s future performance. If the performance of Mohican and the Predecessor Fund had been restated to reflect the applicable fees and expenses of the Fund, the performance may have been lower than the performance shown in the bar chart and Average Annual Total Returns table below. Updated performance information for the Fund will be available at www.absoluteadvisers.com or by calling Shareholder Services at (888) 992-2765. The following bar chart and table are intended to help you understand the risks and potential rewards of investing in the Fund. The bar chart provides some indication of the risks of investing in the Fund by showing how the performance of the Predecessor Fund and Mohican and the Fund has varied from one calendar year to another over the periods shown. The table shows how the Predecessor Fund’s and the Fund’s average annual total returns of the share classes presented compared to those of a broad based securities market index and secondary performance indices. Performance information (before and after taxes) represents only past performance and does not necessarily indicate future results. The performance of Mohican and the Predecessor Fund is not the performance of the Fund, has not been restated to reflect the fees, expenses and fee waivers and/or expense limitations of the Fund, and is not necessarily indicative of the Fund’s future performance. If the performance of Mohican and the Predecessor Fund had been restated to reflect the applicable fees and expenses of the Fund, the performance may have been lower than the performance shown in the bar chart and Average Annual Total Returns table below. www.absoluteadvisers.com (888) 992-2765 Performance information (before and after taxes) represents only past performance and does not necessarily indicate future results. Annual Returns as of December 31 Institutional Shares <img alt="" src="capox_002.jpg" style="height: 331px; width: 550px"/> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zzYBPg438QSl" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: bottom; text-align: center"> <th style="display: none; text-align: center">Years</th> <th style="display: none; text-align: center">Returns</th></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center; width: 50%">2016</td> <td id="xdx_98D_eoef--AnnlRtrPct_c20160101__20161231__oef--ClassAxis__custom--C000244724Member_zbVJedqyVozi" style="display: none; text-align: center; width: 50%">10.44%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2017</td> <td id="xdx_988_eoef--AnnlRtrPct_c20170101__20171231__oef--ClassAxis__custom--C000244724Member_zzkBIIXYWa87" style="display: none; text-align: center">5.77%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2018</td> <td id="xdx_98B_eoef--AnnlRtrPct_c20180101__20181231__oef--ClassAxis__custom--C000244724Member_zft4L8vvzjD9" style="display: none; text-align: center">2.07%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2019</td> <td id="xdx_984_eoef--AnnlRtrPct_c20190101__20191231__oef--ClassAxis__custom--C000244724Member_zuVGmgVA94Ge" style="display: none; text-align: center">6.38%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2020</td> <td id="xdx_98D_eoef--AnnlRtrPct_c20200101__20201231__oef--ClassAxis__custom--C000244724Member_zzGjmtlT5KVk" style="display: none; text-align: center">9.28%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2021</td> <td id="xdx_989_eoef--AnnlRtrPct_c20210101__20211231__oef--ClassAxis__custom--C000244724Member_z23BTCOCO0Y" style="display: none; text-align: center">2.95%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2022</td> <td id="xdx_98B_eoef--AnnlRtrPct_c20220101__20221231__oef--ClassAxis__custom--C000244724Member_zHRshjn3QG9g" style="display: none; text-align: center">-0.54%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2023</td> <td id="xdx_98D_eoef--AnnlRtrPct_c20230101__20231231__oef--ClassAxis__custom--C000244724Member_zOHIY8m7dE99" style="display: none; text-align: center">5.30%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2024</td> <td id="xdx_985_eoef--AnnlRtrPct_c20240101__20241231__oef--ClassAxis__custom--C000244724Member_zTn0NQ4TSfA9" style="display: none; text-align: center">7.53%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2025</td> <td id="xdx_988_eoef--AnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000244724Member_zbiMCVrWsHPl" style="display: none; text-align: center">8.29%</td></tr> </table> 0.1044 0.0577 0.0207 0.0638 0.0928 0.0295 -0.0054 0.0530 0.0753 0.0829 The calendar year-to-date total return as of June 30, 2026, was 5.14%. Highest/Lowest quarterly results during this time period were: Highest Quarter: Second Quarter 2016 4.62% June. 30, 2016 Lowest Quarter: Second Quarter 2022 (3.07)% June. 30, 2022 The calendar year-to-date total return 2026-06-30 0.0514 Highest Quarter 0.0462 2016-06-30 Lowest Quarter -0.0307 2022-06-30 Average Annual Total Returns (for periods ended 12/31/2025) <div id="xdx_A84_eoef--PerformanceTableTextBlock_zaNW6RIGTbVd"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zpD2meQqAAe9" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(159,161,164); vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left">Absolute Convertible Arbitrage Fund</td> <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; vertical-align: bottom"> </td> <td id="xdx_498_20250101__20251231_zLvF0J278adl" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">1 Year</td> <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; vertical-align: bottom"> </td> <td id="xdx_497_20210101__20251231_zjOFGamDwqjk" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">5 Years</td> <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; vertical-align: bottom"> </td> <td id="xdx_493_20160101__20251231_zINVsDqHWKkg" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">10 Years</td> </tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000244724Member_zZntdrEnRn27" style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(217,217,217); vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; width: 36%; text-align: left">Institutional Shares - Return Before Taxes</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: center">8.29%</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: center">4.66%</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: center">5.70%</td> </tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000244724Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zIP9EUxfeZV9" style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(187,187,192); vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left">Institutional Shares - Return After Taxes on Distributions</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">6.60%</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">3.25%</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">4.74%</td> </tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000244724Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zetdY3LsToPi" style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(217,217,217); vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left; padding-bottom: 1pt">Institutional Shares - Return After Taxes on Distributions and Sale of Fund Shares</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">5.48%</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">3.12%</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">4.22%</td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(187,187,192); vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left; padding-bottom: 1pt">Investor Shares - Return Before Taxes*</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">8.05%</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">N/A</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">N/A</td> </tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000244723Member__oef--PerformanceMeasureAxis__custom--SAndP500IndexMember_zK0IMBZWs8Sk" style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(217,217,217); vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left; padding-bottom: 1pt">S&P 500® Index(1) (reflects no deduction for fees, expenses or taxes)</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">17.88%</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">14.42%</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">14.82%</td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(187,187,192); vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left; padding-bottom: 1pt"> HFRX Fixed Income Convertible Arbitrage Index(2) (reflects no deduction for fees, expenses or taxes)</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; display: none; text-align: center">- </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt"><span id="xdx_902_eoef--AvgAnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000244723Member__oef--PerformanceMeasureAxis__custom--HFRXFixedIncomeConvertibleArbitrageIndexMember_fKDIp_z5HJEiEfY71k">5.85%</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; display: none; text-align: center"> -</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; display: none; text-align: center"> -</td> <td style="border-bottom: Black 1pt solid; text-align: center"><span id="xdx_902_eoef--AvgAnnlRtrPct_dp_c20210101__20251231__oef--ClassAxis__custom--C000244723Member__oef--PerformanceMeasureAxis__custom--HFRXFixedIncomeConvertibleArbitrageIndexMember_fKDIp_zKwSGBoJ3Ypg">5.69%</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"><span id="xdx_908_eoef--AvgAnnlRtrPct_dp_c20160101__20251231__oef--ClassAxis__custom--C000244723Member__oef--PerformanceMeasureAxis__custom--HFRXFixedIncomeConvertibleArbitrageIndexMember_fKDIp_zUYesgfHlp5g">2.01%</td> <td style="border-bottom: Black 1pt solid; display: none; text-align: center">- </td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000244723Member__oef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexMember_zSguZecXLSvk" style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(217,217,217); vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left; padding-bottom: 1pt"> Bloomberg U.S. Aggregate Bond Index(3) (reflects no deduction for fees, expenses or taxes)</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">7.30%</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">(0.36)%</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">2.01%</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td id="xdx_F09_zPhHwF8QIpj6" style="width: 0.25in; text-align: left">*</td> <td id="xdx_F11_zr4XI0SyvNw6" style="text-align: justify">The inception date of the Fund’s Institutional Shares and Investor Shares is September 30, 2002, and February 25, 2021, respectively. The inception date used for the S&P 500® Index, HFRX Fixed Income Convertible Arbitrage Index and Bloomberg U.S. Aggregate Bond Index is September 30, 2002, the inception date of the Fund’s Institutional Shares.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">(1)</td> <td id="xdx_F11_zEIplFoWN9O9" style="text-align: justify"> The Fund’s primary index, the S&P 500 Index®, is included due to regulatory requirements for broad-based index comparison. The S&P 500® Index is a widely recognized unmanaged market capitalization weighted index of 500 leading publicly traded companies in the U.S. and is representative of a broader domestic equity market and range of securities than is found in the Fund’s portfolio. Individuals cannot invest directly in the index; however, an individual can invest in exchange traded funds or other investment vehicles that attempt to track the performance of a benchmark index. Index returns assume reinvestment of dividends and do not reflect any fees or expenses.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">HFRX Fixed Income Convertible Arbitrage Index is designed to reflect the performance of the hedge fund universe employing convertible arbitrage strategies. The index selects constituents which exhibit strategies in which the investment thesis is predicated on realization of a spread between related instruments in which one or multiple components of the spread is a convertible fixed income instrument. Strategies employ an investment process designed to isolate attractive opportunities between the price of a convertible security and the price of a non-convertible security, typically of the same issuer.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left">(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Bloomberg U.S. Aggregate Bond Index is an unmanaged index comprised of U.S. investment grade, fixed rate bond market securities, including government, government agency, corporate and mortgage-backed securities between one and ten years. Index returns assume reinvestment of dividends. Investors may not invest in the index directly.</td> </tr> </table> Return Before Taxes 0.0829 0.0466 0.0570 0.0660 0.0325 0.0474 0.0548 0.0312 0.0422 Return Before Taxes 0.0805 (reflects no deduction for fees, expenses or taxes) 0.1788 0.1442 0.1482 (reflects no deduction for fees, expenses or taxes) 0.0585 0.0569 0.0201 0.0730 -0.0036 0.0201 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown only for the Institutional Shares and after-tax returns for other share classes will vary. The return after taxes on distributions and sale of Fund shares may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown only for the Institutional Shares and after-tax returns for other share classes will vary. The return after taxes on distributions and sale of Fund shares may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. Absolute Flexible Fund Investment Objective The Absolute Flexible Fund (the “Fund”) seeks to achieve positive absolute returns over the long-term with low volatility when compared to traditional market indices. 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 tables or examples below. <div id="xdx_A84_eoef--AnnualFundOperatingExpensesTableTextBlock_zOF6QytwET2d"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zDiQRyTnWvZ9" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: normal 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; vertical-align: bottom; text-align: left">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td id="xdx_497_20260801__20260801__dei--LegalEntityAxis__custom--S000081740Member__oef--ClassAxis__custom--C000244725Member_zydftV7pKYki" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td></tr> <tr id="xdx_406_eoef--ManagementFeesOverAssets_dpn_z5Nimb4Elbd2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 84%; text-align: left">Management Fees</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 15%; text-align: center">1.40%</td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_zfh8R2j9SpFe" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Distribution and/or Service (12b-1) Fees</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">None</td></tr> <tr id="xdx_409_eoef--Component1OtherExpensesOverAssets_dpn_zVTXyjFh5S2d" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top">Other Expenses</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">0.62%</td></tr> <tr id="xdx_404_eoef--Component2OtherExpensesOverAssets_dpn_zfeG2V0dd7M8" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Dividend and Interest Expenses on Short Sales(1) </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">0.02%</td></tr> <tr id="xdx_400_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zZ3EmBtWScV9" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1pt">Acquired Fund Fees and Expenses(2) </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">0.01%</td></tr> <tr id="xdx_406_eoef--ExpensesOverAssets_dpn_zMcHloPQE573" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Total Annual Fund Operating Expenses</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">2.05%</td></tr> <tr id="xdx_400_eoef--FeeWaiverOrReimbursementOverAssets_dpn_z13zitlWtz6e" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Fee Waiver and/or Expense Reimbursement(3) </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">(0.54)%</td></tr> <tr id="xdx_400_eoef--NetExpensesOverAssets_dpn_zNgLgp10W1R2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 2.5pt">Total Annual Fund Operating Expenses (After Fee Waiver and/or Expense Reimbursement)(4) </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">1.51%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> Dividend and interest expenses on short sales occur when the Fund sells an equity or debt security short to gain the inverse exposure necessary to meet its investment objective.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> Acquired Fund Fees and Expenses (“AFFE”) are fees and expenses incurred by the Fund in connection with its investments in other investment companies.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif;vertical-align: top; text-align: justify"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left">(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> Absolute Investment Advisers, LLC (the “Adviser”) has contractually agreed to waive its management fee and/or reimburse certain operating expenses, but only to the extent necessary so that the Fund’s total annual operating expenses, excluding portfolio transaction and other investment-related costs (including brokerage fees and commissions); taxes; borrowing costs (such as interest and dividend expenses on securities sold short); acquired fund fees and expenses; fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses); any administrative and/or shareholder servicing fees payable pursuant to a plan adopted by the Board of Trustees; expenses incurred in connection with any merger or reorganization; extraordinary expenses (such as litigation expenses, indemnification of Trust officers and Trustees and contractual indemnification of Fund service providers); and other expenses that the Trustees agree have not been incurred in the ordinary course of the Fund’s business, does not exceed 1.48% through July 31, 2027 (the “Expense Cap”). The Expense Cap may not be terminated prior to this date except by the Board of Trustees upon sixty (60) days’ written notice to the Adviser. The Adviser may recoup from the Fund fees waived (other than management fees waived by the Adviser related to the Fund’s investments in other pooled vehicles sponsored by the Adviser) and expenses reimbursed by the Adviser pursuant to the Expense Cap in the three years following the date the particular waiver/expense payment occurred in connection with the Fund or the Predecessor Fund, but only if such recoupment can be achieved without exceeding the annual expense limitation in effect at the time of the waiver/expense payment and any expense limitation in effect at the time of the recoupment. The Adviser has contractually agreed to waive its investment management fees related to any Fund assets invested in pooled vehicles sponsored by the Adviser.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0in"></td><td id="xdx_F05_zk3mLfZazrta" style="width: 0.25in">(4)</td> <td id="xdx_F1B_zd3EjwyEi9Xc" style="text-align: justify"> Total Annual Fund Operating Expenses do not correlate to the ratio of net expenses to average net assets found in the “Financial Highlights” section of this prospectus because the Fund’s financial highlights do not include AFFE.</td></tr> </table> 0.0140 0 0.0062 0.0002 0.0001 0.0205 -0.0054 0.0151 July 31, 2027 Total Annual Fund Operating Expenses do not correlate to the ratio of net expenses to average net assets found in the “Financial Highlights” section of this prospectus because the Fund’s financial highlights do not include AFFE. 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 hold or 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, except that it reflects the Expense Cap through the time periods described above. Although your actual costs may be higher or lower, based on these assumptions, whether you do or do not redeem your shares at the end of each period described below, your costs would be: The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or 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, except that it reflects the Expense Cap through the time periods described above. Although your actual costs may be higher or lower, based on these assumptions, whether you do or do not redeem your shares at the end of each period described below, your costs would be: <div id="xdx_A81_eoef--ExpenseExampleWithRedemptionTableTextBlock_z6zHIqFo4a22"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zIjzr1osk2qa" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td id="xdx_48F_eoef--ExpenseExampleYear01_zUZ91JATEwOl" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">1 Year</td> <td style="font: bold 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; padding-bottom: 1pt"> </td> <td id="xdx_481_eoef--ExpenseExampleYear03_z6PqLaVrASwh" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">3 Years</td> <td style="font: bold 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; padding-bottom: 1pt"> </td> <td id="xdx_482_eoef--ExpenseExampleYear05_zme9MPD47Hre" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">5 Years</td> <td style="font: bold 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; padding-bottom: 1pt"> </td> <td id="xdx_485_eoef--ExpenseExampleYear10_zjUVlTFhWQc5" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">10 Years</td></tr> <tr id="xdx_41C_20260801__20260801__dei--LegalEntityAxis__custom--S000081740Member__oef--ClassAxis__custom--C000244725Member_zLNfYZGXEXJl" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 24%; text-align: center">$154</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 23%; text-align: center">$591</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 23%; text-align: center">$1,054</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 24%; text-align: center">$2,336</td></tr> </table> 154 591 1054 2336 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 73% of the average value of its portfolio. 0.73 Principal Investment Strategies The Fund invests primarily in a diversified portfolio of convertible securities issued by both U.S. and foreign companies. These convertible securities are typically debt securities or preferred stocks that can be exchanged for, or convert automatically to, common stock. The Fund’s strategy generally involves purchasing such a portfolio of convertible securities and, at times, hedging all or a portion of the equity risk inherent in such securities by selling short the common stock into which the securities may be converted. The stock short is referred to as an “equity hedge”. The Fund’s strategy differs from most convertible arbitrage strategies in that the Fund may own convertible securities outright (unhedged) or with a partial equity hedge (arbitraged), by selling the same company’s underlying common stock short. The degree of hedging with respect to a particular investment, if any, will depend on the equity sensitivity desired by the Adviser at that particular time based on market conditions. The Fund’s strategy is intended to offer investors the potential for yield and capital appreciation if the underlying common stock moves higher, with lower volatility than traditional equity indices. Although the Fund may invest in securities of issuers of any market capitalization, the Fund expects to invest primarily in small- and mid-capitalization companies. For these purposes, the Fund considers small capitalization companies to be those with a market capitalization of less than $2 billion at the time of investment and mid-capitalization companies to be those with a market capitalization between $2 billion and $50 billion at the time of investment. The Fund may focus its investments in securities of a particular sector from time to time, including the Financials Sector and Consumer Discretionary Sector. The Fund may also invest in below investment grade securities with individual ratings ranging from BB+ to CCC. The weighted average grade of bonds in the Fund’s portfolio is typically below investment grade. Such “junk bonds” typically are rated Ba1 or below by Moody’s, BB+ or below by S&P or BB+ or below by Fitch. The Fund may purchase unrated securities if, at the time of purchase, Absolute believes that they are of comparable quality to rated securities that the Fund may purchase. The Fund may invest, long or short, in securities of issuers of any market capitalization in the U.S. or abroad. The securities in which the Fund typically takes a long position include convertible bonds, such as private placement/ restricted and Rule 144A securities and contingent convertible securities (“CoCos”), which are fixed-income instruments that are convertible into equity if a pre-specified trigger event occurs. As part of its strategy, the Fund may invest in short equity positions against a long convertible position of the same issuer, which may include shorting the common stock of such issuer, or shorting certain exposures to non-U.S. issuers obtained through investments in American Depositary Receipts (“ADRs”). The Fund may also invest in pooled investment vehicles, including other registered investment companies and ETFs, and may utilize treasury futures to manage interest rate risk. The Fund may engage in active and frequent trading of portfolio securities. All investments involve risks, and the Fund cannot guarantee that it will achieve its investment objective. An investment in the Fund is not insured or guaranteed by any government agency. As with any mutual fund investment, the Fund’s returns and share price will fluctuate, and you may lose money by investing in the Fund. It is important that you closely review and understand the risks of investing in the Fund prior to making an investment in the Fund. <div style="display: none"></div> An investment in the Fund is not insured or guaranteed by any government agency. As with any mutual fund investment, the Fund’s returns and share price will fluctuate, and you may lose money by investing in the Fund. Convertible Arbitrage Risk. Convertible arbitrage involves purchasing a portfolio of convertible securities, generally convertible bonds, and hedging all or a portion of the equity risk by selling short the underlying common stock. Employing arbitrage and alternative strategies involves the risk that anticipated opportunities may not play out as planned, resulting in potentially reduced returns or losses to the Fund as it unwinds failed trades. Convertible arbitrage is further subject to special risks, including the risk of default in interest or principal payments, which could result in a loss of income to the Fund, or a decline in the market value of the securities. Arbitrage strategies involve the risk that underlying relationships between securities in investment positions that are taken may change in an adverse or unanticipated manner. <div style="display: none"></div> Convertible Securities Risk. A convertible security is a fixed income security (a debt instrument or a preferred stock) that may be converted at a stated price within a specified period of time into a certain quantity of the common stock of the same or a different issuer. While providing a fixed income stream (generally higher in yield than the income derivable from common stock but lower than that afforded by a similar non-convertible security) a convertible security also gives an investor the opportunity, through its conversion feature, to participate in the capital appreciation of the issuing company depending upon a market price advance in the convertible security’s underlying common stock. As a result of these features, a convertible security is subject to many of the risks to which common stock and fixed income securities are subject. Contingent Convertible Securities Risk. In addition to the general risks associated with fixed-income securities and convertible securities, the risks of investing in contingent convertible securities (“CoCos”) include the risk that a CoCo may be written down, written off or converted into an equity security when the issuer’s capital ratio falls below a specified trigger level, or in a regulator’s discretion depending on the regulator’s judgment about the issuer’s solvency prospects. Due to these features, CoCos may have substantially greater risk than other securities in times of financial stress. If the trigger level is breached, the issuer’s decision to write down, write off or convert a CoCo may be outside its control, and the fund may suffer a complete loss on an investment in CoCos with no chance of recovery even if the issuer remains in existence. <div style="display: none"></div> Short Sale Risk. If the price of stocks which the Fund has borrowed and sold to other investors has gone up since the time the Fund borrowed the stocks and sold them, the Fund will lose money on the investment. Although the Fund’s gain is limited by the amount for which it sold the borrowed security, its potential loss is unlimited. A mutual fund that engages in short selling is more risky than other mutual funds that do not engage in short selling. <div style="display: none"></div> Fixed-Income Securities Risk. The Fund may invest in fixed-income (debt) securities, which are generally subject to the following risks: Credit Risk. The issuer of a fixed income security may not be able or willing to make interest and principal payments when due. Generally, the lower the credit rating of a security, the greater the risk that the issuer will default on its obligation. Interest Rate Risk. The market value of fixed income securities in which the Fund invests and, thus, the Fund’s net asset value, can be expected to vary inversely with changes in interest rates. Fixed-income securities with longer durations tend to be more sensitive to changes in interest rates, generally making them more volatile than fixed-income securities with shorter durations. Prepayment and Extension Risk. As interest rates decline, the issuers of certain types of fixed income securities may prepay principal earlier than scheduled, forcing the Fund to reinvest in lower yielding securities. As interest rates increase, slower than expected principal payments may extend the average life of fixed income securities, locking in below-market interest rates and reducing the value of these securities. There is a greater risk that the Fund will lose money due to prepayment and extension risks when the Fund invests in mortgage-backed and asset-backed securities. Equity Risk. Equity securities, which include common stocks, convertible securities, preferred stocks, warrants and sponsored and unsponsored ADRs may decline in value because of changes in the price of a particular holding or a broad stock market decline. Common stock ranks below preferred stock and debt securities in claims for dividends and for assets of the company in a liquidation or bankruptcy. The value of a security may decline for a number of reasons that directly relate to the issuer of a security or broader economic or market events including changes in interest rates. <div style="display: none"></div> Liquidity Risk. From time to time, the trading market for a particular investment or type of security in which the Fund invests may become less liquid or even illiquid. The Fund may not be able to sell certain securities when the Fund considers it desirable to do so and/or may have to sell the security at a lower price. Market prices for such securities may be volatile. <div style="display: none"></div> Market and Geopolitical Risk. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, climate change and climate-related events, pandemics, epidemics, terrorism, tariffs and trade wars, international conflicts, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is not known how long such impacts, or any future impacts of other significant events described above, will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. During a general market downturn, multiple asset classes may be negatively affected. Changes in market conditions and interest rates can have the same impact on all types of securities and instruments. In times of severe market disruptions, you could lose your entire investment. Under such circumstances, the Fund may have difficulty liquidating portfolio holdings, particularly at favorable prices. To the extent that the Fund experiences higher levels of redemptions, the Fund may be required to sell portfolio holdings, even during volatile market conditions, which may negatively impact the Fund’s net asset value. <div style="display: none"></div> Management Risk. The Fund is actively managed and is thus subject to management risk. The Adviser will apply its investment techniques and strategies in making investment decisions for the Fund, but there is no guarantee that its techniques will produce the intended results. <div style="display: none"></div> Small and Mid-Sized Capitalization Company Risk. Securities of companies with small and mid market capitalizations are often more volatile and less liquid than investments in larger companies. Small and medium cap companies may face a greater risk of business failure, which could increase the volatility of the Fund’s portfolio. <div style="display: none"></div> Derivatives Risk. The Fund may use derivatives (including futures) to enhance returns or hedge against market declines. The Fund’s use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities including: Hedging Risk. Hedging risk is the risk that derivative instruments used to hedge against an opposite position may offset losses, but they also may offset gains. Hedges may not be perfect and typically involve expenses. Leverage and Volatility Risk. Derivative contracts ordinarily have leverage inherent in their terms. The low margin deposits normally required in trading derivatives, including futures contracts, permit a high degree of leverage. In addition, it is anticipated that the futures will be “notionally fund–d” - that is their nominal trading level will exceed the cash deposited in the trading accounts. Accordingly, a relatively small price movement may result in an immediate and substantial loss to the Fund. The use of leverage may also cause the Fund to liquidate portfolio positions when it would not be advantageous to do so. The use of leveraged derivatives can magnify the Fund’s potential for gain or loss and, therefore, amplify the effects of market volatility on the Fund’s share price. Liquidity Risk. Although it is anticipated that the derivatives traded by the Fund will be actively traded, it is possible that particular investments might be difficult to purchase or sell, possibly preventing the Fund from executing positions at an advantageous time or price, or possibly requiring them to dispose of other investments at unfavorable times or prices in order to satisfy their obligations. Most U.S. commodity futures exchanges impose daily limits regulating the maximum amount above or below the previous day’s settlement price which a futures contract price may fluctuate during a single day. During a single trading day, no trades may be executed at prices beyond the daily limit. Once the price of a particular futures contract has increased or decreased to the limit point, it may be difficult, costly or impossible to liquidate a position. It is also possible that an exchange or the CFTC, which regulates commodity futures exchanges, may suspend trading in a particular contract, order immediate settlement of a contract or order that trading be limited to the liquidation of open positions only. <div style="display: none"></div> Leverage Risk. Using futures to increase the Fund’s combined long and short exposure creates leverage, which can magnify the Fund’s potential for gain or loss and, therefore, amplify the effects of market volatility on the Fund’s share price. <div style="display: none"></div> Money Market Fund Risk. Although a money market fund is designed to be a relatively low risk investment, it is not free of risk. Despite the short maturities and high credit quality of a money market fund’s investments, increases in interest rates and deteriorations in the credit quality of the instruments the money market fund has purchased may reduce the money market fund’s yield and can cause the price of a money market security to decrease. In addition, a money market fund is subject to the risk that the value of an investment may be eroded over time by inflation. <div style="display: none"></div> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--RegisteredInvestmentCompanyAndExchangeTradedFundsRiskMember_zgshfV2Bvan9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">Registered Investment Company and Exchange-Traded Funds Risk. The risks of investing in these securities typically reflect the risks of the types of instruments in which the investment companies or ETF invest. By investing in another investment company or ETF, the Fund becomes a shareholder of that investment company or ETF and bears its proportionate share of the fees and expenses of the other investment company or ETF. ETF shares trade in the secondary market and may be purchased by the Fund at a premium or discount to their NAV. When selling such securities, the Fund may not sell at the same premium or discount and may lose money on the premium or discount. <div style="display: none"></div> Currency Risk. The Fund may invest in securities that trade in and/or receive revenues in foreign currencies or in derivatives that provide exposure to foreign currencies. These investments are subject to the risk that the foreign currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged. The value of foreign currencies can change rapidly and unexpectedly. <div style="display: none"></div> Foreign Investments Risk. Foreign investing involves risks not typically associated with U.S. investments, including adverse fluctuations in foreign currency values, adverse political, social and economic developments, less liquidity, greater volatility, less developed or less efficient trading markets, political instability and differing auditing and legal standards. Investing in emerging markets imposes risks different from, or greater than, risks of investing in foreign developed countries. <div style="display: none"></div> ADR Risk. ADRs are receipts, issued by depository banks in the United States, for shares of a foreign-based company that entitle the holder to dividends and capital gains on the underlying security. ADRs may be sponsored or unsponsored. In addition to the risks of investing in foreign securities, there is no guarantee that an ADR issuer will continue to offer a particular ADR. As a result, the Fund may have difficulty selling the ADR or selling them quickly and efficiently at the prices at which they have been valued. The issuers of unsponsored ADRs are not obligated to disclose information that is considered material in the U.S. and voting rights with respect to the deposited securities are not passed through. ADRs may not track the prices of the underlying foreign securities on which they are based, and their values may change materially at times when U.S. markets are not open for trading. <div style="display: none"></div> Sector Concentration Risk. The Fund may focus its investments in securities of a particular sector. Economic, legislative or regulatory developments may occur that significantly affect the sector. This may cause the Fund’s NAV to fluctuate more than that of a fund that does not focus in a particular sector. <div style="display: none"></div> Large Shareholder Risk. The Fund is subject to the risk that a redemption by that shareholder of all or a large portion of its Fund shares will require the Fund to sell securities at disadvantageous prices or otherwise disrupt the Fund’s operations. <div style="display: none"></div> High-Yield Securities Risk. Lower-quality bonds, known as “high yield” or “junk” bonds, present greater risk than bonds of higher quality, including an increased risk of default. An economic downturn or period of rising interest rates could adversely affect the market for these bonds and reduce the Fund’s ability to sell its bonds. The lack of a liquid market for these bonds could decrease the Fund’s share price. High-Yield securities are speculative. <div style="display: none"></div> Preferred Stock Risk. Preferred stock is subject to many of the risks to which common stock and fixed income securities are subject, such as interest rate risk and credit risk. In addition, preferred stock may have mandatory sinking fund provisions, as well as provisions allowing the stock to be called or redeemed, which can limit the benefit of a decline in interest rates. <div style="display: none"></div> Counterparty Risk. The Fund may enter into financial instruments or transactions with a counterparty. A counterparty may become bankrupt or otherwise fail to perform its obligations due to financial difficulties, jeopardizing the value of the Fund’s investment. <div style="display: none"></div> Performance Information The Fund acquired all of the assets and liabilities of the Absolute Flexible Fund, a series of Forum Funds (the “Predecessor Fund”), in a tax-free reorganization on September 8, 2023. In connection with this acquisition, shares of the Predecessor Fund’s Institutional Class shares were exchanged for Institutional Class shares of the Fund. The Predecessor Fund had an investment objective and strategies that were, in all material respects, the same as those of the Fund, and was managed in a manner that, in all material respects, complied with the investment guidelines and restrictions of the Fund. The Fund’s performance for periods prior to September 11, 2023 is that of the Predecessor Fund. The Fund is a continuation of the Predecessor Fund, and therefore, the performance information includes the performance of the Predecessor Fund. The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in the performance of the Fund from year to year and by showing how the Fund’s average annual returns compare with those of a broad based securities market index and a secondary performance index. The performance of the Predecessor Fund was calculated net of the Predecessor Fund’s fees and expenses. The performance of the Predecessor Fund is not the performance of the Fund, has not been restated to reflect the fees, expenses and fee waivers and/or expense limitations of the Fund, and is not necessarily indicative of the Fund’s future performance. If the performance of the Predecessor Fund had been restated to reflect the applicable fees and expenses of the Fund, the performance may have been lower than the performance shown in the bar chart and Average Annual Total Returns table below. Updated performance information is available at www.absoluteadvisers.com or by calling (888) 99-ABSOLUTE or (888) 992-2765 (toll free). Performance information (before and after taxes) represents only past performance and does not necessarily indicate future results. The performance of the Predecessor Fund is not the performance of the Fund, has not been restated to reflect the fees, expenses and fee waivers and/or expense limitations of the Fund, and is not necessarily indicative of the Fund’s future performance. If the performance of the Predecessor Fund had been restated to reflect the applicable fees and expenses of the Fund, the performance may have been lower than the performance shown in the bar chart and Average Annual Total Returns table below. www.absoluteadvisers.com (888) 99-ABSOLUTE or (888) 992-2765 Performance information (before and after taxes) represents only past performance and does not necessarily indicate future results. Annual Returns as of December 31 Institutional Shares <img alt="" src="capox_003.jpg" style="height: 266px; width: 550px"/> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zCD33NI7ETBj" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: bottom; text-align: center"> <th style="display: none; text-align: center">Years</th> <th style="display: none; text-align: center">Returns</th></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center; width: 50%">2023</td> <td id="xdx_981_eoef--AnnlRtrPct_c20230101__20231231__oef--ClassAxis__custom--C000244725Member_zuq7EG7iRLc4" style="display: none; text-align: center; width: 50%">5.09%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2024</td> <td id="xdx_982_eoef--AnnlRtrPct_c20240101__20241231__oef--ClassAxis__custom--C000244725Member_z5VuxSR7fnj8" style="display: none; text-align: center">9.21%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2025</td> <td id="xdx_98F_eoef--AnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000244725Member_zaM4AJbSa5za" style="display: none; text-align: center">12.05%</td></tr> </table> 0.0509 0.0921 0.1205 The calendar year-to-date total return as of June 30, 2026, was 8.98%. Highest/Lowest quarterly results during this time period were: Highest Quarter: Third Quarter 2025 5.11% 2025-09-30 Lowest Quarter: Third Quarter 2023 (0.39)% 2023-09-30 year-to-date total return 2026-06-30 0.0898 Highest Quarter 0.0511 2025-09-30 Lowest Quarter -0.0039 2023-09-30 Average Annual Total Returns (for periods ended 12/31/2025) <div id="xdx_A86_eoef--PerformanceTableTextBlock_z8zKEQ1uTrK1"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_z3RYAMiu8CZ1" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(159,161,164); vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-indent: -0.125in; padding-left: 0.125in">Absolute Flexible Fund</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td id="xdx_497_20250101__20251231_zwRFvp1wJxK" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td id="xdx_492_20220630__20251231_zOEiLHhQlZDh" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Since Inception (<span id="xdx_90A_eoef--PerfInceptionDate_c20260801__20260801__oef--ClassAxis__custom--C000244725Member__oef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zBQ99gjjMse"><span id="xdx_90C_eoef--PerfInceptionDate_c20260801__20260801__oef--ClassAxis__custom--C000244725Member__oef--PerformanceMeasureAxis__custom--SAndP500IndexReflectsNoDeductionForFeesExpensesOrTaxesMember_ztpV8KwBTive">6/30/2022)</td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000244725Member_zqHq1rLKv9d1" style="background-color: rgb(220,221,222); vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; width: 68%; text-align: left">Institutional Shares - Return Before Taxes</td> <td style="width: 1%"> </td> <td style="width: 15%; text-align: center">12.05%</td> <td style="width: 1%"> </td> <td style="width: 15%; text-align: center">8.48%</td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000244725Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zlr7C6yy8y7" style="background-color: rgb(187,187,192); vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Institutional Shares - Return After Taxes on Distributions</td> <td> </td> <td style="text-align: center">9.59%</td> <td> </td> <td style="text-align: center">6.12%</td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000244725Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zBPMNDpIOKi" style="background-color: rgb(220,221,222); vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1pt">Institutional Shares - Return After Taxes on Distributions and Sale of Fund Shares</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">7.25%</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">5.54%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000244725Member__oef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_z4o30bxTsWN8" style="background-color: rgb(187,187,192); vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt">Bloomberg U.S. Aggregate Bond Index(1) (reflects no deduction for fees, expenses or taxes)</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">7.30%</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">3.09%</td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000244725Member__oef--PerformanceMeasureAxis__custom--SAndP500IndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zPEAYSwU8Dt7" style="background-color: rgb(220,221,222); vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt">S&P 500® Index(2) (reflects no deduction for fees, expenses or taxes)</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">17.88%</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">20.18%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">(1)</td> <td id="xdx_F12_zoOPBnBnJYq3" style="text-align: justify">Bloomberg U.S. Aggregate Bond Index is an unmanaged index comprised of U.S. investment grade, fixed rate bond market securities, including government, government agency, corporate and mortgage-backed securities between one and ten years. Index returns assume reinvestment of dividends. Investors may not invest in the index directly.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">(2)</td> <td id="xdx_F16_zFYDPeSUJJdj" style="text-align: justify">S&P 500® Index is a widely recognized unmanaged market capitalization weighted index of 500 leading publicly traded companies in the U.S. and is representative of a broader domestic equity market and range of securities than is found in the Fund’s portfolio. Individuals cannot invest directly in the index; however, an individual can invest in exchange traded funds or other investment vehicles that attempt to track the performance of a benchmark index. Index returns assume reinvestment of dividends and do not reflect any fees or expenses.</td> </tr> </table> 2022-06-30 2022-06-30 2022-06-30 2022-06-30 2022-06-30 Return Before Taxes 0.1205 0.0848 0.0959 0.0612 0.0725 0.0554 reflects no deduction for fees, expenses or taxes 0.0730 0.0309 0.1788 0.2018 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. The return after taxes on distributions and sale of Fund shares may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. Acquired Fund Fees and Expenses (“AFFE”) are fees and expenses incurred by the Fund in connection with its investments in other investment companies. The operating expenses in this fee table do not correlate to the expense ratio in the Fund’s financial highlights because the financial statements include only the direct operating expenses incurred by the Fund. Total Annual Fund Operating Expenses do not correlate to the expense ratio in the Fund’s financial highlights because the financial statements only include the direct operating expenses incurred by the Fund. Further, because AFFE is estimated for the current fiscal year, Total Annual Fund Operating Expenses in the table above are estimated for the current fiscal year. Absolute Investment Advisers, LLC (the “Adviser”) has contractually agreed to waive its management fee and/or reimburse certain operating expenses, but only to the extent necessary so that the Fund’s total annual operating expenses, excluding portfolio transaction and other investment-related costs (including brokerage fees and commissions); taxes; borrowing costs (such as interest and dividend expenses on securities sold short); acquired fund fees and expenses; fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses); any administrative and/or shareholder servicing fees payable pursuant to a plan adopted by the Board of Trustees; expenses incurred in connection with any merger or reorganization; extraordinary expenses (such as litigation expenses, indemnification of Trust officers and Trustees and contractual indemnification of Fund service providers); and other expenses that the Trustees agree have not been incurred in the ordinary course of the Fund’s business, does not exceed 1.79% through July 31, 2027 (the “Expense Cap”). This Expense Cap may not be terminated prior to this date except by the Board of Trustees upon sixty (60) days’ written notice to the Adviser. The Adviser may recoup from the Fund fees waived (other than management fees waived by the Adviser related to the Fund’s investments in other pooled vehicles sponsored by the Adviser) and expenses reimbursed by the Adviser pursuant to the Expense Cap in the three years following the date the particular fee waiver/expense payment occurred in connection with the Fund or the Predecessor Fund, but only if such recoupment can be achieved without exceeding the annual expense limitation in effect at the time of the fee waiver/expense payment and any expense limitation in effect at the time of the recoupment. The Adviser has contractually agreed to waive its investment management fees related to any Fund assets invested in pooled vehicles sponsored by the Adviser. S&P 500® Index is a widely recognized unmanaged market capitalization weighted index of 500 leading publicly traded companies in the U.S. and is representative of a broader domestic equity market and range of securities than is found in the Fund’s portfolio. Individuals cannot invest directly in the index; however, an individual can invest in exchange traded funds or other investment vehicles that attempt to track the performance of a benchmark index. Index returns assume reinvestment of dividends and do not reflect any fees or expenses. Bloomberg U.S. Aggregate Bond Index is an unmanaged index comprised of U.S. investment grade, fixed rate bond market securities, including government, government agency, corporate and mortgage-backed securities between one and ten years. Index returns assume reinvestment of dividends. Investors may not invest in the index directly. HFRX Global Hedge Fund Index is designed to be representative of the overall composition of the hedge fund universe. It is comprised of all eligible hedge fund strategies, including but not limited to convertible arbitrage, distressed securities, equity hedge, equity market neutral, event driven, macro, merger arbitrage, and relative value arbitrage. Investors may not invest in the index directly. MSCI World® Index is an unmanaged index that is designed to capture large and mid-cap representation across 23 developed market countries, including securities listed on exchanges in the U.S., Europe, Canada, Australia, New Zealand, Israel and the Far East. Investors may not invest in the index directly. Dividend and interest expenses on short sales occur when the Fund sells an equity or debt security short to gain the inverse exposure necessary to meet its investment objective. Please refer to the section entitled “Information Regarding Dividend and Interest Expenses on Short Sales” in the Prospectus. Acquired Fund Fees and Expenses (“AFFE”) are fees and expenses incurred by the Fund in connection with its investments in other investment companies. Absolute Investment Advisers, LLC (the “Adviser”) has contractually agreed to waive its management fee and/or reimburse certain operating expenses, but only to the extent necessary so that the Fund’s total annual operating expenses, excluding portfolio transaction and other investment-related costs (including brokerage fees and commissions); taxes; borrowing costs (such as interest and dividend expenses on securities sold short); acquired fund fees and expenses; fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses); any administrative and/or shareholder servicing fees payable pursuant to a plan adopted by the Board of Trustees; expenses incurred in connection with any merger or reorganization; extraordinary expenses (such as litigation expenses, indemnification of Trust officers and Trustees and contractual indemnification of Fund service providers); and other expenses that the Trustees agree have not been incurred in the ordinary course of the Fund’s business, do not exceed 1.20% and 1.45% of the Institutional Shares and Investor Shares, respectively, through July 31, 2027 (the “Expense Cap”). The Expense Cap may not be terminated prior to this date except by the Board of Trustees upon sixty (60) days’ written notice to the Adviser. The Adviser may recoup from the Fund fees waived (other than management fees waived by Absolute related to the Fund’s investments in other pooled vehicles sponsored by the Adviser) and expenses pursuant to the Expense Cap in the three years following the date the particular fee waiver/expense payment occurred in connection with the Fund or the Predecessor Fund, but only if such recoupment can be achieved without exceeding the annual expense limitation in effect at the time of the fee waiver/expense payment and any expense limitation in effect at the time of the recoupment. The Adviser has contractually agreed to waive its investment management fees related to any Fund assets invested in pooled vehicles sponsored by Absolute. Total Annual Fund Operating Expenses do not correlate to the ratio of net expenses to average net assets found in the “Financial Highlights” section of this prospectus because the Fund’s financial highlights do not include AFFE. The inception date of the Fund’s Institutional Shares and Investor Shares is September 30, 2002, and February 25, 2021, respectively. The inception date used for the S&P 500® Index, HFRX Fixed Income Convertible Arbitrage Index and Bloomberg U.S. Aggregate Bond Index is September 30, 2002, the inception date of the Fund’s Institutional Shares. The Fund’s primary index, the S&P 500 Index®, is included due to regulatory requirements for broad-based index comparison. The S&P 500® Index is a widely recognized unmanaged market capitalization weighted index of 500 leading publicly traded companies in the U.S. and is representative of a broader domestic equity market and range of securities than is found in the Fund’s portfolio. Individuals cannot invest directly in the index; however, an individual can invest in exchange traded funds or other investment vehicles that attempt to track the performance of a benchmark index. Index returns assume reinvestment of dividends and do not reflect any fees or expenses. HFRX Fixed Income Convertible Arbitrage Index is designed to reflect the performance of the hedge fund universe employing convertible arbitrage strategies. The index selects constituents which exhibit strategies in which the investment thesis is predicated on realization of a spread between related instruments in which one or multiple components of the spread is a convertible fixed income instrument. Strategies employ an investment process designed to isolate attractive opportunities between the price of a convertible security and the price of a non-convertible security, typically of the same issuer. Bloomberg U.S. Aggregate Bond Index is an unmanaged index comprised of U.S. investment grade, fixed rate bond market securities, including government, government agency, corporate and mortgage-backed securities between one and ten years. Index returns assume reinvestment of dividends. Investors may not invest in the index directly. Dividend and interest expenses on short sales occur when the Fund sells an equity or debt security short to gain the inverse exposure necessary to meet its investment objective. Acquired Fund Fees and Expenses (“AFFE”) are fees and expenses incurred by the Fund in connection with its investments in other investment companies. Absolute Investment Advisers, LLC (the “Adviser”) has contractually agreed to waive its management fee and/or reimburse certain operating expenses, but only to the extent necessary so that the Fund’s total annual operating expenses, excluding portfolio transaction and other investment-related costs (including brokerage fees and commissions); taxes; borrowing costs (such as interest and dividend expenses on securities sold short); acquired fund fees and expenses; fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses); any administrative and/or shareholder servicing fees payable pursuant to a plan adopted by the Board of Trustees; expenses incurred in connection with any merger or reorganization; extraordinary expenses (such as litigation expenses, indemnification of Trust officers and Trustees and contractual indemnification of Fund service providers); and other expenses that the Trustees agree have not been incurred in the ordinary course of the Fund’s business, does not exceed 1.48% through July 31, 2027 (the “Expense Cap”). The Expense Cap may not be terminated prior to this date except by the Board of Trustees upon sixty (60) days’ written notice to the Adviser. The Adviser may recoup from the Fund fees waived (other than management fees waived by the Adviser related to the Fund’s investments in other pooled vehicles sponsored by the Adviser) and expenses reimbursed by the Adviser pursuant to the Expense Cap in the three years following the date the particular waiver/expense payment occurred in connection with the Fund or the Predecessor Fund, but only if such recoupment can be achieved without exceeding the annual expense limitation in effect at the time of the waiver/expense payment and any expense limitation in effect at the time of the recoupment. The Adviser has contractually agreed to waive its investment management fees related to any Fund assets invested in pooled vehicles sponsored by the Adviser. Total Annual Fund Operating Expenses do not correlate to the ratio of net expenses to average net assets found in the “Financial Highlights” section of this prospectus because the Fund’s financial highlights do not include AFFE. Bloomberg U.S. Aggregate Bond Index is an unmanaged index comprised of U.S. investment grade, fixed rate bond market securities, including government, government agency, corporate and mortgage-backed securities between one and ten years. Index returns assume reinvestment of dividends. Investors may not invest in the index directly. S&P 500® Index is a widely recognized unmanaged market capitalization weighted index of 500 leading publicly traded companies in the U.S. and is representative of a broader domestic equity market and range of securities than is found in the Fund’s portfolio. Individuals cannot invest directly in the index; however, an individual can invest in exchange traded funds or other investment vehicles that attempt to track the performance of a benchmark index. Index returns assume reinvestment of dividends and do not reflect any fees or expenses.