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2020-03-31 2020-06-30 2020-03-31 2020-06-30 2020-03-31 2020-06-30 2020-03-31 2026-07-28 N-1A Northern Lights Fund Trust II 2026-07-29 2026-07-29 Summary Section – Hodges Fund Investment Objective. <p id="xdx_A84_eoef--ObjectivePrimaryTextBlock_zN708bwX4I13" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b></b>The investment objective of the Hodges Fund is long-term capital appreciation.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> Fees and Expenses of the Hodges Fund. <p id="xdx_A8A_eoef--ExpenseNarrativeTextBlock_z4PLfYHR6BIb" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b></b>This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Hodges Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> Shareholder Fees (fees paid directly from your investment) <div id="xdx_A87_eoef--ShareholderFeesTableTextBlock_zXq9KZaHlME9"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zeurrFqkcqTi" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; background-color: #D9D9D9"> <td style="border-top: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 85%; border-bottom: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Shareholder Fees<br/> </b><i>(fees paid directly from your investment)</i></span></td> <td id="xdx_494_20260728__20260728__dei--LegalEntityAxis__custom--S000081358Member__oef--ClassAxis__custom--C000244083Member_zkA8Armqb4sl" style="border-top: Black 1pt solid; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; width: 15%; border-bottom: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Retail Class<br/> Shares</b></span></td></tr> <tr id="xdx_40E_eoef--MaximumSalesChargeImposedOnPurchasesOverOfferingPrice_dpn_zIqlGz5YxuS3" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Maximum Sales Charge (Load) Imposed on Purchases<br/> (as a percentage of offering price)</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td></tr> <tr id="xdx_40E_eoef--MaximumDeferredSalesChargeOverOfferingPrice_dpn_zKuBkqPF9p44" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Maximum Deferred Sales Charge (Load)</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td></tr> <tr id="xdx_40B_eoef--RedemptionFeeOverRedemption_iN_dpin_zCYpnCvlh3Vf" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Redemption Fee<br/> (as a percentage of amount redeemed within 30 days of purchase)</span></td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.00%</span></td></tr> </table> 0 0 -0.0100 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A8C_eoef--AnnualFundOperatingExpensesTableTextBlock_zQcTUNewbr67"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zc4D2LcWx09k" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; background-color: #D9D9D9"> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-align: left; width: 85%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Annual Fund Operating Expenses<br/> </b><i>(expenses that you pay each year as a percentage of the value of your investment)</i></span></td> <td id="xdx_494_20260728__20260728__dei--LegalEntityAxis__custom--S000081358Member__oef--ClassAxis__custom--C000244083Member_zzoHqcHyZ9xd" style="border-bottom: Black 1pt solid; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Retail Class<br/> Shares</b></span></td></tr> <tr id="xdx_403_eoef--ManagementFeesOverAssets_dpn_zVeZAK0E4My" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Management Fees</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.85%</span></td></tr> <tr id="xdx_40D_eoef--DistributionAndService12b1FeesOverAssets_dpn_zZXVZxVp7Fm1" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Distribution and Service (Rule 12b-1) Fees</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.25%</span></td></tr> <tr id="xdx_40D_eoef--OtherExpensesOverAssets_dpn_zDQjDRtBzsRf" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other Expenses</span></td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.32%</span></td></tr> <tr id="xdx_40E_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zqxGUmGAiWtg" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Acquired Fund Fees and Expenses <sup id="xdx_F40_zSRjzCd8VaZd">(1)</sup></span></td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.01%</span></td></tr> <tr id="xdx_40B_eoef--ExpensesOverAssets_dpn_zMuT4xno5C2d" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total Annual Fund Operating Expenses</span></td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.43%</span></td></tr> <tr id="xdx_40D_eoef--FeeWaiverOrReimbursementOverAssets_dpn_zzrNNJF2etdg" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 26.15pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Fee Waiver and/or Expense Reimbursement<sup id="xdx_F48_zZFQczntdY2d">(2)</sup></span></td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.24)%</span></td></tr> <tr id="xdx_40C_eoef--NetExpensesOverAssets_dpn_zINC4Jpz2hvj" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement</span></td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.19%</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><sup id="xdx_F01_zrY7f8o329Cj">(1)</sup></span></td><td style="text-align: justify"><span id="xdx_F12_z1ttVNEubzMl" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">This number represents the combined total fees and operating expenses of the Acquired Funds owned by the Small Intrinsic Value Fund and is not a direct expense incurred by the Small Intrinsic Value Fund or deducted from the Small Intrinsic Value Fund assets. <span id="xdx_903_eoef--ExpensesNotCorrelatedToRatioDueToAcquiredFundFees_c20260728__20260728__dei--LegalEntityAxis__custom--S000081358Member_z1zWbdTsx7wd">Since this number does not represent a direct operating expense of the Small Intrinsic Value Fund, the operating expenses set forth in the Small Intrinsic Value Fund’s financial highlights do not include this figure.</span></span></td> </tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><sup id="xdx_F04_zwT3M6SFkzNc">(2)</sup></span></td><td style="text-align: justify"><span id="xdx_F10_z2ny2Igrb4N5" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Hodges Capital Management, Inc. (the “Adviser”) has contractually agreed to reduce its fees and pay the Hodges Fund’s expenses (excluding taxes, interest expenses, interest on short positions, portfolio transaction expenses, acquired fund fees and expenses, extraordinary expenses, Rule 12b-1 fees, shareholder servicing fees and any other class specific expenses) in order to limit Net Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement for the Hodges Fund to 0.93% of the Hodges Fund’s average net assets (the “Hodges Fund Expense Cap”). The Hodges Fund Expense Cap will remain in effect until <span id="xdx_905_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260728__20260728__dei--LegalEntityAxis__custom--S000081358Member_zsMvjn0d0es6">July 31, 2027</span>. The agreement may be terminated at any time by the NLFT II Board upon 60 days’ written notice to the Adviser, or by the Adviser with the consent of the NLFT II Board. The Adviser is permitted, with NLFT II Board approval, to receive reimbursement from the Hodges Fund for fees it waived and Fund expenses it paid, subject to the limitation that (1) the reimbursement for fees and expenses will be made only if payable within three years from the date the fees and expenses were initially waived or reimbursed and (2) the reimbursement may not be made if it would cause the expense limitation in effect at the time of the waiver or currently in effect, whichever is lower, to be exceeded.</span></td> </tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 13.7pt; text-align: justify; text-indent: -13.7pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> 0.0085 0.0025 0.0032 0.0001 0.0143 -0.0024 0.0119 Since this number does not represent a direct operating expense of the Small Intrinsic Value Fund, the operating expenses set forth in the Small Intrinsic Value Fund’s financial highlights do not include this figure. July 31, 2027 Example. <p id="xdx_A8B_eoef--ExpenseExampleNarrativeTextBlock_zKLwlsoYG3Fe" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b></b>This Example is intended to help you compare the cost of investing in the Hodges Fund with the cost of investing in other mutual funds.</span></p> The Example assumes that you invest $10,000 in the Hodges Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Hodges Fund’s operating expenses remain the same and takes into account the effect of the Operating Expenses Limitation Agreement through July 31, 2027. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A81_eoef--ExpenseExampleWithRedemptionTableTextBlock_zELCOdgOBrg7"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zQaf12QHrKQ7" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-left: auto; width: 80%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; background-color: #D0CECE"> <td style="border-top: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 20%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td id="xdx_483_eoef--ExpenseExampleYear01_zrWv26rOq8Y" style="border-top: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 15%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>One Year</b></span></td> <td id="xdx_482_eoef--ExpenseExampleYear03_zpobCCLwP6gi" style="border-top: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 15%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Three Years</b></span></td> <td id="xdx_486_eoef--ExpenseExampleYear05_zCO0QdGk9pIf" style="border-top: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 15%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Five Years</b></span></td> <td id="xdx_480_eoef--ExpenseExampleYear10_zo67VayssoI6" style="border-top: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 15%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Ten Years</b></span></td></tr> <tr id="xdx_41E_20260728__20260728__dei--LegalEntityAxis__custom--S000081358Member__oef--ClassAxis__custom--C000244083Member_zju0aNvoIYqe" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Retail Class</b></span></td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$121</span></td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$429</span></td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$759</span></td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$1,692</span></td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"> </p> 121 429 759 1692 Portfolio Turnover. <p id="xdx_A89_eoef--PortfolioTurnoverTextBlock_zR2AJws6dZeh" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b></b>The Hodges 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 Hodges Fund shares are held in a taxable account. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the Example, affect the Hodges Fund’s performance. For the fiscal year ended March 31, 2026, the Hodges Fund’s portfolio turnover rate was <span id="xdx_90A_eoef--PortfolioTurnoverRate_dp_c20260728__20260728__dei--LegalEntityAxis__custom--S000081358Member_z5ZoWRC9DK1c">89%</span> of the average value of its portfolio.</span></p> 0.89 Principal Investment Strategies. <p id="xdx_A83_eoef--StrategyNarrativeTextBlock_zOnNooCKVs5c" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b></b>The Hodges Fund will invest in common stocks of companies of any size market capitalization - small, medium or large. The Hodges Fund’s portfolio managers will invest in both growth and value companies. The Adviser’s stock selection process focuses on rigorously researching individual companies and examining what is happening inside those companies. The Adviser studies and analyzes the fundamentals of each company’s earnings, cash flow, and intrinsic underlying value and will invest in those companies where it believes there is a disconnect between the market’s perception and the intrinsic value of the company’s fundamentals. In selecting investments, the Adviser will also invest where it is deemed appropriate in companies having special situations and whose shares are out of favor, but appear to have prospects for above-average growth and recovery over an extended period of time. Special situations refer to circumstances where companies face significant stress which may cause stock values to depreciate below expected thresholds. Companies having special situations include, but are not limited to, companies that are experiencing management changes, financial distress, corporate restructurings, government inquiries, or are especially susceptible to the negative impact of market conditions.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">From time to time, the Fund may engage in short sale transactions with respect to 10% of its net assets. The Fund may also invest in money market instruments and may, from time to time, purchase put and call options on U.S. traded stocks or security indices. The Fund may also sell options and write “covered” put and call options. The Hodges Fund is permitted to invest up to 10% of its net assets in securities futures and options.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Hodges Fund may also invest in the stocks of foreign companies, including those in emerging markets, which are U.S. dollar denominated and traded on a domestic national securities exchange, including American Depositary Receipts (“ADRs”) European Depositary Receipts (“EDRs”) and Global Depositary Receipts (“GDRs”).</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Adviser will consider selling a security in the Hodges Fund’s portfolio if that security has become overvalued or has reached its growth potential. In addition, in an attempt to increase the Hodges Fund’s tax efficiency or to satisfy certain tax diversification requirements, the Adviser may take tax considerations into account in deciding whether or when to sell a particular stock. The Hodges Fund’s portfolio turnover could exceed 100% in a given year. A high portfolio turnover may result in the realization and distribution of capital gains, as well as higher transaction costs. The Fund may, from time to time, have significant exposure to one or more sectors of the market.</span></p> <p id="xdx_A8E_eoef--RiskTextBlock_gRBRTB-ZVBTV_zlxvCGQwp7n" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b></b>Remember that in addition to possibly not achieving your investment goals, you could lose money by investing in the Hodges Fund. The principal risks of investing in the Hodges Fund are:</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zOdaSFFgjxEj"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Equity Securities Risk: </i>Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value. These fluctuations may cause a security to be worth less than its cost when originally purchased or less than it was worth at an earlier time.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCompanyRiskMember_zGCHpvNHrsBh"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Large Company Risk: </i>Larger, more established companies may be unable to respond quickly to new competitive challenges like changes in consumer tastes or innovative smaller competitors. Also, large-cap companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallerCompanyRiskMember_zXvx26cjpgb2"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Smaller Company Risk: </i>Investing in securities of smaller companies including micro-cap, small-cap, medium-cap and less seasoned companies may be speculative and volatile and involve greater risks than are customarily associated with larger companies. Small to mid-sized companies may be subject to greater market risk and have less trading liquidity than larger companies. They may also have limited product lines, markets, or financial resources. For these reasons, investors should expect the Hodges Fund to be more volatile than a fund that invests exclusively in large-capitalization companies.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentStyleRiskMember_z8BNQ7RPBzr1"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Investment Style Risk: </i>Different investment styles tend to shift in and out of favor depending upon market and economic conditions as well as investor sentiment. The Hodges Fund may outperform or underperform other funds that employ a different investment style. Examples of different investment styles include growth and value investing. Growth stocks may be more volatile than other stocks because they are more sensitive to investor perceptions of the issuing company’s growth of earnings potential. Value investing carries the risk that the market will not recognize a security’s inherent value for a long time, or that a stock judged to be undervalued may actually be appropriately priced or overvalued.</span></td></tr></table></div><p id="xdx_A94_z0gM1riMBb18" style="margin-top: 0; margin-bottom: 0"> </p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The remaining principal risks are presented in alphabetical order. Each risk summarized below is considered a “principal risk” of investing in the Hodges Fund, regardless of the order in which it appears.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--DepositaryReceiptsRiskMember_zqdWxWL1RNGj"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Depositary Receipts Risk: </i>Investments in depositary receipts involve risks similar to those accompanying direct investments in foreign securities. In addition, there is risk involved in investing in unsponsored depositary receipts, as there may be less information available about the underlying issuer than there is about an issuer of sponsored depositary receipts and the prices of unsponsored depositary receipts may be more volatile than those of sponsored depositary receipts.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsRiskMember_ztQSXK8Q6MZ8"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Emerging Markets Risk: </i>Investments in emerging markets are generally more volatile than investments in developed foreign markets.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_zOnLlPZPnUo2"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Foreign Securities Risk: </i>Foreign securities are subject to increased risks relating to political, social and economic developments abroad and differences between U.S. and foreign regulatory requirements and market practices.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--FuturesAndOptionsRisksMember_zkkJ8wMhdy4j"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Futures and Options Risks: </i>Futures and options may be more volatile than direct investments in the securities underlying the futures and options, may not correlate perfectly to the underlying securities, may involve additional costs, and may be illiquid. Futures and options also may involve the use of leverage as the Hodges Fund may make a small initial investment relative to the risk assumed, which could result in losses greater than if futures or options had not been used. Futures and options are also subject to the risk that the other party to the transaction may default on its obligation.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zrWpHhSB0DJl"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Management Risk: </i>The Adviser may fail to implement the Hodges Fund’s investment strategies and meet its investment objective.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zLixwEW5ABB"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Market Risk: </i>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 region or financial market. Securities in the Tactical Risk Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, wars, terrorism, tariffs, trade wars, 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 the U.S. financial market.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_zUvoqmuZlzqh"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Portfolio Turnover Risk: </i>High portfolio turnover involves correspondingly greater expenses to the Hodges Fund, including brokerage commissions and dealer mark-ups and other transaction costs. This may also result in adverse tax consequences for Hodges Fund shareholders.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--RisksOfCompaniesInSpecialSituationsMember_ztOSdjCbLeqa"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Risks of Companies in “Special Situations:”</i> The Hodges Fund’s investments in companies experiencing significant business problems could have a negative result in the Fund’s performance if the company does not realize the anticipated favorable prospects.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--SectorFocusRiskMember_zctq6LalLG47"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Sector-Focus Risk:</i> Investing a significant portion of the Fund’s assets in one sector of the market exposes the Fund to greater market risk and potential monetary losses than if those assets were spread among various sectors.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--ShortSalesRiskMember_zrWrIiQbqmmi"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Short Sales Risk: </i>Engaging in short sales of securities that the Fund does not own subjects it to the risks associated with those securities. A security is sold short in anticipation of purchasing the same security at a later date at a lower price; however, the Fund may incur a loss if the price of the security increases between the date of the short sale and the date on which the Fund purchases the security sold short. Because there is no limit on how high the price of the security may rise, such loss is theoretically unlimited. Short sales may also incur transaction costs and borrowing fees for the Fund and subject the Fund to leverage risk because they may provide investment exposure in an amount exceeding the initial investment.</span></td></tr></table></div> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zOdaSFFgjxEj"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Equity Securities Risk: </i>Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value. These fluctuations may cause a security to be worth less than its cost when originally purchased or less than it was worth at an earlier time.</span></td></tr></table></div><div id="xdx_C02_gRBRTB-ZVBTV_zWk30poAJlt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCompanyRiskMember_zGCHpvNHrsBh"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Large Company Risk: </i>Larger, more established companies may be unable to respond quickly to new competitive challenges like changes in consumer tastes or innovative smaller competitors. Also, large-cap companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion.</span></td></tr></table></div><div id="xdx_C0D_gRBRTB-ZVBTV_zAMqtCNaxPO1"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallerCompanyRiskMember_zXvx26cjpgb2"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Smaller Company Risk: </i>Investing in securities of smaller companies including micro-cap, small-cap, medium-cap and less seasoned companies may be speculative and volatile and involve greater risks than are customarily associated with larger companies. Small to mid-sized companies may be subject to greater market risk and have less trading liquidity than larger companies. They may also have limited product lines, markets, or financial resources. For these reasons, investors should expect the Hodges Fund to be more volatile than a fund that invests exclusively in large-capitalization companies.</span></td></tr></table></div><div id="xdx_C0A_gRBRTB-ZVBTV_zeUU203RJPK6"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentStyleRiskMember_z8BNQ7RPBzr1"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Investment Style Risk: </i>Different investment styles tend to shift in and out of favor depending upon market and economic conditions as well as investor sentiment. The Hodges Fund may outperform or underperform other funds that employ a different investment style. Examples of different investment styles include growth and value investing. Growth stocks may be more volatile than other stocks because they are more sensitive to investor perceptions of the issuing company’s growth of earnings potential. Value investing carries the risk that the market will not recognize a security’s inherent value for a long time, or that a stock judged to be undervalued may actually be appropriately priced or overvalued.</span></td></tr></table></div> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--DepositaryReceiptsRiskMember_zqdWxWL1RNGj"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Depositary Receipts Risk: </i>Investments in depositary receipts involve risks similar to those accompanying direct investments in foreign securities. In addition, there is risk involved in investing in unsponsored depositary receipts, as there may be less information available about the underlying issuer than there is about an issuer of sponsored depositary receipts and the prices of unsponsored depositary receipts may be more volatile than those of sponsored depositary receipts.</span></td></tr></table></div><div id="xdx_C0D_gRBRTB-ZVBTV_zx30TouyhAxj"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsRiskMember_ztQSXK8Q6MZ8"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Emerging Markets Risk: </i>Investments in emerging markets are generally more volatile than investments in developed foreign markets.</span></td></tr></table></div><div id="xdx_C05_gRBRTB-ZVBTV_zxlbdKKEIZv5"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_zOnLlPZPnUo2"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Foreign Securities Risk: </i>Foreign securities are subject to increased risks relating to political, social and economic developments abroad and differences between U.S. and foreign regulatory requirements and market practices.</span></td></tr></table></div><div id="xdx_C02_gRBRTB-ZVBTV_zoOhmZvJGyy5"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--FuturesAndOptionsRisksMember_zkkJ8wMhdy4j"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Futures and Options Risks: </i>Futures and options may be more volatile than direct investments in the securities underlying the futures and options, may not correlate perfectly to the underlying securities, may involve additional costs, and may be illiquid. Futures and options also may involve the use of leverage as the Hodges Fund may make a small initial investment relative to the risk assumed, which could result in losses greater than if futures or options had not been used. Futures and options are also subject to the risk that the other party to the transaction may default on its obligation.</span></td></tr></table></div><div id="xdx_C09_gRBRTB-ZVBTV_zgSQrxtZlzf7"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zrWpHhSB0DJl"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Management Risk: </i>The Adviser may fail to implement the Hodges Fund’s investment strategies and meet its investment objective.</span></td></tr></table></div><div id="xdx_C08_gRBRTB-ZVBTV_zPL2qYSvn1Y1"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zLixwEW5ABB"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Market Risk: </i>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 region or financial market. Securities in the Tactical Risk Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, wars, terrorism, tariffs, trade wars, 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 the U.S. financial market.</span></td></tr></table></div><div id="xdx_C0C_gRBRTB-ZVBTV_zorp1BF6R496"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_zUvoqmuZlzqh"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Portfolio Turnover Risk: </i>High portfolio turnover involves correspondingly greater expenses to the Hodges Fund, including brokerage commissions and dealer mark-ups and other transaction costs. This may also result in adverse tax consequences for Hodges Fund shareholders.</span></td></tr></table></div><div id="xdx_C0E_gRBRTB-ZVBTV_zgA56ZUjxDfk"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--RisksOfCompaniesInSpecialSituationsMember_ztOSdjCbLeqa"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Risks of Companies in “Special Situations:”</i> The Hodges Fund’s investments in companies experiencing significant business problems could have a negative result in the Fund’s performance if the company does not realize the anticipated favorable prospects.</span></td></tr></table></div><div id="xdx_C07_gRBRTB-ZVBTV_zvGYOjBKfOpa"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--SectorFocusRiskMember_zctq6LalLG47"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Sector-Focus Risk:</i> Investing a significant portion of the Fund’s assets in one sector of the market exposes the Fund to greater market risk and potential monetary losses than if those assets were spread among various sectors.</span></td></tr></table></div><div id="xdx_C0D_gRBRTB-ZVBTV_z2guz2TzytYg"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--ShortSalesRiskMember_zrWrIiQbqmmi"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Short Sales Risk: </i>Engaging in short sales of securities that the Fund does not own subjects it to the risks associated with those securities. A security is sold short in anticipation of purchasing the same security at a later date at a lower price; however, the Fund may incur a loss if the price of the security increases between the date of the short sale and the date on which the Fund purchases the security sold short. Because there is no limit on how high the price of the security may rise, such loss is theoretically unlimited. Short sales may also incur transaction costs and borrowing fees for the Fund and subject the Fund to leverage risk because they may provide investment exposure in an amount exceeding the initial investment.</span></td></tr></table></div> Performance. <p id="xdx_A86_eoef--PerformanceNarrativeTextBlock_z44Sa7zQ1YB6" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b></b><span id="xdx_90C_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260728__20260728__dei--LegalEntityAxis__custom--S000081358Member_ze7bZzTqDzR7">The following performance information provides some indication of the risks of investing in the Hodges Fund. The bar chart below illustrates how Retail Class shares of the Hodges Fund’s total returns have varied from year to year for the past 10 calendar years.</span> The table below illustrates how the Hodges Fund’s average annual total returns for the 1-year, 5-year and 10-year periods compare with that of a broad-based securities index. <span id="xdx_90A_eoef--PerformancePastDoesNotIndicateFuture_c20260728__20260728__dei--LegalEntityAxis__custom--S000081358Member_zNBufOezWaKi">The Hodges Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform in the future.</span> Updated performance information is available on the Fund’s website at <span style="text-decoration: underline"><span id="xdx_90D_eoef--PerformanceAvailabilityWebSiteAddress_c20260728__20260728__dei--LegalEntityAxis__custom--S000081358Member_ztmOPw9KCgaf">www.hodgescapital.com/mutual-funds</span></span>.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Prior performance shown below is for the Predecessor Hodges Fund (the Hodges Fund, a former series of Professionally Managed Portfolios) for dates prior to September 25, 2023. The Hodges Fund has adopted the performance of the Predecessor Hodges Fund as a result of a reorganization in which the Hodges Fund has acquired all the assets and liabilities of the Predecessor Hodges Fund (the “Reorganization”). Prior to the Reorganization, the Hodges Fund was a newly formed “shell” fund with no assets and had not commenced operations.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Hodges Fund’s portfolio management team served as the portfolio management team of the Predecessor Hodges Fund and has been the Hodges Fund’s portfolio management team since inception.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> The following performance information provides some indication of the risks of investing in the Hodges Fund. The bar chart below illustrates how Retail Class shares of the Hodges Fund’s total returns have varied from year to year for the past 10 calendar years. The Hodges Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. www.hodgescapital.com/mutual-funds Calendar Year Returns as of December 31, Retail Class <div id="xdx_A82_eoef--BarChartTableTextBlock_zAtIAMlDgaNd"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_ztuwP3a0zwZ7" style="font: 10pt Arial, Helvetica, Sans-Serif; display: none; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top; text-align: center"> <td style="text-align: center; width: 10%"> </td> <td id="xdx_497_20160101__20161231_zcKfGfuzKXif" style="text-align: center; width: 9%">2016</td> <td id="xdx_490_20170101__20171231_zICQdahzV8hg" style="text-align: center; width: 9%">2017</td> <td id="xdx_49D_20180101__20181231_zNIkqC3YS1r9" style="text-align: center; width: 9%">2018</td> <td id="xdx_49B_20190101__20191231_zonFoWB8dyZ9" style="text-align: center; width: 9%">2019</td> <td id="xdx_490_20200101__20201231_zi6VE8gyRnwd" style="text-align: center; width: 9%">2020</td> <td id="xdx_493_20210101__20211231_zm54PmFOW8Ol" style="text-align: center; width: 9%">2021</td> <td id="xdx_49D_20220101__20221231_zvQrbQl89zui" style="text-align: center; width: 9%">2022</td> <td id="xdx_498_20230101__20231231_zZk0cvEFPTz4" style="text-align: center; width: 9%">2023</td> <td id="xdx_495_20240101__20241231_znkq61PR5ZGg" style="text-align: center; width: 9%">2024</td> <td id="xdx_499_20250101__20251231_zZcJZ5gSNbM" style="text-align: center; width: 9%">2025</td></tr> <tr id="xdx_40F_eoef--AnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000081358Member__oef--ClassAxis__custom--C000244083Member_zganmGE4iXEf" style="vertical-align: top; text-align: center"> <td> </td> <td>39.78%</td> <td>13.83%</td> <td>-34.18%</td> <td>23.02%</td> <td>29.58%</td> <td>29.50%</td> <td>-21.80%</td> <td>29.80%</td> <td>16.87%</td> <td>23.98%</td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><img alt="(BAR GRAPH)" src="ho002_v1.jpg"/></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> 0.3978 0.1383 -0.3418 0.2302 0.2958 0.2950 -0.2180 0.2980 0.1687 0.2398 <p id="xdx_A88_eoef--BarChartClosingTextBlock_z8MrX1jj4qg" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span id="xdx_905_eoef--YearToDateReturnLabel_c20260728__20260728__dei--LegalEntityAxis__custom--S000081358Member_zliJNgxXkgqd">The Hodges Fund’s year-to-date return for Retail Class shares</span> as of the most recent calendar quarter ended <span id="xdx_90C_eoef--BarChartYearToDateReturnDate_c20260728__20260728__dei--LegalEntityAxis__custom--S000081358Member_zAQdONKdpa6g">June 30, 2026</span>, was <span id="xdx_901_eoef--BarChartYearToDateReturn_dp_c20260728__20260728__dei--LegalEntityAxis__custom--S000081358Member_z1j2DGukmrz3">34.36%</span>.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td id="xdx_988_eoef--HighestQuarterlyReturnLabel_c20260728__20260728__dei--LegalEntityAxis__custom--S000081358Member_zn5c6IiMW5u4" style="border-top: Black 2.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1.5pt 1.25pt; width: 30%; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Highest Quarterly Return:</b></span></td> <td id="xdx_989_eoef--BarChartHighestQuarterlyReturnDate_dxH_c20260728__20260728__dei--LegalEntityAxis__custom--S000081358Member_zjmXALzAf1L7" style="border-top: Black 2.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1.5pt 1.25pt; width: 20%; text-align: center" title="::XDX::2020-06-30"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>2Q, 2020</b></span></td> <td id="xdx_983_eoef--BarChartHighestQuarterlyReturn_dp_c20260728__20260728__dei--LegalEntityAxis__custom--S000081358Member_zc9uzGxFWIL9" style="border-top: Black 2.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 20%; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 1.25pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>54.30%</b></span></td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td id="xdx_982_eoef--LowestQuarterlyReturnLabel_c20260728__20260728__dei--LegalEntityAxis__custom--S000081358Member_z5h5IWLwiQX9" style="border-bottom: Black 2.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1.5pt 1.25pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Lowest Quarterly Return:</b></span></td> <td id="xdx_985_eoef--BarChartLowestQuarterlyReturnDate_dxH_c20260728__20260728__dei--LegalEntityAxis__custom--S000081358Member_zOsPedbXne56" style="border-bottom: Black 2.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1.5pt 1.25pt; text-align: center" title="::XDX::2020-03-31"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>1Q, 2020</b></span></td> <td id="xdx_988_eoef--BarChartLowestQuarterlyReturn_dp_c20260728__20260728__dei--LegalEntityAxis__custom--S000081358Member_zbkCmHmscab2" style="border-bottom: Black 2.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 1.25pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>-44.27%</b></span></td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"> </p> The Hodges Fund’s year-to-date return for Retail Class shares 2026-06-30 0.3436 Highest Quarterly Return: 0.5430 Lowest Quarterly Return: -0.4427 Average Annual Total Returns for the periods ended December 31, 2025 <div id="xdx_A81_eoef--PerformanceTableTextBlock_zSPkCx4F3OW1"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zwCQeYbWbOrj" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; background-color: #D0CECE"> <td style="border-top: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 61%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td id="xdx_499_20250101__20251231_zkxhpoSi3Bsg" style="border-top: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 13%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>One<br/> Year</b></span></td> <td id="xdx_493_20210101__20251231_zcD7jXX4Ogv8" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Five<br/> Years</b></span></td> <td id="xdx_49A_20160101__20251231_zuf0ZEwHElT7" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Ten<br/> Years </b></span></td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Hodges Fund</b></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Retail Class Shares</b></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000081358Member__oef--ClassAxis__custom--C000244083Member_zH6Ztby3nT6a" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 0.1in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span id="xdx_909_eoef--AverageAnnualReturnLabel_c20250101__20251231__dei--LegalEntityAxis__custom--S000081358Member__oef--ClassAxis__custom--C000244083Member_z8JhgOncmGC2">Return Before Taxes</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">23.98%</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13.75%</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12.26%</span></td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000081358Member__oef--ClassAxis__custom--C000244083Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zU4HqLeroaM3" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 0.1in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Return After Taxes on Distributions</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">21.24%</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12.93%</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11.27%</span></td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000081358Member__oef--ClassAxis__custom--C000244083Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zzfAYAbKX865" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 0.1in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Return After Taxes on Distributions and Sale of Fund Shares</span></td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15.81%</span></td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.97%</span></td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9.86%</span></td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000081358Member__oef--PerformanceMeasureAxis__custom--SAndP500IndexReflectsNoDeductionForFeesExpensesOrTaxesMember_z6exnjorpu78" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">S&amp;P 500^® Index (<span id="xdx_90B_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260728__20260728__dei--LegalEntityAxis__custom--S000081358Member_zNsevbcE7MQ9">reflects no deduction for fees, expenses or taxes</span>)</span></td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">17.88%</span></td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14.42%</span></td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14.82%</span></td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"> </p> Return Before Taxes 0.2398 0.1375 0.1226 0.2124 0.1293 0.1127 0.1581 0.1097 0.0986 reflects no deduction for fees, expenses or taxes 0.1788 0.1442 0.1482 <p id="xdx_A8F_eoef--PerformanceTableClosingTextBlock_zoxa4mfCwdzk" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">After tax returns depend on an investor’s tax situation and may differ from those shown. <span id="xdx_903_eoef--PerformanceTableUsesHighestFederalRate_c20260728__20260728__dei--LegalEntityAxis__custom--S000081358Member_z6x1y4k3y0w2">After tax returns are calculated using the historical highest individual federal marginal income tax rates in effect and do not reflect the effect of state and local taxes.</span> <span id="xdx_909_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260728__20260728__dei--LegalEntityAxis__custom--S000081358Member_zq6XzeE6Orna">The after-tax returns shown may not be relevant to those investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts (“IRAs”).</span> <span id="xdx_90D_eoef--PerformanceTableExplanationAfterTaxHigher_c20260728__20260728__dei--LegalEntityAxis__custom--S000081358Member_zG5zhzCUDTUg">“Return After Taxes on Distributions” shows the effect of taxable distributions (dividends and capital gains distributions) but assumes that Fund shares are still held at the end of the period.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The S&amp;P 500 Index is an unmanaged market capitalization weighted index of 500 of the largest capitalized U.S. domiciled companies. Investors may not invest in the indexes directly; unlike the Fund’s returns, the indexes do not reflect any fees or expenses.</span></p> After tax returns are calculated using the historical highest individual federal marginal income tax rates in effect and do not reflect the effect of state and local taxes. The after-tax returns shown may not be relevant to those investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts (“IRAs”). “Return After Taxes on Distributions” shows the effect of taxable distributions (dividends and capital gains distributions) but assumes that Fund shares are still held at the end of the period. Summary Section – Hodges Small Cap Growth Fund Investment Objective. <p id="xdx_A87_eoef--ObjectivePrimaryTextBlock_zsrfW80pMjW" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b></b>The primary investment objective of the Hodges Small Cap Growth Fund, formerly the Hodges Small Cap Fund (the “Small Cap Growth Fund”) is long-term capital appreciation.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> Fees and Expenses of the Small Cap Growth Fund. <p id="xdx_A80_eoef--ExpenseNarrativeTextBlock_zxU2P3Iwcwe8" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b></b>This table describes the fees and expenses that you may pay if you buy and hold shares of the Small Cap Growth Fund. You may qualify for sales charge discounts on Class A shares if you invest, or agree to invest in the future, at least $100,000 in the Small Cap Growth Fund. More information about these and other discounts is available from your financial profession and under “Shareholder Information - More About Class A Shares” beginning on page 40 of this Prospectus. With respect to purchases of shares through specific intermediaries, you may find additional information regarding sales charge discounts and waivers in <b>Appendix A</b> to the Fund’s Prospectus entitled “Intermediary Sales Charge Discounts, Waivers and Other Information.”</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> Shareholder Fees (fees paid directly from your investment) <div id="xdx_A88_eoef--ShareholderFeesTableTextBlock_ze7W6agg65s9"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zWliXi6u0kRl" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; background-color: #D0CECE"> <td style="border-top: Black 1pt solid; white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; width: 55%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Shareholder Fees<br/> </b><i>(fees paid directly from your investment)</i></span></td> <td id="xdx_49F_20260728__20260728__dei--LegalEntityAxis__custom--S000081359Member__oef--ClassAxis__custom--C000244084Member_zYbA4E9LG2G7" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Retail Class<br/> Shares</b></span></td> <td id="xdx_49B_20260728__20260728__dei--LegalEntityAxis__custom--S000081359Member__oef--ClassAxis__custom--C000244085Member_zewpIwrWuZu6" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Institutional<br/> Class Shares</b></span></td> <td id="xdx_49B_20260728__20260728__dei--LegalEntityAxis__custom--S000081359Member__oef--ClassAxis__custom--C000263105Member_zfZO7vhnJ8U" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Class A</b></span></td></tr> <tr id="xdx_404_eoef--MaximumSalesChargeImposedOnPurchasesOverOfferingPrice_dpn_zTDRwcJuhTK6" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Maximum Sales Charge (Load) Imposed on Purchases<br/> (as a percentage of offering price)</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.50%</span></td></tr> <tr id="xdx_40A_eoef--MaximumDeferredSalesChargeOverOfferingPrice_dpn_zs71p73Cbyhl" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Maximum Deferred Sales Charge (Load)</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td></tr> <tr id="xdx_406_eoef--RedemptionFeeOverRedemption_iN_dpin_zEMxOekM6xBb" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Redemption Fee<br/> (as a percentage of amount redeemed within 30 days of purchase of Retail Class shares and 60 days of purchase for Institutional Class shares)</span></td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.00%</span></td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.00%</span></td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td></tr> </table> 0 0 0.0450 0 0 0 -0.0100 -0.0100 -0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A89_eoef--AnnualFundOperatingExpensesTableTextBlock_zkjvwcr1HHQ"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_zXO23BBRncve" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; background-color: #D0CECE"> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; width: 55%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Annual Fund Operating Expenses<br/> </b><i>(expenses that you pay each year as a percentage of the value of your investment)</i></span></td> <td id="xdx_49F_20260728__20260728__dei--LegalEntityAxis__custom--S000081359Member__oef--ClassAxis__custom--C000244084Member_zCJfryyN8ic8" style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Retail Class<br/> Shares</b></span></td> <td id="xdx_49B_20260728__20260728__dei--LegalEntityAxis__custom--S000081359Member__oef--ClassAxis__custom--C000244085Member_zfHChDDj9xhd" style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Institutional<br/> Class Shares</b></span></td> <td id="xdx_49B_20260728__20260728__dei--LegalEntityAxis__custom--S000081359Member__oef--ClassAxis__custom--C000263105Member_zQoKsahbQCl9" style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Class A</b></span></td></tr> <tr id="xdx_40F_eoef--ManagementFeesOverAssets_dpn_zMuEkRHqazQl" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Management Fees</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.85%</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.85%</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.85%</span></td></tr> <tr id="xdx_406_eoef--DistributionAndService12b1FeesOverAssets_dpn_zSnQuROGIKzf" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Distribution and Service (Rule 12b-1) Fees</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.25%</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.25%</span></td></tr> <tr id="xdx_409_eoef--OtherExpensesOverAssets_dpn_zJl9ZvKkoVM1" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other Expenses</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.45%</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.45%</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.45%</span></td></tr> <tr id="xdx_40D_eoef--ExpensesOverAssets_dpn_zVIkKcwb1Ief" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total Annual Fund Operating Expenses</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.55%</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.30%</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.55%</span></td></tr> <tr id="xdx_404_eoef--FeeWaiverOrReimbursementOverAssets_dpn_ztx2Z2vMKQ5l" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 26.15pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Fee Waiver and/or Expense Reimbursement<sup id="xdx_F43_zMloOnwrfUJ5">1</sup></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.31)%</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.31)%</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.31)%</span></td></tr> <tr id="xdx_402_eoef--NetExpensesOverAssets_dpn_zKp0AN4aP4O6" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net Annual Fund Operating Expenses</span></td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.24%</span></td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.99%</span></td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.24%</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><sup id="xdx_F0A_z6SC40uKXxjc">(1)</sup></span></td><td style="text-align: justify"><span id="xdx_F12_zzDflJsscVi" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">The Adviser has contractually agreed to reduce its fees and pay the Small Cap Growth Fund’s expenses (excluding taxes, interest expenses, interest on short positions, portfolio transaction expenses, acquired fund fees and expenses, extraordinary expenses, Rule 12b-1 fees, shareholder servicing fees and any other class specific expenses) in order to limit Net Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement for the Small Cap Growth Fund to 0.99%, 0.99% and 0.99% of the Small Cap Growth Fund’s average net assets for Institutional Class, Retail Class, and Class A shares, respectively (the “Small Cap Growth Fund Expense Cap”). The Small Cap Growth Fund Expense Cap will remain in effect until <span id="xdx_90A_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260728__20260728__dei--LegalEntityAxis__custom--S000081359Member_zofueAYYZ0Nh">July 31, 2027</span>. The agreement may be terminated at any time by the NLFT II Board upon 60 days’ written notice to the Adviser, or by the Adviser with the consent of the NLFT II Board. The Adviser is permitted, with NLFT II Board approval, to receive reimbursement from the Fund for fees it waived and Fund expenses it paid, subject to the limitation that (1) the reimbursement for fees and expenses will be made only if payable within three years from the date the fees and expenses were initially waived or reimbursed and (2) the reimbursement may not be made if it would cause the expense limitation in effect at the time of the waiver or currently in effect, whichever is lower, to be exceeded.</span></td> </tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> 0.0085 0.0085 0.0085 0.0025 0 0.0025 0.0045 0.0045 0.0045 0.0155 0.0130 0.0155 -0.0031 -0.0031 -0.0031 0.0124 0.0099 0.0124 July 31, 2027 Example. <p id="xdx_A81_eoef--ExpenseExampleNarrativeTextBlock_zgHpKzPfZhac" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b></b>This Example is intended to help you compare the cost of investing in the Small Cap Growth Fund with the cost of investing in other mutual funds.</span></p> The Example assumes that you invest $10,000 in the Small Cap Growth Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Small Cap Growth Fund’s operating expenses remain the same, and takes into account the effect of the Operating Expenses Limitation Agreement through July 31, 2027. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A82_eoef--ExpenseExampleWithRedemptionTableTextBlock_zHfijyv6Hqd6"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zk6ClVSsi8xd" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-left: auto; width: 80%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; background-color: #D0CECE"> <td style="border-top: Black 1pt solid; white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 20%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td id="xdx_484_eoef--ExpenseExampleYear01_zZ7UNQOrOgqf" style="border-top: Black 1pt solid; vertical-align: bottom; white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; width: 15%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>One Year</b></span></td> <td id="xdx_480_eoef--ExpenseExampleYear03_ziRg4JMamc47" style="border-top: Black 1pt solid; vertical-align: bottom; white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; width: 15%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Three Years</b></span></td> <td id="xdx_48B_eoef--ExpenseExampleYear05_zZ6Zd52Fs6T3" style="border-top: Black 1pt solid; vertical-align: bottom; white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; width: 15%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Five Years</b></span></td> <td id="xdx_48E_eoef--ExpenseExampleYear10_zt1LQLGdn6w8" style="border-top: Black 1pt solid; vertical-align: bottom; white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; width: 15%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Ten Years</b></span></td></tr> <tr id="xdx_413_20260728__20260728__dei--LegalEntityAxis__custom--S000081359Member__oef--ClassAxis__custom--C000244084Member_z11m9zztcV95" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Retail Class Shares</b></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$126</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$459</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$815</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$1,819</span></td></tr> <tr id="xdx_413_20260728__20260728__dei--LegalEntityAxis__custom--S000081359Member__oef--ClassAxis__custom--C000244085Member_zssHfVnoM2v2" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Institutional Class Shares</b></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$101</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$382</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$683</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$1,541</span></td></tr> <tr id="xdx_41F_20260728__20260728__dei--LegalEntityAxis__custom--S000081359Member__oef--ClassAxis__custom--C000263105Member_za4S4TV8Jps1" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Class A Shares</b></span></td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$571</span></td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$889</span></td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$1,229</span></td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$2,187</span></td></tr> </table> 126 459 815 1819 101 382 683 1541 571 889 1229 2187 Portfolio Turnover. <p id="xdx_A83_eoef--PortfolioTurnoverTextBlock_z2f6ECXVzsCb" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b></b>The Small Cap Growth 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 Small Cap Growth Fund’s performance. For the fiscal year ended March 31, 2026, the Small Cap Growth Fund’s portfolio turnover rate was <span id="xdx_902_eoef--PortfolioTurnoverRate_dp_c20260728__20260728__dei--LegalEntityAxis__custom--S000081359Member_zHhrnzTxDi1">67%</span> of the average value of its portfolio.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> 0.67 Principal Investment Strategies. <p id="xdx_A8B_eoef--StrategyNarrativeTextBlock_zfkmkHhu9LXd" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b></b>Under normal market conditions, the Small Cap Growth Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in the stocks of small capitalization (“small cap”) companies. The Small Cap Growth Fund defines small cap companies as those whose market capitalization, at the time of purchase, are consistent with the market capitalizations of companies in the S&amp;P SmallCap 600 ® Index. As of July 1, 2026, the market capitalization of companies in the S&amp;P SmallCap 600 ® Index ranged from $1.2 billion to $8.0 billion. The Adviser seeks to buy securities of companies that it believes are undervalued, relative to their long-term earnings growth potential and/or offer above-average growth prospects. The remaining 20% of the Fund’s net assets may be invested in the stocks of micro, mid and/or large capitalization companies, U.S. government securities and other investment companies, including exchange-traded funds (“ETFs”). Although most of the Fund’s securities will be domestic, the Fund may invest up to 25% of its net assets in equity securities of foreign issuers, including those in emerging markets, which may include both direct investments and investments in U.S. dollar denominated foreign securities, and in American Depositary Receipts (“ADRs”), European Depositary Receipts (“EDRs”) and Global Depositary Receipts (“GDRs”) consistent with the Fund’s investment objective. From time to time, the Fund may engage in short sale transactions with respect to 10% of its net assets. The Fund uses a “bottom-up” approach in investing. The Fund also may invest in money market instruments and may, from time to time, purchase put and call options on U.S. traded stocks, currencies or security indices. The Fund may also sell options purchased and write “covered” put and call options. The Small Cap Growth Fund is permitted to invest up to 10% of its net assets in securities futures and options.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Adviser considers selling a security in the Small Cap Growth Fund’s portfolio if the Adviser believes that security has become overvalued or has reached its growth potential. In addition, in an attempt to increase the Small Cap Growth Fund’s tax efficiency or to satisfy certain tax diversification requirements, the Adviser may take tax considerations into account in deciding whether or when to sell a particular security. The Small Cap Growth Fund’s portfolio turnover could exceed 100% in a given year. A high turnover may result in the realization and distribution of capital gains, as well as higher transaction costs. The Fund may, from time to time, have significant exposure to one or more sectors of the market. As of March 31, 2026, 22.25% of the Small Cap Growth Fund’s net assets were invested in securities within the consumer discretionary and 1.75% net assets were invested in securities within the consumer staples.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Note: Because there are practical limits to the amount of small cap assets that can be effectively managed, the Small Cap Growth Fund will close to new investors when it reaches an asset size as determined by the Adviser to be too large to sustain additional assets. Shareholders will be provided 30 days’ written notice upon such conditions. If the Small Cap Growth Fund closes to new investors, based on market conditions and other factors, it may reopen at a later date.</span></p> <p id="xdx_A83_eoef--RiskTextBlock_gRBRTB-XOTX_zcwvFCW43bO6" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b></b>Remember that in addition to possibly not achieving your investment goals, you could lose money by investing in the Small Cap Growth Fund. The principal risks of investing in the Small Cap Growth Fund are:</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallerCompanyRiskMember_zrShw2iPWr21"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Smaller Company Risk: </i>Investing in securities of smaller companies including micro-cap, small-cap, medium-cap and less seasoned companies may be speculative and volatile and involve greater risks than are customarily associated with larger companies. Small to mid-sized companies may be subject to greater market risk and have less trading liquidity than larger companies. They may also have limited product lines, markets, or financial resources. For these reasons, investors should expect the Small Cap Growth Fund to be more volatile than a fund that invests exclusively in large-capitalization companies.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_z5wFF1kp2B59"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Equity Securities Risk: </i>Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value. These fluctuations may cause a security to be worth less than its cost when originally purchased or less than it was worth at an earlier time.</span></td></tr></table></div><p id="xdx_A93_zey8PRJNJtyh" style="margin-top: 0; margin-bottom: 0"> </p><div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentStyleRiskMember_zc0TAzNvQk5b"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Investment Style Risk: </i>Different investment styles tend to shift in and out of favor depending upon market and economic conditions as well as investor sentiment. The Small Cap Growth Fund may outperform or underperform other funds that employ a different investment style. Examples of different investment styles include growth and value investing. Growth stocks may be more volatile than other stocks because they are more sensitive to investor perceptions of the issuing company’s growth of earnings potential.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--GrowthRiskMember_z6gxBUaOA3k4"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Growth Risk: </i>The Small Cap Fund may invest in companies that appear to be growth oriented. Growth companies are those that the Adviser believes will have revenue and earnings that grow faster than the economy as a whole, offering above-average prospects for capital appreciation and little or no emphasis on dividend income. If the Adviser’s perceptions of a company’s growth potential are wrong, the securities purchased may not perform as expected, reducing the Small Cap Growth Fund’s return.</span></td></tr></table></div><p id="xdx_A96_zwGlSG4QriY" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The remaining principal risks are presented in alphabetical order. Each risk summarized below is considered a “principal risk” of investing in the Small Cap Growth Fund, regardless of the order in which it appears.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConsumerCyclicalSectorRiskMember_z8UFCu4ZPmt3"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Consumer Cyclical Sector Risk: </i>Investments in the Consumer Cyclical sector involve risks associated with companies that manufacture products and provide discretionary services directly to the consumer. The risk associated with these companies is closely tied to the performance of the global economy, interest rates, competition, and consumer confidence.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--CurrencyRiskMember_zDXapsnr1ebk"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Currency Risk: </i>Investment in non-U.S. denominated securities involves increased risks due to fluctuations in exchange rates between the Fund’s base currency and the local currency of the investment. Due to currency fluctuations, there is more risk than an indirect investment in an equivalent security.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--DepositaryReceiptsRiskMember_zSyWzSzafLj5"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Depositary Receipts Risk: </i>Investments in depositary receipts involve risks similar to those accompanying direct investments in foreign securities. In addition, there is risk involved in investing in unsponsored depositary receipts, as there may be less information available about the underlying issuer than there is about an issuer of sponsored depositary receipts and the prices of unsponsored depositary receipts may be more volatile than those of sponsored depositary receipts.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsRiskMember_z0w0puYSkung"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Emerging Markets Risk: </i>Investments in emerging markets are generally more volatile than investments in developed foreign markets.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_zCuT6aj2KdTk"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Foreign Securities Risk: </i>Foreign securities are subject to increased risks relating to political, social and economic developments abroad and differences between U.S. and foreign regulatory requirements and market practices.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--FuturesAndOptionsRisksMember_z1IJ7xqAkyW6"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Futures and Options Risks: </i>Futures and options may be more volatile than direct investments in the securities underlying the futures and options, may not correlate perfectly to the underlying securities, may involve additional costs, and may be illiquid. Futures and options also may involve the use of leverage as the Small Cap Growth Fund may make a small initial investment relative to the risk assumed, which could result in losses greater than if futures or options had not been used. Futures and options are also subject to the risk that the other party to the transaction may default on its obligation.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentCompanyAndExchangeTradedFundRiskMember_z29mXU6l5kOf"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Investment Company and Exchange-Traded Fund Risk:</i> Investing in other investment companies involves the risk that an investment company, including any ETFs, in which the Small Cap Growth Fund invests will not achieve its investment objective or execute its investment strategies effectively or that significant purchase or redemption activity by shareholders of such an investment company might negatively affect the value of the investment company’s shares. The Small Cap Growth Fund must pay its pro rata portion of an investment company’s fees and expenses.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zk794GneMPql"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Management Risk: </i>The Adviser may fail to implement the Small Cap Growth Fund’s investment strategies and meet its investment objective.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_ztzwCI0XZuya"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Market Risk: </i>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 region or financial market. Securities in the Tactical Risk Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, wars, terrorism, tariffs, trade wars, 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 the U.S. financial market.</span></td></tr></table></div><p id="xdx_A96_zq7ucx6agPY" style="margin-top: 0; margin-bottom: 0"> </p><div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_zb0zYPzEllpc"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Portfolio Turnover Risk: </i>High portfolio turnover involves correspondingly greater expenses to the Small Cap Growth Fund, including brokerage commissions and dealer mark-ups and other transaction costs. This may also result in adverse tax consequences for Small Cap Growth Fund shareholders.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--SectorFocusRiskMember_zQegqIzlpjji"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Sector-Focus Risk:</i> Investing a significant portion of the Fund’s assets in one sector of the market exposes the Fund to greater market risk and potential monetary losses than if those assets were spread among various sectors.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--ShortSalesRiskMember_zR4OIPBToc4h"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Short Sales Risk: </i>Engaging in short sales of securities that the Fund does not own subjects it to the risks associated with those securities. A security is sold short in anticipation of purchasing the same security at a later date at a lower price; however, the Fund may incur a loss if the price of the security increases between the date of the short sale and the date on which the Fund purchases the security sold short. Because there is no limit on how high the price of the security may rise, such loss is theoretically unlimited. Short sales may also incur transaction costs and borrowing fees for the Fund and subject the Fund to leverage risk because they may provide investment exposure in an amount exceeding the initial investment.</span></td></tr></table></div> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallerCompanyRiskMember_zrShw2iPWr21"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Smaller Company Risk: </i>Investing in securities of smaller companies including micro-cap, small-cap, medium-cap and less seasoned companies may be speculative and volatile and involve greater risks than are customarily associated with larger companies. Small to mid-sized companies may be subject to greater market risk and have less trading liquidity than larger companies. They may also have limited product lines, markets, or financial resources. For these reasons, investors should expect the Small Cap Growth Fund to be more volatile than a fund that invests exclusively in large-capitalization companies.</span></td></tr></table></div><div id="xdx_C0A_gRBRTB-XOTX_zVMtdin55WH2"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_z5wFF1kp2B59"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Equity Securities Risk: </i>Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value. These fluctuations may cause a security to be worth less than its cost when originally purchased or less than it was worth at an earlier time.</span></td></tr></table></div> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentStyleRiskMember_zc0TAzNvQk5b"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Investment Style Risk: </i>Different investment styles tend to shift in and out of favor depending upon market and economic conditions as well as investor sentiment. The Small Cap Growth Fund may outperform or underperform other funds that employ a different investment style. Examples of different investment styles include growth and value investing. Growth stocks may be more volatile than other stocks because they are more sensitive to investor perceptions of the issuing company’s growth of earnings potential.</span></td></tr></table></div><div id="xdx_C06_gRBRTB-XOTX_zEpbpqjxtuQc"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--GrowthRiskMember_z6gxBUaOA3k4"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Growth Risk: </i>The Small Cap Fund may invest in companies that appear to be growth oriented. Growth companies are those that the Adviser believes will have revenue and earnings that grow faster than the economy as a whole, offering above-average prospects for capital appreciation and little or no emphasis on dividend income. If the Adviser’s perceptions of a company’s growth potential are wrong, the securities purchased may not perform as expected, reducing the Small Cap Growth Fund’s return.</span></td></tr></table></div> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConsumerCyclicalSectorRiskMember_z8UFCu4ZPmt3"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Consumer Cyclical Sector Risk: </i>Investments in the Consumer Cyclical sector involve risks associated with companies that manufacture products and provide discretionary services directly to the consumer. The risk associated with these companies is closely tied to the performance of the global economy, interest rates, competition, and consumer confidence.</span></td></tr></table></div><div id="xdx_C0C_gRBRTB-XOTX_z4Ju61g2x9sg"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--CurrencyRiskMember_zDXapsnr1ebk"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Currency Risk: </i>Investment in non-U.S. denominated securities involves increased risks due to fluctuations in exchange rates between the Fund’s base currency and the local currency of the investment. Due to currency fluctuations, there is more risk than an indirect investment in an equivalent security.</span></td></tr></table></div><div id="xdx_C03_gRBRTB-XOTX_zsOYhBjIX9L1"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--DepositaryReceiptsRiskMember_zSyWzSzafLj5"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Depositary Receipts Risk: </i>Investments in depositary receipts involve risks similar to those accompanying direct investments in foreign securities. In addition, there is risk involved in investing in unsponsored depositary receipts, as there may be less information available about the underlying issuer than there is about an issuer of sponsored depositary receipts and the prices of unsponsored depositary receipts may be more volatile than those of sponsored depositary receipts.</span></td></tr></table></div><div id="xdx_C0F_gRBRTB-XOTX_zzagAWpNOon4"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsRiskMember_z0w0puYSkung"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Emerging Markets Risk: </i>Investments in emerging markets are generally more volatile than investments in developed foreign markets.</span></td></tr></table></div><div id="xdx_C0C_gRBRTB-XOTX_zRaToVihPiz4"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_zCuT6aj2KdTk"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Foreign Securities Risk: </i>Foreign securities are subject to increased risks relating to political, social and economic developments abroad and differences between U.S. and foreign regulatory requirements and market practices.</span></td></tr></table></div><div id="xdx_C0A_gRBRTB-XOTX_z3itCczyLKdb"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--FuturesAndOptionsRisksMember_z1IJ7xqAkyW6"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Futures and Options Risks: </i>Futures and options may be more volatile than direct investments in the securities underlying the futures and options, may not correlate perfectly to the underlying securities, may involve additional costs, and may be illiquid. Futures and options also may involve the use of leverage as the Small Cap Growth Fund may make a small initial investment relative to the risk assumed, which could result in losses greater than if futures or options had not been used. Futures and options are also subject to the risk that the other party to the transaction may default on its obligation.</span></td></tr></table></div><div id="xdx_C09_gRBRTB-XOTX_zjWEk7tTGTz8"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentCompanyAndExchangeTradedFundRiskMember_z29mXU6l5kOf"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Investment Company and Exchange-Traded Fund Risk:</i> Investing in other investment companies involves the risk that an investment company, including any ETFs, in which the Small Cap Growth Fund invests will not achieve its investment objective or execute its investment strategies effectively or that significant purchase or redemption activity by shareholders of such an investment company might negatively affect the value of the investment company’s shares. The Small Cap Growth Fund must pay its pro rata portion of an investment company’s fees and expenses.</span></td></tr></table></div><div id="xdx_C0C_gRBRTB-XOTX_zQOjLfUNJmQ5"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zk794GneMPql"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Management Risk: </i>The Adviser may fail to implement the Small Cap Growth Fund’s investment strategies and meet its investment objective.</span></td></tr></table></div><div id="xdx_C0B_gRBRTB-XOTX_z1nbCADTivog"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_ztzwCI0XZuya"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Market Risk: </i>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 region or financial market. Securities in the Tactical Risk Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, wars, terrorism, tariffs, trade wars, 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 the U.S. financial market.</span></td></tr></table></div> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_zb0zYPzEllpc"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Portfolio Turnover Risk: </i>High portfolio turnover involves correspondingly greater expenses to the Small Cap Growth Fund, including brokerage commissions and dealer mark-ups and other transaction costs. This may also result in adverse tax consequences for Small Cap Growth Fund shareholders.</span></td></tr></table></div><div id="xdx_C0F_gRBRTB-XOTX_zo44zGget9G2"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--SectorFocusRiskMember_zQegqIzlpjji"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Sector-Focus Risk:</i> Investing a significant portion of the Fund’s assets in one sector of the market exposes the Fund to greater market risk and potential monetary losses than if those assets were spread among various sectors.</span></td></tr></table></div><div id="xdx_C09_gRBRTB-XOTX_z5RHAXpxpVEh"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--ShortSalesRiskMember_zR4OIPBToc4h"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Short Sales Risk: </i>Engaging in short sales of securities that the Fund does not own subjects it to the risks associated with those securities. A security is sold short in anticipation of purchasing the same security at a later date at a lower price; however, the Fund may incur a loss if the price of the security increases between the date of the short sale and the date on which the Fund purchases the security sold short. Because there is no limit on how high the price of the security may rise, such loss is theoretically unlimited. Short sales may also incur transaction costs and borrowing fees for the Fund and subject the Fund to leverage risk because they may provide investment exposure in an amount exceeding the initial investment.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> Performance. <p id="xdx_A85_eoef--PerformanceNarrativeTextBlock_zEyYezS8P7Xk" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b></b><span id="xdx_90A_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260728__20260728__dei--LegalEntityAxis__custom--S000081359Member_zpC5TXkqpCrl">The following performance information provides some indication of the risks of investing in the Small Cap Growth Fund. The bar chart below illustrates how Retail Class shares of the Small Cap Growth Fund’s total returns have varied from year to year for the past 10 calendar years.</span> The table below illustrates how the Small Cap Growth Fund’s average annual total returns for 1-year, 5-year and 10-year periods compare with that of:</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a broad-based securities market index that represents the overall domestic equity market (the “Regulatory Benchmark”) which the Fund has added to comply with new regulatory requirements and thus may not necessarily represent the Fund’s principal investment strategies; and </span></td></tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a small-capitalization domestic equity market index that the Adviser considers to be representative of the small-capitalization domestic equity markets and the Fund’s principal investment strategies. The Adviser considers the small-capitalization domestic equity markets index to continue to be the appropriate benchmark index for the Fund for performance comparison.</span></td></tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span id="xdx_90F_eoef--PerformancePastDoesNotIndicateFuture_c20260728__20260728__dei--LegalEntityAxis__custom--S000081359Member_zSSZ6UVhoNzg">The Small Cap Growth Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform in the future.</span> Updated performance information is available on the Fund’s website at <span style="text-decoration: underline"><span id="xdx_903_eoef--PerformanceAvailabilityWebSiteAddress_c20260728__20260728__dei--LegalEntityAxis__custom--S000081359Member_zNMY9ryRcqCd">www.hodgescapital.com/mutual-funds</span></span>.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Prior performance shown below is for the Predecessor Small Cap Fund (the Hodges Small Cap Fund, a former series of Professionally Managed Portfolios), for dates prior to September 25, 2023. The Hodges Small Cap Growth Fund has adopted the performance of the Predecessor Small Cap Fund as a result of a reorganization in which the Small Cap Growth Fund has acquired all the assets and liabilities of the Predecessor Small Cap Fund (the “Reorganization”). Prior to the Reorganization, the Small Cap Growth Fund was a newly formed “shell” fund with no assets and had not commenced operations.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Small Cap Growth Fund’s portfolio management team served as the portfolio management team of the Predecessor Small Cap Growth Fund and has been the Small Cap Growth Fund’s portfolio management team since inception.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> The following performance information provides some indication of the risks of investing in the Small Cap Growth Fund. The bar chart below illustrates how Retail Class shares of the Small Cap Growth Fund’s total returns have varied from year to year for the past 10 calendar years. The Small Cap Growth Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. www.hodgescapital.com/mutual-funds Calendar Year Returns as of December 311 <div id="xdx_A84_eoef--BarChartTableTextBlock_zWdsZ9fIUyt7"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zMhyk7c2FAga" style="font: 10pt Arial, Helvetica, Sans-Serif; display: none; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top; text-align: center"> <td style="text-align: center; width: 10%"> </td> <td id="xdx_498_20160101__20161231_zB9fapxUPfQe" style="text-align: center; width: 9%">2016</td> <td id="xdx_491_20170101__20171231_zljJ3GTKles1" style="text-align: center; width: 9%">2017</td> <td id="xdx_49A_20180101__20181231_zj2pZMSQjtl5" style="text-align: center; width: 9%">2018</td> <td id="xdx_492_20190101__20191231_zcblrVr0OXU2" style="text-align: center; width: 9%">2019</td> <td id="xdx_49D_20200101__20201231_zXhb8wEybaTa" style="text-align: center; width: 9%">2020</td> <td id="xdx_498_20210101__20211231_zrnqRoo9pHO2" style="text-align: center; width: 9%">2021</td> <td id="xdx_492_20220101__20221231_z8YRoIr4oT74" style="text-align: center; width: 9%">2022</td> <td id="xdx_49E_20230101__20231231_zE77Xy0irW4b" style="text-align: center; width: 9%">2023</td> <td id="xdx_49F_20240101__20241231_zCNSV80Vdkdh" style="text-align: center; width: 9%">2024</td> <td id="xdx_498_20250101__20251231_zeJqX3PbsXHl" style="text-align: center; width: 9%">2025</td></tr> <tr id="xdx_408_eoef--AnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000081359Member__oef--ClassAxis__custom--C000244084Member_z9eybGvbItsd" style="vertical-align: top; text-align: center"> <td><sup id="xdx_F4D_zm6DYskorQc5">1</sup></td> <td>16.18%</td> <td>9.19%</td> <td>-16.26%</td> <td>16.73%</td> <td>16.98%</td> <td>36.07%</td> <td>-12.70%</td> <td>14.86%</td> <td>20.18%</td> <td>3.00%</td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><img alt="(BAR GRAPH)" src="ho003_v1.jpg"/></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> 0.1618 0.0919 -0.1626 0.1673 0.1698 0.3607 -0.1270 0.1486 0.2018 0.0300 <p id="xdx_A8D_eoef--BarChartClosingTextBlock_zQecLMJyQ5Pe" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span id="xdx_909_eoef--YearToDateReturnLabel_c20260728__20260728__dei--LegalEntityAxis__custom--S000081359Member_zmFhY6Ts3iQ">The Small Cap Growth Fund’s year-to-date return</span> for Retail Class shares as of the most recent calendar quarter ended <span id="xdx_90E_eoef--BarChartYearToDateReturnDate_c20260728__20260728__dei--LegalEntityAxis__custom--S000081359Member_z17F39p1g7dl">June 30, 2026</span>, was <span id="xdx_905_eoef--BarChartYearToDateReturn_dp_c20260728__20260728__dei--LegalEntityAxis__custom--S000081359Member_z6L2vWu7X416">35.24%</span>.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td id="xdx_986_eoef--HighestQuarterlyReturnLabel_c20260728__20260728__dei--LegalEntityAxis__custom--S000081359Member_zZja8YbOnVih" style="border-top: Black 2.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1.5pt 1.25pt; width: 30%; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Highest Quarterly Return:</b></span></td> <td id="xdx_98D_eoef--BarChartHighestQuarterlyReturnDate_dxH_c20260728__20260728__dei--LegalEntityAxis__custom--S000081359Member_z4pXNZbcczQj" style="border-top: Black 2.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1.5pt 1.25pt; width: 20%; text-align: center" title="::XDX::2020-06-30"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>2Q, 2020</b></span></td> <td id="xdx_980_eoef--BarChartHighestQuarterlyReturn_dp_c20260728__20260728__dei--LegalEntityAxis__custom--S000081359Member_zOE6zslwB3c4" style="border-top: Black 2.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 20%; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 1.25pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>40.59%</b></span></td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td id="xdx_989_eoef--LowestQuarterlyReturnLabel_c20260728__20260728__dei--LegalEntityAxis__custom--S000081359Member_zpgvgd6Z8Kbd" style="border-bottom: Black 2.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1.5pt 1.25pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Lowest Quarterly Return:</b></span></td> <td id="xdx_988_eoef--BarChartLowestQuarterlyReturnDate_dxH_c20260728__20260728__dei--LegalEntityAxis__custom--S000081359Member_zHHkyiOKkS7b" style="border-bottom: Black 2.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1.5pt 1.25pt; text-align: center" title="::XDX::2020-03-31"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>1Q, 2020</b></span></td> <td id="xdx_985_eoef--BarChartLowestQuarterlyReturn_dp_c20260728__20260728__dei--LegalEntityAxis__custom--S000081359Member_zStvKZPfMJMb" style="border-bottom: Black 2.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 1.25pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>-39.63%</b></span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-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"><span style="font: normal 8pt Arial, Helvetica, Sans-Serif"><sup id="xdx_F03_zyMrH3HgEJb1">1.</sup></span></td><td style="text-align: justify"><span id="xdx_F1F_zU906C2NCD6g" style="font: normal 8pt Arial, Helvetica, Sans-Serif">The returns shown in the bar chart are for Retail Class shares. The performance of Institutional Class shares and Class A shares will differ due to differences in expenses.</span></td> </tr></table> The Small Cap Growth Fund’s year-to-date return 2026-06-30 0.3524 Highest Quarterly Return: 0.4059 Lowest Quarterly Return: -0.3963 Average Annual Total Returns for the periods ended December 31, 2025 <div id="xdx_A8C_eoef--PerformanceTableTextBlock_zQwPL34fsiCd"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_z5KlsO2p66D1" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; background-color: #D0CECE"> <td style="border-top: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 58%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td id="xdx_498_20250101__20251231_zr8HJpGhGPzc" style="border-top: Black 1pt solid; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; width: 14%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>One<br/> Year</b></span></td> <td id="xdx_493_20210101__20251231_zi9pzlqGsj8e" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Five<br/> Years</b></span></td> <td id="xdx_492_20160101__20251231_zVT40F0HHAY4" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Ten<br/> Years</b></span></td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Small Cap Growth Fund</b></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 0.1in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Retail Class Shares</b></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000081359Member__oef--ClassAxis__custom--C000244084Member_z8gQjGPqy2tl" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 0.1in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span id="xdx_90E_eoef--AverageAnnualReturnLabel_c20250101__20251231__dei--LegalEntityAxis__custom--S000081359Member__oef--ClassAxis__custom--C000244084Member_zWzRj9wfAZJg">Return Before Taxes</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.00%</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11.05%</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9.37%</span></td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000081359Member__oef--ClassAxis__custom--C000244084Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zZtT477WZk0d" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 0.1in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Return After Taxes on Distributions</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.09%</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.31%</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.34%</span></td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000081359Member__oef--ClassAxis__custom--C000244084Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_z2zqT2LnnZXe" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 0.1in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Return After Taxes on Distributions and Sale of Fund Shares</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.81%</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.29%</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.16%</span></td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Institutional Class Shares</b></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000081359Member__oef--ClassAxis__custom--C000244085Member_zdUglc9ZeV8f" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 0.1in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span id="xdx_905_eoef--AverageAnnualReturnLabel_c20250101__20251231__dei--LegalEntityAxis__custom--S000081359Member__oef--ClassAxis__custom--C000244085Member_zJLR7NhdIypk">Return Before Taxes</span></span></td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.29%</span></td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11.34%</span></td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9.66%</span></td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000081359Member__oef--PerformanceMeasureAxis__custom--SAndP500TotalReturnIndexReflectsNoDeductionForFeesExpensesOrTaxesRegulatoryBenchmarkMember_zhl3gEzJJ4de" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">S&amp;P 500 Total Return Index<br/> (<span id="xdx_90C_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260728__20260728__dei--LegalEntityAxis__custom--S000081359Member_zXYkWS2aY4J3">reflects no deduction for fees, expenses or taxes</span>) (Regulatory Benchmark)</span></td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">17.88%</span></td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14.42%</span></td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14.82%</span></td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000081359Member__oef--PerformanceMeasureAxis__custom--SAndPSmallCap600IndexMember_zfgBkxgPvV9l" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">S&amp;P SmallCap 600 Index</span></td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.02%</span></td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.31%</span></td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9.81%</span></td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000081359Member__oef--PerformanceMeasureAxis__custom--Russell2000TotalReturnIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zcdXxlpjHAve" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Russell 2000^® Total Return Index<br/> (<span id="xdx_90C_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260728__20260728__dei--LegalEntityAxis__custom--S000081359Member_zv8dCueib3gd">reflects no deduction for fees, expenses or taxes</span>)</span></td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12.81%</span></td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.09%</span></td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9.62%</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">⁽¹⁾</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Class A shares have not commenced operations as of the date of this Prospectus. Class A shares will have substantially similar annual returns to Retail Class shares because the shares are invested in the same portfolio of securities and the annual returns would differ only to the extent that the Classes do not have the same expenses</span></td> </tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> Return Before Taxes 0.0300 0.1105 0.0937 0.0109 0.0831 0.0734 0.0281 0.0829 0.0716 Return Before Taxes 0.0329 0.1134 0.0966 reflects no deduction for fees, expenses or taxes 0.1788 0.1442 0.1482 0.0602 0.0731 0.0981 reflects no deduction for fees, expenses or taxes 0.1281 0.0609 0.0962 <p id="xdx_A88_eoef--PerformanceTableClosingTextBlock_zrUaGeEUxqe7" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">After tax returns depend on an investor’s tax situation and may differ from those shown. <span id="xdx_90F_eoef--PerformanceTableUsesHighestFederalRate_c20260728__20260728__dei--LegalEntityAxis__custom--S000081359Member_z0JjVvBIzu9i">After tax returns are calculated using the historical highest individual federal marginal income tax rates in effect and do not reflect the effect of state and local taxes.</span> <span id="xdx_900_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260728__20260728__dei--LegalEntityAxis__custom--S000081359Member_zjbrNphfHdC7">The after-tax returns shown may not be relevant to those investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts (“IRAs”).</span> <span id="xdx_904_eoef--PerformanceTableExplanationAfterTaxHigher_c20260728__20260728__dei--LegalEntityAxis__custom--S000081359Member_zXFDLmleepF3">“Return After Taxes on Distributions” shows the effect of taxable distributions (dividends and capital gains distributions) but assumes that Fund shares are still held at the end of the period.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The S&amp;P 500 Total Return Index is an unmanaged index of 500 common stocks that is generally considered representative of the U.S. stock market. It tracks both the capital gains of a group of stocks over time and assumes that any cash distributions, such as dividends, are reinvested back into the index.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span id="xdx_901_eoef--PerformanceTableMarketIndexChanged_c20260728__20260728__dei--LegalEntityAxis__custom--S000081359Member_zJ7JDtqkgQx6">Effective July 1, 2026, the Fund replaced the Russell 2000^® Total Return Index as its secondary benchmark with the S&amp;P SmallCap 600 Index.</span> The Adviser made this recommendation to the Board because the S&amp;P SmallCap 600 Index more closely aligns with the Fund’s investment strategies. Returns for both benchmarks will be shown for a transition period.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">S&amp;P SmallCap 600 Index is a stock market index that measures the performance of 600 small-cap U.S. companies. Created by S&amp;P Dow Jones Indices and launched in 1994, it is designed to represent the small-cap segment of the U.S. equity market</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Russell 2000 Total Return is a stock index that tracks 2,000 small cap companies in the United States. A small cap stock is a company with a market capitalization less than $2 billion. It tracks both the capital gains of a group of stocks over time and assumes that any cash distributions, such as dividends, are reinvested back into the index.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Investors may not invest in the indexes directly; unlike the Fund’s returns, the indexes do not reflect any fees or expenses.</span></p> After tax returns are calculated using the historical highest individual federal marginal income tax rates in effect and do not reflect the effect of state and local taxes. The after-tax returns shown may not be relevant to those investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts (“IRAs”). “Return After Taxes on Distributions” shows the effect of taxable distributions (dividends and capital gains distributions) but assumes that Fund shares are still held at the end of the period. Effective July 1, 2026, the Fund replaced the Russell 2000® Total Return Index as its secondary benchmark with the S&P SmallCap 600 Index. Summary Section – Hodges Small Intrinsic Value Fund Investment Objective. <p id="xdx_A8D_eoef--ObjectivePrimaryTextBlock_zLpRpAv3UtH3" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b></b>The investment objective of the Hodges Small Intrinsic Value Fund (the “Small Intrinsic Value Fund”) is long-term capital appreciation.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> Fees and Expenses of the Small Intrinsic Value Fund. <p id="xdx_A85_eoef--ExpenseNarrativeTextBlock_zj9Ir9nqZmFh" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b></b>This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Small Intrinsic Value Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> Shareholder Fees (fees paid directly from your investment) <div id="xdx_A8A_eoef--ShareholderFeesTableTextBlock_zhD6namr66ef"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zNSZZHzN8Qag" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; background-color: #D0CECE"> <td style="border-top: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 70%; border-bottom: Black 1pt solid; padding-right: 4.3pt; padding-left: 4.3pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Shareholder Fees<br/> </b><i>(fees paid directly from your investment)</i></span></td> <td id="xdx_49B_20260728__20260728__dei--LegalEntityAxis__custom--S000081360Member__oef--ClassAxis__custom--C000244086Member_zWunprHGPeph" style="border-top: Black 1pt solid; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; width: 15%; border-bottom: Black 1pt solid; padding-right: 4.3pt; padding-left: 4.3pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Retail<br/> Class<br/> Shares</b></span></td> <td id="xdx_49D_20260728__20260728__dei--LegalEntityAxis__custom--S000081360Member__oef--ClassAxis__custom--C000252100Member_z87Qr5TGrUqb" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 15%; padding-right: 4.3pt; padding-left: 4.3pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Institutional<br/> Class<br/> Shares</b></span></td></tr> <tr id="xdx_40B_eoef--MaximumSalesChargeImposedOnPurchasesOverOfferingPrice_dpn_z3eG1jpdZdR8" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 4.3pt; padding-left: 4.3pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Maximum Sales Charge (Load) Imposed on Purchases<br/> (as a percentage of offering price)</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td></tr> <tr id="xdx_40B_eoef--MaximumDeferredSalesChargeOverOfferingPrice_dpn_zrjC7uuSSHm3" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 4.3pt; padding-left: 4.3pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Maximum Deferred Sales Charge (Load)<br/> (as a percentage of the original offering price)</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td></tr> <tr id="xdx_40F_eoef--RedemptionFeeOverRedemption_iN_dpin_zhRK3E8iqfM8" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 4.3pt; padding-left: 4.3pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Redemption Fee<br/> (as a percentage of amount redeemed within 30 days of purchase of Retail Class shares and 60 days of purchase for Institutional Class shares)</span></td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 4.3pt; padding-left: 4.3pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.00%</span></td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 4.3pt; padding-left: 4.3pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.00%</span></td></tr> </table> 0 0 0 0 -0.0100 -0.0100 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A8F_eoef--AnnualFundOperatingExpensesTableTextBlock_zQRDdrrd1ib6"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zWfJHufxDqje" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; background-color: #D0CECE"> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 4.3pt; padding-left: 4.3pt; text-align: left; width: 70%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Annual Fund Operating Expenses<br/> </b><i>(expenses that you pay each year as a percentage of the value of your investment)</i></span></td> <td id="xdx_49B_20260728__20260728__dei--LegalEntityAxis__custom--S000081360Member__oef--ClassAxis__custom--C000244086Member_zcPJu2UZgaM6" style="border-bottom: Black 1pt solid; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 4.3pt; padding-left: 4.3pt; text-align: center; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Retail<br/> Class<br/> Shares</b></span></td> <td id="xdx_49D_20260728__20260728__dei--LegalEntityAxis__custom--S000081360Member__oef--ClassAxis__custom--C000252100Member_zGHNqLgVT1A9" style="border-bottom: Black 1pt solid; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 4.3pt; padding-left: 4.3pt; text-align: center; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Institutional<br/> Class<br/> Shares</b></span></td></tr> <tr id="xdx_402_eoef--ManagementFeesOverAssets_dpn_zz318VkXRPv3" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 4.3pt; padding-left: 4.3pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Management Fees</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.85%</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.85%</span></td></tr> <tr id="xdx_404_eoef--DistributionAndService12b1FeesOverAssets_dpn_ziCX3UzH4Mbe" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 4.3pt; padding-left: 4.3pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Distribution and Service (Rule 12b-1) Fees</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.25%</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td></tr> <tr id="xdx_404_eoef--OtherExpensesOverAssets_dpn_zzZx6G4SE0ff" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 4.3pt; padding-left: 4.3pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other Expenses</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.67%</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.67%</span></td></tr> <tr id="xdx_40D_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zJlMJMRHOS35" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-top: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 4.3pt; padding-left: 4.3pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Acquired Fund Fees and Expenses <sup id="xdx_F4E_zh9ZF0ScbCUd">(1)</sup></span></td> <td style="border-top: Black 1pt solid; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 4.3pt; padding-left: 4.3pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.00%</span></td> <td style="border-top: Black 1pt solid; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 4.3pt; padding-left: 4.3pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_402_eoef--ExpensesOverAssets_dpn_z7HIFNM4jpfg" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 4.3pt; padding-left: 4.3pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total Annual Fund Operating Expenses</span></td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 4.3pt; padding-left: 4.3pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.77%</span></td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 4.3pt; padding-left: 4.3pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.52%</span></td></tr> <tr id="xdx_40D_eoef--FeeWaiverOrReimbursementOverAssets_dpn_zt5GhPkLTp5j" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 4.3pt; padding-left: 27pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Fee Waiver and/or Expense Reimbursement<sup id="xdx_F4D_zP8wOJehLpeb">(2)</sup></span></td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 4.3pt; padding-left: 4.3pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.51)%</span></td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 4.3pt; padding-left: 4.3pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.54)%</span></td></tr> <tr id="xdx_405_eoef--NetExpensesOverAssets_dpn_zBBnn459esn1" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 4.3pt; padding-left: 4.3pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement</span></td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.26%</span></td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 4.3pt; padding-left: 4.3pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.98%</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><sup id="xdx_F07_zn1Ewpq0w3S9">(1)</sup></span></td><td style="text-align: justify"><span id="xdx_F10_zUpDN0TNse51" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">This number represents the combined total fees and operating expenses of the Acquired Funds owned by the Small Intrinsic Value Fund and is not a direct expense incurred by the Small Intrinsic Value Fund or deducted from the Small Intrinsic Value Fund assets. <span id="xdx_904_eoef--ExpensesNotCorrelatedToRatioDueToAcquiredFundFees_c20260728__20260728__dei--LegalEntityAxis__custom--S000081360Member_zyDLhP3VW8C">Since this number does not represent a direct operating expense of the Small Intrinsic Value Fund, the operating expenses set forth in the Small Intrinsic Value Fund’s financial highlights do not include this figure.</span></span></td> </tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><sup id="xdx_F0C_z8ffDqmoe27l">(2)</sup></span></td><td style="text-align: justify"><span id="xdx_F1A_zODF2vMBHnG2" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">The Adviser has contractually agreed to reduce its fees and pay the Small Intrinsic Value Fund’s expenses (excluding taxes, interest expenses, interest on short positions, portfolio transaction expenses, acquired fund fees and expenses, extraordinary expenses, Rule 12b-1 fees, shareholder servicing fees and any other class specific expenses) in order to limit Net Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement for the Small Intrinsic Value Fund to 0.98% and 1.01% of the Small Intrinsic Value Fund’s average net assets for Institutional Class and Retail Class shares, respectively (the “Small Intrinsic Value Fund Expense Cap”). The Small Intrinsic Value Fund Expense Cap will remain in effect until <span id="xdx_90E_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260728__20260728__dei--LegalEntityAxis__custom--S000081360Member_zUNlJWxZotKi">July 31, 2027</span>. The agreement may be terminated at any time by the NLFT II Board upon 60 days’ written notice to the Adviser, or by the Adviser with the consent of the NLFT II Board. The Adviser is permitted, with NLFT II Board approval, to receive reimbursement from the Fund for fees it waived and Fund expenses it paid, subject to the limitation that (1) the reimbursement for fees and expenses will be made only if payable within three years from the date the fees and expenses were initially waived or reimbursed and (2) the reimbursement may not be made if it would cause the expense limitation in effect at the time of the waiver or currently in effect, whichever is lower, to be exceeded.</span></td> </tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> 0.0085 0.0085 0.0025 0 0.0067 0.0067 0.0000 0.0000 0.0177 0.0152 -0.0051 -0.0054 0.0126 0.0098 Since this number does not represent a direct operating expense of the Small Intrinsic Value Fund, the operating expenses set forth in the Small Intrinsic Value Fund’s financial highlights do not include this figure. July 31, 2027 Example. <p id="xdx_A88_eoef--ExpenseExampleNarrativeTextBlock_z7hR0SzI5Hjc" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b></b>This Example is intended to help you compare the cost of investing in the Small Intrinsic Value Fund with the cost of investing in other mutual funds.</span></p> The Example assumes that you invest $10,000 in the Retail Class or $10,000 in the Institutional Class of Small Intrinsic Value Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Small Intrinsic Value Fund’s operating expenses remain the same, and takes into account the effect of the Operating Expenses Limitation Agreement through July 31, 2027. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A81_eoef--ExpenseExampleWithRedemptionTableTextBlock_zIfNWBTWO406"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_zD3QkyOSfVq5" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-left: auto; width: 80%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; background-color: #D0CECE"> <td style="border-top: Black 1pt solid; white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 20%; border-bottom: Black 1pt solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td id="xdx_48D_eoef--ExpenseExampleYear01_zVhf4BOk0UE5" style="border-top: Black 1pt solid; white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; width: 15%; border-bottom: Black 1pt solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>One Year</b></span></td> <td id="xdx_48A_eoef--ExpenseExampleYear03_zjxvkpxrqHCe" style="border-top: Black 1pt solid; white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; width: 15%; border-bottom: Black 1pt solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Three Years</b></span></td> <td id="xdx_486_eoef--ExpenseExampleYear05_zl2m88EstDT3" style="border-top: Black 1pt solid; white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; width: 15%; border-bottom: Black 1pt solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Five Years</b></span></td> <td id="xdx_48D_eoef--ExpenseExampleYear10_zqNOjJARAJg7" style="border-top: Black 1pt solid; white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; width: 15%; border-bottom: Black 1pt solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Ten Years</b></span></td></tr> <tr id="xdx_41A_20260728__20260728__dei--LegalEntityAxis__custom--S000081360Member__oef--ClassAxis__custom--C000244086Member_zwjVfV2tV9Kf" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Retail Class Shares</b></span></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$128</span></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$508</span></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$912</span></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$2,042</span></td></tr> <tr id="xdx_41E_20260728__20260728__dei--LegalEntityAxis__custom--S000081360Member__oef--ClassAxis__custom--C000252100Member_zFQ9aFEL68x1" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Institutional Class Shares</b></span></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$100</span></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$427</span></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$778</span></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$1,766</span></td></tr> </table> 128 508 912 2042 100 427 778 1766 Portfolio Turnover. <p id="xdx_A89_eoef--PortfolioTurnoverTextBlock_zMv7NBuGSt2a" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b></b>The Small Intrinsic Value 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 Small Intrinsic Value Fund’s performance. For the fiscal year ended March 31, 2026, the Small Intrinsic Value Fund’s portfolio turnover rate was <span id="xdx_90C_eoef--PortfolioTurnoverRate_dp_c20260728__20260728__dei--LegalEntityAxis__custom--S000081360Member_zeEzhCf5v12j">69%</span> of the average value of its portfolio.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> 0.69 Principal Investment Strategies. <p id="xdx_A8B_eoef--StrategyNarrativeTextBlock_zbKqVIh05Umi" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b></b>The Small Intrinsic Value Fund employs a value strategy and invests, under normal market conditions, at least 80% of its net assets (plus any borrowings for investment purposes) in common and preferred stocks of small capitalization (“small cap”) companies. The Small Intrinsic Value Fund defines small cap companies as those whose market capitalization, at the time of purchase, are consistent with the market capitalizations of companies in the S&amp;P SmallCap 600® Value Index.. As of July 1, 2026, the market capitalization of companies in the S&amp;P SmallCap 600® Value Index. ranged from $1.2 billion to $8.0 billion. The Small Intrinsic Value Fund will invest in companies where the Adviser believes their market prices do not reflect their true values. The Fund will typically seek to invest in companies that have a high amount of intrinsic asset value, low valuation multiples, or the potential for a turnaround in underlying revenue, earnings and/or cash flow.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Up to 20% of the Small Intrinsic Value Fund’s net assets may be invested in the stocks of micro, mid and/or large capitalization companies, U.S. government securities and other investment companies, including exchange traded funds (“ETFs”). Although most of the Small Intrinsic Value Fund’s securities will be domestic, the Fund may invest up to 25% of its net assets in equity securities of foreign issuers, including those in emerging markets, which may include both direct investments and investments in U.S. dollar denominated foreign securities, and in American Depositary Receipts (“ADRs”), European Depositary Receipts (“EDRs”) and Global Depositary Receipts (“GDRs”) consistent with the Fund’s investment objective.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">From time to time, the Small Intrinsic Value Fund may engage in short sale transactions with respect to up to 10% of its net assets. The Small Intrinsic Value Fund also may invest in money market instruments and may, from time to time, purchase put and call options on U.S. traded stocks, currencies or security indices. The Small Intrinsic Value Fund may also sell options purchased and write “covered” put and call options. The Small Intrinsic Value Fund is permitted to invest up to 10% of its net assets in securities futures and options.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Small Intrinsic Value Fund uses a “bottom-up” approach in investing. The Fund invests in deep value situations that may sometimes require a longer time horizon. The Fund will typically seek to invest in companies that have a high amount of intrinsic asset value, low price to book ratios, above average dividend yields, low PE multiples, or the potential for a turnaround in the underlying fundamentals.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Adviser will consider selling a security in the Small Intrinsic Value Fund’s portfolio, if the Adviser believes that security is no longer trading below its fair value or has reached its growth potential. In addition, in an attempt to increase the Small Intrinsic Value Fund’s tax efficiency or to satisfy certain tax diversification requirements, the Adviser may take tax considerations into account in deciding whether or when to sell a particular security. The Fund’s portfolio turnover could exceed 100% in a given year. A high turnover may result in the realization and distribution of capital gains, as well as higher transaction costs. The Fund may, from time to time, have significant exposure to one or more sectors of the market.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Note: Because there are practical limits to the amount of small cap assets that can be effectively managed, the Small Intrinsic Value Fund will close to new investors when it reaches an asset size as determined by the Adviser to be too large to sustain additional assets. Shareholders will be provided 30 days’ written notice upon such conditions. If the Small Intrinsic Value Fund closes to new investors, based on market conditions and other factors, it may reopen at a later date.</span></p> <p id="xdx_A8F_eoef--RiskTextBlock_gRBRTB-JBHBN_zEEIskLu9Gvg" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b></b>Remember that in addition to possibly not achieving your investment goals, you could lose money by investing in the Small Intrinsic Value Fund. The principal risks of investing in the Small Intrinsic Value Fund are:</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallerCompanyRiskMember_z4B1r4RcJA9c"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Smaller Company Risk: </i>Investing in securities of smaller companies including micro-cap, small-cap, medium-cap and less seasoned companies may be speculative and volatile and involve greater risks than are customarily associated with larger companies. Small to mid-sized companies may be subject to greater market risk and have less trading liquidity than larger companies. They may also have limited product lines, markets, or financial resources. For these reasons, investors should expect the Small Intrinsic Value Fund to be more volatile than a fund that invests exclusively in large-capitalization companies.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zUxieUbLad32"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Equity Securities Risk: </i>Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value. These fluctuations may cause a security to be worth less than its cost when originally purchased or less than it was worth at an earlier time.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentStyleRiskMember_zhSyan7yQ2u2"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Investment Style Risk: </i>Different investment styles tend to shift in and out of favor depending upon market and economic conditions as well as investor sentiment. The Small Intrinsic Value Fund may outperform or underperform other funds that employ a different investment style. Examples of different investment styles include growth and value investing. Growth stocks may be more volatile than other stocks because they are more sensitive to investor perceptions of the issuing company’s growth of earnings potential. Value investing carries the risk that the market will not recognize a security’s inherent value for a long time, or that a stock judged to be undervalued may actually be appropriately priced or overvalued.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--SectorFocusRiskMember_zipcC0i6abe6"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Sector-Focus Risk:</i> Investing a significant portion of the Fund’s assets in one sector of the market exposes the Fund to greater market risk and potential monetary losses than if those assets were spread among various sectors.</span></td></tr></table></div><p id="xdx_A96_zUPNUs54M1wd" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The remaining principal risks are presented in alphabetical order. Each risk summarized below is considered a “principal risk” of investing in the Small Intrinsic Value Fund, regardless of the order in which it appears.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--CurrencyRiskMember_z7258vjuf1qc"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Currency Risk: </i>Investment in non-U.S. denominated securities involves increased risks due to fluctuations in exchange rates between the Fund’s base currency and the local currency of the investment. Due to currency fluctuations, there is more risk than an indirect investment in an equivalent security.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--DepositaryReceiptsRiskMember_zk6GzkQV5eI2"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Depositary Receipts Risk: </i>Investments in depositary receipts involve risks similar to those accompanying direct investments in foreign securities. In addition, there is risk involved in investing in unsponsored depositary receipts, as there may be less information available about the underlying issuer than there is about an issuer of sponsored depositary receipts and the prices of unsponsored depositary receipts may be more volatile than those of sponsored depositary receipts.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsRiskMember_zwqVPl2SJvA7"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Emerging Markets Risk: </i>Investments in emerging markets are generally more volatile than investments in developed foreign markets.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_ziD8NzERlldk"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Foreign Securities Risk: </i>Foreign securities are subject to increased risks relating to political, social and economic developments abroad and differences between U.S. and foreign regulatory requirements and market practices.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--FuturesAndOptionsRisksMember_zJ56ES4kS2e"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Futures and Options Risks: </i>Futures and options may be more volatile than direct investments in the securities underlying the futures and options, may not correlate perfectly to the underlying securities, may involve additional costs, and may be illiquid. Futures and options also may involve the use of leverage as the Small Intrinsic Value Fund may make a small initial investment relative to the risk assumed, which could result in losses greater than if futures or options had not been used. Futures and options are also subject to the risk that the other party to the transaction may default on its obligation.</span></td></tr></table></div><p id="xdx_A99_zj2yHsdeOcdd" style="margin-top: 0; margin-bottom: 0"> </p><div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentCompanyAndExchangeTradedFundRiskMember_zk8CRIiqjoH"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Investment Company and Exchange-Traded Fund Risk:</i> Investing in other investment companies involves the risk that an investment company, including any ETFs, in which the Small Intrinsic Value Fund invests will not achieve its investment objective or execute its investment strategies effectively or that significant purchase or redemption activity by shareholders of such an investment company might negatively affect the value of the investment company’s shares. The Small Intrinsic Value Fund must pay its pro rata portion of an investment company’s fees and expenses.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zxLG9Gwk4fRl"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Management Risk: </i>The Adviser may fail to implement the Small Intrinsic Value Fund’s investment strategies and meet its investment objective.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zNLIHaoIvlhc"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Market Risk: </i>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 region or financial market. Securities in the Tactical Risk Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, wars, terrorism, tariffs, trade wars, 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 the U.S. financial market.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_zuhu6mwB8ph3"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Portfolio Turnover Risk: </i>High portfolio turnover involves correspondingly greater expenses to the Small Intrinsic Value Fund, including brokerage commissions and dealer mark-ups and other transaction costs. This may also result in adverse tax consequences for Small Intrinsic Value Fund shareholders.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--PreferredStockRiskMember_zNWs3aThbTBa"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Preferred Stock Risk: </i>Preferred stocks are equity securities that often pay dividends and have a preference over common stocks in dividend payments and liquidation of assets. A preferred stock has a blend of the characteristics of a Blue Chip Equity Income and common stock. It does not have the seniority of a Blue Chip Equity Income and, unlike common stock; its participation in the issuer’s growth may be limited. Although the dividend is set at a fixed annual rate, it can be changed or omitted by the issuer.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--ShortSalesRiskMember_zlDJT6vrKrj4"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Short Sales Risk: </i>Engaging in short sales of securities that the Fund does not own subjects it to the risks associated with those securities. A security is sold short in anticipation of purchasing the same security at a later date at a lower price; however, the Fund may incur a loss if the price of the security increases between the date of the short sale and the date on which the Fund purchases the security sold short. Because there is no limit on how high the price of the security may rise, such loss is theoretically unlimited. Short sales may also incur transaction costs and borrowing fees for the Fund and subject the Fund to leverage risk because they may provide investment exposure in an amount exceeding the initial investment.</span></td></tr></table></div> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallerCompanyRiskMember_z4B1r4RcJA9c"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Smaller Company Risk: </i>Investing in securities of smaller companies including micro-cap, small-cap, medium-cap and less seasoned companies may be speculative and volatile and involve greater risks than are customarily associated with larger companies. Small to mid-sized companies may be subject to greater market risk and have less trading liquidity than larger companies. They may also have limited product lines, markets, or financial resources. For these reasons, investors should expect the Small Intrinsic Value Fund to be more volatile than a fund that invests exclusively in large-capitalization companies.</span></td></tr></table></div><div id="xdx_C05_gRBRTB-JBHBN_zVt1u4gB54j5"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zUxieUbLad32"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Equity Securities Risk: </i>Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value. These fluctuations may cause a security to be worth less than its cost when originally purchased or less than it was worth at an earlier time.</span></td></tr></table></div><div id="xdx_C0A_gRBRTB-JBHBN_z1hURxLbxLB2"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentStyleRiskMember_zhSyan7yQ2u2"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Investment Style Risk: </i>Different investment styles tend to shift in and out of favor depending upon market and economic conditions as well as investor sentiment. The Small Intrinsic Value Fund may outperform or underperform other funds that employ a different investment style. Examples of different investment styles include growth and value investing. Growth stocks may be more volatile than other stocks because they are more sensitive to investor perceptions of the issuing company’s growth of earnings potential. Value investing carries the risk that the market will not recognize a security’s inherent value for a long time, or that a stock judged to be undervalued may actually be appropriately priced or overvalued.</span></td></tr></table></div><div id="xdx_C06_gRBRTB-JBHBN_zog5TBM2rRk2"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--SectorFocusRiskMember_zipcC0i6abe6"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Sector-Focus Risk:</i> Investing a significant portion of the Fund’s assets in one sector of the market exposes the Fund to greater market risk and potential monetary losses than if those assets were spread among various sectors.</span></td></tr></table></div> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--CurrencyRiskMember_z7258vjuf1qc"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Currency Risk: </i>Investment in non-U.S. denominated securities involves increased risks due to fluctuations in exchange rates between the Fund’s base currency and the local currency of the investment. Due to currency fluctuations, there is more risk than an indirect investment in an equivalent security.</span></td></tr></table></div><div id="xdx_C0F_gRBRTB-JBHBN_zgBv8ulO3shl"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--DepositaryReceiptsRiskMember_zk6GzkQV5eI2"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Depositary Receipts Risk: </i>Investments in depositary receipts involve risks similar to those accompanying direct investments in foreign securities. In addition, there is risk involved in investing in unsponsored depositary receipts, as there may be less information available about the underlying issuer than there is about an issuer of sponsored depositary receipts and the prices of unsponsored depositary receipts may be more volatile than those of sponsored depositary receipts.</span></td></tr></table></div><div id="xdx_C05_gRBRTB-JBHBN_zeFTVvmRj8Hh"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsRiskMember_zwqVPl2SJvA7"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Emerging Markets Risk: </i>Investments in emerging markets are generally more volatile than investments in developed foreign markets.</span></td></tr></table></div><div id="xdx_C00_gRBRTB-JBHBN_z35yevhEXysa"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_ziD8NzERlldk"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Foreign Securities Risk: </i>Foreign securities are subject to increased risks relating to political, social and economic developments abroad and differences between U.S. and foreign regulatory requirements and market practices.</span></td></tr></table></div><div id="xdx_C02_gRBRTB-JBHBN_z2ZnZ8ZFJ1id"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--FuturesAndOptionsRisksMember_zJ56ES4kS2e"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Futures and Options Risks: </i>Futures and options may be more volatile than direct investments in the securities underlying the futures and options, may not correlate perfectly to the underlying securities, may involve additional costs, and may be illiquid. Futures and options also may involve the use of leverage as the Small Intrinsic Value Fund may make a small initial investment relative to the risk assumed, which could result in losses greater than if futures or options had not been used. Futures and options are also subject to the risk that the other party to the transaction may default on its obligation.</span></td></tr></table></div> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentCompanyAndExchangeTradedFundRiskMember_zk8CRIiqjoH"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Investment Company and Exchange-Traded Fund Risk:</i> Investing in other investment companies involves the risk that an investment company, including any ETFs, in which the Small Intrinsic Value Fund invests will not achieve its investment objective or execute its investment strategies effectively or that significant purchase or redemption activity by shareholders of such an investment company might negatively affect the value of the investment company’s shares. The Small Intrinsic Value Fund must pay its pro rata portion of an investment company’s fees and expenses.</span></td></tr></table></div><div id="xdx_C04_gRBRTB-JBHBN_zs3CIDYjDI88"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zxLG9Gwk4fRl"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Management Risk: </i>The Adviser may fail to implement the Small Intrinsic Value Fund’s investment strategies and meet its investment objective.</span></td></tr></table></div><div id="xdx_C0F_gRBRTB-JBHBN_zpcLZuLBCG3b"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zNLIHaoIvlhc"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Market Risk: </i>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 region or financial market. Securities in the Tactical Risk Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, wars, terrorism, tariffs, trade wars, 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 the U.S. financial market.</span></td></tr></table></div><div id="xdx_C0D_gRBRTB-JBHBN_zvuUrtn3Ci3j"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_zuhu6mwB8ph3"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Portfolio Turnover Risk: </i>High portfolio turnover involves correspondingly greater expenses to the Small Intrinsic Value Fund, including brokerage commissions and dealer mark-ups and other transaction costs. This may also result in adverse tax consequences for Small Intrinsic Value Fund shareholders.</span></td></tr></table></div><div id="xdx_C0E_gRBRTB-JBHBN_zmjGrnANNQx3"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--PreferredStockRiskMember_zNWs3aThbTBa"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Preferred Stock Risk: </i>Preferred stocks are equity securities that often pay dividends and have a preference over common stocks in dividend payments and liquidation of assets. A preferred stock has a blend of the characteristics of a Blue Chip Equity Income and common stock. It does not have the seniority of a Blue Chip Equity Income and, unlike common stock; its participation in the issuer’s growth may be limited. Although the dividend is set at a fixed annual rate, it can be changed or omitted by the issuer.</span></td></tr></table></div><div id="xdx_C00_gRBRTB-JBHBN_zBDGlr5fpdbl"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--ShortSalesRiskMember_zlDJT6vrKrj4"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Short Sales Risk: </i>Engaging in short sales of securities that the Fund does not own subjects it to the risks associated with those securities. A security is sold short in anticipation of purchasing the same security at a later date at a lower price; however, the Fund may incur a loss if the price of the security increases between the date of the short sale and the date on which the Fund purchases the security sold short. Because there is no limit on how high the price of the security may rise, such loss is theoretically unlimited. Short sales may also incur transaction costs and borrowing fees for the Fund and subject the Fund to leverage risk because they may provide investment exposure in an amount exceeding the initial investment.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> Performance. <p id="xdx_A86_eoef--PerformanceNarrativeTextBlock_zKbZsAuBZuh2" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b></b><span id="xdx_906_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260728__20260728__dei--LegalEntityAxis__custom--S000081360Member_z6fO6OVD3E68">The following performance information provides some indication of the risks of investing in the Small Intrinsic Value Fund. The bar chart below illustrates how Retail Class shares of the Small Intrinsic Value Fund’s total returns have varied from year to year.</span> The table below illustrates how the Small Intrinsic Value Fund’s average annual total returns for the 1-year, 5-year and since inception periods compare with:</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a broad-based securities market index that represents the overall domestic equity market (the “Regulatory Benchmark”) which the Fund has added to comply with new regulatory requirements and thus may not necessarily represent the Fund’s principal investment strategies; and </span></td></tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a small-capitalization value domestic equity market index that the Adviser considers to be representative of the small-capitalization value domestic equity markets and the Fund’s principal investment strategies. The Adviser considers the small-capitalization domestic equity markets index to continue to be the appropriate benchmark index for the Fund for performance comparison. </span></td></tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span id="xdx_90A_eoef--PerformancePastDoesNotIndicateFuture_c20260728__20260728__dei--LegalEntityAxis__custom--S000081360Member_zL6DOfelwkSb">The Small Intrinsic Value Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform in the future.</span> Updated performance information is available on the Fund’s website at <span style="text-decoration: underline"><span id="xdx_900_eoef--PerformanceAvailabilityWebSiteAddress_c20260728__20260728__dei--LegalEntityAxis__custom--S000081360Member_zUcOYCMNxHQ6">www.hodgescapital.com/mutual-funds</span></span>.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Prior performance shown below is for the Predecessor Small Intrinsic Value Fund (the Hodges Small Intrinsic Value Fund, a former series of Professionally Managed Portfolios) for dates prior to September 25, 2023. The Small Intrinsic Value Fund has adopted the performance of the Predecessor Small Intrinsic Value Fund as a result of a reorganization in which the Small Intrinsic Value Fund has acquired all the assets and liabilities of the Predecessor Small Intrinsic Value Fund (the “Reorganization”). Prior to the Reorganization, the Small Intrinsic Value Fund was a newly formed “shell” fund with no assets and had not commenced operations.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Small Intrinsic Value Fund’s portfolio management team served as the portfolio management team of the Predecessor Small Intrinsic Value Fund and has been the Small Intrinsic Value Fund’s portfolio management team since inception.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> The following performance information provides some indication of the risks of investing in the Small Intrinsic Value Fund. The bar chart below illustrates how Retail Class shares of the Small Intrinsic Value Fund’s total returns have varied from year to year. The Small Intrinsic Value Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. www.hodgescapital.com/mutual-funds Retail Class Shares1 Calendar Year Returns as of December 31,   <div id="xdx_A89_eoef--BarChartTableTextBlock_zwoz5Am6xeT5"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_zIRaLKaeMLT9" style="font: 10pt Arial, Helvetica, Sans-Serif; display: none; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top; text-align: center"> <td style="text-align: center; width: 10%"> </td> <td id="xdx_49E_20160101__20161231_ztpnx4mnuLz7" style="text-align: center; width: 9%">2016</td> <td id="xdx_490_20170101__20171231_zBQ3ymA42DX" style="text-align: center; width: 9%">2017</td> <td id="xdx_49F_20180101__20181231_zDDoM54ZpDq6" style="text-align: center; width: 9%">2018</td> <td id="xdx_497_20190101__20191231_zgy27JhSvwzg" style="text-align: center; width: 9%">2019</td> <td id="xdx_49B_20200101__20201231_zHLwHpd9zwY9" style="text-align: center; width: 9%">2020</td> <td id="xdx_490_20210101__20211231_zKQDJL3rFt7g" style="text-align: center; width: 9%">2021</td> <td id="xdx_498_20220101__20221231_zTsFJXgApd8h" style="text-align: center; width: 9%">2022</td> <td id="xdx_49B_20230101__20231231_zqsYiOak9WX4" style="text-align: center; width: 9%">2023</td> <td id="xdx_493_20240101__20241231_zwu3z492c8V2" style="text-align: center; width: 9%">2024</td> <td id="xdx_49D_20250101__20251231_zIlVB6xwlbN4" style="text-align: center; width: 9%">2025</td></tr> <tr id="xdx_40E_eoef--AnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000081360Member__oef--ClassAxis__custom--C000252100Member_zqLOdbCrpGO1" style="vertical-align: top; text-align: center"> <td><sup id="xdx_F43_zcnZFxKqgwMk">1</sup></td> <td>19.76%</td> <td>8.76%</td> <td>-22.68%</td> <td>29.42%</td> <td>6.60%</td> <td>44.09%</td> <td>-9.83%</td> <td>18.32%</td> <td>1.49%</td> <td>0.74%</td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><img alt="(BAR GRAPH)" src="ho004_v1.jpg"/></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> 0.1976 0.0876 -0.2268 0.2942 0.0660 0.4409 -0.0983 0.1832 0.0149 0.0074 <p id="xdx_A87_eoef--BarChartClosingTextBlock_zs9XhZSGxt8b" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span id="xdx_902_eoef--YearToDateReturnLabel_c20260728__20260728__dei--LegalEntityAxis__custom--S000081360Member_zCG4o7K4oEe2">The Small Intrinsic Value Fund’s year-to-date return</span> for Retail Class shares as of the most recent calendar quarter ended <span id="xdx_906_eoef--BarChartYearToDateReturnDate_c20260728__20260728__dei--LegalEntityAxis__custom--S000081360Member_z31irz8sCUQe">June 30, 2026</span>, was <span id="xdx_90B_eoef--BarChartYearToDateReturn_dp_c20260728__20260728__dei--LegalEntityAxis__custom--S000081360Member_z24ykKkkB0Ne">23.04%</span>.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td id="xdx_989_eoef--HighestQuarterlyReturnLabel_c20260728__20260728__dei--LegalEntityAxis__custom--S000081360Member_zlxTL5VbwYuh" style="border-top: Black 2.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1.5pt 1.25pt; width: 30%; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Highest Quarterly Return:</b></span></td> <td id="xdx_98E_eoef--BarChartHighestQuarterlyReturnDate_dxH_c20260728__20260728__dei--LegalEntityAxis__custom--S000081360Member_zlHCHkdp44y2" style="border-top: Black 2.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1.5pt 1.25pt; width: 20%; text-align: center" title="::XDX::2020-06-30"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Q2, 2020</b></span></td> <td id="xdx_988_eoef--BarChartHighestQuarterlyReturn_dp_c20260728__20260728__dei--LegalEntityAxis__custom--S000081360Member_zIZyxC0GzqBc" style="border-top: Black 2.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 20%; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 1.25pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>40.20%</b></span></td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td id="xdx_98A_eoef--LowestQuarterlyReturnLabel_c20260728__20260728__dei--LegalEntityAxis__custom--S000081360Member_z9IGG1IiRJ08" style="border-bottom: Black 2.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1.5pt 1.25pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Lowest Quarterly Return:</b></span></td> <td id="xdx_981_eoef--BarChartLowestQuarterlyReturnDate_dxH_c20260728__20260728__dei--LegalEntityAxis__custom--S000081360Member_zCLb4CDBdO45" style="border-bottom: Black 2.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1.5pt 1.25pt; text-align: center" title="::XDX::2020-03-31"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Q1, 2020</b></span></td> <td id="xdx_988_eoef--BarChartLowestQuarterlyReturn_dp_c20260728__20260728__dei--LegalEntityAxis__custom--S000081360Member_zZE7y8DIA7z2" style="border-bottom: Black 2.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 1.25pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>-46.23%</b></span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-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"><span style="font: normal 8pt Arial, Helvetica, Sans-Serif"><sup id="xdx_F01_zsNOPCNKI9M1">1.</sup></span></td><td style="text-align: justify"><span id="xdx_F18_zCgmWnyGKw5d" style="font: normal 8pt Arial, Helvetica, Sans-Serif">The returns shown in the bar chart are for Retail Class shares. The performance of Institutional Class shares will differ due to differences in expenses.</span></td> </tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> The Small Intrinsic Value Fund’s year-to-date return 2026-06-30 0.2304 Highest Quarterly Return: 0.4020 Lowest Quarterly Return: -0.4623 Average Annual Total Returns for the periods ended December 31, 2025 <div id="xdx_A8F_eoef--PerformanceTableTextBlock_zScvdR9N89u5"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zNOXkT6RURpe" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #D0CECE"> <td style="border-top: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 66%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td id="xdx_49D_20250101__20251231_zYYVhAsIY9Cj" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>One<br/> Year</b></span></td> <td id="xdx_49B_20210101__20251231_zaCQPYWtcHA" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Five<br/> Years</b></span></td> <td id="xdx_492_20160101__20251231_zQQKJOqA1MGl" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Ten<br/> Years</b></span></td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Retail Class Shares</b></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000081360Member__oef--ClassAxis__custom--C000252100Member_zJenacCSjkz9" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0.125in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span id="xdx_901_eoef--AverageAnnualReturnLabel_c20250101__20251231__dei--LegalEntityAxis__custom--S000081360Member__oef--ClassAxis__custom--C000252100Member_zmc98Db7gPuj">Return Before Taxes</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.74)%</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9.14%</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.97%</span></td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000081360Member__oef--ClassAxis__custom--C000252100Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zAm3PmUqSdn3" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0.125in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Return After Taxes on Distributions</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.98)%</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.47%</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.34%</span></td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000081360Member__oef--ClassAxis__custom--C000252100Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_z7icqTkC7Ujb" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0.125in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Return After Taxes on Distributions and Sale of Fund Shares</span></td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.25)%</span></td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.19%</span></td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.36%</span></td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000081360Member__oef--PerformanceMeasureAxis__custom--SAndP500TotalReturnIndexReflectsNoDeductionForFeesExpensesOrTaxesRegulatoryBenchmarkMember_zTzWRWNE8SZi" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0.125in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">S&amp;P 500 Total Return Index (<span id="xdx_905_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260728__20260728__dei--LegalEntityAxis__custom--S000081360Member_zSIK6l1pPBX8">reflects no deduction for fees, expenses or taxes</span>) (Regulatory Benchmark)</span></td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">17.88%</span></td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14.42%</span></td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14.82%</span></td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000081360Member__oef--PerformanceMeasureAxis__custom--SAndPSmallCap600IndexMember_zdWnv6DYXCY4" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 0.125in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">S&amp;P SmallCap 600 Index</span></td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.02%</span></td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.31%</span></td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9.81%</span></td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000081360Member__oef--PerformanceMeasureAxis__custom--SAndPSmallCap600ValueIndexMember_zE6yqclFMvqe" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 0.125in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">S&amp;P SmallCap 600 Value Index</span></td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.71%</span></td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.96%</span></td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9.63%</span></td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000081360Member__oef--PerformanceMeasureAxis__custom--Russell2000TotalReturnIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zkeFw62iH4Ig" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0.125in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Russell 2000^® Total Return Index<br/> (<span id="xdx_907_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260728__20260728__dei--LegalEntityAxis__custom--S000081360Member_zVJz0rRZCaT5">reflects no deduction for fees, expenses or taxes</span>)</span></td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12.81%</span></td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.09%</span></td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9.62%</span></td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000081360Member__oef--PerformanceMeasureAxis__custom--Russell2000ValueTotalReturnIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_z0x1eVdDnYfl" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0.125in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Russell 2000^® Value Total Return Index<br/> (<span id="xdx_90B_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260728__20260728__dei--LegalEntityAxis__custom--S000081360Member_zwfvCBfuRjKg">reflects no deduction for fees, expenses or taxes</span>)</span></td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12.59%</span></td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.88%</span></td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9.27%</span></td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"> </p> Return Before Taxes -0.0074 0.0914 0.0797 -0.0098 0.0847 0.0734 -0.0025 0.0719 0.0636 reflects no deduction for fees, expenses or taxes 0.1788 0.1442 0.1482 0.0602 0.0731 0.0981 0.0671 0.0896 0.0963 reflects no deduction for fees, expenses or taxes 0.1281 0.0609 0.0962 reflects no deduction for fees, expenses or taxes 0.1259 0.0888 0.0927 <p id="xdx_A85_eoef--PerformanceTableClosingTextBlock_zkDUTvggMDxb" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">After tax returns depend on an investor’s tax situation and may differ from those shown. <span id="xdx_902_eoef--PerformanceTableUsesHighestFederalRate_c20260728__20260728__dei--LegalEntityAxis__custom--S000081360Member_zn6zQCOzSLj">After tax returns are calculated using the historical highest individual federal marginal income tax rates in effect and do not reflect the effect of state and local taxes.</span> <span id="xdx_90F_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260728__20260728__dei--LegalEntityAxis__custom--S000081360Member_zYDqQd1jDmEa">The after-tax returns shown may not be relevant to those investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts (“IRAs”).</span> <span id="xdx_90B_eoef--PerformanceTableExplanationAfterTaxHigher_c20260728__20260728__dei--LegalEntityAxis__custom--S000081360Member_zJFeatADIMj8">“Return After Taxes on Distributions” shows the effect of taxable distributions (dividends and capital gains distributions) but assumes that Fund shares are still held at the end of the period.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The S&amp;P 500 Total Return Index is an unmanaged index of 500 common stocks that is generally considered representative of the U.S. stock market. It tracks both the capital gains of a group of stocks over time and assumes that any cash distributions, such as dividends, are reinvested back into the index.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span id="xdx_90E_eoef--PerformanceTableMarketIndexChanged_c20260728__20260728__dei--LegalEntityAxis__custom--S000081360Member_z08eyxEKtTg9">Effective July 1, 2026, the Fund replaced the Russell 2000^® Index and the Russell 2000 Value Index Russell 2000^® Value Index as its secondary and tertiary benchmarks with the S&amp;P SmallCap 600 Index and S&amp;P SmallCap 600 Value Index, respectively.</span> The Adviser made this recommendation to the Board because the S&amp;P SmallCap 600 Index and S&amp;P SmallCap 600 Value Index more closely align with the Fund’s investment strategies. Returns for the four benchmarks will be shown for a transition period.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The S&amp;P SmallCap 600 Index is a stock market index that measures the performance of 600 small-cap U.S. companies. Created by S&amp;P Dow Jones Indices and launched in 1994, it is designed to represent the small-cap segment of the U.S. equity market</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The S&amp;P SmallCap 600 Value Index measures the performance of value stocks within the S&amp;P SmallCap 600 Index, representing small-cap U.S. companies selected based on value characteristics, including book value, earnings, and sales relative to price</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Russell 2000 Total Return Index is a stock index that tracks 2,000 small cap companies in the United States. A small cap stock is a company with a market capitalization less than $2 billion. It tracks both the capital gains of a group of stocks over time and assumes that any cash distributions, such as dividends, are reinvested back into the index.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Russell 2000 Value Total Return Index is a stock index measures the performance of the small-cap value segment of the US equity universe. It includes those Russell 2000 companies with relatively lower price-to-book ratios, lower I/B/E/S forecast medium term growth, and lower sales per share historical growth. It tracks both the capital gains of a group of stocks over time and assumes that any cash distributions, such as dividends, are reinvested back into the index.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Investors may not invest in the indexes directly; unlike the Fund’s returns, the indexes do not reflect any fees or expenses.</span></p> After tax returns are calculated using the historical highest individual federal marginal income tax rates in effect and do not reflect the effect of state and local taxes. The after-tax returns shown may not be relevant to those investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts (“IRAs”). “Return After Taxes on Distributions” shows the effect of taxable distributions (dividends and capital gains distributions) but assumes that Fund shares are still held at the end of the period. Effective July 1, 2026, the Fund replaced the Russell 2000® Index and the Russell 2000 Value Index Russell 2000® Value Index as its secondary and tertiary benchmarks with the S&P SmallCap 600 Index and S&P SmallCap 600 Value Index, respectively. Summary Section – Hodges Blue Chip Equity Income Fund Investment Objective. <p id="xdx_A89_eoef--ObjectivePrimaryTextBlock_z77ndO8A7Xbl" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b></b>The primary investment objective of the Hodges Blue Chip Equity Income Fund (the “Blue Chip Equity Income Fund”) is to generate income and long-term capital appreciation.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> Fees and Expenses of the Fund. <p id="xdx_A88_eoef--ExpenseNarrativeTextBlock_z4jszGJzTbGb" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b></b>This table describes the fees and expenses that you may pay if you buy and hold shares of the Blue Chip Equity Income Fund.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> Shareholder Fees (fees paid directly from your investment) <div id="xdx_A82_eoef--ShareholderFeesTableTextBlock_zDXQiiLZkdT7"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_zatF13U6TdWl" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; background-color: #D0CECE"> <td style="border-top: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 84%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Shareholder Fees<br/> </b><i>(fees paid directly from your investment)</i></span></td> <td id="xdx_49F_20260728__20260728__dei--LegalEntityAxis__custom--S000081357Member__oef--ClassAxis__custom--C000244082Member_zMDUwcXSl1K" style="border-top: Black 1pt solid; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; width: 16%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Retail Class<br/> Shares</b></span></td></tr> <tr id="xdx_40C_eoef--MaximumSalesChargeImposedOnPurchasesOverOfferingPrice_dpn_zWQb49xS6wV6" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Maximum Sales Charge (Load) Imposed on Purchases<br/> (as a percentage of offering price)</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td></tr> <tr id="xdx_40A_eoef--MaximumDeferredSalesChargeOverOfferingPrice_dpn_zqqE4MQSNXca" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Maximum Deferred Sales Charge (Load)</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td></tr> <tr id="xdx_40A_eoef--RedemptionFeeOverRedemption_iN_dpin_zLEGJJRaBml4" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Redemption Fee<br/> (as a percentage of amount redeemed within 30 days of purchase)</span></td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.00%</span></td></tr> </table> 0 0 -0.0100 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A83_eoef--AnnualFundOperatingExpensesTableTextBlock_zQ46oAHcXNE9"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zBJxrJxCQoZj" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; background-color: #D0CECE"> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; width: 84%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Annual Fund Operating Expenses<br/> </b><i>(expenses that you pay each year as a percentage of the value of your investment)</i></span></td> <td id="xdx_49F_20260728__20260728__dei--LegalEntityAxis__custom--S000081357Member__oef--ClassAxis__custom--C000244082Member_zc5hxNTC2p7f" style="border-bottom: Black 1pt solid; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 16%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Retail Class<br/> Shares</b></span></td></tr> <tr id="xdx_40B_eoef--ManagementFeesOverAssets_dpn_zB2FoDXmh9Fj" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Management Fees</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.65%</span></td></tr> <tr id="xdx_40B_eoef--DistributionAndService12b1FeesOverAssets_dpn_zx8L0fVXp1Wl" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Distribution and Service (Rule 12b-1) Fees</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.25%</span></td></tr> <tr id="xdx_405_eoef--OtherExpensesOverAssets_dpn_zNyWv96l85Cb" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other Expenses</span></td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.44%</span></td></tr> <tr id="xdx_401_eoef--ExpensesOverAssets_dpn_zPM15FYYFtek" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total Annual Fund Operating Expenses</span></td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.34%</span></td></tr> <tr id="xdx_40B_eoef--FeeWaiverOrReimbursementOverAssets_dpn_zlfWJriOzSO3" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 25.95pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Fee Waiver and/or Expense Reimbursement<sup id="xdx_F43_zMzRin0iJPG8">(1)</sup></span></td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.04)%</span></td></tr> <tr id="xdx_408_eoef--NetExpensesOverAssets_dpn_zHt2Q7OGumFa" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement</span></td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.30%</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><sup id="xdx_F09_z3axcShxd3n4">(1)</sup></span></td><td style="text-align: justify"><span id="xdx_F11_zOE4VJbWTCP3" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">The Adviser has contractually agreed to reduce its fees and pay the Blue Chip Equity Income Fund’s expenses (excluding taxes, interest expenses, interest on short positions, portfolio transaction expenses, acquired fund fees and expenses, extraordinary expenses, Rule 12b-1 fees, shareholder servicing fees and any other class specific expenses) in order to limit Net Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement for the Blue Chip Equity Income Fund to 1.05% of the Blue Chip Equity Income Fund’s average net assets (the “Blue Chip Equity Income Fund Expense Cap”). The Blue Chip Equity Income Fund Expense Cap will remain in effect until <span id="xdx_900_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260728__20260728__dei--LegalEntityAxis__custom--S000081357Member_zOHrl3dHMB2c">July 31, 2027</span>. The agreement may be terminated at any time by the NLFT II Board upon 60 days’ written notice to the Adviser, or by the Adviser with the consent of the NLFT II Board. The Adviser is permitted, with NLFT II Board approval, to receive reimbursement from the Fund for fees it waived and Fund expenses it paid, subject to the limitation that (1) the reimbursement for fees and expenses will be made only if payable within three years from the date the fees and expenses were initially waived or reimbursed and (2) the reimbursement may not be made if it would cause the expense limitation in effect at the time of the waiver or currently in effect, whichever is lower, to be exceeded.</span></td> </tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> 0.0065 0.0025 0.0044 0.0134 -0.0004 0.0130 July 31, 2027 Example. <p id="xdx_A88_eoef--ExpenseExampleNarrativeTextBlock_zRJSGj53drke" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b></b>This Example is intended to help you compare the cost of investing in the Blue Chip Equity Income Fund with the cost of investing in other mutual funds.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Example assumes that you invest $10,000 in the Blue Chip Equity Income Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Blue Chip Equity Income Fund’s operating expenses remain the same, and takes into account the effect of the Operating Expenses Limitation Agreement through July 31, 2027. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <div id="xdx_A86_eoef--ExpenseExampleWithRedemptionTableTextBlock_zsJRRV1rUBFh"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zmb41N7pncPi" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-left: auto; width: 80%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; background-color: #D0CECE"> <td style="border-top: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 20%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td id="xdx_48F_eoef--ExpenseExampleYear01_zMIBhG1mJUFe" style="border-top: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 15%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>One Year</b></span></td> <td id="xdx_48D_eoef--ExpenseExampleYear03_zGisrAPBieRj" style="border-top: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 15%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Three Years</b></span></td> <td id="xdx_484_eoef--ExpenseExampleYear05_zOGzpBXHOOV" style="border-top: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 15%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Five Years</b></span></td> <td id="xdx_48E_eoef--ExpenseExampleYear10_z8UbFLlqO8zi" style="border-top: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 15%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Ten Years</b></span></td></tr> <tr id="xdx_419_20260728__20260728__dei--LegalEntityAxis__custom--S000081357Member__oef--ClassAxis__custom--C000244082Member_zfPbjps2p1Zf" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Retail Class</b></span></td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$132</span></td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$421</span></td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$730</span></td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$1,609</span></td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"> </p> 132 421 730 1609 Portfolio Turnover. <p id="xdx_A8A_eoef--PortfolioTurnoverTextBlock_zYT59zMueqak" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b></b>The Blue Chip Equity Income 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 Blue Chip Equity Income Fund’s performance. For the fiscal year ended March 31, 2026, the Blue Chip Equity Income Fund’s portfolio turnover rate was <span id="xdx_90F_eoef--PortfolioTurnoverRate_dp_c20260728__20260728__dei--LegalEntityAxis__custom--S000081357Member_zGB8atM4OHSk">55%</span> of the average value of its portfolio.</span></p> 0.55 Principal Investment Strategies. <p id="xdx_A8D_eoef--StrategyNarrativeTextBlock_zK6BV8QYNjYk" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b></b>Under normal market conditions, the Blue Chip Equity Income Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in large capitalization income producing equity securities. The Fund invests primarily in the stocks of large capitalization companies. The Blue Chip Equity Income Fund defines large capitalization companies as companies whose market capitalizations, at the time of purchase, are within the range of market capitalization of companies constituting the S&amp;P 500® Index. As of June 30, 2026, the market capitalization of companies in the S&amp;P 500® Index ranged from $5.12 billion to $4.85 trillion. The Adviser selects investments using a “bottom-up” approach, which is largely driven by internal research, and means that the Adviser looks at companies one at a time to determine if a company is an attractive investment opportunity and if it is consistent with the Fund’s investment policies. While the Blue Chip Equity Income Fund invests primarily in securities that are traded in the United States, it may also invest up to 25% of its net assets in stocks of foreign companies, including those in emerging markets, which are U.S. dollar denominated and trade on a domestic national securities exchange, including American Depositary Receipts (“ADRs”), European Depositary Receipts (“EDRs”) and Global Depositary Receipts (“GDRs”). The Fund may also invest up to 20% of its net assets in equity securities of issuers that have market capitalizations outside the defined large-cap level at the time of purchase. Equity securities include common stocks, preferred stocks and equity-equivalent securities such as convertible securities, stock futures contracts or equity options. The Blue Chip Equity Income Fund may invest up to 20% of its net assets in investment-grade debt securities, debt obligations of governments and their agencies and other similar securities, convertible and non-convertible debt securities, U.S. government securities and in money market funds. The Fund also may purchase put and call options on U.S. traded stocks, currencies or security indices. From time to time, the Blue Chip Equity Income Fund may also engage in short sales transactions and may sell options purchased and write “covered” put and call options. The Blue Chip Equity Income Fund is permitted to invest up to 10% of its net assets in securities futures and options.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Blue Chip Equity Income Fund expects to issue dividends from net Investment income, if any, on a quarterly basis. An investor may choose to have the quarterly dividend paid in cash or reinvested into the Fund.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Adviser will consider selling a security in the Blue Chip Equity Income Fund’s portfolio if the Adviser believes that security has become overvalued or is believed to have reached its growth potential. Such evaluation will involve measuring the potential for additional appreciation in a security relative to its down-side risk. The Adviser will also take tax considerations into account when making a sell decision. While the Blue Chip Equity Income Fund will be managed with consideration given to tax efficiency and will pursue and target a turnover of less than 100% in a given year, the Blue Chip Equity Income Fund’s portfolio turnover may vary depending on market conditions in any given year. The Blue Chip Equity Fund may, from time to time, have significant exposure to one or more sectors of the market. As of March 31, 2026, 22.94% of the Blue Chip Equity Fund’s net assets were invested in securities within the information technology sector.</span></p> <p id="xdx_A8A_eoef--RiskTextBlock_gRBRTB-TMPGX_zhWvxYztuEv6" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b></b>Remember that in addition to possibly not achieving your investment goals, you could lose money by investing in the Blue Chip Equity Income Fund. The principal risks of investing in the Blue Chip Equity Income Fund are:</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCompanyRiskMember_zbVZU1Ggjbq1"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Large Company Risk: </i>Larger, more established companies may be unable to respond quickly to new competitive challenges like changes in consumer tastes or innovative smaller competitors. Also, large-cap companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_z4VrrkRfgNHk"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Equity Securities Risk: </i>Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value. These fluctuations may cause a security to be worth less than its cost when originally purchased or less than it was worth at an earlier time.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentStyleRiskMember_zkz5GwvvqNs4"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Investment Style Risk: </i>Different investment styles tend to shift in and out of favor depending upon market and economic conditions as well as investor sentiment. The Blue Chip Equity Income Fund may outperform or underperform other funds that employ a different investment style. Examples of different investment styles include growth and value investing. Growth stocks may be more volatile than other stocks because they are more sensitive to investor perceptions of the issuing company’s growth of earnings potential. Value investing carries the risk that the market will not recognize a security’s inherent value for a long time, or that a stock judged to be undervalued may actually be appropriately priced or overvalued.</span></td></tr></table></div><p id="xdx_A94_zYTR3GzavgZ8" style="margin-top: 0; margin-bottom: 0"> </p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The remaining principal risks are presented in alphabetical order. Each risk summarized below is considered a “principal risk” of investing in the Blue Chip Equity Income Fund, regardless of the order in which it appears.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConvertibleSecurityRiskMember_zJuF6OqEj7qj"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Convertible Security Risk: </i>As with a straight debt security, a convertible security tends to increase in market value when interest rates decline and decrease in value when interest rates rise. Like a common stock, the value of a convertible security also tends to increase as the market value of the underlying stock rises, and it tends to decrease as the market value of the underlying stock declines.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--DebtSecurityRiskMember_z3QU5wrHNle4"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Debt Security Risk: </i>When interest rates rise, prices of debt securities generally fall and when interest rates fall, prices of debt securities generally rise. In general, debt securities with longer maturities or durations are more sensitive to interest rate changes.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--DepositaryReceiptsRiskMember_z3Kwyk54m1L9"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Depositary Receipts Risk: </i>Investments in depositary receipts involve risks similar to those accompanying direct investments in foreign securities. In addition, there is risk involved in investing in unsponsored depositary receipts, as there may be less information available about the underlying issuer than there is about an issuer of sponsored depositary receipts and the prices of unsponsored depositary receipts may be more volatile than those of sponsored depositary receipts.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsRiskMember_zaOOEEXuB1Pb"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Emerging Markets Risk: </i>Investments in emerging markets are generally more volatile than investments in developed foreign markets.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_zZ28MiGejoJe"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Foreign Securities Risk: </i>Foreign securities are subject to increased risks relating to political, social and economic developments abroad and differences between U.S. and foreign regulatory requirements and market practices.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--FuturesAndOptionsRisksMember_z2IERUpHPXD8"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Futures and Options Risks: </i>Futures and options may be more volatile than direct investments in the securities underlying the futures and options, may not correlate perfectly to the underlying securities, may involve additional costs, and may be illiquid. Futures and options also may involve the use of leverage as the Blue Chip Equity Income Fund may make a small initial investment relative to the risk assumed, which could result in losses greater than if futures or options had not been used. Futures and options are also subject to the risk that the other party to the transaction may default on its obligation.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_z2hBplDIsdyf"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Management Risk: </i>The Adviser may fail to implement the Blue Chip Equity Income Fund’s investment strategies and meet its investment objective.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--GeneralMarketRiskMember_zshFWckbtOld"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>General Market Risk: </i>Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in general financial markets, a particular financial market, or other asset classes due to a number of factors, including inflation (or expectations for inflation); interest rates, global demand for particular products or resources; natural disasters or events; pandemic diseases; terrorism; regulatory events; and government controls. U.S. and international markets have experienced significant periods of volatility in recent years and months due to a number of economic, political and global macro factors which has resulted in a public health crisis, disruptions to business operations and supply chains, stress on the global health care system, growth concerns in the U.S. and overseas, staffing shortages and the inability to meet consumer demand, and widespread concern and uncertainty. The global recovery from COVID-19 is proceeding at slower than expected rates due to the emergence of variant strains and may last for an extended period of time. Continuing uncertainties regarding interest rates, rising inflation, political events, rising government debt in the U.S., and trade tensions also contribute to market volatility. As a result of continuing political tensions and armed conflicts, including the war between Ukraine and Russia, the U.S. and the European Union imposed sanctions on certain Russian individuals and companies, including certain financial institutions, and have limited certain exports and imports to and from Russia. The war has contributed to market volatility and may continue to do so.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--PreferredStockRiskMember_zwV2jlbqqgk4"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Preferred Stock Risk: </i>Preferred stocks are equity securities that often pay dividends and have a preference over common stocks in dividend payments and liquidation of assets. A preferred stock has a blend of the characteristics of a bond and common stock. It does not have the seniority of a bond and, unlike common stock; its participation in the issuer’s growth may be limited. Although the dividend is set at a fixed annual rate, it can be changed or omitted by the issuer.</span></td></tr></table></div><p id="xdx_A94_zRWAMYqXrzs8" style="margin-top: 0; margin-bottom: 0"> </p><div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--SectorFocusRiskMember_zQRxfgD4Bxm9"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Sector-Focus Risk:</i> Investing a significant portion of the Fund’s assets in one sector of the market exposes the Fund to greater market risk and potential monetary losses than if those assets were spread among various sectors.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--InformationTechnologySectorRiskMember_zZiciAkdH6Zk"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Information </i>Technology <i>Sector Risk:</i> The information technology sector can be significantly affected by rapid obsolescence of existing technology, short product cycles, falling prices and profits, competition from new market entrants, government regulation, and general economic conditions.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--ShortSalesRiskMember_zAKNXrdQArj3"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Short Sales Risk: </i>Engaging in short sales of securities that the Blue Chip Equity Income Fund does not own subjects it to the risks associated with those securities. A security is sold short in anticipation of purchasing the same security at a later date at a lower price; however, the Blue Chip Equity Income Fund may incur a loss if the price of the security increases between the date of the short sale and the date on which the Fund purchases the security sold short. Because there is no limit on how high the price of the security may rise, such loss is theoretically unlimited. Short sales may also incur transaction costs and borrowing fees for the Blue Chip Equity Income Fund and subject the Fund to leverage risk because they may provide investment exposure in an amount exceeding the initial investment.</span></td></tr></table></div> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCompanyRiskMember_zbVZU1Ggjbq1"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Large Company Risk: </i>Larger, more established companies may be unable to respond quickly to new competitive challenges like changes in consumer tastes or innovative smaller competitors. Also, large-cap companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion.</span></td></tr></table></div><div id="xdx_C09_gRBRTB-TMPGX_zrXPw88Clrdb"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_z4VrrkRfgNHk"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Equity Securities Risk: </i>Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value. These fluctuations may cause a security to be worth less than its cost when originally purchased or less than it was worth at an earlier time.</span></td></tr></table></div><div id="xdx_C0F_gRBRTB-TMPGX_zstusqKAjhM6"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentStyleRiskMember_zkz5GwvvqNs4"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Investment Style Risk: </i>Different investment styles tend to shift in and out of favor depending upon market and economic conditions as well as investor sentiment. The Blue Chip Equity Income Fund may outperform or underperform other funds that employ a different investment style. Examples of different investment styles include growth and value investing. Growth stocks may be more volatile than other stocks because they are more sensitive to investor perceptions of the issuing company’s growth of earnings potential. Value investing carries the risk that the market will not recognize a security’s inherent value for a long time, or that a stock judged to be undervalued may actually be appropriately priced or overvalued.</span></td></tr></table></div> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConvertibleSecurityRiskMember_zJuF6OqEj7qj"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Convertible Security Risk: </i>As with a straight debt security, a convertible security tends to increase in market value when interest rates decline and decrease in value when interest rates rise. Like a common stock, the value of a convertible security also tends to increase as the market value of the underlying stock rises, and it tends to decrease as the market value of the underlying stock declines.</span></td></tr></table></div><div id="xdx_C0E_gRBRTB-TMPGX_zfwPFVO0Qebe"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--DebtSecurityRiskMember_z3QU5wrHNle4"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Debt Security Risk: </i>When interest rates rise, prices of debt securities generally fall and when interest rates fall, prices of debt securities generally rise. In general, debt securities with longer maturities or durations are more sensitive to interest rate changes.</span></td></tr></table></div><div id="xdx_C06_gRBRTB-TMPGX_z07EWgNrJdNk"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--DepositaryReceiptsRiskMember_z3Kwyk54m1L9"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Depositary Receipts Risk: </i>Investments in depositary receipts involve risks similar to those accompanying direct investments in foreign securities. In addition, there is risk involved in investing in unsponsored depositary receipts, as there may be less information available about the underlying issuer than there is about an issuer of sponsored depositary receipts and the prices of unsponsored depositary receipts may be more volatile than those of sponsored depositary receipts.</span></td></tr></table></div><div id="xdx_C0A_gRBRTB-TMPGX_zOAZ4jW5bws4"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsRiskMember_zaOOEEXuB1Pb"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Emerging Markets Risk: </i>Investments in emerging markets are generally more volatile than investments in developed foreign markets.</span></td></tr></table></div><div id="xdx_C00_gRBRTB-TMPGX_zuERgaHJfZC5"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_zZ28MiGejoJe"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Foreign Securities Risk: </i>Foreign securities are subject to increased risks relating to political, social and economic developments abroad and differences between U.S. and foreign regulatory requirements and market practices.</span></td></tr></table></div><div id="xdx_C0D_gRBRTB-TMPGX_zRhOKyW2QkQc"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--FuturesAndOptionsRisksMember_z2IERUpHPXD8"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Futures and Options Risks: </i>Futures and options may be more volatile than direct investments in the securities underlying the futures and options, may not correlate perfectly to the underlying securities, may involve additional costs, and may be illiquid. Futures and options also may involve the use of leverage as the Blue Chip Equity Income Fund may make a small initial investment relative to the risk assumed, which could result in losses greater than if futures or options had not been used. Futures and options are also subject to the risk that the other party to the transaction may default on its obligation.</span></td></tr></table></div><div id="xdx_C0F_gRBRTB-TMPGX_zShhgDl0zUsd"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_z2hBplDIsdyf"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Management Risk: </i>The Adviser may fail to implement the Blue Chip Equity Income Fund’s investment strategies and meet its investment objective.</span></td></tr></table></div><div id="xdx_C0D_gRBRTB-TMPGX_zJxGQR9qPWv5"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--GeneralMarketRiskMember_zshFWckbtOld"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>General Market Risk: </i>Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in general financial markets, a particular financial market, or other asset classes due to a number of factors, including inflation (or expectations for inflation); interest rates, global demand for particular products or resources; natural disasters or events; pandemic diseases; terrorism; regulatory events; and government controls. U.S. and international markets have experienced significant periods of volatility in recent years and months due to a number of economic, political and global macro factors which has resulted in a public health crisis, disruptions to business operations and supply chains, stress on the global health care system, growth concerns in the U.S. and overseas, staffing shortages and the inability to meet consumer demand, and widespread concern and uncertainty. The global recovery from COVID-19 is proceeding at slower than expected rates due to the emergence of variant strains and may last for an extended period of time. Continuing uncertainties regarding interest rates, rising inflation, political events, rising government debt in the U.S., and trade tensions also contribute to market volatility. As a result of continuing political tensions and armed conflicts, including the war between Ukraine and Russia, the U.S. and the European Union imposed sanctions on certain Russian individuals and companies, including certain financial institutions, and have limited certain exports and imports to and from Russia. The war has contributed to market volatility and may continue to do so.</span></td></tr></table></div><div id="xdx_C0A_gRBRTB-TMPGX_zA78ZW3uNWMf"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--PreferredStockRiskMember_zwV2jlbqqgk4"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Preferred Stock Risk: </i>Preferred stocks are equity securities that often pay dividends and have a preference over common stocks in dividend payments and liquidation of assets. A preferred stock has a blend of the characteristics of a bond and common stock. It does not have the seniority of a bond and, unlike common stock; its participation in the issuer’s growth may be limited. Although the dividend is set at a fixed annual rate, it can be changed or omitted by the issuer.</span></td></tr></table></div> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--SectorFocusRiskMember_zQRxfgD4Bxm9"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Sector-Focus Risk:</i> Investing a significant portion of the Fund’s assets in one sector of the market exposes the Fund to greater market risk and potential monetary losses than if those assets were spread among various sectors.</span></td></tr></table></div><div id="xdx_C06_gRBRTB-TMPGX_z4KRrtcdJj77"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--InformationTechnologySectorRiskMember_zZiciAkdH6Zk"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Information </i>Technology <i>Sector Risk:</i> The information technology sector can be significantly affected by rapid obsolescence of existing technology, short product cycles, falling prices and profits, competition from new market entrants, government regulation, and general economic conditions.</span></td></tr></table></div><div id="xdx_C05_gRBRTB-TMPGX_zkgTPIkzsmRc"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--ShortSalesRiskMember_zAKNXrdQArj3"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Short Sales Risk: </i>Engaging in short sales of securities that the Blue Chip Equity Income Fund does not own subjects it to the risks associated with those securities. A security is sold short in anticipation of purchasing the same security at a later date at a lower price; however, the Blue Chip Equity Income Fund may incur a loss if the price of the security increases between the date of the short sale and the date on which the Fund purchases the security sold short. Because there is no limit on how high the price of the security may rise, such loss is theoretically unlimited. Short sales may also incur transaction costs and borrowing fees for the Blue Chip Equity Income Fund and subject the Fund to leverage risk because they may provide investment exposure in an amount exceeding the initial investment.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> Performance. <p id="xdx_A81_eoef--PerformanceNarrativeTextBlock_zY5IO0AiRir4" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b></b><span id="xdx_909_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260728__20260728__dei--LegalEntityAxis__custom--S000081357Member_zLo9hwNMaVhf">The following performance information provides some indication of the risks of investing in the Blue Chip Equity Income Fund. The bar chart below illustrates how shares of the Blue Chip Equity Income Fund’s total returns have varied from year to year.</span> The table below illustrates how the Blue Chip Equity Income Fund’s average annual total returns for the 1-year, 5-year and 10-year periods compare with that of a broad-based securities index. <span id="xdx_906_eoef--PerformancePastDoesNotIndicateFuture_c20260728__20260728__dei--LegalEntityAxis__custom--S000081357Member_zYYT0ABcPcw4">The Blue Chip Equity Income Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform in the future.</span> Updated performance information is available on the Fund’s website at <span style="text-decoration: underline"><span id="xdx_902_eoef--PerformanceAvailabilityWebSiteAddress_c20260728__20260728__dei--LegalEntityAxis__custom--S000081357Member_zsG35X0GE4v2">www.hodgescapital.com/mutual-funds</span></span>. Note that the Fund changed its investment strategy to mandate an 80% investment in large capitalization income producing equity securities, effective March 28, 2016. Prior thereto, the Fund’s strategy did not mandate that level of investment in large capitalization income producing securities, and the Fund’s portfolio did not always maintain that level of investment in large capitalization income producing securities. The performance shown below for periods prior to the change in the Fund’s investment strategy was achieved under the Fund’s former investment strategy.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Prior performance shown below is for the Predecessor Blue Chip Equity Income Fund (the Hodges Blue Chip Equity Income Fund, a former series of Professionally Managed Portfolios), for dates prior to September 25, 2023. The Blue Chip Equity Income Fund has adopted the performance of the Predecessor Blue Chip Equity Income Fund as a result of a reorganization in which the Blue Chip Equity Income Fund has acquired all the assets and liabilities of the Predecessor Blue Chip Equity Income Fund (the “Reorganization”). Prior to the Reorganization, the Blue Chip Equity Income Fund was a newly formed “shell” fund with no assets and had not commenced operations.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Blue Chip Equity Income Fund’s portfolio management team served as the portfolio management team of the Predecessor Blue Chip Equity Income Fund and has been the Blue Chip Equity Income Fund’s portfolio management team since inception.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> The following performance information provides some indication of the risks of investing in the Blue Chip Equity Income Fund. The bar chart below illustrates how shares of the Blue Chip Equity Income Fund’s total returns have varied from year to year. The Blue Chip Equity Income Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. www.hodgescapital.com/mutual-funds Retail Class Shares Calendar Year Returns as of December 31,   <div id="xdx_A8A_eoef--BarChartTableTextBlock_zhSKvsBdUjne"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zkDRgQQAoPD4" style="font: 10pt Arial, Helvetica, Sans-Serif; display: none; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top; text-align: center"> <td style="text-align: center; width: 10%"> </td> <td id="xdx_498_20160101__20161231_ztCEpGsLcvIf" style="text-align: center; width: 9%">2016</td> <td id="xdx_493_20170101__20171231_zqj4ISsXsdbd" style="text-align: center; width: 9%">2017</td> <td id="xdx_492_20180101__20181231_zpvHX8PLTQx2" style="text-align: center; width: 9%">2018</td> <td id="xdx_495_20190101__20191231_zgiRc2lxUAOb" style="text-align: center; width: 9%">2019</td> <td id="xdx_493_20200101__20201231_ziya5tjzpMzc" style="text-align: center; width: 9%">2020</td> <td id="xdx_49F_20210101__20211231_zHCArB9XxBBa" style="text-align: center; width: 9%">2021</td> <td id="xdx_494_20220101__20221231_zggnG3VkDiZ3" style="text-align: center; width: 9%">2022</td> <td id="xdx_49D_20230101__20231231_zeEfAGRV0Ig" style="text-align: center; width: 9%">2023</td> <td id="xdx_491_20240101__20241231_zd3JfwHmpWhb" style="text-align: center; width: 9%">2024</td> <td id="xdx_491_20250101__20251231_zCrPJLWVpmak" style="text-align: center; width: 9%">2025</td></tr> <tr id="xdx_407_eoef--AnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000081357Member__oef--ClassAxis__custom--C000244082Member_zVz59Du0U8zf" style="vertical-align: top; text-align: center"> <td> </td> <td>5.74%</td> <td>24.79%</td> <td>-9.43%</td> <td>30.69%</td> <td>15.86%</td> <td>23.63%</td> <td>-11.50%</td> <td>21.53%</td> <td>32.11%</td> <td>23.36%</td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><img alt="(BAR GRAPH)" src="ho005_v1.jpg"/></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> 0.0574 0.2479 -0.0943 0.3069 0.1586 0.2363 -0.1150 0.2153 0.3211 0.2336 <p id="xdx_A8F_eoef--BarChartClosingTextBlock_zCtsKzE1YEDk" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span id="xdx_902_eoef--YearToDateReturnLabel_c20260728__20260728__dei--LegalEntityAxis__custom--S000081357Member_zb4CiiRcNYw2">The Blue Chip Equity Income Fund’s year-to-date return</span> as of the most recent calendar quarter ended <span id="xdx_90E_eoef--BarChartYearToDateReturnDate_c20260728__20260728__dei--LegalEntityAxis__custom--S000081357Member_zLG09W3Y7hoh">June 30, 2026</span>, was <span id="xdx_90C_eoef--BarChartYearToDateReturn_dp_c20260728__20260728__dei--LegalEntityAxis__custom--S000081357Member_zSKtLfEL35f3">22.50%</span>.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td id="xdx_989_eoef--HighestQuarterlyReturnLabel_c20260728__20260728__dei--LegalEntityAxis__custom--S000081357Member_zHzFOFyJRDUk" style="border-top: Black 2.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1.5pt 1.25pt; width: 30%; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Highest Quarterly Return:</b></span></td> <td id="xdx_98C_eoef--BarChartHighestQuarterlyReturnDate_dxH_c20260728__20260728__dei--LegalEntityAxis__custom--S000081357Member_zmlSs0xq9u5i" style="border-top: Black 2.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1.5pt 1.25pt; width: 20%; text-align: center" title="::XDX::2020-06-30"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>2Q, 2020</b></span></td> <td id="xdx_987_eoef--BarChartHighestQuarterlyReturn_dp_c20260728__20260728__dei--LegalEntityAxis__custom--S000081357Member_zfq8f1bIqDac" style="border-top: Black 2.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 20%; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 1.25pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>25.34%</b></span></td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td id="xdx_985_eoef--LowestQuarterlyReturnLabel_c20260728__20260728__dei--LegalEntityAxis__custom--S000081357Member_zrHjbhRCIlof" style="border-bottom: Black 2.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1.5pt 1.25pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Lowest Quarterly Return:</b></span></td> <td id="xdx_980_eoef--BarChartLowestQuarterlyReturnDate_dxH_c20260728__20260728__dei--LegalEntityAxis__custom--S000081357Member_zKqueM99LZy6" style="border-bottom: Black 2.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1.5pt 1.25pt; text-align: center" title="::XDX::2020-03-31"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>1Q, 2020</b></span></td> <td id="xdx_98F_eoef--BarChartLowestQuarterlyReturn_dp_c20260728__20260728__dei--LegalEntityAxis__custom--S000081357Member_zDOr14JrOepd" style="border-bottom: Black 2.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 1.25pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>-22.67%</b></span></td></tr> </table> The Blue Chip Equity Income Fund’s year-to-date return 2026-06-30 0.2250 Highest Quarterly Return: 0.2534 Lowest Quarterly Return: -0.2267 Average Annual Total Returns for the periods ended December 31, 2025 <div id="xdx_A89_eoef--PerformanceTableTextBlock_zrYglHuhzXlh"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zrl2MPjyzxEe" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; background-color: #D0CECE"> <td style="border-top: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 55%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td id="xdx_491_20250101__20251231_zSbrgeVbr8Q5" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>One<br/> Year</b></span></td> <td id="xdx_495_20210101__20251231_zMzCcKn4T2Ze" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Five<br/> Years</b></span></td> <td id="xdx_498_20160101__20251231_zCfnGxEKR0bl" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Ten<br/> Years</b></span></td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Retail Class Shares</b></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000081357Member__oef--ClassAxis__custom--C000244082Member_zTZSfdViWAmg" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 0.1in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span id="xdx_902_eoef--AverageAnnualReturnLabel_c20250101__20251231__dei--LegalEntityAxis__custom--S000081357Member__oef--ClassAxis__custom--C000244082Member_zAIubq1gqFo5">Return Before Taxes</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">23.36%</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16.73%</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14.64%</span></td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000081357Member__oef--ClassAxis__custom--C000244082Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zliwUksN0oog" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 0.1in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Return After Taxes on Distributions</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">21.96%</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14.62%</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12.75%</span></td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000081357Member__oef--ClassAxis__custom--C000244082Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zojpIZZRmiQc" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 0.1in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Return After Taxes on Distributions and Sale of Fund Shares</span></td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14.81%</span></td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12.94%</span></td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11.61%</span></td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000081357Member__oef--PerformanceMeasureAxis__custom--Russell1000TotalReturnIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zRXaAt9fq1cb" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Russell 1000® Total Return Index<br/> (<span id="xdx_906_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260728__20260728__dei--LegalEntityAxis__custom--S000081357Member_zs7DaY2BlKT">reflects no deduction for fees, expenses or taxes</span>)</span></td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">17.37%</span></td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13.59%</span></td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14.59%</span></td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000081357Member__oef--PerformanceMeasureAxis__custom--SAndP500TotalReturnIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zSA0UeOeL3Kd" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">S&amp;P 500 Total Return Index<br/> (<span id="xdx_900_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260728__20260728__dei--LegalEntityAxis__custom--S000081357Member_zxpsAH7Ry7V7">reflects no deduction for fees, expenses or taxes</span></span></td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">17.88%</span></td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14.42%</span></td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14.82%</span></td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"> </p> Return Before Taxes 0.2336 0.1673 0.1464 0.2196 0.1462 0.1275 0.1481 0.1294 0.1161 reflects no deduction for fees, expenses or taxes 0.1737 0.1359 0.1459 reflects no deduction for fees, expenses or taxes 0.1788 0.1442 0.1482 <p id="xdx_A81_eoef--PerformanceTableClosingTextBlock_z3rJkOd7an1j" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">After tax returns depend on an investor’s tax situation and may differ from those shown. <span id="xdx_904_eoef--PerformanceTableUsesHighestFederalRate_c20260728__20260728__dei--LegalEntityAxis__custom--S000081357Member_zXmNlDvChXPl">After tax returns are calculated using the historical highest individual federal marginal income tax rates in effect and do not reflect the effect of state and local taxes.</span> <span id="xdx_901_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260728__20260728__dei--LegalEntityAxis__custom--S000081357Member_zpXhSZLbwM1b">The after-tax returns shown may not be relevant to those investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts (“IRAs”).</span> <span id="xdx_906_eoef--PerformanceTableExplanationAfterTaxHigher_c20260728__20260728__dei--LegalEntityAxis__custom--S000081357Member_zGd9olbisehh">“Return After Taxes on Distributions” shows the effect of taxable distributions (dividends and capital gains distributions) but assumes that Fund shares are still held at the end of the period.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span id="xdx_907_eoef--PerformanceTableMarketIndexChanged_c20260728__20260728__dei--LegalEntityAxis__custom--S000081357Member_zl73nXX2VhQ8">Effective July 1, 2026, the Fund replaced the Russell 1000^® Total Return Index as its primary benchmark with the S&amp;P 500 Total Return Index.</span> The Adviser made this recommendation to the Board because the S&amp;P 500 Total Return Index more closely aligns with the Fund’s investment strategies and capitalization range. Returns for both benchmarks will be shown for a transition period.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The S&amp;P 500 Total Return Index is an unmanaged index of 500 common stocks that is generally considered representative of the U.S. stock market. It tracks both the capital gains of a group of stocks over time and assumes that any cash distributions, such as dividends, are reinvested back into the index.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Russell 1000 Total Return Index is a subset of the Russell 3000 Index that includes approximately 1,000 of the largest companies in the US equity universe. It tracks both the capital gains of a group of stocks over time and assumes that any cash distributions, such as dividends, are reinvested back into the index.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Investors may not invest in the indexes directly; unlike the Fund’s returns, the indexes do not reflect any fees or expenses.</span></p> After tax returns are calculated using the historical highest individual federal marginal income tax rates in effect and do not reflect the effect of state and local taxes. The after-tax returns shown may not be relevant to those investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts (“IRAs”). “Return After Taxes on Distributions” shows the effect of taxable distributions (dividends and capital gains distributions) but assumes that Fund shares are still held at the end of the period. Effective July 1, 2026, the Fund replaced the Russell 1000® Total Return Index as its primary benchmark with the S&P 500 Total Return Index. This number represents the combined total fees and operating expenses of the Acquired Funds owned by the Small Intrinsic Value Fund and is not a direct expense incurred by the Small Intrinsic Value Fund or deducted from the Small Intrinsic Value Fund assets. Since this number does not represent a direct operating expense of the Small Intrinsic Value Fund, the operating expenses set forth in the Small Intrinsic Value Fund’s financial highlights do not include this figure. Hodges Capital Management, Inc. (the “Adviser”) has contractually agreed to reduce its fees and pay the Hodges Fund’s expenses (excluding taxes, interest expenses, interest on short positions, portfolio transaction expenses, acquired fund fees and expenses, extraordinary expenses, Rule 12b-1 fees, shareholder servicing fees and any other class specific expenses) in order to limit Net Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement for the Hodges Fund to 0.93% of the Hodges Fund’s average net assets (the “Hodges Fund Expense Cap”). The Hodges Fund Expense Cap will remain in effect until July 31, 2027. The agreement may be terminated at any time by the NLFT II Board upon 60 days’ written notice to the Adviser, or by the Adviser with the consent of the NLFT II Board. The Adviser is permitted, with NLFT II Board approval, to receive reimbursement from the Hodges Fund for fees it waived and Fund expenses it paid, subject to the limitation that (1) the reimbursement for fees and expenses will be made only if payable within three years from the date the fees and expenses were initially waived or reimbursed and (2) the reimbursement may not be made if it would cause the expense limitation in effect at the time of the waiver or currently in effect, whichever is lower, to be exceeded. The Adviser has contractually agreed to reduce its fees and pay the Small Cap Growth Fund’s expenses (excluding taxes, interest expenses, interest on short positions, portfolio transaction expenses, acquired fund fees and expenses, extraordinary expenses, Rule 12b-1 fees, shareholder servicing fees and any other class specific expenses) in order to limit Net Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement for the Small Cap Growth Fund to 0.99%, 0.99% and 0.99% of the Small Cap Growth Fund’s average net assets for Institutional Class, Retail Class, and Class A shares, respectively (the “Small Cap Growth Fund Expense Cap”). The Small Cap Growth Fund Expense Cap will remain in effect until July 31, 2027. The agreement may be terminated at any time by the NLFT II Board upon 60 days’ written notice to the Adviser, or by the Adviser with the consent of the NLFT II Board. The Adviser is permitted, with NLFT II Board approval, to receive reimbursement from the Fund for fees it waived and Fund expenses it paid, subject to the limitation that (1) the reimbursement for fees and expenses will be made only if payable within three years from the date the fees and expenses were initially waived or reimbursed and (2) the reimbursement may not be made if it would cause the expense limitation in effect at the time of the waiver or currently in effect, whichever is lower, to be exceeded. The returns shown in the bar chart are for Retail Class shares. The performance of Institutional Class shares and Class A shares will differ due to differences in expenses. This number represents the combined total fees and operating expenses of the Acquired Funds owned by the Small Intrinsic Value Fund and is not a direct expense incurred by the Small Intrinsic Value Fund or deducted from the Small Intrinsic Value Fund assets. Since this number does not represent a direct operating expense of the Small Intrinsic Value Fund, the operating expenses set forth in the Small Intrinsic Value Fund’s financial highlights do not include this figure. The Adviser has contractually agreed to reduce its fees and pay the Small Intrinsic Value Fund’s expenses (excluding taxes, interest expenses, interest on short positions, portfolio transaction expenses, acquired fund fees and expenses, extraordinary expenses, Rule 12b-1 fees, shareholder servicing fees and any other class specific expenses) in order to limit Net Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement for the Small Intrinsic Value Fund to 0.98% and 1.01% of the Small Intrinsic Value Fund’s average net assets for Institutional Class and Retail Class shares, respectively (the “Small Intrinsic Value Fund Expense Cap”). The Small Intrinsic Value Fund Expense Cap will remain in effect until July 31, 2027. The agreement may be terminated at any time by the NLFT II Board upon 60 days’ written notice to the Adviser, or by the Adviser with the consent of the NLFT II Board. The Adviser is permitted, with NLFT II Board approval, to receive reimbursement from the Fund for fees it waived and Fund expenses it paid, subject to the limitation that (1) the reimbursement for fees and expenses will be made only if payable within three years from the date the fees and expenses were initially waived or reimbursed and (2) the reimbursement may not be made if it would cause the expense limitation in effect at the time of the waiver or currently in effect, whichever is lower, to be exceeded. The returns shown in the bar chart are for Retail Class shares. The performance of Institutional Class shares will differ due to differences in expenses. The Adviser has contractually agreed to reduce its fees and pay the Blue Chip Equity Income Fund’s expenses (excluding taxes, interest expenses, interest on short positions, portfolio transaction expenses, acquired fund fees and expenses, extraordinary expenses, Rule 12b-1 fees, shareholder servicing fees and any other class specific expenses) in order to limit Net Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement for the Blue Chip Equity Income Fund to 1.05% of the Blue Chip Equity Income Fund’s average net assets (the “Blue Chip Equity Income Fund Expense Cap”). The Blue Chip Equity Income Fund Expense Cap will remain in effect until July 31, 2027. The agreement may be terminated at any time by the NLFT II Board upon 60 days’ written notice to the Adviser, or by the Adviser with the consent of the NLFT II Board. The Adviser is permitted, with NLFT II Board approval, to receive reimbursement from the Fund for fees it waived and Fund expenses it paid, subject to the limitation that (1) the reimbursement for fees and expenses will be made only if payable within three years from the date the fees and expenses were initially waived or reimbursed and (2) the reimbursement may not be made if it would cause the expense limitation in effect at the time of the waiver or currently in effect, whichever is lower, to be exceeded.